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Pompeo says 'bad deal' with North Korea 'not an option' for US | Taxes Secretary of State Mike Pompeo says 'bad deal' with North Korea 'not an option' for US Secretary of State Mike Pompeo says the U.S. is prepared to walk away from an upcoming summit with North Korean leader Kim Jong Un heads in the wrong direction. The summit between President Donald Trump and Kim is scheduled for June 12 in Singapore. "A bad deal is not an option," Pompeo said in his opening remarks for a House Foreign Affairs Committee hearing. Published 2 Hours Ago Andrew Harrer | Bloomberg | Getty Images Mike Pompeo, U.S. secretary of state.
U.S. Secretary of State Mike Pompeo said on Wednesday the United States is prepared to walk away from negotiations with North Korea if upcoming talks on its nuclear weapons program head in the wrong direction.
"A bad deal is not an option," Pompeo said in his opening remarks for a House Foreign Affairs Committee hearing. "The American people are counting on us to get this right. If the right deal is not on the table, we will respectfully walk away."
Pompeo said the U.S. campaign, with partners, to pressure on Pyongyang was bearing fruit. "Our posture will not change until we see credible steps taken toward the complete, verifiable and irreversible denuclearization of the Korean peninsula," he said.
During questioning, Pompeo said the United States had no intention of making concessions to Pyongyang in talks between President Donald Trump and North Korean leader Kim Jong Un scheduled for June 12 in Singapore .
Pompeo also addressed Iran's nuclear program, telling the hearing the Trump administration intends to work with "as many partners, friends and allies as possible" to stop what he described as all of Tehran's nuclear and non-nuclear threats.
Trump, a Republican, announced earlier this month that he would reimpose many sanctions on Iran lifted under a 2015 international nuclear agreement reached under his predecessor, Democratic President Barack Obama . | https://www.cnbc.com/2018/05/23/pompeo-says-bad-deal-with-north-korea-not-an-option-for-us.html | www.cnbc.com |
Chubb Strengthens Energy Industry Practice with Leadership Appointments | Brad Watson and Barton Porter to Lead Chubb's Mid- and Large-Market Industry Segments, Respectively
David Barclay to Retire from Chubb in June
WHITEHOUSE STATION, N.J., May 31, 2018 /PRNewswire/ -- Chubb has strengthened its Energy Industry Practice with two new leadership appointments for the mid- and large-market segments.
Effective immediately, Brad Watson and Barton Porter have been named Energy Industry Practice Leaders for Chubb's mid- and large-market business lines, respectively. As practice leaders, they will look to further leverage Chubb's full suite of offerings to help companies mitigate a range of risks associated with exposures unique to the energy sector. In addition, Messrs. Watson and Porter will have responsibilities for managing and expanding relationships with key distribution partners.
In the mid-market energy segment, Mr. Watson will lead the full-range of underwriting for clients focused on mining, petroleum, power, renewable and alternative energy. Based in Dallas, he will report to Jim West, Executive Vice President, North America Industry Practice Leader.
Mr. Watson has more than 25 years of industry experience. Most recently he served as Chubb's Underwriting Manager for the Dallas region.
Mr. Watson succeeds David Barclay, who will retire as the company's mid-market Insurance Energy Practice Leader in June, after more than 36 years with Chubb.
"Chubb's Energy Industry Practice is a dynamic industry group that has excelled and prospered under David's leadership," said Jim West, Chubb's Executive Vice President, North America Industry Practice Leader. "With an emphasis on technical knowledge and long-term underwriting profit, David and his team have built strong relationships with key agents, brokers and clients. We thank David for his many years of contributions and wish him well during his well-deserved retirement."
For Chubb's large-market energy segment, Mr. Porter will coordinate the global portfolio of products and services of the company's large account Risk Management business for clients that are focused in the energy sector, including power generation, on and offshore upstream, midstream and downstream companies, including manufacturing and contracting companies that serve the energy sector.
Mr. Porter will access the company's broad array of industry leading offerings in the global primary casualty, excess casualty, financial lines, environmental and marine lines of business. Based in Houston, he will report to John Alfieri, Executive Vice President, North America Major Accounts Field Operations.
"Chubb has been a trusted, long-term solutions provider, helping global energy clients meet their risk management objectives for decades," said Mr. Alfieri. "Our Major Accounts division brings the necessary collaborative spirit to energy clients and their brokers that drive results one account at a time. With Barton's extensive industry experience and leadership we continue to be well positioned to provide clients with easy access to resources that are designed to help manage a variety of global exposures."
Mr. Porter has 35 years of property and casualty industry experience. Prior to joining Chubb in 2014 as Global Casualty, Senior Vice President, Underwriting Branch Manager, in Houston, he held a number of senior leadership positions at various brokerage firms.
About Chubb's Energy Industry Practice
Chubb has been a leader in offering state-of-the-art property and casualty insurance protection to energy companies for more than 30 years. Chubb's Energy Industry Practice is represented worldwide, with 48 offices in North America. To learn more about Chubb's mid- large-market energy practices, please click here.
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at www.chubb.com .
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit www.chubb.com/ca .
View original content: http://www.prnewswire.com/news-releases/chubb-strengthens-energy-industry-practice-with-leadership-appointments-300655802.html
SOURCE Chubb | http://www.cnbc.com/2018/05/31/pr-newswire-chubb-strengthens-energy-industry-practice-with-leadership-appointments.html | www.cnbc.com |
Verint in talks to buy Israeli software firm NSO for $1 bln -WSJ | (Reuters) - U.S. data analytics firm Verint Systems Inc ( VRNT.O ) is in talks to buy Israeli mobile surveillance software maker NSO Group for about $1 billion, the Wall Street Journal reported on Monday, citing a person familiar with the situation.
Verint has offered to pay private equity firm Francisco Partners, which is NSO's controlling shareholder, with its own stock and assumed debt, WSJ reported on.wsj.com/2GX7ptm.
Francisco Partners will become the largest shareholder in Verint if the potential deal is completed, the newspaper added.
Verint shares have risen more than 5 percent this year and closed at $44.05 on Friday, valuing the company at $2.82 billion.
Verint, NSO and Francisco Partners could not be reached for comment outside regular business hours.
Francisco Partners paid $120 million to buy a majority stake in NSO in 2014.
NSO, founded in 2009 by Omri Lavie and Shalev Hulio, came under international scrutiny last year amid allegations the Mexican government has used its Pegasus mobile spyware to target private citizens.
Israeli media reported last July that Blackstone Group ( BX.N ) was in talks to buy part of NSO but sources told Reuters that the U.S. private equity firm pulled out of those discussions a month later.
Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar Warrier
| https://www.reuters.com/article/us-nso-group-m-a-verint/verint-in-talks-to-buy-israeli-software-firm-nso-for-1-billion-wsj-idUSKCN1IT0R5 | www.reuters.com |
Victoria Fernandez Named Chief Market Strategist of Crossmark Global Investments | HOUSTON, May 8, 2018 /PRNewswire/ -- Crossmark Global Investments, Inc. (Crossmark), a leading provider of responsible investment solutions, is pleased to announce that Victoria Fernandez has been named Chief Market Strategist.
In her new role as Chief Market Strategist, Mrs. Fernandez will work alongside the firm's executive and research teams to analyze current market trends and support asset allocation decisions across both equity and fixed income portfolios based on Crossmark's investment outlook. Mrs. Fernandez joined the firm in 2012 as Managing Director and Head of Fixed Income. In her new role, she will maintain responsibility for managing the fixed income investment team.
"Victoria's expertise in market analysis and her quantitative-research capabilities have proven to be an invaluable addition to our investment process," said Crossmark's President and Chief Executive Officer Michael L. Kern, III, CFA. "At Crossmark, we are dedicated to delivering the best investment strategies to our clients throughout changing market environments. I am confident that with Victoria's leadership as Chief Market Strategist we will continue to grow as a firm."
"I am grateful for this opportunity to work even more closely with our outstanding executive, research, and portfolio management teams to offer insights and research to guide construction of portfolios that strive to protect our clients' values while generating growth," added Mrs. Fernandez.
Mrs. Fernandez has extensive experience in fixed income and portfolio management. She previously worked for 18 years at Fayez Sarofim & Company, a Houston-based financial advisory firm. She held a variety of roles within the fixed income division including head trader, municipal portfolio manager and associate on the management team.
Mrs. Fernandez serves on the boards of local non-profit organizations and volunteers with the National Charity League. She is an active member of her hometown community of Houston. Mrs. Fernandez earned a bachelor's of arts degree from Rice University and an MBA from the Mays Business School at Texas A&M University.
To learn more about Crossmark, visit the firm's website, crossmarkglobal.com , or LinkedIn page .
About Crossmark Global Investments:
Crossmark Global Investments is an innovative investment management firm. The firm provides a full suite of investment management solutions to institutional investors, financial advisors and the clients they serve. Crossmark has a multi-decade legacy of specializing in responsible investment strategies for clients. Founded in 1987, the firm is headquartered in Houston, Texas. Additionally, Crossmark is the exclusive manager of the Crossmark Steward Funds, which is a fund family that applies an overarching values-based screening methodology to its suite of equity and fixed income funds.
The Crossmark Steward Funds are offered by Crossmark Distributors, Inc., member of FINRA/SIPC. Crossmark Distributors is an affiliate of Crossmark Global Investments, the Steward Funds' investment adviser. Crossmark Global Investments is an investment adviser registered with the Securities and Exchange Commission that provides discretionary investment management services to mutual funds, institutions, and individual clients.
Media Contacts:
Stephanie Dressler/Elizabeth Germack
Dukas Linden Public Relations
(212) 704-7385
Stephanie@dlpr.com / Elizabeth@dlpr.com
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SOURCE Crossmark Global Investments, Inc. | http://www.cnbc.com/2018/05/08/pr-newswire-victoria-fernandez-named-chief-market-strategist-of-crossmark-global-investments.html | www.cnbc.com |
UPDATE 1-California becomes first U.S. state to require solar panels on new homes | homes@ (Adds details, background)
NEW YORK/LOS ANGELES, May 9 (Thomson Reuters Foundation) - B uilders in California will be required to fit solar panels on most new homes from 2020 under new building standards adopted on Wednesday, a move that is the first in the United States and could provide a big boost to the solar industry.
The decision, adopted unanimously by the five-member California Energy Commission, is part of the state's effort to fight global climate change. It came despite estimates it would raise the up-front cost of a new home by nearly $10,000 in one of the most expensive parts of the country.
The Commission estimated the standards will add about $40 to monthly mortgage payments but will compensate for that by saving residents $80 a month on energy bills.
"We cannot let Californians be in homes that are essentially the residential equivalent of gas guzzlers," Commissioner David Hochschild said ahead of the vote.
The new building codes include updates to building ventilation and lighting standards. They are collectively expected to reduce the state's greenhouse gas emissions by 700,000 metric tons over three years, a level equal to taking 115,000 cars off the road, according to state officials.
The vote was a major win for the solar installation industry, which already counts California as its biggest market. Demand for solar equipment in California could rise by 10 percent to 15 percent because of the new standards, the Energy Commission forecast in a study earlier this year.
Solar companies cheered the move, saying they hoped such requirements would one day be adopted in other states, too.
"We think it's another example of California policy preceding what will happen in other markets," Tom Werner, chief executive of San Jose-based solar company SunPower, said in an interview ahead of the decision.
California has one of the most ambitious renewable energy mandates in the country, with a goal of sourcing half of its electricity needs from renewable sources by 2030. At the end of 2017, it had reached about 30 percent, according to the CEC.
Because of such policies, the most populous U.S. state has frequently been at odds with President Donald Trump's aggressive rollback of policies to combat climate change. Governor Jerry Brown is planning a global climate summit this September.
Just 9 percent of single-family detached homes in the state of 39.5 million people currently have solar panels, according to a 2017 U.S. Department of Energy report the Energy Commission cited.
Buildings that are shaded or have a roof that is too small to accommodate panels will be among those exempt, California Energy Commission spokeswoman Amber Pasricha Beck said. (Reporting by Sebastien Malo in New York City, Nichola Groom in Los Angeles; Editing by Claire Cozens and Dan Grebler Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit http://news.trust.org ) | https://www.cnbc.com/2018/05/09/reuters-america-update-1-california-becomes-first-u-s-state-to-require-solar-panels-on-new-homes.html | www.cnbc.com |
Waymo, Fiat Chrysler expand autonomous vehicle plans | Waymo, formerly known as the Google self-driving car project, is preparing to roll out more than 62,000 autonomous Chrysler Pacifica hybrid minivans.
