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Insight Venture Partners Announces Strategic Team Growth, Promotes Three to Managing Director | NEW YORK, Jan. 16, 2018 /PRNewswire/ -- Insight Venture Partners (Insight), a leading global venture capital and private equity firm, announced today the appointments of Anika Agarwal, Rachel Geller and Ross Devor to Managing Director. In addition, the firm has announced the appointments of Matt Gatto, Kevin Hurth and Philip Vorobeychik to Principal, and the hiring of Teddie Wardi as Principal.
"At Insight Venture Partners, we could not be more thrilled to elevate our team through these key promotions and additions," said Deven Parekh, Managing Director, Insight Venture Partners. "These individuals reflect the best Insight has to offer, which is an asset to the growth of our firm and our diverse portfolio. We are excited to kick off 2018 with a spotlight on not just these individuals, but their collective accomplishments on behalf of Insight."
Insight Venture Partners' team is more than 130 professionals strong, with over $18 billion raised, and has overseen investments in more than 300 companies across the globe.
"At Insight, we understand that growth equals opportunity, and take immense pride in driving that vision forward both internally and externally," said Ian Sandler, Chief Operating Officer, Insight Venture Partners. "Insight works to ensure greater opportunity for all, and we are excited for our new promotions and their commitment to building our future. Congratulations to all on these tremendous accomplishments."
About Anika Agarwal
Agarwal joined the Insight team in 2014. She focuses on leveraged buyouts and majority recapitalizations of application and infrastructure software companies. Agarwal was included in The Wall Street Journal's Private Equity Women to Watch 2017 list and profiled as a Private Equity Rising Star. Prior to Insight, she was a member of the investment team at Vista Equity Partners and the Merchant Banking Division at Goldman Sachs.
About Rachel Geller
Geller has been a member of Insight since 2008. As a Managing Director on the Insight Onsite team, she leads due diligence for Insight investments and engagements with portfolio company executives, focused on strategy, pricing and M&A. She has been a key team member for several portfolio company exits over the past three years. Geller previously worked as a strategy consultant and marketer at American Express. She mentors emerging leaders as part of the Parity Professional Program and is active in several Chicago non-profits.
About Ross Devor
Devor joined Insight in 2013 and has consummated seven platform investments across enterprise software while at the firm. He is a board member at several Insight portfolio companies and leads new investments in high growth application and infrastructure software companies. Prior to joining Insight, Devor was a member of the investment team at Thoma Bravo.
About Teddie Wardi
Wardi joined Insight in 2017 as Principal, and was previously a Partner at Atomico, one of the largest European venture funds based in London, and a VP at Dawn Capital, a SaaS focused early stage fund. Prior to venture investing, he served as co-founder and CTO of Nervogrid, a leading cloud service marketplace platform, which was acquired by ALSO.
About Matt Gatto
Gatto has grown his career at Insight Venture Partners since 2010 and was recently named as a "Rising Star" on GrowthCap's 40 Under 40 Growth Investors of 2017. Before joining Insight, Gatto's career included online advertising optimization at Verizon Information Services, debt restructuring and issuance at Deutsche Bank Asia, and electronic communications risk management at Merrill Lynch.
About Philip Vorobeychik
Another longtime member of the Insight team, Vorobeychik joined in 2010 and has been involved with 22 stand-alone investments and 23 add-on acquisitions, many of which he has led. These deals have spanned over 10 countries, and involved 12 board appointments for Vorobeychik. He focuses on infrastructure and application software companies. Before joining Insight, Vorobeychik founded several internet ventures, including a series of specialty eCommerce stores.
About Kevin Hurth
Hurth joined Insight in 2016 in a dedicated Capital Markets role. He manages Insight's relationships with financing partners and investment banks and coordinates debt and equity capital markets activities across the portfolio. Prior to joining Insight, Hurth was a member of BMO Harris Bank's Sponsor Finance group.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
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SOURCE Insight Venture Partners | http://www.cnbc.com/2018/01/16/pr-newswire-insight-venture-partners-announces-strategic-team-growth-promotes-three-to-managing-director.html | www.cnbc.com |
CNBC Interview with Bob Moritz, PwC Global Chairman, from the World Economic Forum 2018 | Following are excerpts from a CNBC interview with Bob Moritz, Global Chairman of PwC, from the World Economic Forum 2018 by CNBC's Akiko Fujita.
AF: Hi there, Nancy, well, we're now joined by Bob Moritz, who's the Global Chairman of PwC, here with me on set at Davos. Welcome!
BM: Thanks very much for having me!
AF: You know, you just released a global CEO survey, and what's interesting here is just the level of optimism that we are seeing globally here. You know, we're speaking here, just, what, hours after the government ended the shutdown-,
BM: [Laughter].
AF: There's certainly a lot of geopolitical headwinds. What is continuing to drive the optimism among CEOs right now?
BM: Yeah, it's interesting, we've got record snow in Davos, we've got record optimism in terms of the CEOs' view on the global economy. Two things are happening. The macro trends are still there, very positive as you look at the rise of the consumer, the rise of the middle class on a worldwide basis, and particularly coming out of Asia-Pac, in terms of what's happening there. The second thing is, it's the first time in a long time we've had all regions around the world equally as positive. In previous years, we've had, last year, the issue with Brexit, what was the implications on Europe and the like. So, this level of optimism on the economy is at a really high level. In fact, it's a record high, compared to what we've done in the last 20 years. The challenge is, the CEOs' confidence for their ability to deliver revenues? Not as high. It's up, but just not as much as their level of optimism in the economy, overall.
AF: What are-, what do they see as the biggest risks going in to 2018?
BM: So, the two things that come across in the risk factor and the threats is, many of the traditional business risks, FX, access to capital, the level of debt that's out there, has dropped down a bit, in terms of the risk that they see. What's risen is the things that are outside of their control. The issue around terrorism, the issue around the geopolitics going on right now. Concerns around climate change, no surprise, which was actually a record jump, in terms of their focus around those things. So, many of the CEOs are doing, what I'll call their usual business planning for traditional risks, but actually, scenario planning for all these other factors that, if they hit, could have a really negative effect in terms of what they want to accomplish, from a business perspective.
AF: One of the things that struck me in this survey is just how the CEOs see the two biggest markets, the US and China. More opportunities for investment in the US, over China. Now, you mentioned that this is a transition, or a shift, that happened a few years ago. How much of this has to do with the optimism coming from the tax reform, the Trump administration policies? How much of it is just how difficult it is still for non-Chinese companies to do business on the mainland?
BM: Yeah, so what we saw is, a couple of years ago, the US took the lead, in terms of the views of the CEO of where they'd like to invest, outside of their home country. And, for about a good ten years, China was the number one destination of choice, based upon the demographics, the needs of the consumer, and the like. This year, you-, or the last two or three years, you've seen that change. Now, this survey was done before the tax reform, so, what's driving that change right now is you still have the concern around corruption in China, which the President's trying to deal with, you still have the issue of ease of doing business, acceptability to come in and do business in a way that makes sense for them, and there's many, many restrictions. They don't have that issue in the US. The second thing that you see now is an interesting inflection point. China definitely taking advantage of AI, but everybody still sees a really resilient consumer in the US to take advantage of, and perhaps provide services to, and the question is, is there enough innovation that's going to be there? So, there's a little bit of dispersion that's happening between the US and China, both are big opportunities, and a big distance, in terms of what the second-, or, sorry, the third, fourth and fifth players are, right now, in the world.
AF: You talk about the challenges that exist for companies trying to do, or multinational companies trying to do business in China. Do the CEOs still see the opportunities there? Because for years, tech companies, for example-,
BM: Mm-hm.
AF: Have tried, through many outlets, to gain a foothold there, whether it's through partnerships, whether through other ways. Are you getting the sense that that battle, that struggle, is still worth it for these companies, because of the potential opportunities there?
BM: I think the tech industry's a little different, when you look at what the Alibabas and the Tencents are trying to do, in terms of the view that they have of the market share. But, you definitely see the CEOs being very interested in China, not only from the domestic perspective, but also, China's One Belt One Road Initiative, and the implications across the region, is a big opportunity. So, if you think about infrastructure companies, logistical companies, and things of that nature, in various other sectors, they definitely see the opportunity, they think it's worth it, and the reality is, the shifts have moved in that direction, as you look at Asia-Pac as an opportunity overall.
AF: Automation has certainly been a big concern for these companies. You look at the employment picture globally, there's no question it's improving-,
BM: Mm-hm.
AF: In the US, we're looking at near full employment. But yet, there does seem to be a concern among these companies that the skillset that's in the market doesn't necessarily match what exactly these companies need. So, how do these companies address that?
BM: So, there's two or three ways they're addressing it. Number one is, they are looking at M&A, as a way to capture not only skillsets but IP in that digital world. Second is, they're actually looking at alliances. You see a lot more joint ventures, and virtual ways for people to combine themselves, and actually be part of some of the technology revolutions that are happening. And the last thing is, investing a lot of their capital in on-the-job training.
AF: Mm.
BM: The CEOs have definitely said, 'I don't have the necessary skillsets to move to that digital world.' Education systems in various countries don't do it themselves. They've got to do more, in terms of on-the-job training, to transfer the skills, and actually-, and essentially change their workforce, from what they have today, to what they're going to need for tomorrow.
AF: Okay, great, we'll have to leave it on that note, Bob, great to have you on today-,
BM: Great. Thanks.
AF: Nancy, we'll toss it back to you.
ENDS | http://www.cnbc.com/2018/01/23/cnbc-interview-with-bob-moritz-pwc-global-chairman-from-the-world-economic-forum-2018.html | www.cnbc.com |
CNBC Interview with Hussain Sajwani, DAMAC Properties Founder and Chairman, from the World Economic Forum 2018 | Following are excerpts from a CNBC interview with Hussain Sajwani, Founder and Chairman of DAMAC Properties and CNBC's Hadley Gamble, Steve Sedgwick and Geoff Cutmore from the World Economic Forum 2018.
AF: And you can catch more of Hadley Gamble's conversation there with Lebanese Prime Minister, Saad Hariri, tomorrow, that's at 16:30 Central Time there. But, Hadley, joining me here on set to shift gears a bit, to talk about property in the Middle East.
HG: Absolutely, and we're joined now by Hussain Sajwani, now, I want to get in to this immediately, because you have such a strong affiliation with President Trump, we're expecting him here, in just a couple of days, in Davos. There has been a lot of pushback, though, particularly around the controversial decision on Jerusalem. Is there a-, you know, a danger that the brand could suffer, as a result of President Trump's popularity, if it ebbs and flows?
HS: We, as an organization, as you appreciate, signed a commercial deal with the Trump organization, to build for us two golf courses, and we have opened the first golf course in February, 20th, we're very happy with the design, the quality, and I think it's one of the best golf courses, not in the Middle East, but around the world. Our second golf course is on the way, and I don't see any impact, any effect on our business, we are doing business as usual. As a matter of fact, last year, our sales, I think, are going to be up by a few percentage, it's going to be announced soon, when our results will be announced.
HG: So, a lot of optimism, but you've also mentioned that you're looking to sell about a 15% stake in the company. What's the right price that you're looking for?
HS: The question was, would I be willing to sell some stake in the company, and for creating the liquidity, yes, I'm willing to sell. Is it 5, or 10, or 15%? This, you know, depends on the market, depends on the price, depends on the-, on the timing.
HG: And what's your outlook for the Dubai property market, in particular, given what we've seen over the last couple of years? And there are fears that there's going to be, you know, a danger of overcapacity there.
HS: I don't see a danger of capacity, because we have about half a million freehold units in Dubai, we're growing at least 3% to 4%. We need, minimum, 15,000 units every year. In the last three years, we've produced less than 10,000. Going forward, I don't see more than 10,000, 12,000 units, so I see supply and demand equilibrium, I see the market is stable. I don't see a surprise of '08 or '09 of crash, neither do I see a surprise of '13, or '12, of market going up by, you know, 30%. I see a stable market, last year it grew about 6%, the market, as per the information, or the data they-, they announced, and I think there's a very healthy, stable market going forward.
HG: Okay. I wonder if we can, very quickly, talk about some of the business opportunities here in the region. You've talked about the softening property market in the UK, perhaps a potential for investments there. Very quickly, what, specifically, are you looking at?
HS: We're looking to expand, we're looking to grow. Our cashflow is very strong, our balance sheet is not fully leveraged-,
HG: Mm.
HS: And we're looking at Europe, we're looking at North America. I think UK, especially London, provides a major opportunity, especially with the softening of the property market after Brexit, and the pound is more reasonably priced, compared to the dollar two years ago.
AF: Okay, unfortunately, we'll have to leave it there. Our thanks to both of you for joining us here. That's the very latest, a wrap here from Davos, but we will, of course, continue our coverage all throughout the day, and the week.
ENDS | http://www.cnbc.com/2018/01/23/cnbc-interview-with-hussain-sajwani-damac-properties-founder-and-chairman-from-the-world-economic-forum-2018.html | www.cnbc.com |
Albemarle Announces Retirement of Matt Juneau, Executive Vice President, Corporate Strategy & Investor Relations; Names Eric W. Norris As Successor | CHARLOTTE, N.C., Jan. 18, 2018 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, announced today that Matt Juneau, executive vice president, Corporate Strategy & Investor Relations, is retiring from the company in March 2018 and that it has named Eric W. Norris as Albemarle's chief strategy officer, effective immediately. As chief strategy officer, Norris will be responsible for both Corporate Strategy and Investor Relations.
Juneau will be retiring after more than 35 years with Albemarle Corporation and its predecessor, Ethyl Corporation. During his career at Albemarle, Juneau has served in positions of increasing responsibility, including senior vice president, president, Performance Chemicals, vice president, Polymer Solutions and vice president, Global Sales and Services. "On behalf of the Board of Directors and the leadership team, we thank Matt for his many years of dedicated service to Albemarle," stated Albemarle Chairman, President and Chief Executive Officer Luke Kissam. "We wish Matt the best in his retirement."
Norris joins Albemarle as a seasoned executive with over 20 years of diverse experience in corporate development and business leadership. Prior to joining Albemarle, he served in several roles with FMC Corporation over a 15-year period. Most recently, he served as president, FMC Health and Nutrition, where he was responsible for leading a segment with over $750 million of revenue, 13 stand-alone plants and 12 globally dispersed R&D centers, and over 1,000 employees. Prior to taking on that role, Norris served for five years in FMC's Lithium segment, first as global commercial director before moving up to vice president and global business director. Other roles at FMC included director, Corporate Development, and in its BioPolymer segment, director, Healthcare Ventures.
"We are delighted to welcome Eric to Albemarle," stated Kissam. "We look forward to the leadership and contributions his wealth of experience will bring to us. I am confident that his business experiences and insights, combined with his leadership skills, will allow him to make significant contributions to Albemarle's future success."
About Albemarle
Albemarle Corporation (NYSE: ALB), headquartered in Charlotte, NC, is a global specialty chemicals company with leading positions in lithium, bromine and refining catalysts. We power the potential of companies in many of the world's largest and most critical industries, from energy and communications to transportation and electronics. Working side-by-side with our customers, we develop value-added, customized solutions that make them more competitive. Our solutions combine the finest technology and ingredients with the knowledge and know-how of our highly experienced and talented team of operators, scientists and engineers.
Discovering and implementing new and better performance-based sustainable solutions is what motivates all of us. We think beyond business-as-usual to drive innovations that create lasting value. Albemarle employs approximately 4,500 people and serves customers in approximately 100 countries. We regularly post information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses and the markets it serves.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements in this press release regarding Albemarle Corporation's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K.
View original content with multimedia: http://www.prnewswire.com/news-releases/albemarle-announces-retirement-of-matt-juneau-executive-vice-president-corporate-strategy--investor-relations-names-eric-w-norris-as-successor-300584895.html
SOURCE Albemarle Corporation | http://www.cnbc.com/2018/01/18/pr-newswire-albemarle-announces-retirement-of-matt-juneau-executive-vice-president-corporate-strategy-investor-relations-names-eric-w.html | www.cnbc.com |
PRECIOUS-Gold prices drop as dollar firms | * Spot gold off 3-1/2 month highs hit Wednesday * Gold on Wednesday posted first one-day loss in nearly 3 weeks * Dollar firm on positive U.S. data, Fed minutes (Adds comment, detail; updates prices) By Sethuraman N R Jan 4 (Reuters) - Gold prices fell on Thursday after hitting a 3-1/2-month high the session before, pulled down as investors took profits and as the U.S. dollar firmed. Spot gold was down 0.4 percent at $1,306.72 an ounce at 0333 GMT. U.S. gold futures dropped 0.8 percent to $1,307.80 an ounce. Spot gold marked its highest since Sept. 15 at $1,321.33 on Wednesday, but then dropped as the dollar recovered from over 3-month lows. It fell further after minutes from the Federal Reserve's December policy bolstered expectations for more U.S. interest rate hikes. That meant that gold, which had rallied $85 from nearly 5-month lows hit in mid-December, posted its first day of losses in nearly three weeks. "People are looking to lock in some gains after a pretty strong rally over the past weeks," said ANZ analyst Daniel Hynes. "Geopolitical issues have certainly been a huge power point of the gold's rally into the year-end ... It is going to be a U.S. dollar type story going forward with markets taking a neutral view." The dollar was firm on Thursday in the wake of upbeat U.S. data . U.S. factory activity increased more than expected in December, boosted by a surge in new orders growth, in a further sign of strong economic momentum at the end of 2017. Minutes from the Fed's Dec. 12-13 meeting were seen as more hawkish than anticipated, indicating the central bank is still poised to raise interest rates several times this year. The minutes suggested that the central bank would continue to pursue a gradual approach in raising rates but could pick up the pace if inflation accelerates. Gold is highly sensitive to rising U.S. interest rates as they increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. The short-term technical outlook was also pressuring gold prices, with the 14-day relative strength index (RSI) touching 75 on Tuesday, it highest since September 2017. An RSI above 70 indicates a commodity is overbought and could herald a price correction, analysts said. Spot silver fell 0.8 percent to $16.99 an ounce, after hitting a six-week high on Wednesday at $17.24. Spot platinum was down over 1 percent at $945.10. Spot palladium dropped 0.2 percent to $1,080.97, having marked an all-time high on Tuesday at $1,096.50. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Richard Pullin and Joseph Radford)
| https://www.reuters.com/article/global-precious/precious-gold-prices-drop-as-dollar-firms-idUSL4N1OZ19A | www.reuters.com |
Chinese media warns the US of 'retaliations' from 'all sides' after new Taiwan bills passed | The U.S. made a move this week to strengthen its relationship with Taiwan , raising eyebrows in China , which strongly opposes countries pursuing ties with the island-nation.
Getty Images President Donald Trump and Taiwan President Tsai Ing-wen. The U.S. House Foreign Affairs Committee passed two bills on Tuesday aimed at bolstering "the critical U.S.-Taiwan partnership ," according to a statement. One bill, called the Taiwan Travel Act, encouraged high-level visits between Washington and Taipei "at all levels of government" while the second addressed Taiwan's exclusion from the World Health Organization .
Currently, the State Department enforces self-imposed restrictions on official travel due to the unofficial nature of the bilateral alliance.
Once Sino-U.S. ties were established in 1979, Washington cut off diplomatic links with Taipei in adherence with Beijing's "One China" policy , which recognizes the East Asian island as part of China. Since then, no Taiwanese leader has formally visited the White House, but that could change if Tuesday's bill gets signed into law.
Washington still maintains cultural, commercial and security ties with Taipei.
A state-run Chinese newspaper denounced the bill's passage, saying it could shake political ties with Chinese President Xi Jinping's administration.
show chapters Here's how a trade war could cripple Taiwan 7:48 AM ET Thu, 23 Feb 2017 | 02:01 "The mainland will surely act to make sure Taiwan and the U.S. pay the price for their high-level exchanges," said a Wednesday op-ed published by The Global Times, a nationalistic arm of the Communist Party media apparatus.
"Beijing's diplomatic retaliations toward Washington will come from all sides," it continued. "This will multiply exponentially the costs for the U.S, of handling global affairs and make the country profoundly realize that the Taiwan question is the Chinese mainland's bottom line that it cannot afford to touch."
China's foreign ministry has not yet answered CNBC's request for comment on the matter.
Since coming into office, President Donald Trump's actions on Taiwan have caused anxiety in the world's second-largest economy. Those include a 2016 phone-call with Taiwanese President Tsai Ing-wen , who Beijing believes is pushing for Taiwanese independence, and a 2017 decision to sell Tsai's government $1.42 billion in arms. | https://www.cnbc.com/2018/01/10/new-bills-strengthen-us-taiwan-relations-angering-china.html | www.cnbc.com |
Bitcoin Isn’t a Currency, It’s a Commodity—Price It That Way - WSJ | Is a bitcoin worth the $15,000 it commands today, or is it really worth about $3,000? The huge runup in value since September suggests the lower figure.
Cryptocurrency fans typically fall into two groups. One sees the currencies as ways to buy and sell things; the other views them as investments. For now, the investment crowd is winning out: Bitcoin remains a cumbersome way to purchase most goods, but its value has skyrocketed, nearly quadrupling since mid-September.
... RELATED VIDEO Bitcoin vs. Regulators: Who Will Win? As bitcoin has emerged from the underground world of nerds and criminals to become a mainstream investment, the risk of hacks and scandals has also blossomed. What's a government to do? The WSJ's Steven Russolillo travels the world (sort of) to see how regulators are responding to the remarkable rise of cryptocurrencies. Video: Sharon Shi and Crystal Tai To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/bitcoin-isnt-a-currency-its-a-commodityprice-it-that-way-1515041387 | www.wsj.com |
1-Auto1 says no need for IPO after Softbank invests | * Softbank fund invests 460 mln euros in used-car platform
* Investment values business at 2.9 billion euros
* Auto1 operates in 30 countries, with 35,000 dealers (Updates with interview with co-founder, background)
BERLIN, Jan 15 (Reuters) - German used-car dealing platform Auto1 said a 460 million euro ($561 million) financial infusion from Japan's Softbank meant it was under no pressure to launch an initial public offering to fund its pan-European growth plans.
Softbank, through its Vision Fund, will make around half of its investment via new shares, valuing Auto1 at 2.9 billion euros and supporting the auto trader's international expansion.
That money is of the order that Berlin-based Auto1 might have raised with a stock market flotation, co-founder Hakan Koc told Reuters on Monday. "That's why we aren't considering going to the market for now," he said.
The Financial Times earlier reported the investment by the Softbank Vision Fund, which was set up by Japan's Masayoshi Son and has raised more than $90 billion, chiefly from the sovereign wealth funds of Saudi Arabia and Abu Dhabi.
Berlin-based Auto1, founded in 2012, buys cars using its vehicle pricing database to calculate an offer within minutes. It then sells the vehicles on to one of its roughly 35,000 dealerships for a commission.
Auto1 is virtually unknown to consumers except through its used car buying arm Wir Kaufen dein Auto (We Buy Your Car) in Germany and similar names elsewhere. It operates from Finland to Romania to Portugal, 30 countries in all, but not Britain.
The company was set up in Berlin by entrepreneur Christian Bertermann after having trouble selling two old cars owned by his grandmother, along with Koc, who previously worked at Rocket Internet-backed firms Zalando and Home24.
Competitors include vehicle distributors Emil Frey AG of Switzerland and AVAG Holding SE of Germany, plus, further afield, U.S. based, used-car retailing behemoths Carmax and Mannheim, a unit of Cox Enterprises.
Vroom, which applies a strategy similar to Auto1 to the U.S. used-car market, has taken in $329 million in funding from T. Rowe Price, General Catalyst and Allen & Co. since its founding in 2013, according to venture funding database Crunchbase.
Auto1 said it now sells more than 40,000 cars per month. The company achieved revenues of 1.5 billion euros in 2016.
Following its investment, Softbank will own 20 percent of Auto1 while its founders will retain just over 30 percent, ensuring that together they have majority control. With the new funding, Auto1 has raised more than $1 billion in outside financing, according to Crunchbase.
Akshay Naheta, a partner at Softbank Investment Advisers, will become a member of the supervisory board.
($1 = 0.8201 euros) (Additional reporting by Eric Auchard; Writing by Douglas Busvine; Editing by Mark Potter) | https://www.cnbc.com/2018/01/15/reuters-america-update-1-auto1-says-no-need-for-ipo-after-softbank-invests.html | www.cnbc.com |
MedEquities Realty Trust Schedules Fourth Quarter 2017 Earnings Release and Conference Call Dates | NASHVILLE, Tenn., MedEquities Realty Trust, Inc. (NYSE: MRT) announced details for the release of its results for the fourth quarter ended December 31, 2017.
The Company plans to issue its earnings release before the market opens on Wednesday, February 21, 2018, and will host a conference call and live audio webcast, both open for the general public to hear, later that morning at 8:00 a.m. Central Time. The number to call for this interactive teleconference is (412) 542-4116. A replay of the call will be available through February 28, 2018, by dialing (412) 317-0088 and entering the replay access code, 10116328.
The live audio webcast of the Company's quarterly conference call will be available online in the Investor Relations section of the Company's website at ir.medequities.com . The online replay will be available approximately one hour after the end of the call and archived for approximately twelve months.
About MedEquities Realty Trust
MedEquities Realty Trust (NYSE: MRT) is a self-managed and self-administered real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments. The Company's management team has extensive industry experience in acquiring, owning, developing, financing, operating, leasing and monetizing many types of healthcare properties and portfolios. MedEquities' strategy is to become an integral capital partner with high-quality and growth-oriented facility-based providers of healthcare services on a nationwide basis, primarily through net-leased real estate investment. For more information, please visit www.medequities.com .
View original content with multimedia: releases/medequities-realty-trust-schedules-fourth-quarter-2017-earnings-release-and-conference-call-dates-300586069.html
SOURCE MedEquities Realty Trust, Inc. | http://www.cnbc.com/2018/01/22/pr-newswire-medequities-realty-trust-schedules-fourth-quarter-2017-earnings-release-and-conference-call-dates.html | www.cnbc.com |
U.S. budget deficit to top $1-trillion in 2019 -budget experts | WASHINGTON, Jan 29 (Reuters) - As the U.S. Congress limps toward the likely passage next week of another stopgap spending bill to avert a government shutdown, a Washington think tank has estimated the federal budget deficit is on track to blow through $1 trillion in 2019.
If it does, it would be the first time since 2012 the U.S. economy will have to support a deficit so large, highlighting a basic shift for the Republican Party, which has traditionally prided itself on fiscal conservatism.
The Committee for a Responsible Federal Budget, a Washington fiscal watchdog, said the red ink may rise in fiscal 2019 to $1.12 trillion. If current policies continue, it said, the deficit could top a record-setting $2 trillion by 2027.
The committee had previously projected the deficit - the difference between the government spending and its annual tax revenue - would reach $983 billion in fiscal 2019. That estimate came after Congress in December passed a tax overhaul that will add about $1.5 trillion to the national debt over a decade.
But that estimate was made obsolete by a shutdown-averting stopgap funding bill Congress approved earlier this month. It delayed the implementation of some healthcare taxes, further reducing the government's projected tax revenues.
Congress in coming days is expected to weigh another stopgap funding bill, needed by Feb. 8. Lawmakers also want to pass disaster relief funding, and they are pursuing an agreement to lift budget caps on spending.
Stan Collender, a longtime budget expert, predicted in October that trillion-dollar deficits would become "the new normal" under President Donald Trump. Trump and fellow Republicans control the White House and both chambers of Congress.
There were four consecutive $1-trillion deficits under former President Barack Obama. But they resulted from a historic financial crisis, a recession and stimulative spending.
"During the Trump years, the deficits are occurring mostly because of legislative changes, like the tax cut," Collender said.
In June 2017, before the tax overhaul was enacted, the nonpartisan Congressional Budget Office, Congress' official scorekeeper, predicted the U.S. government would hit a trillion-dollar deficit in fiscal 2022.
An updated CBO report would typically be released around now, but the office said last week that the update would be delayed, partly because of the need to produce projections that reflect the recently enacted tax legislation. (Reporting by Susan Cornwell; Editing by Kevin Drawbaugh and David Gregorio) | https://www.cnbc.com/2018/01/29/reuters-america-u-s-budget-deficit-to-top-1-trillion-in-2019-budget-experts.html | www.cnbc.com |
German prosecutors extend Wirecard investigation | January 23, 2018 / 5:27 PM / Updated 38 minutes ago German prosecutors extend Wirecard investigation Reuters Staff 1 Min Read
BERLIN, Jan 23 (Reuters) - Munich prosecutors are extending an investigation into suspected market manipulation after a report criticised an acquisition by German payment processor Wirecard, sending its shares tumbling on Tuesday.
A spokeswoman for the prosecutor's office said a new phase of the investigation was being opened over the report by the Southern Investigative Reporting Foundation (SIRF), which was critical of Wirecard's acquisition of the Indian payments business GI Retail Group in 2015. ( bit.ly/2BmCGTX )
Wirecard rejected the report but its shares still closed 3.7 percent down on Tuesday, having dropped as much as 8 percent.
The initial Munich investigation was launched in 2016 after the stock took a battering from short-sellers when previously unknown Zatarra Research accused the company of misleading accounting and fraud, charges Wirecard has strongly denied. (Reporting by Joern Poltz; Writing by Emma Thomasson; Editing by David Goodman) | https://www.reuters.com/article/wirecard-probe/german-prosecutors-extend-wirecard-investigation-idUSFWN1PI171 | www.reuters.com |
GRAINS-U.S. wheat rallies as temperatures fall; corn, soy firm | GRAINS-U.S. wheat rallies as temperatures fall; corn, soy firm Mark Weinraub SHARES
(Updates with closing prices, adds details)
CHICAGO, Jan 2 (Reuters) - U.S. wheat futures rallied 1.7 percent to their highest in nearly four weeks on Tuesday on concerns about sub-zero temperatures damaging the dormant crop in crucial growing areas of the United States, traders said.
The gains in wheat spurred increases in corn futures. Soybeans also closed higher after trading both sides of unchanged during the session.
Traders were also digesting the latest export data from the U.S. Agriculture Department on the first trading day of 2018.
Wheat notched its biggest daily percentage gain since Nov. 22 as much of the crop was not protected by a blanket of snow to mitigate the freezing conditions.
"Damage occurred in about a quarter of the hard red wheat belt in the central Plains, with about 5 percent of the soft red wheat belt in the Midwest seeing impacts," Don Keeney, senior agricultural meteorologist for Radiant Solutions, said in a note.
Chicago Board of Trade soft red winter wheat for March delivery settled up 6-1/2 cents at $4.33-1/2 a bushel. Prices peaked at $4.36-1/4, matching a level last seen on Dec. 5.
CBOT March corn futures ended 2-1/2 cents higher $3.53-1/4 a bushel.
CBOT March soybeans gained 3 cents to close at $9.64-3/4 a bushel.
Ongoing concerns that heat in Argentina will limit the size of that country's harvest supported soybean prices.
"While Argentina did receive good coverage over the past week, temperatures could top 100 degrees (Fahrenheit) (37.8 C) again in some areas by the end of the week before rains return," said Bryce Knorr, analyst at Farm Futures.
A shortfall in South American crop production could boost demand for U.S. exports and help alleviate the glut of domestic supplies following the recent bumper harvest.
USDA said on Tuesday morning that weekly U.S. soybean export inspections were 1.139 million tonnes, in line with forecasts for 1.1 million to 1.3 million tonnes.
Corn export inspections were 683,898 tonnes, also in line with trade estimates that ranged from 575,000 to 800,000 tonnes. Export inspections of wheat totalled 274,506 tonnes, below estimates for 300,000 to 600,000 tonnes. (Reporting by Mark Weinraub; Editing by Frances Kerry and Lisa Shumaker) | https://www.cnbc.com/2018/01/02/reuters-america-grains-u-s-wheat-rallies-as-temperatures-fall-corn-soy-firm.html | www.cnbc.com |
Burgers and coffee will all be bought with cryptocurrency in five years, said Tim Draper | Big Macs and lattes will be purchased by cryptocurrencies sooner than you might think, according to venture capitalist and bitcoin fanatic Tim Draper.
"In five years, if you go to a Starbucks or McDonald's and try to buy a burger or coffee with fiat currency, the person at the counter is going to laugh at you," Draper told an audience Friday in San Francisco. "There's a real need for a currency that's global."
Draper's presentation at the Blockchain Connect Conference came by video and helped kick off a full day of panels and presentations from developers and investors. The event was so crowded that people were filling up the overflow room to listen on televisions, and Draper's video aired late because of technical difficulties.
Draper, who backed companies including Skype and Baidu in the earlier days of the internet, has made a personal fortune on bitcoin and has more recently turned his attention to initial coin offerings. He said in May that he was participating in the Tezos ICO, one of the biggest crypto offerings of the past year. That deal has been plagued by conflict , with the founders stuck in a financial battle with one of the leaders of the project.
Draper said there will be "fits and starts" in the emergence of blockchain but over time it will effect "industry after industry." | https://www.cnbc.com/2018/01/26/tim-draper-burgers-and-coffee-will-be-bought-with-crypto-in-5-years.html | www.cnbc.com |
UPDATE 3-U.S. government shuts down as Trump feuds with Democrats | (Updates with House Republicans meeting, details throughout)
WASHINGTON, Jan 20 (Reuters) - The second year of Donald Trump's presidency began on Saturday with the U.S. government in shutdown mode while lawmakers gathered in hopes of finding a compromise that would fund federal agencies.
For the first time since October 2013 - when a similar standoff that lasted 16 days kept only essential agency operations running - federal workers were being told to stay at home or in some cases to work without pay until new funding is approved.
Facing a political crisis that could have an impact on November's congressional elections, the Republican-controlled Senate and House of Representatives were holding rare weekend sessions on Saturday.
But House Republicans, who gathered for closed meeting before their open session, were taking a hard line against Democrats, which could point to the possibility of a prolonged standoff.
The government had been running on three consecutive temporary funding bills since the new fiscal year began in October.
One senior House Republican, Greg Walden, told reporters the government would have to be reopened before discussions could advance on immigration - a main sticking point that led to the impasse.
Democrats' demand of securing permanent legal protections for 700,000 young, undocumented immigrants as a condition for new government funding, Walden said, was "hostage taking in its worse form."
Democrats counter that they have been pleading with Republicans for months to approve the immigration measure as a stand-alone bill and were rebuffed.
One idea being floated by Republicans was to renew government funding through Feb. 8 to end the shutdown, while working to resolve other issues, ranging from immigration, military and non-military spending levels, disaster relief and some healthcare issues.
IMMIGRATION HURDLE
The partial government shutdown was triggered at midnight on Friday when the Senate failed to agree to a House-passed bill to fund the government through Feb. 16. It lacked immigration measures that Democrats insisted upon and also drew some Republican opposition.
Despite tough words from some House Republicans, others were providing conflicting messages.
Marc Short, the White House legislative affairs director, told reporters on Capitol Hill: "We are anxious to get a resolution on DACA.
He was referring to the Deferred Action for Childhood Arrivals program that former created and Trump ended in September. It was providing protection from deportation for the illegal immigrants brought to the United States as children and now known as "Dreamers."
Moderate Republican Representative Charlie Dent predicted the government shutdown will end only when bipartisan legislation is allowed to advance in Congress, even if it angers conservatives.
"That's the price of leadership," he said.
The shutdown began a year to the day after Trump was sworn in as president. His inability to cut a deal despite having a Republican majority in both houses of Congress marks arguably the most debilitating setback for his administration.
In Twitter posts early on Saturday, Trump blamed Democratic lawmakers.
"This is the One Year Anniversary of my Presidency and the Democrats wanted to give me a nice present," he said.
"Democrats are far more concerned with illegal immigrants than they are with our great military or safety at our dangerous southern border," he said. "They could have easily made a deal but decided to play shutdown politics instead."
Trump said the shutdown showed the need to win more Republican seats in 2018 mid-term elections.
"We can then be even tougher on Crime (and Border), and even better to our Military & Veterans!" he said.
House Democratic Leader Nancy Pelosi laid blame on Republicans in a floor speech on Saturday.
"Despite controlling the House, the Senate and the White House the Republicans were so incompetent, so negligent that they couldn't get it together to keep government open," Pelosi said.
