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PRECIOUS-Gold hits over 4-mth high as dollar index slumps to 3-yr lows | * Spot gold may rise to $1,357.54/oz - technicals * Speculators raise net longs in COMEX gold in the week to Jan. 9. * Palladium hits new record highs (Updates prices) By Sethuraman N R Jan 15 (Reuters) - Gold prices touched their highest in more than four months on Monday, buoyed by a weaker U.S. dollar, which slumped to three-year lows against a basket of currencies. Spot gold was up 0.3 percent at $1,342.50 an ounce by 0718 GMT after touching its strongest since Sept. 8 at $1,344.44. Spot gold rose for a fifth straight week last week, gaining 1.4 percent. U.S. gold futures were up 0.5 percent at $1,341.90 an ounce. "While the weaker dollar remained gold's primary driver, investors are keeping an eye on the simmering geopolitical hot spot in the Middle East," said Stephen Innes, APAC head of trading at OANDA. "Iran remains among the most poignant of geopolitical risks this year following President Trump's decision not to ratify Iran's compliance on the nuclear deal ... Gold investors are likely under-positioned for a significant escalation which could lead to considerable price increase." Iran's president said on Sunday the United States had failed to undermine a nuclear deal between Tehran and major powers, and hailed the accord as a "long-lasting victory" for Iran, state television reported. U.S. on Friday delivered an ultimatum to European signatories of the deal to fix the "terrible flaws" of the agreement with Iran, or the United States would pull out. The dollar index dropped 0.2 percent to 90.810. Earlier in the session, it hit a low of 90.622 , its worst since Jan. 2015. The recent drop in U.S. unemployment could spark a surge in inflation that, given the Federal Reserve's current policy framework, could trigger interest-rate hikes that bring on a recession, Boston Federal Reserve President Eric Rosengren warned on Friday. Higher rates could dent demand for non-interest-paying gold. Adding a touch of bullishness to gold was the data from U.S. Commodity Futures Trading Commission (CFTC) on Friday, which showed that hedge funds and money managers raised their net long positions in COMEX gold and silver contracts in the week to Jan. 9. Spot gold may break a resistance at $1,341 per ounce and rise to the Sept. 8, 2017 high of $1,357.54, as suggested by a retracement analysis, according to Reuters technical analyst Wang Tao. Among other precious metals, palladium rose 1 percent to $1,135 on Monday, after hitting a record high of $1,138 early in the session. The metal has seen a sustained rally from high demand in the auto industry amid a supply deficit, analysts said. Spot silver rose 0.7 percent to $17.26 an ounce, after touching a near three-month high at $17.42. Platinum was up 0.3 percent at $996.95, after touching its highest since Sept. 11 at $1,001.40 on Monday. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Sunil Nair and Biju Dwarakanath)
| https://www.reuters.com/article/global-precious/precious-gold-hits-4-mth-high-as-dollar-index-slumps-to-3-yr-lows-idUSL3N1PA1CS | www.reuters.com |
Greeley and Hansen Appoints Two New Principals | CHICAGO, Jan. 23, 2018 /PRNewswire/ -- Greeley and Hansen, a leading global civil and environmental engineering, architectural, and management consulting firm, has named Joseph Dinkel and Michael J. Hope as principals. Both are accomplished engineers and leaders that exemplify Greeley and Hansen's core values of client commitment and dedication to providing quality service.
Dinkel is the Manager of the firm's Mechanical, Electrical, Plumbing, and Instrumentation & Control (MEPIC) Group with overall responsibility for directing staff and providing high-level project delivery oversight. He has broad experience in management, engineering, construction, and project execution for a wide range of water, wastewater, and other infrastructure projects with special expertise in complex HVAC, plumbing, and fire protection systems.
Hope currently serves as Co-Managing Director of the North Atlantic Operating Group, leading the firm's day-to-day business operations as well as business development and strategic growth efforts in Pennsylvania, Delaware, and New Jersey. He has extensive experience in managing a diverse range of large, complex water and wastewater programs and facility projects for utility clients in the northeast.
"In addition to their depth of technical experience, Joe and Mike have consistently demonstrated the strong leadership and management skills that will help us advance our long-range business goals," said Chairman and Chief Executive Officer Andy Richardson . "Greeley and Hansen is focused on achieving sustained future growth, and Joe and Mike are both highly qualified and motivated professionals who can help accelerate the firm's ongoing efforts to achieve our growth objectives."
Dinkel is a registered professional engineer with a B.S. in mechanical engineering from Michigan Technological University. He is Certified in Plumbing Design (CPD) and is also a member of the American Society of Plumbing Engineers and the American Society of Heating, Refrigerating, and Air Conditioning Engineers.
Hope is a registered professional engineer and a New Jersey Certified Municipal Engineer with a B.S. in civil engineering from Widener University. He is actively involved in a number of professional organizations, including the American Water Works Association, American Society of Civil Engineers, and New Jersey Water Environment Association. He is a Past President of the New Jersey Society of Professional Engineers and has served in officer and committee roles for other organizations, including the New Jersey Department of Environmental Protection Advisory Committee for Standards for Individual Subsurface Disposal Systems.
About Greeley and Hansen
Greeley and Hansen is a leader in developing innovative engineering, architecture, and management solutions for a wide array of complex water, wastewater, and related infrastructure challenges. The firm has built upon over 100 years of proven civil and environmental engineering experience in all phases of project development and implementation to become a premier global provider of comprehensive services in the water sector. Greeley and Hansen is dedicated to designing better urban environments worldwide. http://www.greeley-hansen.com/new.htm
For more information, contact:
Nancy Stankus
312-558-9000
nstankus@greeley-hansen.com
View original content with multimedia: http://www.prnewswire.com/news-releases/greeley-and-hansen-appoints-two-new-principals-300586324.html
SOURCE Greeley and Hansen | http://www.cnbc.com/2018/01/23/pr-newswire-greeley-and-hansen-appoints-two-new-principals.html | www.cnbc.com |
Netflix Q4 earnings preview | Analysts expect Netflix to post a big quarter after the bell on Monday, bolstered by subscriber growth ahead of Netflix's previously announced estimate of 6.3 million. The company's stock rose 2.5 percent in early trading Monday.
GBH Insights chief strategy officer and head of technology Daniel Ives believes Netflix's subscription addition estimate was low, and expects that price increases did not drive that many people away, while the movie "Bright" and new seasons of "The Crown" and "Stranger Things" kept users around.
Through surveys, GBH Insights believes net ads this quarter will approach 7 million.
"They were a little conservative on guidance on domestic given the price increase, but we didn't see any chinks in the armor," Ives said, adding that he expects the company to have a more profitable trajectory relative to the past two years.
show chapters Even at this stage of the game, it may not be too late to buy Netflix 2:41 AM ET Fri, 19 Jan 2018 | 01:30 Forrester principal analyst Jim Nail said the holidays tend to be a strong quarter for Netflix, leading him to believe it will post large subscriber ads this quarter than projected.
And while it is spending up to $8 billion on content this year, the large figure is a "necessary evil" to remain competitive against other services, Ives said.
"We're just continuing to see the cord cutting phenomenon going into Netflix's lap," he said.
There are some questions going forward about the negative impact of Disney removing its content from Netflix in 2019 and Disney's larger ownership stake in Hulu due to the Disney- Fox deal , Ives said, but he expects to see the impact more in the latter half of 2018.
"If [CEO Reed] Hastings wakes up at night with a nightmare, it's Iger and Disney," Ives said. "Going into this earnings it needs to be a beat and raise type of outlook. The stock has had a huge run. We still think it's in its fifth or sixth inning."
It's also questionable whether Netflix can sustain subscriber interest at the current pricing level, and Forrester's Nail expects more price increases to come.
While the company doesn't have to have a hit with each show because it's not dependent on advertising, it still has to have enough hits to ensure people will be willing to pay for the service each month.
"They redefine what is good and crap," Nail said. "Their business is no longer defined by, 'Does the show generate a big enough audience for advertisers?' What you and I may think is crap, somebody may watch it and like it. They'll see a $12 charge on their credit card bill, but will that show be enough to pay $12 for Netflix?"
Analysts expect Netflix to post EPS of 41 cents on revenue of $3.28 billion, according to Thomson Reuters. | https://www.cnbc.com/2018/01/22/netflix-q4-earnings-preview.html | www.cnbc.com |
BRIEF-Endeavour Silver Provides 2018 Production And Cost Guidance | January 25, 2018 / 11:57 AM / in 9 minutes BRIEF-Endeavour Silver Provides 2018 Production And Cost Guidance Reuters Staff 2 Min Read
Jan 25 (Reuters) - Endeavour Silver Corp:
* ENDEAVOUR SILVER PROVIDES 2018 PRODUCTION AND COST GUIDANCE, TARGETING 20% INCREASE IN PRODUCTION TO 5.8-6.4 MILLION OZ SILVER AND 58-64,000 OZ GOLD FOR 10.2-11.2 MILLION OZ SILVER EQUIVALENT
* ENDEAVOUR SILVER - IN 2018, PLANS TO INVEST $48.4 MILLION ON CAPITAL PROJECTS INCLUDING $41.1 MILLION IN SUSTAINING CAPITAL AT FOUR OPERATING MINES
* ENDEAVOUR SILVER CORP - AT CURRENT METAL PRICES, SUSTAINING CAPITAL INVESTMENTS WILL BE COVERED BY OPERATING CASH FLOW IN 2018
* ENDEAVOUR SILVER - EXPECTS TO BRING ITS FOURTH MINE INTO COMMERCIAL PRODUCTION IN Q3 AS EL COMPAS CONSTRUCTION PROGRAM NEARS COMPLETION
* ENDEAVOUR SILVER CORP - WITH HIGHER FORECAST PRODUCTION, CASH COSTS AND ALL-IN SUSTAINING COSTS ARE EXPECTED TO DECLINE IN 2018 COMPARED TO 2017
* ENDEAVOUR SILVER - CASH COSTS, NET OF GOLD BY-PRODUCT CREDITS, ARE EXPECTED TO BE $6.00-$7.00 PER OZ OF SILVER PRODUCED IN 2018
* ENDEAVOUR SILVER CORP - 2018 CAPITAL BUDGET WILL INCREASE FROM 2017 DUE TO DEVELOPMENT OF NEW EL COMPAS MINE
* ENDEAVOUR SILVER - AISC, NET OF GOLD BY-PRODUCT CREDITS, ESTIMATED TO BE $15.00-$16.00 PER OZ OF SILVER PRODUCED IN 2018 Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-endeavour-silver-provides-2018-pro/brief-endeavour-silver-provides-2018-production-and-cost-guidance-idUSASB0C2AH | www.reuters.com |
Apple, Google and Microsoft top list of the most innovative companies in 2018 | For the second consecutive year, Apple and Google topped the list of the 50 most innovative companies, according to the Boston Consulting Group .
The companies at the top of the list shifted just slightly from last year . Microsoft jumped up by one spot to take third place, while electric-car company Tesla fell from No. 3 to sixth place. Retail giant Amazon climbed from fifth place to fourth place, and Netflix , which made the top 10 in 2017, fell to No. 13.
In the most recent report, two new companies managed to push their way into the top 10: ride-hailing app Uber and e-commerce site Alibaba .
Geographically, North America produced the most innovative companies, with 27 featured on the list. Europe produced 16 entrants, up from 10 last year.
The travel and transportation sector also expanded its showing on the 2018 list, with companies such as Uber, Tesla , SpaceX and Airbnb included.
The firm found that the most innovative companies have been fueled by digital technologies. For example, they prioritize mobile products, digital design, big data and also quickly adapt to technological advances. They also tend to develop and test new products faster and more cheaply than other companies.
According to the research, the biggest difference between the most innovative companies and the companies that appear much lower on the list is how heavily they have incorporated these digital processes into their businesses.
"While 79 percent of strong innovators reported that they had properly digitized innovation processes, only 29 percent of weak innovators make the same claim," the study reports.
Drew Angerer | Getty Images Last year, the most innovative companies were those that brought in new ideas from outside sources such as social media and had open and collaborative work environments.
Finally, the research notes that business leaders at the most innovative companies do five key things that set them apart from their competition:
1. Leaders dedicate resources: They realize the importance of digital and invest accordingly.
2. Leaders invest in speed: They test ideas earlier and launch products quickly.
3. Leaders take smart risks: They make big bets that are high-risk but also high-reward.
4. Leaders invest in data: They mine and analyze data to glean insight for their products.
5. Leaders secure top talent: They acquire and develop talent across the company.
Like this story? Like CNBC Make It on Facebook .
See also:
3 reasons millennials want to work for Google and Amazon so badly
75% of senior execs say they'd leave their company for one that values diversity
Many of your employees probably don't like their jobs
show chapters This tech start-up lets you try out for your job, before you get an offer 3:50 PM ET Thu, 6 Oct 2016 | 01:09 | https://www.cnbc.com/2018/01/18/apple-google-and-microsoft-top-list-of-the-most-innovative-companies-in-2018.html | www.cnbc.com |
McLaren and CNBC announce new multi-year partnership | Davos, Switzerland. McLaren and CNBC, the leading global business news network, announced today an exciting new multi-year partnership that will highlight both brands' reputations for innovation and leadership through content and commercial activity.
Announced in Davos, McLaren will use the partnership with CNBC to unlock the potential of the network's powerful audience of business leaders and investors.
McLaren is one of the world's most famous sports and technology brands, synonymous with the highest levels of performance. Since its foundation in 1963, McLaren has been a pioneer and innovator, forging a formidable reputation as one of the most successful teams in Formula 1, having won 20 world championships and more than 180 races.
CNBC is the number one business and financial news network worldwide, with a renowned reputation among the world's business elite. Its content is consumed by 301 million people per month.
Zak Brown, Executive Director, McLaren Technology Group, commented: "CNBC is a world-class, industry-leading brand and a superb fit for McLaren. This partnership will greatly enhance our ability to reach a global business target audience while enabling both CNBC and McLaren to highlight shared attributes and values."
Brown continued: "Formula 1 is a sport undergoing exciting change at multiple levels and bringing that story to a global business will help raise the profile not only of McLaren and CNBC but the sport of Formula 1 too."
KC Sullivan, President and Managing Director, CNBC International said: "With a shared passion for sporting excellence, CNBC is looking forward to working with the McLaren family of brands to tell the story of cutting edge innovation."
ENDS
For more information contact:
Lee Thompson
Head of Communications, CNBC
Lee.Thompson@CNBC.com / +44 (0)7880 088314
About CNBC International
CNBC International is the leading international business and financial news network. Its mission is to help the influential and aspirational to make astute decisions to get ahead.
With international headquarters in London, Singapore and Abu Dhabi, CNBC International provides consumers with a 24-hour global business briefing.
In addition to its global TV channel, available in more than 409 million homes worldwide, CNBC.com provides users with video, real-time market analysis, web-exclusive live video and analytical financial tools.
CNBC International's award winning content can also be found on Facebook, Twitter, Instagram, YouTube and LinkedIn. CNBC International is a division of NBCUniversal. For more information, visit www.cnbc.com. | http://www.cnbc.com/2018/01/23/mclaren-and-cnbc-announce-new-multi-year-partnership.html | www.cnbc.com |
SSLJ.com Limited Announces Effective Registration Statement and Pricing for the Company's Initial Public Offering on NASDAQ | WUHAN, China, Jan. 3, 2018 /PRNewswire/ -- SSLJ.com Limited (the "Company"), a vertically integrated O2O home decoration service and product provider in China, today announced that its registration statement relating to the Company's initial public offering ("IPO") was declared effective today by the United States Securities and Exchange Commission.
The offering will be sold on a best efforts basis. Boustead Securities, LLC is acting as the sole underwriter for the offering.
In its IPO, the Company is offering a minimum of 2,000,000 Class A ordinary shares and a maximum of 4,000,000 Class A ordinary shares at a price to the public of $5.00 per share. The Company expects to raise aggregate gross proceeds of between USD$10,000,000 and USD$20,000,000, before commissions and expenses. Upon closing of the offering, the total number of ordinary shares outstanding will be between 42,000,000 and 44,000,000 shares, as described in the prospectus. In addition, the underwriter has been granted an over-subscription option pursuant to which the Company may sell up to an additional 600,000 Class A ordinary shares for additional gross proceeds of up to $3,000,000 if the maximum number of 4,000,000 Class A ordinary shares are sold.
The Class A ordinary shares of the Company are expected to begin trading on The NASDAQ Capital Market following the closing of the IPO under the ticker symbol "SSLJ."
The offering of the Company's Class A ordinary shares may only be made by means of a prospectus. An electronic copy of the prospectus may be obtained from the SEC website at www.sec.gov . A copy of the prospectus may also be obtained, upon written request, from Boustead Securities, LLC, Attention: Equity Capital Markets, 6 Venture, Suite 325, Irvine, CA 92618 USA, offerings@boustead1828.com , or by telephone at +1 949 502 4409. Ellenoff Grossman & Schole LLP is acting as counsel to the Company. Sole underwriter Boustead Securities, LLC is being represented by Ortolio Rosenstadt LLP.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About SSLJ.com Limited
SSLJ.com Limited is a pioneer in the vertically integrated O2O home decoration service and product market with one of the largest market shares in China. The Company provides customers with a convenient, full-service, one-stop solution for their homes' interior decoration and improvement needs by offering consulting, design, construction, and furnishing services as well as modern, high-quality and high-tech products. The Company has 9 branch companies and 12 sales offices in 10 cities, which are Beijing, Shanghai, Shenzhen, Wuhan, Suzhou, Hefei, Zhengzhou, Tianjin, Chengdu, Xi'an. For more information, please visit http://www.sslj.com/ .
About Boustead Securities, LLC
Boustead Securities, LLC ("Boustead") is an investment banking firm that executes and advises on IPOs, mergers and acquisitions, capital raises and restructuring assignments in a wide array of industries, geographies and transactions, for a broad client base. Boustead's core value proposition is the ability to create opportunity through innovative solutions and tenacious execution. With experienced professionals in the United States and around the world, Boustead's team moves quickly and provides a broad spectrum of sophisticated financial advice and services. For more information, visit http://www.boustead1828.com/ .
Forward-Looking Statements
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's proposed IPO. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the IPO will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.
For more information, please contact:
SSLJ.com Limited Contact:
Ms. Wing Chuen Rhoda Lau, CFO
Phone: +8627-8366-8638
Email: ir@sslj.com
Investor Contact:
Ms. Tina Xiao, President
Ascent Investor Relations LLC
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com
Boustead Securities, LLC Contact:
Dan McClory, Managing Director, Head of China, and Head of Equity Capital Markets
Phone: +1 (949) 502-4408
Email: dan@boustead1828.com
View original content: http://www.prnewswire.com/news-releases/ssljcom-limited-announces-effective-registration-statement-and-pricing-for-the-companys-initial-public-offering-on-nasdaq-300577122.html
SOURCE SSLJ.com Limited | http://www.cnbc.com/2018/01/03/pr-newswire-sslj-com-limited-announces-effective-registration-statement-and-pricing-for-the-companys-initial-public-offering-on-nasdaq.html | www.cnbc.com |
UPDATE 3-Intel results beat estimates, warns of potential security flaw fallout | fallout@ (Adds more information from CFO about security risk disclosure, adds additional analyst quote)
Jan 25 (Reuters) - Intel Corp on Thursday gave a bullish forecast and blew past Wall Street profit and revenue expectations for the fourth quarter on the strength of data center sales, the business it sees as key to its transformation from a PC supplier.
Intel stock rose 3.8 percent to $47.06, boosted by a dividend hike and relief that recently disclosed security flaws in some of its widely used chips had little impact. But Intel did acknowledge, for the first time, that the fallout could hurt future results, a concern analysts brushed off.
Intel also boosted its full-year forecast for 2018 above Wall Street expectations, saying it would boost dividends 10 percent to $1.20 on a yearly basis despite taking a $5.4 billion charge related to recent changes in U.S. tax law.
Intel Chief Executive Brian Krzanich said the company would start shipping chips later this year with "silicon-based changes" to protect against the so-called Spectre and Meltdown security threats.
Revenue from the company's higher-margin data center business rose about 20 percent to $5.58 billion, beating the average analyst estimate of $5.13 billion, according to Thomson Reuters I/B/E/S. Revenue from Intel's PC group hit $9 billion for the quarter, a 2 percent decline from the year before, but ticked up 3 percent for the year to $34 billion.
Intel predicted $65 billion in revenue for 2018, well above expectations of a $63.7 billion forecast.
In an interview ahead of Intel's earnings call with investors, Chief Financial Officer Bob Swan said the company sees no "meaningful impact" on corporate earnings as a result of the security vulnerabilities, reiterating an assessment the company made on Jan. 3.
The improved dividend and forecasts are important because they are the first signal of how much success Intel has had in containing fallout from the so-called Spectre and Meltdown security flaws that could allow hackers to steal data from computers. The flaws were disclosed after the close of the currently reported quarter.
The problems affect most modern computing chips but analysts believe that Intel, the No.1 maker of microprocessors, is at greater risk because all the variants of the flaws affect its chips, which have a dominant market position in data centers.
Data center revenue growth was twice Wall Street expectations, coming at 20 percent from the year-ago quarter versus investor targets of 10 percent, said Kevin Cassidy, an analyst at Stifel.
Intel warned in its earnings release that fallout from the discovery of Spectre and Meltdown could hurt future results, as well as customer relationships and the company's reputation.
It added that publicity over the two vulnerabilities could prompt outside parties to look for other security flaws, which could also harm the company's business.
Still, GBH Insights analyst Daniel Ives said that Intel investors would heave a sigh of relief.
"The chip vulnerability situation was an overhang over Intels shares and this robust quarter, healthy guidance, and underlying business metrics should help investors sleep a bit easier at night."
Due to the tax charge, the company posted a loss of $687 million, or 15 cents per share, in the fourth quarter ended Dec. 30.
Excluding items, the chipmaker earned $1.08 per share. Total revenue rose 4.1 percent to $17.05 billion.
Analysts on average were expecting a profit of 86 cents per share on a revenue of $16.34 billion, according to Thomson Reuters I/B/E/S. (Reporting by Laharee Chatterjee in Bengaluru, Stephen Nellis in San Francisco and Jim Finkle in Toronto; Editing by Saumyadeb Chakrabarty and Lisa Shumaker) | https://www.cnbc.com/2018/01/25/reuters-america-update-3-intel-results-beat-estimates-warns-of-potential-security-flaw-fallout.html | www.cnbc.com |
Corus Entertainment Announces Fiscal 2018 First Quarter Results | Free cash flow (1) of $83.2 million for the quarter, up from $33.9 million last year Consolidated revenues decreased 2% for the quarter Consolidated segment profit (1) decreased 7% for the quarter Consolidated segment profit margin (1) of 39% for the quarter Net income attributable to shareholders of $77.7 million ($0.38 per share basic) for the quarter
TORONTO, Jan. 10, 2018 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B) announced its first quarter financial results today.
"Our first quarter results were below expectations, as gains in local Radio advertising and our Nelvana content business combined with better than expected subscriber revenues were more than offset by weak television advertising market conditions", said Doug Murphy, President and Chief Executive Officer. "We remain committed to advancing our strategic priorities as Canada's only pure play media and content company. Our ongoing financial discipline balanced with strategic growth investments in content and advanced advertising initiatives position us well over the longer term in a rapidly evolving media and content marketplace."
Financial Highlights
Three months ended
November 30,
(in thousands of Canadian dollars except per share amounts)
2017
2016
Revenues
Television
415,464
425,564
Radio
41,924
42,417
457,388
467,981
Segment profit (1)
Television
168,602
184,421
Radio
13,521
13,286
Corporate
(4,236)
(5,721)
177,887
191,986
Net income attributable to shareholders
77,673
71,146
Adjusted net income attributable to shareholders (1) (2)
78,885
80,826
Basic earnings per share
$0.38
$0.36
Adjusted basic earnings per share (1) (2)
$0.38
$0.41
Diluted earnings per share
$0.38
$0.36
Free cash flow (1)
83,215
33,909
(1)
Segment profit, segment profit margin, adjusted net income attributable to shareholders, adjusted basic earnings per share, and free cash flow do not have standardized meanings prescribed by IFRS. The Company believes these non-IFRS measures are frequently used as key measures to evaluate performance. For definitions and explanations, see discussion under the Key Performance Indicators section of the First Quarter 2018 Report to Shareholders.
(2)
Refer to page 10 of this press release for details of adjustments to arrive at adjusted net income attributable to shareholders and adjusted basic earnings per share.
Consolidated Results from Operations
Consolidated revenues for the three months ended November 30, 2017 were $457.4 million, down 2% from $468.0 million last year and consolidated segment profit was $177.9 million, down 7% from $192.0 million last year. Net income attributable to shareholders for the quarter ended November 30, 2017 was $77.7 million ($0.38 per share basic and diluted), as compared to $71.1 million ($0.36 per share basic and diluted) last year. Net income attributable to shareholders for the first quarter of fiscal 2018 includes business acquisition, integration and restructuring costs of $1.6 million ($nil per share, net of income taxes). Adjusting for the impact of this item results in an adjusted net income attributable to shareholders of $78.9 million ($0.38 per share basic) in the quarter. Net income attributable to shareholders for the prior year quarter includes business acquisition, integration and restructuring costs of $13.2 million ($0.05 per share, net of income taxes). Adjusting for the impact of this item results in an adjusted net income attributable to shareholders of $80.8 million ($0.41 per share basic) for the prior year quarter.
Operational Results - Highlights
Television
Segment revenues were down 2% in Q1 2018 Advertising revenues decreased 4% in Q1 2018 Subscriber revenues were flat in Q1 2018 Merchandising, distribution and other revenues increased 7% in Q1 2018 Segment profit (1) decreased 9% in Q1 2018 Segment profit margin (1) of 41% in Q1 2018 compared to 43% in the prior year
Radio
Segment revenues were relatively flat in Q1 2018 Advertising revenues were down 1% in Q1 2018 Segment profit (1) increased 2% in Q1 2018 Segment profit margin (1) of 32% in Q1 2018 compared to 31% the prior year
Corporate
Free cash flow (1) of $83.2 million for the year, up from $33.9 million in the prior year Net debt to segment profit (1) leverage at 3.5 times Consolidated segment profit margin in Q1 of 39%, down from 41% in the prior year
(1)
Segment profit, segment profit margin, and free cash flow do not have standardized meanings prescribed by IFRS. The Company reports on these because they are key measures used to evaluate performance. For definitions and explanations, see discussion under the Key Performance Indicators section of the 2018 Report to Shareholders.
Corus Entertainment Inc. reports in Canadian dollars.
The unaudited consolidated financial statements and accompanying notes for the three months ended November 30, 2017 and Management's Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section.
A conference call with Corus senior management is scheduled for January 10, 2018 at 9:00 a.m. ET. While this call is directed at analysts and investors, members of the media are welcome to listen in. The dial-in number for the conference call for local and international callers is 1.416.981.9027 and for North America is 1.800.734.8582. More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.
Use of Non-IFRS Financial Measures
This press release includes the non-IFRS financial measures of adjusted net income, adjusted basic earnings per share and free cash flow that are not in accordance with, nor an alternate to, generally accepted accounting principles ("IFRS") and may be different from non-IFRS measures used by other companies. In addition, these non-IFRS measures are not based on any comprehensive set of accounting rules or principles.
Non-IFRS financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-IFRS financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company's non-IFRS measures is included in the Company's most recent Report to Shareholders which is available on Corus' website at www.corusent.com as well as on SEDAR.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information and should be read subject to the following cautionary language:
To the extent any statements made in this report contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). These forward-looking statements relate to, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook, including advertising, distribution, merchandise and subscription revenues, operating costs and tariff | http://www.cnbc.com/2018/01/10/pr-newswire-corus-entertainment-announces-fiscal-2018-first-quarter-results.html | www.cnbc.com |
Paul Hanly of Simmons Hanly Conroy to Co-Lead Legal Team in Federal Opioid Litigation | NEW YORK, Jan. 4, 2018 /PRNewswire/ -- A federal judge has appointed Simmons Hanly Conroy Shareholder Paul J. Hanly Jr. as co-lead counsel in the national multidistrict litigation pending against pharmaceutical companies involved in the marketing of prescription opioid painkillers.
U.S. District Court Judge Dan Aaron Polster, of the Northern District of Ohio, issued an order today naming Hanly and attorneys Joseph F. Rice and Paul T. Farrell Jr. as co-lead counsels for the plaintiffs in the federal litigation alleging pharmaceutical companies and physicians engaged in fraudulent marketing of prescription opioid painkillers, leading to the current nationwide epidemic.
Hanly, with extensive experience in litigation against opioid manufacturers going back more than a decade, will work with his co-lead counsels to manage the federal litigation and oversee nearly 100 other law firms representing plaintiffs in more than 200 docketed opioid cases.
"I am honored to have been appointed by Judge Polster to such a significant position in this litigation, which involves so many issues that are critical to the public health of our communities nationwide," said Hanly. "It is vital we hold the pharmaceutical companies accountable for their roles in the nation's ongoing drug crisis and epidemic."
Hanly is a founding member of Simmons Hanly Conroy, headquartered in Alton, Illinois. Based in the firm's New York City office, he has extensive experience in mass torts litigation including representing more than 5,000 clients who sued Purdue Pharma in 2003, the maker of OxyContin, and winning a significant settlement in 2006.
Rice is a founding partner of Motley Rice LLC, based in Mount Pleasant, S.C. Farrell is a partner at Green, Ketchum, Farrell, Bailey & Tweel, LLP, based in Huntington, W.V. Both, as well as many of the other lawyers involved, are viewed as the top mass torts litigators in the country.
The defendants in the MDL lawsuit include dozens of parties with diverse roles in the pharmaceutical industry, including manufacturers Purdue Pharma L.P.; Purdue Pharma, Inc.; The Purdue Frederick Company, Inc.; Teva Pharmaceuticals USA, Inc.; Cephalon, Inc.; Johnson& Johnson; Janssen Pharmaceuticals, Inc.; Ortho-McNeil-Janssen Pharmaceuticals, Inc.; Janssen Pharmaceutica, Inc.; Endo Health Solutions Inc.; and Endo Pharmaceuticals, Inc.
Simmons Hanly Conroy and its attorneys have held multiple national positions of note in pharmaceutical mass torts litigations. Federal judges have appointed the firm's attorneys to serve on multiple plaintiff executive and steering committees in mass tort litigations including DePuy Pinnacle hip implants, Volkswagen emission scandal, testosterone replacement therapy, transvaginal mesh, Lipitor, Yaz and more. Their work has resulted in millions of dollars secured on behalf of clients injured by dangerous drugs and defective medical devices.
The case is In Re: National Prescription Opiate Litigation, MDL No. 2804, Case No. 17-md-02804.
About Simmons Hanly Conroy, LLC
Simmons Hanly Conroy is one of the nation's largest mass tort law firms. Primary areas of litigation include asbestos and mesothelioma, pharmaceutical, consumer protection, environmental and personal injury. The firm's attorneys have been appointed to leadership in numerous national multidistrict litigations, including Vioxx, Toyota Unintended Acceleration, BP Deepwater Horizon Oil Spill, DePuy Pinnacle and the Volkswagen Emission Scandal. The firm also represents small and mid-size corporations, inventors and entrepreneurs in matters involving business litigation. Offices are located in Alton, Ill.; Chicago; Los Angeles; New York City; San Francisco; and St. Louis. Read more at www.simmonsfirm.com .
View original content: http://www.prnewswire.com/news-releases/paul-hanly-of-simmons-hanly-conroy-to-co-lead-legal-team-in-federal-opioid-litigation-300577918.html
SOURCE Simmons Hanly Conroy | http://www.cnbc.com/2018/01/04/pr-newswire-paul-hanly-of-simmons-hanly-conroy-to-co-lead-legal-team-in-federal-opioid-litigation.html | www.cnbc.com |
Chris Lydon and Chris Tecu join Avison Young in Chicago | Highly regarded industry veterans become Principals, will work as a team while focusing on their industrial brokerage specialty
CHICAGO, Danny Nikitas , Avison Young Principal and Managing Director of the firm's Chicago office, announced today the strategic hiring of highly regarded commercial real estate industry veterans Chris Lydon and Chris Tecu .
Effective immediately, Lydon and Tecu become Principals of Avison Young and will work as a team while focusing on industrial brokerage services. Both will be based in the firm's Rosemont, IL office. Lydon was most recently a senior director with Cushman & Wakefield in Chicago while Tecu most recently served as a vice-president with CenterPoint Properties in Chicago. Lydon and Tecu previously worked together at Trammell Crow Company in Chicago.
"We're thrilled that Chris Lydon and Chris Tecu have joined us in Chicago," comments Nikitas. "We have known them for many years as strong industrial brokerage professionals who have held various positions within the industrial real estate sector. Between them, they have more than 40 years of experience, and their reputations are impeccable in the industry. They are known for honest and intelligent representation of their clients, and have elevated themselves to a very high level of respect in our business. They will also enhance our capital markets capabilities with their experience on the investment side."
Nikitas adds: "Their move to Avison Young is actually a reunion because they previously worked together at another firm. Both have adopted a collaborative approach to each transaction and, therefore, will fit seamlessly into Avison Young's culture and client-first business model. They will also play important roles as we expand our industrial service line throughout Chicagoland and further Avison Young's ongoing expansion program."
Lydon brings 25 years of industry experience to Avison Young. During his career, he has been involved in transactions covering more than 100 million square feet (msf) with an aggregate value in excess of $950 million. A consistent top producer, he has represented institutional owners and users on both a local and national level while serving in the roles of broker, owner and developer.
Lydon's past and current clients include Sears Holding Corporation, Seefried Properties, Liberty Property Trust, Panattoni Development, Wirtz Realty Corp., Invesco, 3D Exhibits, Prologis and Morgan Stanley, among others.
Prior to joining Cushman & Wakefield, Lydon was a senior vice-president and industrial brokerage leader at Grubb & Ellis Company in Chicago. Before moving to Grubb & Ellis, he was a vice-president and marketing director at AMB Property Corporation, where he oversaw the leasing of the company's 14-msf Chicago industrial-building portfolio. He began his career as a vice-president with Trammell Crow Company, providing brokerage services and brokerage management for the Chicago-area office's industrial brokerage division while working in partnership with Tecu.
Lydon is a member of the Society of Industrial and Office Realtors (SIOR) and the Chicago chapter of the Association of Industrial Real Estate Brokers (AIRE).
"We look forward to our new venture here at Avison Young, and to leveraging the company's full-service platform," notes Lydon. "The Principal-based ownership model was highly attractive to us, as it allows us to participate in the company's overall decision-making process. We were very familiar with some of the existing industrial brokerage professionals and felt that we shared a similar vision in relation to the overall industry. The client-first attitude that exists at Avison Young will continue to be our emphasis moving forward."