The mobility services company is expanding its partnership with Fiat Chrysler in a deal that may include licensing Waymo's technology and services so they can be incorporated in FCA vehicles.
"FCA is committed to bringing self-driving technology to our customers in a manner that is safe, efficient and realistic," said Sergio Marchionne , chief executive officer of Fiat Chrysler Automobiles.
Waymo CEO John Krafcik added, "We're excited to deepen our relationship with FCA that will support the launch of our driverless service, and explore future products that support Waymo's mission."
For Waymo, the expanded partnership comes as it prepares to launch an autonomous ride-hailing service in the U.S. later this year. That service is expected to feature Chrysler Pacifica hybrid minivans that have been modified to incorporate Waymo's autonomous vehicle technology. It is still unclear where in the country Waymo will launch that program. Waymo is currently testing its autonomous drive technology in 600 Modified Chrysler Pacifica hybrid minivans, most in California and Arizona .
Fiat Chrysler and Marchionne have been criticized for not investing more money and effort into developing self-driving vehicles. Marchionne has defended his strategy by pointing out automakers are investing billions of dollars in technology that may eventually be commoditized and offered by a number of tech and mobility service companies.
Meanwhile, Waymo's willingness to discuss licensing its technology is the first indication the company is willing to expand how it works with automakers.
Some companies, like General Motors are developing their own autonomous vehicle software and technology, while other automakers like Jaguar may opt to partner with mobility technology firms such as Waymo. Earlier this year, Jaguar and Waymo announced a partnership to test autonomous drive vehicles. | https://www.cnbc.com/2018/05/31/waymo-fiat-chrysler-expand-autonomous-vehicle-plans.html | www.cnbc.com |
Wesco Aircraft: Fiscal 2Q Earnings Snapshot | VALENCIA, Calif. (AP) _ Wesco Aircraft Holdings Inc. (WAIR) on Thursday reported fiscal second-quarter net income of $15 million.
On a per-share basis, the Valencia, California-based company said it had net income of 15 cents. Earnings, adjusted for non-recurring costs, came to 22 cents per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The aircraft parts distributor posted revenue of $390.2 million in the period.
Wesco Aircraft shares have increased 26 percent since the beginning of the year. The stock has dropped 0.5 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on WAIR at https://www.zacks.com/ap/WAIR | https://www.cnbc.com/2018/05/04/the-associated-press-wesco-aircraft-fiscal-2q-earnings-snapshot.html | www.cnbc.com |
PRECIOUS-Gold prices slip but hold above $1,300 | (Corrects to change day in the first paragraph) BENGALURU, May 25 (Reuters) - Gold prices eased on Friday amid a firmer dollar, after breaking above $1,300 in the previous session as U.S. President Donald Trump's decision to call off a meeting with North Korean leader Kim Jong Un triggered safe-haven buying. FUNDAMENTALS * Spot gold was down 0.2 percent at $1,302 per ounce at 0100 GMT, after gaining nearly 1 percent in the previous session in its biggest one-day percentage rise since April 11. * U.S. gold futures for June delivery eased 0.2 percent to $1,301.90 per ounce. * The dollar index , which measures the greenback against a basket of six major currencies, was up 0.1 percent at 93.846. It was up 0.2 percent versus the yen after hitting a more than two-week low in the previous session. * Trump on Thursday called off a summit with North Korean leader Kim Jong Un scheduled for next month, citing Pyongyang's "open hostility," and warned that the U.S. military was ready in the event of any reckless acts by North Korea. * President Trump's threat to impose tariffs on auto imports drew strong criticism abroad and at home where U.S. business groups and members of his own Republican Party warned of damage to the industry and raised the prospect of a global trade war that would harm American interests. * Nations that remain in the Iran nuclear deal meet on Friday for the first time since U.S. President Donald Trump left the pact, but diplomats see limited scope to salvage it after Washington vowed to be tougher than ever on Tehran. * Euro zone growth could slow further and uncertainty is on the rise but the bloc's expansion remains solid and broad-based, European Central Bank policymakers concluded in April, the minutes of the meeting showed on Thursday. * The U.S. Federal Reserve and Bank of England on Thursday urged global financial markets to step up efforts to shift from the scandal-plagued Libor reference rate to alternative interest rate benchmarks. * Polyus , Russia's largest gold producer, said on Thursday 2018 production was likely to be at the upper end of its forecast range of 2.375-2.425 million troy ounces. DATA/EVENT AHEAD (GMT) 0800 Germany Ifo business climate May 0830 UK GDP 2nd release Q1 1230 U.S. Durable goods Apr (Reporting by Karen Rodrigues in Bengaluru)
| https://www.reuters.com/article/global-precious/precious-gold-prices-slip-but-hold-above-1300-idUSL3N1SW04L | www.reuters.com |
Renren Announces New Record Date for Cash Dividend | OPI Announces Change to Procedures for Private Placement
BEIJING, May 14, 2018 /PRNewswire/ -- Renren Inc. (NYSE: RENN) ("Renren"), which operates a social networking service (SNS) business, used auto business and SaaS business, today announced a new record date and cash payment date for the cash dividend that it previously announced on April 30, 2018.
The record date for the cash dividend will now be after the acceptance deadline for the private placement. The acceptance deadline has not changed and will still be 5:00 p.m. Eastern time on June 8, 2018. The record date will be 5:00 p.m. Eastern time on June 14, 2018. OPI will announce the results of the private placement and Renren will announce the exact amount of the cash dividend on or about June 15, 2018. OPI will issue shares to purchasers in the private placement and Renren will pay the cash dividend on June 21, 2018. According to the NYSE, the ex-dividend date for NYSE trading will be June 22, 2018. The ex-dividend date is the date on which the NYSE will reset the opening trading price of the Renren ADSs to reflect the payment of the cash dividend. If you buy Renren ADSs on or after the ex-dividend date, you will not receive the cash dividend. Due bill settlement is expected to run from June 13, 2018 to June 25, 2018.
In order to receive the cash dividend, you must continue to hold your Renren shares or ADSs at least through the cash dividend payment date, which is June 21, 2018.
In addition, because Oak Pacific Investment ("OPI") will only accept a waiver of the cash dividend as valid payment for the shares of OPI being offered in the private placement that it previously announced on April 30, 2018, OPI has made certain changes to the procedures for accepting the offer in the private placement.
In order to accept the offer to receive the OPI shares in the private placement, you must accept the offer and waive the cash dividend by the acceptance deadline, which is 5:00 p.m. Eastern time on June 8, 2018, and continue to hold the related Renren shares or ADSs at least through the record date, which is June 14, 2018.
Once you make an election to waive the Cash Dividend as to any ADSs you hold, those ADSs will be immobilized in your account. The election is irrevocable once made. Once immobilized, your ADSs will not be available for settlement of any ADS sales you may enter into or any ADS cancellations.
OPI has updated its offering circular to reflect the change in procedure as well as to update certain financial information. The updates to the offering circular relate primarily to the following sections:
The overview of the offering on pages 1, 2, 3, 4 and 5. "Definitions" on pages 10, 11 and 12. "Expected Timeline" on page 14. FAQ #31 on page 23 with regards to the timing of the effect of the Transaction on Renren's ADS price. "Selected Financial Information of the ZenZone Business" on pages 48 to 49, which has been updated to include unaudited full year 2017 financial results. "Selected Financial Information for the Investments" on page 50, where the book value for each investment has been updated to December 31, 2017. "How to Accept the Offer" on pages 100, 101 and 102. Annexes M (Amended and Restated Offer Acceptance Form), N (Amended and Restated DTC Cash Waiver Election Form), O (Amended and Restated Non-DTC Cash Waiver Election Form) and P (Amended and Restated Ordinary Share Cash Waiver Election Form).
The amended and restated offering circular, dated May 14, 2018, is being furnished to the U.S. Securities and Exchange Commission (the "SEC") on Form 6-K and will be available on the SEC's website at www.sec.gov . In addition, Renren has updated the pro forma financial statements of Renren that give effect to the cash dividend, the private placement and the separation of OPI from Renren. The updated pro forma financial statements are being furnished to the SEC on the same Form 6-K as the amended and restated offering circular. The information being furnished to the SEC will also be available at Renren's website at ir.renren-inc.com . If you have any questions about how to accept the offer of OPI shares in the private placement, please contact Georgeson LLC, the information agent, at (800) 509-1078 or by e-mail at Renren@georgeson.com .
About Renren Inc.
Renren Inc. (NYSE: RENN) operates a social networking service (SNS) business, used car business and SaaS business. Renren's American depositary shares, each of which represents fifteen Class A ordinary shares, trade on the NYSE under the symbol "RENN".
Safe Harbor Statement
This announcement contains forward-looking statements, including those with respect to the anticipated amount and payment of the cash dividend, completion of the private placement, volatility in Renren's ADS trading price and impact of Renren's ADS repurchase price program. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Renren may also make written or oral forward-looking statements in its filings with the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Renren's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in our annual report on Form 20-F, the 6-K referred to above and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and Renren does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Investor Relations Department
Renren Inc.
Tel: (86 10) 8448 1818 ext. 1300
Email: ir@renren-inc.com
View original content: http://www.prnewswire.com/news-releases/renren-announces-new-record-date-for-cash-dividend-300647521.html
SOURCE Renren Inc. | http://www.cnbc.com/2018/05/14/pr-newswire-renren-announces-new-record-date-for-cash-dividend.html | www.cnbc.com |
USCF Promotes Daphne G. Frydman to General Counsel | OAKLAND, Calif., May 1, 2018 /PRNewswire/ -- USCF today announced it has promoted Daphne G. Frydman to the company's senior management team as General Counsel. In this role, Daphne will be responsible for the company's legal and regulatory matters globally.
"Daphne has been a trusted advisor and exceptional counsel over the past two years," said John Love, President and CEO of USCF. "She has also been a part of the extended USCF family going all the way back to the firm's roots. Her expertise will continue to be integral to our ongoing success. I look forward to working with her in this new and well-deserved role."
Daphne joined USCF in 2016 as Deputy General Counsel and serves on the company's Product Development Committee. Daphne has over 17 years of experience counseling companies in the financial services industry. Prior to joining USCF, she was a partner at Eversheds Sutherland (US) LLP, where she advised asset managers, insurance companies, private and public funds, including business development companies, exchange traded funds and other investment vehicles, in their operations, structure, governance, public offerings, private placements and compliance with applicable requirements of the U.S. Securities and Exchange Commission (SEC), exchanges, the Commodity Futures Trading Commission (CFTC), and the National Futures Association (NFA). Daphne also helped companies raise capital through a broad range of financing and other transactions including structured finance, life insurance reserve securitizations, senior debt financing, convertible notes and retail notes as well as more traditional credit facilities. Daphne obtained her Juris Doctor from the Northwestern University Pritzker School of Law in 2001 and her Bachelor of Arts from Wesleyan University in 1996.
About USCF
USCF operates on the leading edge of exchange-traded product (ETP) and exchange-traded fund (ETF) innovation. The firm broke new ground with the launch of the first oil ETP, the United States Oil Fund, LP (USO), in 2006. Over the next decade, USCF designed and issued fifteen more ETPs and ETFS, as well as a mutual fund, across commodity and equity asset classes. USCF currently manages over $3 billion in assets from its headquarters in Oakland, California.
USCF is a registered trademark. All rights reserved.
John P. Love and Katie Rooney are registered representatives of ALPS Distributors, Inc.
Download a copy of a Fund's Prospectus by clicking one of the following : USCI , USAG , USO , USL , USOU , DNO , USOD , BNO , UNG , UNL , UGA , UHN , or CPER . For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.
These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.
Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund's respective shares. Funds that focus on a single sector generally experience greater volatility.
ALPS Distributors, Inc. is the distributor for all USCF product and is not affiliated with USCF.