FADED HOPE
There had been modest hope on Friday when Democratic Senate Leader Chuck Schumer went to the White House to talk with Trump. One person familiar with the events said the two men agreed to seek a grand deal in which Democrats would win protections from deportation for some 700,000 young undocumented immigrants known as "Dreamers" and Trump would get more money for a border wall and tighter security to stem illegal immigration from Mexico.
Despite frantic meetings that ran through midnight, a deal could not be reached.
In a statement issued minutes before Friday's midnight deadline for a funding deal, Trump's White House said: "We will not negotiate the status of unlawful immigrants while Democrats hold our lawful citizens hostage over their reckless demands."
The reference to "unlawful immigrants" was in stark contrast to earlier statements, including one in September in which Trump proclaimed, "We love the Dreamers."
Democrats and many Republicans want to provide permanent legal status leading to citizenship for Dreamers.
The immediate impact of the government shutdown was eased somewhat by its timing, starting on a weekend when most government employees normally do not work anyway.
The Defense Department said its combat operations in Afghanistan and other military activities would continue, while federal law enforcement officers also would remain on duty.
The State Department warned that it could have problems processing passports.
Trump's administration also said it planned to keep national parks open with rangers and security guards on duty. The parks were closed during the last shutdown in 2013, which upset many tourists and resulted in the loss of $500 million in visitor spending in areas around the parks and at the Smithsonian museums.
But without a quick deal, most day-to-day operations in the federal government will be disrupted. Hundreds of thousands of government employees will be put on temporary unpaid leave, including many of the White House's 1,700 workers.
Parks and monuments remained open in the U.S. capital and on the National Mall preparations were under way for a second multi-city women's rights march. Some tourists appeared unaware of the shutdown while others expressed frustration at lawmakers' failure to reach a deal.
"Its ironic that they get paid - meaning Congress - and the rest of the government doesnt, said Dawn Gaither, 57, a Washington teacher. Thats what we need to do, kick these guys in the tail and get them to work.
(Reporting by Richard Cowan, Ginger Gibson, Ian Simpson and David Brunnstrom in Washington and Rich McKay in Atlanta; Editing by John Stonestreet and Bill Trott) | https://www.cnbc.com/2018/01/20/reuters-america-update-3-u-s-government-shuts-down-as-trump-feuds-with-democrats.html | www.cnbc.com |
Bluerock Residential Growth REIT (BRG) Announces First Quarter 2018 Series B Preferred Stock Dividends | NEW YORK, Jan. 12, 2018 /PRNewswire/ -- Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) (the "Company") today announced that its Board of Directors has authorized and the Company has declared monthly cash dividends on the Company's Series B Redeemable Preferred Stock (the "Series B Preferred Stock") for the first quarter of 2018, equal to a quarterly rate of $15.00 per share (the "Series B Preferred Dividends").
The Series B Preferred Dividends will be payable in cash as follows: $5.00 per share to be paid on Monday, February 5, 2018 to Series B Preferred stockholders of record as of Thursday, January 25, 2018; $5.00 per share to be paid on Monday, March 5, 2018 to Series B Preferred stockholders of record as of Friday, February 23, 2018; and $5.00 per share to be paid on Thursday, April 5, 2018 to Series B Preferred stockholders of record as of Friday, March 23, 2018.
About Bluerock Residential Growth REIT, Inc.
Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a real estate investment trust that focuses on developing and acquiring a diversified portfolio of institutional-quality highly amenitized live/work/play apartment communities in demographically attractive knowledge economy growth markets to appeal to the renter by choice. The Company's objective is to generate value through off-market/relationship-based transactions and, at the asset level, through Core+ improvements to properties and to operations. The Company is included in the Russell 2000 and Russell 3000 Indexes. BRG has elected to be taxed as a real estate investment trust (REIT) for U.S. federal income tax purposes.
For more information, please visit our website at: www.bluerockresidential.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Furthermore, 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. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the risk factors set forth in Item 1A of the Company's Annual Report on Form 10-K filed by the Company with the U.S. Securities and Exchange Commission ("SEC") on February 22, 2017,and subsequent filings by the Company with the SEC. We claim the safe harbor protection for forward looking statements contained in the Private Securities Litigation Reform Act of 1995.
View original content with multimedia: http://www.prnewswire.com/news-releases/bluerock-residential-growth-reit-brg-announces-first-quarter-2018-series-b-preferred-stock-dividends-300582043.html
SOURCE Bluerock Residential Growth REIT, Inc. | http://www.cnbc.com/2018/01/12/pr-newswire-bluerock-residential-growth-reit-brg-announces-first-quarter-2018-series-b-preferred-stock-dividends.html | www.cnbc.com |
Citizens Financial Services, Inc. Reports Unaudited Full Year and Fourth Quarter 2017 Financial Results | MANSFIELD, Pa., Jan. 31, 2018 /PRNewswire/ -- Citizens Financial Services, Inc. (OTC Pink: CZFS), parent company of First Citizens Community Bank, released today its unaudited financial results for the three months and year ended December 31, 2017.
Highlights
Net income was $13.0 million for 2017, which is 3.1% higher than 2016's net income. Fourth quarter and full year income was negatively impacted by an increase in income tax expense. The Tax Cuts and Jobs Act, enacted on December 22, 2017, lowered the federal corporate income tax rate from 34% to 21% effective January 1, 2018. As a result, the carrying value of net deferred tax assets was reduced, which increased income tax expense by $1.5 million, or $.44 per share. Net interest income before the provision for loan losses of $42.3 million for the year ended December 31, 2017 was an increase of $4.3 million, or 11.3%, compared to 2016. Net organic loan growth totaled $161.2 million in 2017, or 20.2%. Return on average equity for the three months (annualized) and the year ended December 31, 2017 was 7.82% and 10.04%, compared to 10.12% and 10.24% for the three months (annualized) and the year ended December 31, 2016. Excluding the impact of the increase in tax expense, the return on average equity for the three months (annualized) and the year ended December 31, 2017 would have been 12.31% and 11.22%, respectively, on a non-GAAP basis. Return on average assets for the three months (annualized) and the year ended December 31, 2017 was 0.80% and 1.03%, compared to 1.05% and 1.06% for the three months (annualized and the year ended December 31, 2016. Excluding the impact of the increase in tax expense, the return on average assets for the three months (annualized) and the year ended December 31, 2017 would have been 1.26% and 1.16%, respectively, on a non-GAAP basis. The acquisition of a full service branch in State College, Pennsylvania was completed in December resulting in an increase in loans and deposits of $39.8 million and $37.9 million, respectively.
2017 Compared to 2016
For 2017, net income totaled $13,025,000 which compares to net income of $12,638,000 for 2016, an increase of $387,000 or 3.1%. Basic earnings per share of $3.74 for 2017 compares to $3.60 for 2016. Excluding the write-down of the net deferred tax assets, 2017 net income would have been $14.6 million, or $4.18 per share on a non-GAAP basis. Net interest income before the provision for loan loss for 2017 totaled $42,254,000 compared to $37,964,000 for 2016, resulting in an increase of $4,290,000, or 11.3%. Average interest bearing assets increased $69.2 million in 2017 compared to last year. Average loans increased $157.5 million while average investment securities decreased $75.4 million. The net interest margin for 2017 was 3.80% compared to 3.68% for 2016. The provision for loan losses for 2017 was $2,540,000 compared to $1,520,000 for 2016, an increase of $1,020,000. The increased provision primarily reflects the loan growth experienced during 2017. Total non-interest income was $8,656,000 for 2017 compared to $7,899,000 for 2016, an increase of $757,000. Investment security gains increased $780,000 compared to last year. As a result of the pending adoption of accounting standard ASU 2016-01, the Company chose to sell a significant portion of its equity securities portfolio in the fourth quarter, which resulted in realized gains of $1.0 million before tax. Total non-interest expenses for 2017 were $29,314,000 compared to $28,671,000 for 2016, which is an increase of $643,000, or 2.2%. Salaries and benefits increased $1,046,000 primarily due to the increased costs associated with the additional lending teams hired during the second and third quarters of 2016, branch and loan production office expansion, and normal employee merit increases. Other expenses decreased $522,000, which was primarily due to a decrease in the losses associated with fraudulent charges from compromised customer accounts. The provision for income taxes increased $2,997,000 in 2017 to $6,031,000. A portion of the increase, $1,531,000 is attributable to the Tax Cuts and Jobs Act and the immediate write-down of deferred tax assets due to the change in the corporate tax rate. The remaining increase is attributable to the increase in income before the provision of income taxes of $3,384,000 as well as a tax credit being fully utilized in 2016.
Fourth Quarter of 2017 Compared to the Fourth Quarter of 2016
For the three months ended December 31, 2017, net income totaled $2,604,000 which compares to net income of $3,171,000 for the fourth quarter of 2017, a decrease of $567,000, or 17.9%. Basic earnings per share of $0.75 for the fourth quarter of 2017 compares to $.91 for the same period last year. Annualized return on equity for the three months ended December 31, 2017 and 2016 was 7.82% and 10.12%, while annualized return on assets was 0.80% and 1.05%, respectively. Earnings per share and the annualized return equity and assets were significantly impacted by the write-down of net deferred tax assets associated with the Tax Cuts and Jobs Act. Net interest income before the provision for loan loss was $11,236,000 compared to $9,876,000 for the fourth quarter last year, an increase of $1,360,000, or 13.8%. Average interest bearing assets increased $92.1 million, including an increase in average loans of $165.3 million. This was offset by a decrease in average investment securities of $77.0 million. The net interest margin for the three months ended December 31, 2017 was 3.88% compared to 3.75% for the same period in 2016. Total non-interest income was $2,812,000 for the three months ended December 31, 2017, which is $720,000 more than the comparable period in 2016. Investment security gains increased $731,000 primarily as a result of the sales from the Company's equity securities portfolio. Total non-interest expenses for the three months ended December 31, 2017 totaled $7,710,000 compared to $7,258,000 for the same period in 2016. Increases were experienced in salary and benefit costs as a result of an increase in profit sharing and health care expenses. ORE expenses increased as a result of an increase in legal fees associated with a customer's bankruptcy and other general expense items. The provision for income taxes increased $2,145,000 for the three months ended December 31, 2017, to $2,934,000, of which $1,531,000 is attributable to the Tax Cuts and Jobs Act and the immediate write-down of deferred tax assets due to the change in the corporate tax rate. The remaining increase is attributable to the increase in income before the provision of income taxes of $1,578,000.
Balance Sheet and Other Information:
At December 31, 2017, total assets were $1.36 billion, compared to $1.22 billion at December 31, 2016. Available for sale securities of $254.8 million at December 31, 2017 decreased $59.2 million from December 31, 2016. The decrease was utilized to fund growth in the loan portfolio, which is part of the balance sheet strategy to shift interest-earning assets into loans. Net loans as of December 31, 2017 totaled $989.3 million and have increased $198.6 million from December 31, 2016. The acquisition of the branch in State College resulted in an increase in loans of $39.8 million, with the remaining increase attributable to organic growth. The organic growth was driven primarily by agricultural real estate loans and other agricultural loans. The allowance for loan losses totaled $11,190,000 at December 31, 2017, which is an increase of $2,304,000 from the amount at December 31, 2016. The increase is due to recording a provision for loan losses of $2,540,000 and recoveries of $77,000, offset by charge-offs of $213,000. Net charge-offs for 2017 were .03%. The allowance as a percent of total loans was 1.12% as of December 31, 2017 compared to 1.11% as of December 31, 2016. Deposits have increased $99.4 million from December 31, 2016, to $1.1 billion at December 31, 2017, of which $37.9 million of the growth is attributable to the State College branch acquisition. Borrowed funds have increased $35.0 million from December 31, 2016 to $115.0 million at December 31 2017. Stockholders' equity totaled $129.0 million at December 31, 2017, compared to $123.3 million at December 31, 2016, an increase of $5.7 million. The increase was attributable to net income for the year ended December 31, 2017 totaling $13.0 million, offset by cash dividends for the year totaling $5.9 million. As a result of sales and changes in interest rates impacting the fair value of investment securities, the unrealized gain on available for sale investment securities decreased $1.5 million from December 31, 2016.
Dividend Declared
On December 5, 2017, the Board of Directors declared a cash dividend of $0.43 per share, which was paid on December 29, 2017 to shareholders of record at the close of business on December 15, 2017. The quarterly cash dividend is an increase of 7.5% over the regular cash dividend of $0.40 per share declared one year ago, as adjusted for the 5% stock dividend declared in June 2017.
Citizens Financial Services, Inc. has nearly 1,700 shareholders, the majority of whom reside in markets where its offices are located.
Note: A reconciliation of the non-GAAP financial measures of performance and earnings as a result of the additional tax charge related to The Tax Cuts and Jobs Act included above to the comparable GAAP financial measures is included at the end of the press release. Management believes disclosure of 2017 earnings results, adjusted to exclude the additional income tax provision as a result of The Tax Cut and Jobs Act, provides useful information to investors for comparison with 2016 results.
Note: This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are not historical facts; rather, they are statements based on the Company's current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions. Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company's actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission. Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this press release or made elsewhere periodically by the Company or on its behalf. The Company assumes no obligation to update any forward-looking statements except as may be required by applicable law or regulation.
CITIZENS FINANCIAL SERVICES, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(UNAUDITED)
(in thousands, except share data)
As of or For The
As of or For The
Three Months Ended
Year Ended
December 31
December 31
2017
2016
2017
2016
Income and Performance Ratios
Net Income
$ 2,604
$ 3,171
$ 13,025
$ 12,638
Return on average assets (annualized)
0.80%
1.05%
1.03%
1.06%
Return on average equity (annualized)
7.82%
10.12%
10.04%
10.24%
Return on average tangible equity (annualized) (b)
9.49%
12.40%
12.22%
12.62%
Net interest margin (tax equivalent)
3.88%
3.75%
3.80%
3.68%
Earnings per share - basic
$ 0.75
$ 0.91
$ 3.74
$ 3.60
Earnings per share - diluted
$ 0.75
$ 0.91
$ 3.74
$ 3.60
Cash dividends paid per share
$ 0.430
$ 0.400
$ 1.670
$ 1.583
Asset quality
Allowance for loan and lease losses
$ 11,190
$ 8,886
$ 11,190
$ 8,886
Non-performing assets
$ 11,845
$ 12,895
$ 11,845
$ 12,895
Allowance for loan and lease losses/total loans
1.12%
1.11%
1.12%
1.11%
Non-performing assets to total loans
1.18%
1.61%
1.18%
1.61%
Annualized net charge-offs (recoveries) to total loans
0.02%
0.03%
0.03%
-0.04%
Equity
Book value per share
$ 37.81
$ 35.77
$ 37.81
$ 35.77
Tangible Book value per share (b)
$ 30.73
$ 29.12
$ 30.73
$ 29.12
Market Value (Last trade of month)
$ 63.00
$ 53.00
$ 63.00
$ 53.00
Common shares outstanding
3,486,874
3,319,704
3,486,874
3,319,704
Number of shares used in computation - basic
3,483,164
3,493,375
3,481,366
3,507,497
Number of shares used in computation - diluted
3,483,577
3,493,418
3,483,090
3,509,053
Other
Total Risk Based Capital Ratio (a)
13.21%
14.93%
13.21%
14.93%
Tier 1 Risk Based Capital Ratio (a)
12.04%
13.81%
12.04%
13.81%
Common Equity Tier 1 Risk Based Capital Ratio (a)
11.27%
12.89%
11.27%
12.89%
Leverage Ratio
9.18%
9.46%
9.18%
9.46%
Average Full Time Equivalent Employees
251.6
255.3
252.8
252.1
Loan to deposit Ratio
90.17%
79.34%
90.17%
79.34%
Balance Sheet Highlights
December 31
December 31
2017
2016
Assets
$ 1,361,886
$ 1,223,018
Investment securities - Available for sale
254,782
314,017
Loans (net of unearned income)
1,000,525
799,611
Allowance for loan losses
11,190
8,886
Deposits
1,104,943
1,005,503
Stockholders' Equity
129,011
123,268
(a) Presented as projected for December 31, 2017 and actual for the remaining period
(b) See reconcilation of Non-GAAP measures at the end of the press release
CITIZENS FINANCIAL SERVICES, INC.
CONSOLIDATED BALANCE SHEET
(UNAUDITED)
December 31
December 31
(in thousands except share data)
2017
2016
ASSETS:
Cash and due from banks:
Noninterest-bearing
$ 16,347
$ 16,854
Interest-bearing
2,170
900
Total cash and cash equivalents
18,517
17,754
Interest bearing time deposits with other banks
10,283
6,955
Available-for-sale securities
254,782
314,017
Loans held for sale
1,439
1,827
Loans (net of allowance for loan losses: $11,190 at December 31, 2017;
$8,886 at December 31, 2016)
989,335
790,725
Premises and equipment
16,523
17,030
Accrued interest receivable
4,196
4,089
Goodwill
23,296
21,089
Bank owned life insurance
26,883
26,223
Other intangibles
1,953
2,096
Unsettled security sales
-
7,759
Other assets
14,679
13,454
TOTAL ASSETS
$ 1,361,886
$ 1,223,018
LIABILITIES:
Deposits:
Noninterest-bearing
$ 171,840
$ 147,425
Interest-bearing
933,103
858,078
Total deposits
1,104,943
1,005,503
Borrowed funds
114,664
79,662
Accrued interest payable
897
720
Other liabilities
12,371
13,865
TOTAL LIABILITIES
1,232,875
1,099,750
STOCKHOLDERS' EQUITY:
Preferred Stock $1.00 par value; authorized
3,000,000 shares; none issued in 2017 or 2016
-
-
Common stock
$1.00 par value; authorized 15,000,000 shares at December 31, 2017 and December 31, 2016;
issued 3,869,939 at December 31, 2017 and 3,704,375 at December 31, 2016
3,870
3,704
Additional paid-in capital
51,108
42,250
Retained earnings
89,982
91,278
Accumulated other comprehensive loss
(3,398)
(1,392)
Treasury stock, at cost: 383,065 shares at December 31, 2017 and 384,671 shares at
December 31, 2016
(12,551)
(12,572)
TOTAL STOCKHOLDERS' EQUITY
129,011
123,268
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$ 1,361,886
$ 1,223,018
CITIZENS FINANCIAL SERVICES, INC.
CONSOLIDATED STATEMENT OF INCOME
(UNAUDITED)
Three Months Ended
Year Ended
December 31,
December 31,
(in thousands, except per share data)
2017
2016
2017
2016
INTEREST INCOME:
Interest and fees on loans
$ 11,447
$ 9,457
$ 42,127
$ 35,844
Interest-bearing deposits with banks
57
36
186
221
Investment securities:
Taxable
754
887
3,095
3,687
Nontaxable
557
711
2,414
2,970
Dividends
80
78
271
283
TOTAL INTEREST INCOME
12,895
11,169
48,093
43,005
INTEREST EXPENSE:
Deposits
1,227
1,053
4,625
4,247
Borrowed funds
432
240
1,214
794
TOTAL INTEREST EXPENSE
1,659
1,293
5,839
5,041
NET INTEREST INCOME
11,236
9,876
42,254
37,964
Provision for loan losses
800
750
2,540
1,520
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
10,436
9,126
39,714
36,444
NON-INTEREST INCOME:
Service charges
1,133
1,116
4,456
4,461
Trust
159
154
755
693
Brokerage and insurance
176
188
635
766
Gains on loans sold
195
224
578
449
Investment securities gains, net
831
100
1,035
255
Earnings on bank owned life insurance
161
172
660
688
Other
157
138
537
587
TOTAL NON-INTEREST INCOME
2,812
2,092
8,656
7,899
NON-INTEREST EXPENSES:
Salaries and employee benefits
4,576
4,343
17,456
16,410
Occupancy
509
515
1,988
1,900
Furniture and equipment
159
152
603
644
Professional fees
248
258
1,102
1,094
FDIC insurance
90
80
385
572
Pennsylvania shares tax
(62)
60
705
690
Amortization of intangibles
74
81
297
327
ORE expenses
312
155
655
389
Other
1,804
1,614
6,123
6,645
TOTAL NON-INTEREST EXPENSES
7,710
7,258
29,314
28,671
Income before provision for income taxes
5,538
3,960
19,056
15,672
Provision for income taxes
2,934
789
6,031
3,034
NET INCOME
$ 2,604
$ 3,171
$ 13,025
$ 12,638
PER COMMON SHARE DATA:
Net Income - Basic
$ 0.75
$ 0.91
$ 3.74
$ 3.60
Net Income - Diluted
$ 0.75
$ 0.91
$ 3.74
$ 3.60
Cash Dividends Paid
$ 0.430
$ 0.400
$ 1.670
$ 1.583
Number of shares used in computation - basic
3,483,164
3,493,375
3,481,366
3,507,497
Number of shares used in computation - diluted
3,483,577
3,493,418
3,483,090
3,509,053
CITIZENS FINANCIAL SERVICES, INC.
QUARTERLY CONDENSED, CONSOLIDATED INCOME STATEMENT INFORMATION
(UNAUDITED)
(in thousands, except share data)
Three Months Ended,
Dec 31
Sep 30
June 30
March 31,
Dec 31
2017
2017
2017
2017
2016
Interest income
$ 12,895
$ 12,120
$ 11,778
$ 11,300
$ 11,169
Interest expense
1,659
1,503
1,374
1,303
1,293
Net interest income
11,236
10,617
10,404
9,997
9,876
Provision for loan losses
800
500
625
615
750
Net interest income after provision for loan losses
10,436
10,117
9,779
9,382
9,126
Non-interest income
1,981
1,912
1,865
1,863
1,992
Investment securities gains, net
831
9
23
172
100
Non-interest expenses
7,710
7,247
7,166
7,191
7,258
Income before provision for income taxes
5,538
4,791
4,501
4,226
3,960
Provision for income taxes
2,934
1,141
1,033
923
789
Net income
$ 2,604
$ 3,650
$ 3,468
$ 3,303
$ 3,171
Earnings Per Share Basic
$ 0.75
$ 1.05
$ 1.00
$ 0.94
$ 0.91
Earnings Per Share Diluted
$ 0.75
$ 1.05
$ 1.00
$ 0.94
$ 0.91
CITIZENS FINANCIAL SERVICES, INC.
CONSOLIDATED AVERAGE BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A FULLY TAX-EQUIVALENT BASIS
(UNAUDITED)
Three Months Ended December 31
2017
2016
Average
Average
Average
Average
Balance (1)
Interest
Rate
Balance (1)
Interest
Rate
(dollars in thousands)
$
$
%
$
$
%
Short-term investments:
Interest-bearing deposits at banks
8,408
3
0.14
7,718
1
0.05
Interest bearing time deposits at banks
10,146
54
2.09
6,956
34
1.92
Total investment securities
254,277
1,678
2.64
331,312
2,042
2.47
Loans, net of discount (2)(3)(4)
939,938
11,796
4.98
774,635
9,787
5.03
Total interest-earning assets
1,212,769
13,531
4.43
1,120,621
11,864
4.21
Cash and due from banks
7,142
7,135
Bank premises and equipment
16,583
17,123
Other assets
66,145
64,333
Total non-interest earning assets
89,870
88,591
Total assets
1,302,639
1,209,212
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts
326,133
310
0.38
301,073
231
0.31
Savings accounts
181,784
49
0.11
169,424
45
0.11
Money market accounts
130,895
181
0.55
119,185
130
0.43
Certificates of deposit
260,090
687
1.05
265,489
646
0.97
Total interest-bearing deposits
898,902
1,227
0.54
855,171
1,052
0.49
Other borrowed funds
97,867
432
1.75
68,456
241
1.40
Total interest-bearing liabilities
996,769
1,659
0.66
923,627
1,293
0.56
Demand deposits
157,482
146,876
Other liabilities
15,159
13,315
Total non-interest-bearing liabilities
172,641
160,191
Stockholders' equity
133,229
125,394
Total liabilities & stockholders' equity
1,302,639
1,209,212
Net interest income
11,872
10,571
Net interest spread (5)
3.77%
3.65%
Net interest income as a percentage
of average interest-earning assets
3.88%
3.75%
Ratio of interest-earning assets
to interest-bearing liabilities
122%
121%
(1) Averages are based on daily averages.
(2) Includes loan origination and commitment fees.
(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using
a statutory federal income tax rate of 34%.
(4) Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets.
(5) Interest rate spread represents the difference between the average rate earned on interest-earning assets
and the average rate paid on interest-bearing liabilities.
Three Months Ended
December 31,
Reconciliation of net interest income on fully taxable equivalent basis
2017
2016
Total interest income
$ 12,895
$ 11,169
Total interest expense
1,659
1,293
Net interest income
11,236
9,876
Tax equivalent adjustment
636
695
Net interest income (fully taxable equivalent)
$ 11,872
$ 10,571
CITIZENS FINANCIAL SERVICES, INC.
CONSOLIDATED AVERAGE BALANCES, INTEREST, YIELDS AND RATES, AND NET INTEREST MARGIN ON A FULLY TAX-EQUIVALENT BASIS
(UNAUDITED)
Year Ended December 31,
2017
2016
Average
Average
Average
Average
Balance (1)
Interest
Rate
Balance (1)
Interest
Rate
(dollars in thousands)
$
$
%
$
$
%
ASSETS
Interest-bearing deposits at banks
8,790
15
0.17
22,726
82
0.36
Interest bearing time deposits at banks
8,346
171
2.05
7,232
139
1.92
Total investment securities
278,951
7,023
2.52
354,362
8,470
2.39
Loans, net of discount (2)(3)(4)
883,355
43,445
4.92
725,881
37,232
5.13
Total interest-earning assets
1,179,442
50,654
4.29
1,110,201
45,923
4.14
Cash and due from banks
6,774
7,357
Bank premises and equipment
16,799
17,218
Other assets
55,910
57,604
Total non-interest earning assets
79,483
82,179
Total assets
1,258,925
1,192,380
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
NOW accounts
323,105
1,139
0.35
301,681
917
0.30
Savings accounts
179,557
191
0.11
172,182
184
0.11
Money market accounts
127,888
650
0.51
118,486
523
0.44
Certificates of deposit
261,758
2,646
1.01
271,117
2,623
0.97
Total interest-bearing deposits
892,308
4,626
0.52
863,466
4,247
0.49
Other borrowed funds
68,536
1,213
1.77
47,004
794
1.69
Total interest-bearing liabilities
960,844
5,839
0.61
910,470
5,041
0.55
Demand deposits
153,523
145,968
Other liabilities
14,802
12,524
Total non-interest-bearing liabilities
168,325
158,492
Stockholders' equity
129,756
123,418
Total liabilities & stockholders' equity
1,258,925
1,192,380
Net interest income
44,815
40,882
Net interest spread (5)
3.68%
3.59%
Net interest income as a percentage
of average interest-earning assets
3.80%
3.68%
Ratio of interest-earning assets
to interest-bearing liabilities
123%
122%
(1) Averages are based on daily averages.
(2) Includes loan origination and commitment fees.
(3) Tax exempt interest revenue is shown on a tax equivalent basis for proper comparison using
a statutory federal income tax rate of 34%.
(4) Income on non-accrual loans is accounted for on a cash basis, and the loan balances are included in interest-earning assets.
(5) Interest rate spread represents the difference between the average rate earned on interest-earning assets
and the average rate paid on interest-bearing liabilities.
Year Ended
December 31,
Reconciliation of net interest income on fully taxable equivalent basis
2017
2016
Total interest income
$ 48,093
$ 43,005
Total interest expense
5,839
5,041
Net interest income
42,254
37,964
Tax equivalent adjustment
2,561
2,918
Net interest income (fully taxable equivalent)
$ 44,815
$ 40,882
CITIZENS FINANCIAL SERVICES, INC.
CONSOLIDATED SUMMARY OF LOANS BY TYPE; NON-PERFORMING ASSETS; and ALLOWANCE FOR LOAN LOSSES
(UNAUDITED)
(Excludes Loans Held for Sale)
(In Thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
2017
2017
2017
2017
2016
Real estate:
Residential
$ 214,479
$ 206,389
$ 205,725
$ 203,817
$ 207,423
Commercial
308,084
273,624
271,342
267,097
252,577
Agricultural
239,957
207,052
188,547
156,299
123,624
Construction
13,502
17,074
25,569
26,118
25,441
Consumer
9,944
10,784
10,603
10,508
11,005
Other commercial loans
72,013
56,222
56,952
59,800
58,639
Other agricultural loans
37,809
34,066
32,974
24,227
23,388
State & political subdivision loans
104,737
101,951
96,337
97,441
97,514
Total loans
1,000,525
907,162
888,049
845,307
799,611
Less allowance for loan losses
11,190
10,447
9,979
9,405
8,886
Net loans
$ 989,335
$ 896,715
$ 878,070
$ 835,902
$ 790,725
Past due and non-performing assets
Total Loans past due 30-89 days and still accruing
$ 3,489
$ 3,360
$ 2,927
$ 2,548
$ 2,999
Non-accrual loans
$ 10,171
$ 11,821
$ 11,511
$ 10,482
$ 11,454
Loans past due 90 days or more and accruing
555
173
812
1,015
405
Non-performing loans
$ 10,726
$ 11,994
$ 12,323
$ 11,497
$ 11,859
OREO
1,119
1,570
1,194
1,248
1,036
Total Non-performing assets
$ 11,845
$ 13,564
$ 13,517
$ 12,745
$ 12,895
3 Months
3 Months
3 Months
3 Months
3 Months
Ended
Ended
Ended
Ended
Ended
Analysis of the Allowance for loan Losses
December 31,
September 30,
June 30,
March 31,
December 31,
(In Thousands)
2017
2017
2017
2017
2016
Balance, beginning of period
$ 10,447
$ 9,979
$ 9,405
$ 8,886
$ 8,194
Charge-offs
(73)
(56)
(65)
(119)
(68)
Recoveries
16
24
14
23
10
Net (charge-offs) recoveries
(57)
(32)
(51)
(96)
(58)
Provision for loan losses
800
500
625
615
750
Balance, end of period
$ 11,190
$ 10,447
$ 9,979
$ 9,405
$ 8,886
CITIZENS FINANCIAL SERVICES, INC.
Reconciliation of GAAP and Non-GAAP Financial Measures
(in thousands, except share data)
Three Months Ended
Year Ended
December 31,
December 31,
2017
2016
2017
2016
GAAP net income
$ 2,604
$ 3,171
$ 13,025
$ 12,638
Impact of the Tax Cuts and Jobs Act
1,531
-
1,531
-
Non-GAAP operating earnings
$ 4,135
$ 3,171
$ 14,556
$ 12,638
Tangible Equity
Stockholders Equity - GAAP
$ 129,011
$ 123,268
$ 129,011
$ 123,268
Accumulated other comprehensive loss
(3,398)
(1,392)
(3,398)
(1,392)
Intangible Assets
25,249
23,185
25,249
23,185
Non-GAAP Total Tangible Book Value
107,160
101,475
107,160
101,475
Shares outstanding adjusted for June 2017 stock Dividend
3,486,874
3,485,268
3,486,874
3,485,268
Tangible Book value per share
30.73
29.12
30.73
29.12
Return on average assets (ROA)
0.80%
1.05%
1.03%
1.06%
Impact of the Tax Cuts and Jobs Act
0.46%
0.00%
0.13%
0.00%
Non-GAAP operating ROA
1.26%
1.05%
1.16%
1.06%
Return on average equity (ROE)
7.82%
10.12%
10.04%
10.24%
Impact of the Tax Cuts and Jobs Act
4.49%
0.00%
1.18%
0.00%
Non-GAAP operating ROE
12.31%
10.12%
11.22%
10.24%
Basic Earnings per Share (EPS)
$ 0.75
$ 0.91
$ 3.74
$ 3.60
Impact of the Tax Cuts and Jobs Act
0.44
-
0.44
-
Non-GAAP basic operating EPS
$ 1.19
$ 0.91
$ 4.18
$ 3.60
Dilutive Earnings per Share (EPS)
$ 0.75
$ 0.91
$ 3.74
$ 3.60
Impact of the Tax Cuts and Jobs Act
0.44
-
0.44
-
Non-GAAP dilutive operating EPS
$ 1.19
$ 0.91
$ 4.18
$ 3.60
View original content: http://www.prnewswire.com/news-releases/citizens-financial-services-inc-reports-unaudited-full-year-and-fourth-quarter-2017-financial-results-300591114.html
SOURCE Citizens Financial Services, Inc. | http://www.cnbc.com/2018/01/31/pr-newswire-citizens-financial-services-inc-reports-unaudited-full-year-and-fourth-quarter-2017-financial-results.html | www.cnbc.com |
CANADA FX DEBT-C$ nearly flat against weaker greenback as oil dips | * Canadian dollar at C$1.2511, or 79.93 U.S. cents * Bond prices fall across the yield curve TORONTO, Jan 12 (Reuters) - The Canadian dollar was little changed against its U.S. counterpart on Friday as the greenback broadly fell and the price of oil pared some recent gains, while investors awaited an interest rate decision from the Bank of Canada next week. The price of oil, one of Canada's major exports, fell after hitting a three-year high of more than $70 a barrel on Thursday. U.S. crude prices were down 0.4 percent at $63.56 a barrel. The U.S. dollar fell against a basket of major currencies but made a partial recovery after the Labor Department said its consumer price index, excluding the volatile food and energy components, rose 0.3 percent last month, the biggest advance since January 2017. At 9:43 a.m. EST (1443 GMT), the Canadian dollar was up 0.1 percent at C$1.2511 to the greenback, or 79.93 U.S. cents. The currency traded in a range of C$1.2499 to C$1.2556. One week ago, the loonie touched its strongest in three months at C$1.2355 after much-stronger-than expected jobs data boosted expectations for a Bank of Canada interest rate hike on Jan. 17. But the currency was rattled this week after Canadian government sources told Reuters they were increasingly convinced that the United States planned to announce plans to pull out of the North American Free Trade Agreement. Canada, which sends about 75 percent of its exports to the United States, welcomes U.S. President Donald Trump's suggestion that the deadline for concluding talks to modernize NAFTA could be extended beyond the end of March, Foreign Minister Chrystia Freeland told reporters. Chances of a rate hike next week had been dented by worries about NAFTA but have since recovered to about 90 percent, data from the overnight index swaps market showed. Canadian government bond prices were lower across the yield curve in sympathy with U.S. Treasuries. The two-year fell 5 Canadian cents to yield 1.782 percent, and the 10-year declined 30 Canadian cents to yield 2.204 percent. On Wednesday, the 10-year yield reached 2.231 percent, its highest intraday since September 2014. (Reporting by Fergal Smith; Editing by Lisa Von Ahn)
| https://www.reuters.com/article/canada-forex/canada-fx-debt-c-nearly-flat-against-weaker-greenback-as-oil-dips-idUSL1N1P70T0 | www.reuters.com |
PRESS DIGEST-Canada - Jan 9 | January 9, 2018 / 10:36 AM / in 5 minutes PRESS DIGEST-Canada - Jan 9 Reuters Staff 2 Min Read
Jan 9 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL
** The federal ethics commissioner has dismissed opposition accusations that Bill Morneau benefited from insider trading, but has yet to rule on whether the finance minister was in a conflict of interest when he introduced pension legislation. tgam.ca/2AHT3tV
** Ontario is investigating reports of businesses that have allegedly violated workplace rules after the hike to the minimum wage, and the province's Labour Minister says he's hiring up to 175 new inspectors to enforce the law. tgam.ca/2maiK0R
** Loblaw Companies Ltd offer of free $25 gift cards to make amends for fixing bread prices over 14 years is "a misleading and deceitful public relations" campaign designed to benefit the grocer, says a complainant seeking to launch a class-action lawsuit against the retailer. tgam.ca/2qKRgnV NATIONAL POST
** In an email, the Department of National Defence told Postmedia the decision to hold off on the $20 million military spending. Construction on the vessels, at Seaspan Shipyards in Vancouver, is supposed to start this year, but the project's timing now appears uncertain. bit.ly/2CWTxSU (Compiled by Bengaluru newsroom) | https://www.reuters.com/article/press-digest-canada/press-digest-canada-jan-9-idUSL4N1P43IM | www.reuters.com |
PRECIOUS-Gold holds steady near 1-1/2-year highs on weaker dollar | Jan 25 (Reuters) - Gold prices on Thursday held firm near 1-1/2-year highs hit in the previous session, with the dollar near three-year lows in the wake of comments by U.S. Treasury secretary Steven Mnuchin that he welcomed a weaker currency. FUNDAMENTALS * Spot gold was nearly unchanged at $1,357.25 per ounce at 0109 GMT. It rose over 1 percent on Wednesday to hit its highest since Aug. 5, 2016 at $1,361.81. * U.S. gold futures were mostly unchanged at $1,356.50 per ounce. * The dollar slumped after Mnuchin told the World Economic Forum in Davos on Wednesday that "obviously a weaker dollar is good for us as it relates to trade and opportunities". His comments were seen by markets as a departure from traditional U.S. currency policy. * The dollar index , which measures the greenback against a basket of currencies, hit its weakest since Dec, 2014 at 89.158 on Thursday, matching a more than three-year-low touched on Wednesday. * The immediate focus was on the ECB's policy setting meeting later in the global day as markets look for any signs that the central bank is worried about the rapidly appreciating euro. * The euro zone economy may be roaring ahead but a rapidly strengthening euro may see European Central Bank President Mario Draghi pour cold water on the view the bank is speeding towards an interest rate hike. * Asian stocks held near a record-high on Thursday though concerns about the Trump administration's protectionist stance cast a shadow on financial markets. * Democratic Republic of Congo's new proposed mining code, which the industry has warned will stifle investment in the copper and cobalt-rich nation, sailed through the Senate without opposition late on Wednesday. * The field of prospective bidders for ScotiaMocatta, the metals trading arm of Canada's Bank of Nova Scotia , has narrowed to two, three banking and industry sources said on Wednesday. * Zimbabwe's full-year gold production rose to 24.8 tonnes in 2017 from 22.7 tonnes the previous year, the central bank's refining and printing subsidiary said on Wednesday. DATA AHEAD (GMT) 0700 Germany GfK consumer sentiment Feb 0900 Germany Ifo business climate Jan 1245 European Central Bank interest rate announcement followed by press conference by ECB President Mario Draghi 1330 U.S. Advance goods trade balance Dec 1330 U.S. Wholesale inventories Dec 1330 U.S. Retail inventories Dec 1330 U.S. Weekly jobless claims 1500 U.S. New home sales Dec 1500 U.S. Leading index Dec (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph Radford)
| https://www.reuters.com/article/global-precious/precious-gold-holds-steady-near-1-1-2-year-highs-on-weaker-dollar-idUSL4N1PK17X | www.reuters.com |
BRIEF- Create Restaurants Holdings unit says change in share repurchase and retirement plan | Jan 19(Reuters) - Create Restaurants Holdings Inc
* Says its unit SFP Holdings Co Ltd will repurchase up to 3.8 million shares (13.1 percent stake) for up to 7.68 billion yen in total, instead of up to 550,000 shares (1.9 percent stake) for up to 1.21 billion yen in total previously
* Says SFP Holdings Co Ltd changes share repurchase period to a deadline of March 31, instead of Feb. 28 previously
* Says SFP Holdings Co Ltd will repurchase 3.3 million shares through takeover bid, at the price of 2,030 yen per share, during period from Jan. 22 to Feb. 19, and settlement starts on March 13
* Says the company plans to sell 3.2 million shares (worth about 6.5 billion yen)of SFP Holdings Co Ltd through the takeover bid
* Says SFP Holdings Co Ltd will retire treasury shares after March 13
Source text in Japanese: goo.gl/VbhcYb
Further company coverage: (Beijing Headline News)
| https://www.reuters.com/article/brief-create-restaurants-holdings-unit-s/brief-create-restaurants-holdings-unit-says-change-in-share-repurchase-and-retirement-plan-idUSL3N1PE1U0 | www.reuters.com |
FOREX-Euro dips from 3-year peak on policymakers' comments, bitcoin sinks | * ECB officials raise concerns about surging common currency * Dollar finds respite but outlook remains grim * Cryptocurrency rout accelerates on clampdown worries * Canadian dollar weakens as BOC rings cautious tone (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, Jan 17 (Reuters) - The euro slipped on Wednesday, pulling back from a three-year high above $1.23 as some European Central Bank officials voiced worries about the currency's strength. The euro's decline helped stabilize the greenback, which was also supported by a weaker Canadian dollar after the Bank of Canada struck a cautious tone on an expected rate hike on Wednesday. The outlook for the dollar, however, remains dour on the view that other central banks besides the Federal Reserve are moving away from the ultra low-rate stance and unconventional tools they adopted after the 2008 global credit crisis. "There's still a lot of bearish sentiment on the dollar," said Minh Trang, senior foreign currency trader at Silicon Valley Bank in Santa Clara, California. Still, the greenback snapped a four-session losing streak. At 11:22AM/16:22 GMT, the index that tracks the dollar against a basket of currencies was up 0.20 percent at 90.574. It hit a three-year low of 90.341 earlier. The Canadian dollar fell 0.38 percent to C$1.2477. The euro was down 0.16 percent at $1.2239 after hitting a three-year peak versus the greenback at $1.2322, Reuters data showed. Digital currencies suffered another day of heavy losses on worries about a widening regulatory crackdown. Bitcoin fell more than 10 percent to below $10,000 for the first time since Dec. 1 on the Luxembourg-based Bitstamp exchange. The biggest digital currency has lost half its value since it peaked near $20,000 about a month ago. ECB WEIGHS IN ON RISING EURO The speed of the euro's rise in early 2018 - up more than 3 percent in the last two weeks - has prompted comments from ECB officials, highlighting growing concerns, according to analysts. ECB policymaker Ewald Nowotny told reporters on Wednesday the euro's recent strength against the dollar is "not helpful," which encouraged a bout of profit-taking before a policy meeting next week. In an interview with Italian newspaper la Repubblica Vitor Constancio, the ECB vice president, said he did not rule out that monetary policy would still continue to be "very accommodating for a long time". "The euro's strength will cause some concerns to the ECB and it will definitely complicate their policymaking thinking, and some investors are taking profits after the recent rally," said Adam Cole, chief FX strategist at RBC Capital Markets in London. | https://www.reuters.com/article/global-forex/forex-euro-dips-from-3-year-peak-on-policymakers-comments-bitcoin-sinks-idUSL8N1PC51R | www.reuters.com |
Trump administration bars Haitians from US visas for low-skilled work | Haitians will no longer be eligible for U.S. visas given to low-skilled workers, the Trump administration said on Wednesday, bringing an end to a small-scale effort to employ Haitians in the United States after a catastrophic 2010 earthquake.