Tecu brings 19 years of commercial real estate experience to Avison Young. During his career, he has negotiated more than 80 msf of industrial real estate acquisitions, dispositions and leasing transactions. From 2010 to 2017, he managed CenterPoint Properties' acquisitions in the Gulf Coast region, particularly in the Houston marketplace. From 2008 to 2017, he was responsible for the purchase of more than $1 billion of industrial properties nationally. Prior to joining CenterPoint in 2008, Tecu was an industrial broker in the O'Hare submarket for CBRE. He entered the commercial real estate industry in 1999 with Trammell Crow Company in Chicago, where he originally partnered with Lydon.
Tecu's past and current clients include AMB, Prologis, CenterPoint, Duke Realty, First Industrial Realty Trust and Sitex Realty Group. He is an active member of NAIOP and AIRE. He holds a bachelor's degree in business from the University of Kansas.
Tecu adds: "We feel that the in-house resources here at Avison Young will enable us to even better service existing customers and help us expand our client base. There seems to be great entrepreneurial spirit within the firm, and we look forward to continuing with the overall collaboration within the industrial brokerage group. The firm is in a global growth mode and we are pleased to be part of its expansion here in Chicago. We look forward to collaborating with our new colleagues across the globe while serving local, national and international clients."
Over the past nine years, Avison Young has grown from 11 to 82 offices and from 300 to more than 2,600 real estate professionals in Canada, the U.S., Mexico and Europe.
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
For further information/comment/photos:
Sherry Quan , Principal, Global Director of Communications & Media Relations,
Avison Young: 604.647.5098; cell: 604.726.0959 sherry.quan@avisonyoung.com
Danny Nikitas , Principal and Managing Director, Chicago, Avison Young: 312.940.8797
danny.nikitas@avisonyoung.com
Chris Lydon , Principal, Avison Young: 847.232.8610 chris.lydon@avisonyoung.com
Chris Tecu , Principal, Avison Young: 847.232.8611 chris.tecu@avisonyoung.com
Earl Webb , President, U.S. Operations, Avison Young: 312.957.7610
Mark Rose, Chair and CEO, Avison Young: 416.673.4028
www.avisonyoung.com
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and requalified in 2017 to maintain its status as a Best Managed Gold Standard company.
Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung For Avison Young listings and deals: www.twitter.com/AYListingsDeals
Follow Avison Young Bloggers : http://blog.avisonyoung.com
Follow Avison Young on LinkedIn : www.linkedin.com/company/avison-young-commercial-real-estate
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Editors/Reporters
Please click on links to view and download photos of Chris Lydon and Chris Tecu:
http://www.avisonyoung.com/documents/20342/2631393/Chris_Lydon.jpg
http://www.avisonyoung.com/documents/20342/2631393/Chris_Tecu.jpg
SOURCE Avison Young Commercial Real Estate (BC) | http://www.cnbc.com/2018/01/10/pr-newswire-chris-lydon-and-chris-tecu-join-avison-young-in-chicago.html | www.cnbc.com |
Mack-Cali Strengthens Executive Management Team | JERSEY CITY, N.J., Jan. 29, 2018 /PRNewswire/ -- Mack-Cali Realty Corporation (NYSE: CLI) today announced changes to its executive management team with the appointments of Mr. David J. Smetana as chief financial officer and Mr. Nicholas Hilton as executive vice president of leasing. Mr. Smetana will begin to perform his duties as chief financial officer upon the departure of Mr. Anthony Krug, who will be leaving Mack-Cali to pursue other opportunities. Mr. Krug will continue to serve as chief financial officer during the transition period in the first quarter of 2018. Mr. Hilton will start in February 2018 and Mr. Chris DeLorenzo will also depart after a transition period.
Mr. Smetana has over 20 years of real estate experience across a variety of roles. Most recently, he was a managing director and REIT securities analyst on Morgan Stanley Investment Management's Global REIT Securities Team from 2001 to 2017. Previously, Mr. Smetana was a REIT investment banker at Morgan Stanley and was part of Morgan Stanley's Real Estate Special Situations Fund from 1997 to 2001. Mr. Smetana received his Bachelor of Business Administration in Accounting from the University of Wisconsin-Madison and holds a CPA certificate in Virginia.
Mr. Hilton was most recently a senior vice president at CBRE, where he had been for over 13 years and worked with firms like Mack-Cali, Bentall Kennedy, Royal Bank of Canada, Ernst & Young and The Boston Consulting Group. Mr. Hilton received his Bachelor of Arts in English from Rutgers University.
Michael J. DeMarco, Mack-Cali's chief executive officer, stated, "We are excited to add further depth to our executive management team. David's extensive knowledge of the real estate industry includes over twenty years of REIT experience, and we believe that he will bring significant experience and leadership in his new role as chief financial officer. Nicholas, who we've had the opportunity to work with while he was at CBRE, is one of the most talented brokers I've had the pleasure of working with. He is extremely knowledgeable about the waterfront and the New Jersey office markets and will help lead and enhance our leasing efforts across all of our office markets as we work to increase occupancy."
Mr. DeMarco continued, "I would like to thank Tony and Chris for their tremendous hard work and contributions to the strategic repositioning of Mack-Cali. Our success to date has been a team effort in which they played an integral part. They will both remain not only colleagues but close friends, and I wish them all the best in their future endeavors."
About Mack-Cali Realty Corporation
One of the country's leading real estate investment trusts (REITs), Mack-Cali Realty Corporation is an owner, manager and developer of premier office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Mack-Cali is headquartered in Jersey City, New Jersey, and is the visionary behind the city's flourishing waterfront, where the company is leading development, improvement and place-making initiatives for Harborside, a master-planned destination comprised of class A office, luxury apartments, diverse retail and restaurants, and public spaces.
A fully-integrated and self-managed company, Mack-Cali has provided world-class management, leasing, and development services throughout New Jersey and the surrounding region for two decades. By regularly investing in its properties and innovative lifestyle amenity packages, Mack-Cali creates environments that empower tenants and residents to reimagine the way they work and live.
For more information on Mack-Cali Realty Corporation and its properties, visit www.mack-cali.com .
Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of words such as "may," "will," "plan," "potential," "projected," "should," "expect," "anticipate," "estimate," "target," "continue," or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate, and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading "Disclosure Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.
Contacts:
Michael J. DeMarco
Deidre Crockett
Mack-Cali Realty Corporation
Mack-Cali Realty Corporation
Chief Executive Officer
Senior Vice President, Corporate Communications
(732) 590-1589
and Investor Relations
mdemarco@mack-cali.com
(732) 590-1025
dcrockett@mack-cali.com
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SOURCE Mack-Cali Realty Corporation | http://www.cnbc.com/2018/01/29/pr-newswire-mack-cali-strengthens-executive-management-team.html | www.cnbc.com |
Water main break at JFK airport adds to travelers' misery after winter storm flight delays | Flooding from a water main break forced the temporary suspension of some flights at New York's John F. Kennedy International Airport on Sunday, adding to the misery of travelers after a winter storm canceled or delayed hundreds of flights in recent days.
Water poured from the ceiling onto a check-in counter and covered large areas of the floor of Terminal 4, video on CNN showed. The disruption occurred while the U.S. Northeast continued to endure bone-chilling weather with the New York temperature at 17 degrees Fahrenheit (-8 Celsius).
International flights to Terminal 4 were temporarily suspended and passengers who had already arrived there were diverted to other terminals, according to the Port Authority of New York and New Jersey, which operates the airport.
The Port Authority said the water pipe break appears to be weather-related. Flights later resumed but with delays, it said.
Mohammed Elshamy | Anadolu Agency | Getty Images A passenger and her luggage are seen during the weather-related cancellation at the John F. Kennedy Airport in New York, United States on January 08, 2017. "What happened at JFK Airport is unacceptable, and travelers expect and deserve better," Port Authority Executive Director Rick Cotton said in a statement.
The authority said a water pipe that feeds the terminal's sprinkler system broke, which caused flooding and a led to a temporary power cut in some areas as a safety measure.
The airport on Twitter advised travelers to check with their airlines before arriving.
There were about 3 inches (7.5 cm) of water inside the west end of Terminal 4, Scott Ladd, a spokesman for the Port Authority, said in an email.
The flooding hit just as the airport was crawling back to normal after a winter storm labeled a "bomb cyclone" forced the airport to close on Thursday.
When operations resumed on Friday, the backlog led to hundreds more delays or cancellations, crowding the terminals with stranded passengers.
Mohammed Elshamy | Anadolu Agency | Getty Images Passengers with their luggage are seen during the weather-related cancellation at the John F. Kennedy Airport in New York, United States on January 08, 2017. More than 500 flights into or out of JFK were canceled and nearly 1,400 delayed from Friday morning to Sunday afternoon, according to the flight-tracking website FlightAware.
The extreme cold and recovery from Thursday's snowstorm created a "cascading series of issues for the airlines and terminal operators," the Port Authority said.
Equipment froze and baggage handling was delayed, which was compounded by staff shortages and heavier than normal passenger loads, the Port Authority said. The backlog left passengers stuck on planes for long stretches while waiting for other aircraft to get in and out of gates. | https://www.cnbc.com/2018/01/08/flooding-at-jfk-airport-adds-to-misery-after-flight-delays.html | www.cnbc.com |
UK Stocks-Factors to watch on Jan 10 | Jan 10 (Reuters) - Britain's FTSE 100 index is seen opening down 4 points on Wednesday, according to financial bookmakers. * IAG: The administrator of Niki said he would press ahead with an agreed sale of the insolvent Austrian airline to British Airways owner IAG after a German court ruling fanned concern that the deal could unravel. * GSK: GlaxoSmithKline's new chief executive said on Tuesday that the British drugmaker would have a look at Pfizer Inc's consumer products business, but would not overpay for the asset. * NOBLE GROUP: Noble Group is closing down its London oil desk and winding down its Asia oil operations, sources familiar with the matter said, as heavy losses and high debt force what was once Asia's biggest commodities trader to restructure. * UK ECONOMY: Britain's economy looks set for an underwhelming 2018, according to a major survey on Wednesday that showed businesses are in a subdued mood ahead of Brexit. * OIL: Oil prices hit their highest levels since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating. * The UK blue chip index closed 0.45 percent higher at 7,731 points on Tuesday, as Morrisons led a buoyant retail sector on the back of a well-received Christmas trading update. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Shoe Zone Plc Full Year 2017 Earnings Release Taylor Wimpey Plc Trading Statement Release Tullow Oil Plc Trading Statement Release Big Yellow Group Q3 2017 Interim Plc Management Statement Release Superdry Plc Half Year 2018 Earnings Release J Sainsbury Plc Q3 2017/18 Trading Statement Release Pagegroup Plc Q4 2017 Trading Statement Release TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Radhika Rukmangadhan in Bengaluru)
| https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-jan-10-idUSL4N1P521F | www.reuters.com |
Doug Wenners Joins Privia Health at the Helm as Acting CEO | ARLINGTON, Va., Jan. 4, 2018 /PRNewswire/ -- Privia Health, LLC ("Privia") announced today that Doug Wenners, Executive Vice President of Brighton Health Group and former Senior Executive for Anthem, Inc., has assumed the role of acting Chief Executive Officer for Privia Health. Wenners will lead the company in its next phase of growth partnership with the doctors and patients that they serve, with a focus on optimizing patient outcomes.
Wenners brings a depth of experience from different facets of healthcare and is a nationally recognized leader in value-based payment and payer/provider partnership models. At Anthem, Wenners led the design and implementation of the largest commercial pay-for-value program in the country. He is also a graduate of The Dartmouth Institute at Dartmouth College, making him an internationally recognized leader in health outcomes research and policy.
"Doug is the right leader to guide Privia during this transformative period in the company's evolution and during this pivotal moment in healthcare," said Bill Sullivan, Chairman of Brighton Health Group. "Doug's experience, vision, passion and human-centered leadership approach to the culture and mission will strengthen Privia as a driving force in changing healthcare for the better."
As Privia has just surpassed its four-year milestone, it is in an advantageous position to accelerate its proven model of physician partnership and patient care to more providers across markets, continuing its rapid growth nationwide. In recent months, Privia has launched virtual visit capabilities to improve patient access and has plans to launch several new clinical innovations in 2018.
"As a 25-year survivor of Hodgkin's Disease, driving positive change in healthcare is a lifelong passion that is extremely personal to me," said Wenners. "I am honored to lead a company that is a national leader in quality, innovation and thought-leadership within the healthcare industry. I am committed to the success of Privia, its physicians, and the patients we serve, and I believe that our best days as a company are ahead of us."
About Privia Health
Privia Health LLC, based in Arlington, VA, is a national physician practice management and population health technology company that partners with leading doctors to keep people healthy, better manage disease, and to reward providers for delivering high value care. Through its high-performance physician groups, accountable care organizations (Privia Quality Network), and population health management programs, Privia works in close partnership with forward-thinking health plans, national payers, and employees to better align reimbursements to quality and outcomes. Privia's proprietary technology platform, combined with an innovative approach to patient engagement and physician-driven wellness, focuses on building a better healthcare delivery system and a healthier patient population. For More Information: www.priviahealth.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/doug-wenners-joins-privia-health-at-the-helm-as-acting-ceo-300577909.html
SOURCE Privia Health, LLC | http://www.cnbc.com/2018/01/04/pr-newswire-doug-wenners-joins-privia-health-at-the-helm-as-acting-ceo.html | www.cnbc.com |
PRESS DIGEST- New York Times business news - Jan 17 | January 17, 2018 / 5:25 AM / Updated 44 minutes ago PRESS DIGEST- New York Times business news - Jan 17 Reuters Staff 1 Min Read
Jan 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- General Electric Co delivered another disappointing surprise to investors on Tuesday, taking a $6.2 billion charge to pay for lingering problems in its finance unit. nyti.ms/2mKCrgS
- General Motors Co Chief Executive Mary Barra urged the Trump administration on Tuesday not to scrap the North American Free Trade Agreement, and said any changes in the pact should account for the effect on American automakers and workers. nyti.ms/2mNG7yk
- The legal fight against the Federal Communications Commission's recent repeal of so-called net neutrality regulations began on Tuesday, with a flurry of lawsuits filed to block the agency's action. nyti.ms/2mMmOFA Compiled by Bengaluru newsroom | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-jan-17-idUSL3N1PC26N | www.reuters.com |
Rubenstein: 'When people are happy and confident, something wrong happens' | Debt, geopolitics, unexpected world events and a widespread sense of general happiness: these are the things that worry private equity billionaire David Rubenstein the most.
The co-founder of global private equity firm Carlyle Group detailed his concerns while speaking at the World Economic Forum in Davos, during a panel on Tuesday entitled "The Next Financial Crisis."
"Right now, the biggest concern I have is that most people think there is no problem of a likely recession this year or even maybe early next year. Generally when people are very happy and confident, something wrong happens," Rubenstein cautioned at the Bloomberg-moderated panel.
"I am nervous that the conventional wisdom is that we have no recession problems around the world, that everybody's doing quite well ... The conventional wisdom is usually wrong, and it might be in this case."
The American businessman and philanthropist went on to explain why debt and geopolitics are further sources of concern.
show chapters David Rubenstein: I think we'd be lucky and happy to get close to 3 percent GDP 10:17 AM ET Tue, 23 Jan 2018 | 01:00 "I do worry that governments have a little bit too much debt, and maybe they have too many entitlement programs they're ultimately not going to be able to honor. At some point, people are going to wake up and say the U.S. government has $20 trillion dollars of debt and unfunded liabilities that are hard to fathom."
Trepidation over mounting global debt is not new; numerous CEOs and finance officials have cited greater leverage across both emerging and advanced economies as among the greatest threats to global economic stability.
Rubenstein continued, "I worry about geopolitical things we can't anticipate, the so-called black swans," suggesting a slew of potential threats from a "9/11 type event" to pandemics and conflicts involving Iran, Russia and China.
Meanwhile, the CEO of Bank Pekao, Poland's second-largest bank, made a similar warning about what he believed to be a sort of oblivious optimism.
"Obviously there are many reasons to be optimistic -- the U.S. economy is growing fast, positive IMF outlook, emerging markets are growing fast," Pekao's Michal Krupinski told CNBC Wednesday.
"The problem is that once you're not able to find an imbalance in the global economy, you should always be aware of what is the weakest link. This makes me worried."
"Secondly, we have unprecedented actions from central banks," he added, referring to central banks' prolonged quantitative easing policies. "The drug will be cut one day, and we're facing lots of structural problems."
A common theme at Davos, and indeed over the past several months among investors, is whether the current skyrocketing growth of market valuations and increased capital flows are a harbinger of the next crash . David Rubenstein seems to think so.
"I think when everybody is complacent, that's usually when you have to be nervous," he said.
show chapters What is Davos? 12:34 AM ET Tue, 23 Jan 2018 | 03:12 | https://www.cnbc.com/2018/01/24/rubenstein-generally-when-people-are-happy-something-wrong-happens.html | www.cnbc.com |
Ford has not done enough to be 'fit' says CEO Jim Hackett | Ford still has work to do to be a truly "fit" company, said CEO Jim Hackett on Wednesday.
The second-largest automaker said it is not yet fit enough to offset headwinds from higher commodity prices, which the company expects to continue to affect finances in 2018.
"Ford is a strong company," Hackett said on a conference call Wednesday, after the company released earnings for the fourth quarter and full year of 2017 . "I am proud of it, but we have not done enough to be fit today."
In particular, it is less fit than its peers, who have said they are not feeling the same pressure from commodity prices.
Higher commodities and unfavorable foreign exchange rates have hindered Ford in recent quarters. The company is attempting a turnaround under Hackett, who was appointed CEO in early 2017.
Ford spends about $10 billion in commodities annually, and about two-thirds of that go to steel and aluminum. The company benefited from falling prices in 2015 and 2016. But the market began to turn in late 2016 and prices are expected to continue their climb through 2018.
Ford uses a larger amount of aluminum than competitors in some of its vehicles, particularly in its trucks and SUVs. But aluminum is not the primary problem, said CFO Bob Shanks on Wednesday's conference call. Steel is the real issue, he said.
Ford expects revenues in 2018 to be flat or modestly higher over 2017, and is expecting flat to lower profits from its automotive business. It is also expecting lower profits from its Ford Credit business.
At the same time, Ford plans to spend about $7.5 billion in capital in 2018. The company is plowing profits into investments in new mobility initiatives, such as developing self-driving cars. Ford is battling a perception that it is behind rivals and tech firms on mobility technologies.
Ford has a plan to improve fitness, Hackett said, but he did not disclose many details on what action the firm plans to take, saying he wanted to discuss plans within the company first. | https://www.cnbc.com/2018/01/24/ford-has-not-done-enough-to-be-fit-says-ceo-jim-hackett.html | www.cnbc.com |
United Community Financial Corp. Announces Fourth Quarter Earnings Conference Call | YOUNGSTOWN, Ohio--(BUSINESS WIRE)-- United Community Financial Corp., (Nasdaq: UCFC) holding company of Home Savings Bank, announced today there will be an earnings conference call on Wednesday, January 24, 2018 at 10:00 a.m. ET., to provide an overview of the Company's fourth quarter 2017 results.
The earnings release will be made available at ir.ucfconline.com at the close of business on January 23, 2018.
Important User Information:
Webcast: To access the live webcast, go to ir.ucfconline.com and click on Fourth Quarter 2017 Earnings Call on our corporate profile page. Participants are asked to access the webcast approximately 10 minutes prior to the beginning of the discussion.
Conference Call: To participate in the conference call, dial 1.877.272.7661 10 minutes prior to the start time. Please ask to be joined into the United Community Financial Corp. (UCFC) call.
After the live presentation, the webcast will be archived on this website for at least 90 days. A replay of the call will also be available for two weeks by dialing 1.877.344.7529; the Conference Access code is 10115412.
To Ask Questions:
Participants who call in via phone will have the opportunity to ask questions. Instructions will be given on the call.
As a wholly-owned subsidiary of United Community Financial Corp., Home Savings operates 35 banking offices, 13 loan production offices and 3 wealth management offices throughout Ohio, western Pennsylvania and West Virginia. Additional information on UCFC and Home Savings may be found at ir.ucfconline.com .
View source version on businesswire.com : http://www.businesswire.com/news/home/20180103005691/en/
Media Contact:
Home Savings
Kathy Bushway, 330-742-0638
SVP, Director of Marketing
KBushway@homesavings.com
or
Investor Contact:
Home Savings
Troy Adair, 330-742-0472
Treasurer
TAdair@homesavings.com
Source: United Community Financial Corp. | http://www.cnbc.com/2018/01/03/business-wire-united-community-financial-corp-announces-fourth-quarter-earnings-conference-call.html | www.cnbc.com |
Trump is likely to keep Iran deal in place — for now. Here's what could happen if he doesn't | President Donald Trump is expected to announce this week whether the U.S. will remain committed to the Iran nuclear pact, the abandonment of which could trigger a diplomatic crisis and jolt oil markets.
Sources close to the administration cited by the Associated Press predict that Trump will leave the Joint Comprehensive Plan of Action (JCPOA) in place for the time being and waive nuclear sanctions on the Islamic republic as he did on October 13, despite his well-known opposition to the agreement. During his campaign, Trump promised to dump it, calling the it "the worst deal ever."
The JCPOA, enacted in 2015 by Iran, the five permanent members of the United Nations Security Council and Germany, allowed the lifting of international sanctions on Iran in exchange for compliance with restrictions on its nuclear program. Between January 12 and 17, sanctions on foreign oil purchases, insurance, shipping, banking, and oil and gas investment are due for waiver.
Oil markets at risk Any U.S. disruption to the deal could shake oil markets, according to a report by Citigroup's global commodities team published Tuesday. A snap-back on sanctions would cause the "dislocation of at least 500,000 barrels a day of Iranian crude oil exports, especially those going to Korea and Japan as well as to some European countries."
show chapters Iran and Venezuela present biggest risk to oil in 2018: ClearView Energy Partners 8:13 AM ET Wed, 10 Jan 2018 | 03:35 This would trigger an initial $5 per barrel rise in crude oil prices, Citi wrote, "as customers losing oil under U.S. pressure scramble for replacements at a time when OPEC and other producers have put a lid on their output."
In October, Trump left the deal's fate to Congress after refusing to certify Iran's compliance, despite the International Atomic Energy Agency (IAEA) reporting in November that the country was "operating within the essential limits on its nuclear activities" imposed by the JCPOA. The U.S. president is required to recertify Iran's compliance to its terms once every 90 days.
This time around, Trump is likely to concede that Iran is complying with the deal but that it's not in the U.S.'s national security interest, said Richard Nephew, a former coordinator for sanctions policy at the U.S. State Department and senior fellow at the Brookings Institute. Congress then has a following 60 days to either re-impose sanctions on Iran or do nothing.
Non-nuclear sanctions "The only real outstanding question is what Donald Trump thinks and will choose to do. Contacts within his administration ... have reported that the decision is effectively a 'coin flip' now," Nephew wrote in a commentary for Columbia University's Center on Global Energy Policy on Tuesday. Voices in both Congress and the national security establishment have been urging the president to safeguard the deal, according to several reports, although new non-nuclear sanctions appear likely.
show chapters Iran and Saudi Arabia are going through a 'parallel' process. Here's why: NYT's Tom Friedman 7:40 AM ET Tue, 9 Jan 2018 | 03:32 "Any deal that comes out of Congress is likely to include tougher sanctions or other punitive measures against Iran given bipartisan support for such measures," Ryan Turner, lead risk analyst at Protection Group International, told CNBC on Wednesday. However, he noted, the U.S. is only one of six international signatories to the deal. "Lawmakers can amend the domestic legislation but cannot change the deal itself without the backing of other parties, which is unlikely to materialize."
New sanctions would likely be aimed both at Iran's missile program and its activities in the region, despite opposition from other deal signatories, the Citi report said. Iran's Islamic Revolutionary Guard Corps (IRGC) and Shia militant group Hezbollah, which the U.S. designates as a terrorist organization, are the predominant targets.
"The not-so-subtle threat is one that could materialize in a worst case scenario, which could see Iran use Trump's decision as justification to pull out of the agreement and restart its nuclear program." -Ryan Turner, lead risk analyst at Protection Group International "Although too small to directly impact the economy, [the sanctions] will serve to further damage much needed investor sentiment towards Iran," Pat Thaker, regional director for the Middle East and Africa at the Economist Intelligence Unit, told CNBC Thursday. Iran remains mired in deficit, and while the country's economy grew more than 7 percent in the year following the JCPOA's enactment, foreign investment flows are far from reaching government targets.
Thaker expects the state to bunker down and financial sector reform "to go into reverse" in the event of an abrogation of the deal. Still, she said, "I expect the nuclear deal to largely remain intact, with the U.S. instead focusing on increasing non-nuclear sanctions."
Potential for backfire International bodies are urging the president to tread carefully, as moves to punish Iran could backfire. Iran's Atomic Energy Agency said Wednesday that "a reimposition of sanctions by the United States would be a violation of Tehran's nuclear deal with world powers," and that Iran could greatly increase its enrichment of uranium, according to Reuters.
show chapters Jefferies: China demand, OPEC action to keep oil market undersupplied 13 Hours Ago | 02:03 "The not-so-subtle threat is one that could materialize in a worst case scenario, which could see Iran use Trump's decision as justification to pull out of the agreement and restart its nuclear program," Turner said.
The foreign ministers of Germany, France and the U.K. on Thursday issued statements urging the U.S. to remain faithful to the JCPOA, insisting that the agreement was essential to international security. Federica Mogherini, the EU's top diplomat, said that it "made the world safer and prevented a potential nuclear arms race in the region."
Still, opponents of the deal argue that a continued suspension of sanctions would only reward a regime that has ramped up its missile testing in recent months and continues to violate human rights. Thousands of Iranians have been arrested at the hands of security forces following more than a week of anti-government protests all over the country, and at least 21 have died. The protests introduce an unexpected dynamic to the Trump administration's deliberations, providing a potential excuse to re-impose sanctions.
Atta Kenare | AFP | Getty Images Pro-government demonstrators hold a poster of Iran's supreme leader Ayatollah Ali Khamenei during a march following the weekly Muslim Friday prayers in Tehran on January 5, 2018. The Tea Party Patriots Citizens Fund, a right-wing political action committee, has long pushed for termination of the deal, issuing a statement Thursday saying: "Iran has failed to live up to its obligations under the deal and continues to pursue the development of ballistic missile technology in defiance of UN resolutions."
The 'spirit of the deal' The Trump administration has described Iran as living up to the "letter" but not the "spirit of the deal." Robert Litwak, director of international security studies at the Wilson Center and a National Security Council member during the Clinton administration, explained what this meant.
"The letter is the deal, while the spirit refers to everything outside the deal, such as Iran's support | https://www.cnbc.com/2018/01/11/us-president-trump-could-pull-out-of-iran-nuclear-deal.html | www.cnbc.com |
Denver mayor: Trump administration 'out of step' on marijuana | In wake of Attorney General Jeff Sessions ' repeal of Obama era guidance on legal marijuana, Denver Mayor Michael Hancock is more worried about the marijuana business than he is about a law enforcement crackdown on weed.
"When we see an industry, that is dependent upon investors, people who are putting their hard-earned money into the industry, this sort of move does not help whatsoever," Hancock, a Democrat, said Friday on CNBC's "Closing Bell." "All this move does is demonstrate how out of step the attorney general sessions is and the administration is with the rest of the country."
Sessions, a longtime opponent of marijuana legalization, on Thursday moved to rescind the Cole Memo, a document which de-prioritized the use of federal funds to enforce cannabis prohibition. The memo effectively handed control of marijuana enforcement and regulation to the states, except in certain circumstances.
Sessions' decision sent pot stocks tumbling Thursday , fueling fears it would damage burgeoning marijuana industries in many states.
"We've already had conversations with our attorney general, as well as our acting U.S. attorney, who clearly have said they're not going to change anything with regards to the industry here in Colorado," Hanckock said.
Colorado, where recreational cannabis has been legal since 2012 and medical for much longer , has a lot more to lose than some states. In 2016, the state topped $1 billion in legal weed revenues , allowing the government to bring in more than $193 million in fees and tax revenues, according to Department of Revenue data.
Hancock said Denver reaps about $18 million to $20 million in tax revenue just from recreational marijuana. That money goes toward implementing marijuana regulation, including inspections, law enforcement and public education, all of which Hancock worries might disappear following Sessions' decision.
"Cities also fall into this uncertain category, when you have the attorney general acting as irresponsible as he has acted with regards to the memo," Hancock said.
Investment and taxes aside, the ground-level industry is very cash heavy. Even with the Cole Memo, banks and credit unions operating under federal charters had little incentive to help cannabis businesses, which are still federally illegal, according to a representative from the Colorado Bankers Association.
"W hat we would hope our attorney general would do to work with Congress, begin the process of working on a pathway to banking for this industry," Hancock said.
Hancock is part of a growing chorus of prominent voices against Sessions' decision. On Thursday, Colorado Republican Sen. Cory Gardner vowed to hold up Justice Department nominations until Sessions changes his marijuana policy . | https://www.cnbc.com/2018/01/05/denver-mayor-trump-administration-out-of-step-on-marijuana.html | www.cnbc.com |
Speculative U.S. 10-year T-note net shorts fall -CFTC | Jan 19 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell earlier this week as the benchmark 10-year yield was heading for three straight weeks of increases, according to Commodity Futures Trading Commission data released on Friday. The amount of speculators' bearish, or short, positions in 10-year Treasury futures exceeded bullish, or long, positions by 89,259 contracts on Jan. 16, according to the CFTC's latest Commitments of Traders data. Last week, speculators held 196,853 net short positions in 10-year T-note futures. Below is a table of the speculative positions in Treasury futures on the Chicago Board of Trade and in Eurodollar futures on the Chicago Mercantile Exchange in the latest week: U.S. 2-year T-notes (Contracts of $200,000) 16 Jan 2018 Prior week week Long 413,792 414,419 Short 704,434 682,041 Net -290,642 -267,622 U.S. 5-year T-notes (Contracts of $100,000) 16 Jan 2018 Prior week week Long 562,812 598,720 Short 1,049,072 1,042,485 Net -486,260 -443,765 U.S. 10-year T-notes (Contracts of $100,000) 16 Jan 2018 Prior week week Long 650,652 561,307 Short 739,911 758,160 Net -89,259 -196,853 U.S. T-bonds (Contracts of $100,000) 16 Jan 2018 Prior week week Long 193,344 184,034 Short 126,243 117,297 Net 67,101 66,737 U.S. Ultra T-bonds (Contracts of $100,000) 16 Jan 2018 Prior week week Long 54,978 64,293 Short 178,893 171,080 Net -123,915 -106,787 Eurodollar (Contracts of $1,000,000) 16 Jan 2018 Prior week week Long 787,709 991,778 Short 3,459,896 3,533,032 Net -2,672,187 -2,541,254 Fed funds (Contracts of $1,000,000) 16 Jan 2018 Prior week week Long 163,640 115,417 Short 172,969 187,992 Net -9,329 -72,575 (Reporting by Richard Leong; Editing by James Dalgleish)
| https://www.reuters.com/article/usa-bonds-cftc/speculative-u-s-10-year-t-note-net-shorts-fall-cftc-idUSEMNI1F0U9 | www.reuters.com |
Wings Over the Rockies Announces Unique to the Nation Campus at Centennial Airport | DENVER, Jan. 16, 2018 /PRNewswire/ -- After more than a decade of planning and fundraising, Wings Over the Rockies (Wings), an aerospace focused Colorado non-profit, is proud to announce its unique to the nation entertainment and education campus, Exploration of Flight.
Designed to incorporate future-focused aviation and space centers, Exploration of Flight is a 15-acre campus located on the south side of Centennial Airport in Englewood, Colorado. The sister facility to Wings Over the Rockies Air & Space Museum in Denver's Lowry neighborhood, Exploration of Flight will be housed at one of the busiest general aviation airports in the nation, offering visitors incredible experiences that focus on aerospace.
Slated for completion in summer 2018, phase one of Wings' Exploration of Flight campus, the Boeing Blue Sky Aviation Gallery, will offer a visitor experience unlike any facility before it. Entering a world of active flight, the gallery will be filled with interactive exhibits and activities designed to excite and thrill while educating visitors about aviation. Visitors will have the opportunity to engage with world-class exhibits, experience a thrilling simulator, tour Centennial Airport, witness live takeoffs, landings and even indulge in flight itself.
"This facility will be unique to the nation," explained Wings Over the Rockies President & CEO, John Barry. "Our Air & Space Museum in Lowry will concentrate on the past while the Exploration of Flight Campus at Centennial Airport will focus on the present and future. One organization, two locations."
For more information about the Boeing Blue Sky Gallery opening or the Exploration of Flight Center, visit ExplorationOfFlight.org .
About Wings Over the Rockies:
Wings Over the Rockies is a Colorado-based non-profit organization dedicated to educating and inspiring all people about aviation and space endeavors of the past, present and future. By utilizing the Air & Space Museum in Denver's historic Lowry neighborhood to preserve the past and the Exploration of Flight Center at Centennial Airport to focus on the present and future, Wings strives to encourage the future aerospace leaders of tomorrow. For more information about Wings Over the Rockies please visit WingsMuseum.org , ExplorationOfFlight.org or like us on Facebook , follow us on Twitter & Instagram , connect with us on LinkedIn , join us on G+ and subscribe to our YouTube channel.
View original content with multimedia: http://www.prnewswire.com/news-releases/wings-over-the-rockies-announces-unique-to-the-nation-campus-at-centennial-airport-300580362.html
SOURCE Wings Over the Rockies Air & Space Museum | http://www.cnbc.com/2018/01/16/pr-newswire-wings-over-the-rockies-announces-unique-to-the-nation-campus-at-centennial-airport.html | www.cnbc.com |
2 simple steps you can take if you’re miserable at work | 9:19 AM ET Thu, 4 Jan 2018 | 01:14 SHARES
For many people, going to work is simply a way to make a living, unhappily trudging through each day to make ends meet. But happiness expert and bestselling author Annie McKee wants people to escape this harmful cycle.
"If you have adopted that mindset that says, 'Work is grueling, just be happy you have a job, that you're getting a paycheck, it's a good company,' but you're not actually happy, you don't have to accept that," McKee tells CNBC Make It .