View original content with multimedia: http://www.prnewswire.com/news-releases/uscf-promotes-daphne-g-frydman-to-general-counsel-300639750.html
SOURCE USCF | http://www.cnbc.com/2018/05/01/pr-newswire-uscf-promotes-daphne-g-frydman-to-general-counsel.html | www.cnbc.com |
REFILE-DIARY-U.S. earnings week ahead | (Refiles to change time for Analog Devices, Costco Wholesale from GMT to EST) May 25 (Reuters) - Diary of U.S. (.SPX) corporate earnings for the week ahead. ** Please Note - All times given are in U.S. EST unless otherwise stated ** U.S. EARNINGS Start Date Start Time Company RIC Event Name 29-May-2018 AMC Salesforce.com Inc CRM.N Q1 2019 Salesforce.com Inc Earnings Release 29-May-2018 AMC HP Inc HPQ.N Q2 2018 HP Inc Earnings Release 30-May-2018 AMC PVH Corp PVH.N Q1 2018 PVH Corp Earnings Release 30-May-2018 BMO Michael Kors Holdings Ltd KORS.N Q4 2018 Michael Kors Holdings Ltd Earnings Release 30-May-2018 8:00 Analog Devices Inc ADI.O Q2 2018 Analog Devices Inc Earnings Release 31-May-2018 16:15 Costco Wholesale Corp COST.O Q3 2018 Costco Wholesale Corp Earnings Release 31-May-2018 BMO Dollar General Corp DG.N Q1 2018 Dollar General Corp Earnings Release 31-May-2018 BMO Dollar Tree Inc DLTR.O Q1 2018 Dollar Tree Inc Earnings Release 31-May-2018 NTS Ulta Beauty Inc ULTA.O Q1 2018 Ulta Beauty Inc Earnings Release ** All times are listed in U.S. EST, or AMC - 'After U.S. Market Close', or BMO - 'Before U.S. Market Opens', or DBH - 'During U.S. business hours', or blank if not known. ** This Diary does not provide the EPS estimate figures. EPS figures can be retrieved from Eikon. Steps in Eikon to retrieve the EPS estimate:- Eikon Indicator-> Equities Guide-> Top Indices-> S&P 500-> Events-> Select Event types-> Select the company-> Estimates (Compiled by Bengaluru Newsroom)
| https://www.reuters.com/article/us-results/diary-u-s-earnings-week-ahead-idUSL3N1SW4ME | www.reuters.com |
CEE MARKETS-Bond yields rise, currencies track euro/dollar rebound | * Long-term bond yields continue to edge up, fx track EURUSD * Forint hits 10-yr low vs dlr, rebounds on dlr retreat * Czech bond yields rise, but no worries ahead of auction * Dinar trades steady, some investors see rate cut again By Sandor Peto BUDAPEST, May 9 (Reuters) - Central European government bond yields continued to rise on Wednesday as a strong dollar and rising U.S. interest rates fuelled bond selling in emerging markets. "The United States pulling out of the (international nuclear (deal) with Iran does not help sentiment either," one Budapest-based fixed income trader said. The bond sell-off which mainly affects longer maturities may curb demand at Hungary's bi-weekly auction on Thursday, even though it comes in "average low" turnover, and with yields rising less than in other emerging markets, the trader said. Hungary's 10-year yield, rising 5 basis points on Wednesday to 2.73 percent, is up by about 20 basis points this month, much less than Turkey's 150 basis point increase and about in line with Romania's and Russia's rise. In Central Europe, the most liquid Polish market has been hit hardest. Its 10-year yield rose 5 basis points to 3.3 percent on Wednesday, up 27 basis points this month, about the same as South Africa's and Mexico's rise. Regional currencies reversed an early weakening. The zloty, the forint and the leu firmed by 0.1-0.2 percent against the euro, closely tracking the euro/dollar cross, with the Hungarian unit rebounding from a 10-month low hit in early trade. Czech markets were closed on Tuesday due to a holiday. Despite this, five- and 10-year Czech yields rose only by 3-4 basis points on Wednesday. The 10-year yield has increased only by about 6 basis points this month. This is because some foreign investors, who had stocked up on Czech bonds before the central bank last year removed its cap on the crown, are still holding onto their bond holdings, hoping for further crown gains. The central bank has said a slow crown appreciation would mean more interest rate hikes. The global bond sell-off did not trigger worries over Monday's Czech bond auction, traders said, where the government offers 15 billion crowns worth of papers, 3 billion crowns more than originally planned. The Czech crown hit multi-month lows against the euro last week, like its regional peers, but it gets some protection from expectations for continuing central bank rate hikes, just like the leu. Hungary's and Poland's central banks have signalled that they could keep their record low rates on hold for years. Hungary's inflation figures released on Wednesday are unlikely to change that, with the annual rate rising to 2.3 percent in March from 2 percent in April, as expected. Eleven out 12 analysts in a Reuters poll expect Serbia's central bank to keep rates on hold at its meeting on Thursday. But the bank unexpectedly cut its rates at its last two meetings to rein the strong dinar, and could repeat that, Raiffeisen analyst Imre Stephan said in a note. The dinar traded steady at 118.14 versus the euro. CEE SNAPSHOT AT MARKETS 1017 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.5860 25.5910 +0.02% -0.17% crown > Hungary <EURHUF= 314.7500 315.2100 +0.15% -1.22% forint > Polish <EURPLN= 4.2805 4.2895 +0.21% -2.43% zloty > Romanian <EURRON= 4.6460 4.6520 +0.13% +0.73% leu > Croatian <EURHRK= 7.3900 7.3935 +0.05% +0.55% kuna > Serbian <EURRSD= 118.1400 118.1600 +0.02% +0.30% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1103.30 1109.040 -0.52% +2.33% 0 Budapest 37250.33 37164.55 +0.23% -5.40% Warsaw 2248.22 2236.40 +0.53% -8.65% Bucharest 8780.78 8762.92 +0.20% +13.25% Ljubljana <.SBITOP 842.58 843.70 -0.13% +4.49% > Zagreb 1824.26 1824.75 -0.03% -1.01% Belgrade <.BELEX1 737.17 736.73 +0.06% -2.98% 5> Sofia 651.82 653.01 -0.18% -3.78% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 0.8070 0.1100 +136bps +10bps R> 5-year <CZ5YT=R 1.2760 0.0410 +132bps +3bps R> 10-year <CZ10YT= 1.7890 0.0310 +121bps +1bps RR> Poland 2-year <PL2YT=R 1.5820 0.0150 +214bps +1bps R> 5-year <PL5YT=R 2.5660 0.0430 +261bps +3bps R> 10-year <PL10YT= 3.2880 0.0320 +271bps +2bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 0.97 1.08 1.18 0.90 <PRIBOR= > Hungary 0.13 0.20 0.27 0.05 Poland 1.73 1.77 1.80 1.70 Note: FRA are for ask prices Quote: s | https://www.reuters.com/article/easteurope-markets/cee-markets-bond-yields-rise-currencies-track-euro-dollar-rebound-idUSL8N1SG3A6 | www.reuters.com |
Speculative U.S. 10-year T-note net shorts hit one-month low -CFTC | May 18 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell to a one-month low earlier this week, as the 10-year yield began setting a series of seven-year highs, according to Commodity Futures Trading Commission data released on Friday. The amount of speculators' bearish, or short, positions in 10-year Treasury futures exceeded bullish, or long, positions by 381,922 contracts on May 15, according to the CFTC's latest Commitments of Traders data. A week earlier, speculators held 408,629 net short positions in 10-year T-note futures. Below is a table of the speculative positions in Treasury futures on the Chicago Board of Trade and in Eurodollar futures on the Chicago Mercantile Exchange in the latest week: U.S. 2-year T-notes (Contracts of $200,000) 15 May 2018 Prior week week Long 456,847 431,577 Short 487,876 485,833 Net -31,029 -54,256 U.S. 5-year T-notes (Contracts of $100,000) 15 May 2018 Prior week week Long 541,907 544,450 Short 1,184,988 1,201,358 Net -643,081 -656,908 U.S. 10-year T-notes (Contracts of $100,000) 15 May 2018 Prior week week Long 706,685 697,678 Short 1,088,607 1,106,307 Net -381,922 -408,629 U.S. T-bonds (Contracts of $100,000) 15 May 2018 Prior week week Long 148,968 143,269 Short 137,114 137,034 Net 11,854 6,235 U.S. Ultra T-bonds (Contracts of $100,000) 15 May 2018 Prior week week Long 83,571 66,749 Short 271,475 244,186 Net -187,904 -177,437 Eurodollar (Contracts of $1,000,000) 15 May 2018 Prior week week Long 906,344 961,731 Short 4,709,472 5,002,025 Net -3,803,128 -4,040,294 Fed funds (Contracts of $1,000,000) 15 May 2018 Prior week week Long 288,028 268,470 Short 221,207 222,037 Net 66,821 46,433 (Reporting by Richard Leong Editing by James Dalgleish)
| https://www.reuters.com/article/usa-bonds-cftc/speculative-u-s-10-year-t-note-net-shorts-hit-one-month-low-cftc-idUSEMNI5G0TH | www.reuters.com |
Goldman says case for owning commodities 'rarely been stronger' than now | Goldman Sachs strategists have become even more bullish on commodities and say the "strategic case for owning commodities has rarely been stronger."
Commodities have been the best-performing asset class of 2018, setting new multiyear highs. They have returned 7 percent year to date and are outperforming equities by 8 percent, the strategists said in a note.
"We believe the macro backdrop for commodities is as good as we have seen in years, suggesting large allocations to the sector to benefit from such returns," the strategists wrote.
The party will end when inflationary pressures help lay the groundwork for a recession.
"History, however, suggests it will be a recession, potentially aided by the
inflationary pressures created by commodity prices that will end this commodity bull
market," they wrote.
show chapters Lloyd Blankfein on China, volatility in the stock market and the future of Goldman Sachs 9:27 AM ET Wed, 18 April 2018 | 10:10 Goldman Sachs commodities strategists, led by Jeff Currie, have been overweight commodities since 2016, but they see a solid backdrop for gains to continue as inventories decline and demand grows.
"Robust late-cycle growth is depleting global supply chains," they wrote. "As the business cycle deepens and inflationary concerns push interest rates higher, cross-asset correlations with commodities decline and the diversification benefits of owning commodities rises with higher rates."
Emerging markets could help extend the business cycle, giving global demand "more runway."
They also note the geopolitical risks have risen in commodity producers Russia, Iran and Venezuela. Trade policy risks also add to the inflationary pressure in commodities.
At the same time, investors are skeptical of oil and commodity investments even though they typically outperform in late-cycle periods. One concern is that prices have been pumped up artificially, with, for example, metals getting a premium from China cutting supplies or oil prices rising just because OPEC and Russia are slashing production.
Investors are also skeptical U.S. trade rhetoric and foreign policy concerns are behind the premiums in some metals and oil. "The key is the persistence of the current higher prices, not that prices are likely to trend substantially higher from here like they did in 2000s," the strategists wrote.
For instance, they expect Brent crude to peak at $82.50 per barrel in July and copper to peak at $8,000 per ton in December, but they have forecast lower prices for both oil and copper in 2019.
As for aluminum, Goldman strategists have a three-month target of $2,500 per ton, then a lower $2,000 in 12 months.
Aluminum cash prices spiked last month to more than $2,600 a ton after U.S. sanctions hit Russian metals producer Rusal, responsible for 6 percent of the world's aluminum. Goldman expects Rusal assets to be restructured over the next several months. On Tuesday, aluminum was at $2,257.
The strategists also see gold heading higher. With futures trading at $1,307 per ounce Tuesday, they see the precious metal hitting $1,450 per troy ounce by the end of 2018.
Commodities are also attractive because as the business cycle ages, high levels of demand deplete supplies, creating a "scarcity premium," which is now showing up in the futures market for 13 of 24 commodities. | https://www.cnbc.com/2018/05/01/goldman-says-case-for-owning-commodities-rarely-been-stronger-than-now.html | www.cnbc.com |
ANALYSIS-Toys 'R' Us demise could spur merger boom in U.S. toy market | May 16 (Reuters) - The U.S. toy industry looks set for a flurry of mergers and acquisitions between smaller toy makers in the aftermath of the Toys 'R' Us bankruptcy, as they seek more scope and negotiating power with big box retailers Target and Walmart.
Smaller toy companies that traditionally relied on Toys 'R' Us as a launch platform to sell and promote products, say it is difficult to develop relationships with mass retailers, which now have the country's biggest toy departments.