The Department of Homeland Security (DHS) announced the change less than a week after President Donald Trump reportedly questioned in an Oval Office meeting why the United States would want to take in immigrants from Haiti and African nations, referring to them as "s___hole" countries. Trump has denied using that word.
DHS said in a regulatory filing that it was removing Haiti from lists of more than 80 countries whose citizens can be granted H-2A and H-2B visas, given to seasonal workers in agriculture and other industries.
It cited what it said were "high levels of fraud and abuse" by Haitians with the visas, and a "high rate of overstaying the terms" of their visas.
A DHS report published last year stated that Haitians on a variety of non-immigrant visas, including H-2As and H-2Bs, had a roughly 40 percent visa overstay rate in the 2016 fiscal year.
Belize and Samoa were also removed from the lists, for risks stemming from human trafficking and not taking back nationals ordered removed from the United States, respectively.
Just a few dozen Haitians entered the United States on the visas each year since they were given permission to do so in 2012 by the Obama administration, according to DHS data.
Sixty-five Haitians entered the United States on H-2A visas, given for agricultural work, in the 2016 fiscal year, according to DHS data, and 54 Haitians were granted H-2A visas by the State Department between March and November 2017. The number of Haitians entering in 2016 on H-2B visas, which are for non-agricultural seasonal work, was more than zero but too low to report, according to DHS.
Supporters of the visas say they gave Haitians a rare opportunity to work legally in the United States, contribute to the U.S. economy, and help fund the recovery of Haiti after the earthquake, which killed more than 200,000 people.
"They're just cutting off the most economically beneficial visa for the Haitian people," said Sarah Williamson, founder of PTP Consulting, a Virginia-based consultancy that ran a pilot program to bring Haitians to the United States on the visas. "Even though not many people have been able to avail themselves of it, it's been hugely transformational for those who have participated."
The Haitian embassy in the United States did not immediately respond to a request for comment. Officials in Haiti were not immediately available for comment.
In an interview with Reuters on Wednesday, Trump praised Haitians.
"I love the people. There's a tremendous warmth," he said. "And they're very hard-working people."
Humanitarian groups and Republican and Democratic members of Congress lobbied the Obama administration to make Haiti eligible for the short-term worker visas, arguing that remittances to family in Haiti would help the country recover from the earthquake. Without H-2A and H-2B visas, there are few legal avenues for most Haitians to go to the United States.
Nicolas Garcia | AFP | Getty Images The full scale of the devastation in hurricane-hit rural Haiti became clear as the death toll surged over 400, three days after Hurricane Matthew leveled huge swaths of the country's south. "The post-earthquake reconstruction efforts ignored migration and remittances entirely," said Michael Clemens, a senior fellow at the Center for Global Development who was heavily involved in the efforts to allow Haitian workers to come to the United States. "We saw it as an opportunity to help Haiti rebuild after the earthquake."
The Obama administration added Haiti to the list of approved countries in 2012, and PTP Consulting stepped in to screen and match Haitian workers with farmers in the United States.
In countries with more experience sending workers to the United States, such as Jamaica, the home-country government typically does much of that work and regulates the H-2A process heavily, Williamson said.
Jon Hegeman, who operates a commercial greenhouse in Alabama, brought in eight Haitian H-2A workers in 2015 through the consultancy, and nine workers in 2016.
Before Hegeman hired Haitians, his business had trouble finding local workers. Within a three-month period, they went through 300 people for eight positions, he said. When he was approached by PTP to participate in the program, he agreed.
"These guys were awesome. They worked hard, you see a smile on their face every day," said Hegeman, who as the child of a missionary was born and largely raised in the Dominican Republic , which neighbors Haiti. "We've changed or impacted communities in Haiti."
He said he would escort his workers to the airport in order to make sure they left the United States when their visas ran out.
"That was one of my biggest concerns," he said. "We had zero visa overstays."
Williamson said PTP was able to ensure the return to Haiti of every worker that came through its program, but said other companies applying for H-2A visas for Haitians may not have been as scrupulous. | https://www.cnbc.com/2018/01/18/trump-administration-bars-haitians-from-us-visas-for-low-skilled-work.html | www.cnbc.com |
Fidelity Southern Corporation Reports Earnings For Fourth Quarter Of $12.4 Million; $39.8 Million In 2017 | ATLANTA, Fidelity Southern Corporation ("Fidelity" or the "Company") (NASDAQ: LION), holding company for Fidelity Bank (the "Bank"), today reported net income of $12.4 million, or $0.46 per diluted share for the quarter ended December 31, 2017, compared with $7.9 million, or $0.30 per diluted share, for the quarter ended September 30, 2017. For the year ended December 31, 2017, the Company reported net income of $39.8 million, or $1.49 per diluted share, compared with $38.8 million, or $1.50 per diluted share, for the same period in 2016.
Fidelity's Chairman, Jim Miller, said, "With a little help from Washington, we made a lot of money as our "old" strategy played out in 2017. That strategy was modified beginning early in 2017. Interest rates are the reason. However, destructive interest rate competition in commercial credits has only now abated and our ability to compete is here. Our efforts did pay off in the 4th quarter. Much more is to come as the loan portfolio is rebalanced to higher income commercial credits as consumer lending is deemphasized to meet today's reality."
President Palmer Proctor added, "We have created good momentum this year in positioning the bank for future organic growth from our commercial bank and mortgage businesses, becoming more efficient and effective in all we do, and being ready for any strategic opportunities that may arise. We are very pleased with the 20% annual growth in our demand and money market deposits, continued improvements in our asset quality, and the 9% or $1.15 per share growth in our tangible book value. We are optimistic about 2018."
RECENT EVENTS
As a result of the Tax Cuts and Jobs Act that was enacted into law on December 22, 2017, Fidelity revalued its net deferred tax liability position to reflect the reduction in the federal corporate income tax rate from 35% to 21%. This revaluation resulted in a one-time income tax benefit of approximately $4.9 million, or $0.18 of diluted earnings per common share, for the fourth quarter of 2017.
BALANCE SHEET
Total assets grew by $71.4 million, or 1.6%, during the quarter, to $4.6 billion at December 31, 2017, compared to $4.5 billion at September 30, 2017, primarily due to increased loan production of $188.7 million, partially offset by a decrease in cash of $125.7 million during the quarter. Demand and money market deposits grew by $27.4 million, but this increase was partially offset by a seasonal decrease in time and savings deposits of $98.6 million, for a net decrease in deposits of $71.2 million during the quarter.
Short-term FHLB borrowings and securities sold under repurchase agreements increased by $135.8 million, due to the increased loan production and lower deposit funding. In addition, other liabilities decreased by $6.8 million, or 15.6%, due primarily to the revaluation of the deferred tax liability at December 31, 2017, as discussed in the Income Taxes section below.
Total assets grew by $187.2 million or 4.3%, to $4.6 billion at December 31, 2017, compared to $4.4 billion at December 31, 2016. Primary drivers of the year over year change were loan growth of $171.1 million, or 4.5%, funded by total deposit increases of $236.6 million, or 6.5%, which allowed the Company to eliminate $92.8 million, or 38.1%, of short-term borrowings, as compared to December 31, 2016.
Loans
Total loans of $3.9 billion at December 31, 2017, increased by $188.7 million, or 5.0%, as compared to September 30, 2017. Increases of $106.5 million in indirect loans, $19.6 million in commercial/SBA loans, and $40.6 million in mortgage loans were noted in the quarter. Indirect loan production increased by $88.9 million, or 34.7%, in anticipation of indirect loan sales in the first half of 2018. Loans held-for-sale increased by $17.4 million, as the pipeline for expected loan sales was raised for the quarter.
Total loans increased by $171.1 million, or 4.5%, compared to December 31, 2016. An increase in mortgage loans of $134.7 million accounted for most of the increase, primarily due to lower sales of mortgage loans of $226.6 million in 2017. Commercial and construction portfolios also experienced growth year over year.
Asset Quality
Asset quality remained strong as evidenced by the reduction in non performing assets, excluding the guaranteed portion of SBA and GNMA loans ("adjusted NPA's") and acquired loans. Adjusted NPA's, a non-GAAP measure, decreased by $4.6 million, or 11.5%, during 2017. The reconciliation to the comparable GAAP measure is included in the schedules accompanying this release.
On a linked-quarter basis, the provision for loan losses decreased by $1.4 million, while net charge-offs were flat. Gross charge-offs increased by $1.6 million, offset by an increase in gross recoveries of $1.8 million, on a linked-quarter basis, mainly due to charge-offs of specific reserves established in prior quarters on several C&I loans to operating companies. Annualized net charge-offs remained relatively flat at an increase of 0.1% of average loans. No provision for loan losses was recorded in the fourth quarter due to elevated loan recoveries.
Compared to 2016, the provision for loan losses for the year decreased by $4.0 million, reflecting strong asset quality.
Fair Value Adjustments
Loan servicing rights increased by $725,000, or 0.6%, to $112.6 million at December 31, 2017, compared to $111.9 million at September 30, 2017, and by $13.3 million, or 13.4%, compared to December 31, 2016. Mortgage servicing rights ("MSRs"), the primary component of loan servicing rights, contributed the majority of the change, increasing by $1.6 million and $14.5 million during the quarter and year, respectively.
New loan servicing rights capitalized on sales of mortgage loans with servicing retained decreased by $1.7 million, or 19.8%, for the quarter but increased $766,000, or 2.7%, for the year. Capitalized servicing decreased on a linked-quarter basis due to the seasonality of mortgage production. Historically, production begins to decrease after the strong summer buying season. Capitalized servicing increased for the year even though sales of loans with servicing retained decreased by $305.2 million, or 12.1%, for the year because, as a result of rising interest rates, servicing rights are expected to remain in the portfolio longer, leading to higher projected expected lives. The decrease in sales of loans sold servicing retained was primarily due to fewer originated mortgages from refinance transactions, as year over year, we originated $513.3 million, or 55.7%, fewer refinance loans. This was partially offset by increased volume of purchase money mortgages and new market expansion.
Amortization of MSRs was flat for the linked-quarter, increasing by $48,000, or 1.4%, but was $1.6 million, or 10.2%, lower in 2017 compared to the prior year. The annual decrease is primarily the result of lower actual and predicted early prepayments in 2017, compared to 2016, as a result of the relatively more stable interest rate environment in 2017.
MSRs impairment of $1.5 million was recorded during the quarter, an increase of $932,000, or 171.2%, compared to the prior quarter. The increase in impairment was primarily related to hi | http://www.cnbc.com/2018/01/18/pr-newswire-fidelity-southern-corporation-reports-earnings-for-fourth-quarter-of-12-point-4-million-39-point-8-million-in-2017.html | www.cnbc.com |
BRIEF-Vertex Pharmaceuticals Reports Q4 Shr of $0.39 | 26 PM / Updated 12 minutes ago BRIEF-Vertex Pharmaceuticals Reports Q4 Shr of $0.39 Reuters Staff 2 Min Read
Jan 31 (Reuters) - Vertex Pharmaceuticals Inc:
* VERTEX PHARMACEUTICALS - QTRLY EARNINGS PER SHARE $0.39; QTRLY NON-GAAP EARNINGS PER SHARE $0.61; QTRLY TOTAL REVENUES $651.6 MILLION VERSUS $458.7 MILLION
* VERTEX PHARMACEUTICALS INC Q4 EARNINGS PER SHARE VIEW $0.53, REVENUE VIEW $594.7 MILLION -- THOMSON REUTERS I/B/E/S
* VERTEX PHARMACEUTICALS - QTRLY TOTAL CF NET PRODUCT REVENUES INCREASED 37 PERCENT TO $621.2 MILLION FROM $454 MILLION FOR Q4 2016
* VERTEX PHARMACEUTICALS - QTRLY NET PRODUCT REVENUES FROM ORKAMBI INCREASED 32 PERCENT TO $365.4 MILLION FROM $276.9 MILLION FOR Q4 2016
* VERTEX PHARMACEUTICALS - QTRLY NET PRODUCT REVENUES FROM KALYDECO INCREASED 44 PERCENT TO $255.8 MILLION FROM $177.1 MILLION FOR Q4 2016
* VERTEX PHARMACEUTICALS - EXPECTS COMBINED GAAP RESEARCH AND DEVELOPMENT AND SG&A EXPENSE IN 2018 WILL BE IN RANGE OF $1.80 BILLION TO $1.95 BILLION
* VERTEX PHARMACEUTICALS - SEES 2018 COMBINED NON-GAAP RESEARCH AND DEVELOPMENT AND SG&A EXPENSE WILL BE IN RANGE OF $1.50 BILLION TO $1.55 BILLION
* VERTEX PHARMACEUTICALS - PLANS TO PROVIDE TOTAL CF PRODUCT REVENUE GUIDANCE FOR FY 2018 UPON ANTICIPATED FDA APPROVAL OF TEZACAFTOR/IVACAFTOR COMBINATION
* VERTEX PHARMACEUTICALS - BOARD AUTHORIZED SHARE REPURCHASE PROGRAM OF UP TO $500 MILLION OF COMMON STOCK THROUGH DEC 31, 2019
* VERTEX PHARMACEUTICALS - REPURCHASE PROGRAM IS EXPECTED TO BE EXECUTED OVER TWO YEARS Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-vertex-pharmaceuticals-reports-q4/brief-vertex-pharmaceuticals-reports-q4-shr-of-0-39-idUSB8N1LI03A | www.reuters.com |
Brazil believes its growth rate will be double the IMF’s forecast | Brazil expects to see upwards of 3 percent gross domestic product (GDP) growth in 2018, Brazilian Finance Minister Henrique Meirelles told CNBC Tuesday, a figure that flies in the face of the International Monetary Fund's (IMF) forecast of 1.5 percent.
Speaking at the World Economic Forum in Davos , the head policymaker for Latin America's largest economy explained why he thought the IMF's forecast was wrong.
"The numbers have been revised every day, or every week, or every month by the IMF in general," the finance minister said. "The market has moved steadily up, around 2.85 today. In our case we have been leading the market last year, we have this forecast that is going to happen, which is about 1.1 percent for 2017, and we think this year it's going be around 3 percent or higher."
Meirelles cited future pension reform, GDP growth and the country's upcoming elections as cause for optimism. Brazilians will head to the polls in October 2018, with many hoping to bring an end to years of corruption-plagued administrations.
Meirelles took the position in 2016 amid the global commodities downturn and during the impeachment of former president Dilma Rousseff, previously serving as central bank governor from 2003 to 2011.
Cris Faga | LatinContent | Getty Images Members of the Roofless Movement protest againts economic reforms proposed by President Michel Temer at Paulista Avenue in Sao Paulo on June 30, 2017. Brazil's GDP did show signs of recovery in the fourth quarter of 2017 for the first time after suffering the longest recession in its history, though further confidence in the country remains sensitive to political developments, according to the Organization of Economic Cooperation and Development (OECD).
Meirelles would not confirm whether he will make a presidential bid for October, though he told CNBC he is thinking about it, and will make his decision in "late March or early April."
"If the decision in October proves to be the right one and the country embarks on a higher growth rate next year which I think is possible, I think the story could be a reasonable one, or even a very good one," he said.
Brazil's government has pledged a raft of reforms, but regional watchers warn that continued reform is not guaranteed, particularly given the country's upcoming presidential election in October 2018 which will pit unpopular incumbent Michel Temer against the scandal-ridden former president Lula da Silva. Investors are already warning of volatility .
Dogged by political corruption scandals and high-profile arrests, the country of 208 million continues to miss out on stronger growth thanks to a combination of red tape, protectionist measures, low export levels, high import tariffs and inadequate infrastructure.
Credit Suisse in 2017 named Brazil the most closed emerging market economy, and Standard & Poor's recently downgraded Brazil's credit rating, citing slow political progress.
show chapters What is Davos? 15 Hours Ago | 03:12 | https://www.cnbc.com/2018/01/23/brazil-believes-its-growth-rate-will-be-double-the-imfs-forecast.html | www.cnbc.com |
U.S. lawmakers scramble on immigration as gov't shutdown paused | WASHINGTON, Jan 23 (Reuters) - U.S. lawmakers on Tuesday sought a way forward on an immigration deal including protection for "Dreamer" immigrants and border security before federal funding runs out again next month.
On Monday, the Republican-led Congress passed a measure signed into law by President Donald Trump to fund the federal government through Feb. 8 following a three-day shutdown. But they will have to return to thorny budget issues that have now become intertwined with contentious immigration policy.
"We don't have a lot of time in which to get it done," Republican U.S. Senator Mike Rounds told MSNBC.
Trump himself has vacillated on immigration between tough rhetoric demanding a U.S. border wall and a softer tone urging a "bill of love" for Dreamers, prompting Democrats and some Republicans to call him an unreliable negotiating partner.
"Nobody knows for sure that the Republicans & Democrats will be able to reach a deal on DACA by February 8, but everyone will be trying," Trump wrote in a post on Twitter, referring to when government funding would next run out.
"The Dems have just learned that a Shutdown is not the answer!" Trump added, after calling for "a big additional focus put on Military Strength and Border Security."
As federal employees returned to work on Tuesday they faced a new furlough in 17 days if lawmakers and Trump do not find another short-term fix or a longer term budget.
A funding bill easily passed after Senate Democratic leaders accepted a pledge by Republicans to hold a debate later over the fate of the Dreamers and related immigration issues.
Many Republicans have said they want to help Dreamer immigrants brought to the United States illegally as children.
Trump canceled former President Barack Obama's Deferred Action for Childhood Arrivals, or DACA, program that shielded them from deportation. Without congressional action, the program will end in March.
Rounds, along with U.S. Senator Angus King, an independent often aligned with Democrats, said any immigration solution was likely to focus on Dreamers and extra border security.
"We can't try to do comprehensive immigration in three weeks," King told MSNBC, adding on CNN that lawmakers were likely to pass another stopgap bill to fund the government.
Trump's budget director Mick Mulvaney, however, indicated the White House might be looking for a bigger deal.
"We want a large agreement. We want a big deal that solves the reason that we have a DACA problem in the first place," Mulvaney said on CNN. (Reporting by Susan Heavey and Makini Brice; Editing by Andrew Hay) | https://www.cnbc.com/2018/01/23/reuters-america-u-s-lawmakers-scramble-on-immigration-as-govt-shutdown-paused.html | www.cnbc.com |
Spotify hit with $1.6 billion copyright lawsuit | Music streaming company Spotify was sued by Wixen Music Publishing Inc last week for allegedly using thousands of songs, including those of Tom Petty, Neil Young and the Doors, without a license and compensation to the music publisher.
Wixen, an exclusive licensee of songs such as "Free Fallin" by Tom Petty, "Light My Fire" by the Doors, (Girl We Got a) Good Thing by Weezer and works of singers such as Stevie Nicks, is seeking damages worth at least $1.6 billion along with injunctive relief.
Spotify failed to get a direct or a compulsory license from Wixen that would allow it to reproduce and distribute the songs, Wixen said in the lawsuit, filed in a California federal court.
Wixen also alleged that Spotify outsourced its work to a third party, licensing and royalty services provider the Harry Fox Agency, which was "ill-equipped to obtain all the necessary mechanical licenses".
Spotify declined to comment.
In May, the Stockholm, Sweden-based company agreed to pay more than $43 million to settle a proposed class action alleging it failed to pay royalties for some of the songs it makes available to users.
Spotify, which is planning a stock market listing this year, has grown around 20 percent in value to at least $19 billion in the past few months. | https://www.cnbc.com/2018/01/03/spotify-1-point-6-billion-copyright-lawsuit.html | www.cnbc.com |
MPOWER Financing Hires Lutz Braum, Fintech and Higher Ed Marketing Veteran | WASHINGTON, Jan. 8, 2018 /PRNewswire/ -- MPOWER Financing , a public benefit corporation focused on removing financial barriers to higher education in the U.S., has appointed Lutz Braum as its vice president of marketing and business development.
Braum, who has over 25 years of experience in marketing financial services, will be responsible for driving growth of the company's student loan portfolio by increasing awareness of MPOWER Financing among higher education institutions in the U.S., as well as prospective high-potential students from all over the world.
Previously, Braum was chief marketing officer of Higher One, the largest digital-only banking provider in the U.S. with more than two million student checking accounts and over 800 college campus clients, which was sold to Customers Bank in 2016 and is currently operating as BankMobile. Earlier in his career, he was the head of consumer marketing for PayPal and SVP of marketing at Wells Fargo Bank. Braum started his career at Citibank where he held increasingly senior marketing roles both domestically and internationally. He earned his M.B.A. at Wharton and B.S. in Finance from Arizona State University after moving to the U.S. from Germany.
"Lutz has a strong background in driving revenue, customer engagement and loyalty by building compelling value propositions and executing integrated marketing campaigns across on- and off-line channels," said Manu Smadja, CEO and co-founder of MPOWER Financing. "His expertise and global experience is exactly what we need to reach our $100 million loan portfolio goal. We know he'll do an excellent job enhancing both B2B and B2C marketing capabilities and will reach even more high-potential students who aspire to obtain a degree from the U.S."
"I believe that helping to turn the dreams of future global leaders and innovators into reality is of utmost importance, and their education should not be interrupted or derailed by a financial shortfall," said Braum. "I look forward to helping international students study in the U.S and become global citizens by offering them a supplemental financing source that doesn't depend on a co-signer or a traditional credit score."
About MPOWER Financing
MPOWER Financing is an innovative fintech company and provider of educational loans to high-promise international students. MPOWER Financing helps students build their credit histories and provides them with personal finance, education and gateway financial products to prepare for life after college. The team is backed by Zephyr Management, Goal Structured Solutions, 1776, Village Capital, VARIV, DreamIt, Fresco, Chilango, K Street and University Ventures. For more information, please visit www.mpowerfinancing.com , or follow MPOWER Financing on Twitter , Facebook and LinkedIn .
Media Contacts:
Richard Anderson / Cara Johnson
Feintuch Communications
718-986-1596 / 212-808-4904
MPower@feintuchpr.com
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SOURCE MPOWER Financing | http://www.cnbc.com/2018/01/08/pr-newswire-mpower-financing-hires-lutz-braum-fintech-and-higher-ed-marketing-veteran.html | www.cnbc.com |
Great Southern Bancorp, Inc. Announces Fourth Quarter 2017 Preliminary Earnings Release Date and Conference Call | SPRINGFIELD, Mo., Jan. 4, 2018 /PRNewswire/ -- Great Southern Bancorp, Inc. (NASDAQ:GSBC), the holding company for Great Southern Bank, expects to report fourth quarter 2017 preliminary earnings after the market closes on Tuesday, January 23, 2018, and host a conference call on Wednesday, January 24, 2018, at 2:00 p.m. Central Time (3:00 p.m. Eastern Time).
Individuals interested in listening to the conference call may dial 1.833.832.5121 and enter the passcode 7147459. The call will be available live or in a recorded version at the Company's Investor Relations website, http://investors.greatsouthernbank.com .
The Company will notify the public that fourth quarter and annual 2017 results have been issued through a news release and will post the results to the Company's Investor Relations website. The earnings release will also be available on the Securities and Exchange Commission's (SEC) website, www.sec.gov , as an exhibit to a Current Report on Form 8-K that will be furnished by the Company to the SEC.
With total assets of $4.5 billion, Great Southern offers a broad range of banking services to commercial and consumer customers. Headquartered in Springfield, Mo., the Company operates 104 retail banking centers in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska, and commercial loan production offices in Chicago, Dallas and Tulsa, Okla. Great Southern Bancorp is a public company and its common stock (ticker: GSBC) is listed on the NASDAQ Global Select Market.
www.GreatSouthernBank.com
Forward-Looking Statements
When used in this press release and documents filed or furnished by the Company with the Securities and Exchange Commission (the "SEC"), in the Company's press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including, among other things, (i) non-interest expense reductions from Great Southern's banking center consolidations might be less than anticipated and the costs of the consolidation and impairment of the value of the affected premises might be greater than expected; (ii) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company's merger and acquisition activities (including the Fifth Third branch acquisition in 2016) might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (iii) changes in economic conditions, either nationally or in the Company's market areas; (iv) fluctuations in interest rates; (v) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; (vi) the possibility of other-than-temporary impairments of securities held in the Company's securities portfolio; (vii) the Company's ability to access cost-effective funding; (viii) fluctuations in real estate values and both residential and commercial real estate market conditions; (ix) demand for loans and deposits in the Company's market areas; (x) the ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace; (xi) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xii) legislative or regulatory changes that adversely affect the Company's business, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and its implementing regulations, and the overdraft protection regulations and customers' responses thereto; (xiii) changes in accounting principles, policies or guidelines; (xiv) monetary and fiscal policies of the Federal Reserve Board and the U.S. Government and other governmental initiatives affecting the financial services industry; (xv) results of examinations of the Company and the Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to increase its allowance for loan losses or to write-down assets; (xvi) costs and effects of litigation, including settlements and judgments; and (xvii) competition. The Company wishes to advise readers that the factors listed above and other risks described from time to time in documents filed or furnished by the Company with the SEC could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
The Company does not undertake -and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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SOURCE Great Southern Bancorp, Inc. | http://www.cnbc.com/2018/01/04/pr-newswire-great-southern-bancorp-inc-announces-fourth-quarter-2017-preliminary-earnings-release-date-and-conference-call.html | www.cnbc.com |
Transcript of Donald Trump Interview With The Wall Street Journal | President Donald Trump sat down for an interview Thursday morning with four reporters from The Wall Street Journal: Rebecca Ballhaus, Michael C. Bender, Peter Nicholas and Louise Radnofsky. White House attendees included Communications Director Hope Hicks, Press Secretary Sarah Huckabee Sanders and Director of the National Economic Council Gary Cohn.
Here is the expedited transcript of that interview. Portions of the interview were off the record, and have been excluded from this transcript.
... RELATED VIDEO WSJ Interview: Trump Signals Openness to North Korea Diplomacy The Wall Street Journal interviewed President Trump in the Oval Office on Thursday. Mr. Trump spoke about his relationship with North Korean leader Kim Jong Un and signaled openness to diplomacy with North Korea. WSJ's Gerald F. Seib gives us more insight from the interview. Photo: Getty To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/transcript-of-donald-trump-interview-with-the-wall-street-journal-1515715481 | www.wsj.com |
UPDATE 2-U.S. government to shield health workers under 'religious freedom' | (Adds outside expert comments)
WASHINGTON, Jan 18 (Reuters) - The U.S. government is seeking to further protect the "conscience and religious freedom" of health workers whose beliefs prevent them from carrying out abortions and other procedures, in an effort likely to please conservative Christian activists and other supporters of President Donald Trump.
The U.S. Department of Health and Human Services said on Thursday it will create a division within its Office of Civil Rights to give it "the focus it needs to more vigorously and effectively enforce existing laws protecting the rights of conscience and religious freedom."
Healthcare workers, hospitals with religious affiliations, and medical students among others have been "bullied" by the federal government to provide these services despite existing laws on religious and conscience rights, the top HHS official said.
"The federal government has hounded religious hospitals...forcing them to provide services that violate their consciences," Acting HHS Secretary Eric Hargan said. "Medical students too have learned to do procedures that violate their consciences."
Some of the services at issue include abortion and euthanasia, according to HHS documents. Politico reported on Wednesday that the protections would extend to care for transgender patients seeking to transition.
Democrats criticized the move as a denial of healthcare for women and others, while legal and medical ethics experts said that such exemptions have legal limits and would be challenged in court.
Democratic Senator Patty Murray said in a statement she was "deeply troubled" by reports of the new division and that "any approach that would deny or delay health care to someone and jeopardize their well being for ideological reasons is unacceptable."
LEGAL AND ETHICAL QUESTIONS
The division would enforce the legal protection and conduct compliance reviews, audits and other enforcement actions to ensure that health care providers are allowing workers with religious or moral objections to opt out.
As the division seeks to back exemptions, it is likely to face legal and ethical challenges.
There will be challenges to any step along the way for any expansion of religious exceptions, said Marci Hamilton, a professor at the University of Pennsylvania. She said such challenges would be pretty strong.
Hamilton said that while courts had frequently upheld religious exemptions in recent years, they have recognized limits. For example, she said, courts have rejected a churchs bid to be exempt from federal marijuana laws, and a Pennsylvania order of nuns effort to avoid eminent domain.
Professionals take an oath to serve people who are sick, Alta Charo, a professor of law and bioethics at the University of Wisconsin in Madison explained. They are also the only ones licensed to provide those services and must do so without discrimination, she said.
"When the director of the office of civil rights is quoted as saying that 'No physician should have to choose between helping a sick person or following their personal conscience,' the director is simply wrong. That choice was made the moment they became physicians," she said.
It is unclear how broad such exemptions could be.
Asma Uddin, a fellow at the UCLA Burkle Center for International Relations and a Muslim, spoke at an HHS press conference about the need for protection against what she said was a variety of ways women are forced to violate their conscience.
For Muslim women, she said, this is an issue in respect to modesty, particularly as patients.
TRUMP ORDER
The creation of the division is in accordance with an executive order signed by Trump last May called "Promoting Free Speech and Religious Liberty." The order was followed by new rules aimed at removing a legal mandate that health insurance provide contraception.
Several proponents of the changes cited the Little Sisters of the Poor, an order of Roman Catholic nuns which runs care homes for the elderly, which had challenged a legal mandate under Obamacare, the common name for former President Barack Obama's 2010 healthcare law.
In October, HHS introduced rules that would let businesses or non-profit organizations lodge religious or moral objections to obtain an exemption from that mandate that employers provide contraceptives coverage in health insurance with no co-payment.
Planned Parenthood said the move was the latest example of the Trump administration's efforts to block women, transgender people and other communities from access to care.
Americans United for Life, a group that opposes abortion rights, said the HHS had taken a strong step forward to allow individuals and organization to exclude abortions or other services that violate their conscience. (Additional reporting by Caroline Humer, Jilian Mincer and Brendan Pierson in New York, and Julie Steenhuysen in Chicago; Editing by Alistair Bell) | https://www.cnbc.com/2018/01/18/reuters-america-update-2-u-s-government-to-shield-health-workers-under-religious-freedom.html | www.cnbc.com |
Tire Consumer Welcomes Chan Patel as CEO | PALO ALTO, Calif., Jan. 24, 2018 /PRNewswire/ -- Tire Consumer , the world's first tire search engine, today announced the appointment of Chan Patel as CEO. Patel brings over 20 years of experience in the B2B sector. He is passionate and thrives on driving growth, with his entrepreneurial spirit and innovative ideas. He replaces CEO and founder Tim Shaffer, who will continue to work as COO & Founder at Tire Consumer.