"Everyone deserves to be happy at work because if we're not happy at work, we're not happy in life," she adds. show chapters 11:05 AM ET Fri, 15 Dec 2017 | 01:04
As a leadership adviser for Fortune 500 companies and governments around the world, McKee has spent decades researching effectiveness and happiness at work. She details portions of this research in her latest book: " How to Be Happy at Work: The Power of Purpose, Hope, and Friendship ."
"There are three ways to tell if things are not well," McKee says. "There are physical clues that tell us something is wrong, emotional clues based on how we feel on a daily basis over time and clues from the health of our relationships."
If you have seen your unhappiness at work taking a toll on other areas of your life, such as your sleeping patterns, nutrition or family relationships, McKee recommends that you follow these two steps to regain a sense of purpose and happiness. Step one: Reflect
Once you understand you aren't happy at work, the first thing McKee recommends that you do is carve out some time for deep reflection and introspection. Ask yourself, "What is causing me to feel sad or unhappy at work?"
"It's far too easy to habitually tell yourself, 'I'm sad because don't like my manager' or 'I'm sad because didn't get promotion'" McKee says. "And while those things might be true, there's almost always something deeper than that." show chapters 1:00 PM ET Tue, 20 Dec 2016 | 01:25
McKee further recommends that you be honest with yourself and ask if there is something about your own mindset and life that may be contributing to your unhappiness at work.
"Have you gotten trapped by overwork? Has your ambition gotten out of control? Have you chosen jobs and work projects because you think you should or because you actually want to?" McKee says. "Don't get caught in these traps." Step two: Find a friend
Whether it's at work or outside of work, McKee suggests finding a friend to discuss this state of being with.
"Find someone who you can really talk with, who can really tell you the truth about what they see in you, whether it's the strengths or some developmental areas they see in you," McKee says. show chapters 12:22 PM ET Tue, 21 Nov 2017 | 00:59
Your friend can help you decide if you seem to fit in with your current workplace or if the job is not the right fit for you.
"Talking with a friend as if they were your [career] coach could also help you see your attitude about work from a different perspective," McKee says. "And be open to all possibilities. Maybe you need to change your mindset, maybe you need to change what you do on a daily basis"
"We have a lot more freedom than we like to think we do," she adds. | https://www.cnbc.com/2018/01/10/annie-mckee-2-steps-you-can-take-if-youre-miserable-at-work.html | www.cnbc.com |
EMERGING MARKETS-Currencies jump as dollar dips; Argentina's Merval breaches 35,000 | EMERGING MARKETS-Currencies jump as dollar dips; Argentina's Merval breaches 35,000 Rodrigo Campos Published 11:05 AM
35,000@ (Updates with final prices, Mexico details) NEW YORK, Jan 25 (Reuters) - The Mexican peso touched its strongest against the dollar in nearly four months on Thursday as the U.S. currency continued to weaken, while Argentina's Merval stock index briefly broke above the 35,000-point mark for the first time. Many emerging currencies hit multi-year highs against the greenback, with the dollar index languishing at more than three-year lows after U.S. Treasury Secretary Steven Mnuchin departed from traditional U.S. currency policy, saying "obviously a weaker dollar is good for us." Colombia's peso added to Wednesday's 1.4 percent gain against the dollar to reach its strongest since July 2015, while the Chilean peso could close under 600 per dollar for the first time since May 2015. Brazilian markets were closed for the Sao Paulo anniversary holiday but are expected to soon extend a rally that boosted the benchmark Bovespa stock index to an all-time high above 83,000 points on Wednesday. That advance came after an appeals court upheld a corruption conviction of former President Luiz Inacio Lula da Silva. Although the conviction could derail his plans to run again for the presidency, Lula, who is leading opinion polls for the October election, said on Thursday he would appeal the decision. Brazilian and Argentine shares have led a Latin American equities rally to start the year that has MSCI's gauge of the region's stocks set for its largest January gains since 2006.
Key Latin American stock indexes and currencies at 1545 GMT:
Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1262.45 0.29 8.66 MSCI LatAm 3198.99 0.92 12.09 Brazil Bovespa 9.53 Mexico IPC 50881.41 0.27 3.09 Chile IPSA 5824.19 0.45 4.67 Chile IGPA 29265.95 0.4 4.59 Argentina Merval 34773.14 -0.5 15.66 Colombia IGBC 12262.79 -0.42 7.85 Currencies daily % YTD % change change
Latest
Brazil real 3.1470 0.35 5.28 Mexico peso 18.4500 0.29 6.77 Chile peso 598.68 0.62 2.67 Colombia peso 2790.37 0.73 6.87 Peru sol 3.209 0.12 0.87 Argentina peso (interbank) 19.5400 0.67 -4.81 Argentina peso (parallel) 19.9 0.65 -3.37
(Reporting by Rodrigo Campos; Editing by Bernadette Baum) | https://www.cnbc.com/2018/01/25/reuters-america-emerging-markets-currencies-jump-as-dollar-dips-argentinas-merval-breaches-35000.html | www.cnbc.com |
Simmons' triple-double leads Sixers past Bulls | EditorsNote: minor edits
Ben Simmons posted a triple-double consisting of 19 points, 17 rebounds and 14 assists in leading the Philadelphia 76ers past the visiting Chicago Bulls 115-101 Wednesday night at the Wells Fargo Center.
Simmons registered his fifth career triple-double in just his 43rd NBA game. Only Oklahoma City Thunder guard Russell Westbrook (14) and Cleveland Cavaliers forward LeBron James (seven) have more triple-doubles than Simmons this season.
Joel Embiid scored 22 points, Dario Saric added 21 points and 10 rebounds and Robert Covington contributed 16 points for the Sixers, who moved two games above .500. Timothe Luwawu-Cabarrot and Justin Anderson had 12 apiece.
For Embiid, it was his 26th game of at least 20 points this season.
The Sixers were short-handed without guards T.J. McConnell (personal reasons), JJ Redick (leg) and Jerryd Bayless (wrist).
Philadelphia never trailed and led by as many as 25 points as it has won eight of its last 10 games.
The Bulls were led by Bobby Portis with 22 points and 11 rebounds. Zach LaVine scored 21 points, Nikola Mirotic added 15 and Lauri Markkanen had 12. David Nwaba contributed 10.
The Sixers were hot from beyond the arc, going 16 of 32.
The Bulls, however, hit just 11 of 37 from 3-point territory after starting 4 of 24.
Chicago made a brief push in the fourth with an 8-0 run, but the Sixers responded with a jumper by Covington and a three-point play by Embiid for a 108-88 advantage with 4:35 left.
It was more than enough of a cushion.
Embiid knocked down a 3-pointer for a 25-point bulge, 79-54, with 4:24 remaining in the third.
The Bulls did run off eight in a row to close within 79-62, but Philadelphia was still able to end the third up 85-67.
Simmons nearly compiled his triple-double by halftime with 11 points, 13 rebounds and eight assists, and the Sixers held a 55-41 lead at the break. Simmons swept 11 rebounds in the first quarter alone and nearly tied a franchise record for rebounds in a quarter held by Hall of Fame center Wilt Chamberlain.
--Field Level Media
| https://www.reuters.com/article/basketball-nba-phi-chi-recap/simmons-triple-double-leads-sixers-past-bulls-idUSMTZEE1P3AYRY6 | www.reuters.com |
UPDATE 1-U.S. urges railroads to quickly install anti-crash safety system | (Adds details from letter, background)
WASHINGTON, Jan 2 (Reuters) - U.S. Transportation Secretary Elaine Chao urged the nation's railroads and transit agencies to take all possible measures to meet deadlines to install a safety system called positive train control (PTC) to prevent crashes.
Letters dated Dec. 27, which were made public on Tuesday, said Chao wanted railroads to "greatly accelerate" efforts to meet congressional deadlines. A deadly Amtrak crash last month near Seattle that killed three occurred on a section of track that did not have the PTC system operating.
The system is designed to prevent derailments caused by excessive speed. Investigators have said several deadly U.S. train crashes in recent years could have been prevented if the system was in place.
In 2008, Congress mandated the implementation of PTC nationwide by the end of 2015, then extended that deadline until the end of 2018 when its installation became more complex than anticipated. The government can extend the deadline to 2020 to complete some aspects of the system.
The National Transportation Safety Board said last month the Amtrak train that derailed onto a highway near Seattle was going 78 miles per hour (125.5 km per hour) in a 30-mph zone.
The letters went to the chief executives of railroads, including Amtrak, BNSF Railway Co, Canadian National Railway , CSX Corp, Norfolk Southern Corp, Union Pacific Corp and transit systems in Chicago, Boston, New York, Boston, Newark, Seattle and Los Angeles.
Amtrak said last month it was "imperative that the rail industry urgently work together to get PTC activated on the national network as soon as possible - and certainly by the December 2018 federal deadline, if not before."
The Transportation Department said 12 of 41 railroads covered by the requirements report having installed less than 50 percent of the hardware required for their PTC systems as of Sept. 30. The government said the systems are in operation on 45 percent of route miles owned by freight railroads and just 24 percent of passenger railroads
Chao's letter said the Federal Railroad Administration (FRA) leadership plans to work with railroads "to help create an increased level of urgency to underscore the imperative of meeting existing timeline expectations for rolling out this critical rail-safety technology."
The Association of American Railroads said on Tuesday that railroads are making progress on installing and testing PTC technology and freight railroads are on track to meet the deadlines established by Congress.
Separately, the Transportation Department wrote to U.S. senators on Tuesday asking them to approve the nomination of Ronald Batory to head the FRA. Batory, a former Conrail president, was approved unanimously by a committee but has been held up due to a dispute over a New York area infrastructure project.
(Reporting by David Shepardson; Editing by Tom Brown and Susan Thomas) | https://www.cnbc.com/2018/01/02/reuters-america-update-1-u-s-urges-railroads-to-quickly-install-anti-crash-safety-system.html | www.cnbc.com |
How to use the new Google app that matches your face with paintings | How to use the new Google app that matches your face with famous paintings SHARES Published 50 Mins Ago A new Arts & Culture app from Google can analyze your face and match it with well-known paintings. The results might vary depending on your hair or if you have glasses on and off It's a pretty fun way to discover a famous painting that looks at least somewhat like you.
A new app from Google attempts to accurately match your face to one in a famous painting, and it's getting a lot of attention.
The Google Arts & Culture app went viral over the weekend as people discovered the funny results it can provide. Some are accurate while others aren't so much.
Here's show you how to use it. First, download the Google Arts & Culture App from the App Store. Todd Haselton | CNBC Here's the link to the Google Play Store if you use Android. Open the app and you'll see this screen Todd Haselton | CNBC Scroll down until you see this: "Is your portrait in a museum?" Tap "Get started." Todd Haselton | CNBC Take a picture of yourself Todd Haselton | CNBC Now see your matches! Todd Haselton | CNBC
It says my mug matches most with Franklin Knight Lane by Ivan Olinksky, but also with the anonymous Portrait of a Man, and Jan gerrits van Egmond. Todd Haselton | CNBC Without my glasses I look like the child Master Robert Chase by William Merritt Chase. Go ahead and try it for yourself! | https://www.cnbc.com/2018/01/16/how-to-use-the-new-google-app-that-matches-your-face-with-paintings.html | www.cnbc.com |
TUNE Taps Brian Marcus as Vice President of Global Marketing | SEATTLE, Jan. 23, 2018 /PRNewswire/ -- TUNE , the global leaders in marketing and advertising measurement, announced the promotion of Brian Marcus to Vice President of Global Marketing.
Brian brings more than two decades of digital marketing leadership and expertise to the company, including 10 years building and managing high-performance teams at Google, Ebay and Teespring. In this new role, he will focus on extending TUNE's market leading position within the Fortune 1,000, where TUNE's suite of performance marketing solutions help companies find and win new customers at scale. In addition, Brian will oversee the global expansion of the TUNE brand, narrative and go-to-market activities.
"Brian is an outstanding leader who knows the marketing world inside and out, and in fact helped create several of the largest and most successful performance marketing programs to date," said Ryan Buma, Chief Commercial Officer at TUNE. "He's played a pivotal role in the creation, execution and expansion of enterprise-focused marketing initiatives that enable us to drive new sales around the world. Not only is he a world-class marketer, but he's also one of the most passionate competitors I've ever met. Brian is the perfect person to lead TUNE marketing efforts."
Prior to TUNE, Brian served as Global Director of the eBay Partner Network, eBay's largest paid acquisition channel at the time. At eBay, Brian and his team drove double-digit growth and marketing efficiency gains while simplifying the program for thousands of affiliate publishers. Prior to his work at eBay, Brian was a leader at Google, where his team launched Google's first full-scale affiliate network, Google Affiliate Network (GAN). Under Brian's leadership, GAN managed thousands of affiliate programs that ranged from the world's largest retailers and credit card issuers to self-service advertisers, and launched the original beta platform for what has evolved into Google's Product Listing Ads. While at Google, his team helped grow top-line revenue more than 30 percent year over year, and drove over $1B in online retail sales through the platform annually.
Most recently, Brian served as Vice President of Marketing and General Manager at Teespring, a venture-funded custom apparel company. While in this role he was responsible for building and marketing the industry's best e-commerce platform to talented creators and performance marketers.
"Over the course of my career, I've had a chance to meet and work with many amazing people in the performance marketing space," said Brian Marcus, VP of Marketing at TUNE. "I've always admired the TUNE team for its inventiveness and persistence in the creation of the first SaaS performance marketing and mobile attribution platform. As mobile and performance intersect to create new channels of revenue for CMOs and digital marketers, TUNE is poised to continue shaping the industry. I'm thrilled to play an important role in this mission."
About TUNE
TUNE delivers innovative measurement solutions that help marketers and their partners effectively manage campaigns, engage the right audiences, optimize ad performance, and grow their business. TUNE's solutions are trusted by innovative mobile marketers, the largest advertising platforms, and the world's most iconic brands. Headquartered in Seattle, Washington with over 300 employees in nine offices worldwide, TUNE solutions are used by Expedia, CVS, Subway, The New York Times, Line Corporation and more. For more information visit: www.tune.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/tune-taps-brian-marcus-as-vice-president-of-global-marketing-300586427.html
SOURCE TUNE | http://www.cnbc.com/2018/01/23/pr-newswire-tune-taps-brian-marcus-as-vice-president-of-global-marketing.html | www.cnbc.com |
SHAREHOLDER ALERT: Purcell Julie & Lefkowitz LLP Is Investigating Versum Materials, Inc. for Potential Breaches Of Fiduciary Duty By Its Board of Directors | NEW YORK, Jan. 3, 2018 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of Versum Materials, Inc. (NYSE: VSM).
If you are a shareholder of Versum Materials, Inc. and are interested in obtaining additional information regarding this investigation, free of charge, please visit us at:
http://pjlfirm.com/versum-materials-inc/
You may also contact Robert H. Lefkowitz, Esq. either via email at rl@pjlfirm.com or by telephone at 212-725-1000. One of our attorneys will personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit http://pjlfirm.com . Attorney advertising. Prior results do not guarantee a similar outcome.
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SOURCE Purcell Julie & Lefkowitz LLP | http://www.cnbc.com/2018/01/03/pr-newswire-shareholder-alert-purcell-julie-lefkowitz-llp-is-investigating-versum-materials-inc-for-potential-breaches-of-fiduciary-duty.html | www.cnbc.com |
Amtrak engineer misread signal before fatal crash near Seattle: U.S. agency | WASHINGTON (Reuters) - The Amtrak engineer aboard a passenger train that derailed last month in Washington state has told the National Transportation Safety Board he misread a signal and tried to brake before the crash that killed three people, the agency said on Thursday.
All 12 cars and one of two engines jumped the tracks at a curve on Dec. 18, sending some cars tumbling from a bridge onto an interstate highway near Seattle.
The NTSB this month said the crash, which also injured 70 people, could have been prevented if a safety technology system known as positive train control had been operational. It said the train was traveling at 79 miles per hour (126 km per hour) when it derailed, far above the 30 mph speed limit.
The agency said it was not able to interview the engineer and the qualifying conductor, who were in the lead locomotive, until last week because both had suffered serious injuries in the crash.
The engineer told investigators he was aware that the curve with a 30 mph (48 kph) speed restriction was at milepost 19.8 of the track, and that he had planned to start braking about one mile (1.6 km) prior to the curve, the agency said. The engineer said he did not recall seeing milepost 18 or the 30 mph advance speed sign that was posted two miles (3.2 km) ahead of the speed-restricted curve, the NTSB said.
The engineer also mistook another signal at the accident curve for another signal located to the north, it said.
The train was on its inaugural run on a faster route from Seattle to Portland, Oregon. The agency reported last month that six seconds before the derailment, the engineer remarked that it was speeding, and that he then applied the brakes but apparently not the emergency brake.
The NTSB did not disclose the name of the engineer, 55, who was hired by Amtrak in 2004. It said he had completed about seven to 10 observational trips in the locomotive as well as three trips operating the equipment in the weeks before the accident. The agency said the engineers reported being well rested and that the qualifying conductor was not a distraction.
Reporting by David Shepardson; Editing by Will Dunham
| https://www.reuters.com/article/us-washington-train/amtrak-engineer-misread-signal-before-fatal-crash-near-seattle-u-s-agency-idUSKBN1FE2NH | www.reuters.com |
Columbia Banking System Announces Fourth Quarter and Full-Year 2017 Earnings Release and Conference Call Date | TACOMA, Wash., Jan. 8, 2018 /PRNewswire/ -- Columbia Banking System, Inc. ("Columbia" NASDAQ: COLB) expects to report fourth quarter and full-year 2017 financial results before the market opens on Thursday, January 25, 2018. Management will discuss these results on a conference call scheduled for that afternoon at 1:00 p.m. Pacific Time (4:00 p.m. ET). Interested parties may listen to this discussion by joining one of two ways:
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About Columbia Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's "Washington's Best Workplaces." Columbia ranked in the top 30 on the 2017 Forbes list of best banks.
More information about Columbia can be found on its website at www.columbiabank.com .
Investor Relations Contact:
InvestorRelations@columbiabank.com
253-305-1921
Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate," "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Columbia, particularly its form 10-K for the Fiscal Year ended December 31, 2016, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.
View original content with multimedia: http://www.prnewswire.com/news-releases/columbia-banking-system-announces-fourth-quarter-and-full-year-2017-earnings-release-and-conference-call-date-300579425.html
SOURCE Columbia Banking System, Inc. | http://www.cnbc.com/2018/01/08/pr-newswire-columbia-banking-system-announces-fourth-quarter-and-full-year-2017-earnings-release-and-conference-call-date.html | www.cnbc.com |
UPDATE 10-Government still shut down on Monday as U.S. Senate fails to clinch deal | deal@ (New throughout with no deal on Sunday)
WASHINGTON, Jan 21 (Reuters) - A U.S. government shutdown will enter its third day on Monday as Senate negotiators failed to reach agreement late on Sunday to restore federal spending authority and deal with demands from Democrats that young "Dreamers" be protected from deportation.
The Senate set a vote for 12 p.m. (1700 GMT) on Monday on advancing a measure to provide temporary government funding through Feb. 8, end the shutdown and allow hundreds of thousands of federal employees to return to work.
Senate Majority Leader Mitch McConnell offered an olive branch to Democrats late on Sunday, pledging on the Senate floor to bring immigration legislation up for debate in February if the issue is still unresolved by then.
At the core of Democrats' demands is the fate of young people, known as Dreamers, who were brought to the country illegally as children. Former Democratic President Barack Obama's Deferred Action for Childhood Arrivals (DACA) program extended legal protections to about 700,000 of them, shielding them from being deported.
"It would be my intention to proceed to legislation that would address DACA, border security and related issues," McConnell said, adding: "It is also my intention take up legislation on increased defense spending, disaster relief and other important matters" then.
It was unclear whether there would be enough Democratic votes on Monday to advance a temporary spending bill.
Funding for federal agencies ran out at midnight on Friday amid an impasse between President Donald Trump, congressional Republicans and Democrats over DACA and other immigration issues.
Democrats want Trump, who last year ordered an end to DACA in March, to live up to an earlier agreement to protect the Dreamers. Democrats refused last week to support another short-term government funding extension.
Republican Senator Jeff Flake, part of a bipartisan working group pushing for legislation to replace DACA, told reporters that McConnell was still six or seven Democratic votes short of breaking the impasse that led to the shutdown.
Flake said negotiations would resume early on Monday leading up to the midday vote on the Senate floor.
'BITE PRETTY HARD'
While public reaction to the shutdown may have been muted over the weekend, Flake said Republicans would suffer politically in the long run. "If it comes back to bite, it comes back to bite pretty hard," the Arizona senator predicted.
Senate Democratic leader Chuck Schumer objected to a move by McConnell to speed up the vote on a temporary funding bill that had been set for 1 a.m. (0600 GMT) on Monday, signaling that a deal was still not in hand.
In vowing to bring immigration legislation to the Senate floor next month, McConnell shifted from an earlier position, saying earlier he would do that this month only if there were a bipartisan deal backed by Trump.
The Republican president has vacillated on what sort of legislation he supports and McConnell now seems willing to let the Senate craft a deal on legal protections for Dreamers and beefing up immigration enforcement at U.S. borders.
The hope is that if the Senate passes an immigration bill, Trump would not only support it but help sell it to the more conservative House of Representatives.
"We will not negotiate on the status of unlawful immigrants while Senator Schumer and the Democrats hold the government for millions of Americans and our troops hostage," White House press secretary Sarah Sanders said.
Despite that statement, it was clear that senators were seeking paths both to reopen the government and address border security and the Dreamers.
Last September, Trump said he was terminating DACA and challenged Congress to come up with a legislative replacement by March 5. If Congress fails, the Dreamers, many from Mexico and Central America, could face deportation. Many have spent most of their lives in the United States.
FIRST SHUTDOWN SINCE 2013
The shutdown is the first since a 16-day closure in October 2013 and its effects will be more visible on Monday, when financial markets and federal offices open.
The White House said Trump's planned trip to the World Economic Forum in Davos, Switzerland, this week was in flux because of the standoff on Capitol Hill.
With elections set for November for a third of U.S. Senate seats and the entire House of Representatives, both sides are maneuvering to blame the other for the shutdown.
In a Senate floor speech on Sunday, McConnell accused Schumer of imperiling children's healthcare, military training, veterans' care and other programs.
Schumer and his colleagues accused Trump of being an unreliable negotiating partner, saying the two sides came close to a deal on immigration several times, only to have Trump back out under pressure from anti-immigration conservatives.
Since Democratic votes are needed in the Senate to pass spending bills, they are in a position to make demands on immigration before signing off on such a spending increase.
(Additional reporting by Susan Cornwell, Howard Schneider, Patrick Rucker and Makini Brice in Washington and Megan Davies in New York; Writing by Warren Strobel, Matt Spetalnick and Richard Cowan; Editing by Kevin Drawbaugh and Peter Cooney) | https://www.cnbc.com/2018/01/21/reuters-america-update-10-government-still-shut-down-on-monday-as-u-s-senate-fails-to-clinch-deal.html | www.cnbc.com |
JPMorgan, Goldman to lead Dropbox in U.S. - Bloomberg | Jan 11 (Reuters) - Data-sharing business Dropbox Inc has filed confidentially for a U.S. initial public offering led by Goldman Sachs Group Inc and JPMorgan Chase & Co, Bloomberg reported, citing people familiar with the matter.
Dropbox is in talks with other banks to fill additional roles on the IPO and is aiming to be listed in the first half of 2018, the report said.
The company, valued at almost $10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO, Reuters had reported in June.
Dropbox could not be immediately reached for comment. (Reporting by Shariq Khan in Bengaluru; Editing by Maju Samuel) | https://www.cnbc.com/2018/01/11/reuters-america-jpmorgan-goldman-to-lead-dropbox-in-u-s-ipo--bloomberg.html | www.cnbc.com |
Engineering Services Network (ESN) Promotes Douglas R. Lopez to President | WOODBRIDGE, Va., Jan. 30, 2018 /PRNewswire/ -- Engineering Services Network, Inc.(ESN) , a leading provider of professional engineering and IT services for military and government customers, named Douglas "Doug" R. Lopez as its new President.
As President, Lopez, 46, will be responsible for implementing IT, program management, cyber engineering and logistic solutions and services that deliver the right capabilities at the right cost to ESN's customers in the Defense Department and federal government marketplace.
"Doug brings significant leadership, a rich military background, and a wealth of experience in engineering, IT and cyber engineering to ESN," said Chairman and CEO Raymond F. Lopez, Jr., the founder of ESN, a Service-Disabled Veteran-Owned Small Business based in Woodbridge, Va. "He will continue to lead the future of ESN's growth strategy and as a service-disabled veteran, he will ensure ESN's continued success as a Service Disabled Veteran-Owned Small Business."
Doug Lopez's ascent began in 1998 when he joined ESN as a system analyst. Lopez advanced to Program Manager, then Director of Operations before becoming COO, and now President.
"I'm honored to take the day-to-day helm at ESN and focus on assisting our military and government customers," Lopez said. "As a small business leader in the Washington, DC, area since 1995, ESN and our advanced teams are always ready to provide the most cost-effective, leading-edge IT solutions to our growing list of customers. Technology and cyber capabilities are driving the changes today at the DoD, and we want to continue as a small business leader in that arena."
Engineering Services Network, Inc.
ESN is a trusted leader in engineering and technology solutions. Founded in 1995, ESN is a Service-Disabled Veteran-Owned Small Business with military and government customers, delivering professional management & systems engineering services; cyber security & information/mission assurance services ; network design, integration, & data center consolidation services ; enterprise IT ITIL & ITSM services ; systems development & life-cycle services ; health IT services ; and acquisition services . ESN customer experience includes U.S. Navy, Army, Air Force, Marine Corps, Military Sealift Command, U.S. Department of Veterans Affairs, HHS and agencies.
Based in Woodbridge, VA, ESN has offices in U.S./worldwide. ESN is ISO 9001:2008 certified and has achieved Software Engineering Institute's Capability Maturity Model Integration (CMMI) Maturity Level 3 for Services v 1.3. ESN: esncc.com .
Company:
Al Desmarais, Business Development
678-967-1424; ADesmarais@esncc.com
Media:
Carol Castaneda for ESN 703-863-9960
Castaneda@cgcprmedia.com
View original content: http://www.prnewswire.com/news-releases/engineering-services-network-esn-promotes-douglas-r-lopez-to-president-300590005.html
SOURCE Engineering Services Network, Inc. (ESN) | http://www.cnbc.com/2018/01/30/pr-newswire-engineering-services-network-esn-promotes-douglas-r-lopez-to-president.html | www.cnbc.com |
UnitedCorp Subsidiary Blockchain Data Centers Inc Acquires First Dedicated Blockchain Mining Data Center | MIAMI, Jan. 09, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Miami-based United Blockchain Corp a wholly owned subsidiary United American Corp ("UnitedCorp"), (OTC:UAMA) announced today that it has acquired its first data center facility in the Mile End neighbourhood of Montreal, Quebec Canada which it will operate through a newly created mining division; Blockchain Data Centers Inc.
The leased facility which has capacity for 50 mining rigs is fully built out and will be ready to start hosting GPU-based mining servers within the following weeks. UnitedCorp recently completed experimental testing on its own custom designed and built, 13 GPU-based Ethereum mining rig, and successfully completed a full 30 day uninterrupted hashing rate of 400 Mega Hash per second (400 MHash/s) in precise over clock calibration.
The total amount of Ether (Ethereum or ETH) tokens mined using an independent third party mining pool, was 2 ETHER TOKENS over a 31 continuous days with current Ethereum network difficulty during the period of November 21 to December 22, 2017. The total revenue in USD is estimated at US$2,225 based on the current value of an ETH.
The power draw of the rig was on average 1,492 watts or 1.492 kW/h resulting in an estimated cost of electricity of approximately US$50 per month based on undiscounted power rates. The total cost of each rig including assembly is estimated at US$8,000 and the company is currently evaluating options for the financing of a suite of rigs for the facility.
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications technologies. The company currently holds the rights to manage and develop projects based on a portfolio of patent and proprietary technology in telecommunications, social media and more recently in Blockchain PSTN technology. This includes patent pending Smartphone-over-IP technology as well as the Canada and US patented iFramed social media posting gateway. iFramed is currently the subject of enforcement action against Snap Inc. which UnitedCorp alleges is the underlying technology for Snap's "Geofilters".
For more information, visit: www.unitedcorp.com .
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.
Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Investor Relations
investorrelations@unitedcorp.com
604 398 5000 ext: 109
Source:United American Corp. | http://www.cnbc.com/2018/01/09/globe-newswire-unitedcorp-subsidiary-blockchain-data-centers-inc-acquires-first-dedicated-blockchain-mining-data-center.html | www.cnbc.com |
Drop Announces $21M (USD) Series A Raise; Hires Former Airbnb Exec to Lead Engineering Team | Drop, the first truly flexible mobile rewards program, to use cash infusion and addition of Ian Logan, former lead of Airbnb Payments, to make major innovation push in 2018
TORONTO, Jan. 30, 2018 /PRNewswire/ - Drop , a fast-growing, millennial-focused rewards program, announced today it has raised $21 million (USD) in Series A funding, led by top venture capital firm New Enterprise Associates (NEA). The round also features continuing participation from firms including Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures and Silicon Valley Bank.
Drop's $21M USD Series A round is one of the largest Series A raises in Canadian Fintech. The cash infusion will support the company's rapid growth in 2018. This includes an upcoming engineering push directed by Drop's new executive hire, Ian Logan, formerly Director of Engineering at Airbnb, where he led the charge on all of Airbnb Payments. This announcement comes on the heels of massive growth for the company, reaching 1 million users soon after launching in the United States in October 2017.
"We've invested in some exciting Canadian tech companies in the past, and Drop is a prime example of the growing talent and innovation emerging from Toronto," said Rick Yang, partner at NEA. "Drop's mobile-first, direct-to-consumer approach, and focus on the millennial demographic have proven to fill a large demand in the market for consumers and brands alike. We're thrilled to partner with the Drop team as they continue to disrupt the massive loyalty market."
In conjunction with the closing of their Series A, Drop is also thrilled to be bringing on Ian Logan as its Vice President of Engineering. Logan will be responsible for the vision for the technology design behind the Drop platform and the growth and management of its engineering team. He plans to recruit and build a top-tier, diverse technical team across multiple areas such as frontend engineering, backend engineering, data infrastructure, data science, and machine learning."
Logan describes the choice to leave the steady, rapidly booming Silicon Valley bubble to return to Canada as the "easiest difficult decision" he's ever made. In 2017, Toronto was named one of the top 10 cities in North America for tech jobs, demonstrating its vast potential to be a major hub for tech innovation.
"I was inspired by the possibility of influencing the growing tech community in Canada. I saw the opportunity to cross-pollinate my own experience and knowledge in scaling companies. I wanted to make as big of an impact as possible in helping local innovation. I am now on a mission to contribute to Canada's startup ecosystem by helping make globally focused companies that are locally headquartered a success."
Originally from Canada, Logan moved to the US to pursue a career in tech in Silicon Valley. Joining Airbnb in 2011 as one of its early engineers, Ian built a multitude of systems, helping grow the engineering team from less than 10 engineers to over 800. His expertise ranges from team culture building to advanced payments engineering and leading groups with high team engagement scores and consistency in delivering outsized business impact.
The app is available for iOS and Android . For more information about Drop, visit http://www.earnwithdrop.com .
About Drop:
Drop is a personalized rewards program focused on bringing value to millennials by making their every day more rewarding. Drop enables the consumer to earn rewards easily by simply spending with the debit and credit cards they link to the app, eliminating the need to scan receipts, enter promo codes or sign up for additional loyalty programs. This intelligent mobile app surfaces relevant offers and rewards based on what users are spending, creating a highly personalized, seamless experience for the consumer. Founded in 2015, Drop has built up a base of over one million millennials while reaching No.2 in the App Store.
For brands featured on the platform like Sephora, Bloomingdales, The Body Shop, Amazon, Under Armour, Casper and Boxed, Drop helps them gain unique insights about consumers that they haven't had access to before.
For more information visit: www.earnwithdrop.com .
SOURCE Drop | http://www.cnbc.com/2018/01/30/pr-newswire-drop-announces-21m-usd-series-a-raise-hires-former-airbnb-exec-to-lead-engineering-team.html | www.cnbc.com |
UPDATE 5-Oil strengthens after record stockpile draw at U.S. crude hub | * U.S. crude inventories fall 6.9 mln barrels last week - EIA
* Cushing crude stockpiles drop by largest amount on record -EIA
* OPEC forecasts higher output from U.S., other non-OPEC
* Nigeria's Niger Delta Avengers threaten oil sector attacks (Adds U.S. inventory data, updates prices, changes dateline, previously LONDON)
NEW YORK, Jan 18 (Reuters) - Oil rebounded after slipping below $69 a barrel on Thursday, supported by a record drawdown of U.S. crude stockpiles at the Cushing, Oklahoma delivery hub, despite concerns that OPEC-led output cuts will increase supply from the United States.
Crude is just below its highest price since December 2014, supported by supply cuts led by the Organization of the Petroleum Exporting Countries and concern that unrest in producer nations such as Nigeria could further curb output.
U.S. crude inventories fell 6.9 million barrels last week, compared with forecasts for a 3.5 million-barrel draw, the U.S. Energy Information Administration said. Crude supplies at the Cushing, Oklahoma delivery hub for U.S. crude futures fell 4.2 million barrels in the week, the largest draw since at least 2004.
After falling the previous week due to cold weather, U.S. crude production rose to 9.75 million barrels per day last week.
OPEC's monthly report on Thursday raised its forecast for oil supply from non-members in 2018.
"Higher oil prices are bringing more supply to the market, particularly in North America and specifically tight oil," OPEC said in the report, using another term for shale.
Brent crude, the global benchmark, pared losses, trading at $69.30, down 8 cents a barrel, by 11:26 a.m. EST (1626 GMT), after earlier slipping to $68.80 a barrel earlier in the session. On Monday it touched $70.37, the highest since December 2014. U.S. crude was up 1 cent at $63.98, having hit its highest since December 2014 on Tuesday.
Brent has risen from $61 a barrel in early December and some analysts say the rally may be about to run out of steam.
"The upside is now limited for oil prices," said Fawad Razaqzada, market analyst at brokerage Forex.com . "U.S. oil producers will ramp up production in the coming months."
OPEC's report follows a forecast from the EIA on Tuesday that it expects U.S. oil output to continue to rise in February with production from shale increasing by 111,000 bpd.
The agency previously said U.S. output could reach 10 million bpd in February and 11 million bpd in 2019.
Even so, traders said prices were unlikely to fall far due to the OPEC-led curbs and the risk of further disruptions.
Militant group Niger Delta Avengers threatened to attack Nigeria's oil sector in the next few days, potentially hampering supplies in Africa's largest exporter.