They say retailers are increasingly picky about allocating display space, preferring billion dollar well known brands like Mattel's Barbie and Hot Wheels and Hasbro's Marvel Superhero action figures.
"If you're a young brand, it's hard to be found," said Shaun Rein, an analyst with China Market Research Group, who covers Asian toy producers.
"A lot of the smaller niche brands that you'd buy because you'd seen (them) while browsing in Toys 'R' Us are going to be hit very hard."
With Toys 'R' Us out of the picture, retail power has shifted to Walmart, Target and Amazon, said Jackie Breyer, editor-in-chief of industry magazine The Toy Book.
Consolidation helps smaller toy firms get their name out and get products on shelves as they will have a bigger portfolio of products for a mass market retailer to choose from, she added.
The total value of deals in the U.S. toy industry has soared to $962.7 million since Toys 'R' Us filed for bankruptcy on Sept. 19 last year, compared to $85.4 million in the same period a year ago, according to Thomson Reuters data.
Of the 19 deals in the U.S. toy industry since the bankruptcy, the biggest was Hasbro Inc's $522 million purchase of franchises, including Power Rangers and Julius Jr from Saban Properties LLC, the Los Angeles-based firm credited to have launched the "Mighty Morphin Power Rangers" live-action TV show in 1993.
PlayMonster, the maker of the '5 Second Rule' card game, in February bought Kid O Toys, while Canadian toy-maker Spin Master Corp bought plush toy maker Gund for about $79 million.
Spin Master declined to comment, while Hasbro said its acquisition was not because of the retailer's bankruptcy.
More generally, mergers and acquisitions in the consumer products and staples space have racked up their strongest opening to a year since 2008, with more than $216 billion spent globally, according to Thomson Reuters data. The total value of deals is up 33.6 percent over the same period last year.
"HUGE GAME CHANGER"
Collectible toys maker, The Loyal Subjects' Chief Executive Officer Jonathan Cathey said he has seen an increase in interest since the bankruptcy, and has had at least two potential buyers pursue his California-based company. Chief Executive Officer Jay Foreman of Florida-based toy maker Basic Fun! said talks of consolidation between his firm and smaller players have "easily tripled" since September.
"Toys 'R' Us is really a huge game changer," Foreman said, whose firm bought K'Nex and Geoworld since Toys 'R' Us went bust. The toy retailer's bankruptcy and subsequent liquidation of its over 700 U.S. stores in March was the largest collapse in a year that saw record store closures and a fundamental shift in once-reliable brick-and-mortar retail models.
"More companies are now questioning, where are the biggest opportunities to sell toys," said Kate Clark, founder and president of Paddington bear toy maker, Yottoy Productions Inc.
"Unfortunately, some toy companies may struggle greatly and some may not survive."
According to market research firm NPD Group, U.S. toy sales topped $20 billion last year. Mattel and Hasbro together accounted for 25 percent and small players made up as much as 40 percent.
Toys 'R' Us alone had accounted for 12 percent of all toy sales nationwide, according to NPD Group.
But toy sales in the U.S. have been slowing and with Toys 'R' Us gone, toy makers have lost an incubator for new and experimental toys that other retailers were not willing to bet on.
"As an entrepreneur who was starting a toy company, they (Toys 'R' Us) were always the one that were willing to take chances and buy a broader array of products," said Michael Rinzler, founder of Wicked Cool Toys that makes Cabbage Patch Kids and Teddy Ruxpin bears.
Industry observers say that points to the power lying firmly with a handful of big players in the sector.
"When you're a smaller sized company ... do you say that maybe it's a better strategy (to) merge with another company or to perhaps to be acquired so that you get more scale?" said Bob Wann, who is the chairman of the Toy Association in the United States and the CEO of toy company PlayMonster.
"I think more companies will think about considering that than perhaps they did in the past."
(Reporting by Aishwarya Venugopal and Uday Sampath Kumar in Bengaluru; Editing by Bernard Orr) | https://www.cnbc.com/2018/05/16/reuters-america-analysis-toys-r-us-demise-could-spur-merger-boom-in-u-s-toy-market.html | www.cnbc.com |
UPDATE 2-Oil prices fall on rising U.S. crude inventories, record production | * U.S. crude inventories rise to 2018 high of 436 mln barrels
* U.S. crude oil production hits record high of 10.62 mln bpd
* Analysts expect U.S. oil production to rise further still
* OPEC output broadly inline with production cut targets (Adds Saudi physical crude prices, updates crude futures prices)
SINGAPORE, May 3 (Reuters) - Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production that is countering efforts by producer group OPEC to cut supplies and prop up prices.
Brent crude oil futures were at $73.19 per barrel at 0404 GMT, down 17 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.2 percent, at $67.82 per barrel.
Prices were pulled down by a report from the U.S. Energy Information Administration (EIA) on Wednesday showing U.S. crude inventories jumped by 6.2 million barrels to 435.96 million barrels <C-STK-T-EIA> in the week to April 27, the highest level in 2018.
"The (EIA) report showed a much larger than expected crude build for last week as well as an unexpected build in gasoline inventories," said William O'Loughlin, investment analyst at Australia's Rivkin Securities.
U.S. oil production also rose to a record of 10.62 million barrels per day (bpd), a jump of more than a quarter since mid-2016.
The United States now produces more crude oil than top exporter and Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries.
Only Russia currently pumps more oil, at around 11 million bpd, though the United States could surpass that level soon.
U.S. drillers added five oil rigs looking for new production in the week to April 27, according to energy services firm Baker Hughes, bringing the total count to 825, the most since March 2015.
U.S. producers are being incentivised to ramp up production as OPEC restricts production and raises prices.
State-owned producer Saudi Aramco said on Wednesday it has raised the June price for its Arab Light grade for Asian customers by 70 cents a barrel versus May to a premium of $1.90 a barrel to the Oman/Dubai average, the highest since August 2014.
Overall, OPEC produced around 32 million bpd of crude oil in April, according to a Reuters survey, implying that its production is slightly below its target of 32.5 million bpd, due largely to plunging output in Venezuela.
BMI Research said it expects OPEC's output to remain stable around or slightly above 32 million bpd for the rest of the year.
(Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger) | https://www.cnbc.com/2018/05/03/reuters-america-update-2-oil-prices-fall-on-rising-u-s-crude-inventories-record-production.html | www.cnbc.com |
On Target Laboratories Appoints Vice President of Clinical Development and Vice President of Finance | WEST LAFAYETTE, Ind., May 2, 2018 /PRNewswire/ -- On Target Laboratories, Inc., a privately held biotechnology company that is developing tumor-targeted fluorescent dyes to improve cancer surgery, announced today the appointment of Charlotte S. Hartman, Pharm.D., as Vice President of Clinical Development and Kathleen Ward, CPA, as Vice President of Finance.
"The Vice President of Clinical Development and Vice President of Finance will play an integral role at On Target Laboratories as we build our capabilities," said Martin Low, CEO of On Target Laboratories. "Filling these positions will allow us to remain compliant as we grow our operations and continue advancing our pipeline. Dr. Charlotte Hartman and Kathleen Ward will be valuable additions to the On Target Laboratories team as we approach our critical upcoming milestones."
Prior to joining On Target Laboratories, Dr. Hartman served as Vice President, Clinical Development at Heart Metabolics where she led the clinical program with orphan designation as a treatment for hypertrophic cardiomyopathy. She has more than 19 years of experience in the development of pharmaceuticals, clinical program strategy, global trial execution and global regulatory submissions. Her direct contributions to the clinical development and major regulatory submissions in both the U.S. and Europe include Zyvox (linezolid), the first in a new class of antibacterials. Dr. Hartman received her Doctorate of Pharmacy degree from the University of Texas and her Bachelor of Science in Pharmacy from the State University of New York at Buffalo.
Kathleen Ward was most recently Chief Financial Officer at Tru-Flex, a global manufacturing company, where she was responsible for overseeing the accounting, finance and reporting functions worldwide. She has more than 20 years of experience in financial planning, analysis and compliance to support growth and foundational financial responsibilities. Kathleen is an Ernst & Young CPA and holds an MBA from Ball State University.
About On Target Laboratories, Inc.
On Target Laboratories Inc., is in the business of discovering, developing and commercializing small molecules that, when conjugated with fluorescent dyes, target and illuminate specific cancerous cells and other diseased tissue. These conjugates can be used by doctors, including surgeons, worldwide to better diagnose and treat a wide range of diseases from cancer to inflammation-related disorders. OTL38 is currently under clinical development for use in ovarian and lung cancer surgery. For more information visit www.ontargetlaboratories.com .
Media Contact:
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Russo Partners LLC
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Email: tjcoyne@prf.org
View original content: http://www.prnewswire.com/news-releases/on-target-laboratories-appoints-vice-president-of-clinical-development-and-vice-president-of-finance-300640724.html
SOURCE On Target Laboratories | http://www.cnbc.com/2018/05/02/pr-newswire-on-target-laboratories-appoints-vice-president-of-clinical-development-and-vice-president-of-finance.html | www.cnbc.com |
BBG Acquires Integra Realty Resources Offices in Pacific Northwest | DALLAS, BBG, a leading national commercial real estate valuation, advisory and assessment firm, today announced that it acquired two Integra Realty Resources offices in the Pacific Northwest, further expanding the firm's fast-growing presence in the Western Region. BBG, which ranks among the largest U.S. commercial real estate appraisal firms, did not disclose terms of the transaction.
BBG acquired IRR offices in Portland, Ore., and Vancouver, Wash., bringing a total of 13 BBG offices in the Western Region. This deal follows BBG's acquisition of two IRR offices in Sacramento and San Francisco one year ago.
The Portland office is located at 1220 Southwest Morrison Street. The Vancouver office is located at 1111 Main Street, Suite 410.
As part of this transaction, BBG appointed Owen Bartels, MAI, as Senior Managing Director. With two decades of appraisal experience in the commercial real estate field, Mr. Bartels has appraised numerous cities and towns in the Pacific Northwest, which includes work on industrial, retail office, mixed-use, commercial and residential condominium conversions, subdivisions, partial acquisitions, corridors and specialized consulting projects, and eminent domain projects for both public agencies and private property owners.
Prior to taking on his new role at BBG, Mr. Bartels served as a Senior Managing Director at IRR, where he oversaw the firm's strategic initiatives throughout Oregon and southern Washington. Before he joined IRR, Mr. Bartels worked as a certified general appraiser at PGP Valuation (now Colliers) and as a researcher and financial analyst at Kidder Mathews in Tacoma, Wash. He also is a current member and former president of the Greater Oregon chapter of the Appraisal Institute and a member of the International Right of Way Association.
BBG also appointed Phillip D. Hanshew, MAI, as Managing Director, and Kathryn S. Skiff as Director, who both worked at the IRR offices in Portland and Vancouver.
While at IRR, Mr. Hanshew has worked on all major property types while developing expertise in specialized facilities including food processing, cold storage, heavy manufacturing, truck terminals and lumber mills. He is a current member of the Appraisal Institute's Oregon chapter and has served as its treasurer, secretary and a member of the education committee. He is also a member of Urban Land Institute and Central Eastside Council.
Ms. Skiff, who served as the Managing Director of IRR's Vancouver office for a decade, helped establish IRR's Vancouver office in 2013 and later took over management of the office. A certified general appraiser since 2004, Ms. Skiff has performed valuations on commercial and residential land, office buildings, retail shopping centers, manufacturing and warehouse industrial buildings, mixed-use developments, apartments, self storage facilities, and special purpose properties including religious facilities and recreational-oriented sites.
BBG CEO Chris Roach commented on the acquisition: "We have been actively searching for an opportunity to expand our presence in the Pacific Northwest for quite some time. With the acquisition of these IRR offices, we have finally found what we've been looking for: a viable platform to significantly grow our geographic coverage in this region and a team with a proven track record to achieve this goal. This acquisition also completes another step in our overall business strategy of becoming one of the largest, independent commercial real estate valuation and assessment firms in the country."
Mr. Bartels commented: "We are thrilled to be given the opportunity to work with an appraisal-focused company that is fully committed to providing its clients with a highly talented pool of professionals who offer deep knowledge and expertise in a wide range of property types, giving its staff the latest technological tools and providing clients with the best service possible."