"Chan has been the driving force behind RepairPal & Branders.com success. Now, he will set Tire Consumers strategy to become the first Tire Search Engine in the automotive sector. I look forward to Chan's leadership at the company," Shaffer said.
"I am thrilled with the opportunity in front of Tire Consumer and understand its magnitude. Tire Consumer is set to grow rapidly to become a leader in the Tire Search market by continuing to innovate and creating multiple value propositions for both clients and consumers. I look forward to working with the Tire Consumer team to building a world class enterprise marketing company," Patel said.
Before joining Tire Consumer Chan led sales for RepairPal. With his leadership they built the largest trusted network of auto repair shops in all 50 states. He consistently doubled sales and delivered record sales throughout his tenure. As the sales leader he also secured many partnerships with industry leaders which include, BOSCH, Technet (an Advance Auto Parts company), & Precision Tune Auto Care (a Carl Icahn acquired company).
Prior to RepairPal Chan was at Branders.com , the nation's largest online B2B seller of promotional items. Chan established a sales team to become a leading B2B sales network in the $19 billion Advertising Specialty market by managing rapid growth and forging online sales for brands such as Microsoft, AARP, Intel, and Google. He created and implemented the revolutionary web-tour sales and support model. Prior to Branders, Chan joined Franklin Templeton Investments. He played an integral role in many key departments and worked with some of the country's best portfolio managers. While on the Equity Trading desk he was responsible for trading over $3 billion of overnight repurchase agreements with JP Morgan, Bank of America and Goldman Sachs.
"Accelerating our growth and differentiating our offerings is critical to our success. Chan's deep experience and proven track record will be the catalyst we need to extend our value as the top provider of tire marketing & real-time analytics," Shaffer said.
About Tire Consumer
TireConsumer.com is the world's first "Tire Price Search Engine". Giving consumers one resource to compare prices at all local tire shops, and provides retailers an affordable lead generation platform to land new customers and improve their back office operations. We are updating the platform now and should be operational by the end of March. Please stop by. www.TireConsumer.com
Media Contact: Hannah Yarbrough (650) 479-5667
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SOURCE Tire Consumer LLC | http://www.cnbc.com/2018/01/24/pr-newswire-tire-consumer-welcomes-chan-patel-as-ceo.html | www.cnbc.com |
American Midstream Twenty-Sixth Consecutive Distribution | HOUSTON, Jan. 26, 2018 /PRNewswire/ -- American Midstream Partners, LP (NYSE: AMID) ("AMID") today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.4125 per common unit, or $1.65 per unit annually. The fourth quarter 2017 distribution represents the twenty-sixth consecutive quarterly distribution since the Partnership's initial public offering in 2011.
The distribution will be paid February 14, 2018 to unitholders of record as of the close of business on February 7, 2018.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream's assets are strategically located in some of the most prolific offshore and onshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com . The content of our website is not part of this release.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the Partnership's expectations regarding the timing of the proposed offering and use of proceeds. We have used the words "could," "expect," "intend," "may," "will," "would" and similar terms and phrases to identify forward-looking statements in this press release. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. Many of the factors that will determine these results are beyond our ability to control or predict. These factors include the risk factors described in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 28, 2017, our Form 10-Q for the quarter ended September 30, 2017, filed with the SEC on November 9, 2017, and our other filings with the SEC. All future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the previous statements. The forward-looking statements herein speak as of the date of this press release. We undertake no obligation to update such statements for any reason, except as required by law.
Investor Contact
American Midstream Partners, LP
Mark Schuck
Director of Investor Relations
(346) 241-3497
ir@americanmidstream.com
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SOURCE American Midstream Partners, LP | http://www.cnbc.com/2018/01/26/pr-newswire-american-midstream-announces-twenty-sixth-consecutive-distribution.html | www.cnbc.com |
Cognizant Schedules Fourth Quarter 2017 Earnings Release and Conference Call | TEANECK, N.J., Jan. 10, 2018 /PRNewswire/ -- Cognizant (NASDAQ: CTSH), a leading provider of information technology, consulting, and business process services, will announce results for the fourth quarter of 2017 on Wednesday, February 7, 2018, before market open.
Following the release, Cognizant management will conduct a conference call at 8:00 a.m. (Eastern) to discuss operating performance for the quarter. To participate in the conference call, domestic callers can dial (877) 810-9510 and international callers can dial (201) 493-6778 and provide the following conference passcode: Cognizant Call.
The conference call will also be available live on the Investor Relations section of the Cognizant website at http://investors.cognizant.com . Please go to the website at least 15 minutes prior to the call to register and to download and install any necessary audio software.
For those who cannot access the live broadcast, a replay will be available by dialing (877) 660-6853 for domestic callers or (201) 612-7415 for international callers and entering 13675240 from two hours after the end of the call until 11:59 p.m. (Eastern) on Wednesday, February 21, 2018. The replay will also be available at Cognizant's website http://investors.cognizant.com for 60 days following the call.
About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 205 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @Cognizant.
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SOURCE Cognizant | http://www.cnbc.com/2018/01/10/pr-newswire-cognizant-schedules-fourth-quarter-2017-earnings-release-and-conference-call.html | www.cnbc.com |
ECB to revisit policy message in early 2018: minutes | The euro jumped against the dollar on Thursday after the European Central Bank said it could revisit its communication stance in early 2018, boosting expectations that policymakers are preparing to reduce their vast monetary stimulus program.
With the euro zone seeing its best growth in a decade, the ECB should gradually shift its stance to avoid a more disruptive move later and look at a broader revision of its policy guidance to reduce the focus on bond purchases and raise the emphasis on interest rates, accounts of the ECB's December meeting showed.
Krisztian Bocsi | Bloomberg | Getty Images Mario Draghi, president of the European Central Bank (ECB), reacts during a news conference to announce the bank's interest rate decision at the ECB headquarters in Frankfurt, Germany, on Thursday, Jan. 19, 2017. "It's certainly more of a hawkish tilt in the minutes," said Karl Schamotta, director of global product and market strategy at Cambridge Global Payments in Toronto.
"This has been long expected but there was more formality in the minutes around how the bank will manage the forward guidance process as they exit unconventional policy," Schamotta said.
"There was quite a bit of money sitting on the sidelines looking for this hint."
The euro was up 0.73 percent to $1.2032, on pace for its biggest single-day percentage gain against the greenback in about two months.
"This ought not to be a big surprise, given the pace of recovery we have seen and time horizon for the QE program, but it has nevertheless given euro bulls a reason to be more confident," Neil Wilson, analyst at ETX Capital said in a note.
The dollar index , which measures the greenback against six rival currencies, was down 0.48 percent at 91.89, after falling to a nearly one-week low 91.808.
The greenback extended losses after data showed U.S. producer prices fell for the first time in nearly 1-1/2 years in December amid declining costs for services.
Weak inflation at the producer level could add to concerns that the factors restraining inflation could become more persistent and result in the Federal Reserve being more cautious about raising interest rates this year.
The U.S. central bank's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, has undershot its target since May 2012.
The Canadian dollar steadied against the greenback after hitting a nearly two-week low as investors weighed chances of a Bank of Canada interest rate hike next week and worried about the possibility of a U.S. withdrawal from NAFTA.
Bitcoin was 10.47 percent lower at $13,332.24 on the Luxembourg-based Bitstamp exchange after South Korea's government said it plans to ban cryptocurrency trading. | https://www.cnbc.com/2018/01/11/ecb-to-revisit-policy-message-in-early-2018-minutes.html | www.cnbc.com |
Summit Companies Acquires Alliance Fire Protection, Establishing a Presence in Arizona | ST. PAUL, Minn., Jan. 19, 2018 /PRNewswire/ -- Summit Companies ("Summit"), a leading fire and life safety service and installation company, announced today that it has completed the acquisition of Arizona-based Alliance Fire Protection Co. and Alliance Fire Protection Special Systems, Inc. ("Alliance"), establishing a new region for the company in Arizona. Summit Companies is owned by management and CI Capital Partners. Terms of the transaction were not disclosed.
Alliance designs, engineers and installs commercial, industrial and multi-family residential fire protection systems for new construction projects and renovations, and provides ongoing maintenance and inspection services of these systems. Alliance was founded in 1981 and is based in Tempe, Arizona. Alliance is the sixth add-on acquisition completed since CI Capital invested in the company in September 2017 and Summit Companies' first add-on acquisition outside of its core Midwestern geography. Summit Companies is pursuing additional add-on acquisitions in other regions of the United States.
"We are focused on building a national business to better serve our customers, and our acquisition strategy is essential in achieving that goal," stated Summit CEO, Jeff Evrard. "Alliance has an excellent reputation in the Arizona market, making this acquisition an ideal first step to increasing our presence in the Southwestern United States. We welcome the entire Alliance team to the Summit family and are excited to grow the Arizona region through organic growth and future acquisitions."
"Over our 35 year history, Alliance has built a legacy of high quality work and reliability while providing a critical service to our customers," said Lyle "Jag" Amdahl, President of Alliance. "We are thrilled to form this partnership and move to the next chapter in our company's evolution."
"Through five add-on acquisitions in Summit's core Midwestern market and the establishment of a new region with the acquisition of Alliance, Jeff and the rest of Summit's management team have made tremendous progress accelerating their acquisition strategy in a short amount of time," said Timothy Hall, Managing Director, CI Capital Partners. "We look forward to continuing to support their efforts."
About Summit Companies
Founded in 1999, Summit provides complete fire and life safety services designed to protect buildings, assets and people. The company has expertise across the entire spectrum of fire and life safety categories including both wet and dry suppression, clean agent suppression, alarm and security monitoring, fire extinguishers, kitchen hoods and special hazard systems. Summit has the experience and capabilities to handle projects from a small tenant remodel to a large industrial facility. The company services 35,000+ commercial, industrial, government, healthcare and multi-family residential facilities annually. Learn more at www.SummitCoUS.com .
About Alliance Fire Protection
Alliance Fire Protection began operations as a fire sprinkler company, and quickly earned a reputation for high quality workmanship. Through the years the company has expanded into all aspects of commercial and industrial fire protection, but the drive for quality still lives in all aspects of operations. Today, Alliance is truly a full service fire protection company. We are proud to offer the following: design and engineering, sprinkler fabrication, installation, service and inspections, off-site monitoring, and training programs. Learn more at www.afpc.com .
About CI Capital Partners
CI Capital Partners LLC, a leading North American private equity investment firm with approximately $2.4 billion in assets under management, has been investing in middle-market companies since 1993. CI Capital forms partnerships with experienced management teams and entrepreneurs to build substantial businesses through add-on acquisitions, organic growth and operational improvements. Since inception, CI Capital and its portfolio companies have made over 260 acquisitions representing over $9 billion in enterprise value.
Media Contact:
Daniel Yunger
KEKST&Co.
212.521.4800
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PMCF Announces Sale of Plymouth Packaging to WestRock Company (NYSE: WRK) | SOUTHFIELD, Mich., Jan. 25, 2018 /PRNewswire/ -- P&M Corporate Finance (PMCF) is pleased to announce the sale of Plymouth Packaging, Inc. ("Plymouth", "Box on Demand" or the "Company") to WestRock Company ("WestRock", NYSE: WRK). Headquartered in Battle Creek, Michigan, Plymouth is an innovator in the corrugated packaging industry and pioneered an on-demand packaging system that uses corrugated fanfold materials and proprietary box making machinery. Plymouth's "Box on Demand" systems provide customers with the ability to make right-sized corrugated boxes at their facilities to cost effectively package a wide range and variability of products, reducing both packaging and shipping costs when compared to traditional corrugated boxes. Plymouth has successfully installed these integrated packaging systems at a large number of companies across a variety of end markets including e-commerce, building products, furniture, industrial and many others.
Plymouth serves its Box on Demand customers across North America from three strategically located corrugated fanfold manufacturing facilities as well as numerous distribution centers. These facilities are equipped with industry leading corrugated fanfold manufacturing technology including many custom and proprietary modifications. In addition to its Box on Demand product offering, Plymouth has traditional corrugated box manufacturing capabilities and operates a niche, short to medium volume sheet plant that serves the Southeast Michigan market. Also included in the transaction were Plymouth's ownership stake in Panotec, its Box on Demand machinery manufacturer based in Italy, and the Company's investment in Alliance Sheets, one of the largest corrugators in the United States.
Plymouth was founded in 1991 by Paul Magnell and was owned by the Magnell family prior to the sale. Greg Magnell served as president of the Company and will continue in his leadership role under WestRock's ownership. "We are excited to become part of WestRock and believe there is a strong cultural fit with our two organizations," said Greg Magnell. "The combination provides access to a much broader geographic footprint and significant additional resources that will help this business continue to grow and serve our customers."
The Magnells selected John Hart and PMCF's Plastics & Packaging Group to serve as Plymouth's M&A advisor / investment banker in the transaction. Greg Magnell noted, "We are very happy with our decision to hire PMCF as our M&A advisor. John and his team are clearly experts in the packaging industry and knew how to best position a unique company like ours to the right group of prospective buyers. They provided heavy senior level involvement throughout each stage of the process and were instrumental in making this a successful transaction for us. We would highly recommend PMCF to other packaging companies considering a transaction."
About PMCF
PMCF is an award-winning middle market investment bank providing global merger and acquisition advisory services to private, public, and private equity owned companies. PMCF provides a broad range of services including sale advisory, acquisition advisory, capital raising, and strategic advisory. The firm has dedicated industry teams providing services to the plastics and packaging, medical technology, industrials, and business services industries. PMCF has offices in Chicago and Detroit and around the globe via its Corporate Finance International associates. PMCF is an affiliate of Plante Moran one of the nation's largest professional services firms. For more information, visit www.pmcf.com .
John Hart
Managing Director, Plastics & Packaging Group
248.223.3468
john.hart@pmcf.com
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SOURCE P&M Corporate Finance | http://www.cnbc.com/2018/01/25/pr-newswire-pmcf-announces-sale-of-plymouth-packaging-to-westrock-company-nyse-wrk.html | www.cnbc.com |
Dollar on defensive at start of 2018; Asian currencies shine | The dollar sank on Tuesday to its lowest in more than three months, weighed down on the first trading day of 2018 by expectations of a slower pace of interest rate increases by the Federal Reserve amid a tepid U.S. inflation picture.
The dollar's decline continued the momentum of 2017, the greenback's weakest annual performance in 14 years.
"Investors remain skeptical about the Fed's outlook for three additional interest rate increases this year, especially given the extremely benign inflation backdrop in the U.S.," said Omer Esiner, chief market analyst, at Commonwealth Foreign Exchange in Washington.
show chapters How to play a weak dollar in 2018: Pro 5:09 PM ET Thu, 28 Dec 2017 | 01:12 The dollar's upside was also capped as many of the world's major central banks such as the Bank of England and European Central Bank are moving toward normalizing their own monetary policies.
The dollar index hit a 3-1/2-month trough of 91.751 and was last down 0.29 percent at 91.85. For 2017, the dollar index slid more than 9.8 percent, its weakest year since 2003.
"Any further drop below 91.00 would confirm a continuation of the dollar's bearish trend from the beginning of 2017, with the next major downside target around the 90.00 psychological support level," said James Chen, head of research at Forex.com in Bedminster, New Jersey.
The euro, meanwhile, has been on a tear especially since the second half of last year, on optimism over a brightening economic picture in the euro zone. In 2017, the single currency posted its strongest year against the dollar since 2003 as European economies strengthened and expectations grew that the ECB will wind down monetary stimulus.
The euro rose to start the new year, climbing to a nearly four-month high of $1.2082. It was last up 0.39 percent at $1.2055.
Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high.
Also boosting the euro was a comment from an ECB official over the weekend. The ECB's Benoit Coeure said on the weekend he saw a "reasonable chance" the bank's bond purchases would not be extended beyond September.
Against the yen , the dollar fell 0.35 percent to 112.25. The yen continues to benefit from last week's release of the Bank of Japan 's minutes of its meeting.
The minutes showed some members are considering tightening monetary policy if the economy continues to improve next year, which would be a significant shift in strategy for a central bank thought to be the last to exit easier monetary policies. | https://www.cnbc.com/2018/01/02/asian-currencies-off-to-strong-start-for-2018-sing-dollar-at-1-12-year-high.html | www.cnbc.com |
The best way to pay off your credit card bill | To build good credit and stay out of debt , you should always aim to pay off your credit card bill in full every month.
If you want to be really on top of your game, it might seem logical to pay off your balance more often, so your card is never in the red. But hold off. It's actually possible to pay off your credit card bill too many times per month. Once is enough. In fact, once, most of the time, is ideal.
"If you're paying with every single transaction, it may not even show that you're even using credit and it's reporting to the credit bureau as a zero balance all the time," Greg McBride, chief financial analyst at Bankrate.com , tells CNBC Make It .
Instead of proving that you can responsibly pay back what you owe, frequently clearing your balance makes it look like you're not using credit at all.
show chapters Mark Cuban shares his No. 1 negotiation strategy 8:29 AM ET Wed, 25 Oct 2017 | 01:05 "To build credit, what you want to do is have a demonstrated track record of using credit responsibly, and over time different forms of credit," McBride says. "With regard to revolving lines like credit cards, you want to demonstrate the ability to put expenses on the card and then to pay that off."
To demonstrate that ability, it's smarter to focus on not letting your balance exceed more than 10 percent of your credit limit at any given time.
"The 10 percent threshold is the point at which it's beneficial to your credit score," McBride says. "Between 10 and 30 percent it's neutral, and it's only when your balance is above 30 percent of your credit line that it actually works against your score."
show chapters Why millennials are making a huge mistake by not using credit cards more often 11:49 AM ET Mon, 24 July 2017 | 00:52 That's because part of your credit score is comprised of your credit utilization ratio, which which is calculated by dividing your balance by your credit limit. If you have a card limit of $10,000, you never want your balance to exceed $3,000. Ideally, you'll keep it under $1,000.
Of course, using your card for larger purchases, such as furniture or a new phone, could cause you to exceed the optimal 10 to 30 percent of your credit limit on a given card. "That's when you might want to make an additional payment, just so at whatever point your balance gets reported to the credit bureau, it's less than 10 percent of your credit limit," McBride says.
If you're responsible about paying off your bill every month on one card, consider opening a second, third or fourth . Owning additional cards could help boost your credit score by increasing your amount of available credit. Plus, credit cards offer a host of perks, such as airline miles, hotel points and cash back, which can pay off, big time, when used strategically.
Don't miss: Here's how many credit cards you should have
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show chapters A couple who paid off $127,000 of debt shares their No. 1 money saving tip 12:38 PM ET Wed, 23 Aug 2017 | 01:08 | https://www.cnbc.com/2018/01/18/how-often-you-should-pay-off-your-credit-card-bill.html | www.cnbc.com |
SE Asia Stocks-Rise; Thai closes at record high | January 15, 2018 / 10:36 AM / a few seconds ago SE Asia Stocks-Rise; Thai closes at record high Reuters Staff 4 Min Read
By Devika Syamnath Jan 15 (Reuters) - Southeast Asian stock markets rose on Monday with Thailand closing at a record high, tracking gains in broader Asia after Wall Street extended its record-setting run. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, having finally cleared the former all-time top of 591.50 from late 2007. Wall Street was on a roll on Friday as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales, driving investor optimism about economic growth. "U.S. markets have had their strongest year-to-date gains in more than 10 years, so that's having a positive spillover to Asian markets," said Joel Ng, an analyst with KGI Securities in Singapore. Thailand's SET Index rose as much as 1.1 percent to an all-time high before finishing 0.7 percent higher, with energy and industrial stocks leading the gains. Oil and gas firm PTT PCL climbed 3 percent to a record, while Airports of Thailand added 2.5 percent. Vietnam shares rose 1.3 percent to their highest close since November 2007, on the back of gains in financials and real estate. Vietcom Bank and Vingroup JSC climbed 3.5 percent and 2.1 percent, respectively, to all-time closing highs. Singapore shares climbed 0.5 percent to their highest close since April 2015 with financials accounting for majority of the gains. Oversea-Chinese Banking Corp Ltd and United Overseas Bank Ltd rose 0.7 percent and 0.8 percent, respectively, to record closing levels. Philippine shares added 0.5 percent, helped by real estate and industrial stocks. Index heavyweight SM Investments Corp rose 1.1 percent, while Ayala Corp gained 1.9 percent to its highest close since early November 2017. Indonesian shares closed slightly higher, supported by gains in financial and energy stocks. The Jakarta Stock Exchange reopened for the afternoon session after about a dozen people were injured in a floor collapse earlier in the day. Bank Negara was the top boost to the index with a gain of 2.4 percent, while Unilever Indonesia added 0.7 percent. Indonesia posted a trade deficit of $270 million in December in its second month of deficit booked in 2017. Economists polled by Reuters had expected a surplus of $640 million. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change on the day Market Current Previous close Pct Move Singapore 3536.41 3520.56 0.45 Bangkok 1822.66 1810.19 0.69 Manila 8857.72 8814.62 0.49 Jakarta 6382.195 6370.065 0.19 Kuala Lumpur 1825.91 1822.67 0.18 Ho Chi Minh 1063.47 1050.11 1.27 Change on year Market Current End 2017 Pct Move Singapore 3536.41 3402.92 3.92 Bangkok 1822.66 1753.71 3.93 Manila 8857.72 8558.42 3.50 Jakarta 6382.195 6355.654 0.42 Kuala Lumpur 1825.91 1796.81 1.62 Ho Chi Minh 1063.47 984.24 8.05 (Reporting by Devika Syamnath in Bengaluru; Editing by Subhranshu Sahu) | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-rise-thai-closes-at-record-high-idUSL3N1PA3DD | www.reuters.com |
GOP senator vows to hold up all DOJ nominations over AG's pot policy | Republican Senator Cory Gardner of Colorado promised on Thursday to put holds on all nominees for Attorney General Jeff Sessions ' Justice Department, amid a furor over a policy change that aims to reverse the federal government's permissive stance toward states that legalize marijuana.
On the Senate floor, a visibly agitated Gardner decried a "complete reversal" of the position he said Sessions and President Donald Trump had taken with respect to enforcing federal laws that outlaw marijuana use.
"Prior to his confirmation, then-Senator Sessions told me there would be no plans to reverse the Cole memorandum," Gardner said. He referred to a 2013 memo penned by former Deputy Attorney General James Cole essentially assuring that the Obama administration would not stop states from legalizing marijuana.
"One tweet later, one policy later, a complete reversal of what many of us on the Hill were told before the confirmation, what we had continued to believe the last year," Gardner said. "And without any notification, conversation, or dialogue with Congress [the policy was] completely reversed."
Gardner said he will be putting holds on every nomination to the Justice Department until Sessions "lives up to the commitment that he made to me in my pre-confirmation meeting with him."
A Senate hold enables a single senator to block a nomination, a motion or even a piece of legislation from being seen in the Senate.
To put holds on all nominations is especially consequential for the Justice Department, which reportedly is still missing Senate-confirmed leaders in at least six divisions.
On Thursday, Sessions issued a directive rescinding Cole's policy . The former Alabama senator directed federal prosecutors "to use previously established prosecutorial principles that provide them all the necessary tools to disrupt criminal organizations, tackle the growing drug crisis, and thwart violent crime across our country."
The Department of Justice later said in a public statement that Sessions' decision represented "a return to the rule of law."
Trump, Gardner noted on the Senate floor, had previously stated that as a presidential candidate, he wouldn't use federal authority to shut down sales of recreational marijuana.
"I think it's up to the states," Trump said in a 2016 interview. "I'm a states person. I think it should be up to the states. Absolutely."
Brandon Rittiman tweet: Had to ask @ realDonaldTrump about # marijuana in light of his alliance with @ GovChristie :# 9NEWS # COpolitics
"I would like to know from the attorney general what has changed," Gardner said on Thursday. "What has changed President Trump's mind that the Cole memorandum would be reversed and rescinded?"
Cory Gardner tweet 1: .@realdonaldtrump had it right. This must be left up to the states.
Cory Gardner tweet 2: I am prepared to take all steps necessary, including holding DOJ nominees, until the Attorney General lives up to the commitment he made to me prior to his confirmation.
Marijuana has remained federally prohibited for decades, and Colorado is one of the pioneers of legalization at the state level. In 2016, the state topped $1 billion in legal weed revenues, allowing the government to reap a $198.5 million windfall in marijuana taxes.
In 2012, Colorado became the first state in the nation to legalize marijuana for recreational use. Since then, marijuana sales have created hundreds of millions in revenue for the state every year.
The Department of Justice did not respond to a request for comment on Gardner's remarks in time for publication of this story. | https://www.cnbc.com/2018/01/04/gop-senator-vows-to-hold-up-all-doj-nominations-over-ags-pot-policy.html | www.cnbc.com |
Nevada gaming regulator opens investigation into sexual misconduct allegations against Steve Wynn | The Nevada Gaming Control Board has opened an investigation into Steve Wynn , CEO of Wynn Resorts and former Republican National Committee finance chief, it said Tuesday, in the wake of a Washington Post report alleging decades of sexual misconduct.
"After completing our review, the Nevada Gaming Control Board is conducting an investigation with regard to the allegations of sexual misconduct involving Steve Wynn. The Nevada Gaming Control Board will conduct its investigation in a thorough and judicious manner," the board's chair, Becky Harris, said in a statement.
The allegations, which were first reported Friday, detailed accounts from dozens of current and former employees that would amount to "a decades-long pattern of sexual misconduct," as well as a $7.5 million financial settlement paid to a manicurist who alleged she was pressured into having sex with Wynn.
Wynn has denied the allegations.
Shares of Wynn Resorts have plunged since the report was published Friday, as attention has turned to how the company's board leadership will manage what could amount to a civil liability.
Wynn Resorts on Friday said its board of directors had formed a committee to look into the allegations , although Wynn will continue to act as CEO for the duration of the investigation.
RNC Chair Ronna Romney-McDaniel confirmed that Wynn resigned on Saturday from his post as the RNC's finance chief.
Chicago Cubs co-owner and Republican donor Todd Ricketts is expected to succeed Wynn as RNC finance chair.
This story is developing. Please check back for updates. | https://www.cnbc.com/2018/01/30/nevada-gaming-regulator-opens-investigation-into-sexual-misconduct-allegations-against-steve-wynn.html | www.cnbc.com |
Next Group Holdings, Inc. Names Adiv Baruch Chief Strategy Officer | MIAMI, January 30, 2018 /PRNewswire/ --
Next Group Holdings, Inc. (OTCQB: NXGH) today announced that the Company has appointed Mr. Adiv Baruch to the position of Chief Strategy Officer, effective immediately. With more than 30 years' executive experience in high-tech, Baruch has served on NXGH's Board of Directors since 2016.
"Adiv's experience as an international technology innovator and practitioner, combined with his vast leadership, investment and management experience, makes him an invaluable asset as this Company enters a new chapter of growth, innovation and profitability," said Arik Maimon, Next Group Holdings CEO. "Adiv's wise counsel helped us tremendously in the 4 th Q 2017 completion of two large acquisitions - Limecom Inc. and SDI Next Distribution - and, he is a key proponent of the company's move into the Cryptocurrency marketplace via our recently announced Letter of Intent with Arbitrade Exchange Inc. ( World's First Cryptocurrency Gift Card to Launch ), that can change daily commerce for millions of unbanked/underbanked consumers."
"I have been working very intensively with the founders of NXGH over the last couple of years, and have come to realize this great team's vision for the fast-changing banking and financial services industry," said Baruch. "I'm honored to be part of this team, and to bring my global experience in the finance and technology fields to bear on what NXGH is accomplishing in the fin-tech space, and I am eager to help the Company meet its potential as an innovative leader in this industry."
Currently, Mr. Baruch serves as Chairman of Jerusalem Technology Investments Ltd. and Maayan Ventures, a platform for investments in innovative Israeli technology companies. He also serves as the Chairman of Covertix, whose patented technology delivers real-time, non-invasive control, protection, and tracking of confidential files, and as the Chairman of the Institute of Technology and Innovation, a leader in educating technology professionals and innovative entrepreneurs. In addition, he was recently named Chairman of the Israel Export & International Cooperation Institute.
Previously, Mr. Baruch served as Chairman of the public committee of the Hi-Tech and Telecom Division at the Israel Export and International Cooperation Institute (IEICI), and he was a member of the audit committee of the board of IEICI. He was one of the founders of Ness Technologies, which he helped grow Israel's first IT service company into a Global IT services firm.
Mr. Baruch served as President for Nyotron, a global cyber technology company, and was a director of the Bank of Jerusalem. He currently serves, or has served, on the boards of a variety of charitable organizations including Make-A-Wish Foundation, and he is currently the active Chairman of Or-Lachayal. Also, he has been an active member of the Young Presidents' organization (YPO). He remains involved with a number of companies traded on the U.S., Tel Aviv and Hong Kong exchanges.
Baruch holds an Engineering degree from The Technion, the leading engineering institute in Israel.
About Next Group Holdings, Inc.
NXGH is a corporation headquartered in Miami, Florida, which, through its operating subsidiaries, engages in the business of using proprietary technology and certain licensed technology to provide innovative mobile banking, mobility, and telecommunications solutions, including wireless MVNO, to underserved, unbanked, and emerging markets. NXGH's principal executive offices are located at 1111 Brickell Avenue, Suite 2200, Miami, Florida 33131, and its telephone number at that location is (800)611-3622. NXGH's web address is www.nextgroupholdings.com .
Contact :
for Next Group Holdings, Inc.:
Paul Gendreau
PGPR
paul@pgprmedia.com
+1-678-807-7945
SOURCE Next Group Holdings, Inc. | http://www.cnbc.com/2018/01/30/pr-newswire-next-group-holdings-inc-names-adiv-baruch-chief-strategy-officer.html | www.cnbc.com |
Putin says 'shrewd and mature' Kim Jong Un has 'won this round' | Taxes Putin says 'shrewd and mature' Kim Jong Un has 'won this round' against the West Russian President Vladimir Putin says North Korea's Kim Jong Un got the best of the West over his nuclear and missile programs. Russia has voted for international sanctions against North Korea at the U.N. over its nuclear program. Kim "is already a shrewd and mature politician," Putin says. Published 1 Hour Ago SHARES STR | AFP | Getty Images North Korean leader Kim Jong-Un at the test-fire of the intercontinental ballistic missile Hwasong-14 at an undisclosed location.
Russian President Vladimir Putin said on Thursday North Korean leader Kim Jong Un was "shrewd and mature" and had won the latest standoff with the West over his nuclear and missile programs.
"I think that Mr. Kim Jong Un has obviously won this round. He has completed his strategic task: he has a nuclear weapon, he has missiles of global reach, up to 13,000 km, which can reach almost any point of the globe," Putin told Russian journalists at a televised meeting.
Russia has voted at the United Nations in favor of international sanctions against North Korea over its nuclear program, while urging the West to show restraint and calling for talks over the issue.
Putin reiterated that dialogue with North Korea was warranted, and said Kim now wanted to calm the situation.
"He is already a shrewd and mature politician," Putin said.
North Korea and South Korea held talks on Tuesday after a prolonged period of tension on the Korean peninsula over the North's missile and nuclear programs. | https://www.cnbc.com/2018/01/11/putin-says-shrewd-and-mature-kim-jong-un-has-won-this-round.html | www.cnbc.com |
South river Rhine in Germany still closed to shipping | HAMBURG (Reuters) - The river Rhine in south Germany remained closed to shipping on Wednesday after a sharp rise in water levels, a German inland navigation authority official said.
About 80 km of the river is closed to shipping from around Maxau near Karlsruhe to a point south of Mannheim, preventing sailings to and from Switzerland, he said.
Northern and central sections of the river are operating normally.
Water levels are starting to fall again in some areas and a reopening to shipping later this week or at the weekend could be possible, he said.
Repeated rain and warm weather which has melted snow have raised water levels and stopped shipping at the beginning of this week. High water means vessels do not have enough space to sail under bridges.
The Rhine is an important shipping route for commodities including oil products such as heating oil, grains, animal feed and coal. It is an important route for Swiss commodity imports. The river was also closed due to high water in early January.
Reporting by Michael Hogan; editing by Jason Neely
| https://www.reuters.com/article/us-germany-shipping-rhine/south-river-rhine-in-germany-still-closed-to-shipping-idUSKBN1FD0SG | www.reuters.com |
KPMG To Acquire Global Identity And Access Management Business Of Cyberinc | NEW YORK, Jan. 3, 2018 /PRNewswire/ -- KPMG LLP has agreed to acquire the Identity and Access Management business of Silicon Valley-based Cyberinc, which provides cyber security solutions globally. Cyberinc, the largest independent identity and access management (IAM) technology provider in the world, will enhance KPMG's existing capabilities as a leader in information security consulting services* and expand the firm's ability to provide clients with emerging and more agile IAM solutions. The transaction also bolsters KPMG's talent and resources in the rapidly growing area of digital consumer identity and privileged user management, which are evolving security-focused capabilities to enhance important elements of customer-engagement.
"Cyber security remains a top risk to organizations as threats grow in scale and cyber criminals develop new ways to access protected information," said Lynne Doughtie, U.S. Chairman and CEO of KPMG LLP. "KPMG's identity and access management solutions team can assist clients, across all industries, protect their information and enable their digital strategies and growth plans."
Cyberinc's IAM business is a 190-person global team with significant presence in the U.S., India, Australia, and the U.K., and extensive experience providing advisory, strategy, implementation services, and managed services for organizations that need to transform their enterprise or consumer identity capabilities.
"Over the last decade, Cyberinc's IAM business has risen to industry leadership position on the strength of some of the largest IAM deployments globally, investments in IP and an array of premium partnerships. I am very pleased that Cyberinc's truly world class team will continue this journey with KPMG," said Samir Shah, CEO, Cyberinc. "Cyber threats continue to accelerate and remain a top business risk. This transaction will allow us to sharply focus on
Isla - our industry leading Malware Isolation Platform."
KPMG's strong position with existing information security alliance partners Oracle and Sailpoint, along with KPMG's recently announced alliance with Ping Identity , will be further enhanced by the transaction with Cyberinc to better enable information protection for large enterprises while pursuing new digital interactions and business transformations.
"As organizations innovate and transform their back, middle and front offices, identity and access management solutions that effectively bridge the gap between risk mitigation and customer experience are key to driving sustainable growth," said Tony Buffomante, U.S. Leader of KPMG's Cyber Security Services practice. "The addition of the Cyberinc team and capabilities is yet another example of how KPMG is investing in cyber security and helping clients succeed on their digital journey."
Cyberinc is a subsidiary of Aurionpro Solutions Limited - a global technology product and solution provider, headquartered in Mumbai, India and San Ramon, California. The Cyberinc transaction is KPMG's second acquisition in this area, following the October 2014 acquisition of certain assets of Qubera Solutions, a privately-held Redwood City, C.A. - based cyber security firm that provides IAM services.
About KPMG
KPMG LLP, the audit, tax and advisory firm ( www.kpmg.com/us ), is the independent U.S. member firm of KPMG International Cooperative ("KPMG International"). We operate in 154 countries and with more than 197,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative, a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International has been named a Leader in the Forrester Research Inc. report, The Forrester Wave TM , Information Security Consulting Services, Q3 2017.
About Cyberinc
Cyberinc offerings include secure, scalable, high performance security products that protect from cyber-attacks, and solutions that help enterprises transition to next generation access management systems. Our flagship product offering, the Isla Malware Isolation platform can help deliver complete freedom from web based malware attacks. Combining our best in class products and services enables clients to effectively address their toughest cyber security challenges. For more information, please visit www.cyberinc.com
Contacts:
Christine Curtin / Michael Rudnick
KPMG LLP
201-307-8663 / 201-307-7398
ccurtin@kpmg.com / mrudnick@kpmg.com
Balaji Desikamani
Cyberinc
+1 925-309-7083
Balaji.desikamani@cyberinc.com
*according to The Forrester Wave TM , Information Security Consulting Services, Q3 2017
View original content with multimedia: http://www.prnewswire.com/news-releases/kpmg-to-acquire-global-identity-and-access-management-business-of-cyberinc-300576806.html
SOURCE KPMG LLP | http://www.cnbc.com/2018/01/03/pr-newswire-kpmg-to-acquire-global-identity-and-access-management-business-of-cyberinc.html | www.cnbc.com |
Sierra Capital Delivers Letter to Safeguard Chairman | NEW YORK, Jan. 29, 2018 /PRNewswire/ -- Sierra Capital Investments, L.P. ("Sierra"), one of the largest shareholders of Safeguard Scientifics, Inc. ("Safeguard," or the "Company")(NYSE: SFE), with ownership of approximately 5.1% of the Company's outstanding shares, it has delivered a letter to Robert J. Rosenthal, Chairman of the Board of Directors of Safeguard.