"The impact of such a threat, if carried out, would be significant on the global supply and demand balance," said Tamas Varga of oil broker PVM. "The market is still sensitive to geopolitical developments."
(Additional reporting by Henning Gloystein in Singapore and Alex Lawler in London; Editing by Dale Hudson and Marguerita Choy) | https://www.cnbc.com/2018/01/18/reuters-america-update-5-oil-strengthens-after-record-stockpile-draw-at-u-s-crude-hub.html | www.cnbc.com |
Mylan to Complete $1 Billion Share Repurchase Plan | HERTFORDSHIRE, England and PITTSBURGH, Jan. 8, 2018 /PRNewswire/ -- Global pharmaceutical leader Mylan N.V. (NASDAQ, TASE: MYL) today announced that it is completing its previously-approved $1 billion share repurchase plan.
Mylan's Chairman Robert J. Coury commented, "We are very pleased to announce that Mylan is completing the $1 billion share repurchase plan previously approved by the Mylan N.V. Board of Directors. This return of capital to our shareholders comes at a time of positive momentum for Mylan, with the recent launches and approvals of several key products, our strong future growth expectations, and our belief that the diversified and unique platform we have built is substantially undervalued.
"In addition and pursuant to its agreement with Abbott related to the Abbott EPD acquisition, Mylan has received notification from Abbott that it has sold its remaining 20.3 million shares of Mylan prior to year-end, removing a potential share overhang and consistent with Abbott's stated position that it did not intend to be a long-term shareholder."
Coury continued, "Following our 2017 Annual General Meeting, we initiated an extensive outreach program to better understand shareholders' perspectives and increase their awareness of and appreciation for the unmatched strength and breadth of Mylan's global platform. We are committed to continuing our dialogue with shareholders and the larger investor community in an effort to continue to optimize Mylan's valuation."
Mylan CFO Ken Parks added, "Our continued strong adjusted free cash flow generation, even after taking into account the completion of our $1 billion share buy-back program, allows us to continue to execute on our business strategies, while effectively deploying our capital and maintaining our commitment to an investment grade credit rating."
This press release includes statements that constitute "forward-looking statements," including with regard to: Mylan completing its $1 billion share repurchase plan; this return of capital to our shareholders coming at a time of positive momentum for Mylan, with the recent launches and approvals of several key products, our strong future growth expectations, and our belief that the diversified and unique platform we have built is substantially undervalued; that Mylan is committed to continuing its dialogue with shareholders and the larger investor community in an effort to continue to optimize Mylan's valuation; and that Mylan's continued strong adjusted free cash flow generation, even after taking into account the completion of our $1 billion share buy-back program, allows us to continue to execute on our business strategies, while effectively deploying our capital and maintaining our commitment to an investment grade credit rating. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: success of clinical trials and our or our partners' ability to execute on new product opportunities; any regulatory, legal or other impediments to our or our partners' ability to bring products to market; other risks inherent in product development; the scope, timing, and outcome of any ongoing legal proceedings, including government investigations, and the impact of any such proceedings on our or our partners' businesses; actions and decisions of healthcare and pharmaceutical regulators, and changes in healthcare and pharmaceutical laws and regulations, in the United States and abroad; the impact of competition; strategies by competitors or other third parties to delay or prevent product introductions; the effect of any changes in our or our partners' customer and supplier relationships and customer purchasing patterns; any other changes in third-party relationships; changes in the economic and financial conditions of the businesses of Mylan or its partners; uncertainties and matters beyond the control of management; and the other risks detailed in Mylan's filings with the Securities and Exchange Commission. Mylan undertakes no obligation to update these statements for revisions or changes after the date of this release.
About Mylan
Mylan is a global pharmaceutical company committed to setting new standards in healthcare. Working together around the world to provide 7 billion people access to high quality medicine, we innovate to satisfy unmet needs; make reliability and service excellence a habit; do what's right, not what's easy; and impact the future through passionate global leadership. We offer a growing portfolio of more than 7,500 marketed products around the world, including antiretroviral therapies on which more than 40% of people being treated for HIV/AIDS globally depend. We market our products in more than 165 countries and territories. We are one of the world's largest producers of active pharmaceutical ingredients. Every member of our more than 35,000-strong workforce is dedicated to creating better health for a better world, one person at a time. Learn more at Mylan.com . We routinely post information that may be important to investors on our website at investor.mylan.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/mylan-to-complete-1-billion-share-repurchase-plan-300578694.html
SOURCE Mylan N.V. | http://www.cnbc.com/2018/01/08/pr-newswire-mylan-to-complete-1-billion-share-repurchase-plan.html | www.cnbc.com |
What Terrell Owens learned from making and losing $80 million | Terrell Owens may be best remembered for his controversial antics. His 15-season career in the NFL was characterized by spats with teammates and unrestrained showmanship .
But Owens was also immensely talented. Throughout his career he scored 156 touchdowns, which is the fifth most all-time of any NFL player and which makes him a strong contender for entry into the Hall of Fame one day. He has recently been snubbed because of his controversies .
His talent, however, was formally recognized by the five teams he played for. Throughout his career, he earned an estimated $80 million .
And, in a 2012 interview, he told GQ that almost all of that was gone .
show chapters 3 strategies for success from the NFL's first female coach Jen Welter 9:25 AM ET Mon, 30 Oct 2017 | 01:07 Owens recently sat down with NerdWallet to discuss his financial struggle in detail to help current players avoid making the same mistakes. Despite the fact that NFL players make an average of $1.9 million a year, 15 percent declare bankruptcy, while Sports Illustrated estimates that 78 percent end up coming close and/or experience significant financial stress.
Owens' insights boil down to a few key points, and they're valuable for anyone looking to become more financially secure, not just pro athletes.
First off, don't overdo it. "My advice to any fan or athlete out there: Just don't live beyond your means," says Owens. "At that time I got sucked into wanting to be like everybody else, the guys with the Mercedes and all the flashy cars and the jewelry. I think those are some of the most idiotic purchases I think players can do, especially when they don't have that money in the bank account to really pay for that stuff."
show chapters This simple plan helped an ex-NFL star pivot to become an investor 9:20 AM ET Mon, 25 Sept 2017 | 01:17 Second, don't trust just anyone with your money, including financial advisers, because not everyone is looking out for your best interest. If you do get help, make sure to stay in the loop and understand what's happening.
"The best thing to do is ask questions before it's too late," says Owens.
As GQ reports , "[Owens] says his financial advisers... put him in a series of risky, highly leveraged ventures that he didn't discover until autumn 2010, when he finally demanded a full accounting."
And finally, Owens tells NerdWallet , sometimes splurging on a big purchase is okay.
The wide receiver collected a total of $150,000 in fines for "excessive" celebration after his touchdowns. Most infamously, as a San Francisco 49er back in 2000, he posed with his arms spread wide while standing on the star in the middle of the Dallas Cowboys' stadium, which is directly under the hole in the roof through which it is rumored among zealous fans that " God looks down to watch his team play ." He actually did it twice.
Asked if he regrets that lost $150,000, he responds: "It was worth it. That's the least of my worries."
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In replacing Dudley, New York Fed aims to avoid political pitfalls | Taxes In replacing Dudley, New York Fed aims to avoid political pitfalls Unions and groups advocating for retirees, teachers, housing, and workers' benefits are lobbying for a less conventional New York Fed president. New York Fed directors are leading a search for a successor to chief William Dudley. The branch executes the Fed's policy decisions and manages its trillions of dollars of assets. Published 1 Hour Ago Scott Eells | Bloomberg | Getty Images The New York Federal Reserve building in New York.
Unions and groups advocating for retirees, teachers, housing, and workers' benefits are among those visiting the ornate conference rooms of the Federal Reserve Bank of New York to lobby for a less conventional candidate to serve as its next president.
New York Fed directors leading the search for a successor to chief William Dudley , seen as the second most influential policymaker at the U.S. central bank, invited the guests to last week's meeting to seek their advice. According to attendees and others familiar with the search, the directors are close to a "long list" of candidates and appear set to begin formal interviews within weeks.
Until then, directors Sara Horowitz and Glenn Hutchins are taking steps intended to head off any criticisms of opacity and lack of diversity that, in recent years, have stung presidential searches at other district Fed banks. The afternoon meeting with 11 advocacy groups last week marked what one attendee called an unprecedented gesture of public outreach.
"I got the impression they wanted candidates at least at the (initial) interview stage to have diversity of background, race, ideology. But they played it close to the vest ... and it's hard to say who they might ultimately pick," said Marcus Stanley, who attended the meeting and who is a policy director at Americans for Financial Reform, which wants the New York Fed to resist deregulation momentum in Washington.
The New York branch executes the Fed's policy decisions and manages its trillions of dollars of assets. Its president is the only one among the 12 districts to have a permanent vote on policy and, historically, has tended to be a banker or market economist with Wall Street or Treasury experience.
The Jan. 10 meeting was one of at least seven since November with members of small businesses and banks, as well as large investment funds and industry groups, as the New York Fed continues to canvass for candidates, according to published notices of the meetings and people familiar with them.
Dudley announced on Nov. 6 he would step down a bit early, in mid-2018. Since then national interest in the search has grown and taken increasingly political tones given the New York Fed sits at the center of U.S. monetary policy, financial markets and the policing of Wall Street.
Upping the ante in New York is a historical Fed leadership overhaul in which U.S. President Donald Trump decided to replace Chair Janet Yellen with Jerome Powell , a Fed governor, and a Republican push to loosen bank rules. Liberal groups do not want a former banker or Fed insider, and point out that Dudley and his predecessors were all white and male.
Horowitz and Hutchins invited the advocacy groups and unions and asked for potential candidate names, according to two people at the meeting and one briefed on it. They said that while no names were offered at the time, a few attendees aim to submit them before month's end.
The New York Fed declined to comment. Atlanta's example
Four New York Fed directors will choose the candidate, though he or she must be approved by the Fed Board of Governors in Washington. Neither Congress nor the White House play a role. Reuters reported in December that directors were considering candidates with a range of professional, racial and gender backgrounds including Peter Blair Henry, the just-retired dean of New York University's Stern School of Business.
Last week's 90-minute meeting included New York and New Jersey housing and community-development groups, the American Federation of Teachers, the Building and Construction Trades Council of Greater New York, and the American Association of Retired Persons, among others.
Horowitz, founder of the Freelancers Union which advocates for independent workers, told attendees that last year's selection of Raphael Bostic as Atlanta Fed president set a good example of looking beyond the traditional mold given his economic expertise in housing policy, according to two attendees.
Bostic is the first black district president in the Fed's 104-year history. Three of six new Fed presidents in the last five years were white men and two of those, Philadelphia Fed President Patrick Harker and Thomas Barkin of the Richmond Fed, were former district directors.
"Bostic really fits the profile of not coming from the typical Wall Street or internal Fed sources, and yet he is eminently qualified," said Shawn Sebastian, director of the Center for Popular Democracy's "Fed Up" campaign, and who also attended the meeting.
Horowitz and Hutchins, a tech investor and noted public-policy philanthropist, indicated it would be "a matter of weeks, not months" before they began face-to-face interviews with candidates, Sebastian said.
"This invitation is unprecedented," he added, noting search committees at Fed branches declined requests for such meetings in recent years. "It's a very important step." | https://www.cnbc.com/2018/01/17/in-replacing-dudley-new-york-fed-aims-to-avoid-political-pitfalls.html | www.cnbc.com |
SLI Global Solutions Names Steven Esposito as Chief Executive Officer | SILVER SPRING, Md., Jan. 2, 2018 /PRNewswire/ -- SLI Global Solutions, LLC has appointed Steven Esposito as President and Chief Executive Officer. Esposito will be responsible for SLI's corporate strategy and execution and will lead the company's growth in systems development oversight markets and in its children and family services program and policy improvement arena.
Esposito will report to President and CEO of the GLI Group, James Maida. He replaces Mark Phillips, who announced his retirement earlier last year.
"Steven's knowledge of the challenges facing government program and experience in taking and executing a strategic vision will strengthen SLI Global Solutions' position as an industry leader. With a proven track record for successfully directing large public-sector initiatives and driving innovation, Steven's leadership skills are well suited to drive SLI's efforts as we continue in our mission to help government entities improve service delivery," Maida said. "We are grateful to Mark Phillips for the tireless service gave to SLI. His leadership has created a positive situation for the smoothest possible transition."
Esposito brings more than 30 years of experience in leading IT and program operations to SLI Global Solutions. Most recently, he served as President of the Government Solutions Division of SLI. Prior to SLI, he was Senior Vice President at MAXIMUS where he was responsible for managing the Systems Integrity Division in the Consulting Segment of the firm. He also worked for the State of Arizona's Department of Economic Security for 10 years, where he led the Systems and Automation Administration for the Division of Child Support Enforcement.
Esposito received his Bachelor's Degree in Business Administration/Marketing from Arizona State University. He is a PMI-certified Project Management Professional (PMP) and Certified in Risk and Information Systems Control (CRISC) by ISACA.
About SLI Global Solutions
SLI Global Solutions (SLI) is headquartered in Silver Spring, Maryland, with project locations in over a dozen capital cities across the US. SLI is committed to helping state agencies build quality and innovation into their system implementations and program improvement initiatives. SLI is committed to the use of a standards-based quality management methodology that has been proven effective in a wide range of system implementations and process improvement projects. SLI's SQM3 methodology is ISO 9001:2015 certified. For more information, visit www.sliglobalsolutions.com .
Contact:
Mark Joyce, Director of Business Development
307-220-8855, mjoyce@sliglobalsolutions.com
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SOURCE SLI Global Solutions | http://www.cnbc.com/2018/01/02/pr-newswire-sli-global-solutions-names-steven-esposito-as-chief-executive-officer.html | www.cnbc.com |
WRAPUP 2-Cold weather chills U.S. homebuilding; at 45-year low | (Adds details from reports, analyst comments, updates markets)
* Housing starts fall 8.2 percent in December
* Single-family starts drop 11.8 percent
* Building permits slip 0.1 percent
* Weekly jobless claims tumble 41,000
WASHINGTON, Jan 18 (Reuters) - U.S. homebuilding fell more than expected in December, recording its biggest drop in just over a year, likely as unseasonably cold weather at the end of the month disrupted the construction of single-family housing units.
The steep drop in groundbreaking activity probably will be temporary against the backdrop of a tightening labor market. Other data on Thursday showed the number of Americans filing for unemployment benefits dropped to a 45-year low last week.
"Housing starts were held down by the cold winter weather but should bounce back quickly in coming months as the country warms up from this recent cold spell," said Chris Rupkey, chief economist at MUFG in New York.
Housing starts decreased 8.2 percent to a seasonally adjusted annual rate of 1.192 million units last month, the Commerce Department said. November's sales pace was revised up to 1.299 million units from the previously reported 1.297 million units.
The percentage drop for housing starts in December was the largest since November 2016. Economists polled by Reuters had forecast housing starts declining to a pace of 1.275 million units last month. Homebuilding increased 2.4 percent to 1.202 million units in 2017, the highest level since 2007.
Building permits edged down 0.1 percent to a rate of 1.302 million units in December, outpacing starts, which suggests a rebound in groundbreaking in the coming months. Building permits increased 4.7 percent to 1.263 million units in 2017, also the highest level since 2007.
The PHLX housing index was trading higher after the data, outperforming a weaker U.S. stock market. Shares of Lennar Corp rose 0.4 percent and those of PulteGroup gained 1 percent. But shares of D.R. Horton, the nation's largest homebuilder, fell 1.2 percent.
The dollar was little changed against a basket of currencies and prices of U.S. Treasuries were trading lower.
Despite December's drop in housing starts, economists continued to believe that investment in homebuilding contributed to gross domestic product growth in the fourth quarter after being a drag for two straight quarters.
Last month, single-family homebuilding, which accounts for the largest share of the housing market, tumbled 11.8 percent to a rate of 836,000 units as construction fell in the South, the Northeast and Midwest regions. Homebuilding was unchanged in the West.
Single-family home permits advanced 1.8 percent in December to their highest level since August 2007, suggesting an acceleration in groundbreaking on that segment of the housing sector was likely. Starts for the volatile multi-family segment rose 1.4 percent to a rate of 356,000 units.
Single-family home completions surged 4.3 percent to a five-month high. The number of single-family units under construction was the highest since June 2008, which should help ease an acute shortage of properties on the market that is pushing up prices.
There were 794,000 single-family housing units completed in 2017, the most in nine years.
"The increase in completions signals some relief for the supply shortage," said Mark Fleming, chief economist at First American in Washington.
CLAIMS FALL SHARPLY
In a separate report on Thursday, the Labor Department said initial 1973.
Economists had risen over the previous four weeks, with analysts the cold seven states and one territory were estimated last week.
Last
"Employers are increasingly facing a mismatch between their hiring needs and the availability of qualified candidates to fill those needs," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Kalamazoo, Michigan. (Reporting by Lucia Mutikani; Editing by Paul Simao) | https://www.cnbc.com/2018/01/18/reuters-america-wrapup-2-cold-weather-chills-u-s-homebuilding-jobless-claims-at-45-year-low.html | www.cnbc.com |
Merchants Completes Acquisition of Joy State Bank | CARMEL, Ind., Jan. 2, 2018 /PRNewswire/ -- Merchants Bancorp ("Merchants") (Nasdaq: MBIN), parent company of Merchants Bank of Indiana announced today it has received all necessary regulatory approvals and closed on its acquisition of Joy State Bank ("Joy"), an Illinois chartered bank located in Joy, Illinois, effective January 2, 2018.
"The completion of this acquisition will mean the continuation of our growth strategy into new products and markets in Illinois, and enable us to further strengthen Merchants long-term financial position," said Michael Petrie, Chairman and CEO of Merchants. The acquisition of Joy, adds $43 million in assets and $38 million in total deposits to Merchants.
About Merchants Bancorp
Merchants Bancorp is a diversified bank holding company headquartered in Carmel, Indiana operating multiple lines of business with a focus on Federal Housing Administration ("FHA") multi-family housing and healthcare facility financing and servicing, mortgage warehouse financing, retail and correspondent residential mortgage banking, agricultural lending and traditional community banking. Merchants Bancorp, with $3.2 billion in assets and $2.9 billion in deposits as of September 30, 2017, conducts its business through its direct and indirect subsidiaries, Merchants Bank of Indiana, P/R Mortgage and Investment Corp., RICHMAC Funding LLC and Merchants Mortgage, a division of Merchants Bank of Indiana. For more information and financial data, please visit Merchants' Investor Relations page at investors.merchantsbankofindiana.com .
Forward-Looking Statements
This press release contains forward-looking statements which reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "goal," "target," "outlook," "aim," "would," "annualized" and "outlook," or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause our actual results to differ materially from those indicated in these forward-looking statements, including those factors identified in "Risk Factors" or "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our prospectus dated October 26, 2017 that was filed with the Securities and Exchange Commissions (the "SEC") on October 30, 2017 in connection with our initial public offering and in our subsequent filings with the SEC. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
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SOURCE Merchants Bancorp | http://www.cnbc.com/2018/01/02/pr-newswire-merchants-completes-acquisition-of-joy-state-bank.html | www.cnbc.com |
Pingtan Marine Enterprise Declares Quarterly Cash Dividend | FUZHOU, China, Jan. 24, 2018 /PRNewswire/ -- Pingtan Marine Enterprise Ltd. (Nasdaq: PME) ("Pingtan" or the "Company") , a global fishing company based in the People's Republic of China (PRC), today announced that the Company has declared a quarterly cash dividend of $0.01 per share of common stock outstanding, payable in cash on or about February 15, 2018 to shareholders of record on February 6, 2018. This marks the thirteenth consecutive quarterly dividend paid by Pingtan. The Company intends to continue paying a cash dividend on a quarterly basis, and expects to adjust its quarterly dividend rate in accordance with its earnings performance.
About Pingtan
Pingtan is a global fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd., or Pingtan Fishing.
Business Risks and Forward-Looking Statements
This press release contains forward-looking statements that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934, including statements about the Company's expectation that it currently intends to continue paying dividends on a quarterly basis. Although forward-looking statements reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Risks include anticipated growth and growth strategies; need for additional capital and the availability of financing; our ability to successfully manage relationships with customers, distributors and other important relationships; technological changes; competition; demand for our products and services; the deterioration of general economic conditions, whether internationally, nationally or in the local markets in which we operate; operational, mechanical, climatic or other unanticipated issues that adversely affect the production capacity of the Company's fishing vessels and their ability to generate expected annual revenue and net income; legislative or regulatory changes that may adversely affect our business; and other risk factors contained in Pingtan's SEC filings available at www.sec.gov , including Pingtan's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Pingtan undertakes no obligation to update or revise any forward-looking statements for any reason.
COMPANY CONTACT:
Roy Yu
Chief Financial Officer
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
ryu@ptmarine.net
Johnny Zhang
IR Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
jzhang@ptmarine.net
Maggie Li
IR Deputy Manager
Pingtan Marine Enterprise Ltd.
Tel: +86 591 8727 1753
mli@ptmarine.net
INVESTOR RELATIONS COUNSEL:
The Equity Group Inc.
Katherine Yao, Senior Associate
Tel: +86 10 6587 6435
kyao@equityny.com
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SOURCE Pingtan Marine Enterprise Ltd. | http://www.cnbc.com/2018/01/24/pr-newswire-pingtan-marine-enterprise-declares-quarterly-cash-dividend.html | www.cnbc.com |
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 | www.cnbc.com |
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 | www.reuters.com |
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 | www.reuters.com |
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 | www.cnbc.com |
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 | www.cnbc.com |
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 | www.cnbc.com |
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 | www.reuters.com |
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 | www.cnbc.com |
TCW harassment case could hit all of Wall Street—Commentary | Updated 43 Mins Ago CNBC.com
Predictably, the #MeToo wave is slowly creeping back up on the shores of Wall Street. It started to gain more attention last month with Morgan Stanley's decision to fire former Congressman Harold Ford.
But it took a new and potentially explosive turn this week. A lawsuit filed by a fund manager at the TCW Group claims that she was not only sexually harassed, but her alleged harasser retaliated by withholding marketing and financial support for her fund. That's what could make this case a very expensive game changer for all of Wall Street, not just one firm or one victim. Adriel Reboh | Patrick McMullan | Getty Images Sara Tirschwell in a 2007 file photo.
First, let's look at this specific case. Sara Tirschwell says TCW managing director Jess Ravich successfully coerced her into sex by threatening to withhold company resources from a fund she managed. Then when she ended the affair, Tirschwell says Ravich followed through on the threat to cut those resources. She was eventually fired from TCW last month.
Tirschwell is suing the Los Angeles-based TCW for $30 million, but if her allegations of retaliation against her fund are true, the financial ramifications could be dire.
A spokesman at TCW says Tirschwell was fired because of "repeated violations of company policy." But at least on paper, she seems like a formidable plaintiff as Tirschwell was named one of the 50 leading women in her industry by Hedge Fund Journal last year. "Sexual harassment lawsuits may soon come from many more sources than just the alleged victims themselves. For Wall Street firms that have thousands of clients with the means to file those lawsuits, the dam could break any time."
Attorney and managing partner at The Colchester Group Jim Nuzzo says this case is an example of the "shifting ground" in sexual harassment lawsuits across the country. Nuzzo explains that the details of Tirschwell's personal interactions with Ravich are nothing new, but Ravich's use of investor funds means the "chances that multiple plaintiffs will join in this and other possible lawsuits against TCW are quite high."
Think about that for a moment. Tirschwell's case could successfully prove that Ravich and/or others at TCW misused their investors' money in the act of sexual harassment. It's not a stretch to argue that any use of investment firm assets by an alleged sexual harasser could then be used as grounds for shareholder lawsuits. Maybe those assets could even include a company paid-for car used to visit a victim's home, or a company-provided phone used to illicitly call or text a harassment victim.
The point is that sexual harassment lawsuits may soon come from many more sources than just the alleged victims themselves. For Wall Street firms that have thousands of clients with the means to file those lawsuits, the dam could break any time.
Wall Street has dealt with harassment and sexual misconduct waves in the past. Even some of the most astute Wall Street critics say the result is the very overt culture of harassment and blatantly hostile working environments for women are a thing of the past. Chelsea Guglielmino | FilmMagic | Getty Images Take Back The Workplace March And #MeToo Survivors March & Rally on November 12, 2017 in Hollywood, California.
But that progress came before this current #MeToo wave. It came before shareholders flexed their legal muscles in this new environment with the $90 million settlement with 21 st Century Fox late last year. It came before allegations of "decades-long" sexual harassment against Steve Wynn surfaced Friday and sent Wynn shares reeling.
Now, Wall Street could be dealing with investors who never even visited a trading desk demanding some kind of financial payment connected to an inner-office sex scandal.
The Tirschwell case may take years to run its course. Many of the biggest harassment lawsuits against Wall Street firms drag on forever . But if her case encourages more women and their firms' investors to step forward, Wall Street isn't just standing on shifting ground, it's atop an earthquake.
Commentary by Jake Novak, CNBC.com senior columnist. Follow him on Twitter @jakejakeny .
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | https://www.cnbc.com/2018/01/26/tcw-harassment-case-could-hit-all-of-wall-street-commentary.html | www.cnbc.com |
Fearful millennials are finally ready to take a chance on the stock market | 5 Hours Ago | 02:04
Jared Smith represents a new breed of millennial: someone who saw the financial crisis unfold during his formative years but is now ready to step back into the arena and take some risk.
The 31-year-old New Yorker is a big believer in stocks. While that seems like a no-brainer for a market that has skyrocketed 325 percent since the crisis lows, investors in general and millennials in particular have been afraid of equities, worried that another crisis could sneak up and wipe out all those gains.
Not Smith, who has taken a slice of his trust fund and put it to work on Wall Street.
"The market's becoming a little more insulated," he said. "I'm hoping that we learned our lesson from [the crisis] and we have gotten better as a society, especially in the financial and banking world, that we will not allow that again, that certain measure have been put in place since then."
Millennials, born between the early 1980s and early 2000s, have been the most reluctant demographic when it comes to diving into risk assets. For instance, a Bankrate survey in 2017 showed just 13 percent would invest in equities, trailing real estate and cash by large margins.
But with the market showing stunning resiliency , the tide is turning. Getty Images
A survey released Tuesday by megamoney manager BlackRock indicated a big jump in millennial interest in exchange-traded funds, a $3.3 trillion industry populated mostly with securities that track stock market indexes. (Bond funds are getting more popular but still make up only about 16 percent of ETF assets.)
The portion of millennials who are buying ETFs jumped from 33 percent in 2016 to 42 percent a year later. That pushes the group to the top of the list in terms of ETF ownership. Silvers (age 71 or older) are next at 37 percent, followed by Gen Xers (29 percent) and baby boomers (27 percent).
Overall, investors continue to push money into the low-cost funds, with the industry now boasting $3.3 trillion of assets under management, a 27 percent jump from a year earlier, according to the Investment Company Institute. About 1 in 3 investors uses ETFs, a 24 percent increase from a year ago, according to BlackRock, the industry leader with $1.4 trillion of its total $5.7 trillion under management in the funds.
Smith uses a mix of individual stocks and ETFs for his portfolio after initially trusting his investments with a money manager, an experience that was positive but served to whet his appetite for striking out on his own.
His portfolio is loaded with popular tech names like Nvidia , Facebook and Netflix , but he's also studying to learn about options trading. He's also recently taken a shot at cryptocurrencies, which he said worries him more than stocks.
One factor influencing his appetite for risk: President Donald Trump .
"Trump does seem to be much more pro-economy and pro-American stock market than other past presidents," Smith said. "While he's in office I believe there's an extra layer of insulation there from something drastic and catastrophic from happening."
WATCH: Millennials will help contribute to the stock boom, economist says. show chapters | https://www.cnbc.com/2018/01/23/fearful-millennials-are-putting-money-into-etfs-and-stocks.html | www.cnbc.com |
Former Trump aide Bannon refuses to comply with House subpoena | President Donald Trump's former chief strategist Steve Bannon declined on Tuesday to comply with a subpoena ordering him to answer questions from a U.S. House intelligence panel about his time at the White House as part of its investigation into allegations of Russian interference in the U.S. election.
After Bannon initially refused to answer questions about the matter, Devin Nunes, the committee's Republican party chairman, authorized a subpoena during the meeting to press Bannon to respond.
Even then, Bannon refused to answer questions after his lawyer had conferred with the White House and was told again to refuse to answer questions about the transition period immediately after Trump was elected, or Bannon's time in the administration, according to Representative Adam Schiff , the top Democrat on the committee.
Separately, the New York Times reported that Bannon had been subpoenaed by Special Counsel Robert Mueller to testify before a grand jury in a probe of alleged ties between Russia and Trump's 2016 presidential campaign, on Tuesday.
It was the first time Mueller is known to have used a subpoena against a member of Trump's inner circle, the Times said. It cited a person with direct knowledge of the matter.
A spokesman for Mueller's office declined comment. Bill Burck, a lawyer for Bannon, could not immediately be reached for comment on the subpoena or his testimony before the House panel.
The reported subpoena of Bannon does not mean he is a target of Mueller's criminal investigation.
Getty Images Steve Bannon, former advisor to President Trump, arrives at a House Intelligence Committee closed door meeting, on January 16, 2018 in Washington, DC. Bannon, a champion of Trump's "America First" agenda, was among the Republican's closest aides during the 2016 election campaign, the presidential transition and his first months in office.
But the pair had a bitter public falling out over comments Bannon made to author Michael Wolff for his recent book "Fire and Fury: Inside the Trump White House."
In the book, Bannon is Quote: d as describing a June 2016 meeting between Trump associates, including the president's son Donald Trump Jr., his son-in-law, Jared Kushner , and a Russian lawyer, as "treasonous" and "unpatriotic."
Russia has denied meddling in the election and Trump has denied any collusion between his campaign and Moscow.
Bannon was fired by the White House in August, though he continued to speak with Trump and tried to promote the president's agenda.
Pressure tactic?
Bannon spent hours on Tuesday meeting behind closed doors with members of the House of Representatives Intelligence Committee. He was the latest high-profile figure to appear before the panel as part of its investigation into allegations of Russian interference in the U.S. election.
Bannon refused to speak not only about his time at the White House, but also any conversations he had with President Trump after he had left the administration "that might be for the purpose of the President seeking his advice on anything," Schiff said.
"We expect to have Mr. Bannon back in, we hope very soon, with a different position by the White House," Schiff said.
Asked if the White House had told Bannon not to answer certain questions, spokeswoman Sarah Sanders said: "As with all congressional activities touching upon the White House, Congress must consult with the White House prior to obtaining confidential material."
"We've been cooperating fully with these ongoing investigations and encourage the committees to work with us to find an appropriate accommodation in order to ensure Congress obtains information necessary to its legitimate interests," she said.
Mueller's subpoena, which was issued last week, could be a pressure tactic to induce Bannon to cooperate fully with his investigation.
Attorney Renato Mariotti, a former federal prosecutor, said the most likely reason for a Mueller subpoena of Bannon was that "he thought having an attorney present and giving Bannon a more relaxed setting would not yield the same testimony as if he got him in the grand jury room with no attorney there and a more adversarial style of questioning."
A witness is not permitted to bring an attorney into a federal grand jury proceeding, but can step outside to consult with counsel. | https://www.cnbc.com/2018/01/17/former-trump-aide-bannon-refuses-to-comply-with-house-subpoena.html | www.cnbc.com |
Wanda Hotel sees $55 mln gain from sale of stake in London property unit | HONG KONG, Jan 17 (Reuters) - Wanda Hotel Development Co Ltd , a unit of conglomerate Dalian Wanda Group, will post a HK$434 million ($55 million) gain from the sale of a 60 percent stake in a company that invests in the high-profile One Nine Elms project in London.
Wanda Hotel is selling the stake in Wanda International Real Estate to an unidentified independent third party for 35.61 million pounds ($49 million), the company said in a statement.
The buyer has also agreed to repay 159.5 million pounds ($220 million) in debt owed by Wanda International Real Estate, it said.
Wanda Hotel said its controlling shareholder, Wanda Commercial Properties (Hong Kong) Co Ltd, would also sell the remaining 40 percent stake in the property project in southwest London. It did not elaborate.
Shares of Wanda Hotel surged as much as 11.3 percent in early trade on Wednesday. ($1 = 7.8237 Hong Kong dollars) ($1 = 0.7241 pounds) (Reporting by Donny Kwok and Clare Jim; Editing by Edwina Gibbs)
| https://www.reuters.com/article/wanda-hotel-london-property/wanda-hotel-sees-55-mln-gain-from-sale-of-stake-in-london-property-unit-idUSL3N1PC14Z | www.reuters.com |
LIVE MARKETS-European stock futures edge up | 15 AM / in 27 minutes LIVE MARKETS-European stock futures edge up Reuters Staff 3 Min Read * European shares seen little changed * Novartis beats analyst forecasts Jan 24 (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 EUROPEAN STOCK FUTURES EDGE UP (0703 GMT) European shares are expected to open just marginally higher with stock index futures moving between flat and a gain of 0.1 percent. Some strong corporate updates including from drugmaker Novartis, which we mentioned in out previous post, and Dutch-Belgian supermarket Ahold Delhaize could provide support, while on the macro front PMI data will grab the attention ahead of tomorrow's European Central Bank meeting. And Talking about the ECB here is a graphic piece from Reuters with five questions for Mario Draghi. Here is your futures snapshot: (Danilo Masoni) PHARMA IN FOCUS AFTER NOVARTIS BEAT (0632 GMT) The healthcare sector could be one to watch this morning after Swiss-based heavyweight Novartis posted better than expected results. European healthcare stocks have underperformed the broader market so far this year as expectations over stronger economic caused a switch from defensives into cyclicals. The Swiss drugmaker forecast 2018 operating profit would grow faster than sales as revenue from drugs including its latest blockbuster Cosentyx accelerates and the company exits a period when patent losses dented results. Will Novartis figures help the sector catch up today? (Danilo Masoni) | https://www.reuters.com/article/europe-stocks/live-markets-european-stock-futures-edge-up-idUSL8N1PJ141 | www.reuters.com |
Boston floods and records highest tide in nearly 100 years in wake of snowstorm | Boston has recorded its highest tide in nearly a century on the heels of this week's snowstorm.
The Boston office of the National Weather Service said the city reached the record in a tweet sent Friday:
NWS Boston
This tide is the highest in the area the weather service has seen since it began keeping records in 1921. The tide has already contributed to icy flooding across the city.
show chapters Boston cleans up in aftermath of 'bomb cyclone' 4 Hours Ago | 01:29 For example, this tweet from the Massachusetts Bay Transportation Authority Transit Police shows water gushing down the stairs of one of Boston's underground rail stations.