About BBG
BBG is a leading independent national commercial real-estate valuation, advisory and assessment firm headquartered in Dallas with 26 offices in key US markets. BBG has achieved a reputation for personal attention, on-time delivery and deep expertise in multi-family, office, retail and industrial sectors. For more information about BBG, please visit www.bbgres.com
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(908) 967-9958
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SOURCE BBG | http://www.cnbc.com/2018/05/08/pr-newswire-bbg-acquires-integra-realty-resources-offices-in-pacific-northwest.html | www.cnbc.com |
METALS-London copper rises on low inventories, strong China data | BEIJING, May 10 (Reuters) - London copper rose for a second session on Thursday as falling inventories and strong import numbers from top consumer China continued to support prices. China imported 442,000 tonnes of unwrought copper in April, according to customs data released this week, the highest monthly total so far in 2018. FUNDAMENTALS * LME COPPER: Three-month copper on the London Metal Exchange (LME) was up 0.5 percent at $6,844.50 a tonne, as of 0146 GMT, having closed 1 percent higher in the previous session. * SHFE COPPER: The most-traded July copper contract on the Shanghai Futures Exchange rose 0.7 percent to 51,250 yuan ($8,049.82) a tonne. * INVENTORIES: Copper stocks MCUSTX-TOTAL in LME-registered warehouses dropped 9,600 tonnes to 293,025 tonnes, their lowest since late January, exchange data showed on Wednesday. * ALUMINIUM: London aluminium dropped 0.9 percent to $2,345 a tonne, having gained 0.6 percent in the previous session after a drop of 21,100 tonnes in inventories. * ALUMINIUM: Japan's UACJ Corp said on Wednesday it is suspending aluminium buying from Russia's Rusal because of U.S. economic sanctions on the producer, but the company has found alternative supplies from others. * ZINC: China's refined zinc production rose 2.1 pct in April from a month earlier to 377,000 tonnes as smelters returned from maintenance, research house Antaike said in a note. * GRAPHITE: Australian-listed Syrah Resources is targeting the market for electric vehicle batteries with its Balama graphite mine in Mozambique, which started production in November. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump's decision to pull out of a nuclear deal with Iran. DATA AHEAD (GMT) 1230 U.S. Consumer prices April 1230 U.S. Weekly jobless claims PRICES BASE METALS PRICES 0201 GMT Three month LME copper 6845.5 Most active ShFE copper 51240 Three month LME aluminium 2338.5 Most active ShFE aluminium 14615 Three month LME zinc 3093.5 Most active ShFE zinc 23820 Three month LME lead 2294.5 Most active ShFE lead 18885 Three month LME nickel 13905 Most active ShFE nickel 104490 Three month LME tin 21155 Most active ShFE tin 145690 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 433.42 LME/SHFE ALUMINIUM LMESHFALc3 -2619.17 LME/SHFE ZINC LMESHFZNc3 461.38 LME/SHFE LEAD LMESHFPBc3 705.09 LME/SHFE NICKEL LMESHFNIc3 -848 ($1 = 6.3666 Chinese yuan) (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
| https://www.reuters.com/article/global-metals/metals-london-copper-rises-on-low-inventories-strong-china-data-idUSL3N1SH1II | www.reuters.com |
UPDATE 1-U.S. House may vote on Dodd-Frank changes in May -majority leader | (Adds U.S. treasury secretary comment, final paragraphs)
BEVERLY HILLS, Calif./WASHINGTON, April 30 (Reuters) - The U.S. House of Representatives could vote in May on a bill easing bank rules adopted after the 2007-2009 global financial crisis, a leading Republican lawmaker said on Monday.
The comments by Representative Kevin McCarthy, the House majority leader, marked the strongest sign yet a deal could soon be reached between the House and Senate to pass the first rewrite of the 2010 Dodd-Frank financial reform law.
The Senate voted 67-32 last month in favor of a bipartisan bill that would ease oversight of small and mid-sized banks.
House Republicans have stalled voting on the Senate bill on the grounds that additional provisions should be included to further lower the regulatory burden on banks and make it easier for small companies to raise capital.
Many Democrats say Dodd-Frank provides critical protections for consumers and taxpayers. While the Senate bill passed with the support of 17 moderate Democrats, key members of the party, including Senator Mark Warner, have said they would withdraw support if any further changes were made.
That has raised fears among bank lobbyists that the House could sink the bill if it refused to approve the Senate version.
But McCarthy said there was a willingness on both sides to pass the bill, which said would reform, rather than repeal, Dodd-Frank.
"I think you are within a month of getting it ... done," he told the Milken economic conference in Beverly Hills, California.
"At the end of the day, there will be a bill at the president's desk," he added, pledging to deliver legislation to President Donald Trump before congressional elections in November.
Trump said in March he would sign the bill once it had been approved by both the House and Senate
Last week, Republican Representative Jeb Hensarling, chairman of the House Financial Services Committee, said he was "certainly open to other pathways" to pass legislation aimed at helping small businesses.
McCarthy echoed these comments on Monday, suggesting some of the House's wish list could be included in separate legislation.
Speaking at the same event, U.S. Treasury Secretary Steven Mnuchin said later on Monday he was hopeful the changes, which he said were important for small lenders and community banks, would be passed soon.
"This should get done now. I am hopeful this gets done in the next 30 to 60 days," he added.
(Reporting by Lawrence Delevingne in Beverly Hills, Calif. and Katanga Johnson in Washington; Editing by Michelle Price and Peter Cooney) | https://www.cnbc.com/2018/04/30/reuters-america-update-1-u-s-house-may-vote-on-dodd-frank-changes-in-may-majority-leader.html | www.cnbc.com |
Vatican says 'amoral' financial system needs infusion of ethics, more regulation | The Vatican called for more regulation of markets and financial systems on Thursday, saying economic crises showed they were not able to govern themselves and needed a strong injection of morality and ethics.
A major document written by two key Holy See departments appeared to take aim at plans to further deregulate markets in some countries, such as the United States, where President Donald Trump wants to loosen strict banking rules enacted after the 2008 financial crisis.
It said profit for the sake of profit and not for the greater good was "illegitimate" and condemned a "reckless and amoral culture of waste" that has created oligarchies in some countries while leaving great masses of impoverished people "without any means of escape".
The document attacked the "economic cannibalism" of some financial practices.
While not infallible, the Vatican's pronouncement is considered official teachings of the Catholic Church and could affect the attitude of the church's 1.2 billion members.
The 15-page document uses technical terms such as credit stocks, subprime mortgages, high-frequency trading, credit fault swaps, derivatives, shadow banking systems, capital outflow and interbank loans to illustrate what is says is vulnerability to abuse and illegality. It also speaks of executive salaries.
Saying that the material wellbeing of a greater part of humanity depended on markets, they need to have a strong ethical foundation in order to help all, including people who live in conditions of extreme poverty.
"The recent financial crisis might have provided the occasion to develop a new economy, more attentive to ethical principles, and a new regulation of financial activities that would neutralize predatory and speculative tendencies and acknowledge the value of the actual economy," it said.
"On the contrary, the response seems at times like a return to the heights of myopic egoism, limited by an inadequate framework that, excluding the common good, also excludes from its horizons the concern to create and spread wealth, and to eliminate the inequality so pronounced today," the document said.
The document, called "Considerations for an Ethical Discernment Regarding Some Aspects of the Present Economic-Financial System," was jointly prepared by the Vatican's doctrinal office and its department on human development.
It said some forms of financial intermediation "have not only produced manifest abuses and injustice, but also demonstrated a capacity to create systemic and worldwide economic crisis".
The document dismissed "the belief in a presumed self-sufficiency of the markets, independent of any ethics," saying "it is clear that markets, as powerful propellers of the economy, are not capable of governing themselves".
"The markets know neither how to make the assumptions that allow their smooth running - social coexistence, honesty, trust, safety and security, laws, and so on - nor how to correct those effects and forces that are harmful to human society - inequality, asymmetries, environmental damage, social insecurity, and fraud," it said.
More regulation was necessary, it said because one of the major reasons for the most recent economic crisis was "the immoral behavior of agents in the financial world," an apparent reference to the subprime mortgage scandal in the United States.
It said that even today, some types of derivatives were a "ticking time bomb ready sooner or later to explode, poisoning the health of the markets."
CNBC reported derivatives declined to a gross market value of about $11 trillion at the end of 2017.
The document called for separation of banks to avoid another crisis. It said ethical committees should be established in banks and that more ethics courses should be taught in major business schools. | https://www.cnbc.com/2018/05/17/vatican-says-amoral-financial-system-needs-infusion-of-ethics-more-regulation.html | www.cnbc.com |
Spanx founder Sara Blakely says sticking with this daily habit is how she gets her best ideas | Sara Blakely is a billionaire entrepreneur who knows how to turn a simple idea into a big business.
In 2000, she made a splash in the fashion industry when she cut the feet out of her control top pantyhose and capitalized on the invention to launch Spanx. Now, that company has an estimated $400 million in yearly sales and Blakely, who is part owner of the Atlanta Hawks basketball team, has a net worth of $1 billion, according to Forbes .
Blakely revealed in a recent episode of Masters of Scale with Reid Hoffman that there's one thing she does every morning to keep her creative thoughts flowing.
Fernando Leon - Getty Images Entertainment "I've identified where my best thinking happens, and it's in the car," she says. "I live really close to Spanx, so I've created what my friends call my 'fake commute,' and I get up an hour early before I'm supposed to go to Spanx and I drive around aimlessly in Atlanta with my commute so that I can have my thoughts come to me."
The 47-year-old, who says she thought of the name for Spanx in her car, advises everyone to come up with a daily habit that gives them the time and space to do their most productive thinking.
Blakely's not the only leader who's the most creative when on the move. In the book " Steve Jobs " by Walter Isaacson, it's revealed that the Apple founder did some of his best thinking while taking a walk . In fact, he often held meetings while walking around Apple's campus.
Facebook CEO Mark Zuckerberg, Twitter co-founder Jack Dorsey and LinkedIn CEO Jeff Weiner have also said that they come up with some of their best ideas while walking.
In fact, in a 2013 LinkedIn post , Weiner explained why he'd choose walking meetings over office meetings any day.
"In addition to the obvious fitness benefits, this meeting format essentially eliminates distractions, so I find it to be a much more productive way to spend time," wrote Weiner.
Like this story? Like CNBC Make It on Facebook .
Don't miss: How embracing an embarrassing moment led to Spanx billionaire Sara Blakely's huge success
show chapters This is why Tim Cook and other successful leaders wake up around 4:00 AM 6:09 PM ET Thu, 9 Feb 2017 | 01:01 | https://www.cnbc.com/2018/05/17/sara-blakely-says-this-daily-morning-habit-sets-her-up-for-success.html | www.cnbc.com |
American Diversified Holdings Corporation Nears Completion of Brazos Biomedical, LLC Acquisition | DEL MAR, Calif., May 31, 2018 /PRNewswire/ -- American Diversified Holdings Corporation (OTC: ADHC) announced today that the company is nearing completion of the review of all relevant due diligence information required to complete acquisition of Brazos Biomedical, LLC (Brazos). ADHC is in the process of reviewing relevant documentation involving the AURACIS TM TENS Migraine therapy system including all the patents and patent applications in the US and abroad, patent license agreement, technical engineering schematics, FDA plans, patient study information and other related documents.
Brazos has an international patent portfolio covering the AURACIS TM system. This includes issued patents in the US and patent applications pending in foreign countries. Recognizing that a robust patent portfolio is imperative to the success of the development of the AURACIS TM system, ADHC has undergone a comprehensive review of these files. Moreover, Brazos has obtained proposals from multiple leading OEM device and development firms as they prepare to advance the AURACIS TM system towards the market.
The terms and conditions of the Brazos Biomedical, LLC acquisition (BRAZOS), were not disclosed pending completion of standard due diligence.
In additional news ADHC management has undertaken financial reorganization that has resulted in the reduction of $1.2 mm in debt on the balance sheet. In addition to the debt reduction approximately 95 million shares have cancelled and reduced from the total shares outstanding. Third quarter financials ending on April 30, 2018 will be filed in the next few days.
ADHC management believes this debt reduction and share cancellation will further enhance the Company's financial picture. Allowing for a broader based appeal to the shareholder community in anticipation of filing the Form Ten and the pending application to the OTC-QB
ADHC will keep shareholders informed as events progress.