The full text of Sierra's letter to the Chairman of Safeguard's Board of Directors can be viewed at the following link:
https://mma.prnewswire.com/media/634634/Letter_to_SFE_Chairman_1_29_18.pdf
About Sierra Capital Investments, L.P.
Sierra Capital Investments, L.P. is an entity owned by Maplewood Partners, LLC ("Maplewood") and Horton Capital Partners, LLC ("Horton"). Maplewood is an alternative asset management firm that employs an opportunistic, value driven approach that capitalizes on complex, misunderstood, or off-the-run opportunities in both public and private equities. Horton is an investment firm making concentrated investments in undervalued and under-appreciated small and micro-capitalization public companies.
Investor contacts:
Darren C. Wallis
(610) 816-6660
www.maplewoodllc.com
Joseph M. Manko, Jr.
(215) 399-5402
www.thehortonfund.com
View original content with multimedia: http://www.prnewswire.com/news-releases/sierra-capital-delivers-letter-to-safeguard-chairman-300589779.html
SOURCE Sierra Capital Investments, L.P. | http://www.cnbc.com/2018/01/29/pr-newswire-sierra-capital-delivers-letter-to-safeguard-chairman.html | www.cnbc.com |
GSI Technology, Inc. to Announce Third-Quarter Fiscal 2018 Results on January 25, 2018 | SUNNYVALE, Calif., Jan. 19, 2018 (GLOBE NEWSWIRE) -- GSI Technology, Inc. (NASDAQ:GSIT) will release financial results for its third quarter fiscal 2018 ended December 31, 2017 at the market close on Thursday January 25, 2018. Management will also conduct a conference call to review the Company's financial results.
Any investor or interested individual can listen to the teleconference, which is scheduled at 1:30 p.m. Pacific (4:30 p.m. Eastern) on January 25, 2018. To participate in the teleconference, please call toll-free 866-676-1141 approximately 10 minutes prior to the above start time and provide Conference ID 3698266. You may also listen to the teleconference live via the Internet at www.gsitechnology.com . For those unable to attend, this web site will host an archive of the call.
About GSI Technology
Founded in 1995, GSI Technology, Inc. is a provider of high performance semiconductor memory solutions to networking, industrial, medical, aerospace and military customers. The company is headquartered in Sunnyvale, California and has sales offices in the Americas, Europe and Asia. For more information, please visit www.gsitechnology.com .
CONTACT : GSI Technology, Inc. Hayden IR Mr. Douglas M. Schirle, CFO Mr. Dave Fore or Mr. Brett Maas 408-331-9802 206-395-2711
Source:GSI Technology, Inc. | http://www.cnbc.com/2018/01/19/globe-newswire-gsi-technology-inc-to-announce-third-quarter-fiscal-2018-results-on-january-25-2018.html | www.cnbc.com |
INTERVIEW-Ex-Ferarri boss takes high-speed rail firm down IPO route | * Rail group to offer up to 40 pct of shares in IPO
* Expects to list by Feb, but election could delay
* No new shares will be offered in Milan listing
* Italo plans to expand domestically and in Europe
ROME, Jan 23 (Reuters) - When former Ferrari boss Luca Cordero di Montezemolo called up fellow businessman Diego della Valle in 2006 and suggested they create a company to run high-speed trains, his friend asked him what he had been drinking the night before.
Twelve years on, the two Italian entrepreneurs and their co-investors, who put 1 billion euros ($1.2 billion) of their own money in a risky start-up, are preparing to pocket some gains in an initial public offering (IPO) on the Milan stock exchange.
"We are selling 40 percent to recover part of a huge investment, but we remain with 60 percent to have a strong presence in the future," Montezemolo, Italo chairman, told Reuters in an interview at the company's headquarters in Rome.
It took Italo six years to put its first train on the tracks and the company had to overcome a tangle of regulatory hurdles, not least fierce opposition from state-owned rail giant Ferrovie dello Stato, with some of their battles ending up in court.
The company risked going bust and had to launch a capital increase to stay afloat before breaking even in 2016.
But all that seems forgotten now: nearly 13 million passengers travelled on Italo's sleek red trains in 2017, while revenue rose by a quarter and core earnings jumped 64 percent last year.
"We had to put money on the table to buy trains, hire people, spend on training way before selling our first ticket ... looking back, we made a miracle," he said.
Italo expects to complete the share offering by February, subject to market conditions and regulatory approval.
Potential volatility around a national election in Italy on March 4 could delay the flotation by a few weeks or months, but will not derail the IPO plans, said Montezemolo.
No new shares will be offered in the IPO. Both Montezemolo and Chief Executive Flavio Cattaneo, who plans to keep his own 5 percent stake in the company, believe Italo generates enough free cash flow to fund growth plans.
Montezemolo said Italo wanted to be ready for further expansion at home, and also to export its business model abroad once new EU rules come into force meant to open up passenger rail networks to competition and create a single market from 2020.
Italo recently ordered 17 new EVO trains from French engineering group Alstom without issuing any new debt, raising its fleet to 42 and preparing for new routes, like the popular Turin-Venice connection that will be launched in May.
Cattaneo said Italo, a business with a core profit margin of around 35 percent, should be seen as an infrastructure firm with a predictable cost base.
Neither executive would comment on a possible valuation for the company. But a share buy-back mandate approved last week implied a valuation of around 2 billion euros.
A 500 million-euro bond issue last year attracted demand four times its size. Italo pledges to pay out between 50 and 70 percent of net profits as dividends over the next three years.
"The market will decide the price. If we like it, we will list, if not, there is no obligation," Cattaneo said. (Additional reporting by Mark Bendeich; Editing by Pravin Char) | https://www.cnbc.com/2018/01/23/reuters-america-interview-ex-ferarri-boss-takes-high-speed-rail-firm-down-ipo-route.html | www.cnbc.com |
Brinker Capital Expands Sales and Investment Teams with Key Hires | BERWYN, Pa., Jan. 30, 2018 /PRNewswire/ -- Brinker Capital, a leading investment management company focused on multi-asset class investing, today announced the expansion of its sales and investment teams with three key hires: Anthony Gonzales as Regional Director, Todd Cole, CFA, as Wealth Advisory Portfolio Consultant, and David Hall, CFA, as Senior Vice President, Head of Quantitative Strategy.
Gonzales is responsible for new business development and client service for Arkansas, Louisiana, Oklahoma, and Texas. He brings more than 17 years of experience in the investment management industry to Brinker Capital. Prior to joining the company, Gonzales worked at Global Financial Private Capital as a Regional Business Consultant, where he oversaw sales, operations, and recruiting efforts. Additionally, he worked at AssetMark, Inc. as a Regional Consultant and at Curian Capital, LLC as a Senior Regional Business Consultant. Gonzales is based in Austin, Texas, and reports to Ed Kelly, AIF, Executive Vice President of National Sales.
As the Wealth Advisory Portfolio Consultant, Cole is responsible for providing high net worth clients and prospects with information about Brinker Capital's customizable investment solutions and services. Cole is based in Berwyn, Pennsylvania, and brings more than 12 years of industry experience to Brinker Capital. Prior to joining the company, Cole worked as a Financial Advisor at Bank of America Merrill Lynch and Fidelity Investments. He reports to Ed Kelly, AIF, Executive Vice President of National Sales.
"We're pleased to have Anthony and Todd with their extensive investment management experience join our sales team," said Ed Kelly, AIF, Executive Vice President of National Sales at Brinker Capital. "Both Anthony and Todd will play a vital role in expanding the Brinker Capital brand and our investment management expertise across the United States."
In the newly-created position, Hall will work with the investment team to develop quantitative tools and provide analysis and recommendations to support Brinker Capital's risk-management and portfolio construction, manager research, and asset allocation processes. Hall is based in Berwyn, Pennsylvania, and reports to Jeff Raupp, CFA, Director of Investments. Prior to joining Brinker Capital, Hall worked at TFS Capital as a Senior Analyst and Portfolio Manager, where he participated in all aspects of research, development, and implementation of security-selection strategies and models. Hall also worked as a Senior Quantitative Analyst at Q46 Inc. and Columbia Management. He has over 16 years of investment industry experience and holds a Bachelor of Arts in Mathematics from Colby College, a Master of Science in Financial Engineering from Columbia University, and a Professional Degree in Industrial Engineering and Operations Research from Columbia University.
"The addition of David to our investment team underscores Brinker Capital's commitment to excellence in investment management and advisor support," said Jeff Raupp, CFA, Director of Investments at Brinker Capital. "We believe David's quantitative background and risk-management experience strengthens our investment team and reinforces our dedication to improving investment and investor returns."
About Brinker Capital
Brinker Capital is a privately held investment management firm with $21.7 billion in assets under management (as of December 31, 2017). For 30 years, Brinker Capital's purpose has been to deliver an institutional multi-asset class investment experience to individual clients. Brinker Capital's highly strategic, disciplined approach has provided investors the potential to achieve their long-term goals while controlling risk. With a focus on wealth creation and management, Brinker Capital serves financial advisors and their clients by providing high-quality investment manager due diligence, asset allocation, portfolio construction, and client communication services. Brinker Capital, Inc. is a registered investment advisor.
Learn more at brinkercapital.com and twitter.com/BrinkerCapital
Contact:
Michele Steinmetz
msteinmetz@brinkercapital.com
610-407-8358
View original content with multimedia: http://www.prnewswire.com/news-releases/brinker-capital-expands-sales-and-investment-teams-with-key-hires-300590093.html
SOURCE Brinker Capital | http://www.cnbc.com/2018/01/30/pr-newswire-brinker-capital-expands-sales-and-investment-teams-with-key-hires.html | www.cnbc.com |
F.N.B. Corporation Schedules Fourth Quarter 2017 Earnings Report and Conference Call | PITTSBURGH, Jan. 8, 2018 /PRNewswire/ -- F.N.B. Corporation (NYSE: FNB) announced that it expects to issue financial results for the fourth quarter and full year of 2017 before the markets open on Tuesday, January 23, 2018. Chairman, President and Chief Executive Officer, Vincent J. Delie, Jr., Chief Financial Officer, Vincent J. Calabrese, Jr., and Chief Credit Officer, Gary L. Guerrieri, plan to host a conference call to discuss the Company's financial results the same day at 10:30 AM ET.
Participants are encouraged to pre-register for the conference call at http://dpregister.com/10115668 . Callers who pre-register will be provided a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.
Dial-in Access: The conference call may be accessed by dialing (844) 802-2440 or (412) 317-5133 for international callers. Participants should ask to be joined into the F.N.B. Corporation call.
Webcast Access: The audio-only call and related presentation materials may be accessed via webcast through the "Investor Relations and Shareholder Services" section of the Corporation's website at www.fnbcorporation.com . Access to the live webcast will begin approximately 30 minutes prior to the start of the call.
Presentation Materials: Presentation slides and the earnings release will also be available on the Corporation's website at www.fnbcorporation.com .
A replay of the call will be available shortly after the completion of the call until midnight ET on Tuesday, January 30, 2018. The replay can be accessed by dialing (877) 344-7529 or (412) 317-0088 for international callers; the conference replay access code is 10115668. Following the call, a link to the webcast and the related presentation materials will be posted to the "Shareholder and Investor Relations" section of F.N.B. Corporation's website at www.fnbcorporation.com .
About F.N.B. Corporation
F.N.B. Corporation (NYSE:FNB), headquartered in Pittsburgh, Pennsylvania, is a diversified financial services company operating in eight states. FNB holds a significant retail deposit market share in attractive markets including: Pittsburgh, Pennsylvania; Baltimore, Maryland; Cleveland, Ohio; and Charlotte, Raleigh, Durham and the Piedmont Triad (Winston-Salem, Greensboro and High Point) in North Carolina. The Company has total assets of $31 billion, and more than 400 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina and South Carolina. The company also operates Regency Finance Company, which has more than 75 consumer finance offices in Pennsylvania, Ohio, Kentucky and Tennessee.
FNB provides a full range of commercial banking, consumer banking and wealth management solutions through its subsidiary network which is led by its largest affiliate, First National Bank of Pennsylvania, founded in 1864. Commercial banking solutions include corporate banking, small business banking, investment real estate financing, international banking, business credit, capital markets and lease financing. The consumer banking segment provides a full line of consumer banking products and services, including deposit products, mortgage lending, consumer lending and a complete suite of mobile and online banking services. FNB's wealth management services include asset management, private banking and insurance.
The common stock of F.N.B. Corporation trades on the New York Stock Exchange under the symbol "FNB" and is included in Standard & Poor's MidCap 400 Index with the Global Industry Classification Standard (GICS) Regional Banks Sub-Industry Index. Customers, shareholders and investors can learn more about this regional financial institution by visiting the F.N.B. Corporation website at www.fnbcorporation.com .
View original content: http://www.prnewswire.com/news-releases/fnb-corporation-schedules-fourth-quarter-2017-earnings-report-and-conference-call-300579221.html
SOURCE F.N.B. Corporation | http://www.cnbc.com/2018/01/08/pr-newswire-f-n-b-corporation-schedules-fourth-quarter-2017-earnings-report-and-conference-call.html | www.cnbc.com |
Self-driving cars take over CES: Here's how big tech is playing the market | Internet companies, chipmakers and software vendors are all making a splash in autonomous driving. Intel, Nvidia and Amazon were among companies with self-driving car announcements this week at CES. Getty Images Intel Corp. Senior Vice President and CEO and Chief Technology Officer of Mobileye Amnon Shashua (L) speaks in front of a Ford Fusion with Mobileye autonomous driving technology during a keynote address by Intel Corp.
The promise of self-driving cars has gone mainstream, and this week's massive CES trade show was proof.
Amazon , Intel , Nvidia and Cisco all made announcements about autonomous driving at CES, joining a host of rivals and partners that have publicly reported their efforts. To accommodate, the annual Las Vegas trade show expanded its space for self-driving technologies this year by over one third.
They're coming late to the game: Alphabet's Waymo, Elon Musk's Tesla and the auto giants have all been developing self-driving technology for years. But nearly all the major tech companies now agree that the market potential is too big to ignore.
Here's where the 12 most valuable U.S. tech companies are focusing their investment in autonomous driving, ranked by market cap from biggest to smallest. Apple Source: Apple Inc. Apple CarPlay.
Rumors of an Apple Car were put to bed last year when CEO Tim Cook said the company was working on "autonomous systems," or software that could power self-driving cars. That was a relief to investors who worried about Apple taking on Tesla , Toyota , GM and other car manufacturers.
Cook hasn't made firm promises about self-driving technologies or dates by which they'll hit the market. Apple is partnering with Hertz to test its autonomous software in some of the company's rental cars (Lexus SUVs) on the streets of San Francisco, according to filings with the California Department of Motor Vehicles.
Siri, CarPlay and other Apple software will probably get more usage once autonomous vehicles become a reality and drivers are free to pay attention to their screens, not the road. Alphabet
Google has been talking up autonomous vehicles since 2009 when Sebastian Thrun launched the company's groundbreaking driverless car effort.
In late 2016, Alphabet renamed its self-driving car unit Waymo. Seen as a leader in the nascent industry, Waymo is building an end-to-end self-driving system filled with sensors and software so "you can go door to door without taking the wheel," as its website says. Waymo claims to have 4 million miles of real-world driving experience and data gathered from cities including Mountain View, California, as well as Austin and Phoenix.
Waymo has an early-rider program in Phoenix that lets people use its autonomous cars for their daily transportation needs. It's teaming up with Avis to make the vehicles rentable. The company has also partnered with AutoNation to provide vehicle maintenance and support, and with Intel for processors to power the cars. Microsoft VCG | Getty Images Baidu driverless cars in test run during the 3rd World Internet Conference (WIC) on November 17, 2016 in Jiaxing, Zhejiang Province of China.
Microsoft has a number of partnerships with automakers developing internet-connected and autonomous vehicles including BMW, Ford, Renault-Nissan, Toyota and Volvo. But its most intriguing deal in this new market is with the Chinese internet company Baidu .
Baidu is developing an open source platform that it hopes will become the "Android" of self-driving cars, dubbed Apollo. Microsoft joined Baidu's Apollo "alliance," gaining a channel for sales of Azure cloud services to companies that use Apollo to build and run their self-driving cars. That deal only applies to companies using Apollo outside of China.
Additionally, Microsoft has partnered with and provides Azure cloud services to Ola, Uber's competitor in India, which is expected to offer self-driving vehicles on its app eventually. Amazon Getty Images
Amazon's efforts in autonomous transportation appear most focused on getting items to consumers as quickly and efficiently as possible.
At CES, Amazon was part of a Toyota announcement evealing a self-driving food delivery vehicle called the e-Pallette, just a concept car for now. According to NBC News , Tim Collins, a vice president for Amazon Logistics, said that the partnership with Toyota allows Amazon to "collaborate and explore new opportunities to improve the speed and quality of delivery for our customers."
The Wall Street Journal reported in April that Amazon has cobbled together a team of about a dozen people to work on driverless vehicles for delivery. And in January, Recode reported on a patent that was awarded to Amazon for autonomous cars navigating reversible lanes. Facebook Sheryl Sandberg speaks about overcoming grief and resilience at the Commonwealth Club in San Francisco.
Chief Operating Officer Sheryl Sandberg traveled to Germany in September to address the prestigious Frankfurt Motor Show, attended by Chancellor Angela Merkel .
"We're the only company in Silicon Valley that's not building a car," she quipped.
Among the big five tech companies, Facebook has perhaps the smallest role in the car itself, but Sandberg was in Frankfurt to talk about its sponsorship of a "new mobility world," tying together the auto and tech industry.
Facebook's research in virtual and augmented reality will potentially be used to give consumers a feel for the autonomous driving experience. It's all pretty vague right now. Intel Source: Mobileye A still image from a Mobileye video.
The chipmaker wants to become one of the world's biggest automotive suppliers. To that end, it acquired Mobileye for around $15.3 billion last year and partnered with Waymo to provide sensors and connectivity.
Mobileye, out of Israel, makes systems used for collision detection and other features in self-driving vehicles. Intel made a number of self-driving vehicle announcements at CES. It revealed that BMW, Nissan and Volkswagen all plan to use Mobileye technology to create "high-definition maps" that enable self-driving cars to get around safely.
The company is building a test fleet of 100 cars and showed off one of them at the show. The cars are equipped with twelve cameras, radar and laser scanners, and other chips, processors and systems developed by Intel and Mobileye. Oracle David Paul Morris | Bloomberg | Getty Images Larry Ellison, chairman of Oracle Corp., speaks during the Oracle OpenWorld 2016 conference in San Francisco, on Sunday, Sept. 18, 2016.
Finding a role for Oracle in the self-driving revolution will be quite a stretch. The closest thing we've heard so far is co-founder and Chairman Larry Ellison refer to a "self-driving database."
In a September earnings call with analysts, Ellison compared the database of the future with the car of the future.
"Self-driving cars eliminate the labor cost of driving, plus the high cost associated with human driving errors," he said. "Self-driving database eliminates the labor cost of tuning, managing, and upgrading the database, thus avoiding all of the costly downtime associated with human error."
In other words, don't expect Oracle to drive you to and from work. Cisco Mack Hogan | CNBC
On Tuesday a | https://www.cnbc.com/2018/01/12/intel-cisco-and-amazon-introduce-self-driving-car-technology-at-ces.html | www.cnbc.com |
P4G Capital Announces Investment In Unique Elevator Interiors | ALAMEDA, Calif., Jan. 4, 2018 /PRNewswire/ -- P4G Capital Management, LLC ("P4G Capital") announced today that it has acquired the assets of Unique Elevator Interiors, Inc. ("UEI", www.uniqueelevator.com ). Based in Alameda, CA, UEI manufactures and installs custom elevator interiors for elevator OEMs, general contractors, building owners, and property managers. The Company specializes in providing durable elevator parts, fixtures, floors and elevator cab panels that are light-weight while meeting the aesthetic requirements of architects, OEMs, and owners.
"We are very excited about our partnership with P4G Capital," said Tom Irion, President and co-founder of UEI. "The partners at P4G understand our dedication to quality and customer service as well as our desire to expand our business to new geographic markets."
The management team of UEI will be staying on and rolling a significant portion of their proceeds into the new entity as the Company expands its operations to provide even better response times, quality, and service to their customers while expanding to new geographies on the West Coast.
"We were looking for a financing source that understood our business and our industry as well as saw the potential to service new markets with additional capital; we found a great partner in P4G," said Tim Crawford, Vice President and co-founder of UEI.
"Unique Elevator Interiors is a fantastic company and the perfect addition to our growing portfolio," said Rachel Lehman, Managing Director of P4G Capital. "We look forward to working side-by-side with this management team to execute on their vision for the future."
TCF Bank provided financing for the transaction.
About P4G Capital
P4G Capital is a San Francisco based private equity firm founded by operators-turned-investors with a long history of partnering with management teams to create value. Partnering with fellow entrepreneurs, P4G focuses on the lower end of the middle market, providing capital, resources, and deep operational expertise to fuel extraordinary growth.
www.p4gcap.com
Media Contact: Shamus Dailey, 1-415-510-2157, sdailey@p4gcap.com
View original content: http://www.prnewswire.com/news-releases/p4g-capital-announces-investment-in-unique-elevator-interiors-300577562.html
SOURCE P4G Capital Management | http://www.cnbc.com/2018/01/04/pr-newswire-p4g-capital-announces-investment-in-unique-elevator-interiors.html | www.cnbc.com |
Quantum Medical Transport, Inc. Announces $50 Million ICO (Initial Coin Offering) Capital RaiseVia Private Placement | HOUSTON, Jan. 31, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE-- Quantum Medical Transport, Inc. (OTCBB:DRWN) announces plans to launch a $50 Million ICO (Initial Coin Offering) via Private Placement to raise capital for growth, debt restructuring, stock repurchase and acquisitions. The company is in the process of having its white paper/private placement memorandum developed to launch its Pre-ICO offering. The digital tokens or custom coins known as cryptocurrency similar to (e.g. Bitcoin and Ether) will be offered via a known credible Fintech public blockchain Etherum based platform, which will enable digital coin traders known as miners to purchase the utility coins in fiat currency, Bitcoin or Ether. A formal prospectus/white paper will be released soon. Our prospectus will be offered to accredited investors pursuant to Rule 506(c). We believe this will become the norm for venture capital type capital raises. The company will seek to develop a FINTECH blockchain technology that enables secure encryption data sharing (Health Information Data Exchange) that will be HIPAA compliant. We believe this technology platform can be a significant revenue generator for the company as healthcare professionals such physicians, medical facilities including nursing homes we currently service will be able to utilize the subscription service that will use a multi-signature, multi-layer secure key code through a set of customized nodes to transport data.
(This announcement appears as a matter of record only and is not an offer to sale any securities. No party has been authorized to sale securities on behalf of the company. Any offer and sale will be conducted via prospectus only to qualified investors).
About Quantum Medical Transport/United Ambulance
QUANTUM MEDICAL TRANSPORT, INC. /UNITED AMBULANCE, LLC is an emergency and non-emergency medical services transportation company that operates in the State of Texas. The Company provides basic and advanced life support ground transport in an emergency and non-emergency setting, 24 hours a day, and seven days a week. The Company makes both local and regional out-of-town services available on a daily dispatch basis.
Management remains focused on providing prompt, high-quality patient care at the Advanced and Basic Life Support levels. Employees will work diligently to achieve goals while maintaining the highest standards of care.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press that involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "believes," "expects," "may," "will," "intends, "plans," "should," "seeks," "pro forma," "anticipates," "estimates," "continues," (including their use in the negative), or by discussions of strategies, plans or intentions. A number of factors could cause results to differ materially from those anticipated by such forward-looking statements, including those discussed under "Risk Factors" and "Our Business." Forward- subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Our actual results could differ materially from those anticipated for many reasons.
Source: QUANTUM MEDICAL TRANSPORT, INC.
Investor Relations:
Ricky Bernard
832-436-1831 x100
info@quantummedicaltransport.com
www.quantummedicaltransport.com
Source:Quantum Medical Transport, Inc. | http://www.cnbc.com/2018/01/31/globe-newswire-quantum-medical-transport-inc-announces-50-million-ico-initial-coin-offering-capital-raisevia-private-placement.html | www.cnbc.com |
Pan American Silver Announces Preliminary 2017 Operating Results Provides Guidance for 2018 and Three-year Outlook | All amounts are expressed in US$ unless otherwise indicated. Results are unaudited and could change based on final audited financial results. This news release contains forward-looking information about expected future events and financial and operating performance of the Company. Readers should refer to the risks and assumptions set out in the "Cautionary Note Regarding Forward-Looking Statements and Information" at the end of this news release.
This news release refers to measures that are not generally accepted accounting principle ("non-GAAP") financial measures, including cash costs per payable ounce of silver ("Cash Costs") and all-in sustaining costs per silver ounce sold ("AISCSOS"). Please refer to the section titled "Alternative Performance (non-GAAP) Measures" at the end of this news release for further information on these measures.
VANCOUVER, Jan. 11, 2018 /PRNewswire/ - Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) ("Pan American Silver", or the "Company") today announced preliminary operating results for the fourth quarter ("Q4") and full year 2017, with annual silver production within the targeted range and consolidated cash costs per payable ounce of silver, net of by-product credits, ("Cash Costs") below guidance. Today, the Company also provided its 2018 guidance and three-year outlook for production and costs.
"The Company achieved decade-low consolidated cash costs of $4.55 per ounce in 2017, with silver production as targeted of 25 million ounces, exemplifying the high quality of our silver mining assets. With the completion of our mine expansions in Mexico in 2017, we are now focused on ramping up production from these long-life mines to design capacity rates. Over the next three years, we expect silver production to grow at an annual compounded rate of 8%, reaching 30.5 to 33.0 million ounces by 2020," said Michael Steinmann, President and Chief Executive Officer of the Company.
Consolidated Preliminary 2017 Operating Results
2017 Guidance (1)
2017 Actual
Fourth Quarter 2017
Production
Silver (million ounces)
24.5 - 26.0
25.0
6.6
Gold (thousand ounces)
155.0 - 165.0
160.0
43.7
Zinc (thousand tonnes)
56.5 - 58.5
55.3
14.7
Lead (thousand tonnes)
19.0 - 20.0
21.5
5.4
Copper (thousand tonnes)
8.8 - 9.3
13.4
3.0
Cash Costs (2) ($/ounce)
6.45 - 7.45
4.55
3.18
(1)
Guidance provided in the Company's news release dated January 12, 2017. During 2017, Pan American revised its guidance for 2017 Cash Costs, Consolidated All-In Sustaining Costs per Silver Ounce Sold ("AISCSOS") and project capital in its news release dated August 9, 2017. On November 8, 2017, the Company revised its guidance for 2017 base metal production and further reduced its estimate for Cash Costs.
(2)
Preliminary Cash Costs per payable ounce of silver, net of by-product credits. Average by-product metal prices for 2017 were: Au $1,257/oz, Zn $2,896/tonne, Pb $2,317/tonne, and Cu $6,166/tonne. Cash Costs is a non-GAAP measure and readers should refer to the information under the heading "Alternative Performance (non-GAAP) Measures" at the end of this news release for more information.
Preliminary 2017 Operating Results by Mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs ($/ounce) (1)
La Colorada
7.1
4.3
2.08
Dolores
4.2
103.0
(1.65)
Alamo Dorado
0.6
2.1
16.49
Huaron
3.7
1.1
1.35
Morococha (92.3%) (2)
2.6
3.5
(5.34)
San Vicente (95%) (2)
3.6
0.5
11.85
Manantial Espejo
3.1
45.3
18.25
Total (3)
25.0
160.0
4.55
(1)
Cash Costs is a non-GAAP measure and readers should refer to the information under the heading "Alternative Performance (non-GAAP) Measures" at the end of this news release for more information.
(2)
Reflects Pan American's ownership in the operation.
(3)
Totals may not add up due to rounding.
2017 Operating Highlights:
Consolidated silver production of 25.0 million ounces was within the original guidance range provided in January 2017 (the "Original Guidance") of 24.5 million to 26.0 million ounces. Consolidated gold production of 160 thousand ounces was within the Original Guidance range of 155 thousand to 165 thousand ounces. Annual record set for gold production at Dolores. Record zinc and lead production with lead production beating the Company's Original Guidance and zinc production slightly below the Original Guidance. Copper production beat the Company's Original Guidance. Zinc and copper production were within the revised range provided on November 8, 2017 (the "Revised Guidance") while lead production was slightly above the Revised Guidance. Annual production records were set for zinc and lead at La Colorada. Decade-low annual consolidated Cash Costs of $4.55 were 35% below the midpoint of the Original Guidance of $6.45 to $7.45, and at the low end of the Revised Guidance, largely due to improved productivity at our mines in Peru and Mexico, higher by-product credits from strong base metal production and base metal prices, and improved concentrate treatment costs. Annual Cash Costs records were set at La Colorada, Huaron, Morococha, and Dolores. Construction of the La Colorada mine expansion was completed. Full design processing rates of 1,800 tonnes per day were achieved in mid-2017, about six months ahead of schedule. Average throughput exceeded design rates by about 5% during the last six months of 2017. Construction of the Dolores pulp agglomeration plant was completed and commissioning commenced. Heap leach pad stacking rates achieved 97% of the expanded capacity of 20,000 tonnes per day during the last four months of 2017. Implementation of "Towards Sustainable Mining" ("TSM") was initiated. TSM is a three-year initiative designed to enhance our community engagement processes, drive world-leading environmental practices and reinforce our commitment to the safety and health of our employees and surrounding communities.
2018 Guidance and Three-Year Outlook
Pan American's guidance for 2018 as at January 11, 2018, is provided below. We may revise guidance during the year to reflect actual and anticipated results. We also provide a three-year outlook of our production, Cash Costs, sustaining capital and AISCSOS on a consolidated basis, which we update only on an annual basis.
2018 Guidance by Mine
Mine
Silver Production
(million ounces)
Gold Production
(thousand ounces)
Cash Costs ($/ounce) (1)
La Colorada
7.4 - 7.7
4.2 - 4.3
1.35 - 1.70
Dolores
4.5 - 4.9
138.9 - 147.7
(1.25) - 0.45
Huaron
3.6 - 3.8
1.0
0.75 - 1.50
Morococha (92.3%) (2)
2.5 - 2.7
2.2 - 2.3
(5.80) - (4.30)
San Vicente (95%) (2)
3.9 - 4.1
0.2
10.00 - 10.50
Manantial Espejo
3.2 - 3.3
28.5 - 29.5
17.60 - 19.00
Total (3)
25.0 - 26.5
175.0 - 185.0
3.60 - 4.60
(1)
Cash Costs is a non-GAAP measure and readers should refer to the information under the heading "Alternative Performance (non-GAAP) Measures" at the end of this news release for more information.
(2)
Reflects Pan American's ownership in the operation.
(3)
Totals may not add up due to rounding.
Three-year Outlook
The following table provides Pan American's guidance and outlook for the years 2018 to 2020 (the "Three-year Outlook"):
2018 Guidance
2019 Outlook
2020 Outlook
Production
| http://www.cnbc.com/2018/01/11/pr-newswire-pan-american-silver-announces-preliminary-2017-operating-results-provides-guidance-for-2018-and-three-year-outlook.html | www.cnbc.com |
UPDATE 8-No deal reached as Schumer, Trump meet to avert government shutdown | (Adds details, Kaine, Cotton quotes)
WASHINGTON, Jan 19 (Reuters) - Democratic Senate leader Chuck Schumer met with President Donald Trump at the White House on Friday to search for ways to avert a U.S. government shutdown, but Schumer said afterward that disagreements remained as the clock ticked toward a midnight deadline to pass a funding bill.
Trump invited Schumer to the White House as a stopgap bill to fund the federal government through Feb. 16 appeared on the verge of collapse in the Senate, where Democratic votes are needed to pass it.
"We had a long and detailed meeting," Schumer told reporters on his return to the U.S. Capitol after the approximately 90-minute meeting. The chiefs of staff for each man - John Kelly for Trump and Mike Lynch for Schumer - also attended.
"We discussed all of the major outstanding issues. We made some progress, but we still have a good number of disagreements. The discussions will continue," Schumer said.
The Republican-controlled House of Representatives approved the stopgap spending measure late on Thursday, but it has been sidetracked in the Senate by a dispute over immigration. The House had planned to recess later on Friday for a weeklong break but members were warned they could be called back for votes.
White House budget director Mick Mulvaney said on Thursday he was ratcheting up the likelihood of a government shutdown from 30 percent to a 50-50 possibility.
The showdown follows months of struggle in Congress to agree on government funding levels and the immigration issue. The federal government is operating on a third temporary funding measure since the new fiscal year began in October.
Democrats have demanded the bill include protections from deportation for 700,000 young undocumented immigrants. Those children, known as "Dreamers," were brought into the United States as children, largely from Mexico and Central America, and given temporary legal status under a program started by former President Barack Obama. Many have been educated in the United States and know no other country.
In September, Trump announced he was ending the program and giving Congress until March 5 to come up with a legislative replacement.
Leaders of both parties blamed each other for the impasse.
"Now that were 13 hours away from a government shutdown that Democrats would initiate and Democrats would own, the craziness of this seems to be dawning on my friend the Democratic leader," Senate Republican leader Mitch McConnell said, referring to Schumer.
"DON'T TURN YOUR BACK"
Dick Durbin, the No. 2 Democrat in the Senate, said Republicans needed to sit down and negotiate and called on House Republicans not to leave town until the crisis was averted.
"I would beg them, dont turn your back on your responsibility right here in Washington to work with us, to try to find a way forward," Durbin said.
Trump, on the eve of the first anniversary of his inauguration, said in a morning tweet that Democrats were holding up a resolution over the immigration issue.
"Democrats are needed if it is to pass in the Senate - but they want illegal immigration and weak borders. Shutdown coming?" he said.
Democratic Senator Tim Kaine told reporters that lawmakers were close to a longer-term deal and should not pass another 30-day funding measure.
"We can get there, were close enough we can get there if we just stay on it," he said. "I think we can get one in the next few days."
Republican Senator Tom Cotton said he was willing to provide protection to DACA recipients in future negotiations.
"We have another six weeks to solve that problem. It doesn't really involve government funding," he told Fox News Channel. "We should take those two issues up in sequence."
Republicans have a 51-49 majority in the Senate, but with Senator John McCain undergoing cancer treatment at home in Arizona they need at least 10 Democrats to reach the 60 votes required to pass a spending bill. In addition to strong Democratic opposition, at least three Republican senators have said they will not back the resolution in its current form.
Republican Senator Mike Rounds, who had earlier said he could not back the bill, on Friday said in a statement that while the measure was "not ideal," he would support it after being assured that other legislation to adequately fund the U.S. military would be raised soon.
Democratic Senator Joe Manchin of West Virginia has indicated he was leaning in favor of the stopgap measure. Manchin is one of 10 Democrats up for re-election this year in states Trump won in the 2016 presidential election.
When the government shuts down, which has only happened three times in a meaningful way since 1995, hundreds of thousands of "non-essential" federal workers may be put on furlough, while "essential" employees, dealing with public safety and national security, would keep working.
Amid the deadlock, more senators were raising the possibility of merely approving enough new federal funds for a few days. The idea is to put pressure on negotiators to then cut deals on immigration, defense spending and non-defense funding by next week.