MBTA
"I think what to take away from this is how unprecedented it is," said Benjamin Sipprell, a meteorologist with the weather service in Boston.
The new record edges out the one set during the Blizzard of '78, another time when a winter storm flooded the streets of Boston. Apart from beating the record, though, there is something else about this storm that makes it so unique: it happened so quickly.
In the case of the 1978 blizzard, it took several tide cycles over days for the highest tide levels to develop, Sipprell said. In contrast. this week's record was set in a single tidal cycle.
This was partly due to the rapidly dropping pressure of the storm, which made it intensify rapidly, and the fact that there had been a "supermoon," or a moon at perigee, or its closest point to Earth. Full moons tend to intensify tides, and have an even greater impact when the moon is at perigee.
This is what sent waves of ice and water into Boston's days before temperatures are expected to fall below zero.
"I think we are still trying to grasp the magnitude of what happened yesterday," Sipprell said, referring to Thursday. "This is a storm that should be remembered." | https://www.cnbc.com/2018/01/05/boston-floods-and-records-highest-tide-in-nearly-100-years-in-wake-of-snowstorm.html | www.cnbc.com |
Superior Gold Inc. Announces Fourth Quarter and Full Year 2017 Production Results | FULL YEAR PRODUCTION OF 80,143 OUNCES EXCEEDED GUIDANCE
(In US Dollars unless otherwise stated)
TORONTO, Jan. 15, 2018 /PRNewswire/ - Superior Gold Inc. ("Superior Gold" or "The Company") (TSX.V:SGI) is pleased to announce production results for the fourth quarter and full year 2017 from the Company's 100%-owned Plutonic Gold Operations, located 800 kilometres north east of Perth, in Western Australia.
FOURTH QUARTER HIGHLIGHTS
Gold Produced was 20,197 ounces Gold Sold was 20,029 ounces
FULL YEAR 2017 HIGHLIGHTS
Gold Produced was 80,143 ounces exceeding guidance of 75-80,000 ounces Gold Sold was 82,019 ounces
ADDITIONAL FOURTH QUARTER HIGHLIGHTS
Since acquiring the Plutonic Mine in October 2016, the Company has produced a total of 103,137 ounces of gold Mining of the Hermes open pit project commenced on schedule in December Released underground drill results of up to 25.2g Au/t over 10.15 metres 36.5g Au/t over 4.00 metres and 192.0g Au/t over 0.60 metres
Production details for the fourth quarter and full year 2017, are summarized in the table below.
Three month period ended
December 31, 2017
Twelve month period ended
December 31, 2017
Gold Produced (ounces)
20,197
80,143
Gold Sold (ounces)
20,029
82,019
Chris Bradbrook, President and CEO of Superior Gold stated: "2017 was a year of significant achievements and we are extremely pleased to announce such strong production results, exceeding guidance, for our first full year of operation. We have now operated the Plutonic Gold Mine for five consecutive quarters and have produced over 100,000 ounces of gold.
Mining has commenced, on schedule, at our Hermes development project. Initial ore was processed before year end and commercial production is anticipated during the first quarter of 2018. The contribution of the mineralization from Hermes is expected to allow us to reach our objective of increasing annual production to more than 100,000 ounces of gold."
The Company plans to release throughput, grade and recovery information for the fourth quarter and full year 2017, along with 2018 guidance, in the near future and will release complete financial and operating results for both periods in March.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Pascal Blampain, who is a member of the AusIMM and the Australian Institute of Geoscientists (AIG) and a "qualified person" within the meaning of NI 43-101. Mr. Blampain is an employee of the Company and serves as Chief Geologist.
About Superior Gold
Superior Gold is a Canadian based gold producer that owns 100% of the Plutonic Gold Operations located in Western Australia. The Plutonic Gold Operations include the Plutonic Gold Mine, which is a producing underground operation with a central mill, the Hermes open pit development project and an interest in the Bryah Basin joint venture. Superior Gold is focused on expanding production at the Plutonic Gold Operations and building an intermediate gold producer with superior returns for shareholders.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, and statements regarding exploration results and exploration plans.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's prospectus dated February 15, 2017 filed on SEDAR at www.sedar.com for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Superior Gold | http://www.cnbc.com/2018/01/15/pr-newswire-superior-gold-inc-announces-fourth-quarter-and-full-year-2017-production-results.html | www.cnbc.com |
Canadian Solar Updates 4Q/FY17 Guidance to Reflect Timing of Certain Solar Project Sales | GUELPH, Ontario, Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today updated its guidance for the fourth quarter and full year 2017 in part to reflect the timing of certain utility-scale solar project sales. The updated guidance is subject to adjustments based upon completion of the Company's internal review process. Final reported results could differ materially from the estimates provided below.
In the guidance provided in its press release dated November 9, 2017, the Company noted that in September and October 2017, it had entered into definitive agreements with two buyers to sell a portfolio of six solar power projects in California, totaling 703 MWp. The parties hoped to close the transactions in the fourth quarter of 2017 or the first quarter of 2018, depending on the timing of receipt of the required governmental approvals. These transactions were not completed in 2017 and have not yet received the required government approvals. The Company will update the timing for the completion of these transactions once the parties receive the required government approvals.
As a result of the delay in completing the transactions, the Company now expects its total revenue for the fourth quarter of 2017 to be in the range of $1.04 billion to $1.08 billion, compared to $1.77 billion to $1.81 billion guided previously.
Meanwhile, Canadian Solar updates its solar module shipment guidance for the fourth quarter of 2017 to be in the range of approximately 1,720 MW to 1,820 MW, compared to 1,650 MW to 1,750 MW guided previously. Gross margin for the fourth quarter of 2017 is now expected to be in the range of 16.5% to 18.5%, compared to 10.5% to 12.5% previously guided. The sales of the portfolio of six solar power projects in California have low margins and, therefore, had lowered the gross margin estimate in the previous guidance. On the other hand, in the fourth quarter of 2017, the Company sold a portfolio of Japanese solar projects to Canadian Solar Infrastructure Fund, Inc., which went public in October 2017, as well as sold certain other solar projects in the U.S. and other countries. These transactions had healthy margins. The new guidance reflected the blended gross margin of Canadian Solar's module and solutions businesses, as well as these project sales. The Company will provide more details in the fourth quarter 2017 business update of its regular earnings press release.
For the full year 2017, Canadian Solar now expects its total solar module shipments to be in the range of approximately 6.8 GW to 6.9 GW, compared to 6.7 GW to 6.8 GW guided previously. The Company now expects its total revenue for the full year 2017 to be in the range of $3.33 billion to $3.37 billion, compared to $4.05 billion to $4.09 billion previously guided.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com .
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, and its ability to receive the required government approvals for the sale of six solar power projects in California, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2017. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
View original content: http://www.prnewswire.com/news-releases/canadian-solar-updates-4qfy17-guidance-to-reflect-timing-of-certain-solar-project-sales-300581864.html
SOURCE Canadian Solar Inc. | http://www.cnbc.com/2018/01/12/pr-newswire-canadian-solar-updates-4qfy17-guidance-to-reflect-timing-of-certain-solar-project-sales.html | www.cnbc.com |
Dollar mired near 3-year low on US policy doubts, receding yield advantage | The dollar rose on Monday against a basket of currencies as U.S. bond yields climbed and traders waited for a Federal Reserve meeting and a U.S. jobs report later in the week, while the euro and pound were both broadly down.
Against a basket of currencies, the dollar index rose 0.55 percent to 89.56 after scoring six consecutive weeks of losses.
On a monthly basis it is set to fall 3 percent.
As the greenback rose, the euro fell 0.64 percent, while the British pound decreased 0.96 percent.
"Most market players are long euro right now, short dollar across the board," said Douglas Borthwick, a managing director and head of FX at Chapdelaine Foreign Exchange in New York. "Overnight we saw profit-taking. Not on the back of any news, but just on the back of folks having sizeable positions already in place."
Borthwick added that traders are feeling some uncertainty going into this week's Fed meeting.
"Depending on the new Fed leadership, which is being run now by (Jerome) Powell, the market is concerned about whether we're going to see continued rate rises at the current velocity that's expected or whether it's going to be increased somewhat," he said.
Reuters data points to market expectations of about three more Fed rate hikes this year, starting in March, although some analysts, including at Goldman Sachs and JP Morgan Asset Management, expect the Fed to raise four times.
Traders also are awaiting a U.S. Department of Labor report, set to be released on Friday, that will include data on nonfarm payrolls, average hourly earnings and the unemployment rate.
On Monday a Commerce Department report said U.S. consumer spending rose solidly in December, but savings dropped to a 10-year low. The dollar increased marginally after the report.
Data on Friday showed U.S economic growth accelerated to 2.3 percent in 2017, faster than the 1.5 percent logged in 2016, although growth in the December quarter slowed on a sequential basis and was below market expectations.
show chapters Treasury Secretary Mnuchin's comments sends US dollar on wild ride 4:18 PM ET Fri, 26 Jan 2018 | 06:45 Treasury Secretary Steven Mnuchin gave U.S. currency bears a major boost last week with a tacit endorsement of a weak dollar. While U.S. President Donald Trump , who has advocated a strong dollar, tried to minimize those comments, the remarks had already made an impact and the greenback's downturn since November showed little sign of abating.
U.S. Treasury yields surged to more than three-year highs on Monday after comments from a European Central Bank official added to expectations that central banks globally will reduce stimulus as the economic outlook improves. The 10-year yield rose to 2.71 percent, its highest since early 2014. | https://www.cnbc.com/2018/01/28/dollar-mired-near-3-year-low-on-us-policy-doubts-receding-yield-advantage.html | www.cnbc.com |
If your town has a Lidl, your grocery prices are lower | When low-priced German grocer Lidl opens a new store, it brings a food fight, and consumers are the ultimate winners.
A new study shows if there's a Lidl store, competing grocers drop their prices by more than when Walmart enters a new market.
The University of North Carolina Kenan-Flagler Business School conducted the pricing study, looking at six cities where there is a Lidl store and six nearby cities without a Lidl store, comparing pricing on 48 frequently purchased food products at Walmart , Kroger , Aldi, Publix and Food Lion.
"On average, competing retailers near Lidl stores set their prices approximately 9.3 percent lower than in markets where Lidl is not present, which is more than three times as much as was typically reported in other academic work on Walmart's entry in a new market," said Katrijn Gielens, an associate professor of marketing at UNC who led the study.
Lidl commissioned the study, but UNC said it had control over its methodology and analysis.
Lidl is in the midst of a U.S. expansion and plans to open as many as 100 stores by mid-2018. As of Thursday, Lidl has opened 48 U.S. stores in six states along the East Coast from New Jersey to Georgia.
The grocer was expected to shake up the already competitive category with its entry. Lidl has said it sells products for as much as 50 percent lower than rival stores, as around 90 percent of its products are private label rather than national brands.
Gielens' work shows grocers set the price for a half gallon of milk about 55 percent lower in Lidl markets compared with markets without a competing Lidl store. Avocados and bread-related products are 30 percent lower in markets with a Lidl store. Prices for ice cream, bananas and cheese are more than 15 percent lower at grocers competing in a city with Lidl.
The study reveals Kroger shoppers save up to $22 on their total in markets where Lidl is present compared with markets where there is no competing Lidl store. The savings was $17 at Food Lion, $14 at Aldi, $7 at Publix and $3 at Walmart.
On a percentage basis on average, Aldi stores near Lidl stores set prices 14 percent lower than in markets where there is no competing Lidl. Food Lion prices are 13.6 percent lower when directly competing with Lidl than in a town without a nearby Lidl store. At Kroger the difference was 10 percent lower and at Publix 3.9 percent. Walmart comes the closest to pricing parity in markets with and without a Lidl competing, with prices 2.5 percent lower with Lidl competition than without.
When Lidl opened its first U.S. stores in June 2017, KeyBanc's consumer analyst team wrote in a note to investors: "this could be one of the most disruptive recent entrants in U.S. retailing and could drive both grocery deflation as well as competitor store closures."
However, longtime retail analyst and Telsey Advisory Group CEO Dana Telsey said Lidl has had some struggles in the U.S. in the early going.
"They haven't gained the share, I think, originally expected. But you are seeing U.S. retailers come down and ... match those prices, I don't know for how long, though," she said.
Don't count out the big existing grocery players as Lidl finds its footing in the U.S., Telsey added. "The pricing power of Walmart, of Costco, is extensive. Getting consumers to recognize the brand name of Lidl takes time."
The competition has been clear since Lidl began opening its doors.
"We have seen the pricing pressured in every market since we entered last summer," said William Harwood, Lidl's U.S. spokesman. "There is a dramatic price drop just around our stores, so we wanted to look at how vastly different those prices are from those retailers just down the road."
While Walmart declined to comment on the study itself, the retailer did point to its ongoing strategy to lower prices in certain, unspecified categories. Spokesman Lorenzo Lopez said in part Walmart looks for a way to lower costs and pass along the savings to shoppers.
"That's why we're giving customers in select markets even lower prices on the national and private label brands our customers want and trust," Lopez said.
Analysts expect Walmart and others to keep up the pricing pressure given the expected windfall from a lower corporate tax rate.
CNBC reached out to Kroger, Aldi, Publix and Food Lion but did not hear back before publication. | https://www.cnbc.com/2018/01/12/if-your-town-has-a-lidl-your-grocery-prices-are-lower.html | www.cnbc.com |
UPDATE 7-Oil jumps on IMF growth outlook as Brent tops $70 again | * IMF lifts growth outlook for 2018, 2019 to 3.9 percent
* Strong demand comes as OPEC, Russia withhold oil supplies
* Crumbling refinery profits could dent crude orders
* U.S. crude stockpiles likely down for 10th week - Rtrs poll
* Coming Up: API U.S. oil stock data at 4:30 p.m. EST (2130 GMT) (Updates to settlement, adds details)
NEW YORK, Jan 23 (Reuters) - Oil rose more than 1 percent on Tuesday, with benchmark Brent crude hitting $70 a barrel for the first time in a week, boosted by healthy world economic growth prospects and expectations for continued production curbs by OPEC, Russia and their allies.
U.S. West Texas Intermediate (WTI) crude futures closed up 90 cents to $64.47 a barrel, for a gain of 1.4 percent. WTI reached its highest since December 2014 on Jan. 16 at $64.89.
Brent crude futures settled up 93 cents, or 1.4 percent, to $69.96, not far off the three-year high of $70.37 reached on Jan. 15.
The International Monetary Fund on Monday revised upward its forecast for world economic growth to 3.9 percent for 2018 and 2019, a 0.2 percentage point increase from its last update in October.
The demand growth comes as the Organization of the Petroleum Exporting Countries, Russia and other producers continue their supply-cut agreement which began in January 2017 and is due to run until the end of 2018.
Saudi Energy Minister Khalid al-Falih told CNBC on Tuesday that while he is "still anxious" about the fragility of the oil market, "we think we're on our way."
OPEC's main objective for the cuts is to eliminate a global surplus in oil stocks and rebalance the market. There is some expectation that OPEC will let the agreement expire at the end of 2018, but major producers have not yet suggested that this is in the offing.
In addition, the sharp plunge in Venezuelan production is offsetting increases from the United States, which is on the cusp of breaking its all-time production record of 10.04 million barrels per day.
U.S. Energy Department oil inventory figures will be released Wednesday morning; industry group the American Petroleum Institute will issue data on stocks Tuesday afternoon at 4:30 p.m. EST. U.S. stocks are expected to fall by 1.6 million barrels, which would mark a 10th consecutive week of declines.
Venezuela's output fell to a meager 2 million bpd in 2017, far short of expectations for 2.5 million bpd, and the International Energy Agency said it could keep declining in 2018.
"Six months ago there was a lot of consternation about how fast (U.S.) production might grow but that's been offset by Venezuelan volatility," said Tony Scott, managing director of analytics at BTU Analytics in Denver.
He added that with Saudi and Iranian production likely to remain steady throughout the year, it was hard to see an increase in supply that would undermine the rally.
(Additional reporting by Henning Gloystein in Singapore; Editing by Marguerita Choy and Edmund Blair) | https://www.cnbc.com/2018/01/23/reuters-america-update-7-oil-jumps-on-imf-growth-outlook-as-brent-tops-70-again.html | www.cnbc.com |
Defense manufacturers cashing in on Trump's global arms push | Foreign arms sales are growing in importance to the top line of big defense firms and may get an added boost this year due to initiatives by President Donald Trump .
Sales to allies and other friendly countries also have allowed American defense companies to extend production lines that otherwise might be shuttered or downsized.
Trump's personal involvement in defense sales also hasn't gone unnoticed, whether touting $350 billion in weapons to Saudi Arabia last May or suggesting in November that Japan should buy more U.S.-made equipment to shoot North Korean missiles "out of the sky."
Lockheed Martin and Raytheon , two defense companies with upcoming earnings reports, stand to benefit from increased international sales over the next few years, according to analysts. A lot of the recent growth in U.S. defense sales is in missile defense systems and Lockheed's F-35 stealth fighter jets.
"We're seeing a global upturn in defense spending," said Peter Arment, a defense analyst at Robert W. Baird. "We're seeing Europe, NATO, the Middle East, Asia and U.S. domestic."
Getty Images Patriot Missile For defense companies, international weapons sales can sometimes be more lucrative too. Arment said direct arms sales from U.S. defense companies to foreign countries "can have a higher margin" than going through Washington's Foreign Military Sales program.
Reuters reported earlier this month that the administration plans as part of its new "Buy American" plan to have embassy personnel "help drum up billions of dollars more in business overseas for the U.S. weapons industry."
"This is the government's job in many ways," Roman Schweizer, a Cowen defense analyst and former government acquisition official, told CNBC.
Regardless of the administration's new plans, Schweizer said there are diplomats and other federal workers at embassies around the world already actively promoting U.S. defense exports.
"We have used foreign military sales to help friends and allies around the world and also to help U.S. defense manufacturers around the world," Schweizer said.
However, Reuters said the White House's plans will be "going beyond the limited assistance" now provided by overseas American military attaches and diplomats.
The White House didn't respond to CNBC's request for comment.
Remy Nathan, vice president of international affairs at the Aerospace Industries Association, said the Arlington, Virginia-based industry trade group representing some top American defense companies "is very much in favor of enhancing" the current arrangement.
Specifically, the administration wants to make it easier to export U.S. defense products abroad, whether drones, aircraft or ships. It comes at a time when the Chinese are getting more aggressive in selling weapons overseas.
The Trump administration has already relaxed rules allowing more military sales to countries such as Saudi Arabia, which has been accused of war crimes by some human rights groups . Also, the administration lifted human rights conditions for arms sales to other countries, including Bahrain.
In May, when he visited Saudi Arabia on his first foreign-nation visit, the president announced a massive, multiyear arms deal with the kingdom that he said would add hundreds of thousands of U.S. jobs. But some questioned whether all of the weapons were part of a new agreement.
Even so, an expanded "Buy American" program in defense helps the administration in its efforts to boost manufacturing jobs.
The U.S. had nearly $42 billion in foreign military sales during fiscal 2017, up from $33.6 billion in the previous year, according to the Defense Security Cooperation Agency. There is an expectation that foreign military sales could grow again this fiscal year due to increased global tensions and efforts by U.S. allies to increase their overall defense spending.
Even neutral Sweden is increasing its defense spending due to worries about a more aggressive Russia. Also, a Cold War-era mentality in Sweden led the government to recently reissue information about civil defense to some 4.7 million households.
For weapons, Sweden is looking to buy a $1.2 billion Patriot air-and-missile defense system from Raytheon.
In November, Poland obtained U.S. State Department approval on a $10.5 billion purchase of the Patriot system. Romania, another NATO country, was cleared in July to buy the Patriot system.
In all, Raytheon has built more than 220 units of the Patriot system, delivering them to customers in 14 nations worldwide.
Raytheon also has benefited from recent anti-ballistic missile sales to Japan. Japan's government also recently approved the purchase of the Lockheed-made Aegis Ashore missile defense system.
Raytheon's international sales made up about 32 percent of its total sales in the first three quarters of 2017. When it reports year-end results Thursday it's possible the company will mark the 14th consecutive year of international sales growth.
Lockheed's F-35 stealth fighter aircraft is now the driver for its foreign defense sales growth. Of the nine original F-35 partner countries, six how have jets in their fleet. The planes are not manufactured only in the U.S. but also in Japan.
Lockheed CEO Marillyn Hewson said in October during the previous earnings call that the company was on track in 2017 to have 30 percent of sales come from overseas, up from 27 percent in 2016. Lockheed is scheduled to report its full-year 2017 results on Monday.
Lockheed won a $3.8 billion deal last year to sell F-16 fighter upgrades and new aircraft to the government of Bahrain. According to Hewson, the contract is expected to extend the F-16 production beyond the 2021 timeframe.
Similarly, Boeing's F-15 fighter production stands to benefit since the U.S. government announced last month that Qatar will buy 15 of the aircraft.
Production for the F-15QA could start next year and extend assembly-line work into 2022. Also, the contract is good news for numerous suppliers who get work for everything from the components to the avionics and airframe systems.
WATCH: Defense contractors deploy contingency plans after shutdown show chapters Defense contractors deploy contingency plans after government shuts down 8:56 AM ET Mon, 22 Jan 2018 | 01:32 | https://www.cnbc.com/2018/01/24/trump-as-us-arms-pitchman-.html | www.cnbc.com |
Fed: No rate hike but more aggressive inflation expectations | 1 Hour Ago | 01:38
In Janet Yellen 's final meeting as Fed chair, the central bank decided Wednesday against increasing its benchmark interest rate but indicated it expects inflation pressures to heat up as the year moves on.
The policymaking Federal Open Market Committee said current conditions indicate that the overnight funds rate should remain anchored at 1.25 to 1.5 percent. The decision, which came at the end of a two-day meeting, was widely expected.
Rather than looking for a move on rates, market participants were watching the January Fed meeting for clues on how the central bank might proceed for the rest of the year.
According to projections released in December, officials expect three rate hikes this year so long as there is no significant disruption to market conditions. However, the market recently has been entertaining thoughts that the Fed could add another increase, likely at the final meeting of 2018.
Government bond yields have been moving up considerably in anticipation of inflation pressures and a more active Fed."We had a hawkish hold here," said Joe Brusuelas, chief economist at RSM. "What that growth forecast implies is there are upward revisions coming to growth and likely a change in the balance of risks due to inflation moving toward the central bank's target."
Bruseulas thinks the Fed should alter its forecast for three rate hikes this year to four.
A tweak in the post-meeting statement could influence the market's view on the rate path.
"Inflation on a 12-month basis is expected to move up this year and to stabilize around the Committee's 2 percent objective over the medium term," the statement said. "Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely."
The observation on inflation differed from the December statement, which noted that core and headline measurements "have declined" and were "running below 2 percent."
In addition, this week's statement noted that "market based measures of inflation compensation have increased in recent months but remain low," a tweak from December which simply noted that the measures "remain low."
Inflation has been running consistently below the Fed's mandated target, most recently hovering around the 1.5 percent range. But there have been signs lately that wage pressure is heating up.
The Employment Cost Index, a gauge believed to be watched closely within the Fed's halls, showed a 2.6 percent increase for the full year in 2017, the biggest gain since before the financial crisis.
Prior to the meeting, the market was pricing in just a 28 percent or so chance of a December rate hike. The market widely expects a quarter-point increase in March.
Other parts of the Fed statement were little changed from the December meeting.
Committee members removed language that discussed the effects that the violent hurricane season had on economic activity. Officials had not expected the storms to have long-range impacts on growth but did note that there would be effects over the near term.
The decision not to hike rates passed unanimously.
The January meeting marked Yellen's last as chair; Jerome Powell will take over as chairman within the next few days. | https://www.cnbc.com/2018/01/31/fed-no-rate-hike-but-more-aggressive-inflation-expectations.html | www.cnbc.com |
US weather starts to improve | The bitter cold that followed a massive East Coast snowstorm should begin to lessen as temperatures inch up and climb past freezing next week, weather forecasters said.
Patrick Burke, a meteorologist with the National Weather Service's Weather Prediction Center in College Park, Maryland, said temperatures Sunday morning could hit record lows from South Carolina to Maine. But he said the wind won't be as punishing as it was on Friday and Saturday.
"With the wind dying down it will probably feel significantly better although many of these areas will still be below freezing," Burke said.
Sunday afternoon's high temperatures should range from the low- to mid-20s in areas from Philadelphia to Boston. They are expected to reach the 30s and 40s on Monday and Tuesday.
Many Northeast residents endured jaw-clenching temperatures and brutal wind chills on Saturday as cleanup continued from the storm that dropped as much as 18 inches (46 centimeters) of snow in some places on Thursday.
As aviation crews at South Carolina's busiest airport , Charleston International Airport, struggled to clear runways of snow and ice so they could be reopened, in New England water main breaks, frozen hydrants and burst pipes created new problems for officials.
Hartford, Connecticut, registered 10 degrees with a wind chill of minus 20 while Burlington, Vermont, was minus 1 degree and had a wind chill of minus 30.
The temperature registered minus 37 Saturday at the Mount Washington Observatory in New Hampshire, one of the coldest places on the planet. The wind chill was minus 93. It tied for second place with Armstrong, Ontario, as the coldest spot in the world.
Meteorologist Mike Carmon said people at the observatory were "layering up as a much as we can." | https://www.cnbc.com/2018/01/07/us-weather-starts-to-improve.html | www.cnbc.com |
SE Asia Stocks-Most rise; Philippines, Indonesia scale record highs | By Nicole Pinto Jan 22 (Reuters) - Most Southeast Asian stock markets rose on Monday with the Philippine and Indonesia indexes scaling record levels, while broader Asian equities pulled back slightly after the U.S. government was forced to shut down. The Philippine Stock Exchange PSEi Index rose as much as 0.7 percent to an all-time high of 8,975.12 on optimism about the economy a day ahead of the release of fourth-quarter GDP data. DBS Group Research said in a note that it forecast GDP growth of 6.9 percent in the fourth quarter. "Overall domestic demand is likely to remain strong in 2018, supported by the government's infrastructure push. Our current forecast pencil in steady GDP growth of 6.7 percent in 2018/19," said DBS Group. The country's statistics agency revised last Friday the third-quarter GDP growth rate to 7 percent from 6.9 percent. Industrial and real estate stocks led the rise. Property developer SM Prime Holdings Inc rose as much as 1.3 percent, while property investment company LT Group Inc gained as much as 5.4 percent to its highest in over four years. Indonesian shares extended gains into a sixth session and hit a life high. Energy stocks led the gains. Coal miners Indo Tambangraya Megah Tbk PT and Adaro Energy Tbk PT climbed as much as 6.6 percent and 7.8 percent, respectively. An index of the country's 45 most liquid stocks rose 0.4 percent. Vietnam shares gained as much as 1.3 percent to a more than 10-year high. Utilities and financials were the top performers, with Joint Stock Commercial Bank for Foreign Trade of Viet Nam hitting a record high and Petrovietnam Gas Joint Stock Corp rising 4.3 percent. Singapore shares were flat as gains in industrials were offset by lagging financial and consumer discretionary stocks. Index heavyweight Jardine Matheson Holdings Ltd rose as much as 3.1 percent, while United Overseas Bank Ltd fell up to 1.1 percent. Thai shares rose slightly, helped by gains in energy and industrial stocks. Data released earlier in the day showed that the country's customs-cleared annual exports rose for a tenth straight month in December, but at a slower pace than the previous month and below expectations, and posted the first trade deficit in five months. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0419 GMT STOCK MARKETS Change on the day Market Current previous close Pct Move Singapore 3553.24 3550.36 0.08 Bangkok 1824.77 1821.34 0.19 Manila 8965.13 8915.92 0.55 Jakarta 6515.258 6490.896 0.38 Kuala Lumpur 1826.52 1828.83 -0.13 Ho Chi Minh 1079.19 1062.07 1.61 Change so far this year Market Current End 2017 Pct Move Singapore 3553.24 3402.92 4.42 Bangkok 1824.77 1753.71 4.05 Manila 8965.13 8558.42 4.75 Jakarta 6515.258 6355.654 2.51 Kuala Lumpur 1826.52 1796.81 1.65 Ho Chi Minh 1079.19 984.24 9.65 (Reporting by Nicole Pinto in Bengaluru; Editing by Subhranshu Sahu)
| https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-rise-philippines-indonesia-scale-record-highs-idUSL4N1PH20H | www.reuters.com |
TCP Capital Corp. Schedules Earnings Release and Conference Call for the Fourth Quarter and Fiscal Year Ended December 31, 2017 | SANTA MONICA, Calif., Jan. 29, 2018 /PRNewswire/ -- TCP Capital Corp. (NASDAQ: TCPC) announced today that it will report its financial results for the fourth quarter and fiscal year ended December 31, 2017 on Tuesday, February 27, 2018, prior to the opening of the financial markets.
TCP Capital Corp. will host a conference call at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time) on Tuesday, February 27, 2018 to discuss its financial results.
All interested parties are invited to participate in the conference call by dialing (866) 393-0571; international callers should dial (206) 453-2872. Participants should enter the Conference ID 5979218 when prompted. The conference call will be webcast simultaneously in the investor relations section of TCPC's website at http://investors.tcpcapital.com/ . An archived replay of the call will be available approximately two hours after the live call, through March 6, 2018. For the replay, please visit http://investors.tcpcapital.com/events.cfm or dial (855) 859-2056. For international replay, please dial (404) 537-3406. For all replays, please reference program ID number 5979218.
ABOUT TCP CAPITAL CORP.:
TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on performing credit lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a leading alternative investment manager. For more information, visit www.tcpcapital.com .
FORWARD-LOOKING STATEMENTS
Prospective investors considering an investment in TCP Capital Corp. should consider the investment objectives, risks and expenses of the company carefully before investing. This information and other information about the company are available in the company's filings with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website at www.sec.gov and the company's website at www.tcpcapital.com . Prospective investors should read these materials carefully before investing.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the "Risks" section of the company's shelf registration statement declared effective on May 3, 2017 and the company's subsequent periodic filings with the SEC. Copies are available on the SEC's website at www.sec.gov and the company's website at www.tcpcapital.com . Forward-looking statements are made as of the date of this press release, and are subject to change without notice. The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
View original content with multimedia: http://www.prnewswire.com/news-releases/tcp-capital-corp-schedules-earnings-release-and-conference-call-for-the-fourth-quarter-and-fiscal-year-ended-december-31-2017-300589135.html
SOURCE TCP Capital Corp. | http://www.cnbc.com/2018/01/29/pr-newswire-tcp-capital-corp-schedules-earnings-release-and-conference-call-for-the-fourth-quarter-and-fiscal-year-ended-december-31-2017.html | www.cnbc.com |
Avino Announces Fourth Quarter and Full Year 2017 Production Results from its Avino Property | VANCOUVER, Jan. 16, 2018 /PRNewswire/ - Avino Silver & Gold Mines Ltd. (ASM: TSX/NYSE American, GV6: FSE, "Avino" or "the Company") is pleased to report its fourth quarter 2017 and full year 2017 production results from its Avino property near Durango, Mexico.
Consolidated Production Highlights for 2017 (Compared to 2016)
Silver equivalent production increased 1% to 2,700,585 oz* Silver production decreased 14% to 1,394,203 oz Gold production increased 11% to 7,935 oz Copper production increased 4% to 4,373,166 lbs
Consolidated Production Highlights for Fourth Quarter, 2017 (Compared to Fourth Quarter, 2016)
Silver equivalent production decreased 10% to 637,012 oz* Silver production decreased 24% to 319,678 oz Gold production decreased 43% to 1,472 oz Copper production increased 47% to 1,108,800 lbs
*In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu
"We are very pleased to have achieved another year of consistent production which was in line with our 2017 internal projections. Although there were a few challenges throughout the year, our operations teams were successful in resolving issues that arose. At the Avino Mine, the expansion is now 90% complete and we are looking forward to increasing throughput capacity within months. 2018 will be a busy year for Avino, which is also our 50 th Anniversary, and within the coming weeks we expect to release drill results, 2017 in review, outlook for 2018, and an updated NI 43-101 mineral resource from the Avino Mine. I would like to thank the teams in Mexico and Canada for their dedicated efforts."
- David Wolfin, President, CEO & Director, Avino Silver & Gold Mines Ltd.
Consolidated 2017 Production Highlights
Comparative production numbers from 2017 and 2016 are presented below:
2017
2016
% Change
Total Silver Produced (oz) calculated
1,394,203
1,612,060
-14%
Total Gold Produced (oz) calculated
7,935
7,119
11%
Total Copper Produced (lbs) calculated
4,373,166
4,206,585
4%
Total Silver Eq. Produced (oz) calculated*
2,700,585
2,679,334
1%
*In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu
Consolidated Fourth Quarter 2017 Production Highlights
Comparative production numbers from the fourth quarters of 2017 and 2016 are presented below:
Q4
2017
Q4
2016
% Change
Total Silver Produced (oz) calculated
319,678
419,355
-24%
Total Gold Produced (oz) calculated
1,472
2,581
-43%
Total Copper Produced (lbs) calculated
1,108,800
755,645
47%
Total Silver Eq. Produced (oz) calculated*
637,012
707,775
-10%
*In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu
Avino Mine Production Highlights
Comparative figures for the years ended December 31, 2017, and December 31, 2016, as well as the fourth quarter 2017 and the fourth quarter of 2016 for the Avino Mine are as follows:
Q4
2017
Q4
2016
%
Change
2017
2016
%
Change
Notes
Tonnes Mined
111,040
103,266
8%
462,279
450,281
3%
1,7
Underground Development (m)
648
756
-14%
2,898
4,005
-28%
1,7
Mill Availability (%)
90.3
95.6
-6%
95.5
94.0
2%
2
Total Mill Feed (dry tonnes)
109,088
101,157
8%
460,890
429,289
7%
3,8
Feed Grade Silver (g/t)
50
65
-23%
64
67
-4%
4,9
Feed Grade Gold (g/t)
0.322
0.69
-53%
0.516
0.42
23%
4,9
Feed Grade Copper (%)
0.523
0.37
41%
0.484
0.50
-3%
4,9
Recovery Silver (%)
87%
85%
2%
85%
85%
0%
5
Recovery Gold (%)
69%
69%
0%
69%
64%
8%
5
Recovery Copper (%)
88%
91%
-3%
89%
90%
-1%
5
Copper Concentrate (dry tonnes)
2,281
2,094
9%
9,782
9,390
4%
6,10
Copper Concentrate Grade Silver (kg/t)
2.09
2.67
-22%
2.56
2.62
-2%
6,10
Copper Concentrate Grade Gold (g/t)
10.59
22.87
-54%
16.72
12.23
37%
6,10
Copper Concentrate Grade Copper (%)
22.05
16.37
35%
20.28
20.32
0%
6,11
Total Silver Produced (kg)
4,756
5,584
-15%
24,990
24,552
2%
6,11
Total Gold Produced (g)
24,161
47,891
-50%
163,582
114,812
42%
6,11
Total Copper Produced (Kg)
502,944
342,755
47%
1,983,637
1,908,077
4%
6,11
Total Silver Produced (oz) calculated
152,908
179,536
-15%
803,438
789,372
2%
6,11
Total Gold Produced (oz) calculated
777
1,540
-50%
5,259
3,691
42%
6,11
Total Copper Produced (Lbs) calculated
1,108,800
755,645
47%
4,373,166
4,206,585
4%
6,11
Total Silver Equivalent Produced (oz) calculated
417,182
394,149
6%
1,911,428
1,606,272
19%
6,11
*In 2017, AgEq was calculated using metals prices of $17.05 oz Ag, $1,258 oz Au and $2.80 lb Cu. In 2016, AgEq was calculated using $17.10 oz Ag, $1,248 oz Au and $2.21 lb Cu
Avino Mine Fourth Quarter 2017 Production Highlights
1.