ADHC is a holding company that provides executive management, corporate governance, administrative support, financial advice, and introductions to capital sources to various micro-cap private and public companies that have proven revenues and business models.
BRAZOS BIOMEDICAL LLC is a bio device company utilizing electro stimulation for pain management to improve patient outcomes through creative innovation with a core competency in the migraine and headache pain space.
For more information: www.brazosbio.com
This press release contains forward-looking statements pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements include risks and uncertainties that may cause the Company's plans to change and are in no way intended to guarantee that the Company will be successful in executing its plans. common stock currently trades on the over-the-counter under the symbol ADHC. This press release in no way constitutes any recommendation regarding the securities of ADHC or its affiliates. Any person reading this press release is advised that this release should be considered in the light of all facts and circumstances regarding the business and financial condition and prospects of ADHC, and no reference has been made that this release contains all information.
Contact:
adhcinvestor@gmail.com
Tel: 858-259-4534
SOURCE American Diversified Holdings Corporation | http://www.cnbc.com/2018/05/31/pr-newswire-american-diversified-holdings-corporation-nears-completion-of-brazos-biomedical-llc-acquisition.html | www.cnbc.com |
SHAREHOLDER ALERT: Monteverde & Associates PC Announces An Investigation Of Gramercy Property Trust - GPT | NEW YORK, May 18, 2018 /PRNewswire/ -- Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York City, is investigating Gramercy Property Trust ("Gramercy" or the "Company") (NYSE: GPT) relating to the sale of the Company to Blackstone Real Estate Partners VII. As a result of the sale, Gramercy shareholders are only anticipated to receive $27.50 in cash for each share of Gramercy.
Click here for more information: https://monteverdelaw.com/case/gramercy-property-trust . It is free and there is no cost or obligation to you.
The investigation focuses on whether Gramercy and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company's stockholders by 1) failing to conduct a fair process, and 2) whether and by how much this proposed transaction undervalues the Company.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
If you own common stock in Gramercy and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.
Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341
Attorney Advertising. (C) 2018 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC ( www.monteverdelaw.com ). Prior results do not guarantee a similar outcome with respect to any future matter.
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SOURCE Monteverde & Associates PC | http://www.cnbc.com/2018/05/18/pr-newswire-shareholder-alert-monteverde-associates-pc-announces-an-investigation-of-gramercy-property-trust--gpt.html | www.cnbc.com |
XCMG's Profit Surges as Global Economic Recovery Boosts Demand for Construction Machinery | XUZHOU, China, May 21, 2018 /PRNewswire/ -- XCMG (000425.SZ), the world's leading construction machinery manufacturer, has seen its earnings almost quadruple over the last year as the global economic recovery continued, and infrastructure investment in China increased demand for equipment including excavators, loaders and forklift trucks. The company, China's biggest exporter of construction machinery, is predicting solid growth in 2018 on the back of continued improvement in global markets despite rising trade friction between the United States and China.
For 2017, net profit surged 389.31% to RMB 1.02billion, up from RMB 208.6million the previous year, far outpacing the revenue growth of 72.46% that the company said in its previous annual report. In 2018, XCMG forecasts sales of RMB36.8 billion, representing year-on-year growth of 26.3%.
"Although rising protectionism and increasing Sino-U.S. friction casts a cloud over the global economy, the trend of globalization is irreversible, enabling XCMG to continue its global expansion," said Wang Min the President of XCMG. "In the domestic market, we will leverage our strength in product quality and sales channels to expand market share, and we will seek to become a 'smart manufacturer' by investing in technology and in our people."
Chinese construction machinery makers are benefiting from a recovery following a five-year downcycle, in 2011-2016, that saw the industry shrink by two-thirds from its peak. In 2017, China's infrastructure investment accelerated while the economy stabilized, giving the industry a boost.
Although XCMG's stellar performance last year was aided by industry consolidation that strengthened the company's market position, the bright spot is its strong overseas growth.
In 2017, XCMG become China's biggest exporter of construction machinery to the Asia-Pacific region, with sales jumping 71%. Meanwhile, exports to eight countries in South America grew 1.6 times while localization took root in the continent, and the company began conducting R&D on excavators locally. In Europe, XCMG's crane products were popular in Germany.
XCMG's overseas sales will continue to benefit from China's Belt & Road Initiative which is boosting infrastructure investment in regions along the modern "Silk Road" linking China with Eurasian countries.
XCMG will continue to expand its global market share by targeting key regions, stepping up investment in global research and services, and seeking breakthroughs in top-end markets in Europe and North America.
The company, the world's biggest maker of crane trucks and heavy-duty road rollers, will strengthen its core competitiveness while also exploring opportunities in new industries such as environmental protection. In addition, XCMG will invest heavily in the next generation of information technologies as part of its strategy to evolve into a "smart manufacturer."
About XCMG
XCMG (000425.SZ) is a multinational heavy machinery manufacturing company with a history of 74 years. It currently ranks sixth in the world's construction machinery industry. The company exports to more than 177 countries and regions around the world.
Visit: www.xcmg.com , or XCMG pages on Facebook , Twitter , YouTube , LinkedIn and Instagram .
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SOURCE XCMG | http://www.cnbc.com/2018/05/21/pr-newswire-xcmgs-profit-surges-as-global-economic-recovery-boosts-demand-for-construction-machinery.html | www.cnbc.com |
Del Frisco's to acquire tapas owner Barteca for $325 million | Del Frisco's Restaurant Group , known for its upscale steakhouses, told CNBC it will acquire Barteca Restaurant Group for $325 million in cash in a bid to expand its footprint and balance its portfolio.
The deal announced Monday represents a calculated move by Del Frisco's, which owns Del Frisco's Grill, Del Frisco's Double Eagle and Sullivan's Steak House, to grow in scale and reach new customers. It's a big step for a company with a market cap of $344.8 million.
Barteca is a 20-year-old company with two brands, Barcelona, an upscale casual dining restaurant that specializes in Spanish and Mediterranean cuisine, and Bartaco, which features a menu of "upscale street food" with bold South American, Mediterranean and Asian flavors.
(source: Barteca)
Both restaurants are known for wine, small plates and a comfortable, yet stylish atmosphere inspired by tapas bars in Spain and the beach culture of South America and Southern California.
These brands offer more than just a unique dining experience and locally sourced ingredients: They have small footprints, which make them ideal for placement in high-traffic urban areas where rent is inflated and large spaces are hard to find.
Growing its urban footprint "We've been looking for growth concepts, not maintenance concepts," Del Frisco's CEO Norman Abdallah told CNBC. "They have to have proven growth."
Barteca has been methodically expanding its number of restaurants over the last 20 years and currently has 15 Barcelona locations and 16 Bartaco locations. Abdallah expects over time the company would be able to open 50 to 100 Barcelona restaurants in the U.S. and 200 to 300 Bartacos.
Del Frisco's is expecting unit growth over the next five years to be 10 to 12 percent for all of its restaurant brands.
Del Frisco's has 25 Del Frisco's Grill locations, 13 Double Eagle locations and 15 Sullivan's steakhouses, predominantly situated in the major cities in the Northeast.
Barcelona and Barteca restaurants are smaller in size than Del Frisco's current brands. At about 4,500 to 5,000 square feet, they are dwarfed by Del Frisco's 14,000- to 17,000-square-foot steakhouses.
(source: Barteca)
While Barteca has been slow to grow its number of locations, its restaurants have a proven track record of strong sales. Barcelona has had positive same-store sales growth for 20 straight years and Bartaco has had mid-single to low double-digit same-store sales growth for the four years that it has been open.
In the first quarter ended April 3, Barcelona saw same-store sales grow 1.7 percent, while Bartaco saw growth of 2.6 percent. Abdallah expects these sales trends to continue after the acquisition.
Broadening its horizons Barteca and Del Frisco's brands focus on wine and an upscale menu, but their customers tend to be quite different, meaning there is less of a chance of sales being cannibalized if one brand is located near another, Abdallah said.
Diners that frequent Barcelona and Bartaco are similar to its Del Frisco Grill patrons in that they are looking for an experience when they eat out, not just a place to fuel up on food, and tend to be interested in socializing and purchasing alcohol. Customers typically spend about $33 to $40 per person at Barcelona and $22 to $28 per person at Barteca.
(source: Barteca)
The Double Eagle diner, however, is looking for a fine-dining restaurant for business dinners, company outings, anniversaries, birthdays or holidays, Abdallah said. These patrons tend to spend $115 to $125 per person.
Barteca's two brands allow Del Frisco's to hedge its bets against seasonality issues like weather or changes in customer food needs. While Barcelona and Bartaco tend to fare well in the spring and summer, Double Eagle is more favorable during the fall and winter, he said.
Bartaco, in particular, is susceptible to inclement weather, including rain, snow and cold temperatures because it relies on its patio as a core part of its business.
The deal with Barteca is expected to close by the end of the second quarter, according to Del Frisco's. Barteca's CEO Jeff Carcara will remain in his post and report directly to Abdallah.
Del Frisco's is set to report its first-quarter earnings before the opening bell on Monday. | https://www.cnbc.com/2018/05/07/del-friscos-to-acquire-tapas-owner-barteca-for-325-million.html | www.cnbc.com |
Putin, Merkel discuss U.S. withdrawal from Iran nuclear deal | Russian President Vladimir Putin said at a meeting with German Chancellor Angela Merkel on Friday that he would stand up to any attempts by U.S. President Donald Trump to block a Russian-German gas pipeline project.
Berlin and Moscow have been at loggerheads since Russia's annexation of Crimea four years ago, but they share a common interest in the Nordstream 2 pipeline project, which will allow Russia to export more natural gas to northern Europe.
A U.S. government official this week said Washington had concerns about the project, and that companies involved in Russian pipeline projects faced a higher risk of being hit with U.S. sanctions.
"Donald is not just the U.S. president, he's also a good, tough entrepreneur," Putin said at a news conference, alongside Merkel, after the two leaders had talks in the Russian Black Sea resort of Sochi.
"He's promoting the interests of his business, to ensure the sales of liquefied natural gas on the European market," Putin said.
"I understand the U.S. president. He's defending the interests of his business, he wants to push his product on the European market. But it depends on us, how we build our relations with our partners, it will depend on our partners in Europe."
"We believe it (the pipeline) is beneficial for us, we will fight for it." Merkel, who earlier in the day received a bouquet of pink and white roses from Putin as she arrived at his residence in Sochi, also hinted at tensions between Berlin and the Trump administration.
As well as the differences over Nordstream, European capitals are at odds with Washington over Trump's decision to withdraw from the Iranian nuclear deal. Moscow shares Europe's position on the deal.
"Germany, Britain, France, and all our partners in the European Union continue to support this deal and remain in this deal and we know that a very specific situation arose that we Europeans need to discuss with Iran," Merkel said at the news conference.
"I know that the deal is anything but perfect but it is better than no deal."
Asked about differences with the United States, Merkel told reporters: "We have a strong transatlantic friendship, which during its history has had to withstand many questions of different opinions, and I think that might be the case now as well."
"But this does not challenge the intensity of the transatlantic relationship," she said.
Some commentators have said that a shared opposition to Trump's stances on Iran and other issues could lead to a rapprochement between Europe and Russia, repairing a relationship badly damaged by the Ukraine conflict.
Putin's remarks about Trump were unusually forthright. While the Russian leader is frequently critical of U.S. policy, Putin has always been respectful in his comments on Trump, with whom Kremlin officials say he has built up a personal rapport. | https://www.cnbc.com/2018/05/18/putin-merkel-discuss-u-s-withdrawal-from-iran-nuclear-deal.html | www.cnbc.com |
Oil prices drop on potential increase in OPEC output | SEOUL, May 24 (Reuters) - Oil prices fell on Thursday, pulled down by expectations that OPEC members could step up production in the face of worries over supply from both Venezuela and Iran.
International benchmark Brent futures were down 15 cents, or 0.19 percent, at $79.65 per barrel at 0103 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 10 cents, or 0.14 percent, at $71.74 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) may decide to increase oil output to make up reduced supply from Iran and Venezuela in response to concerns from Washington over a rally in oil prices, OPEC and oil industry sources told Reuters.