But McConnell shot down that plan on Friday. "Let's fund the government for a full month so we can actually get something done" and negotiate other issues including immigration, he said. (Reporting by Richard Cowan; Additional reporting by Roberta Rampton, Steve Holland, Lisa Lambert, Blake Brittain and Amanda Becker; Writing by John Whitesides; Editing by Chizu Nomiyama and Bill Trott) | https://www.cnbc.com/2018/01/19/reuters-america-update-8-no-deal-reached-as-schumer-trump-meet-to-avert-government-shutdown.html | www.cnbc.com |
TripAdvisor to Audiocast Fourth Quarter 2017 Conference Call on February 15, 2018 | NEEDHAM, Mass., Jan. 10, 2018 /PRNewswire/ -- TripAdvisor, Inc. (NASDAQ: TRIP) announced today that it will audiocast a conference call on Thursday, February 15, 2018 at 8:30 a.m. Eastern Time to answer questions regarding its fourth quarter and full-year financial results and management's published remarks. After the close of market trading on Wednesday, February 14, TripAdvisor will issue a press release reporting results and will simultaneously publish management's prepared remarks, which may include certain forward-looking information, at http://ir.tripadvisor.com/events-and-presentations .
The details of the live conference call audiocast and replay are as follows:
What:
TripAdvisor Fourth Quarter and Full Year 2017 Conference Call
When:
Thursday, February 15, 2018
Time:
8:30 a.m. ET
Live Call:
(877) 224-9081, domestic
(224) 357-2223, international
Replay:
(855) 859-2056, passcode 9292509, domestic
(404) 537-3406, passcode 9292509, international
Webcast:
http://ir.tripadvisor.com/events-and-presentations (live and replay)
About TripAdvisor
TripAdvisor, the world's largest travel site**, enables travelers to unleash the full potential of every trip. With over 570 million reviews and opinions covering the world's largest selection of travel listings worldwide -- covering 7.3 million accommodations, airlines, attractions, and restaurants -- TripAdvisor provides travelers with the wisdom of the crowds to help them decide where to stay, how to fly, what to do and where to eat. TripAdvisor also compares prices from more than 200 hotel booking sites so travelers can find the lowest price on the hotel that's right for them. TripAdvisor-branded sites are available in 49 markets, and are home to the world's largest travel community of 455 million average monthly unique visitors*, all looking to get the most out of every trip. TripAdvisor: Know better. Book better. Go better.
The subsidiaries and affiliates of TripAdvisor, Inc. (NASDAQ:TRIP) own and operate a portfolio of websites under 20 other travel media brands:
www.airfarewatchdog.com , www.bookingbuddy.com , www.citymaps.com , www.cruisecritic.com ,
www.familyvacationcritic.com , www.flipkey.com , www.thefork.com (including www.lafourchette.com , www.eltenedor.com , www.iens.nl and www.dimmi.com.au ), www.gateguru.com ,
www.holidaylettings.co.uk , www.holidaywatchdog.com , www.housetrip.com , www.jetsetter.com ,
www.niumba.com , www.onetime.com , www.oyster.com , www.seatguru.com , www.smartertravel.com ,
www.tingo.com , www.vacationhomerentals.com and www.viator.com .
*Source: TripAdvisor log files, average monthly unique visitors, Q3 2017
**Source: comScore Media Metrix for TripAdvisor Sites, worldwide, July 2017
TRIP-G
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SOURCE TripAdvisor, Inc. | http://www.cnbc.com/2018/01/10/pr-newswire-tripadvisor-to-audiocast-fourth-quarter-2017-conference-call-on-february-15-2018.html | www.cnbc.com |
UPDATE 1-Speculators up short U.S. dollar bets, trims short bitcoin -CFTC, | Reuters | (Adds comment, details, table, byline) By Gertrude Chavez-Dreyfuss NEW YORK, Jan 26 (Reuters) - Speculators' net short dollar bets rose in the latest week to their largest amount since mid-October, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday. The value of the net short dollar position, derived from net holdings of International Monetary Market speculators in the yen, euro, British pound, Swiss franc and Canadian and Australian dollars, was $11.47 billion, in the week to Jan. 23. The previous week's net short position on the dollar was $9.59 billion. In a wider measure of dollar positioning that includes net contracts on the New Zealand dollar, Mexican peso, Brazilian real and Russian ruble, the U.S. dollar posted a net short position valued at $14.458 billion, compared with $11.80 billion the week before. Net short U.S. dollar contracts have increased for four straight weeks, underscoring bearish sentiment on the greenback despite the prospect of higher U.S. interest rates this year. Other major central banks, such as the European Central Bank, have been normalizing their monetary policies, boosting their currencies, specifically against the dollar. It has been a choppy week for the dollar after U.S. Treasury Secretary Steve Mnuchin commented that a weak currency is good for the United States, only to backtrack after the greenback fell sharply. President Donald Trump did his own damage control, saying that the government still supports a strong dollar. "If you take the overall stance of the U.S. administration, it's protectionist and still it's not clear what kind of dollar the president and the Treasury want, but it still doesn't sound like they really want a strong dollar given the fact that they are aiming to boost exports," said Vassili Serebriakov, currency strategist at Credit Agricole in New York. "Ultimately when you think about the dollar, it's still in a downtrend," he said. "I don't think it changes the overall picture very much. It's still in a downtrend." Speculators, meanwhile, pared back net short positions on bitcoin futures traded on CBOE Global Markets to 1,746 contracts this week, from a record high of 2,226 the previous week, CFTC data showed. Digital currency bitcoin has been on a highly volatile track in the last few months. After hitting an all-time high just shy of $20,000 on Dec. 17 on the Bitstamp platform, it plunged more than 50 percent in roughly a month to below $10,000. Bitcoin has stabilized since then and was last down more than 2 percent at $10,915.77. Japan Yen (Contracts of 12,500,000 yen) $13.926 billion Jan. 23, 2018 Prior week week Long 37,260 38,152 Short 160,130 157,502 Net -122,870 -119,350 EURO (Contracts of 125,000 euros) $-22.245 billion Jan. 23, 2018 Prior week week Long 262,175 254,344 Short 117,458 114,854 Net 144,717 139,490 POUND STERLING (Contracts of 62,500 pounds sterling) -$2.891 billion Jan. 23, 2018 Prior week week Long 99,369 84,661 Short 66,324 58,457 Net 33,045 26,204 SWISS FRANC (Contracts of 125,000 Swiss francs) $2.887 billion Jan. 23, 2018 Prior week week Long 14,245 14,233 Short 36,360 35,339 Net -22,115 -21,106 CANADIAN DOLLAR (Contracts of 100,000 Canadian dollars) -$1.817 billion Jan. 23, 2018 Prior week week Long 69,446 61,473 Short 46,889 43,917 Net 22,557 17,556 AUSTRALIAN DOLLAR (Contracts of 100,000 Aussie dollars) -$1.334 billion Jan. 23, 2018 Prior week week Long 63,551 50,348 Short 46,872 40,274 Net 16,679 10,074 MEXICAN PESO (Contracts of 500,000 pesos) -$1.636 billion Jan. 23, 2018 Prior week week Long 97,964 82,790 Short 36,809 35,995 Net 61,155 46,795 NEW ZEALAND DOLLAR (Contracts of 100,000 NZ dollars) $0.108 billion Jan. 23, 2018 Prior week week Long 24,620 17,795 Short 26,086 25,786 Net -1,466 -7,991 (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Stephanie Kelly; Editing by Leslie Adler)
| https://www.reuters.com/article/cftc-forex/update-1-speculators-up-short-u-s-dollar-bets-trims-short-bitcoin-cftc-reuters-idUSL2N1PL1S0 | www.reuters.com |
Jim Williams Named Executive in Residence at THRUUE | WASHINGTON, Jan. 31, 2018 /PRNewswire/ -- THRUUE is pleased to announce that James E. Williams, who as president and CEO of Easter Seals helped turn the organization into a national force for social good, has been named the first Executive in Residence of THRUUE, Inc.
Williams helped Easter Seals grow into a multi-billion dollar organization and the largest national service provider for children and adults living with disabilities including autism. His leadership experience and long track record working with corporate boards will provide crucial guidance and insight to companies looking to close the gap between their strategy and culture.
"I am delighted to join the THRUUE team," Williams said. "I look forward to helping both profit and non-profit companies and organizations align their culture and strategy."
In addition to his work at Easter Seals, Williams currently serves as Chairman of the National Trust for Our Wounded and as a director of the United States Veterans Chamber of Commerce. He also served as Chairman of the National Health Council, as Chair of the Commission on Accreditation of Rehabilitation Facilities and on the Pfizer Advisory Board on Patient Engagement and the Advisory Board of Campaign Partners.
Other boards he has served on include the National Alliance for Hispanic Health, the Elizabeth Dole Foundation for Military Caregivers, the Institute for Philanthropy, the National Foundation for Dentistry for People with Disabilities, the JM Foundation Search for Excellence, the Missouri Commission on Comprehensive Health Planning, and the Montessori School of Lake Forest.
As Executive in Residence, Williams will be responsible for expanding THRUUE's strategic planning and culture change offerings, identifying market trends and expansion opportunities and advising CEOs on social impact, business and governance. He will be based in Chicago and Washington.
"Jim is a national leader and a professional CEO who has helped people with disabilities achieve success for decades," THRUUE CEO Daniel Forrester said. "Companies and organizations realize that to be successful they need to align their corporate culture with their business objectives and also be a force for social good. Jim is going to be an integral part of strengthening our expertise in corporate social responsibility and increasing our client's employee and customer loyalty. Jim knows that making a profit remains a necessary goal of every company, but he also sees the awakening of the C-suite to clarity of purpose, values and vision."
Contact: Emily Paquin ( emily@thruue.com )
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THRUUE
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SOURCE THRUUE, Inc. | http://www.cnbc.com/2018/01/31/pr-newswire-jim-williams-named-executive-in-residence-at-thruue.html | www.cnbc.com |
UPDATE 5-Wynn Resorts CEO calls sexual misconduct accusations 'preposterous'; stock falls | stock falls@ (Adds company forming special panel to investigate allegations)
Jan 26 (Reuters) - Las Vegas casino mogul Steve Wynn has routinely subjected women who work for him to unwanted sexual advances in a pattern of misconduct detailed by dozens of past and present employees, the Wall Street Journal reported on Friday, but the billionaire denied the accusations as "preposterous."
Hours later, the board of directors of Wynn Resorts Ltd , of which Wynn is founder, chairman and chief executive officer, said it had met to form a special committee consisting solely of independent directors to investigate the allegations contained in the Journal's article.
The announcement of the inquiry followed a drop in the company's stock of more than 10.1 percent in heaving trading, closing at $180.29 per share on the Nasdaq exchange on Friday after publication of the Journal story.
The special investigation panel will be chaired by Patricia Mulroy, a member of the board's corporate governance and compliance committees and a former member of the Nevada Gaming Commission, the board said in a statement emailed to Reuters.
"The board is deeply committed to ensuring the safety and wellbeing of all the company's employees and to operating with the highest ethical standards," the statement said.
Earlier in the day, the company appeared to side with its chairman in dismissing the Journal's article, saying in a statement that the newspaper account "reflected allegations" made by his ex-wife, Elaine Wynn, in her litigation against him and the company.
The Wall Street Journal said former and current company staff members it interviewed had accused Wynn of creating a hostile work environment for women and of regularly pressuring employees to perform sex acts.
The report was the latest in a wave of sexual abuse and harassment allegations leveled against powerful men during the past year, especially in the media and entertainment industries and politics.
Wynn has straddled both those worlds, as a prominent figure in the casino resort business and onetime rival of Donald Trump. Wynn was named finance chairman of the U.S. Republican National Committee after Trump became president.
AVOIDING THE BOSS
Former workers, the Journal said, told of employees going to such lengths as making phony entries in appointment books to help other female employees avoid a request for services in Wynn's office, or arranged for others to pose as assistants so they would not be alone with him.
Others, the newspaper said, recounted female employees hiding in the lavatory or backrooms when they learned he was on his way to a hotel salon.
The article said Wynn paid a $7.5 million settlement to a former manicurist at his flagship Wynn Las Vegas resort who had accused Wynn of forcing her to have sex in his office in 2005.
The Journal said the alleged incident and settlement were mentioned obliquely in court documents filed in a lawsuit brought by the casino owner's former wife over control of her stock in the company.
Steve Wynn, who turns 76 on Saturday, denied the allegations in a statement emailed to Reuters.
"The idea that I ever assaulted any woman is preposterous," he said. "The instigation of these accusations is the continued work of my ex-wife, Elaine Wynn, with whom I am involved in a terrible and nasty lawsuit in which she is seeking a revised divorce settlement."
A spokeswoman for Elaine Wynn, 75, declined comment, but her Washington-based attorney, James Cole, told Reuters the notion that his client fomented the allegations in the Journal article "is just not true."
The couple first married in 1963 and divorced in 1986. They remarried in 1991 and divorced again in 2010, according to court papers. In an escalating battle that followed their bitter second split, Elaine Wynn sued her former spouse in 2016 seeking to gain control over her 9.4 percent stock in Wynn Resorts.
The lawsuit accused her ex-husband of breaching a 2010 stockholder agreement by engineering her ouster from the company's board the previous April.
Wynn owns roughly 11.8 percent of his company, regulatory filings show, giving him a stake worth close to $2.2 billion. Forbes magazine puts his overall net worth at about $3.5 billon.
In addition to Wynn Las Vegas, the company's assets include Encore at Wynn Las Vegas and Wynn Macau. Steve Wynn also helped develop such Las Vegas hotel-casino properties as the Bellagio, the Mirage and Treasure Island.
The Journal said none of the 150 people contacted for its story had reached out to the newspaper, and that most of those interviewed expressed fear that Wynn's influence in the casino industry could hurt their ability to find work elsewhere.
(Reporting and writing by Steve Gorman in Los Angeles; Additional reporting by Caroline Valetkevitch in New York and Pranav Kran in Bengaluru; Editing by Clive McKeef, Lisa Shumaker and Nick Macfie) | https://www.cnbc.com/2018/01/27/reuters-america-update-5-wynn-resorts-ceo-calls-sexual-misconduct-accusations-preposterous-stock-falls.html | www.cnbc.com |
UK's N Brown Group revenue rises 3.2 pct on good Christmas | January 23, 2018 / 7:48 AM / in 31 minutes UK's N Brown Group revenue rises 3.2 pct on good Christmas Reuters Staff 2 Min Read
Jan 23 (Reuters) - British clothing retailer N Brown Group Plc reported a 3.2 percent rise in third-quarter revenue and said it had a robust Christmas season.
The revenue rise at N Brown contrasts that of traditional British retailers, who have reported subdued trading on increasing online competition and pressure on consumer spending.
The company, whose brands target women aged 30 and above, and those of a larger frame, revenue from its brand Simply Be rose 14.5 percent, partly helped by its Christmas campaigns.
Revenue at its other two power brands, JD Williams and Jacamo, rose 3 percent and 4.6 percent respectively in the 18- week period to Jan. 6.
N Brown said its overall online penetration rose 4 percentage points year-on-year to 74 percent, with total online sales rising 9 percent.
The company, which maintained its full-year profit view, said it expected product gross margin for the year ending March to be down between 225 basis points and 250 basis points, due to higher promotional activity.
That compares with its prior estimate of a fall of 70 basis points to 120 basis points. (Reporting by Arathy S Nair in Bengaluru; Editing by Gopakumar Warrier) | https://www.reuters.com/article/n-brown-outlook/uks-n-brown-group-revenue-rises-3-2-pct-on-good-christmas-idUSL4N1PI34M | www.reuters.com |
House Republicans eye a budget funding extension, but a 'Dreamer' deal won't be a part of it | House Republicans considered on Tuesday a stopgap bill to fund the U.S. government through Feb. 16 to avert a shutdown, but the measure would not include Democrats' demands for protections for young people brought to the United States illegally as children.
Partisan finger-pointing over immigration policy on Tuesday left Congress and the White House stumbling closer to a possible federal government shutdown by the end of the week.
Republicans who control Congress are expected to try to push another stopgap funding bill and get it to President Donald Trump's desk before a midnight Friday deadline when existing money for federal agencies expires.
The bill would not include protections for the young people described as "Dreamers," Republican Representative Mike Simpson told reporters after his party's closed-door meeting.
Kevin Lamarque | Reuters Demonstrators hold signs during a protest in front of the White House after the Trump administration today scrapped the Deferred Action for Childhood Arrivals (DACA), a program that protects from deportation almost 800,000 young men and women who were brought into the U.S. illegally as children, in Washington, U.S., September 5, 2017. Many Democrats in Congress have insisted that immigration be a component of the temporary spending bill.
But Democrats, under the plan being developed in the House, would win an unrelated high-priority item: a six-year reauthorization of the Children's Health Insurance Program (CHIP), according to lawmakers. It was unclear whether the House Republican leadership would get enough votes to pass the measure in that chamber.
The conservative House Freedom Caucus was to meet late on Tuesday and its head, Representative Mark Meadows , told reporters he did not know if a "compelling" case had been made for another temporary spending bill that would fail to bring the big increases in defense spending his group is seeking.
Republicans were also discussing delaying three Affordable Healthcare Act taxes: two-year delays of a medical device and a "Cadillac" tax for high-end insurance plans and a one-year delay in 2019 of another health insurance tax.
Meanwhile, Senate Majority Leader Mitch McConnell warned that a government funding bill should not be held "hostage" to the immigration debate. And the White House director of legislative affairs, Marc Short, told reporters there was no artificial timeline for a deal on so-called Dreamers and that it would be "herculean" to get it done by this week.
The negotiating climate has become increasingly poisonous after a sudden halt last week in talks toward a deal to shield the Dreamers from deportation.
Trump rejected a bipartisan agreement reached by a group of senators. Divisions between Republicans and Democrats then deepened amid an uproar over Trump's reported use of the word "s___hole" when speaking about African countries last week. Trump has denied using that word.
The head of the Congressional Hispanic Caucus expressed her opposition to the bipartisan Senate deal, although she said she had not seen its text and noted it had some positive aspects.
"In its current form I'm probably a no," Representative Michelle Lujan Grisham, a Democrat, said in an interview.
The Senate approach, Lujan Grisham said, would reduce the parents of Dreamers to "second-class citizens" because they would receive temporary protections and no pathway to citizenship, as well as other problems.
Republican Senator Lindsay Graham on Tuesday blamed White House staff for altering Trump's positive view on the Senate bipartisan agreement on the Deferred Action for Childhood Arrivals (DACA) program that protects the Dreamers.
"I will say I don't think the president was well-served by his staff," Graham said.
If a temporary "continuing resolution" to keep the government operating results, it would be the fourth such measure since the 2018 federal fiscal year began on Oct. 1, a sign of Washington's serious struggles to pass spending legislation.
'Kick the can'
No. 2 House Democrat Steny Hoyer said Democrats have not decided whether they will support another continuing resolution and "kick the can down the road one more time."
The slim Republican margin of control in the U.S. Senate means Trump's party will need some Democratic support to resolve the government funding stand-off. Democrats have said they want a spending bill that protects the Dreamers, mostly Hispanic young adults.
Democratic Senator Dick Durbin intends to introduce the bipartisan agreement as legislation on Wednesday, spokesman Ben Marter said. But it was not yet clear whether Majority Leader McConnell would schedule it for a floor debate and vote.
Trump said in September he was terminating the DACA program, begun by his Democratic predecessor Barack Obama , effective in March. Congress has until then to pass legislation to protect roughly 700,000 people from deportation and issue work permits.
Trump said he was willing to make a deal to help the Dreamers but insisted that funding for border security, including his long-promised wall along the U.S.-Mexican border opposed by Democrats, be included in any spending package.
The bipartisan deal called for $2.7 billion for an array of border security steps.
Trump wrote on Twitter that if the government were shut down over amnesty and border security, the military would be the biggest loser.
Senate Democratic Leader Chuck Schumer countered in a speech on the Senate floor: "If you want to begin the long road back to prove you're not prejudiced or bigoted, support the bipartisan compromise that three Democrats and three Republicans have put before you." | https://www.cnbc.com/2018/01/17/house-republicans-eye-a-budget-funding-extension-but-a-dreamer-deal-wont-be-a-part-of-it.html | www.cnbc.com |
Penumbra, Inc. Schedules Fourth and Full Year 2017 Earnings Release and Conference Call for February 27, 2018 at 5:00 PM Eastern Time | ALAMEDA, Calif., Jan. 30, 2018 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN) today announced that it will host a conference call to discuss financial results for the fourth quarter and year ended December 31, 2017 after market close on Tuesday, February 27, 2018 at 5:00 PM Eastern Time. A press release with fourth quarter and full year 2017 financial results will be issued after market close that day.
Webcast & Conference Call Information
The conference call can be accessed live over the phone by dialing (866) 393-4306 for domestic callers or (734) 385-2616 for international callers (conference id: 6884769), or the webcast can be accessed on the "Events" section under the "Investors" tab of the Company's website at: www.penumbrainc.com . The webcast will be available on the Company's website for two weeks following the completion of the call.
About Penumbra
Penumbra, Inc., headquartered in Alameda, California, is a global healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets medical devices and has a broad portfolio of products that addresses challenging medical conditions and significant clinical needs. Penumbra sells its products to hospitals primarily through its direct sales organization in the United States, most of Europe, Canada and Australia, and through distributors in select international markets. The Penumbra logo is a trademark of Penumbra, Inc. For more information, visit www.penumbrainc.com .
Investor Relations
Penumbra, Inc.
510-995-2461
investors@penumbrainc.com
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SOURCE Penumbra, Inc. | http://www.cnbc.com/2018/01/30/pr-newswire-penumbra-inc-schedules-fourth-quarter-and-full-year-2017-earnings-release-and-conference-call-for-february-27-2018-at-500-pm.html | www.cnbc.com |
Mortgage Connect LP Announces Expansion of Default Division | PITTSBURGH, Jan. 30, 2018 /PRNewswire/ -- Mortgage Connect LP , a national mortgage service provider for the nation's largest financial institutions, investors and servicers, announces expansion of its default division through geographic expansion of key operational centers, product diversification, and hiring of industry top default leaders. The Company, which was listed as one of America's entrepreneurial growth leaders by INC. 5000's list of the nation's fastest-growing private companies in 2017, will continue to invest in the Default Sector to be equipped for any market shifts and client demand.
"Our portfolio of comprehensive mortgage solutions now encompasses end-to-end services across the default continuum, including nationwide pre-foreclosure title support, trustee sale guarantee, loss mitigation title services, REO and default title and closing services. Diversifying into these markets, coupled with the addition of a leadership team of highly seasoned industry veterans, will strengthen our ability to provide end-to-end solutions. We are proactive in preparing for market shifts to ensure we continue to provide the optimum consumer experience and first-in-class service, and to continue innovation across the mortgage spectrum," stated Jeff Coury, CEO of Mortgage Connect.
In addition to product diversification, the company has extended its geographic foothold and licensing expansion into Alabama, Arizona, California, Nevada and Washington, which will enable Mortgage Connect to service directly the majority of its origination and default business, while delivering specialized market expertise and a local presence.
In order to execute on this expansion effort, Mortgage Connect has retained several key industry experts. Jay Anderson, who joined the company in September 2017, serves as Senior Vice President of Loss Mitigation Title Services within the Default Services Division. Mr. Anderson has nearly twenty years' experience in managing and driving key initiatives within the loss mitigation and default services segments, most recently with a large nationwide title insurance company.
Alan Chang, Vice President of Default Services, who also joined the company in 2017, oversees Pre-Foreclosure Title and Trustee Sale Guarantee Services. Mr. Chang's expertise within the title insurance industry is paralleled by a keen focus on creating a superior client experience through optimal workflows and technology.
Sheri Yoho, Executive Vice President of Operations at Mortgage Connect, has successfully built the Origination Title Close operations, driving the company's leading performance and growth in the market since joining the company in 2013. Ms. Yoho has previously built a centralized REO Title and Closing Operations team and managed overall REO customer satisfaction, which she will now oversee for the company's REO Title & Close Division.
"We look forward to offering a true end-to-end default title process to serve the needs of lenders and servicers with a streamlined solution that improves efficiency and reduces costs," added Mr. Coury.
About Mortgage Connect LP
Mortgage Connect is a Pittsburgh, PA headquartered national mortgage service provider, serving the Origination, Default, Valuation, and Capital Markets sectors. With additional offices in New York, Texas, California, Colorado, Nevada and Alabama, the company offers customizable solutions to the nation's largest lenders and servicers, including 3 of the top 5 and 15 of the top 20. Through its serve-first culture, Mortgage Connect and its subsidiaries are committed to an unwavering level of communication, education and customer service on each transaction and strive to leave an overwhelmingly positive and lasting impression with their clients and consumers. For more information, visit www.mortgageconnectlp.com .
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SOURCE Mortgage Connect LP | http://www.cnbc.com/2018/01/30/pr-newswire-mortgage-connect-lp-announces-expansion-of-default-division.html | www.cnbc.com |
Trump goes to Davos World Economic Forum with Cabinet group | President Donald Trump heads to the World Economic Forum in Switzerland this week with a large American delegation in tow.
The U.S. group, which will leave Tuesday and Wednesday, will meet with business and government officials in Davos to discuss issues such as trade, border security and cybersecurity, according to the White House.
"We want the world to invest in America and create jobs for hardworking Americans," White House chief economic advisor Gary Cohn told reporters on Tuesday.
Trump wants to "remind the world that we are open for business," Cohn added.
Aside from giving remarks to those gathered at the forum, Trump plans to attend a reception featuring government officials, Cohn said. He will meet with representatives from European companies that have a footprint in the U.S., the advisor added.
Here's the U.S. group traveling to Switzerland:
Getty Images U.S. President Donald Trump holds a meeting in the Oval Office in Washington, D.C. Treasury Secretary Steven Mnuchin Commerce Secretary Wilbur Ross Labor Secretary Alexander Acosta Transportation Secretary Elaine Chao Energy Secretary Rick Perry Homeland Security Secretary Kirstjen Nielsen U.S. Trade Representative Robert Lighthizer U.S. Agency for International Development Administrator Mark Green National Institutes of Health Director Francis Collins Food and Drug Administration Commissioner Scott Gottlieb Homeland security advisor Tom Bossert White House advisor and Trump son-in-law Jared Kushner White House advisor Chris Liddell Other officials who will go to Switzerland but are not part of the official delegation include White House chief of staff John Kelly, Secretary of State Rex Tillerson, national security advisor H.R. McMaster and Cohn.
The forum in Switzerland focuses largely on finding shared solutions to global economic and security issues. Those themes appear to contrast with many of the protectionist, isolationist policies Trump preached as a candidate.
Trump's campaign for president shunned many of the things broadly preached by his predecessors in the White House, including free trade and a global security presence. He ran on pledges to change or scrap trade deals brokered by past presidents and to look out for the "forgotten men and women" of the United States.
Cohn said Tuesday that Trump believes in "America First," but "not alone."
Earlier, Trump said he would use his time at Davos to urge "people to come and spend their money in the good ol' USA."
WATCH: Trump wants everyone in Davos to understand what he's accomplished show chapters Cohn: Trump wants everyone in Davos to understand what he's accomplished 10 Hours Ago | 01:29 | https://www.cnbc.com/2018/01/23/trump-goes-to-davos-world-economic-forum-with-cabinet-group.html | www.cnbc.com |
U.S. inflation, wage expectations jump -NY Fed survey | January 16, 2018 / 4:05 PM / Updated an hour ago U.S. inflation, wage expectations jump: NY Fed survey Reuters Staff 2 Min Read
NEW YORK (Reuters) - U.S. inflation expectations rose in December to the highest level in months as younger and middle-age workers expected higher prices and earnings, according to a Federal Reserve Bank of New York survey published on Tuesday.
The survey of consumer expectations, which the Fed considers among other data as it continues to gradually raise interest rates, showed median one-year ahead expectations jumped to 2.82 percent last month, from 2.61 percent in November, the highest reading since February.
The three-year inflation measure was 2.89 percent, up from 2.78 percent in the previous month, reaching its highest point since April. On both counts the New York Fed said the increase was largely driven by survey respondents younger than 40.
The increases make up some ground after years in which these inflation measures, taken since mid-2013, have generally slipped. The U.S. central bank hiked rates three times last year and aims to do the same in 2018, even while inflation remains below target.
Survey respondents were more optimistic about earnings growth. Median one-year ahead expectations were 2.7 percent, up from 2.6 percent in November. It was the highest level since 2014 thanks to respondents primarily between 40 and 60 years old and those earning between $50,000 and $100,000 annually, the New York Fed said.
The internet-based survey is done by a third party and taps a rotating panel of about 1,200 household heads. Reporting by Jonathan SpicerEditing by Chizu Nomiyama | https://www.reuters.com/article/us-usa-fed-inflation-survey/u-s-inflation-wage-expectations-jump-ny-fed-survey-idUSKBN1F520X | www.reuters.com |
CNBC Transcript: Ban Ki-moon, former United Nations Secretary General | Nancy Hungerford (NH): And my next guest has a very close eye on the situation. I'm pleased to say we are now joined by the former U.N. Secretary General Ban Ki-moon. Sir, thank you for taking the time to speak to CNBC at this momentous time for the peninsula. The talks tomorrow taking place between South Korea and North Korea. What are you expecting from them?
Ban Ki-moon: We are encouraged to see that the high level bilateral dialogue between South and North Korea is going to take place tomorrow. So it may be a very small opening of reducing tensions and also addressing the issues of facilitating North Korean athletes to PyeongChang Winter Olympic games. We sincerely hope that after some many years of highest the level of tension this will lead to a larger and more meaningful dialogue between the South and North Korea in addressing a meaningful denuclearization of the Korean peninsula. This time we expect that they should focus on how to make this PyeongChang Winter Olympic games a platform or venue of harmony and consolation and peace among all the athletes and people around the world. As the chairman of the IOC Ethics Commission and as former secretary general who has been working very hard to promote peace and development through sports, I will do my best.
NH: And why do you think these talks are taking place now? Why do you think that North Korea decided to come to the table when they have, given the very strong rhetoric we've heard from Kim Jong Un out last year?
Ban Ki-moon: Last year, NK has been provocating a lot. Nineteen times so far of ballistic missiles including ICBMs and nuclear weapons. Therefore the level of tension has reached so high, may be most serious since the end of the Korean War. Everybody including Korean people and around the world have shown their deepest concerns about this situation. It is absolutely necessary that we must reduce the level of tension and try to engage in dialogue. This is what is going to happen tomorrow. I sincerely hope that this meeting will be successful and also will lead to a much more meaningful dialogue between the two parties of Korea.
NH: U.S. President Donald Trump has also now said he would be willing to speak with Kim Jong Un. Yet we've also heard from Nikki Haley saying that whatever happens in these talks they won't be satisfied until North Korea gives up their nuclear weapons program. Is that likely?
Ban Ki-moon: The end goal and target of this dialogue and the meetings between the parties concerned should be the denuclearization, complete and verifiable and irreversible denuclearization of the Korean peninsula and for that purpose. This is a very good beginning even though it may be a small one.
NH: And do you think President Trump strong rhetoric towards North Korea has played any role in bringing North Korea to this point of speaking with the South?
Ban Ki-moon: There is a tendency to see President Trump's remarks as very provocative rhetoric. But I would like to interpret that in another way. And these are strong words and message of international community giving to North Korea. North Korea is the worst breaker of international community. The United Nations Security Council has taken 10 sanctions resolutions and there is no such member states which has been defiantly challenging the whole international community. Therefore it is important that the whether it is called Trump rhetoric or not we must be united in sending out united and very strong message to North Korea so that they should realize that there is no other way for them to return to international community as a responsible member abiding by all of these basic norms and principles of the United Nations Charter.
NH: Kim Jong Un also celebrates a birthday tomorrow. Normally we think of these occasions as one to have much celebration and fanfare in the country. Do you think his popularity within North Korea has waned in any way given the cost of these economic sanctions on the people in North Korea?
Ban Ki-moon: Everybody can easily imagine at what kind of level of life the people are undergoing under this type of a sanction measures. They are completely isolated. It's important for any leader of North Korea to work for their own people to make their people's life better. It is a very good opportunity for North Korea to engage seriously and genuinely to use this occasion to address all the issues of the Korean peninsula.
NH: You've spoken previously about the need for China to do more in the way of economic sanctions. Since we last spoke a couple of months ago, they have taken additional steps when it comes to reducing the oil that goes to North Korea and other measures. Are you now satisfied with the measures that China has taken or do you still think they could do more?
Ban Ki-moon: I am grateful to President Xi Jinping of China who has publicly stated that China will faithfully implement all the relevant resolutions of the security council adapted by the Security Council. It's important that all the members of the United Nations should show a firm and united message by faithfully implementing all of these resolutions.
NH: And you spoke to me before about this idea that the U.S. should stick to its commitment in the Iran nuclear deal because it sends a positive message even to North Korea who may be saying what is the ultimate end of these measures, do they hold. Is that still your view and how important is this given that the U.S. administration faces another deadline coming up here on whether or not to certify that deal?
Ban Ki-moon: I have been urging through certain channel to U.S. administration that it's important that the JCP or a joint comprehensive plan of action on Iranian issues must be kept and implemented faithfully as had been agreed among the parties. It's important that this should be carried on. Otherwise this may give a very bad message, negative message to even North Korea when North Korea says while trying to agree with the international community on denuclearization of the Korean peninsula. Now how can they have trust on the international community, particularly the United States, when any agreement can be easily broken by the parties who have agreed on that.
NH: Sir thank you very much for your time today. We very much appreciate you speaking to CNBC.
END
About CNBC:
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For more information, please visit www.cnbc.com | http://www.cnbc.com/2018/01/08/cnbc-transcript-ban-ki-moon-former-united-nations-secretary-general.html | www.cnbc.com |
Another tiny digital coin leaps into the top 10 cryptocurrencies | Gold Another tiny digital coin leaps into the top 10 cryptocurrencies Digital currency tron, or TRX, climbed 112 percent Thursday to 20.5 cents, according to CoinMarketCap. That put the digital coin briefly into eighth place by market capitalization. Tron's gains followed a tweet from founder Justin Sun early Thursday that the company "will announce our partnership with a very prestigious public company next week." Tron is repeating a pattern seen in the last few weeks of lesser-known cryptocurrencies surging into the ranks of the largest digital currencies. SHARES Source: Samxmeg
A digital coin worth about a dime a day ago has doubled in price, briefly climbing into eighth place among cryptocurrencies by market capitalization.
Tron climbed 112 percent Thursday to 20.5 cents, according to CoinMarketCap. The website showed that tron's latest gains gave the coin a market cap of $13.5 billion, greater than that of litecoin and just behind that of another coin, stellar. Litecoin had recovered eighth place by midafternoon Thursday.
Tron's gains followed a tweet from founder Justin Sun early Thursday that the company "will announce our partnership with a very prestigious public company next week." Sun tweeted later in the day that the news would come in a live stream event on "January 6th 10 am GMT+8 Beijing time."
Tron 30-days performance
Source: CoinMarketCap
The company is focused on creating a blockchain-based platform for monetizing digital entertainment. Investors listed on its website include some big names in Chinese business today, such as Wei Dai, founder of bike sharing company ofo.
Tron's surge follows a pattern of the last few weeks in which lesser-known cryptocurrencies have dramatically climbed into the ranks of the top 10 coins by market cap. Ripple has soared more than 1,000 percent in the last month into second place. In just the last week, stellar has leaped more than 300 percent, climbing into the top 10 coins and rising as high as sixth place.
"We are seeing the beginnings of renewed speculative fever driven by fears of missing out on the big gains that have recently happened in the crypto space," William Mougayar, organizer of the Token Summit conferences, said in an email.
"Although there were some cryptocurrencies that were under-valued a month ago, and they deserved the run-up, things are getting a little over-heated right now," Mougayar said.
Bitcoin, the largest and most well-known digital currency, has gained 1,300 percent over the last 12 months to near $15,000, according to Coinbase.
Much of the buying in the smaller cryptocurrencies is coming from bitcoin holders. About 79 percent of tron trading volume was in bitcoin , and 19 percent in ethereum , according to CryptoCompare.
It's not clear whether tron takes its name directly from the science fiction movie, but its 10-year projected development timeline on its website has heavy references to "Star Trek." The project is still in the initial "Exodus" stage.
CoinMarketCap data show tron began trading in September at a tenth of a penny. | https://www.cnbc.com/2018/01/04/another-tiny-digital-coin-leaps-into-the-top-10-cryptocurrencies.html | www.cnbc.com |
AMD rebukes Intel, says flaw poses 'near-zero risk' to its chips | Chipmaker Advanced Micro Devices on Wednesday pushed back on a statement from Intel about a recently documented security flaw, saying its chips are mainly not affected.