Tonnage mined increased by 8%, whereas the underground development decreased by 14% as we transition to production mining on the levels that have already been developed to provide mill feed on a sustained basis.
2.
Mill availability was down 6% for the quarter due to the downtime associated with the commissioning of the new HP5 crusher in October. There was insufficient crushed mill feed for the Avino circuit. This has been rectified with the technical assistance from Metso, who are the suppliers of the crusher.
3.
Tonnage processed increased by 8% as Circuit 2 was dedicated to processing Avino material rather than the San Gonzalo for the entire quarter.
4.
Feed material for the quarter primarily came from the main Avino vein, resulting in higher copper, and lower gold and silver, and therefore reflective of the changes of 41%, -53%, and -23% respectively.
5.
With the change in feed and minerology, copper recovery was down 3%, no change in gold recovery and silver recovery increased by 2%.
6.
The changes in the quality of the mill feed resulted in 9% more concentrate produced and the grade of copper increased by 35%, whereas the gold and silver grades decreased by 54% and 22% respectively. In addition, copper production increased by 47%, gold decreased by 50% and silver decreased by 15% resulting in an increase of 6% in silver equivalent ounces for the quarter.
Avino Mine 2017 Year-End Production Highlights
7.
The year over year change in mined tonnes and development is attributed primarily to the transition from development to production mining.
8.
Tonnage processed increased by 7% as Circuit 2 was used exclusively to process Avino material.
9.
Gold feed grade increased by 23% whereas copper and silver decreased by 3% and 4% respectively; the changes in grades are due to the mineralisation in the areas being mined.
10.
Concentrate production increased by 4% with little to no change in the copper and silver grades but the gold increased by 37% due to the higher mill feed.
11.
Gold production increased by 42%, copper by 4% and silver by 2% resulting in 19% more silver equivalent ounces of production.
San Gonzalo Mine Production Highlights
Comparative figures for the years ended December 31, 2017, and December 31, 2016, as well as the fourth quarter 2017 and the fourth quarter of 2016 for the San Gon | http://www.cnbc.com/2018/01/16/pr-newswire-avino-announces-fourth-quarter-and-full-year-2017-production-results-from-its-avino-property.html | www.cnbc.com |
Quantum Corporation Names Patrick Dennis as CEO | SAN JOSE, Calif., Quantum Corp. (NYSE: QTM) today announced that its board of directors has appointed Patrick Dennis as president and CEO, effective today. Dennis was most recently president and CEO of Guidance Software and has also held senior executive roles in strategy, operations, sales, services and engineering at EMC. He succeeds Adalio Sanchez, a member of Quantum's board who had served as interim CEO since early November 2017. Sanchez will remain on the board and assist with the transition.
"Patrick has been a successful public company CEO and brings a broad range of experience in storage and software, including a proven track record leading business transformations," said Raghu Rau, Quantum's chairman. "The other board members and I look forward to working closely with him to drive growth, cost reductions, and profitability and deliver long-term shareholder value. We also want to thank Adalio for stepping in and leading the company during a critical transition period."
"During my time as CEO, I've greatly appreciated the commitment to change I've seen from team members across Quantum and will be supporting Patrick in any way I can to build on the important work we started," said Sanchez.
Dennis served as president and CEO of Guidance Software, a provider of cyber security software solutions, from May 2015 until its acquisition by OpenText last September. During his tenure, he turned the company around, growing revenue and significantly improving profitability. Before joining Guidance Software, Dennis was senior vice president and chief operating officer, Products and Marketing, at EMC, where he led the business operations of its $10.5 billion enterprise and mid-range systems division, including management of its cloud storage business. Dennis spent 12 years at EMC, including as vice president and chief operating officer of EMC Global Services, overseeing a 3,500-person technical sales force. In addition to his time at EMC, he served as group vice president, North American Storage Sales, at Oracle, where he turned around a declining business.
"With its long-standing expertise in addressing the most demanding data management challenges, Quantum is well-positioned to help customers maximize the strategic value of their ever-growing digital assets in a rapidly changing environment," said Dennis. "I'm excited to be joining the company as it looks to capitalize on this market opportunity by leveraging its strong solutions portfolio in a more focused way, improving its cost structure and execution, and continuing to innovate."
About Quantum
Quantum is a leading expert in scale-out tiered storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. Quantum's end-to-end, tiered storage foundation enables customers to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. See how at www.quantum.com/customerstories .
Quantum and the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.
"Safe Harbor" Statement: This press release contains "forward-looking" statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Specifically, but without limitation, statements relating to: i) Mr. Sanchez remaining on the board, assisting with the transition and supporting Mr. Dennis in building upon the work already started; ii) the board members working with Mr. Dennis to drive growth, cost reductions, and profitability and deliver long-term shareholder value; iii) Quantum being well-positioned to help customers maximize the strategic value of their ever-growing digital assets in a rapidly changing environment; and iv) Quantum looking to capitalize on market opportunities by leveraging its strong solutions portfolio in a more focused way, improving its cost structure and execution, and continuing to innovate, are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 1, 2017 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2017. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact:
Brad Cohen
Public Relations
Quantum Corp.
408-944-4044
brad.cohen@quantum.com
Brinlea Johnson or Allise Furlani
Investor Relations
The Blueshirt Group
212-331-8424 or 212-331-8433
brinlea@blueshirtgroup.com or allise@blueshirtgroup.com
with multimedia: releases/quantum-corporation-names-patrick-dennis-as-ceo-300583483.html
SOURCE Quantum Corp. | http://www.cnbc.com/2018/01/16/pr-newswire-quantum-corporation-names-patrick-dennis-as-ceo.html | www.cnbc.com |
Box Office: 'Star Wars: The Last Jedi' Holds Off 'Jumanji' on New Year's Weekend | Weekend@
LOS ANGELES, ( Variety.com ) - In a battle of box office heavyweights, Luke Skywalker just managed to hold off Dwayne "The Rock" Johnson as the world rang in another year.
Disney and LucasFilm's ""Star Wars: The Last Jedi" retained first place for the four-day New Year's holiday weekend despite steep competition from Sony's "Jumanji: Welcome to the Jungle." "Last Jedi" picked up an estimated $68.4 million, bringing its domestic haul to $533.1 million.
Don't weep for "Jumanji," however. The fantasy reboot, which finds Johnson, Jack Black, and Kevin Hart transported into a video game world, has outperformed expectations, picking up a lordly $66.5 million over the holiday weekend. It now has a hefty $185.7 million domestic gross and should continue to draw crowds in 2018. The "Jumanji" sequel has also done well internationally, racking up $350 million worldwide, and has provided a much-needed hit for a studio that has struggled to keep pace with the Disney's and Warner Bros.'s of the world. Sony claims the film has a $90 million budget. Those alleged production costs have raised eyebrows around town as to their veracity given the film's Hawaii location and starry cast, but regardless of creative accounting and aggressive spinning, the result is impressive. A sequel seems preordained.
"Star Wars: The Last Jedi" closed 2017 as the year's highest-grossing release and the seventh highest-grossing domestic movie of all time with $517.1 million. It will bypass its fellow franchisee "Rogue One" at some point on New Year's Day to take the seventh spot on the stateside charts and has already blown past the $1 billion mark globally. The film carries a $200 million price tag, and has generated controversy for a series of creative decisions by director and writer Rian Johnson that have, depending on your perspective, either infused new energy into decades-old series or deviated dangerously from the Jedi canon.
It's been a dismal year for the domestic box office, which ends 2017 with $11.12 billion in sales, down 2.3% from last year's $11.38 billion and off slightly from 2015's $11.14 billion, according to comScore. After a bruising summer, when revenues plummeted more than 6% in the wake of costly flops such as "The Mummy" and "Transformer: The Last Knight," the gap did narrow. Fall and winter hits such as "It," "Thor: Ragnarok," "Coco," and "Murder on the Orient Express," helped make up the difference. The industry was also aided by record ticket prices. Empirically, fewer people made it to the multiplexes. Attendance is expected to hit a 27-year low when official numbers are tallied.
Universal's "Pitch Perfect 3" took third place on the stateside charts, grossing $22.7 million for the four-day period and pushing its domestic total to just under $70 million. The a Cappella comedy carries a $45 million production budget and has been billed as the final installment in the franchise.
Hugh Jackman's musical drama "The Greatest Showman" is finishing a close fourth with $20.7 million. The Fox-Chernin Entertainment production chronicles the rise of circus impresario P.T. Barnum. It got a boost from the holidays, and showed the biggest gain in the top 10 movies from the Christmas Eve weekend with an impressive 73% surge. The domestic total should hit $54.3 million through Monday. It's a pricey movie, though. All that singing and dancing didn't come cheap and "The Greatest Showman" cost $84 million to make.
Fox's second weekend of "Ferdinand" rounded out the top five with $14.6 million, giving the animated comedy $56.8 million domestically.
Not every film was feeling the holiday spirit. Paramount's "Downsizing" is a costly bomb. The comedy about a man (Matt Damon) who shrinks to the size of thimble in order to live in a materialistic utopia collapsed at the box office, eking out $6.1 million over the long weekend. Its total stands at $18.5 million -- a paltry result given its $65 million budget. It also prolongs a box office losing streak for Damon. The actor also struck out with "Suburbicon" and "The Great Wall," both of which opened during and flopped in 2017.
Warner Bros. and Alcon's comedy "Father Figures" was another casualty of the Christmas crunch. The story of two twin brothers (Ed Helms and Owen Wilson) on a quest to find their biological father netted $5.1 million over the four-day weekend. Its total tops out at $14.1 million, making it unlikely that it will recoup its $25 million production budget as well its marketing costs.
And Sony's "All the Money in the World" struggled to appeal to older audiences. The drama about the kidnapping of John Paul Getty III attracted lots of attention for the filmmakers' last minute decision to re-cast a key role played by disgraced actor Kevin Spacey. The breakneck reshoots took place in a matter of weeks, with Christopher Plummer assuming the Spacey part as parsimonious billionaire J. Paul Getty, and added $10 million to the film's $40 million budget. Alas, audiences failed to show up. The movie grossed $7.5 million over the holiday weekend, bringing its domestic total to $14.7 million.
Foreign audiences picked up the slack as domestic attendance sputtered in 2017. The global box office is projected to hit $40 billion for the first time in history, propelled by the return of China. Total ticket sales in the Middle Kingdom grew by 22.3%, ending the year with $8.6 billion in revenues. That, at least, gives a beleaguered movie business some cause for celebration. | https://www.cnbc.com/2018/01/01/reuters-america-box-office-star-wars-the-last-jedi-holds-off-jumanji-on-new-years-weekend.html | www.cnbc.com |
Hexcel Schedules Fourth Quarter 2017 Earnings Release and Conference Call | STAMFORD, Conn., Jan. 11, 2018 (GLOBE NEWSWIRE) -- Hexcel Corporation (NYSE:HXL) announced today that it will report results for its fiscal 2017 fourth quarter on Wednesday, January 24, 2018 after the market close.
The company will host a webcast and conference call to discuss highlights of its financial results on Thursday, January 25, at 10 a.m. ET. The call will be hosted by Chairman, CEO and President Nick Stanage and Chief Financial Officer Patrick Winterlich.
The event will be webcast via the investor relations webpage at www.Hexcel.com . A replay of the call will be available on the investor relations page of the Hexcel website approximately two hours after the conclusion of the call. The event can also be accessed by dialing +1 (409) 350-3491. The conference ID is 9299630.
About Hexcel
Hexcel Corporation is a leading advanced composites company. It develops, manufactures and markets lightweight, high-performance structural materials including carbon fibers, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered core and composite structures for use in commercial aerospace, space and defense and industrial applications. Learn more at www.Hexcel.com .
Contact Information
Kurt Goddard, Vice President - Investor Relations
+1 (203) 352-6826
Kurt.Goddard@Hexcel.com
Source:Hexcel Corporation | http://www.cnbc.com/2018/01/11/globe-newswire-hexcel-schedules-fourth-quarter-2017-earnings-release-and-conference-call.html | www.cnbc.com |
German leader Merkel says the current world order is under threat | German leader Angela Merkel said that multilateralism was under threat and said that protectionism is not the answer to the world's problems.
"Frankly speaking, the country I have the honor to represent and where I am chancellor has difficulties. And polarization is something that we see in our country as well, which we haven't had for decades," Merkel said.
She attributed increasing populism and polarization to both the euro zone crisis and migration crisis seen in Europe over the last few years following an influx of refugees, but said Germany would not shrink from the world stage.
"Germany wishes to be a country that lends its contribution in the future to solve the problems of the world together, we think that shutting ourselves off and isolating ourselves will not lead us into a good future. Protectionism is not the proper answer," she said.
show chapters Germany needs 'new political blood': Pro 3 Hours Ago | 03:22 Merkel is just the latest leader at Davos to criticize a protectionist and isolationist stance towards the world's problems . Such comments appear to be directed towards President Donald Trump who has adopted an "America First" stance in his foreign and economic policies.
'Not learned the lessons from history' In contrast, Merkel said the answer to the world's problems was to see multilateral solutions instead of a "unilateral, protectionist course" of action.
At the start of her address, Merkel referenced both world wars in the 20th century, saying that the "political actors involved had almost sleepwalked into a horrendous situation." She said there was a danger that the world had not learned the lessons from history.
She said the foundation of the United Nations (UN) was a multilateral and cooperative solution that was borne out of World War II, adding that a multilateral response helped to resolve the global financial crisis of 2008-2009.
Check out the world leaders and celebrities who are at Davos this year Larry Busacca | Getty Images Entertainment | Getty Images German coalition talks Merkel's comments come amid continued speculation over Germany, and indeed Merkel's, political future after months of negotiations aimed at forming a coalition government. This after no one party gained a majority in last September's election.
Merkel's conservative alliance of the Christian Democratic Union (CDU) and Christian Social Union (CSU) first attempted to form a coalition with the Green party and pro-business Free Democratic Party (FDP), but it failed after the parties couldn't agree on various policies ranging from immigration to euro zone integration.
With no prospect of an alliance, Merkel's coalition partner in several former governments, the Social Democratic party (SPD) led by Martin Schulz, did a U-turn on an earlier pledge to voters not to go into government with the CDU-CSU again and began talks with Merkel's conservative alliance in January.
The decision could backfire on the SPD which performed badly in the last election due to its supporters' disapproval of its alliance with the CDU-CSU. As such, the SPD is likely to extract many concessions from the CDU-CSU during upcoming negotiations in return for its support in government.
There is also doubt over whether Merkel, known as "Mutti" (mother) in Germany, will see out the whole of what will be her fourth term as chancellor and there is speculation on who her successor might be.
Merkel said Wednesday that she would continue to hold talks aimed at forming a government "as quickly as possible." Speaking on Germany's economy, she said it had enjoyed 11 years of consecutive growth but needed to modernize and make more progress in terms of digitization. | https://www.cnbc.com/2018/01/24/germany-has-difficulties-and-polarization-that-we-havent-seen-for-decades-merkel-tells-davos.html | www.cnbc.com |
Rexford Industrial Announces 2017 Tax Treatment Of Dividend Distributions | LOS ANGELES, Jan. 24, 2018 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE:REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the 2017 tax treatment of the Company's common stock and preferred stock dividend distributions, as described below. Shareholders are encouraged to consult with their personal tax advisors as to their specific tax treatment of the Company's dividend distributions.
Common Stock - CUSIP Number 76169C100
Distribution Per Share
2017 Tax Treatment
Record
Date
Payable
Date
Total
Taxable in
2017
Total
Ordinary
Dividends
Qualified
Dividends (1)
Total Capital
Gain
Distributions
Unrecaptured
Section 1250
Gain (2)
Return of
Capital
(Nondividend
Distributions)
12/30/2016
1/17/2017
$
0.135000
$
0.086353
$
0.082622
$
0.
$
0.
$
0.
$
0.003731
3/31/2017
4/17/2017
$
0.145000
$
0.145000
$
0.138735
$
0.
$
0.
$
0.
$
0.006265
6/30/2017
7/17/2017
$
0.145000
$
0.145000
$
0.138735
$
0.
$
0.
$
0.
$
0.006265
9/29/2017
10/16/2017
$
0.145000
$
0.145000
$
0.138735
$
0.
$
0.
$
0.
$
0.006265
Totals:
$
0.570000
$
0.521353
$
0.498827
$
0.
$
0.
$
0.
$
0.022526
Form 1099-DIV Box:
1a
1b
2a
2b
3
(1) Qualified Dividends (Box 1b) are a subset of, and are included in, the Total Ordinary Dividends reported in Box 1a.
(2) Unrecaptured Section 1250 Gain (Box 2b) is a subset of, and is included in, the Total Capital Gain Distributions reported in box 2a.
The common stock distribution of $0.135 per share payable on January 17, 2017, to shareholders of record as of December 30, 2016, was treated as paid in two tax years for income tax purposes, with approximately 64%, or $0.086353 per share, allocable to 2017 for federal income tax purposes.
The common stock distribution of $0.145 per share payable on January 15, 2018, to shareholders of record as of December 29, 2017, is considered a 2018 distribution for federal income tax purposes.
Series A Preferred Stock - CUSIP Number 76169C209
Distribution Per Share
2017 Tax Treatment
Record
Date
Payable
Date
Total
Taxable in
2017
Total
Ordinary
Dividends
Qualified
Dividends (1)
Total Capital
Gain
Distributions
Unrecaptured
Section 1250
Gain (2)
Return of
Capital
(Nondividend
Distributions)
3/15/2017
3/31/2017
$
0.367188
$
0.367188
$
0.367188
$
0.
$
0.
$
0.
$
0.
6/15/2017
6/30/2017
$
0.367188
$
0.367188
$
0.367188
$
0.
$
0.
$
0.
$
0.
9/15/2017
9/29/2017
$
0.367188
$
0.367188
$
0.367188
$
0.
$
0.
$
0.
$
0.
12/15/2017
12/29/2017
$
0.367188
$
0.367188
$
0.367188
$
0.
$
0.
$
0.
$
0.
Totals:
$
1.468752
$
1.468752
$
1.468752
$
0.
$
0.
$
0.
$
0.
Form 1099-DIV Box:
1a
1b
2a
2b
3
(1) Qualified Dividends (Box 1b) are a subset of, and are included in, the Total Ordinary Dividends reported in Box 1a.
(2) Unrecaptured Section 1250 Gain (Box 2b) is a subset of, and is included in, the Total Capital Gain Distributions reported in box 2a.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 151 properties with approximately 18.5 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.
For additional information, visit www.rexfordindustrial.com .
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2016. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Contact:
Investor Relations:
Stephen Swett
424-256-2153 ext. 401
investorrelations@rexfordindustrial.com
View original content: http://www.prnewswire.com/news-releases/rexford-industrial-announces-2017-tax-treatment-of-dividend-distributions-300587794.html
SOURCE Rexford Industrial Realty, Inc. | http://www.cnbc.com/2018/01/24/pr-newswire-rexford-industrial-announces-2017-tax-treatment-of-dividend-distributions.html | www.cnbc.com |
Why New York Giant Victor Cruz didn't spend his first NFL paycheck | 4 Hours Ago CNBC.com
Professional athletes are known for splurging on the finer things in life, especially when they get their first big paycheck.
Former NBA player Shaquille O'Neal admitted that after signing his first professional contract, he went on an expensive shopping spree and blew through $1 million in an hour. Philadelphia 76ers player Ben Simmons said on a recent episode of " Kneading Dough ," that after becoming a millionaire he regretfully spent $10,000 on two Savannah Cats.
But one athlete who took a more conservative route with his first big check is former New York Giants wide receiver Victor Cruz. In a recent interview with Uninterrupted, Cruz admitted that he put his first big paycheck into savings and didn't spend a dime. Twitter
In 2010, Cruz signed a three-year $1.215 million contract with the New York Giants as an undrafted free agent. In 2013, he signed a five-year contract with the team worth $43 million.
"That first check was probably the largest check I've ever seen with my own eyes at that time," he said. "So I saved it. I wanted to make sure that this isn't the last check that I receive. I wanted to make sure every check from here on out I saved and multiplied."
He tells CNN Money that it was the early advice he received from Giants staffer Charles Way for helping him to stay on track financially throughout his career. show chapters 10:36 AM ET Fri, 14 July 2017 | 01:01
"He was like, 'Man, make sure you understand what your money is doing and understand what's happening with your money. Don't just give it to some accountant and just let him do whatever he wants with it,'" said Cruz.
After a Super Bowl win, a few injuries and a seven-year run in the league, Cruz's NFL career came to an end when he was released by the Giants in February 2017. Since receiving that first paycheck, Cruz says he's always thought about the future and how he can make his money last.
"It's not about the right now. It's about the longevity and making sure that your finances are taking care of you not just right now, but forever," he says. "And making that money last for yourself, for your family and for the people that you care about." | https://www.cnbc.com/2018/01/26/why-new-york-giant-victor-cruz-didnt-spend-his-first-nfl-paycheck.html | www.cnbc.com |
SunTrust Reports Fourth Quarter and Full Year 2017 Results | ATLANTA, Jan. 19, 2018 /PRNewswire/ -- For the fourth quarter of 2017, SunTrust Banks, Inc. (NYSE: STI) reported net income available to common shareholders of $710 million, or $1.48 per average common diluted share, which includes $0.39 per share of net discrete benefits from Form 8-K items announced on December 4, 2017 and the impacts of tax reform-related items summarized below.
For the full year, diluted earnings per share was $4.47, up 24% relative to 2016. When excluding the impact of the aforementioned net discrete benefits, earnings per share was up 14% relative to 2016 as a result of strong revenue growth, improved profitability, and reduced shares outstanding.
Form 8-K and Tax Reform-related Items Impacting 4th Quarter 2017 Results
Impacted Line Item in the
Consolidated Statements of Income
(Dollars in millions) (Unaudited)
Form 8-K items previously announced on December 4, 2017:
Gain on sale of Premium Assignment Corporation ("PAC") subsidiary
$107
Other noninterest income
Net charge related to efficiency actions
(36)
Other noninterest expense
Tax impact of above items (tax expense)
(29)
1
Benefit/provision for income taxes
SunTrust Mortgage ("STM") state NOL valuation allowance adjustment (tax expense)
(27)
1
Benefit/provision for income taxes
Net benefit of Form 8-K items (after-tax)
$16
2
Tax reform-related items:
Charitable contribution to SunTrust Foundation
($50)
Marketing and customer development
Discretionary 401(k) contribution and other employee benefits
(25)
Employee compensation and benefits
Securities available for sale ("securities AFS") portfolio restructuring losses
(109)
Net securities (losses)/gains
Loss on sale of servicing rights
(5)
Mortgage servicing related income
Tax impact of above items (tax benefit)
70
1
Benefit/provision for income taxes
Revaluation of net deferred tax liability and other discrete tax items (tax benefit)
291
Benefit/provision for income taxes
Net benefit of tax reform-related items (after-tax)
$172
Net benefit of Form 8-K and tax reform-related items (after-tax)
$188
1 Amounts are calculated using a federal statutory rate of 35% and are adjusted for permanent items, if applicable.
2 Amount does not foot as presented due to rounding.
"Our performance this quarter rounded out a very strong year for SunTrust where we continued to deliver on the commitments we have made to our owners," said William H. Rogers, Jr., chairman and CEO of SunTrust Banks, Inc. "Specifically, 2017 marked the sixth consecutive year in which we grew earnings per share, improved efficiency, and increased capital return. We also took significant actions this quarter which better position the company for success and give me increased confidence that 2018 will be another great year for SunTrust."
Fourth Quarter 2017 Financial Highlights
(Commentary is on a fully taxable-equivalent basis unless otherwise noted. Consistent with SEC guidance in Industry Guide 3 that contemplates the calculation of tax-exempt income on a tax equivalent basis, net interest income, net interest margin, total revenue, and efficiency ratios are provided on a fully taxable-equivalent basis, which generally assumes a 35% marginal federal tax rate and state income taxes, where applicable. We provide unadjusted amounts in the table on page 3 of this news release and detailed reconciliations and additional information in Appendix A on pages 12 through 13.)
Income Statement
Net income available to common shareholders was $710 million, or $1.48 per average common diluted share, compared to $1.06 for the prior quarter and $0.90 for the fourth quarter of 2016. This quarter was favorably impacted by $0.39 per share of net discrete benefits in connection with the items announced in the December 4, 2017 Form 8-K and tax reform-related items. Total revenue was stable compared to the prior quarter and increased 5% compared to the fourth quarter of 2016. The year-over-year increase was driven primarily by higher net interest income and slightly higher noninterest income. Net interest margin was 3.17% in the current quarter, up 2 basis points sequentially and up 17 basis points compared to the prior year. The year-over-year increase was driven by higher earning asset yields arising from higher benchmark interest rates, positive mix shift in the loans held for investment ("LHFI") portfolio, and higher securities AFS yields given lower premium amortization expense. Provision for credit losses decreased $41 million sequentially due to the prior quarter reserve build related to hurricanes, and decreased $22 million year-over-year due to lower net charge-offs. Noninterest expense increased 9% sequentially and year-over-year. The December 4, 2017 Form 8-K and tax reform-related items impacted noninterest expense by a net $111 million ($50 million charitable contribution to the SunTrust Foundation, $36 million net charges related to efficiency initiatives, and $25 million discretionary 401(k) contribution and other employee benefits). Excluding these discrete items, noninterest expense was relatively stable compared to the prior quarter and prior year. The efficiency and tangible efficiency ratios for the current quarter were 65.9% and 64.8%, respectively, which were unfavorably impacted by the effect of Form 8-K and tax reform-related items presented in the table on page 1. Excluding these items, the adjusted tangible efficiency ratio was 59.9% for the current quarter, compared to 59.2% for the prior quarter and 63.1% for the fourth quarter of 2016. For the full year, the efficiency and tangible efficiency ratios were 63.1% and 62.3%, respectively. The adjusted tangible efficiency ratio was 61.0%, down approximately 100 bps from 2016 as a result of positive operating leverage.
Balance Sheet
Average performing LHFI were stable sequentially and grew 1% year-over-year, driven primarily by growth in consumer lending. Average consumer and commercial deposits increased modestly compared to the prior quarter and 2% compared to the fourth quarter of 2016, driven largely by growth in NOW and time deposit account balances.
Capital
Estimated capital ratios continue to be well above regulatory requirements. The Common Equity Tier 1 ("CET1") ratio was estimated to be 9.8% as of December 31, 2017, and 9.6% on a fully phased-in basis, slightly higher than the prior quarter. During the quarter, the Company repurchased $330 million of its outstanding common stock in accordance with its 2017 Capital Plan and issued $500 million of 5.125% noncumulative perpetual preferred stock, Series H. Book value per common share was $47.94 and tangible book value per common share was $34.82, up 2% and 1%, respectively, from September 30, 2017, driven primarily by growth in retained earnings.
Asset Quality
Nonperforming loans ("NPLs") decreased $23 million from the prior quarter and represented 0.47% of period-end LHFI at December 31, 2017. The sequential decrease was driven primarily by continued improvements in the energy portfolio. Net charge-offs for the current quarter were $107 million, or 0.29% of total average LHFI on an annualized basis, up $29 million sequentially and down $29 million year-over-year. The sequential increase was driven by higher net charge-offs associated with C&I and consumer loans, while the year-over-year reduction was driven by overall asset quality improvements and lower energ | http://www.cnbc.com/2018/01/19/pr-newswire-suntrust-reports-fourth-quarter-and-full-year-2017-results.html | www.cnbc.com |
Procter & Gamble earnings Q2 2018 | Procter & Gamble beat expectations on both the top and bottom line in its second quarter of 2018, showing recovery after organic sales lost steam in the first quarter of its fiscal year.
But the company still found itself victim to the intensifying retail landscape, which contributed to declines in both its diaper and Gillette shaving business.
P&G backed its sales forecast for the year but raised its estimate for core earnings per share growth for fiscal 2018 to a range of 5 percent to 8 percent from a prior range of 5 percent to 7 percent.
Shares were down 1.28 percent in premarket trading.
Here's how P&G did compared with what Wall Street expected:
EPS: $1.19 vs. $1.14 expected according to Thomson Reuters Revenue: $17.40 billion vs. $17.39 billion expected according to Thomson Reuters "We accelerated organic sales growth and delivered strong productivity cost savings and cash flow," said David Taylor, P&G's chairman and CEO.
Total net sales for the quarter were $17.4 billion, a 3 percent increase over the year prior. Reported gross margin, though, decreased 60 basis points.
As competition amid retailers intensifies in the U.S., they are putting increasing pressure on products manufacturers. P&G told analysts on Tuesday it is still coping with retailers buying less inventory and discounting products, which has impacted its sales.
"There continues to be significant retail competition [in the U.S.] which is forcing prices down to consumers," the company told analysts. "While that doesn't change the price that we necessarily sell products through to these retail channels, it starts driving price points in the marketplace."
Net sales in P&G's grooming business, which includes Gillette shaving, dropped 3 percent. Within the segment, shave care dropped at a mid-single-digit pace, still an improvement over last quarter , when net sales of the business fell 5 percent.
Sales in its baby, feminine and family care business, which includes Pampers diapers, dropped 1 percent. The business is pressured more broadly as the U.S. birth rate declines.
Kimberly-Clark, which competes with P&G in diapers and paper towels, on Tuesday announced it is slashing about 13 percent of its workforce globally in a bid to cut costs as sales wane. In an interview with The Wall Street Journal, CEO Tom Falk pointed to P&G's price-cutting to regain sales as part of the industry's challenge.
P&G saw its strongest sales growth in beauty, which jumped 9 percent, and health care, which jumped 4 percent. Within health care, its oral care sales growth clocked in at the low single digits and its personal health care jumped high single digits. The Vicks owner said the latter was driven in part by an early and intense cold season.
P&G said the recent change in U.S. tax law resulted in a net benefit of roughly $135 million in the latest period. It expects that to continue for fiscal 2018 and increase in the future.
It also took a provisional net charge of $628 million for the quarter, due to the new tax law.
Core earnings per share, which excludes certain items such as the temporary impact of the tax law, were $1.19, an increase of 10 percent versus the prior year. P&G attributed this increase to a jump in net sales and a lower core effective tax rate. | https://www.cnbc.com/2018/01/23/procter-gamble-earnings-q2-2018.html | www.cnbc.com |
Kellermeyer Bergensons Services Announces Acquisition of East Coast/National Maintenance Services | OCEANSIDE, Calif., Jan. 10, 2018 /PRNewswire/ -- Kellermeyer Bergensons Services, LLC (KBS), the largest provider of technology-enabled, integrated interior and exterior property services to multi-region and multi-site customers in North America, today announced the acquisition of East Coast Lot and Pavement Maintenance (East Coast)/National Maintenance Systems (NMS), an independently-owned exterior facility services company headquartered in Rhode Island. The transaction closed on Jan. 5, 2018.
Mark Minasian, Chief Executive Officer and Co-founder of KBS stated, "We are very excited about the acquisition of East Coast/NMS. They are a leader in snow and ice management, landscaping and parking lot maintenance services primarily in the Northeast and Midwest regions. This expansion by KBS into complementary exterior services in very attractive end markets further strengthens our commercial value proposition, offering our customers the largest, most reliable integrated facility support solutions platform for interior, exterior or bundled services across North America."
East Coast/NMS offers a full line of on-site maintenance services including regenerative air and brush truck sweeping, snow and ice removal, landscaping, power washing, asphalt repair, line striping and crack filling.
Minasian continued, "Uri Ben-Yashar, the Founder-CEO of East Coast/NMS, is a top tier operator who, after nearly three decades of dedication, has refined the predictive, efficient, simultaneous and scaled delivery of on-demand snow and ice management services. He will continue to lead the division going forward and we are very excited to welcome Uri and his talented team to the KBS family of companies."
Ben-Yashar said, "I am very happy to be partnering with KBS. I've had the opportunity to get to know Mark and his team over the past two years. After decades of operating independently and establishing our brand identity, I became very excited about the opportunities that a merger with KBS would provide for our people and customers. We will keep our brand identity while having the coverage and access to KBS's resources. With KBS's support and our knowledge of the exterior services market, we have now entered the next phase in our growth and development, and I am very excited about the future."
Minasian added, "Ice and snow management services are mission critical for customers who depend on East Coast/NMS to do the toughest jobs in the very toughest conditions to keep their properties safe and operating during major weather events. By merging with KBS, East Coast/NMS customers can now have even greater confidence that the service support as well as financial and operational underpinnings of East Coast/NMS are stronger than ever. Major hospitals with emergency vehicle flows, massive regional U.S. Postal Service distribution centers moving millions of parcels per day, major regional banks and commercial clients all depend on the expert team at East Coast/NMS. During spring and summer, East Coast/NMS's plows give way to exterior landscape and parking lot maintenance services in a very efficient cycle of year-round stewardship for exterior property environments."
Hoon Cho, Managing Director at GI Partners, a leading San Francisco-based private equity firm and KBS sponsor, stated, "East Coast/NMS marks the fourth acquisition by KBS in the past year, with more expected to close as we progress through 2018. The serial completion of these deals comes as a result of a very focused and disciplined strategic and operational path the company undertook over the past three years resulting in KBS becoming the acquirer of choice for regional facility support service providers. We congratulate Mark and the KBS team on the acquisition of East Coast/National Maintenance Systems and welcome Uri and his team into KBS."