Supply concerns in Iran and Venezuela following new U.S. sanctions had pushed both Brent and WTI to multi-year highs, with Brent breaking through a $80 threshold last week for the first time since November 2014.
"The chat is still that OPEC will do something at its June meeting in reaction to the looming prospect of a fall in crude production and exports from both Iran and Venezuela as the year progresses," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22. The group previously agreed to curb their output by about 1.8 million barrels per day to boost oil prices and clear a supply glut.
"Any signs that the group may be heading towards an early exit from the production cut agreement would weigh on prices," ANZ bank said in a note.
A surprise increase in U.S. weekly crude stockpiles also kept a lid on oil prices. Commercial U.S. crude inventories rose <C-STK-T-EIA> by 5.8 million barrels in the week to May 18, beating analyst expectations for a decrease of 1.6 million barrels, the Energy Information Administration (EIA) said on Wednesday.
Meanwhile, Libya, which is an OPEC member, cut its oil production by about 120,000 barrels per day as unusually hot weather prompted power problems, an official from the National Oil Corp said on Wednesday. (Reporting by Jane Chung Editing by Joseph Radford) | https://www.cnbc.com/2018/05/23/reuters-america-oil-prices-drop-on-potential-increase-in-opec-output.html | www.cnbc.com |
UK Stocks-Factors to watch on May 21 | May 21 (Reuters) - Britain's FTSE 100 index is seen opening up 52 points on Monday, according to financial bookmakers. * BRITAIN ECONOMY: British households became much cheerier about their financial situation this month, according to a survey on Monday that will hearten Bank of England officials who think the economy's weak start to the year was temporary. * DRAX: British power company Drax will start work this month on a pilot bioenergy carbon capture and storage (CCS) project at its plant in Yorkshire, northern England, it said on Monday. * GLENCORE: Glencore on Friday said it could not comment on a report by Bloomberg that it may face an enquiry from Britain's Serious Fraud Office into allegations of bribery linked to its operations in Democratic Republic of Congo. * RYANAIR: Ryanair posted a record annual profit on Monday as it brushed off a rostering mess-up that forced it to cancel flights and sparked a dispute with pilots, but warned profits would fall back in the coming year due to higher costs and no fare growth. * MARKS & SPENCER: The outgoing UK and Ireland chief executive of retailer Dixons Carphone is in discussion with Marks & Spencer about joining the firm's board, Sky News reported on Saturday. * GSK: U.S. and European regulators said they were assessing evidence that GlaxoSmithKline's HIV drug dolutegravir might be linked to serious birth defects, casting a shadow over a medicine that has been a key profit driver in recent years. * ASTRAZENECA: More than a third of AstraZeneca shareholders staged a revolt over bonuses at the pharmaceutical company on Friday, following concerns about levels of disclosures and outcomes under the company's incentive scheme. * BMW RECALL: BMW is expanding a recall of vehicles in Britain, which it launched last week, by 88,000 cars to a total of 390,000, in the wake of a BBC investigation which found that some vehicles could cut out completely while being driven. * OIL: Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold". * The UK blue chip index closed 0.1 percent lower at 7,778.79 on Friday. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: BGEO Group PLC Q1 2018 Earnings Release TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Radhika Rukmangadhan in Bengaluru)
| https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-21-idUSL3N1SS2A4 | www.reuters.com |
NSM Insurance Group Acquires Fresh Insurance | CONSHOHOCKEN, Pa., May 21, 2018 /PRNewswire/ -- NSM Insurance Group announced today that their UK arm, Vantage Holdings, has acquired Fresh Insurance Services Group Limited. Fresh Insurance is an insurance broker based in Redditch, West Midlands that specializes in non-standard personal lines products, motor trade, van, and travel insurance. This is the second acquisition made by Vantage Holdings since it was acquired by NSM Insurance Group in December 2016 and forms an integral piece of their growth strategy of expanding in the UK insurance market.
Geof McKernan, CEO of NSM Insurance Group, said, "We are excited to continue our growth and expansion in the UK with Fresh Insurance. They have a strong track record of providing excellent service and expertise to the niche-specific industries they serve, which makes them a perfect fit for our portfolio of dynamic, specialized businesses. We welcome the Fresh team to our UK operation."
"This acquisition is another important step in our ambition to become one of the UK's leading specialist insurance agencies," John Collyear, CEO of Vantage said. "A key aspect of this growth strategy is to expand our specialist insurance operations, and we were particularly attracted to Fresh because of the nature of their business and their distribution model. They, like us, are highly niche, and their expertise in non-standard personal lines products, such as young drivers and hard to insure household, will complement our growing portfolio of specialist insurance business."
Lisa Powis CEO of Fresh Insurance said, "This is an exciting opportunity for Fresh Insurance. We share the same customer-centric values as the Vantage Group and a common goal to be the number one niche insurance broker in the UK. Vantage Insurance is a fantastic business, and I believe it is an ideal fit for us. The last 16 years have been an incredible journey working with the brilliant team at Fresh and working with some great people across the industry."
Mike Wall, Fresh Insurance Managing Director, added, "I am thrilled to be working with John and the team at Vantage. There is great synergy between us; we both have multiple niche brands covering a range of specialist insurance products. In coming together, I truly believe we can offer both our clients and our insurer partners something unique. We look forward to working with Vantage to deliver on our plans in the years to come."
About NSM Insurance Group
For more than 27 years, NSM Insurance Group has been an industry leader in the development, implementation, marketing and underwriting of industry-specific insurance programs. The company's insurance programs include social services and behavioral health; CAT driven property; collector cars; workers' compensation; staffing; sports and fitness; breweries and wineries; professional liability for architects and engineers; and pet insurance. NSM Insurance Group is a subsidiary of White Mountains Insurance Group, Ltd. (NYSE: WTM) and is aggressively seeking to acquire additional program managers and niche specific insurance businesses. For more information, contact Bill McKernan at 610-808-9561.
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SOURCE NSM Insurance Group | http://www.cnbc.com/2018/05/21/pr-newswire-nsm-insurance-group-acquires-fresh-insurance.html | www.cnbc.com |
UPDATE 2-Facebook's Zuckerberg to apologize to EU lawmakers over data leak | * CEO faces grilling over Cambridge Analytica scandal
* Days before tough EU data protection rules take effect
* Zuckerberg to meet France's Macron on Wednesday (Recasts with apology from pre-released remarks)
BRUSSELS, May 22 (Reuters) - Facebook boss Mark Zuckerberg arrived to meet European Union lawmakers on Tuesday ready to apologize for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world's biggest social media network.
Zuckerberg agreed to meet leaders of the European Parliament to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU.
According to pre-released remarks, Zuckerberg will say it has become clear "over the last couple of years that we haven't done enough to prevent the tools we've built from being used for harm as well."
"Whether it's fake news, foreign interference in elections or developers misusing peoples information, we didnt take a broad enough view of our responsibilities. That was a mistake, and Im sorry."
His comments echo an apology last month to U.S. lawmakers, but questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence.
Zuckerberg's appearance in Brussels comes three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them.
Zuckerberg will stress Facebook's commitment to Europe, where it expects to employ 10,000 people by the end of the year.
"I believe deeply in what we're doing. And when we address these challenges, I know we'll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world," he will say.
Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data.
Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down.
But some European officials want a tougher line on big technology firms. Tommaso Valletti, chief economist at the European Commission's competition unit, said earlier on Tuesday Facebook and other technology giants could face more regulatory scrutiny because of their market power.
Facebook's compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliamentary elections next year.
After plunging when the data leak scandal broke in March, Facebook shares have recovered, helped by stronger-than-expected quarterly results.
Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers.
(Reporting by Julia Fioretti, Editing by Larry King and Mark Potter) | https://www.cnbc.com/2018/05/22/reuters-america-update-2-facebooks-zuckerberg-to-apologize-to-eu-lawmakers-over-data-leak.html | www.cnbc.com |
Hydro One and Avista receive Federal Communications Commission approval for proposed merger | TORONTO and SPOKANE, WA, May 7, 2018 /PRNewswire/ - Hydro One Limited ("Hydro One") (TSX: H) and Avista Corporation ("Avista") (NYSE: AVA) announced that on May 4, 2018, the companies received the Federal Communications Commission's ("FCC") consent to close their merger.
Applications for regulatory approval of the transaction are still pending with utility commissions in Idaho, Alaska, Washington, Oregon and Montana. An all-parties, all-issues settlement agreement was filed with the Idaho Public Utilities Commission on April 13, 2018. An all-parties, all-issues settlement agreement was filed with the Regulatory Commission of Alaska on April 3, 2018. An all-parties, all-issues settlement agreement was filed with the Washington Utilities and Transportation Commission on March 27, 2018.
Hydro One and Avista received antitrust clearance on April 5, 2018 after the expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The transaction received approval from the Federal Energy Regulatory Commission on January 16, 2018 and from Avista shareholders on November 21, 2017. Also required is clearance by the Committee on Foreign Investment in the United States as well as the satisfaction of other customary closing conditions. Hydro One and Avista continue to anticipate closing the transaction in the second half of 2018.
About Hydro One Limited
We are Ontario's largest electricity transmission and distribution provider with more than 1.3 million valued customers, over C$25 billion in assets and 2017 annual revenues of nearly C$6 billion. Our team of over 7,400 skilled and dedicated regular and non-regular employees proudly and safely serves suburban, rural and remote communities across Ontario through our 30,000 circuit km of high-voltage transmission and 123,000 circuit km of primary distribution networks. Hydro One is committed to the communities we serve, and has been rated as the top utility in Canada for its corporate citizenship, sustainability, and diversity initiatives. We are one of only five utility companies in Canada to achieve the Sustainable Electricity Company designation from the Canadian Electricity Association. We also provide advanced broadband telecommunications services on a wholesale basis utilizing our extensive fibre optic network through Hydro One Telecom Inc. Hydro One Limited's common shares are listed on the Toronto Stock Exchange (TSX: H).
Forward-Looking Statements and Information
This press release and the joint application and settlement agreement to which it refers may contain "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com . Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.
About Avista Corporation
Avista Corporation is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 385,000 customers and natural gas to 350,000 customers. Its service territory covers 30,000 square miles in eastern Washington, northern Idaho and parts of southern and eastern Oregon, with a population of 1.6 million. Alaska Energy and Resources Company is an Avista subsidiary that provides retail electric service in the city and borough of Juneau, Alaska, through its subsidiary Alaska Electric Light and Power Company . Avista stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.myAvista.com .
This news release contains forward-looking statements regarding the company's current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2017 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018.
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SOURCE Hydro One Limited | http://www.cnbc.com/2018/05/07/pr-newswire-hydro-one-and-avista-receive-federal-communications-commission-approval-for-proposed-merger.html | www.cnbc.com |
PRESS DIGEST- Financial Times - May 28 | May 28 (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
Smiths Group and ICU Medical in talks over healthcare merger on.ft.com/2xir9YN
U.S. officials enter North Korea to prepare for summit on.ft.com/2xkO5H0
Qatar bans imports from four Arab neighbours on.ft.com/2ISUgmV
Overview
British engineering firm Smiths Group Plc is in very early stage discussions about a potential combination of its medical division with U.S.-based ICU Medical Inc, the British group said on Sunday.
A U.S. team had arrived in North Korea to prepare for a proposed summit between President Donald Trump and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.
Qatar said it was banning products originating from the United Arab Emirates, Saudi Arabia, Egypt and Bahrain, almost a year after those states imposed an embargo on Doha, accusing it of supporting terrorism.
Compiled by Bengaluru newsroom
| https://www.reuters.com/article/britain-press-ft/press-digest-financial-times-may-28-idUSL3N1SY0VN | www.reuters.com |
Simplicity Announces Management Team Additions | NEW YORK, May 1, 2018 /PRNewswire/ -- Simplicity Financial Marketing Group Holdings, Inc. (Simplicity) announced today several additions and changes to its management team, all of which are designed to strengthen the business as it continues its rapid growth.
William A. Malloy has transitioned back to the Board of Directors and will serve as Simplicity's Chairman. Bruce G. Donaldson has assumed the role of Chief Executive Officer and Mitchell M. Leidner has been appointed as the Chief Financial Officer. Simplicity also confirmed its prior appointment of Leigh B. Smith as the group's Chief Operating Officer.