AMD expects to publish security research on the flaw later on Wednesday but did provide an initial statement of its own:
To be clear, the security research team identified three variants targeting speculative execution. The threat and the response to the three variants differ by microprocessor company, and AMD is not susceptible to all three variants. Due to differences in AMD's architecture, we believe there is a near zero risk to AMD processors at this time.
AMD rose slightly after AMD issued the statement. The stock had fallen after Intel issued its statement earlier.
On Tuesday the Register suggested that the flaw did not impact AMD's chips but instead primarily impacted chips from Intel. But Intel's public statement on Wednesday indicated that the flaw isn't restricted to Intel's CPUs. That said, Intel did indicate it's working with other companies, including AMD, to resolve the issue, and AMD's initial statement shows it is cooperating.
"As we typically do when a potential security issue is identified, AMD has been working across our ecosystem to evaluate and respond to the speculative execution attack identified by a security research team to ensure our users are protected," AMD said.
Intel CEO Brian Krzanich spoke about the incident in a conversation with CNBC's Jon Fortt, saying that Google first informed Intel about the issue and that to Intel's knowledge the flaw had not been exploited. | https://www.cnbc.com/2018/01/03/amd-rebukes-intel-says-flaw-poses-near-zero-risk-to-its-chips.html | www.cnbc.com |
BNY Mellon to Host Fourth Quarter 2017 Earnings Conference Call on Thursday, January 18 | NEW YORK, Jan. 2, 2018 /PRNewswire/ -- Charles W. Scharf, Chairman and Chief Executive Officer, and Michael P. Santomassimo, Chief Financial Officer, along with other members of the executive management team from BNY Mellon, will host a conference call and simultaneous live audio webcast at 8 a.m. EST on Thursday, January 18, 2018, following the release of BNY Mellon's fourth quarter 2017 financial results at approximately 6:30 a.m. EST that day. This conference call and audio webcast will include forward-looking statements and may include other material information.
Conference Call and Audio Webcast Access:
Investors and analysts wishing to access the conference call and audio webcast may do so by dialing +1 800-390-5696 (U.S.) or +1 720-452-9082 (International), and using the passcode: 678511, or by logging onto www.bnymellon.com/investorrelations . The company's earnings release along with the quarterly financial highlights and other earnings-related documents will be available at www.bnymellon.com/investorrelations beginning at approximately 6:30 a.m. EST on January 18.
Conference Call and Audio Webcast Replays:
Replays of the fourth quarter conference call and audio webcast will be available beginning on January 18, 2018, at approximately 2 p.m. EST through February 17, 2018, by dialing +1 888-203-1112 (U.S.) or +1 719-457-0820 (International) and using the passcode: 4968536. The archived version of the conference call and audio webcast will also be available at www.bnymellon.com/investorrelations for the same time period.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2017, BNY Mellon had $32.2 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com . Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Contacts:
Media
Eva Radtke
+1 212 635 1504
eva.radtke@bnymellon.com
Analysts
Valerie Haertel
+1 212 635 8529
valerie.haertel@bnymellon.com
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SOURCE BNY Mellon | http://www.cnbc.com/2018/01/02/pr-newswire-bny-mellon-to-host-fourth-quarter-2017-earnings-conference-call-on-thursday-january-18.html | www.cnbc.com |
Howard Moseson Joins MUFG as Chief Strategy Officer for the Americas | NEW YORK, Jan. 16, 2018 /PRNewswire/ -- Mitsubishi UFJ Financial Group, Inc. (MUFG) today announced that Howard Moseson, 50, has joined the company as Chief Strategy Officer for the Americas, effective immediately.
Moseson, a seasoned business executive with substantial experience in corporate strategy, business management, risk, and wholesale and consumer banking, reports to Chief Financial Officer Johannes (Johs) Worsoe and is based in New York.
In his role, Moseson will lead MUFG Americas strategy development and strategic planning efforts, including management of the annual and triennial strategic planning processes and driving strategic and transformational initiatives as the firm's internal strategy consultant to business and support unit leadership.
"Howard is an outstanding addition to our talented strategy team and will play an instrumental role in leading and integrating our strategic planning processes and driving strategic and transformational initiatives across the firm," said Worsoe.
Prior to joining MUFG, Moseson was the Head of Strategy for Citibank's Global Consumer Banking Operations. Prior to this role, he was the Global Head of Strategy for Citi Commercial Bank. Before joining Citi in 2012, he was a Partner at McKinsey & Company where he led the Middle Market Banking Practice and was a senior member of Investment and Corporate Banking and Risk Practices. Prior to McKinsey, Moseson was an investment banker for 15 years at firms including Chase, CSFB and WestLB.
Moseson holds BA degrees in Math/Computer Science and Philosophy from Emory University and an MBA from the Fuqua School of Business at Duke University.
About MUFG Americas Holdings Corporation
Headquartered in New York, MUFG Americas Holdings Corporation is a financial holding company, bank holding company and intermediate holding company with total assets of $154.9 billion at September 30, 2017. Its main subsidiaries are MUFG Union Bank, N.A. and MUFG Securities Americas Inc. MUFG Union Bank, N.A. provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. As of September 30, 2017, MUFG Union Bank, N.A. operated 361 branches, comprised primarily of retail banking branches in the West Coast states, along with commercial branches in Texas, Illinois, New York and Georgia, as well as 18 PurePoint Financial Centers and two international offices. MUFG Securities Americas Inc. is a registered securities broker-dealer which engages in capital markets origination transactions, private placements, collateralized financings, securities borrowing and lending transactions, and domestic and foreign debt and equities securities transactions. MUFG Americas Holdings Corporation is owned by The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mitsubishi UFJ Financial Group, Inc. The Bank of Tokyo-Mitsubishi UFJ, Ltd. is a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc., which is one of the world's leading financial groups. Visit www.unionbank.com or www.mufgamericas.com for more information.
About Mitsubishi UFJ Financial Group and Bank of Tokyo-Mitsubishi UFJ
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups, with total assets of approximately US$2.7 trillion as of 30 September 2017. Headquartered in Tokyo and with approximately 350 years of history, MUFG is a global network with over 2,300 offices across more than 50 countries. The Group has about 150,000 employees and close to 300 entities, offering services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group's operating companies include Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Trust and Banking Corporation (Japan's leading trust bank), and Mitsubishi UFJ Securities Holdings Co., Ltd., one of Japan's largest securities firms. The Bank of Tokyo-Mitsubishi UFJ, Ltd. is Japan's premier bank, with a global network spanning around 50 countries. Outside of Japan, the bank offers an extensive scope of commercial and investment banking products and services to businesses, governments and individuals worldwide. Through close partnerships among our operating companies, the Group aims to "be the world's most trusted financial group", flexibly responding to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York (NYSE: MTU) stock exchanges. For more information, visit www.mufg.jp/english .
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SOURCE MUFG Americas Holdings Corporation | http://www.cnbc.com/2018/01/16/pr-newswire-howard-moseson-joins-mufg-as-chief-strategy-officer-for-the-americas.html | www.cnbc.com |
Italy's Geox to name top Gucci executive as new CEO | MILAN, Jan 18 (Reuters) - Italian shoemaker Geox said on Thursday it was set to appoint senior Gucci manager Matteo Mascazzini as its new chief executive from next month, replacing Gregorio Borgo.
Mascazzini, 48, is currently the chief operating officer of Gucci America. He joined the Italian brand which is owned by French luxury goods group Kering back in 2007, arriving from rival Giorgio Armani.
Geox, famous for patenting shoes with breathable soles, reported sales of 884.5 million euros ($1.1 billion) last year, down 1.8 percent compared with 2016, hit by a downsizing of its network of shops.
The company closed 66 shops in net terms in 2017 as it shrinks its presence in Europe to expand in Russia, eastern Europe and China, areas where wholesale revenues grew double-digit.
Geox, headquartered in northeastern Italy, said same-store sales rose 0.5 percent last year after a 1 percent decline in 2016.($1 = 0.8169 euros) (Reporting by Valentina Za; Editing by Adrian Croft)
| https://www.reuters.com/article/italy-geox-ceo/italys-geox-to-name-top-gucci-executive-as-new-ceo-idUSL8N1PD63M | www.reuters.com |
Dow looks to rebound on Wall Street after two straight days of triple-digit losses | STATE OF THE UNION President Donald Trump delivered a reserved and serious tone during his speech at his first State of the Union address. Trump sought to be optimistic, and describe a "New American Moment" characterized by prosperity, rebuilding and cooperation. (CNBC)
* Trump's full prepared remarks from his first SOTU (CNBC)
* How some of Trump's SOTU claims stand up to reality (NBC News)
* Swing voters rate Trump's 'on the plus side of mediocre' (USA Today)
Trump called on Congress to advance a $1.5 trillion plan to "rebuild our crumbling infrastructure." Officials told CNBC at the end of 2017 that the push for infrastructure would likely begin in January, making it the next issue after taxes. (CNBC)
* Trump: Cutting drug prices is a top priority (CNBC)
* Trump touts repeal of individual mandate in Obamacare (CNBC)
* Trump calls for prison reform and links violent crime to undocumented immigration (CNBC)
Rep. Joe Kennedy III delivered a broad rebuke of President Trump's policies last night. The Massachusetts Democrat downplayed the president's effect on the U.S. economy and pushed back on his immigration goals. (CNBC)
* No pivot: Trump's first SOTU address didn't change a thing (CNBC)
* Here are the policy areas where Trump is urging Democrats to work with him (CNBC)
IN THE NEWS TODAY Trump said he would "100 percent" allow the public release of a GOP-drafted memo alleging surveillance abuses by the FBI and Justice Department. Officials have warned that releasing the memo could set a dangerous precedent. (Washington Post)
Trump has been talking to his friends about possibly asking Attorney General Jeff Sessions to prosecute special counsel Robert Mueller, NBC News reports. It's unclear what charges Mueller could possibly face in such a situation.
Hillary Clinton said she should have fired an aide in her 2008 presidential campaign that was accused of sexual harassment. She posted a lengthy statement last night on Facebook (FB) before Trump's State of the Union address. (NY Times)
Larry Nassar, the doctor accused of sexually assaulting more than 150 women and girls, will be confronted again by victims as he faces another sentence. The event could unfold the same as a hearing last week that ended with Nassar getting sentenced to up to 175 years. (AP)
Amazon (AMZN) told employees its new health-care partnership with Berkshire Hathaway and J.P. Morgan will take a "considerable amount of time," and that "nothing is changing" to the company's current health-care offering to employees. (CNBC)
* Cramer: How to play the Amazon-Berkshire-JP Morgan move (CNBC)
* How Jamie Dimon, Jeff Bezos and Warren Buffett got together on health care (CNBC)
H&M has announced it would open far fewer stores in 2018 as it responds to the shift to shopping online. The fashion retailer said it planned a net addition of about 220 stores in 2018, compared with 388 in 2017. (Reuters)
STOCKS TO WATCH Apple (AAPL) was downgraded to "market perform" from "outperform" at BMO Capital, which is considered that a secular change for the worse is in store for the iPhone.
Xerox (XRX) will be absorbed into its joint venture with Japan's Fujifilm, under a new agreement struck between the two companies. The new entity will be known as Fuji Xerox and keep its New York Stock Exchange Listing. Current Xerox shareholders will receive $9.80 per share in cash in the form of a special dividend.
Electronic Arts (EA) reported adjusted quarterly profit of $2.18 per share, missing estimates by a penny, with the videogame publisher's revenue also slightly below estimates. However, the company also gave stronger than expected guidance for the current quarter, with the launch of its "UFC 3" game set for later this week.
Foot Locker (FL) was upgraded to "outperform" from "perform" at Oppenheimer, which cites a cheap valuation for the athletic footwear and apparel retailer's shares and the likelihood of increased sales momentum from new Nike (NKE) offerings.
Advanced Micro Devices (AMD) beat estimates by 3 cents with adjusted quarterly profit of 8 cents per share. The chip maker's revenue also topped forecasts, as did its current quarter guidance.
Align Technology (ALGN) reported adjusted quarterly profit of $1.19 per share, well above the 96 cent consensus estimate, and the maker of Invisalign dental braces also saw revenue beat forecasts
WATERCOOLER Music service Spotify quietly released a new standalone app for Android that's dedicated to quick, easy playlist and station listening. The app, Stations, is free and is also an experiment, according to the company. (The Verge) | https://www.cnbc.com/2018/01/31/dow-looks-to-rebound-on-wall-street-after-two-straight-days-of-triple-digit-losses.html | www.cnbc.com |
EMERGING MARKETS-Mexico peso rises on NAFTA hopes | 26 PM / Updated 11 minutes ago EMERGING MARKETS-Mexico peso rises on NAFTA hopes Reuters Staff 4 Min Read
(Updates prices) By Bruno Federowski SAO PAULO, Jan 15 (Reuters) - The Mexican peso rose to a more than five-week high on Monday on hopes that U.S. President Donald Trump may soften his stance on the North American Free Trade Agreement (NAFTA) after negotiations hit a bumpy patch last week. Renewed worries that Trump would scrap NAFTA had weighed on the peso last week. The talks between the United States, Mexico and Canada are edging closer to the start of campaigning for Mexico's July 1 presidential election, making a breakthrough more unlikely. However, market participants cited a media report by Axios news site on Sunday that said Trump may be shying away from terminating NAFTA, fearing it would disrupt a U.S. stock market rally and harm farmers and agricultural communities, part of his core constituency. Trump has said he wants the treaty renegotiated to better favor U.S. interests, and that he will scrap NAFTA if this cannot be achieved. Mexico sells around four-fifths of its exports to the United States so it is particularly vulnerable to increased U.S. protectionism. The peso strengthened just over 1 percent, by far the biggest gainer in Latin America. Low trading volumes on Monday due to the U.S. Martin Luther King Jr. Day holiday helped to accentuate currency moves. In a client note, Continuum Economics said that strength in the peso should continue in the first quarter ahead of this year's elections. "At least for a quarter, investors will be gaining a good carry in one of the most liquid currencies in emerging markets. After one quarter, we may see a return to defensive positions as the market dives into Mexican presidential elections," the note said. Key Latin American stock indexes and currencies at 2104 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1209.83 0.14 4.29 MSCI LatAm 3005.28 0.61 5.61 Brazil Bovespa 79752.37 0.51 4.39 Mexico IPC 49410.81 0.56 0.11 Chile IPSA 5745.95 0.22 3.26 Chile IGPA 28911.17 0.28 3.33 Argentina MerVal 33622.84 2.76 11.83 Colombia IGBC 11553.76 -0.6 1.61 Venezuela IBC 1986.42 20.44 -93.73 Currencies daily % YTD % change change Latest Brazil real 3.2152 -0.17 3.05 Mexico peso 18.8425 1.03 4.55 Chile peso 602.4 0.08 2.03 Colombia peso 2859.55 -0.13 4.28 Peru sol 3.21 0.19 0.84 Argentina peso 18.7300 -0.21 -0.69 (interbank) Argentina peso 19.56 -0.10 -1.69 (parallel) (Reporting by Bruno Federowski; Editing by Frances Kerry and Diane Craft) | https://www.reuters.com/article/emerging-markets-latam/emerging-markets-mexico-peso-rises-on-nafta-hopes-idUSL1N1PA0Z1 | www.reuters.com |
Facebook just hired a former White House official as its first head of cybersecurity policy | Facebook has hired a former White House official as its first Head of Cybersecurity Policy.
The company confirmed Nathaniel Gleicher would join Chief Security Officer Alex Stamos' team. He joined the company this month, according to his LinkedIn profile, from cybersecurity firm Illumio.
The hire was first noted by cybersecurity website Cyberscoop.
Gleicher's hire comes as Facebook struggles to keep a small number of users from posting hate speech and spreading fake news on the site. This week the company bought a start-up called Confirm that authenticates user identities. Last week Facebook said it was overhauling its News Feed in an effort to promote "trusted" news sources.
Facebook has also come under fire for alleged failures to curtail Russian meddling during the 2016 presidential election. The company said in November it would expand its cybersecurity efforts .
Gleicher previously served as the director for cybersecurity policy at the National Security Council and as senior counsel to the Computer Crime and Intellectual Property Section at the Department of Justice. | https://www.cnbc.com/2018/01/24/facebook-hires-cybersecurity-executive-nathaniel-gleicher.html | www.cnbc.com |
Alpine 4's Subsidiary, Quality Circuit Assembly (QCA), Secures Three New Electric Vehicle Customers In Q4 Of 2017 | PHOENIX, Jan. 8, 2018 /PRNewswire/ -- Alpine 4 Technologies' (OTCQB: ALPP) subsidiary, Quality Circuit Assembly (QCA), is proud to announce that it has acquired three new electric vehicle customers in Q4 of 2017. These new customers fit the QCA strategy and possess exciting disruptive technology. With the addition of these customers, QCA feels that it will be better able to meet its revenue growth plans for 2018.
Jeff Hail, QCA's President, stated, "Obtaining new disruptive partners in the highly competitive landscape in which QCA operates is critical to QCA's long term success. These types of new partners can create exponential growth given the success of their new technology. This type of revenue along with growing our strong existing customer base will prove to be a great way to achieve the growth we are expecting in 2018."
New partnerships with exciting new technology serve as the future of any successful contract manufacturer and will be the main driver of QCA's growth.
QCA has provided manufacturing support to their customers around the world since 1988.
About Alpine 4 Technologies Ltd.
Alpine 4 is a publicly held enterprise with business-related endeavors in Automotive Technologies, Electronics Manufacturing, Software and Data Technologies.
Four principles at the core of our business are, "SIDE" Synergy & Innovation Drive Excellence. At Alpine 4, we believe synergistic innovation drives excellence. By anchoring these words to our combined experience and capabilities, we are able to aggressively pursue opportunities within and across vertical markets. We deliver solutions that not only drive industry standards, but increase value for our shareholders.
Contact: Ian Kantrowitz, Director of Investor Relations
iank@alpine4.com
Forward-Looking Statements:
The information disclosed in this press release is made as of the date hereof and reflects Alpine 4 most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Alpine 4 believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Alpine 4 disclaims any intention or obligation to update the forward-looking statements for subsequent events.
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SOURCE Alpine 4 Technologies Ltd. | http://www.cnbc.com/2018/01/08/pr-newswire-alpine-4s-subsidiary-quality-circuit-assembly-qca-secures-three-new-electric-vehicle-customers-in-q4-of-2017.html | www.cnbc.com |
Saudi billionaire Prince Alwaleed bin Talal is released from captivity, probe winds down | World News Saudi billionaire Prince Alwaleed bin Talal is released from captivity, probe winds down The billionaire member of Saudi Arabia's royal family, Alwaleed bin Talal has been held for more than 2 months amid a corruption crackdown. The terms of his release were not immediately clear, but a source told Reuters that bin Talal had "arrived home." Published 8 Hours Ago Mary Catherine Wellons | CNBC Saudi Prince Alwaleed bin Talal.
Saudi Arabian billionaire Prince Alwaleed bin Talal was released from detention on Saturday, family sources said, more than two months after he was taken into custody in the kingdom's sweeping crackdown on corruption.
His release came hours after he told Reuters in an interview at Riyadh's opulent Ritz-Carlton hotel that he expected to be cleared of any wrongdoing and be freed within days.
The terms of his release were not immediately clear, and Saudi officials could not immediately be reached for comment.
But the decision to free him, and the release of several other well-known tycoons on Friday, suggested the main part of the corruption probe was winding down after it sent shockwaves through Saudi Arabia's business and political establishment.
"He has arrived home," one source in Prince Alwaleed's family told Reuters.
Prince Alwaleed had been confined at the Ritz-Carlton since early November, along with dozens of other senior officials and businessmen, part of Crown Prince Mohammed bin Salman's plan to reform oil superpower Saudi Arabia and consolidate his power.
Earlier this week the attorney general said 90 detainees had been released after having their charges dropped, while others had traded cash, real estate and other assets for their freedom. Authorities were still holding 95 people, he said. Some are expected to be put on trial.
On Friday, an official Saudi source said several prominent businessmen have reached financial settlements with authorities, including Waleed al-Ibrahim, owner of regional television network MBC, who was released. Terms of his settlement were not revealed.
Saudi authorities have said they expect to raise some $100 billion for the government through such settlements - a huge windfall for the state, which has seen its finances squeezed by low oil prices. Katie Paul | Reuters Maintaining innocence
Allegations against Prince Alwaleed, who is in his early 60s, included money laundering, bribery and extorting officials, a Saudi official told Reuters in early November.
In his first interview since he was taken into custody, conducted hours before his release, Prince Alwaleed told Reuters that he was continuing to maintain his innocence of any corruption in talks with authorities.
He said he expected to keep full control of his global investment firm Kingdom Holding Co without being required to give up assets to the government.
The release of Prince Alwaleed, whose net worth has been estimated by Forbes magazine at $17 billion, is likely to reassure investors in his global business empire as well as in the Saudi economy broadly.
Directly or indirectly through Kingdom Holding, he holds stakes in firms such as Twitter Inc and Citigroup Inc, and has invested in top hotels including the George V in Paris and the Plaza in New York.
He described his confinement as a misunderstanding and said he supports reform efforts by the crown prince.
"There are no charges. There are just some discussions between me and the government," he said in the interview. "I believe we are on the verge of finishing everything within days." | https://www.cnbc.com/2018/01/27/saudi-billionaire-prince-alwaleed-bin-talal-is-released-from-captivity-probe-winds-down.html | www.cnbc.com |
KSS Granted Early Termination Of Hart-Scott-Rodino Waiting Period For Its Proposed Acquisition Of Takata | STERLING HEIGHTS, Mich., Jan. 23, 2018 /PRNewswire/ -- Key Safety Systems (KSS), a global leader in mobility safety headquartered in Michigan, USA, is pleased to announce that the United States of America Federal Trade Commission ("FTC") has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), with respect to KSS' pending acquisition of Takata.
The early termination of the HSR waiting period satisfies one of the conditions to the closing of the pending acquisition, which remains subject to other customary closing conditions. As previously announced, KSS expects the transaction to be completed within the first quarter of 2018.
About KSS
Key Safety Systems (KSS) is a global leader in mobility safety through the system integration and performance of safety-critical components to the automotive and non-automotive markets serving the active safety, passive safety and specialty product sectors. Through highly specialized design, development, and manufacturing, KSS' technology is featured in more than 300 vehicle models produced by over 60 well-diversified customers worldwide. Since commencing business as a United States start-up, serving Detroit automakers in 1916, KSS continues today with an entrepreneurial and pioneering spirit. KSS is headquartered in Sterling Heights, Michigan, with a global network of more than 13,000 employees in 34 sales, engineering, and manufacturing facilities. The company has 5 main technical centers located in the key regions of the Americas, Europe and Asia. It is a wholly owned subsidiary of Ningbo Joyson Electronic Corp. (SHA: 600699) ("Joyson Electronics").
For further information about Key Safety Systems see: http://www.keysafetyinc.com .
CONTACT: Jean-luc Blancou - KSS
Blancoj2@keysafetyinc.com
View original content: http://www.prnewswire.com/news-releases/kss-granted-early-termination-of-hart-scott-rodino-waiting-period-for-its-proposed-acquisition-of-takata-300586710.html
SOURCE Key Safety Systems | http://www.cnbc.com/2018/01/23/pr-newswire-kss-granted-early-termination-of-hart-scott-rodino-waiting-period-for-its-proposed-acquisition-of-takata.html | www.cnbc.com |
WRAPUP 2-Cheaper services weigh on U.S. wholesale prices; up | (Adds details, analyst comments, updates markets)
Producer price index dips 0.1 percent in December
* PPI rises 2.6 percent on year-on-year basis
* Core PPI edges up 0.1 percent; up 2.3 percent year-on-year
* Weekly jobless claims increase 11,000
By Lucia Mutikani
WASHINGTON, Jan 11 (Reuters) - U.S. producer prices fell for the first time in nearly 1-1/2 years in December amid declining costs for services, which could temper expectations that inflation will accelerate in 2018.
Other data on Thursday showed initial claims for unemployment benefits increasing for the fourth straight week to more than a three-month high. That probably does not signal weakness in the labor market as the number of Americans receiving jobless benefits is at levels last seen in 1973.
Bitter cold and snow in parts of the country likely kept some workers at home, accounting for last week's jump in jobless claims.
Weak wholesale prices could stoke fears that the causes of weak inflation will become more persistent and prompt the Federal Reserve to be more cautious about raising interest rates this year.
"Factories aren't producing as much inflation, which is sure to bedevil the doves at the Fed who are worried about too low inflation," said Chris Rupkey, chief economist at MUFG in New York. "Today's data strike at the heart of the argument over whether Fed officials should let the economy run hot for a while longer with a shallower path of rate hikes."
The U.S. central bank is forecasting three rate hikes for 2018. It raised rates three times last year.
The Labor Department said its producer price index for final demand slipped 0.1 percent last month. That was the first drop in the PPI since August 2016 and followed two straight monthly increases of 0.4 percent.
In the 12 months through December, the PPI rose 2.6 percent after accelerating 3.1 percent in November. Economists polled by Reuters had forecast the PPI rising 0.2 percent last month and increasing 3.0 percent from a year ago.
A key gauge of underlying producer price pressures that excludes food, energy and trade services edged up 0.1 percent last month. The so-called core PPI increased 0.4 percent in November. It rose 2.3 percent in the 12 months through December after increasing 2.4 percent in November.
The PPI data came on the heels of a report on Wednesday showing a sharp moderation in import prices in December. While the correlation between those two reports and the consumer price index is weak, they underscore the challenge for the Fed to achieve its 2 percent inflation target.
Economists are hoping that a tightening labor market and recent weakness in the dollar will boost price pressures this year. The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, has undershot its target since May 2012.
The dollar fell against a basket of currencies on the wholesale inflation data and expectations that the European Central Bank was preparing to reduce its monetary stimulus program.
Prices of U.S. Treasuries fell, while stocks on Wall Street rose broadly.
SOLID LABOR MARKET
The price of services fell 0.2 percent in December after nine straight monthly rises. The decline reflected a 10.7 percent drop in margins for automotive fuels and lubricants retailing.
Wholesale food prices recorded their biggest drop since May, while energy prices were unchanged. The cost of healthcare services increased 0.2 percent last month after being unchanged in November. Those costs feed into the core PCE price index.
In a second report on Thursday, the Labor Department said initial September. Economists had
A large part of the country faced rose by
Claims have risen since mid-December, though the data tend to be volatile during year-end holidays.
"We advise against extrapolating unless the rise is sustained in coming weeks," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York.
The number of people receiving benefits after an initial week of aid dropped 35,000 to 1.87 million in the week ended Dec. 30, the lowest level since December 1973. (Reporting by Lucia Mutikani; Editing by Paul Simao) | https://www.cnbc.com/2018/01/11/reuters-america-wrapup-2-cheaper-services-weigh-on-u-s-wholesale-prices-jobless-claims-up.html | www.cnbc.com |
Zimbabwe is 'open for business,' new president Emmerson Mnangagwa tells Davos | Zimbabwe is 'open for business,' new president Emmerson Mnangagwa tells Davos The newly-inaugurated president, tasked with repairing Zimbabwe's economy, tells investors it is "open for business" Years of isolation and economic sanctions have left Zimbabwe's once-rich sectors in complete disrepair Mnangagwa took power after a military-led coup peacefully removed longtime former president Robert Mugabe in November 2017 SHARES JEKESAI NJIKIZANA | Stringer | Getty Images
Zimbabwe is open for business, Zimbabwean President Emmerson Mnangagwa told attendants at the World Economic Forum in Davos on Wednesday.
"On my day of inauguration, I mentioned economics and trade cooperation would be my priority in Zimbabwe, rather than politics, in order to catch up with the region," the newly-inaugurated Mnangagwa told a panel audience at the Swiss mountain resort.
"Zimbabwe has lagged behind in many areas as a result of isolation for past 16, 18 years. Now we are saying to the world: Zimbabwe is now open for business."
"To do so, we need to look at all the legislation that has been constraining business coming into Zimbabwe to improve the ease of doing business," he said, citing the country's land reform and indigenization laws, which have forced international investors out of the mineral-rich country for many years.
The new president, inaugurated in late November of 2017 after a dramatic deposition of former longtime president Robert Mugabe, is tasked with repairing Zimbabwe's battered economy and bringing the country back into the international community after years of isolation and economic sanctions. The IMF (International Monetary Fund) has called Zimbabwe's economy one of the "most fragile in the world."
Zimbabwe captured the world's attention in November of 2017 when a military coup, largely supported by the local population, peacefully removed Mugabe from power after 37 years.
Mnangagwa was close to Mugabe for nearly all that time, formerly serving as his vice president, as well as speaker of parliament before that and head of the country's intelligence agency during a period of violent civil conflict in the 1980s.
Mugabe and his wife Grace were widely reviled across the country despite having a traditional base of support. The former president was well-known for his violent and repressive tactics, and for driving the country's once vibrant economy and agricultural sector into ruin.
Widespread food shortages and hyperinflation marked the last decade of Zimbabwe's history. Investors are now talking about a range of opportunities within the country's agricultural and extractive sectors, to name a few, but risks abound, including a dense and inefficient bureaucracy, corruption, and severely lacking infrastructure. | https://www.cnbc.com/2018/01/24/zimbabwe-is-open-for-business-new-president-emmerson-mnangagwa-tells-davos.html | www.cnbc.com |
Google wants to make A.I. easier to use, starting with image recognition | Source: Google Google Cloud CEO Diane Greene.
Google 's growing cloud business is trying to bring artificial intelligence to the masses, not just to the experts.
The move follows a pattern of cloud players attempting to use ready-to-go AI services as a way to lure companies to use more of their services. Google has used AI in several parts of its business , and now the company is looking to make the technology easier for many people to adopt, which could boost Google's cloud effort as a whole.
On Wednesday the company introduced a tool that's designed to simplify the process of deploying AI in business applications. It's called Cloud AutoML, and it's already being used by companies including Disney and Urban Outfitters to make search and shopping on their websites more relevant.
Cloud AutoML is starting with image recognition, allowing customers to drag in images and train their systems to recognize them on Google's cloud.
"Currently, only a handful of businesses in the world have access to the talent and budgets needed to fully appreciate the advancements of ML and AI," Jia Li, head of research and development for Google's cloud AI unit, and Fei-Fei Li, the group's chief scientist, wrote in a blog post. "We believe Cloud AutoML will make AI experts even more productive, advance new fields in AI and help less-skilled engineers build powerful AI systems they previously only dreamed of."
Cloud AutoML Vision can figure out what's inside images that users upload, train a model based on those images, provide analysis of the model, and then start to make sense of new images as they come in, based on what it has learned. The new service joins Google's Cloud Machine Learning Engine and its Cloud Vision application programming interface but unlike those products, the Cloud AutoML portfolio wasn't designed just with developers in mind.
Two months ago, cloud market leader Amazon Web Services introduced Amazon SageMaker for building and launching their own AI models. And last May, Microsoft introduced a service for customizing image recognition models. Google had 12 percent public cloud market share in the fourth quarter, KeyBanc analysts said last week.
Like Amazon and Microsoft, Google also offers developer tools for speech recognition and language translation, although they are not as easy to customize as the new Cloud AutoML tool.
Early results suggest that the new system works better than Google's past methods of image recognition, Jia Li said in a media briefing. The technology was developed through collaboration with multiple other internal AI teams, she said. Jordan Novet Technology Reporter for CNBC.com Related Securities | https://www.cnbc.com/2018/01/17/google-launches-cloud-automl.html | www.cnbc.com |
Verizon says new tax law to increase fourth-quarter earnings | NEW YORK (Reuters) - Verizon Communications Inc said on Wednesday the tax overhaul bill signed into law by U.S. President Donald Trump late last year will result in a one-time reduction in net deferred income tax liabilities of about $16.8 billion.
The reduction will increase earnings for the fourth quarter and year ending Dec. 31, 2017, but will not have any impact on the 2017 statement of cash flows, Verizon said in a filing.
Verizon estimates that the impact of the law to earnings per share for the year ended Dec. 31 is about $4.10.
Analysts and investors had expected that the law, which slashes the corporate tax rate from 35 percent to 21 percent, to boost corporate earnings. Telecom companies stand to benefit because they are primarily domestic businesses.
Verizon also said it expects a separate accounting change implemented on Jan. 1, 2018 to increase pre-tax retained earnings by $4 billion to $4.6 billion.
Reporting by Anjali Athavaley; Editing by Sandra Maler and Lisa Shumaker
| https://www.reuters.com/article/us-verizon-tax/verizon-says-new-tax-law-to-increase-fourth-quarter-earnings-idUSKBN1F62ZH | www.reuters.com |
Rexford Industrial Provides Update On Recent ATM Activity | LOS ANGELES, Jan. 4, 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 that, under its "At the Market" stock offering program ("ATM"), the Company issued an aggregate of 596,448 shares of common stock during the quarter ending December 31, 2017. The shares were issued at a weighted average offering price of $30.44 per share, receiving gross proceeds of approximately $18.2 million and net proceeds of approximately $17.9 million. The Company used the net proceeds of the ATM to fund acquisitions, repay indebtedness and for working capital and other general corporate purposes.
A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offering of these securities will be made only by means of a prospectus supplement and related base prospectus. Copies of the prospectus supplement and the related base prospectus may be obtained from the Internet site of the Securities and Exchange Commission at http://www.sec.gov .
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 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-provides-update-on-recent-atm-activity-300577880.html
SOURCE Rexford Industrial Realty, Inc. | http://www.cnbc.com/2018/01/04/pr-newswire-rexford-industrial-provides-update-on-recent-atm-activity.html | www.cnbc.com |
Bank of Montreal Announces Specific Share Repurchase Program as Part of its Normal Course Issuer Bid | TORONTO, Jan. 5, 2018 /PRNewswire/ - Bank of Montreal ("BMO") (TSX:BMO)(NYSE:BMO) today announced that it will purchase common shares under a specific share repurchase program (the "Program"). BMO will enter into an agreement (the "Agreement") with a third party to repurchase common shares through daily purchases that will take place between January 10, 2018, and February 2, 2018, subject to a maximum of 3,000,000 common shares. The Program will form part of BMO's Normal Course Issuer Bid for up to 15,000,000 common shares (the "NCIB") announced on April 27, 2017.
Pursuant to the terms of the Agreement and subject to the terms of an issuer bid exemption order issued by the Ontario Securities Commission (the "Order"), the third party will purchase BMO's common shares on Canadian markets for the purpose of fulfilling its delivery obligations to BMO under the Agreement. The price that BMO will pay for common shares purchased by it from the third party under such Agreement will be negotiated by BMO and the third party and will be at a discount to the prevailing market price of BMO's common shares on the Canadian markets at the time of the purchase. BMO currently intends to purchase the maximum of 3,000,000 common shares under the Program, however the number of common shares purchased pursuant to the Program may be less than the Program maximum if, among other things, it is not possible to purchase common shares within the price range established prior to commencement of the Program, if trading is suspended, or as a result of market factors. In accordance with the terms of the Order, immediately following the completion of the Program, BMO will issue a news release providing information regarding the purchases made pursuant to the Program including the number of common shares purchased and aggregate purchase price paid.
Pursuant to the terms of the Agreement and the Order, all purchases made by the third party or its agents on the TSX and other Canadian markets pursuant to the Program will be made in accordance with the TSX rules applicable to the NCIB, subject to limited exceptions as provided in the Order. BMO will acquire common shares from the third party pursuant to the Agreement as part of the NCIB and such common shares will be cancelled upon purchase by BMO.
Caution Regarding Forward-Looking Statements
Bank of Montreal's public communications often include written or oral forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, or in other communications. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for fiscal 2018 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price, and the results of or outlook for our operations or for the Canadian, U.S. and international economies.
By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate; weak, volatile or illiquid capital and/or credit markets; interest rate and currency value fluctuations; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; the level of competition in the geographic and business areas in which we operate; changes in laws or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; judicial or regulatory proceedings; the accuracy and completeness of the information we obtain with respect to our customers and counterparties; our ability to execute our strategic plans and to complete and integrate acquisitions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; operational and infrastructure risks; changes to our credit ratings; political conditions, including changes relating to or affecting economic or trade matters; global capital markets activities; the possible effects on our business of war or terrorist activities; outbreaks of disease or illness that affect local, national or international economies; natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply; technological changes; information and cyber security; and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.