About East Coast / National Maintenance Services
East Coast Lot and Pavement Maintenance (East Coast) and National Maintenance Systems (NMS) deliver complete exterior maintenance services for clients nationwide. Our services concentrate on exterior maintenance such as snow plowing, snow displacement, de-icing, landscaping, irrigation systems, power washing, parking lot sweeping and more. We have a dedicated staff with more than 25 years of experience who provide dedicated oversight of our own employees as well as a network of vendors to ensure your property is maintained to the highest standards and your business remains open, even during inclement weather. Headquartered in Pawtucket, Rhode Island, East Coast/NMS has satellite offices in Connecticut, New Hampshire and New York. For more information, visit econsite.com and nationalmaintsys.com .
About KBS
Kellermeyer Bergensons Services, LLC (KBS) is the largest provider of technology-enabled, integrated interior and exterior property services to multi-region and multi-site customers in North America. With more than 41,000 active customer locations in all 50 U.S. states, Canada, and Puerto Rico, KBS sets the industry standard for delivering consistently high quality, compliant and cost-effective service solutions. Based in Oceanside, Calif., the company is majority owned by GI Partners. For more information, visit kbs-services.com .
About GI Partners
GI Partners is a leading private investment firm based in San Francisco. The firm has raised over $16 billion in capital through private equity and real estate strategies from recognized institutional investors across the globe. GI Partners' private equity team is active in several sectors, including IT Infrastructure, Healthcare, Software, and Services. For more information on GI Partners and its entire portfolio, please visit gipartners.com .
Contacts:
Andi Murray, 760-477-9207 (o), 202-329-7798 (c) or amurray@kbs-services.com
Nathaniel Shaw, 828-244-7042 or nshaw@kbs-services.com
View original content: http://www.prnewswire.com/news-releases/kellermeyer-bergensons-services-announces-acquisition-of-east-coastnational-maintenance-services-300580777.html
SOURCE Kellermeyer Bergensons Services, LLC | http://www.cnbc.com/2018/01/10/pr-newswire-kellermeyer-bergensons-services-announces-acquisition-of-east-coastnational-maintenance-services.html | www.cnbc.com |
Dollar rises on rate hopes, undeterred by US jobs report | The dollar rose on Friday, after a brief dip, as investors reckoned a weaker-than-expected U.S. December non-farm payrolls report would not deter the Federal Reserve from raising interest rates multiple times this year though at a gradual pace.
U.S. nonfarm payrolls increased by 148,000 jobs last month. Economists were forecasting job gains of 190,000. Employment data for October and November data were revised to show 9,000 fewer jobs created than previously reported.
The dollar briefly slipped after the softer-than-forecast number, but has since regained momentum.
"It was a little disappointing. The market doesn't care. The margin of error on this number is always big," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, referring to the U.S. jobs data.
"What we'd be concerned about is if we see a couple of prints below 100,000. Until then we're okay," he added.
Fed funds futures still price in a nearly 70 percent chance the U.S. central bank will hike interest rates in March, according to CME's Fedwatch.
show chapters Euro will see further strength in 2018, analyst says 5:36 AM ET Tue, 2 Jan 2018 | 01:52 One bright spot in the U.S. December employment report was the rise in wage growth, analysts said. Average hourly earnings rose 9 cents, or 0.3 percent, in December after gaining 0.1 percent in the prior month. That lifted the annual increase in wages to 2.5 percent from 2.4 percent in November.
"This provides further evidence that wage gains have become self-sustaining while helping to support interest rate expectations on the front end of the curve," said Karl Schamotta, director of global product and market strategy, at Cambridge Global Payments in Toronto.
In mid-morning trading, the dollar gained 0.37 percent against the yen to 113.16, while the euro fell 0.18 percent versus the dollar to $1.2045. That put the dollar index , a measure of the greenback's value against six major currencies, up 0.2 percent on the day.
The dollar index was last up 0.11 percent at 91.95. | https://www.cnbc.com/2018/01/04/inflation-subdued-but-euro-still-set-for-3rd-week-of-gains.html | www.cnbc.com |
North Korea’s nukes aren’t Trump’s fault, former Clinton advisor says | North Korea's rapidly advancing nuclear capability is not the fault of President Donald Trump, but rather of successive U.S. administrations who've failed to reign in the rogue state, according to a former White House foreign policy director.
"Clinton, Bush, Obama, and Trump: this is a 20-year failure of American foreign policy," James Rubin, former assistant secretary of state for public affairs under the Bill Clinton administration, told CNBC Friday.
Rubin tempered his criticism, however, stressing it was important to remember that "there are limits to what you can do in a country like that if you aren't prepared to go to war."
The comments come on the tail of the first government-level talks between North and South Korea in more than two years, as both countries prepare for the Winter Olympics in South Korea. North Korea has been a constant presence in international headlines, developing nuclear weapons and testing missiles at a faster rate than at any point in its history.
KCNA | Reuters A view of the newly developed intercontinental ballistic rocket Hwasong-15's test that was successfully launched is seen in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang November 30, 2017. Pyongyang has fired 23 missiles during 16 tests since the start of 2017, conducting its first intercontinental ballistic missile (ICBM) in July, and claims it is now capable of striking the U.S. mainland.
Some observers blame Trump's bellicose words and tweets toward North Korean leader Kim Jong Un for the current spike in tensions. The U.S. president has threatened to "totally destroy" the country and has mocked Kim in tweets, calling him "Little Rocket Man" and deriding attempts at diplomacy. He recently expressed support for the talks with the South , however, which took place Tuesday in the border town of Panmunjom.
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Asked whether the tough talk might be having a positive effect on spurring talks, Rubin replied: "Possibly, but I think more (than) that is that the North Koreans now have something they never had before, which is the ability, probably, to take a nuclear weapon from Pyongyang to any city in the United States. That's the new part of this, and that hasn't changed yet."
Previous administrations' dealings with the North Under Bill Clinton, an agreement called the Agreed Framework was passed whereby an international coalition would replace North Korea's plutonium reactor with two light-water reactors in exchange for 500,000 tons of heavy fuel each year from the U.S. The deal was not popular in Congress, and was scrapped shortly after George W. Bush came to power. In response, the North kicked out its U.N. inspectors and relaunched its nuclear development.
The Bush administration focused on multilateral negotiations, launching the Six-Party Talks in 2003 with China's help, which also included Russia, Japan and South Korea. But the talks were impeded by numerous lengthy boycotts by the North. By early 2005, North Korea declared it was in possession of nuclear weapons and would not attend future talks.
Finally, Barack Obama stuck with the diplomatic route, first employing a conciliatory approach and later implementing sanctions, but similarly to no avail. Pyongyang would oversee four underground nuclear tests by the time Obama left office.
DigitalGlobe | 38 North | Getty Images On December 28, 2017, large numbers of personnel are observed at the Southern Support Area, located south of the Command Center Area. "We've squeezed them, we've sanctioned them, we've tried diplomacy, we've tried agreements, they broke agreements," Rubin said. "Yes, everybody's failed, but it's a pretty tough problem."
In late December, the UN Security Council (UNSC) adopted a set of stringent sanctions drafted by the U.S. which cut exports of diesel, gasoline and other oil products by nearly 90 percent. This is the tenth major sanctions resolution imposed by the UNSC on North Korea since 2006. North Korea has called it "an act of war." | https://www.cnbc.com/2018/01/12/north-koreas-nukes-arent-trumps-fault-former-clinton-advisor-says.html | www.cnbc.com |
Mark E. Denman Joins Genesis Financial Solutions as President of Genesis Credit | BEAVERTON, Ore., Jan. 9, 2018 /PRNewswire/ -- Genesis Financial Solutions announced the appointment of Mark E. Denman as President of Genesis Credit, the private label financing business unit of Genesis Financial Solutions. The programs offered through the Genesis Credit brand allows retailers to provide customers, who are typically turned down by prime lenders, access to high quality financing solutions with flexible payment plans and attractive promotions.
As President, Mark will focus on driving Genesis Credit's long term strategic development and immediate incremental growth, while building strong relationships with current and future retail partners.
"We are excited to have someone of Mark's stature join our executive team at Genesis," said Bruce Weinstein, President and CEO, Genesis Financial Solutions. "Mark's extensive retail consumer credit expertise and proven ability to increase top line growth, aligns with our long term strategic objectives for our private label business."
Mark comes to Genesis Financial Solutions with over 20 years of leadership experience in the consumer leasing industry. Most recently, he served as Executive Vice President at AcceptanceNow (A Rent-A-Center brand). In this role, he drove a 30% revenue increase in their kiosk lease business, a 25% reduction in time to open stores, a 20% increase in store openings, and implemented the company's first virtual kiosks. Prior to his EVP role at AcceptanceNow, Mark was Divisional Vice President at both Rent-A-Center and AcceptanceNow brands as well as Operations Manager at TRS (The Rental Store) who Rent A Center acquired in 2010.
About Genesis Financial Solutions
Genesis Financial Solutions, Inc. is the leading provider of non-prime consumer financing solutions with over 1.5 million customers, 150,000 new cardholders monthly, and 1,000 team members. Genesis provides top quality financing solutions and respectful service for non-prime consumers through our merchant and direct-to-consumer credit card programs. Our programs offer consumers, who are typically turned down by a prime lender, a second chance to access financing and credit cards with simple terms, competitive rates, and excellent customer service. For more information visit Genesis' website at www.genesis-fs.com .
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SOURCE Genesis Financial Solutions, Inc. | http://www.cnbc.com/2018/01/09/pr-newswire-mark-e-denman-joins-genesis-financial-solutions-as-president-of-genesis-credit.html | www.cnbc.com |
UPDATE 7-Oil hits highest since 2015 as Iran unrest spooks market | * Brent touches $68.27, highest since May 2015
* Iran deploys Revolutionary Guards to quell "sedition"
* Analyst says market vulnerable to profit-taking
* API says U.S. crude inventories fall; EIA supply report due (Updates prices)
LONDON, Jan 4 (Reuters) - Oil rose above $68 a barrel to its highest since May 2015 on Thursday after unrest in Iran raised concerns about supply risks, with support also coming from OPEC-led output cuts and demand-boosting cold weather in the United States.
Six days of anti-government protests in OPEC's third-largest producer have added a geopolitical risk premium to oil prices, though Iran's production and exports have not been affected.
Brent crude, the international benchmark, was down 11 cents at $67.73 a barrel by 1455 GMT but traded as high as $68.27 earlier in the session. U.S. crude rose 4 cents to $61.67 and also touched its highest since May 2015.
"There is enough support for prices with the cold in the U.S. and the geopolitical factor," said Petromatrix oil analyst Olivier Jakob.
Freezing weather in the United States has spurred short-term demand, especially for heating oil.
Apart from the spike in May 2015, oil is trading at its highest since December 2014 - the month after a decision by the Organization of the Petroleum Exporting Countries to stop cutting output to support prices.
Analysts at JBC Energy said the price reaction to the Iranian unrest was overdone, while Swiss bank Julius Baer said prices projected "an overly rosy picture" that left the market at risk of profit-taking.
OPEC, supported by Russia and other non-members, began to reduce output a year ago to remove a glut built up in the previous two years. Compliance has been high, aided by involuntary declines in Venezuela, where the economy is collapsing, plus unrest in Nigeria and Libya.
Producers have decided to extend the supply pact until the end of 2018.
OPEC's cuts are helping reduce global inventories. In the United States crude stocks fell by 5 million barrels in the latest week, the American Petroleum Institute said on Wednesday before the government's supply report later on Thursday.
Byron Wien of Blackstone listed the prospect of U.S. crude topping $80 as one of 10 potential shockers for investors in 2018 in his annual list of surprises.
Balancing the trend towards a tighter market is higher production in the United States, where the OPEC-led effort to push prices up is spurring more shale oil output.
(Addtional reporting by Henning Gloystein; Editing by Mark Potter and David Goodman) | https://www.cnbc.com/2018/01/04/reuters-america-update-7-oil-hits-highest-since-2015-as-iran-unrest-spooks-market.html | www.cnbc.com |
UPDATE 3-McDonald's robust U.S. sales fail to impress, shares fall | (Recasts, adds context and analyst commentary)
Jan 30 (Reuters) - McDonald's Corp on Tuesday reported robust U.S. fourth-quarter restaurant sales, boosted by new buttermilk chicken tenders and cheap value offerings, but that was not enough to match Wall Street's increasing appetite for growth.
Investor expectations are high three years into a turnaround led by Chief Executive Steve Easterbrook. Under his guidance, the company is recapturing share from rivals and winning back customers who had defected to fast-casual chains like Panera Bread and Chipotle Mexican Grill Inc.
Shares in the world's biggest restaurant chain fell 0.6 percent to $176.63 in morning trading. They have climbed 80 percent since Easterbrook was named CEO on March 1, 2015, outperforming a 36 percent rise in the S&P 500.
McDonald's is now doubled down on discounting, piling more pricing pressure on rivals with a $1, $2, $3 menu launched earlier this month. It also plans to invest $2.4 billion this year to help open 1,000 new restaurants and renovate and modernize existing units to accommodate self-service kiosks, mobile ordering and delivery.
Sales at U.S. restaurants open at least 13 months jumped an enviable 4.5 percent, the fourth straight quarterly rise, but that only matched analysts' estimates. Sales in the region were boosted by higher demand for its McPick 2 $5 combo offer and cheap drinks. The United States is McDonald's biggest market in terms of restaurants, revenue and operating income.
Global same-store sales were up 5.5 percent, as it served more customers in regions including Canada, the United Kingdom and China. That exceeded the 5 percent gain analysts expected, "though a bit more modestly than in previous quarters," Bernstein analyst Sara Senatore said in a client note.
Net income fell to $698.7 million or 87 cents per share, from $1.19 billion or $1.44 per share, a year earlier, mainly due to a $700 million one-time net charge related to recent changes in U.S. tax law.
Excluding items, the company earned $1.71 per share, beating the average analyst estimate of $1.59, according to Thomson Reuters I/B/E/S.
After crunching the numbers to account for the tax charge and a lower-than-expected effective rate in the fourth quarter, Cowen & Co analyst Andrew Charles said in a client note that he viewed the underlying earnings per share as in-line with expectations.
Revenue fell 11.4 percent to $5.3 billion in the quarter ended Dec. 31 as McDonald's stepped up sales of restaurants to franchisees and strategic partners. (Reporting by Siddharth Cavale in Bangalore and Lisa Baertlein in Los Angeles; Editing by Meredith Mazzilli) | https://www.cnbc.com/2018/01/30/reuters-america-update-3-mcdonalds-robust-u-s-sales-fail-to-impress-shares-fall.html | www.cnbc.com |
LoyaltyExpress Acquires Lending Manager | WOBURN, Mass., Jan. 8, 2018 /PRNewswire/ -- LoyaltyExpress, a provider of marketing automation and cloud-based CRM solutions for mortgage companies and banks, today announced the acquisition of Lending Manager, a leading point-of-sale and website creator for lenders of all sizes. The acquisition and integration of both companies' technologies will help automate lead flow and associated marketing for all aspects of the loan process. The combined company services 115 lenders with over 15,000 loan officers across all platforms.
"The ever-increasing expectation of consumers during the lending process led us to this merger," said Wayne Steagall, Founder of Lending Manager. "We are thrilled to partner with LoyaltyExpress. We look forward extending our solutions backed with the power of the LoyaltyExpress creative and fulfillment teams."
"After extensive due diligence and market research, it became immediately apparent that Lending Manager delivers incredibly efficient and automated lead capture systems and attractive corporate and loan officer websites," said Jeff Doyle, Chief Executive Officer of LoyaltyExpress. "Wayne and his team have developed integrations with over 75 CRM, loan origination, lead management, and point-of-sale systems which is a growing requirement of any solution in the mortgage industry. We look forward to integrating CustomerManager with Lending Manager."
About LoyaltyExpress
LoyaltyExpress simplifies CRM and marketing automation for banks and mortgage companies, including one of the top three retail lenders in the nation. Its flagship solution, CustomerManager, is an enterprise-wide, Software-as-a-Service platform that combines lead management, email and direct mail campaigns with a 360-degree view of each loan officer's customers, partners and prospects. The MarketingCentral service delivers a web-based, sales collateral store powered by custom content creation and integrated print fulfillment. LoyaltyExpress eliminates the need to share sensitive customer data with multiple vendors and has a team of world-class marketing and branding experts with extensive experience in the mortgage industry. LoyaltyExpress is backed by New Capital Partners. For more information, visit www.loyaltyexpress.com .
About Lending Manager
Lending Manager builds custom corporate and loan officer websites for lenders of all sizes. The Company delivers world-class flexible point-of-sale solutions with over 75 integrations with the leading mortgage technology providers. Lending Manager is based in Newark, Delaware. For more information, visit www.lendingmanager.com .
About New Capital Partners
New Capital Partners is focused on building great companies by investing in high-growth businesses and partnering with management teams in the healthcare, financial services, and business services industries. New Capital Partners is headquartered in Birmingham, Alabama and has an office in Dallas, Texas. For more information, visit www.newcapitalpartners.com .
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SOURCE LoyaltyExpress | http://www.cnbc.com/2018/01/08/pr-newswire-loyaltyexpress-acquires-lending-manager.html | www.cnbc.com |
Beverly A. Huss Joins Accuray Board of Directors | SUNNYVALE, Calif., Accuray Incorporated (NASDAQ: ARAY) announced today the appointment of Beverly A. Huss to the company's Board of Directors, effective January 7, 2018. Ms. Huss also currently serves on the boards of Qool Therapeutics, Inc., Surefire Medical, Inc., and Madorra. Her prior public company board experience includes Artes Medical, Wright Medical Group, and Dade Behring, Inc.
Ms. Huss is an accomplished chief executive officer who brings more than 22 years of management experience in the medical device industry. Since 2013 she has served as president and chief executive officer of Qool Therapeutics, formerly Thermocure, Inc., a development stage company focused on creating a novel non-invasive device for the preservation of tissue following a heart attack, stroke, traumatic brain injury and other medical conditions. Prior to joining Qool, Ms. Huss was President and Chief Executive Officer at start-up medical device company Vibrynt, Inc., and held multiple senior level leadership positions at Guidant Corporation, including, most recently President, Endovascular Solutions, and Vice President, Global Marketing, Vascular Intervention and Vice President of the Stent Business Unit.
"We are extremely pleased to welcome Beverly Huss to the Accuray Board of Directors. Beverly has a strong reputation in the medical device industry as a very effective leader with a track record for achieving operational excellence resulting in business growth. The combination of her business leadership and public company governance experience, across both large and small companies, make her an ideal choice to join our board," said Joshua H. Levine, President and Chief Executive Officer.
"I'm thrilled to have the opportunity to join Accuray's Board of Directors and be a part of a company that is using its innovative, industry-leading technologies to provide real hope to cancer patients and their families. The commitment and passion shared by the global Accuray team is inspiring," said Beverly Huss.
With the appointment of Ms. Huss, Accuray's Board consists of seven members.
About Accuray
Accuray Incorporated (NASDAQ: ARAY) is a radiation oncology company that develops, manufactures, and sells precise, innovative tumor treatment solutions that set the standard of care with the aim of helping patients live longer, better lives. The company's leading-edge technologies deliver the full range of radiation therapy and radiosurgery treatments. For more information, please visit www.accuray.com .
Investor Contact:
Doug Sherk
EVC Group
+1 (646) 445-4800
dsherk@evcgroup.com
Media Contact:
Beth Kaplan
Accuray
+1 (408) 789-4426
bkaplan@accuray.com
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SOURCE Accuray Incorporated | http://www.cnbc.com/2018/01/11/pr-newswire-beverly-a-huss-joins-accuray-board-of-directors.html | www.cnbc.com |
Patrick Meehan, others won't run in 2018 midterms because of sexual misconduct | Updated 7 Mins Ago CNBC.com
When Rep. Patrick Meehan declined to seek re-election this week , he became only the latest in a string of lawmakers to decide not to run following sexual misconduct accusations.
The resignations and retirements come amid a national reckoning over workplace harassment and have sparked efforts to overhaul the secretive harassment reporting and settlement process in Congress . A bipartisan bill proposed this month would require lawmakers to personally pay harassment settlements rather than using taxpayer funds, as Meehan reportedly did .
The wave of harassment claims could also have an effect on which party controls the House after November's midterm elections. Parties generally have an easier time holding seats with an incumbent running, and the departures have put one or more competitive House elections up for grabs.
The revelation about the Republican Meehan and his decision not to run again suddenly make his southeastern Pennsylvania district more competitive. Even when disgraced or unpopular lawmakers leave office, negative public perception can sometimes track new candidates from their parties.
Republicans hold a 238 to 193 seat majority in the House, with four current vacancies.
Here are the lawmakers who chose to leave Congress after harassment allegations, and the state of the races for their seats: Rep. Patrick Meehan, R-Pa. Mitchell Layton | NHLI | Getty Images
Meehan settled a harassment claim with taxpayer funds last year, The New York Times first reported Saturday. The lawmaker reportedly expressed romantic interest in an aide and "grew hostile" when she did not reciprocate.
Reports emerged Thursday that Meehan, 62, would not run again. In letter to his campaign manager reported by The Philadelphia Inquirer , Meehan wrote about the need to "own it because it is my own conduct that fueled the matter."
Meehan's 7th District in Pennsylvania will likely become a more serious target for Democrats. Democrat Hillary Clinton narrowly beat Republican President Donald Trump there in the 2016 presidential election.
After the settlement revelation but before Meehan decided not to run, the Cook Political Report rated the race as a "toss up." Meehan won re-election in 2016 with nearly 60 percent of the vote.
At least five Democrats and a Republican will vie for his seat. The parties' nominees will be decided in the May primaries. Rep. Ruben Kihuen, D-Nev.
Rep. Ruben Kihuen, a freshman Democratic congressman from Nevada, said in December that he will seek re-election after an aide on his 2016 campaign and a lobbyist accused him of harassment. Kihuen, who denies the claims, said the accusations would be a distraction during a campaign.
The House Ethics Committee had opened an investigation into the 37-year-old's conduct.
Kihuen's 4th District could be competitive this year. He won the seat by about 4 percentage points in 2016.
The district leans Democratic as of now, according to Cook's ratings. June primary elections will determine the candidates for November's contest. Rep. Blake Farenthold, R-Texas
Also in December, Rep. Blake Farenthold, R-Texas, said he would not seek re-election after reports of a taxpayer funded sexual discrimination settlement and a toxic office environment. While Farenthold denied specific allegations that he talked about having "sexual fantasies" about a former aide, he acknowledged issues in his office.
"I allowed a workplace culture to take root in my office that was too permissive and decidedly unprofessional," the 56-year-old said in a video at the time of his announcement.
His seat appears to have little chance of going to the Democrats. Farenthold won his 2016 re-election bid with nearly 62 percent of the vote.
Cook rates his 27th District as "solid" Republican. Multiple GOP candidates will push to replace Farenthold. Rep. Trent Franks, R-Ariz. Aaron P. Bernstein | Reuters Rep. Trent Franks (R-AZ) testifying before a House Judiciary Committee hearing in Washington, DC
Rep. Trent Franks, R-Ariz., announced his resignation in December after he acknowledged that he discussed with two female staffers his desire to find a surrogate mother . The House Ethics Committee was investigating the 60-year-old's conduct.
Franks' 8th District appears safe for Republicans.
Franks won re-election in 2016 with nearly 70 percent of the vote. Trump carried the district by more than 20 points, according to NBC News. Cook rates the seat as solid Republican.
A special primary election will take place in February, while Franks' successor in Congress will be chosen by an April special election. Rep. John Conyers, D-Mich.
Conyers, who had been the longest-serving House member, announced his immediate retirement in December as he faced a House Ethics Committee investigation over harassment claims by former staffers. Conyers, 88, denied the allegations and cited his health in his decision to step down.
No special election will be held to replace him, so the next member of Congress from Conyers' 13th District will not take office until next January.
Democrats likely have little fear of losing the seat. Conyers won about 77 percent of the vote in the district in 2016.
Cook rates the district as "solid" Democrat. Others not running
Two other House members said they either would resign or not run for re-election this year after scandals in their personal lives.
Rep. Tim Murphy, R-Pa., announced his resignation in October after reports that the pro-life lawmaker asked his mistress to get an abortion. In March, Republican Rick Saccone and Democrat Conor Lamb will vie for the 18th District seat in a special election.
That race appears to favor Republicans. While little polling on the race has surfaced so far, it leans Republican, according to Cook. Murphy won it uncontested in 2016.
In November, Rep. Joe Barton, R-Texas, announced that he would not run for re-election. A nude photo of the lawmaker and lewd message he had written surfaced on the internet. Barton expressed regret for the incident, and said a woman with whom he had a consensual relationship had threatened to share photos of him.
His 6th District appears safe for Republicans.
In the Senate, Minnesota Democrat Al Franken resigned at the start of the year amid accusations of sexual misconduct before he was in Congress. While Franken either denied the incidents or said he remembered them differently, he admitted that he could no longer serve effectively.
Sen. Tina Smith, D-Minn., replaced Franken after getting appointed by Minnesota Gov. Mark Dayton. She will have to face an election this year.
Cook rates the race as a toss up. Clinton narrowly won Minnesota in 2016. | https://www.cnbc.com/2018/01/26/patrick-meehan-others-wont-run-in-2018-midterms-because-of-sexual-misconduct.html | www.cnbc.com |
FutureWeld and Frontier Techni-Kote Industries Announce Merger | PHOENIX, Jan. 15, 2018 /PRNewswire/ -- FutureWeld Co., Inc. ("FutureWeld") and Frontier Techni-Kote Industries, LLC ("FTK") today announced that the companies have agreed to merge and form Frontier Group, Inc. ("Frontier Group" or the "Company").
The merger represents the combination of two leading companies in the southwestern U.S. aerospace metal finishing industry. Founded in 1979 and based in Phoenix, Arizona, FutureWeld has been one of the few independent aerospace metal finishing companies to be Nadcap accredited to offer chemical processing, non-destructive testing and welding services. Founded in 1994 and based in Chino Valley, Arizona, FTK has had a long-standing reputation for providing best-in-class chemical processing services to aerospace and other customers throughout Arizona and the southwestern U.S.
Andrew Furrer, President of Frontier Group, commented, "The combination of FutureWeld and FTK to form Frontier Group marks the coming together of two market leaders who together have more than 60 years of experience serving the aerospace and other industries. We're thrilled to offer our joint customers more capabilities, faster delivery and a higher level of expertise as a result of the merger. We will continue to make investments in our own business to ensure that we continue providing the highest levels of service in the industry."
Furrer continued, "No other metal finishing supplier in Arizona can match Frontier Group's breadth of comprehensive services, including anodize, chem film, paint, passivation, phosphate, non-destructive testing, welding and more. As one of the few independent metal finishing providers in Arizona, our only focus is to provide the best service to our customers. We look forward to adding additional services and expertise to support our current and future customers."
Key highlights of the combination include:
Two facilities (Phoenix and Chino Valley, Arizona) with more than 40,000 square feet of capacity and two complete anodize and other chemical processing lines More than 70 experienced employees The ability to service customers throughout all of Arizona, southern California and other states in the southwestern U.S. The most comprehensive service offering of any metal finishing provider based in Arizona
Frontier Group's management will own a significant portion of the Company alongside Montage Partners, a private equity firm based in Scottsdale, Arizona, focused on investments in the western U.S.
About Frontier Group
Frontier Group is the leading Arizona-based provider of metal finishing services to the aerospace & defense and other industries including medical, commercial, industrial, and automotive. Since its founding in 1979, Frontier Group has delivered unrivaled quality and service to its long-standing customers across the southwestern U.S. Frontier Group is uniquely qualified as Arizona's only independent metal finishing service provider that is Nadcap accredited to offer chemical processing, non-destructive testing, and welding services.
Contact
Andrew Furrer
President
afurrer@frontiergroupco.com
www.frontiergroupco.com
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SOURCE Frontier Group, Inc. | http://www.cnbc.com/2018/01/15/pr-newswire-futureweld-and-frontier-techni-kote-industries-announce-merger.html | www.cnbc.com |
CommerceWest Bank Announces Record Profitability, Loan, Deposit and Asset Levels for the Year | IRVINE, Calif., Jan. 29, 2018 /PRNewswire/ -- CommerceWest Bank (OTCBB: CWBK) The Bank took a charge to tax expense of $528,000 in the fourth quarter of 2017 for the impact of the change in tax rates resulting from the enactment of the Tax Cuts and Jobs Act ("TCJA") on December 22, 2017. Net income for the three months ended December 31, 2017 excluding this charge was $1,601,000 or $0.40 per common share, compared with net income of $1,319,000 or $0.32 per common share for the three months ended December 31, 2016, an EPS increase of 25%. Net income for the twelve months ended December 31, 2017 excluding this charge was $5,533,000 or $1.36 per common share, compared with net income of $4,830,000 or $1.16 per common share for the twelve months ended December 31, 2016, an EPS increase of 17%.
The Bank reported net income for the three months ended December 31, 2017 including the charge for the impact of the change in tax rates of $1,073,000 or $0.27 per common share, compared with net income of $1,319,000 or $0.32 per common share for the three months ended December 31, 2016, an EPS decrease of 16%. Net income for the twelve months ended December 31, 2017, including the charge for the impact of the change in tax rates, was $5,005,000 or $1.23 per common share, compared with net income of $4,830,000 or $1.16 per common share for the twelve months ended December 31, 2016, an EPS increase of 6%.
Key Financial Results for the three months ended December 31, 2017:
Interest income up 8% Non-interest income up 8% Net income up 21% excluding impact of change in tax law EPS up 27% excluding impact of change in tax law Efficiency ratio of 56.20% 28% deposit growth year over year 25% asset growth year over year
Key Financial Results for the twelve months ended December 31, 2017:
Interest income up 9% Net interest income up 6% Non-interest expense down 2% Net income up 15% excluding impact of change in tax law EPS up 17% excluding impact of change in tax law Return on Equity up 14% excluding impact of change in tax law Efficiency ratio of 54.26%
Mr. Ivo Tjan, Chairman and CEO commented on the financial results, "The Bank had solid financial performance in 2017. We achieved record profitability, deposit, loan and asset growth for the year. We demonstrated our commitment to long term shareholder value by returning millions of dollars in capital through stock repurchases and dividends." Mr. Tjan commented further, "The economic backdrop is favorable, and tax reform legislation enacted late last year has provided us with an opportunity to accelerate investments in our business, our people, and our communities; which will result in creating strong shareholder value. We are optimistic about our future and the momentum going into 2018. The Bank has assembled the most talented group of individuals in the history of our company and our future is bright."
Total assets increased $152.9 million as of December 31, 2017, an increase of 25% as compared to the same period one year ago. Total loans increased $10.3 million as of December 31, 2017, an increase of 3% over the prior year. While loan production has been solid, the Bank has experienced a heightened level of loan prepayments during 2017. Cash and due from banks increased $113.6 million or 61% from the prior year. Total investment securities increased $27.2 million, an increase of 66% from the prior year.
Total deposits increased $152.6 million as of December 31, 2017, an increase of 28% from December 31, 2016. Non-interest-bearing deposits increased $79.0 million as of December 31, 2017, an increase of 31% over the prior year. Interest bearing deposits increased $73.5 million as of December 31, 2017, an increase of 25% over the prior period.
Stockholders' equity on December 31, 2017 was $60.2 million, a decrease of 2% as compared to stockholders' equity of $61.1 million a year ago.
Interest income was $5,452,000 for the three months ended December 31, 2017 as compared to $5,070,000 for the three months ended December 31, 2016, an increase of 8%. Interest income was $20,844,000 for the twelve months ended December 31, 2017 as compared to $19,139,000 for the twelve months ended December 31, 2016, an increase of 9%. Interest expense was $570,000 for the three months ended December 31, 2017 as compared to $294,000 for the three months ended December 31, 2016, an increase of 94%. Interest expense was $1,742,000 for the twelve months ended December 31, 2017 as compared to $1,124,000 for the twelve months ended December 31, 2016, an increase of 55%.
Net interest income for the three months ended December 31, 2017 was $4,882,000 as compared to $4,776,000 for the three months ended December 31, 2016, an increase of 2%. Net interest income for the twelve months ended December 31, 2017 was $19,102,000 as compared to $18,015,000 for the twelve months ended December 31, 2016, an increase of 6%. The net interest margin decreased for the three months ended December 31, 2017. It decreased from 4.08% in 2016 to 3.68% in 2017, a decrease of 10%. The net interest margin decreased for the twelve months ended December 31, 2017. It decreased from 4.14% in 2016 to 3.93% in 2017, a decrease of 5%.
Provision for loan losses for the three months ended December 31, 2017 was $225,000 compared to $50,000 for the three months ended December 31, 2016, an increase of 350%. Provision for loan losses for the twelve months ended December 31, 2017 was $1,255,000 compared to $225,000 for the twelve months ended December 31, 2016, an increase of 458%.
Non-interest income for the three months ended December 31, 2017 was $686,000 compared to $636,000 for the same period last year, an increase of 8%. Non-interest income for the twelve months ended December 31, 2017 was $2,832,000 compared to $2,399,000 for the same period last year, an increase of 18%. The Bank collected approximately $784,000 in prepayment penalty fee income on loans during the twelve months ended December 31, 2017 as compared to $155,000 for the twelve months ended December 31, 2016.
Non-interest expense for the three months ended December 31, 2017 was $3,205,000 compared to $3,218,000 for the same period last year, a decrease of less than one percent. Non-interest expense for the twelve months ended December 31, 2017 was $12,162,000 compared to $12,360,000 for the same period last year, a decrease of 2%.
The Bank's efficiency ratio for the three months ended December 31, 2017 was 56.20% compared to 59.91% in 2016, which represents a decrease of 6%. The Bank's efficiency ratio for the twelve months ended December 31, 2017 was 54.26% compared to 60.00% in 2016, which represents a decrease of 10%. The efficiency ratio illustrates, that for every dollar the Bank made for the twelve-month period ending December 31, 2017, the Bank spent $0.54 to make it, as compared to $0.60 one year ago.
Capital ratios for the Bank remain well above the levels required for a "well capitalized" institution as designated by regulatory agencies. As of December 31, 2017, the tier 1 leverage ratio was 9.87%, the common equity tier 1 capital ratio was 12.53%, the tier 1 risk based capital ratio was 12.53%, and the total risk-based capital ratio was 13.48%.
CommerceWest Bank is a California based full service commercial bank with a unique vision and culture of focusing exclusively on the business community. Founded in 2001 and headquartered in Irvine, California. The Bank serves businesses throughout the state with an emphasis on clients in Orange County, San Diego, Los Angeles, and Riverside Counties. We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, online banking , mobile banking , lines of credit , working capital loans, commercial real estate loans, SBA loans, and cash management services .
Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.
Please visit www.cwbk.com to learn more about the bank. "BANK ON THE DIFFERENCE"
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, expanded net interest margin, the ability to control costs and expenses, interest rate changes, financial policies of the United States government and general economic conditions. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
FOURTH QUARTER REPORT - DECEMBER 31, 2017 (Unaudited)
BALANCE SHEET
Increase
(dollars in thousands)
December 31, 2017
December 31, 2016
(Decrease)
ASSETS
Cash and due from banks
$ 301,277
$ 187,683
61%
Investments - available for sale
68,319
41,133
66%
Loans
385,338
374,993
3%
Less allowance for loan losses
(4,092)
(4,689)
-13%
Loans, net
381,246
370,304
3%
Bank premises and equipment, net
472
372
27%
Other assets
18,190
17,137
6%
Total assets
$ 769,504
$ 616,629
25%
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits
$ 331,315
$ 252,298
31%
Interest bearing deposits
373,086
299,540
25%
Total deposits
704,401
551,838
28%
Other liabilities
4,930
3,677
34%
709,331
555,515
28%
Stockholders' equity
60,173
61,114
-2%
Total liabilities and stockholders' equity
$ 769,504
$ 616,629
25%
Shares outstanding at end of period
3,751,960
3,869,819
Book value per share
$ 15.87
$ 15.68
Allowance for loan losses to total loans
1.06%
1.25%
Non-performing assets (non-accrual loans & OREO)
$ 884
$ -
CAPITAL RATIOS:
Tier 1 leverage ratio
9.87%
11.72%
Common equity tier 1 capital ratio
12.53%
13.98%
Tier 1 risk-based capital ratio
12.53%
13.98%
Total risk-based capital ratio
13.48%
15.18%
STATEMENT OF EARNINGS
Three Months Ended
Increase
Twelve Months Ended
Increase
(dollars in thousands except share and per share data)
Dec 31, 2017
Dec 31, 2016
(Decrease)
Dec 31, 2017
Dec 31, 2016
(Decrease)
INTEREST INCOME
Loans
$ 4,599
$ 4,581
0%
$ 18,221
$ 17,309
5%
Investments - available for sale
412
311
32%
1,391
1,242
12%
Fed funds sold and other
441
178
148%
1,232
588
110%
Total interest income
5,452
5,070
8%
20,844
19,139
9%
INTEREST EXPENSE
Deposits
570
293
95%
1,737
1,122
55%
Other borrowed money
-
1
-100%
5
2
150%
Total interest expense
570
294
94%
1,742
1,124
55%
NET INTEREST INCOME BEFORE LOAN LOSS PROVISION
4,882
4,776
2%
19,102
18,015
6%
PROVISION FOR LOAN LOSSES
225
50
350%
1,255
225
458%
NET INTEREST INCOME AFTER LOAN LOSS PROVISION
4,657
4,726
-1%
17,847
17,790
0%
NON-INTEREST INCOME
686
636
8%
2,832
2,399
18%
NON-INTEREST EXPENSE
3,205
3,218
0%
12,162
12,360
-2%
EARNINGS BEFORE INCOME TAXES
2,138
2,144
0%
8,517
7,829
9%
INCOME TAXES - Current Year Income Taxes
537
825
-35%
2,984
2,999
-1%
INCOME TAXES - Impact of change in tax law
528
-
0%
528
-
0%
NET INCOME
$ 1,073
$ 1,319
-19%
$ 5,005
$ 4,830
4%
Basic earnings per share
$ 0.28
$ 0.33
-15%
$ 1.31
$ 1.21
8%
Diluted earnings per share
$ 0.27
$ 0.32
-16%
$ 1.23
$ 1.16
6%
Return on Assets
0.75%
1.07%
-30%
0.95%
1.03%
-8%
Return on Equity
6.96%
8.49%
-18%
8.10%
7.87%
3%
Efficiency Ratio
56.20%
59.91%
-6%
54.26%
60.00%
-10%
Net Interest Margin
3.68%
4.08%
-10%
3.93%
4.14%
-5%
View original content with multimedia: http://www.prnewswire.com/news-releases/commercewest-bank-announces-record-profitability-loan-deposit-and-asset-levels-for-the-year-300589889.html
SOURCE CommerceWest Bank | http://www.cnbc.com/2018/01/29/pr-newswire-commercewest-bank-announces-record-profitability-loan-deposit-and-asset-levels-for-the-year.html | www.cnbc.com |
Trump's growth plan depends on a healthy dose of international trade | Economic data reveal a trend President Donald Trump and his advisers need to keep in mind as they work toward cementing their growth agenda.
The final reading on third quarter U.S. GDP, released near the end of December, showed annualized real growth of 3.2 percent following a 3.1 percent reading for the second quarter. If these figures hold after revisions, they represent the best one-two punch of growth since the second and third quarters of 2014, when the economy grew at annual rates of 4.6 percent and 5.2 percent, respectively.
So, things are off to a good start, and the president and his supporters are understandably excited.
The economy barely grew at 1.5 percent during 2016, only 1.2 percent during the first quarter of 2017 and 2.2 percent since the end of the great recession. Two consecutive quarters of growth at rates at which President Trump and his team insist are sustainable on the condition that his policies are fully implemented are a great segway to the wonderful possibilities ahead.
But the team, especially in the Department of Commerce, the U.S. Trade Representative's Office, and the Office of Trade and Manufacturing Policy, should look at the following:
When it came to aggregated economic activity purely from within the U.S., or "real final sales to domestic purchasers" including the government, the third quarter growth rate was only 1.9 percent on an annualized basis. This was considerably slower than the 2.6 percent pace of the second quarter and the 2.4 percent pace of the first quarter, and it was approximately 0.2 percent lower than the average growth rate since the end of the great recession.
So, if overall economic growth and that of purely domestic demand have been moving in-step since mid-2009 (both roughly 2.15 percent), but that of domestic demand has weakened since the beginning of 2017, then what explains the pickup in overall growth that we are experiencing today? Two factors: inventory accumulation and international trade.
Inventory accumulation is wildly volatile from quarter to quarter. While a big buildup like the one during the third quarter can represent confidence on the part of businesses for future orders, they can also represent a short-term miscalculation of present demand that would have to be unwound in the future. We will have to wait and see on that point.
International trade however, is an entirely different animal. Combined exports and imports represented roughly 27 percent of GDP in the third quarter and have averaged 28.5 percent over the past five years. Moreover, it has been in a steady uptrend since the early 1970s, when it represented barely 10 percent of U.S. overall economic activity.
Trade was a net positive contributor to economic growth in five of the six quarters through the first three quarters of 2017, and barring a significant slowdown in the final three months of 2017, it is likely to be additive for the whole year, and for the first time since 2013.
In fact, 2017 could be the strongest year for net exports contributions to growth since 2009 and one of the best in the last 30 non-recessionary years.
And all of this happened with the backdrop of the U.S. withdrawal from the Trans-Pacific Partnership, its potential withdrawals from the North American Free Trade Agreement and KORUS (a free trade agreement with South Korea), and a probable indefinite hold on many of the free-trade deals in the works. Just imagine what growth could have been if such dark clouds were not on the horizon of possibilities? An economic growth profile of 3.0 percent even in the short-run will likely be unattainable without positive contributions from trade.
The message should be clear to the president, Secretary Wilbur Ross, Ambassador Robert Lighthizer, and Director Peter Navarro. Tame the rhetoric around protectionism and don't rock the boat on trade if you want to be anywhere near your 3.0 percent growth target.
Ardavan Mobasheri, is Managing Director and Chief Investment Officer of ACIMA Private Wealth and Adjunct Professor at the Robins School of Business at the University of Richmond. He is the former Chief Economist at the American International Group (AIG). Follow him on Twitter @TheBizCyclist. | https://www.cnbc.com/2018/01/11/trumps-growth-plan-depends-on-a-healthy-dose-of-international-trade.html | www.cnbc.com |
Quiksilver CEO Pierre Agnes Is Still Missing at Sea | By Natasha Bach 5:19 AM EST
Pierre Agnes, CEO of Boardriders, the parent company of surfwear brand Quiksilver, is still missing more than 24 hours after his boat washed up in a town not far from where he departed.
Agnes takes his boat out frequently in the mornings off the coast of Capbreton, in southwestern France, where he lives with his family. After setting sail Tuesday morning, Agnes reportedly sent a message to port authorities , explaining that due to thick fog he was delaying his return to shore. Winds were reportedly light, but big waves inhibited visibility.
Read: Quiksilver Parent Buys Billabong, Combining Surf Apparel Competitors
Not long after Agnes sent the message, his empty boat was found in Hossegor, a town not far from Capbreton. French authorities then deployed four vessels and four helicopters to search for Agnes . The search was suspended Tuesday evening, due to resume Wednesday morning. SPONSORED FINANCIAL CONTENT | http://fortune.com/2018/01/31/quiksilver-ceo-still-missing-at-sea/ | fortune.com |
Amin Talati Expands in Washington DC With Addition of Prominent Advertising and Marketing Attorney | WASHINGTON, Jan. 8, 2018 /PRNewswire/ -- Leading regulatory and litigation law firm Amin Talati Upadhye has announced that Katie Bond has joined the firm as a Partner in the Washington, D.C. Office.
Focused on the industries of food and beverages, nutritional supplements, cosmetics and pharmaceuticals, Amin Talati Upadhye provides full legal services for the lifecycle of products aimed at improving the population's health and wellness.
"We are thrilled by the initial success of our Washington, DC office led by Ivan Wasserman," said Ashish Talati , a founding partner, "and we plan to build on that success by strategically adding industry-leading professionals with the right skills and experience to support our clients and the industries we serve. We can think of no one that fits that description better than Katie Bond. With years of experience gained at leading law firms, she has become the go-to attorney for many of world's most innovative food, nutritional supplement, drug, and cosmetic companies."
Recognized by Super Lawyers as a Washington, D.C. "Rising Star" and recommended in the US Legal 500 for her work in the Marketing & Advertising area, Katie not only regularly advises companies of all sizes on developing effective and compliant marketing campaigns, she also has considerable experience responding to FTC and state attorney general investigations, defending consumer class actions, and initiating and responding to self-regulatory challenges before the National Advertising Division (NAD) and the Electronic Retailing Self-Regulation Program (ERSP).
"Amin Talati's broad client base in the food and drug space, and its sophisticated regulatory and intellectual property practices, make it an ideal platform for me and my clients," said Ms. Bond. "I am honored to be joining this group of diverse and dedicated professionals, and in particular to helping Ivan continue to develop the office into a leader in Washington, D.C.'s legal community."
Amin Talati Upadhye represents well-known brands in the areas of food and beverage, supplements, cosmetics and pharmaceuticals in regulatory compliance, product development, product launch, patent and trademark, and litigation and enforcement matters. Amin Talati Upadhye attorneys have legal degrees and backgrounds focused on intellectual property and government regulations and undergraduate degrees in areas such as pharmacy, molecular biology, food science and human nutrition, organic chemistry and bio-medical engineering. For more information visit AminTalati.com .
Contact
Amin Talati Upadhye, LLP
Ivan Wasserman, 202-496-4966
Ivan@AminTalati.com
View original content with multimedia: http://www.prnewswire.com/news-releases/amin-talati-expands-in-washington-dc-with-addition-of-prominent-advertising-and-marketing-attorney-300578673.html
SOURCE Amin Talati Upadhye, LLP | http://www.cnbc.com/2018/01/08/pr-newswire-amin-talati-expands-in-washington-dc-with-addition-of-prominent-advertising-and-marketing-attorney.html | www.cnbc.com |
CANADA STOCKS-Toronto stocks inch higher on positive sentiment after Trump speech | January 31, 2018 / 3:04 PM / in 28 minutes CANADA STOCKS-Toronto stocks reverse earlier gains to fall to eight-week low Reuters Staff 2 Min Read By Nichola Saminather Jan 31 (Reuters) - Canada's benchmark stock index surrendered earlier gains to fall to an eight-week low on Wednesday, with energy companies among the biggest decliners. * The Toronto Stock Exchange's S&P/TSX composite index was down 27 points, or 0.2 percent, at 15,928.52, putting it on track for an eight-week low in a third consecutive day of losses. * The index earlier rose as much as 0.15 percent, recovering from the previous session's drop to its lowest level since Dec. 7. * Thomson Reuters Corp was the biggest decliner on the Toronto index, falling 6.2 percent. It surrendered almost all its gains from Tuesday, made after a Reuters report that U.S. private equity firm Blackstone Group was in talks to buy a 55 percent stake in the Canadian company's Financial and Risk business. The companies confirmed the report after markets closed on Tuesday. * Base metals company Nevsun Resources was the second-biggest decliner, falling 5.8 percent, after saying it would suspend its dividend and redeploy capital toward growth. * Energy companies Crew Energy , Advantage Oil & Gas , Kelt Exploration , Freehold Royalties and TORC Oil and Gas were also among the top 10 decliners. * U.S. crude futures fell as much as 1.3 percent, but inched 0.2 percent higher to $64.65 a barrel as of 12:09 p.m. EST (1709 GMT). * Gold producer Endeavor Mining was the biggest gainer, rising 4.5 percent, followed by cannabis producer Aphria , with a 4.1 percent gain. * Gold prices rose 0.3 percent to $1,341.75 an ounce. (Reporting by Nichola Saminather, editing by G Crosse) | https://www.reuters.com/article/canada-stocks/canada-stocks-toronto-stocks-inch-higher-on-positive-sentiment-after-trump-speech-idUSL4N1PQ5R3 | www.reuters.com |
Most Americans don’t know about insurance as a trick to build wealth | Bloomberg | Getty Images SHARES
Rebecca Walser, a wealth management advisor who specializes in financial planning for high net worth individuals, tells CNBC Make It that the rich use plenty of tricks to build wealth, but "the most common one is something that most regular Americans don't even know a thing about: Investing in permanent life insurance policies."
Permanent life insurance policies, which Walser discusses in detail in her book, " Wealth Unbroken: Growing Wealth Uninterrupted By Market Crashes, Taxes, And Even Death ," allow you to build savings in a tax-advantaged account.
Unlike term life insurance policies, which are cheaper, temporary and have pay-outs that are only accessible upon death, permanent policies offer a cash-value component.
Here's how they work: You invest a lot of money into an account, basically "over-funding" it, and watch it grow, tax-free, says Walser. And that's money you can access during your lifetime. show chapters 6:33 PM ET Wed, 25 Jan 2017 | 02:53
There are a couple different types of permanent policies, whole life and universal life . A whole life plan is a more long-term one with fixed premium payments and death benefits, whereas a universal life plan is more flexible. There's also an indexed policy, which allows you to invest in an equity index account.
But the shared benefit of each of these is the accumulation of cash value.
When it comes to withdrawals, you can take out what you've already put in, but if you want to touch the gains, you'll be taxed.
As for your beneficiary at the time of your death, his or her insurance payout is not taxable , but what happens to the cash value part of the policy can vary. Sometimes the insurer actually gets to keep it.
Not touching the money at all allows for maximum growth. By Walser's estimate, if you start putting $2,000 a year into an account when your child is born, by the time they are 60, they will have access to hundreds of thousands of tax-free dollars. show chapters 7:24 PM ET Tue, 28 March 2017 | 01:02
On the flip side, cash value life insurance, which can either grow at a stated rate of interest set by an insurer or be pegged to the market, will likely not beat market returns these days, considering its current height.
And because these permanent policies are significantly more expensive than term policies, they're not always a great investment for the average American family. Other tax-deferred options like IRAs, 529 accounts and 401(k)s are all available at a lower cost. In fact, many advisors actually don't recommend buying life insurance for children, unless you are doing it to replace a family breadwinner's income.
Also, for those who can afford to over-fund their cash value policy, there can be complex tax consequences. Broadly speaking, paying too much in premiums can turn the policy into a modified endowment contract (MEC). That shifts how your cash-value withdrawals are taxed and imposes a 10 percent penalty on any taxable withdrawals.
For all these reasons, these policies might not necessarily be the best option for the average American family. For most, life insurance is a protection tool, not an investment.
Overall, though, Walser thinks these accounts could be an under-the-radar strategy worth considering. "The wealthy have been creating a lot of wealth in life insurance," she says. | https://www.cnbc.com/2018/01/18/most-americans-dont-know-about-insurance-as-a-trick-to-build-wealth.html | www.cnbc.com |
Vape shops sue to block U.S. regulation covering e-cigarettes | Jan 30 (Reuters) - A group of vape shops in five U.S. states on Tuesday announced a trio of lawsuits challenging a rule adopted by the Food and Drug Administration that allows the regulator to treat e-cigarettes and similar devices like cigarettes.
The vape shops, represented by the Pacific Legal Foundation conservative legal group, in lawsuits filed in federal courts in Texas, Minnesota and Washington, D.C., argued the 2016 rule was unconstitutional.
The shops located in California, Michigan, Minnesota, North Dakota, and Texas argue that the so-called "Deeming Rule" that deems e-cigarettes to be tobacco products was not legally adopted because it was issued by a career FDA employee, rather than an officer appointed by the president.
The lawsuits also contend that the rule violates the U.S. Constitution's free speech protections by requiring vape retailers to obtain the FDA's approval before advertising information about their products' health and related effects.
"These regulations don't just harm small businesses and consumers, they undermine constitutional safeguards for individual liberty," Thomas Berry, a lawyer with Pacific Legal Foundation, said in a statement.
The FDA declined to comment.
The lawsuits come amid legal and legislative efforts by tobacco and vaping companies to derail the FDA rule, which was adopted during Democratic President Barack Obama's administration.
In 2009, Congress passed a law allowing the FDA to extend its oversight to all tobacco products. The 2016 rule brought e-cigarettes, cigars, pipe tobacco and hookah tobacco in line with existing rules for cigarettes and smokeless tobacco.
As a result, companies are now required to submit e-cigarettes and other newer tobacco products for government approval, list their ingredients and place health warnings on packages and in advertisements.
E-cigarettes heat nicotine-laced liquid into vapor but do not contain tobacco.
Big tobacco companies such as Altria Group Inc see vaping products as a promising business line and have lobbied alongside their smaller e-cigarette counterparts against the rule.
The vape shops that filed the lawsuits announced on Tuesday contend that they were being subjected to burdensome rules that had hurt their ability to attract customers and restricted how that could advertise their businesses. (Reporting by Nate Raymond in Boston Editing by Marguerita Choy) | https://www.cnbc.com/2018/01/30/reuters-america-vape-shops-sue-to-block-u-s-regulation-covering-e-cigarettes.html | www.cnbc.com |
SE Asia Stocks-Singapore hits near 3-wk high on growth data | January 2, 2018 / 10:11 AM / Updated an hour ago SE Asia Stocks-Singapore hits near 3-wk high on growth data Reuters Staff 3 Min Read
By Aditya Soni Jan 2 (Reuters) - Singapore shares climbed nearly 1 percent on Tuesday, buoyed by data showing the city-state's economy grew last year at its fastest pace since 2014, while Indonesia reversed course to end lower after touching a record high. The Singapore index closed at its highest since Dec. 14, with financials leading the gainers. Index heavyweight DBS Group Holdings Ltd was up 1.4 percent, while Oversea-Chinese Banking Corp Ltd rose 0.8 percent. "Today's data affirm that the recovery is broadening out," said Irvin Seah, an economist at DBS Bank. "The services sector is likely to take over from the manufacturing sector as the main engine of growth in 2018." Although advance estimates showed Singapore's economic growth slowing in the fourth quarter as factories lost steam, a services sector recovery has bolstered expectations the central bank could tighten monetary policy as early as April. The affluent-state's full-year growth came in at the top end of the government's official 3.0-3.5 percent forecast range, its fastest expansion in three years. In Indonesia, shares closed down 0.3 percent, dragged down by financials and stocks of telecommunication services providers. It hit a record high earlier in the session. Bank Mandiri lost 1.9 percent, while clove cigarettes maker Gudang Garam fell 2.7 percent. Malaysia snapped three consecutive sessions of gains, led by consumer staples and telecommunication services. "This is most likely the reaction towards strong share prices in the previous (trading) days," said Jolynn Kek, investment manager at Aberdeen Asset Management. "It's only the first day of trading for the year, so it's hard to say (if) it's indicative of a longer term trend." Sime Darby Plantation Bhd slumped 8.5 percent, while Malayan Banking Bhd slipped 1.4 percent. Vietnam shares rose for a seventh straight session to end at their highest since November 2007, with financial stocks leading. BIDV climbed to a more than two-year high, while VPBank hit a record high. Stock markets in Thailand and the Philippines were closed for a holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous close Pct Move Singapore 3430.3 3402.92 0.80 Jakarta 6339.238 6355.654 -0.26 Kuala Lumpur 1782.7 1796.81 -0.79 Ho Chi Minh 995.77 984.24 1.17 Change on year Market Current End 2017 Pct Move Singapore 3430.3 3402.92 0.80 Jakarta 6339.238 6,355.65 -0.26 Kuala Lumpur 1782.7 1796.81 -0.79 Ho Chi Minh 995.77 984.24 1.17 (Reporting by Aditya Soni in Bengaluru; Additional reporting by Liz Lee from Kuala Lumpur; Editing by Biju Dwarakanath) | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-singapore-hits-near-3-wk-high-on-growth-data-idUSL4N1OX1J5 | www.reuters.com |
McDonald Hopkins welcomes restructuring attorney Ashley Jericho | DETROIT, Jan. 17, 2018 /PRNewswire/ -- Business restructuring attorney Ashley J. Jericho has joined the Detroit office of McDonald Hopkins LLC, a business advisory and advocacy law firm, as an Associate.
Jericho has over nine years of insolvency experience, including representing consumer and business debtors, creditors and trustees in bankruptcy proceedings, contested matters and adversary proceedings. She has also represented business debtors in representing individuals and businesses in state and federal court litigation involving real estate, zoning, contract, collections and debt negotiation.
Jericho earned her J.D., magna cum laude, from the Western Michigan Cooley Law School in 2008, where he served as the associate editor of the Thomas M. Cooley Law Review. Jericho also received a B.A. in Political Science from Washington and Jefferson College in 2004.
Jericho can be reached at ajericho@mcdonaldhopkins.com or 248.593.2945 X1945.
About McDonald Hopkins
Founded in 1930, McDonald Hopkins is a business advisory and advocacy law firm with locations in Chicago, Cleveland, Columbus, Detroit, Miami, and West Palm Beach. With more than 50 service and industry teams, the firm has the expertise and knowledge to meet the growing number of legal and business challenges our clients face. For more information about McDonald Hopkins, visit mcdonaldhopkins.com .
CONTACT:
Deborah W. Kelm
McDonald Hopkins LLC
600 Superior Avenue, East, Suite 2100
Cleveland, Ohio 44114
Phone: 216.348.5733
Email: dkelm@mcdonaldhopkins.com
View original content with multimedia: http://www.prnewswire.com/news-releases/mcdonald-hopkins-welcomes-restructuring-attorney-ashley-jericho-300584022.html
SOURCE McDonald Hopkins | http://www.cnbc.com/2018/01/17/pr-newswire-mcdonald-hopkins-welcomes-restructuring-attorney-ashley-jericho.html | www.cnbc.com |
Ewoldsen Named President Of Johnston & Murphy | NASHVILLE, Tenn., Jan. 26, 2018 /PRNewswire/ -- Genesco Inc. (NYSE: GCO) announced today that Danny Ewoldsen has been named president of the Company's Johnston & Murphy division, effective February 4, 2018.
A 15-year veteran of Johnston & Murphy, Ewoldsen most recently served as Executive Vice President, Retail and eCommerce. As president, he will expand his responsibilities to include the division's wholesale and retail operations. Ewoldsen will report to Jon Caplan, Senior Vice President of Genesco and Chief Executive Officer of Johnston & Murphy and Genesco Branded Group.
"Danny has been instrumental in successfully driving change through Johnston & Murphy's direct to consumer businesses. His focus on ensuring our organization provides the very best customer service regardless of where and how our customer shops, along with his passion for developing and mentoring high performing teams and approach to overall brand management will build on the Johnston & Murphy legacy and continue the positive momentum we have established over the recent years. Our past has been exceptional, but I am confident that our future is even brighter," said Caplan.
About Genesco Inc.
Genesco Inc., a Nashville-based specialty retailer, sells footwear, headwear, sports apparel and accessories in more than 2,725 retail stores and leased departments throughout the U.S., Canada, the United Kingdom, the Republic of Ireland and Germany, principally under the names Journeys, Journeys Kidz, Shi by Journeys, Schuh, Schuh Kids, Little Burgundy, Lids, Locker Room by Lids, Lids Clubhouse, Johnston & Murphy, and on internet websites www.journeys.com , www.journeyskidz.com , www.journeys.ca , www.shibyjourneys.com , www.schuh.co.uk , www.littleburgundyshoes.com , www.johnstonmurphy.com , www.lids.com , www.lids.ca , www.lidslockerroom.com , www.lidsclubhouse.com , www.trask.com , and www.dockersshoes.com . The Company's Lids Sports Group division operates the Lids headwear stores, the Locker Room by Lids and other team sports fan shops and single team clubhouse stores. In addition, Genesco sells wholesale footwear under its Johnston & Murphy brand, the Trask brand, the licensed Dockers brand, G.H. Bass & Co., and other brands. For more information on Genesco and its operating divisions, please visit www.genesco.com .
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SOURCE Genesco Inc. | http://www.cnbc.com/2018/01/26/pr-newswire-ewoldsen-named-president-of-johnston-murphy.html | www.cnbc.com |
Lippert Components Completes Acquisition of Marine and Industrial Supplier Taylor Made Group, LLC | ELKHART, Ind., Jan. 26, 2018 /PRNewswire/ -- LCI Industries (NYSE: LCII) today announced that its wholly-owned subsidiary, Lippert Components, Inc. ("LCI"), a supplier of components for the leading original equipment manufacturers ("OEMs") of recreational vehicles ("RVs") and adjacent industries, and the related aftermarkets of those industries, has completed the previously announced acquisition of Taylor Made Group, LLC ("Taylor Made"). Headquartered in Gloversville, New York, Taylor Made is one of the recreational marine industry's largest, most diversified suppliers to boat builders and the aftermarket, as well as a key supplier to a host of other industrial end markets. Taylor Made operates out of ten facilities, including two in Europe. Sales of the acquired business for the twelve months ending December 2017 were approximately $150 million.
About LCI Industries
From over 60 manufacturing and distribution facilities located throughout the United States and in Canada, United Kingdom, Ireland and Italy, LCI Industries, through its wholly-owned subsidiary, Lippert Components, Inc., supplies, domestically and internationally, a broad array of components for the leading original equipment manufacturers of recreational vehicles; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; pontoon boats; trains; manufactured homes; and modular housing. The Company also supplies components to the related aftermarkets of these industries primarily by selling to retail dealers, wholesale distributors, and service centers. LCI's products include steel chassis and related components; axles and suspension solutions; slide-out mechanisms and solutions; thermoformed bath, kitchen, and other products; vinyl, aluminum, and frameless windows; manual, electric, and hydraulic stabilizer and leveling systems; furniture and mattresses; entry, luggage, patio, and ramp doors; electric and manual entry steps; awnings and awning accessories; electronic components; televisions and sound systems; navigation systems; backup cameras; appliances; and other accessories. Additional information about LCI and its products can be found at www.lci1.com .
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to our future business prospects resulting from acquisitions, whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, pricing pressures due to domestic and foreign competition, costs and availability of raw materials (particularly steel, steel based components and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of, and successful integration of acquisitions and other growth initiatives, availability and costs of labor, employee benefits, employee retention, realization and impact of efficiency improvements and cost reductions, the successful entry into new markets, the costs of compliance with environmental laws and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, interest rates, oil and gasoline prices, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2016, and in the Company's subsequent filings with the Securities and Exchange Commission. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
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SOURCE Lambert, Edwards & Associates, Inc.; LCI Industries | http://www.cnbc.com/2018/01/26/pr-newswire-lippert-components-completes-acquisition-of-marine-and-industrial-supplier-taylor-made-group-llc.html | www.cnbc.com |
BancFirst Corporation Reports Fourth Quarter Earnings | OKLAHOMA CITY, BancFirst Corporation (NASDAQ GS:BANF) reported net income of $19.5 million, or $0.59 diluted earnings per share, for the fourth quarter of 2017 compared to net income of $18.6 million, or $0.58 diluted earnings per share, for the fourth quarter of 2016. Due to the signing of the Tax Cuts and Jobs Act, a write down on deferred tax assets of $4.3 million decreased earnings per share by approximately 14 cents. Net income for the fourth quarter also included a gain of $2.3 million, net of income tax and fees, from the sale of an investment by Council Oak Investment Corporation, a wholly-owned subsidiary of BancFirst, which added approximately 7 cents per share. Net income for the year ended December 31, 2017 was $86.4 million, or $2.65 per share, compared to $70.7 million, or $2.22 per share, for 2016. Net income for the year ended December 31, 2017 also included the effects of favorable resolutions of three problem loans which resulted in principal recovery of $894,000 and unaccrued interest income of $2.7 million. Net income for the year ended December 31, 2016 included a gain on the sale of other real estate owned totaling $1.2 million.
The Company's net interest income for the fourth quarter of 2017 increased to $58.7 million compared to $51.6 million for the fourth quarter of 2016. The net interest margin for the quarter was 3.48% compared to 3.19% a year ago. Internal loan growth and the increase in the Fed Fund rate of 75 basis points during 2017 contributed to the higher net interest income and margin in 2017. The provision for loan losses for the fourth quarter of 2017 increased to $3.3 million compared to $1.7 million a year ago. The provision for loan losses for the fourth quarter of 2017 was primarily driven by downgrades of commercial loans, which resulted in approximately $2.8 million in provision, and by loan growth, which resulted in approximately $550,000 in provision. Net charge-offs increased slightly to 0.06% of average loans for the fourth quarter of 2017 compared to 0.02% for the fourth quarter of 2016, primarily due to one commercial loan. Noninterest income for the quarter totaled $32.8 million, compared to $27.4 million last year. The increase in noninterest income was primarily due to the investment gain described above. Noninterest expense for the quarter totaled $51.3 million compared to $48.2 million last year. The increase in noninterest expense was primarily due to salary increases in 2017 and compensation expense related to the sale of the Council Oak investment. The Company's effective tax rate was 47.2% compared to 36.1% for the fourth quarter of 2016. The increase in 2017 was due to the write down on deferred tax assets due to the signing of the Tax Cuts and Jobs Act.
For the year ended 2017, the Company's net interest income was $227.1 million compared to $203.8 million for 2016. The net interest margin for the year increased to 3.44% compared to 3.25% for the previous year. Internal loan growth and the increase in the Fed Fund rate of 75 basis points during 2017 contributed to the higher net interest income and margin in 2017. The provision for loan losses for 2017 was $8.5 million compared to $11.5 million a year ago. The Company reported slightly higher net charge-offs to average loans of 0.12% for 2017 compared to 0.10% for 2016. Noninterest income for 2017 totaled $118.1 million compared to $107.0 million for 2016. Noninterest expense was $200.4 million compared to $191.4 million for 2016. The Company's effective tax rate was 36.6% compared to 34.5% for 2016.
At December 31, 2017, the Company's total assets were $7.3 billion, $234.2 million above the December 31, 2016 total. Loans totaled $4.7 billion, an increase of $69.6 million over September 30, 2017, and an increase of $318.6 million over December 31, 2016. Deposits were $6.4 billion at December 31, 2017, up $113.0 million from last quarter, and $167.0 million above the December 31, 2016 total. The Company's total stockholders' equity was $775.6 million, an increase of $64.5 million over December 31, 2016.
Asset quality remained strong during the fourth quarter of 2017. Nonperforming and restructured assets were 0.61% of total assets at December 31, 2017 compared to 0.53% at September 30, 2017, and 0.56% at December 31, 2016. The allowance for loan losses to total loans was 1.09% at December 31, 2017, 1.10% at September 30, 2017, and 1.10% at December 31, 2016. The allowance to nonperforming and restructured loans was 130.6% compared to 153.5% at September 30, 2017, and 137.3% at year-end 2016.
Executive Chairman David Rainbolt commented, "Based on our 2017 earnings, the reduction in the federal tax rate to 21% would have added approximately $14 million to net income. Going forward, we will be raising our minimum wage and increasing the budgeted contribution to our Employee Stock Ownership Plan."
On January 11, 2018, the Company completed the previously announced acquisitions of two Oklahoma banking corporations. First Wagoner Corporation and its subsidiary bank, First Bank & Trust Company and First Chandler Corp. and its subsidiary bank, First Bank of Chandler had combined total assets of approximately $373 million. The Company exchanged a combination of cash and stock for these transactions.
BancFirst Corporation is an Oklahoma based financial services holding company. The Company's principal subsidiary bank, BancFirst, is Oklahoma's largest state-chartered bank with 109 banking locations serving 59 communities across Oklahoma. More information can be found at www.bancfirst.bank .
The Company may make forward-looking statements within the meaning of Section 27A of the securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 with respect to earnings, credit quality, corporate objectives, interest rates and other financial and business matters. Forward-looking statements include estimates and give management's current expectations or forecasts of future events. The Company cautions readers that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, including economic conditions, the performance of financial markets and interest rates; legislative and regulatory actions and reforms; competition; as well as other factors, all of which change over time. Actual results may differ materially from forward-looking statements.
BancFirst Corporation
Summary Financial Information
(Dollars in thousands, except per share and share data - Unaudited)
2017
2017
2017
2017
2016
4th Qtr
3rd Qtr
2nd Qtr
1st Qtr
4th Qtr
Condensed Income Statements:
Net interest income
$ 58,699
$ 57,233
$ 56,439
$ 54,768
$ 51,553
Provision for loan losses
3,323
3,276
1,841
72
1,672
Non-interest income:
Trust revenue
3,073
3,083
2,894
2,952
2,878
Service charges on deposits
16,693
16,633
16,448
15,778
16,005
Securities transactions
4,412
(22)
(330)
---
52
Income from sales of loans
741
732
816
632
705
Insurance commissions
3,917
4,603
3,728
4,563
3,797
Cash management
2,798
2,804
2,799
2,754
2,713
Other
1,199
1,336
1,628
1,406
1,281
Total noninterest income
32,833
29,169
27,983
28,085
27,431
Non-interest expense:
Salaries and employee benefits
31,477
31,471
31,547
30,654
29,706
Occupancy expense, net
3,327
3,298
2,992
2,974
3,198
Depreci | http://www.cnbc.com/2018/01/18/pr-newswire-bancfirst-corporation-reports-fourth-quarter-earnings.html | www.cnbc.com |