We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. For more information, please see the discussion in the Risks That May Affect Future Results section on page 79, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational, model, legal and regulatory, business, strategic, environmental and social, and reputation risk, which begin on page 86, of BMO's 2017 Annual MD&A and outline certain key factors and risks that may affect Bank of Montreal's future results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Bank of Montreal does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting our shareholders in understanding our financial position as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.
Assumptions about the performance of the Canadian and U.S. economies, as well as overall market conditions, and their combined effect on our business, are material factors we cons | http://www.cnbc.com/2018/01/05/pr-newswire-bank-of-montreal-announces-specific-share-repurchase-program-as-part-of-its-normal-course-issuer-bid.html | www.cnbc.com |
PRESS DIGEST- Financial Times - Jan 18 | Jan 18 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
Barclays to cut 100 senior investment bank staff
( on.ft.com/2mHbLNd )
Facebook agrees to expand Brexit investigation
( on.ft.com/2mHj1c2 )
Rolls-Royce considers sale of commercial marine unit
( on.ft.com/2mJb5qr )
Overview
Barclays Plc is axing up to 100 senior staff at its investment bank globally, despite posting strong growth in the United Kingdom and stressing its continued commitment to the division.
Facebook Inc has agreed to widen an investigation into alleged Russian interference in the Brexit referendum campaign after pressure from a UK parliamentary committee, which said the social media giant had done only a limited search for evidence.
Rolls-Royce Holdings Plc will consider selling its commercial marine business, which has been hit by weak demand in offshore oil and gas markets, as chief executive Warren East launches a new round of cost-cutting in a bid to accelerate his shake-up of the blue-chip engineer. (Compiled by Bengaluru newsroom; Editing by Sandra Maler)
| https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-jan-18-idUSL3N1PD06Z | www.reuters.com |
Elanco Announces Addition of New North America and Global Strategy Senior Executive | GREENFIELD, Ind., Jan. 11, 2018 /PRNewswire/ -- Today, Elanco Animal Health, a division of Eli Lilly and Company (NYSE: LLY), named Sarena Lin as senior vice president, North America Operations and Global Strategy, joining Elanco's Leadership Team and reporting to Elanco president, Jeffrey Simmons.
Lin will manage the entirety of the company's U.S. and Canadian food and companion animal businesses. She will also oversee global strategy for the top-tier animal health company, applying her extensive knowledge in corporate development to grow and strengthen Elanco's business.
"I am incredibly pleased Sarena is joining Elanco, bringing her deep expertise growing and leading global multi-billion dollar organizations - spanning consumer package goods, distribution and agriculture - to Elanco to drive our business forward and provide value to our customers," said Jeff Simmons, president, Elanco Animal Health. "I am confident her unique capabilities will enhance our strong North American team and enrich our global growth strategy."
Lin, who has a proven track record leading and growing large, multi-national organizations, most recently oversaw Cargill's global animal feed and nutrition business. She also currently serves on the Board of Directors for animal health and dental distributor, Patterson Companies, and before her time as president at Cargill, she was the global head of strategy and business development there. She was a principal at McKinsey & Company and began her career at consumer package goods giant Proctor & Gamble (P&G). She holds three university degrees with a Bachelor's in Computer Science from Harvard University, a Master's in International Relations from Yale University and a MBA from Yale School of Management.
"Elanco's vision and trajectory within this growing industry are an exciting combination," said Lin. "I am looking forward to bringing my passion for animal health and analysis-based strategy to such an industry thought leader. I feel this is a perfect partnership at an exciting time for Elanco."
Lin will start her new position on January 22 at Elanco's Greenfield, Indiana-based headquarters.
About Elanco
Elanco provides comprehensive products and knowledge services to improve animal health and food-animal production in more than 70 countries around the world. We value innovation, both in scientific research and daily operations, and strive to cultivate a collaborative work environment for more than 6,500 employees worldwide. Together with our customers, we are committed to raising awareness about global food security, and celebrating and supporting the human-animal bond. Founded in 1954, Elanco is a division of Eli Lilly and Company. Our worldwide headquarters and research facilities are located in Greenfield, Indiana. Visit us at Elanco.com and EnoughMovement.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/elanco-announces-addition-of-new-north-america-and-global-strategy-senior-executive-300581501.html
SOURCE Elanco Animal Health | http://www.cnbc.com/2018/01/11/pr-newswire-elanco-announces-addition-of-new-north-america-and-global-strategy-senior-executive.html | www.cnbc.com |
UPDATE 3-Apple shares skid on report of iPhone X production cut | (Adds analyst forecast for full year 2018 iPhone sales)
Jan 29 (Reuters) - Apple Inc will halve its iPhone X production target for the first three months of the year to around 20 million units, Nikkei reported on Monday, sending its shares down 1.6 percent.
The report added to growing concerns about weak sales of the $999 phone, making investors jittery about the company's financial outlook when it reports first-quarter results on Thursday.
Apple's shares fell to their lowest level in 2018, knocking off $14 billion from the company's market value. The company declined to comment.
Analyst Toni Sacconaghi of Bernstein cut both his second-quarter and full-year forecasts for iPhones but said he did not expect Apple's 2018 profit to fall steeply because of changes to U.S. tax law that will bring the company's rate down to 18 percent.
"Apple earnings should handily beat December quarter expectations, but March guidance could moderately disappoint," UBS analysts said.
The production cut was prompted by slower-than-expected sales in the holiday shopping season in Europe, the United States and China, the Japanese newspaper reported, without citing a source. ( http://s.nikkei.com/2BASQZU )
The iPhone X was the first phone to sport a new design since the launch of the iPhone 6 in 2015 and many expected it to lead to blockbuster sales, dubbed by Wall Street analysts as a "supercycle."
"This was supposed to be the supercycle year and if Apple hasn't been able to drive substantial unit growth this year, then that makes you a little cautious on future iPhone cycles," Atlantic Equities analyst James Cordwell said.
Several analysts have lowered their estimates for iPhone X shipments in the past few weeks, citing the high price of the device and other factors, with at least three downgrading their rating on the stock.
Sacconaghi of Bernstein had originally predicted that Apple would outpace Wall Street expectations of 62 million iPhones by selling 66 million units, but on Monday he cut that figure to 53 million units, a nearly 20-percent cut. He also cut his full year iPhone unit forecast 11 percent to 220 million units.
But he only slightly revised his full-year earnings per share estimate for 2018 to $11.80 from $11.87, citing the positive effects of U.S. tax law changes.
Adding to the concerns, Verizon Communications Inc said last week its postpaid device activations were lower than last year as people were keeping phones longer.
A survey of people planning to buy the iPhone showed that the percentage of them looking to buy the iPhone X has dropped to 37 percent from 43 percent in an earlier survey, UBS analysts wrote in a note on Monday.
The iPhone X, which features an edge-to-edge display and facial recognition technology to unlock the phone, went on sale in November in the United States.
Asian supply chain checks suggest that iPhone X orders have been weakening recently, with first-quarter production likely to be about 20 million units, JP Morgan analysts wrote in a note dated Jan. 24.
A few of Apple's iPhone parts suppliers are based in Asia. Shares of Foxconn, one of Apple's main suppliers and formally known as Hon Hai Precision Industry Co Ltd, fell 0.7 percent on Monday.
Shares of U.S.-listed Apple suppliers such as Micron Technology Inc edged lower following Nikkei's report. (Reporting by Muvija M in Bengaluru and Stephen Nellis in San Francisco; Editing by Saumyadeb Chakrabarty) | https://www.cnbc.com/2018/01/29/reuters-america-update-3-apple-shares-skid-on-report-of-iphone-x-production-cut.html | www.cnbc.com |
Australia shares to extend rally to 6th session; NZ up | January 9, 2018 / 9:53 PM / Updated 28 minutes ago Australia shares to extend rally to 6th session; NZ up Reuters Staff 1 Min Read
Jan 10 (Reuters) - Australian shares were set to open higher for a sixth straight session on Wednesday, with robust commodity prices seen lifting material and energy stocks, and as Wall Street extended its new year rally. Wall Street's major indexes gained on continued optimism among investors ahead of quarterly earnings reports. Meanwhile, U.S. crude climbed to three-year highs, boosted by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week. The local share price index futures rose 0.4 percent, or 23 points, to 6,111, a 24.8-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.1 to close at a 10-year high on Tuesday. New Zealand's benchmark S&P/NZX 50 index was slightly higher in early trade. (Reporting by Chris Thomas in Bengaluru) | https://www.reuters.com/article/australia-stocks-morning/australia-shares-to-extend-rally-to-6th-session-nz-up-idUSL4N1P453Y | www.reuters.com |
BRIEF-TE Connectivity Reports Q1 Loss Per Share Of $0.11 From Continuing Operations | January 24, 2018 / 11:15 AM / in 12 minutes BRIEF-TE Connectivity Reports Q1 Loss Per Share Of $0.11 From Continuing Operations Reuters Staff
Jan 24 (Reuters) - TE Connectivity Ltd:
* TE CONNECTIVITY ANNOUNCES RESULTS FOR FIRST QUARTER OF FISCAL YEAR 2018 * SEES Q2 2018 SALES $3.55 BILLION TO $3.65 BILLION * Q1 SALES $3.5 BILLION VERSUS I/B/E/S VIEW $3.38 BILLION * SEES Q2 2018 ADJUSTED EARNINGS PER SHARE $1.33 TO $1.37 * SEES FY 2018 ADJUSTED EARNINGS PER SHARE $5.40 TO $5.50
* SEES FY 2018 EARNINGS PER SHARE $3.61 TO $3.71 FROM CONTINUING OPERATIONS
* SEES Q2 2018 EARNINGS PER SHARE $1.18 TO $1.22 FROM CONTINUING OPERATIONS * Q1 ADJUSTED EARNINGS PER SHARE $1.40 * SEES FY 2018 SALES $14.1 BILLION TO $14.3 BILLION * Q1 LOSS PER SHARE $0.11 FROM CONTINUING OPERATIONS
* Q1 EARNINGS PER SHARE VIEW $1.25 -- THOMSON REUTERS I/B/E/S
* ORDERS, EXCLUDING SUBCOM, WERE $3.5 BILLION IN QUARTER, UP 11 PERCENT ORGANICALLY FROM Q1 OF 2017 Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-te-connectivity-reports-q1-loss-pe/brief-te-connectivity-reports-q1-loss-per-share-of-0-11-from-continuing-operations-idUSASB0C21U | www.reuters.com |
China and the US 'are about to ride a bumpy journey,' Beijing outlet says | China warned of a "bumpy journey" in trade with the U.S. and "retaliatory measures" a day after Washington blocked MoneyGram's proposed sale to a financial services firm affiliated with Chinese tech giant Alibaba .
"It is not surprising that a number of Chinese companies have hit the buffers in Washington as trade tensions between the two countries are flaring," state news agency Xinhua said in a commentary published on Wednesday afternoon.
On Tuesday, the U.S. government torpedoed MoneyGram's multi-million-dollar merger with Ant Financial, which is controlled by Alibaba founder Jack Ma .
A U.S. government panel rejected the deal due to national security concerns, Reuters reported , citing sources familiar with confidential discussions.
show chapters US blocks MoneyGram sale to Alibaba's Ant Financial 9:51 AM ET Wed, 3 Jan 2018 | 01:17 The current U.S. administration has taken a tough stance on the sale of U.S. companies to Chinese entities, with the MoneyGram deal the latest to fall through.
That decision came despite high-profile meetings between President Donald Trump and his Chinese counter, Xi Jinping , last year that were seemingly amicable.
Xinhua said on Wednesday the U.S. "is stuck in a zero-sum mentality," and "U.S. politicians have failed to catch up with China's understanding of cooperation and adopted an increasingly protective and isolationist approach."
"The bonhomie that grew between China and the United States in Beijing in November, when the two signed hundreds of billions of dollars of deals, seems to be fading away as the U.S. side is stuck in a zero-sum mentality," the commentary said.
"China and the United States are about to ride a bumpy journey in trade in 2018 if the U.S. government goes it own way, and retaliatory measures by China could be on the table," it added.
The Xinhua comments followed comments from China's foreign ministry on Wednesday afternoon on the same issue.
"The Chinese government always encourages Chinese enterprises to conduct outward investment and cooperation in accordance with market principles and on the basis of abiding by the local laws and regulations," said Geng Shuang , the ministry's spokesman.
"Meanwhile, we also hope the U.S. will provide a fair and predictable environment for the Chinese enterprises to invest and develop there," he added. | https://www.cnbc.com/2018/01/03/china-and-the-us-are-about-to-ride-a-bumpy-journey-beijing-outlet-says.html | www.cnbc.com |
New Trump policy could strengthen role of nuclear weapons | New Trump policy could strengthen role of nuclear weapons Published 12 Hours Ago Getty Images Donald Trump
President Donald Trump's administration could pursue development of new nuclear weaponry and explicitly leave open the possibility of nuclear retaliation for major non-nuclear attacks, if a leaked draft policy document becomes reality.
The Pentagon did not comment on the document, which was published by the Huffington Post website and prompted sharp criticism from arms control experts, who voiced concerns it could raise the risks of nuclear war.
The Defense Department said on Friday it did not discuss "pre-decision, draft copies of strategies and reviews."
"The Nuclear Posture Review has not been completed and will ultimately be reviewed and approved by the President and the Secretary of Defense," the Pentagon said in a statement.
One source familiar with the document told Reuters the draft was authentic, but did not say whether it was the same version that will be presented to Trump for approval.
The Republican Trump's predecessor, Democrat Barack Obama , declared his intent to reduce the role of nuclear weapons in his Nuclear Posture Review in 2010, the last time the policy document was crafted.
The Trump administration's draft document, said, however, that Obama-era assumptions of a world where nuclear weapons were less relevant proved incorrect.
"The world is more dangerous, not less," it said.
It more readily embraces the role of nuclear weapons as a deterrent to adversaries, and, as expected, backs a costly modernization of the aging U.S. nuclear arsenal.
The Congressional Budget Office has estimated that modernizing and maintaining the U.S. nuclear arsenal over the next 30 years will cost more than $1.2 trillion.
The document sought to put those costs in perspective, noting that maintenance of the existing stockpile would account for nearly half the projected costs. An effective nuclear deterrent was also less expensive than war, it said. New weapons
The draft document noted that Russia and China were modernizing their nuclear arsenals, while North Korea's nuclear provocations "threaten regional and global peace."
The draft document said the United States, while honoring all treaty commitments, would pursue development of a new nuclear-armed sea-launched cruise missile. It would also modify a small number of existing submarine-launched ballistic missile, or SLBM, warheads to provide a nuclear option with a lower payload.
In what arms control experts said appeared to be a nod to the threat of a devastating cyber attack, perhaps one that could knock down the U.S. power grid, the document also left open the possibility of nuclear retaliation in "extreme circumstances."
"Extreme circumstances could include significant non-nuclear strategic attacks," it said.
Kingston Reif, director for disarmament research at the Arms Control Association advocacy group, said the draft document was a departure from long-standing U.S. policy.
"It expands the scenarios under which the United States might use nuclear weapons and therefore increases the risk of nuclear weapons use," Rief said.
Although it reaffirmed an Obama-era pledge not to use or threaten to use nuclear weapons against non-nuclear weapons states if they joined and adhered to the nuclear Non-Proliferation Treaty, the draft introduced a caveat. The United States reserved the right to alter that assurance, given the evolving threat from non-nuclear technologies.
Michaela Dodge, senior policy analyst at the Heritage Foundation, said the draft document appeared to be intentionally ambiguous about when and how the United States might retaliate, to better deter adversaries.
"If we are explicit about saying (when) we will not retaliate with the strongest weapons we have, we are implicitly telling our adversaries you can plan for these scenarios more freely," Dodge said. | https://www.cnbc.com/2018/01/12/new-trump-policy-could-strengthen-role-of-nuclear-weapons.html | www.cnbc.com |
UPDATE 1-UK Stocks-Factors to watch on Jan 19 | January 19, 2018 / 7:51 AM / in 2 hours UPDATE 1-UK Stocks-Factors to watch on Jan 19 Reuters Staff 4 Min Read (Adds company news items, futures) Jan 19 (Reuters) - Britain's FTSE 100 futures were up 0.15 percent ahead of the cash market open on Friday. * ESURE: British insurer esure Group Plc said on Friday Stuart Vann, its chief executive since 2012, would step down immediately by mutual consent and its finance head Darren Ogden would take over as interim CEO. * CARPETRIGHT: Britain's biggest floor coverings retailer Carpetright warned on full-year profit on Friday, saying trading in the key post-Christmas period had been significantly behind expectations. * DIGNITY: Crematorium operator Dignity said it would reduce simple funeral prices by about 25 percent to draw back customer after warning on results for 2018. * BRITISH LAND: British Land Company Plc said on Friday it appointed Simon Carter as chief financial officer. * CARILLION LOANS: Five UK banks are facing heavy losses on loans to Carillion , after irreconcilable differences between the company, its lenders and the government pushed the UK construction and services group into liquidation on Monday, sources said. * HSBC SETTLEMENT: HSBC Holdings Plc on Thursday agreed to pay $101.5 million to settle a U.S. criminal probe into the rigging of currency transactions, which has already led the conviction of one of its former bankers. * GKN/MELROSE: A sharp rise in both companies' share prices shows the merit of Melrose's bid for engineer GKN , the turnaround specialist said on Thursday, seeking to win over GKN investors to its hostile 7.4 billion pound ($10.3 billion) offer. * ASTRAZENECA: A focus on fewer diseases, together with cuts in laboratories and staff, has delivered a more than fourfold increase in research productivity at drugmaker AstraZeneca , based on one key measure of success. * MARKS & SPENCER: British retailer Marks & Spencer has recruited a marketing director for its food business as it seeks to get the division back on track after a year of underperformance. * OIL: Oil prices dropped more than 1 percent on Friday as a bounce-back in U.S. production outweighed ongoing declines in crude inventories. * The UK blue chip index closed 0.3 percent lower at 7,700.96 points on Thursday, led lower by utilities and a decline for Associated British Foods after warning that profit at its sugar business would fall more than previously forecast. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets 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/update-1-uk-stocks-factors-to-watch-on-jan-19-idUSL3N1PE2MC | www.reuters.com |
UPDATE 4-Lennar sees strong demand in 2018; shares hit record high | * Sees FY 2018 home deliveries 32,000-32,500 vs FY 2017's 29,394
* Q4 orders at 7,357 homes vs est 6,942
* Q4 profit $1.29/shr vs est $1.48/shr
* Shares reverse course, hit record high (Adds details on results from conf call, updates share price)
Jan 10 (Reuters) - Lennar Corp on Wednesday reported a surprise drop in quarterly profit but said strong economic growth in 2018 would offset concerns about housing demand being hit by cuts to tax relief on mortgages.
Shares of the Miami-based builder rose to a record of $68.
Investors have been concerned that caps on deduction of interest payment on mortgage debt and state and local tax could make housing more expensive and hurt demand in luxury home markets such as California.
Lennar, whose California homes can cost upwards of $1 million, said any impact from the caps was likely to be offset this year by continuing economic and job growth.
"We have carefully studied the specific impacts of the tax law on our typical buyer profile in each of our markets, and we found out that the effect is generally positive at their income levels," Lennar CEO Stuart Miller said.
The new tax law allows interest payment deductions on mortgage debt up to $750,000, down from $1 million. The reform also introduced an annual cap of $10,000 on deduction of state and local tax.
Lennar on Wednesday forecast its fiscal 2018 home deliveries to rise 8.9-10.6 percent and said gross margins for the full year will be in line with last year's levels at 22 percent after having fallen for three years.
LOWER Q4 PROFIT
The company's shares fell in morning trading after reporting a lower-than-expected fourth-quarter profit, citing a transaction that got pushed to the first quarter.
Lennar did not disclose further details on the transaction, but the No. 2 U.S. homebuilder said it would more than make up for the shortfall in the first quarter.
The company's orders rose 11.5 percent, with buyers signing up for 7,357 homes in the quarter ended Nov. 30.
Lennar's orders have climbed for seven straight years as the U.S. housing market recovered from the sub-prime crash of 2007-2008.
The homebuilder, which agreed to buy smaller rival CalAtlantic Group Inc for $5.7 billion in October, said the deal was expected to close on Feb. 12.
The CalAtlantic deal would give it more tools to deal with higher labor and land costs.
Lennar's total revenue rose 12.1 percent to $3.79 billion topping the analysts' estimate of $3.57 billion, according to Thomson Reuters I/B/E/S.
Net income attributable to Lennar fell 1.2 percent to $309.6 million, or $1.29 per share, missing the average estimate of $1.48 per share. (Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta) | https://www.cnbc.com/2018/01/10/reuters-america-update-4-lennar-sees-strong-demand-in-2018-shares-hit-record-high.html | www.cnbc.com |
Penske Automotive Increases Dividend | BLOOMFIELD HILLS, Mich., Jan. 30, 2018 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE: PAG), an international transportation services company, today announced that its Board of Directors has approved an increase in the cash dividend to $0.34 per share for the fourth quarter of 2017.
Penske Automotive Group President Robert H. Kurnick, Jr., said, "I am pleased to announce that our Board of Directors has increased the dividend for PAG's shareholders for the 27 th consecutive quarter. The increase in the dividend reflects our commitment to increasing returns for shareholders and reinforces the continued confidence we have in the strength of the company's business model and cash flow."
The dividend is payable on March 1, 2018, to shareholders of record on February 12, 2018.
Caution Concerning Forward Looking Statements
Statements in this press release may involve regarding Penske Automotive Group, Inc.'s future. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates and foreign currency exchange rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters, recalls or other disruptions that interrupt the supply of vehicles or parts to us, changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2016, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
About Penske Automotive
Penske Automotive Group, Inc., (NYSE: PAG) headquartered in Bloomfield Hills, Michigan, is an international transportation services company that operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems and related parts and services principally in Australia and New Zealand. PAG employs more than 26,000 people worldwide, is a member of the Fortune 500, Russell 2000, and was named as one of the World's Most Admired Companies by Fortune. For additional information visit the company's website at www.penskeautomotive.com .
Find a vehicle: http://www.penskecars.com
Engage Penske Automotive: | http://www.cnbc.com/2018/01/30/pr-newswire-penske-automotive-increases-dividend.html | www.cnbc.com |
UPDATE 3-Oil dips on higher U.S. fuel stocks, but overall market remains supported | supported@
* U.S. crude, gasoline inventories climb -API
* Traders take put options to sell crude
* But production cuts, strong economy prevent bigger falls (Adds Novak price comment, updates prices)
SINGAPORE, Jan 24 (Reuters) - Oil prices fell on Wednesday, weighed by data showing an increase in U.S. crude oil and gasoline inventories.
Brent crude futures were at $69.79 a barrel at 0749 GMT, down 17 cents from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $64.45 a barrel, down 2 cents from their last settlement.
Prices were pressured by U.S. data showing an increase in crude and gasoline stocks.
The American Petroleum Institute said on Tuesday crude inventories rose by 4.8 million barrels in the week to Jan. 19 to 416.2 million, after nine weeks of drawdowns.
Gasoline stocks climbed by 4.1 million barrels, while refinery crude runs fell by 420,000 barrels per day.
In Asia, oversupply of gasoline has pulled down refinery profits their lowest level since 2015.
Amid these indicators, traders are taking measures to protect themselves from a potential fall in crude prices.
Trading data shows open interest for Brent put options to sell at $70, $69 and $68 per barrel has surged since the middle of last week on the Intercontinental Exchange (ICE).
"The options market shows increased demand for downside protection. This makes sense considering how one-sided (to the upside) the speculative bets have become," said Ole Hansen, head of commodity strategy at Saxo Bank.
There is now far more demand for options to sell Brent than there is for call options, which are the right to buy Brent at a certain price.
Sukrit Vijayakar energy consultancy Trifecta said the rising options to sell were a result of huge amounts of long positions that have been built up over the past months of rising prices.
"We still have...nine long barrels for every short barrel, so a reversal should be interesting to watch," he said.
STILL STRONG SUPPORT
Despite this, traders said oil would unlikely tumble far as markets remain supported by strong economic growth and by supply restrictions led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia.
Russian Energy Minister Alexander Novak said on Wednesday that an average Brent price of around $60 was a reasonable forecast for this year, Interfax news agency reported.
In the latest sign of healthy economic growth, Japanese manufacturing activity expanded at the fastest pace in almost four years in January, a survey showed on Wednesday.
Economic growth is translating into oil demand growth and comes at a time that OPEC and Russia lead production cuts aimed at tightening the market. The deal to withhold output started in January last year and is currently set to last through 2018.
Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore said a "beaming economic forecast along with stout compliance from OPEC (to withhold production) is providing convincing support."
(Reporting by Henning Gloystein; Editing by Joseph Radford) | https://www.cnbc.com/2018/01/24/reuters-america-update-3-oil-dips-on-higher-u-s-fuel-stocks-but-overall-market-remains-supported.html | www.cnbc.com |
China land minister pledges new residential supply: Xinhua | SHANGHAI (Reuters) - China will seek new sources of residential land supply and the government will gradually withdraw from being the sole provider of these plots, the state news agency Xinhua reported.
Authorities will work on plans to let non-real estate companies build residential housing on land for which they have use rights, it Quote: d Minister of Land and Resources Jiang Daming as saying at a conference.
The government will also allow rental housing on rural land to increase rental options, Jiang said. Xinhua did not give further details.
In August, the land ministry said China would launch pilot programs in 13 major cities, including Beijing and Shanghai, to build rental housing projects in rural areas as part of efforts to ease a housing supply shortage.
Chinese land is divided into urban and rural land regimes, granting ownership rights over urban land to the state while rural land is owned collectively and cannot be bought and sold freely.
The move to boost rental supply comes as the government is trying to limit bubbles in its hottest markets where an increasing number of people are being priced out, raising concerns for policymakers who prize stability.
Reporting by John Ruwitch; Editing by Shri Navaratnam
| https://www.reuters.com/article/us-china-housing/china-land-minister-pledges-new-residential-supply-xinhua-idUSKBN1F500Y | www.reuters.com |
UPDATE 2-Intuitive Surgical sees thinner profit margins in 2018, shares fall | * Sees 2018 margins at 70-71.5 pct, down from 71.9 pct in 2017
* Expects 2018 operating expenses to grow 16-18 pct
* Shares down 3 pct after the bell
* 4th-qtr profit beats estimate (Adds profit margins forecast from earnings call, analyst comment; updates share price)
Jan 25 (Reuters) - Intuitive Surgical Inc said on Thursday it would continue to spend heavily on research and development in 2018, seeking to fend off competition and maintain its dominance in the surgical robotic systems market.
Company executives also forecast profit margins for 2018 below 2017 levels on a call with analysts after Intuitive reported better-than-expected earnings for the fourth quarter.
Sunnyvale, California-based Intuitive's shares, which hit a record high earlier in the day, fell 3 percent in after-hours trading.
Excluding a $318 million tax expense, Intuitive reported earnings of $2.54 per share. The result exceeded analysts' average estimate by 30 cents, according to Thomson Reuters I/B/E/S.
But investors, who sent the company's stock up 73 percent last year and 23 percent in 2018, may have been expecting a bigger earnings outperformance, said Brandon Henry, an analyst at RBC Capital Markets.
Intuitive has enjoyed a near monopoly in the market for robots used in abdominal surgery since launching its flagship device called da Vinci in 2000.
But the company has ramped up spending on product development in recent months to remain ahead of competition.
The FDA approved Transenterix Inc's surgical robot for abdominal surgery in October. The news weighed on Intuitive's stock price even though the device was not expected to compete directly with da Vinci.
Intuitive said operating expenses rose 16.6 percent year-over-year to $306.3 million in the fourth quarter ended Dec. 31.
Operating expenses this year will rise 16 to 18 percent above 2017 levels, as the company continues to invest in emerging markets and new technology including computer-assisted surgery, executives said. Analysts said the expense forecast was slightly higher than expected.
Intuitive expects a 2018 gross profit margin of 70 percent to 71.5 percent of revenue, lower than the 71.9 percent it recorded in 2017.
"They don't have big deals on the horizon, and they should be investing internally," said RBC's Henry.
The higher spending comes amid strong demand for Intuitive's surgical robots.
Intuitive shipped 216 da Vinci systems in the quarter, compared with 163 in the prior-year period.
The number of surgical procedures using its products rose about 17 percent in the fourth quarter. The company expects the number of procedures to rise 11-15 percent in 2018.
Reflecting the tax expense, Intuitive reported a net loss of $38.8 million in the quarter, compared with a profit of $204 million a year earlier.
Total revenue rose 17.9 percent to $892.4 million. (Reporting by Manas Mishra in Bengaluru; editing by Sai Sachin Ravikumar) | https://www.cnbc.com/2018/01/25/reuters-america-update-2-intuitive-surgical-sees-thinner-profit-margins-in-2018-shares-fall.html | www.cnbc.com |
Watch out for what Trump's address didn't say about your money | President Donald Trump's first State of the Union speech touted higher 401(k) balances bolstered by a soaring stock market and tax cuts intended to put more money in your wallet.
Yet the effects on your savings and income may be temporary, experts say. And what was not addressed with regard to retirement savings and tax cuts could have a more meaningful impact on your bottom line.
The speech was a "victory lap" for Trump, who is just coming off passage of the Tax Cuts and Jobs Act, according to Scott Greenberg, senior analyst at the Tax Foundation, a non-profit tax policy organization.
show chapters President Trump's 1st State of the Union 15 Hours Ago | 20:34 "The stock market has smashed one record after another, gaining $8 trillion in value," Trump said in his speech. "That is great news for Americans' 401(k), retirement, pension, and college savings accounts."
But here's what you need to keep in mind before taking your own victory lap to celebrate.
Real effects of tax reform still uncertain The Tax Cuts and Jobs Act moved through Congress swiftly, but it will take more time to see the legislation's true effects.
"The idea that the tax bill will have a positive economic effect is probably correct," Greenberg said. "That we're already seeing a large economic effect from the tax bill at the very least is hard to verify."
Individuals should see more money in their paychecks starting this month, as less in federal taxes is withheld.
And while roughly 3 million individuals have received bonuses tied to the tax cuts, "it's a weird argument to claim that the bonuses are proof that the tax bill is working," Greenberg said.
That is because, in theory, the tax bill will work by increasing companies' ability to invest, which in turn leads to higher productivity and then higher wages. But it's too early to see those effects.
"That's something you wouldn't expect to see immediately," Greenberg said.
Trump's claim that April will be the last time you file under the previous tax system should also be subject to scrutiny, according to Greenberg, as the tax cuts for individuals right now will only last for eight years.
Another Trump claim, "we enacted the biggest tax cuts and reforms in American history," is also questionable. Greenberg said the tax legislation of 1981 and 1986 could be stronger contenders for that distinction.
"I would disagree with him, but that would be up for debate," Greenberg said.
401(k) gains subject to market gyrations For anyone who has a 401(k) invested in the stock market, the returns have been quite high, said Teresa Ghilarducci, professor of economics at the New School for Social Research.
But a look back to the financial crisis 10 years ago should serve as a stark reminder on how quickly that can change. At the end of 2008, savers had lost as much as 37 percent of their 401(k) savings, according to Ghilarducci. That put pressure on them to recoup both that money and lost gains.
Savers need to make sure they do not take the recent momentum and their retirement savings for granted.
"I really want to warn people not to take money out of their 401(k) and to brace themselves for the next recession," Ghilarducci said.
You're on your own for retirement While Trump touted stock market gains and what it meant for 401(k) savings, other notable retirement resources were not mentioned.
That goes for Social Security, which is set to | https://www.cnbc.com/2018/01/31/watch-out-for-what-trumps-address-didnt-say-about-your-money.html | www.cnbc.com |
Healthstat Inc. Adds Chief Actuary to Health Management Team, Tapping Former Willis Towers Watson SVP | CHARLOTTE, N.C., Jan. Healthstat, Inc., one of the country's most innovative workplace health promotion and wellness providers, has hired John Dawson, FSA, MAAA as Senior Vice President and Chief Actuary.
Prior to joining Healthstat, John Dawson served as a Health and Benefits Consultant and Actuary for over 20 years with Willis Towers Watson. In this new role of Chief Actuary for Healthstat, John will create models to measure the financial impact of Healthstat's program on patient lives and clients' overall healthcare costs.
"I look forward to focusing all my attention on understanding and maximizing the value that Healthstat delivers through its Employer-Sponsored Onsite Clinics," says John. "Healthstat has a unique approach to health promotion and behavioral change. Its embedded systems create new models of impact - for the employer and patient. Professionally, I have seen the Healthstat method at work, and have been impressed with its success. Personally, I am passionate about using my skills and my expertise to do good in the world. I see Healthstat's goals and objectives as being closely aligned with my own."
"Our goal is to change lives and discover how healthy a population can be," says Healthstat CEO Crockett Dale. "Employers continue to be concerned about the rising cost of healthcare as well as employee productivity, retention, and well-being. In this environment, onsite clinics are more popular than ever as a means of delivering value-based care. In turn, it becomes more crucial than ever for employers to be able to define and measure the outcomes that will direct their onsite programs toward the best results. Only then can employers maximize the value of the resources they invest in employee health. Our clients trust us to guide them, and John's actuarial skills will help to validate their confidence. We are honored that John is joining us in pursuit of this critical objective."
About Healthstat, Inc.
Headquartered in Charlotte, N.C., Healthstat, Inc. is a leading provider of employer sponsored onsite primary care, health-risk intervention, chronic care management and occupational medicine in employer facilities. Established in 2001, Healthstat currently manages and operates more than 300 health centers across the U.S. with a combined employee and dependent population of more than 300,000 people. Healthstat's nationally recognized, proprietary healthcare delivery model that centers around patient engagement and behavioral modification is considered the most successful solution for improving health and productivity and lowering healthcare costs for employers and their employees. Healthstat provides customized health and wellness solutions for any type of industry, including Manufacturing, Retail, Government, Distribution, University, and Not-For-Profit Human Services. For more information, visit www.healthstatinc.com .
Press Contact
Jennifer Maze
704.960.0317
188467@email4pr.com
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SOURCE Healthstat Inc. | http://www.cnbc.com/2018/01/09/pr-newswire-healthstat-inc-adds-chief-actuary-to-health-management-team-tapping-former-willis-towers-watson-svp.html | www.cnbc.com |
Ribbon Communications to Report Fourth Quarter and Full Year 2017 Financial Results on March 1, 2018 | WESTFORD, Mass., Ribbon Communications Inc. (Nasdaq: RBBN), a global leader in secure and intelligent cloud communications , today announced that it will report financial results for the fourth quarter and fiscal year ended December 31, 2017 before the open of the market on Thursday, March 1, 2018. Following the release, Ribbon Communications will host a conference call with the financial community at 8:30 a.m. ET to discuss the results.
The company will offer a live, listen-only webcast of the conference call via the investor section of its website at http://investors.ribboncommunications.com/events.cfm where a replay will also be available shortly following the conference call.
Conference call details:
Date: March 1, 2018
Time: 8:30 a.m. (ET)
Dial-in number: 888-224-7971 - International callers: +1-303-223-4386
Replay information:
A telephone playback of the call will be available following the conference call until March 15, 2018 and can be accessed by calling 800-633-8284 or +1-402-977-9140 for international callers. The reservation number for the replay is 21880364.
About Ribbon Communications
Ribbon Communications is a company with two decades of leadership in real-time communications. Built on world-class technology and intellectual property, the company delivers intelligent, secure, embedded real-time communications for today's world. The company transforms fixed, mobile and enterprise networks from legacy environments to secure IP and cloud-based architectures, enabling highly productive communications for consumers and businesses. With 64 locations in 27 countries around the globe, Ribbon's innovative, market-leading portfolio empowers service providers and enterprises with rapid service creation in a fully virtualized environment. The company's Kandy Communications Platform as a Service (CPaaS) delivers a comprehensive set of advanced embedded communications capabilities that enables this transformation. To learn more, visit ribboncommunications.com .
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SOURCE Ribbon Communications Inc. | http://www.cnbc.com/2018/01/17/pr-newswire-ribbon-communications-to-report-fourth-quarter-and-full-year-2017-financial-results-on-march-1-2018.html | www.cnbc.com |