Commenting on the announcement, Mr. Malloy said: "Two years ago when we repositioned our business for growth, I chose Bruce to help lead our transformation and put us in position to become the leading insurance distribution business in the country. During this time, Bruce has demonstrated great leadership. Bruce has led our growth with the acquisition of seven new businesses and he has also strengthened and integrated our core distribution capabilities. I feel now is the perfect time to formally appoint Bruce as the day-to-day leader of Simplicity and for me to transition back to the Board."
"I am very grateful to Bill for his partnership and leadership over the last two years. We have grown Simplicity together and established a strong culture of partnership among our deep bench of insurance principals. While I will miss my day-to-day interactions with Bill, I am very pleased that he has agreed to continue with Simplicity as Chairman. I am also grateful to Aquiline Capital Partners for their confidence and the continued support of our business," said Mr. Donaldson.
Aquiline Capital Partners remains Simplicity's owner and Mitch Leidner, an Aquiline partner, now serves as Simplicity's Chief Financial Officer. "Mitch brings a wealth of financial, capital markets, and general business expertise to the CFO position and we could not have a better professional to lead our finance team," said Mr. Donaldson. In addition, Simplicity is pleased to confirm that Leigh Smith serves as its Chief Operating Officer, bringing over 20 years of insurance distribution experience to the role. Mr. Donaldson said: "Over the last year, Leigh has demonstrated technical knowledge, operational expertise, and an overwhelming enthusiasm for driving production for Simplicity's advisors. She is the consummate professional and will continue to lead operational improvements for Simplicity."
Over the last two years, Simplicity has reorganized its business and its management team with the sole focus of building the leading insurance distribution business in the country. By acquiring and partnering with leading businesses, Simplicity is creating a unique insurance distribution platform. Each of Simplicity's operating businesses (like InsurMark, Imeriti Financial Network, etc.) is managed by its local management team but with the benefit of being able to access Simplicity Group resources. By partnering with leading insurance distributors, Simplicity seeks to attract the best business leaders, marketers, sales and operations staff, in order to recruit and serve the best advisors. Simplicity has had nine insurance distribution businesses join the Simplicity Group and Simplicity will continue to add new businesses to its platform over the coming years.
About Simplicity Group Holdings
Simplicity Group Holdings has acquired and owns nine insurance distribution businesses and is one of the nation's largest financial marketing organizations--providing annuity, life insurance, and retirement solutions to independent insurance professionals, financial advisors and their clients through its operating subsidiaries.
More information about Simplicity may be found at: http://www.simplicitymarketing.com
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SOURCE Simplicity Financial Marketing Group Holdings, Inc. | http://www.cnbc.com/2018/05/01/pr-newswire-simplicity-announces-management-team-additions.html | www.cnbc.com |
SHAREHOLDER ALERT: Monteverde & Associates PC Announces An Investigation Of Cadus Corporation - KDUS | NEW YORK, May 17, 2018 /PRNewswire/ -- Juan Monteverde , founder and managing partner at Monteverde & Associates PC , a national securities firm headquartered at the Empire State Building in New York City, is investigating Cadus Corporation ("Cadus" or the "Company") (Other OTC: KDUS) relating to the sale of the Company to Starfire Holding Corporation. As a result of the merger, Cadus shareholders are only anticipated to receive $1.61 in cash in exchange for each share of Cadus.
Click here for more information: https://monteverdelaw.com/case/cadus-corporation . It is free and there is no cost or obligation to you.
The investigation focuses on whether Cadus and its Board of Directors violated securities laws and/or breached their fiduciary duties to the Company's stockholders by 1) failing to conduct a fair process, 2) whether and by how much this proposed transaction undervalues the Company by and 3) failing to disclose all material financial information in connection with the shareholder meeting on June 28, 2018.
Monteverde & Associates PC is a national class action securities and consumer litigation law firm that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct. Mr. Monteverde, who leads the legal team at the firm, has been recognized by Super Lawyers as a Rising Star in Securities Litigation in 2013 and 2017, an award given to less than 2.5% of attorneys in a particular field. He has also been selected by Martindale-Hubbell as a 2017 Top Rated Lawyer.
If you own common stock in Cadus and wish to obtain additional information and protect your investments free of charge, please visit our website or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.
Contact:
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4405
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341
Attorney Advertising. (C) 2018 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC ( www.monteverdelaw.com ). Prior results do not guarantee a similar outcome with respect to any future matter.
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SOURCE Monteverde & Associates PC | http://www.cnbc.com/2018/05/17/pr-newswire-shareholder-alert-monteverde-associates-pc-announces-an-investigation-of-cadus-corporation--kdus.html | www.cnbc.com |
The Wrench Group acquires Plumbline in Denver, Colorado | ATLANTA, May 1, 2018 /PRNewswire/ -- The Wrench Group ("Wrench"), a national leader in home repair and maintenance services specializing in heating, air conditioning, plumbing and electrical, announced today the acquisition of Plumbline Services, Inc.
The move represents the third acquisition in the last 18 months for Wrench, accelerating growth and expansion into the Mountain states and adding another heritage home services brand to the growing portfolio of best-in-class home services companies.
"We believe the Denver metro area represents an excellent opportunity to expand Wrench," said Ken Haines, CEO of Wrench. "The market is experiencing explosive growth and the acquisition of another thriving brand that shares the same commitment to its customers and team members supports and strengthens our overall portfolio of well-established, well-branded and professionally managed organizations."
Leading Plumbline will be Bob Logan as President and Jon Heggie as Vice President. Founder and current owner Jeff Belk plans to retire. The management team will report to Wrench CEO Ken Haines and will continue to operate under its current brand, offering plumbing, heating, ventilation, air conditioning and electrical services to the Denver marketplace.
Bob Logan singles out Jeff Belk for his inspiration and leadership since founding the company. "All the way back to 1998, Jeff poured his personal values and integrity into this organization. His legacy will continue as our inspiration to provide the finest in quality workmanship and value to families and businesses we serve continues."
Jon Heggie expects to build on Wrench's strength, "We were founded on strong core values of customer service and that carried us forward to the point where we can now expand and grow the business backed by the resources and capabilities of Wrench. To our customers and team members in the Denver area, this means an even better value, better training and the capacity to serve even greater numbers of homeowners and businesses across the marketplace. It's an exciting time for Plumbline."
ABOUT THE WRENCH GROUP
The Wrench Group is a national leader in home repair and maintenance services specializing in heating, ventilation and air conditioning, plumbing and electrical services. The Company collectively serves over 275,000 customers in the Houston, Dallas, Atlanta, Denver and Phoenix metropolitan areas. The divisions have each developed strong reputations in their respective regions with brands that date back to the 1940s. For more information, please visit: www.wrenchgroup.com
MEDIA CONTACT
Tonja K. Morris
tmorris@wrenchgroup.com
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SOURCE Wrench Group, LLC | http://www.cnbc.com/2018/05/01/pr-newswire-the-wrench-group-acquires-plumbline-in-denver-colorado.html | www.cnbc.com |
Bill Browder says arrest in Spain is another case of Putin 'going after me' over Magnitsky Act | Bill Browder says arrest in Spain is another case of Putin 'going after me' over Magnitsky Act Investor Bill Browder says he was arrested at a hotel in Madrid on Wednesday. He tells CNBC that Spanish police told him Interpol issued a warrant for his arrest based on a Russian request. Browder says he was quickly released but that Putin has been "going after me in every different way" since Browder began campaigning for the Magnitsky Act. 2 Hours Ago | 04:26
London-based investor and prominent Kremlin critic Bill Browder told CNBC that his arrest in Madrid on Wednesday was another attempt by Russian President Vladimir Putin to put a stop to his political activities.
"He's been going after me in every different way, trying to have me arrested, trying to have me sued, doing all sorts of crazy stuff," Browder said on " Power Lunch " Wednesday. "And today was just one more example of that."
Browder, co-founder and CEO of Hermitage Capital Management, said Spanish national police officers showed up to his hotel around 9:40 a.m. and told him they had a warrant for his arrest from Interpol, based on a Russian request.
"I don't know how they found out, but they knew I was going to be in Spain, and they tracked me down in Spain and got this organized," Browder said.
"It was all based on a Russian warrant," he added.
Browder live-tweeted the events of the day. TWEET
He has since returned to his home in London.
The American-born Browder, author of the 2015 book "Red Notice," did business in Russia for more than a decade. His lawyer, Sergei Magnitsky, died in a Russian prison in 2009 after exposing corruption in the government. Since then Browder has led an anti-corruption campaign against Russian officials. In 2012, the U.S. Congress passed the Magnitsky Act, which sanctions Russians for alleged human rights abuses. Since then it has been difficult for some Russians to obtain visas to enter the U.S.
As a result, Browder said, Russian officials seek retribution.
"This is something that is front and center of Putin's mind," he said. "He absolutely hates the Magnitsky Act. He stated it as the single largest foreign policy priority to repeal it."
Last October, Canada passed its own version of the act, something Browder told CNBC he was "responsible for." Within a few days, he said, he was placed on Interpol's wanted list. Browder said he's been on the list six times, per Russian request, since 2013.
Last week the U.K.'s House of Commons passed its own version of the Magnitsky Act.
"In doing so, it ... creates a hostile environment for Putin and his cronies in London," Browder said. "And I'm sure that they're very mad about that." Kellie Ell News Associate for CNBC Playing | https://www.cnbc.com/2018/05/30/bill-browder-says-arrest-in-spain-is-another-case-of-putin-going-after-me-over-magnitsky-act.html | www.cnbc.com |
EMERGING MARKETS-Brazil real surges, Mexico peso slips past 20/dlr | (Updates prices, adds detail on Mexico peso) SAO PAULO, May 21 (Reuters) - Brazil's real gained more than 1 percent on Monday after the country's central bank boosted its currency swap program, while Mexico's peso weakened past 20 per dollar to a more than one-year low. Brazil's central bank on Friday had said it would triple the currency swap contracts - equivalent to operations to sell dollars in futures markets - offered daily, after the real fell to its lowest level in more than two years. The real on Monday rose 1.35 percent, although traders said the currency might have risen more had it not been for market caution ahead of the scheduled release on Tuesday of the Brazilian central bank minutes. Mexico's peso briefly blew past 20 per dollar, touching its weakest level since March 2017, before slightly rebounding. The peso is likely to trade weaker than 20 to the dollar as talks drag out to renegotiate the North American Free Trade Agreement, analysts at Mexico's Banco Base said. U.S. Treasury Secretary Steven Mnuchin on Monday said major issues remained among the United States, Canada and Mexico to rework the treaty, and that there was no specific deadline. In Argentina, the volatile peso strengthened 0.23 percent amid optimism over ongoing efforts by the government to obtain a financing line from the International Monetary Fund. Stocks suffered across Latin America, led by Brazil's Bovespa index, down 1.28 percent, and Mexico's IPC index , down about 0.80 percent. In Brazil, shares of iron ore producer Vale S.A. fell more than 3 percent, in line with the drop in China's iron ore futures to their weakest level in two weeks. Key Latin American stock indexes and currencies at 1954 GMT: Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1139.29 0.14 -1.79 MSCI LatAm 2702.53 0.04 -4.48 Brazil Bovespa 82016.72 -1.28 7.35 Mexico IPC 45296.01 -0.81 -8.22 Chile IPSA 5667.86 -0.38 1.86 Chile IGPA 28679.66 -0.29 2.50 Argentina MerVal 31768.11 -0.32 5.66 Colombia IGBC 12107.50 -0.16 6.48 Venezuela IBC 22795.88 -0.66 1704.70 Currencies daily % YTD % change change Latest Brazil real 3.6891 1.35 -10.19 Mexico peso 19.8550 0.43 -0.79 Chile peso 636.5 0.00 -3.43 Colombia peso 2875 1.52 3.72 Peru sol 3.283 0.12 -1.40 Argentina peso 24.3750 0.23 -23.69 (interbank) Argentina peso 25.3 0.40 -23.99 (parallel) (Reporting by Gram Slattery, Claudia Violante, Miguel Angel Gutierrez and Daina Beth Solomon Editing by Paul Simao and Lisa Shumaker)
| https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-real-surges-mexico-peso-slips-past-20-dlr-idUSL2N1SS1GZ | www.reuters.com |
BRIEF-Temasek Holdings Cuts Share Stake In Goldman Sachs, Morgan Stanley, Amazon | May 15 (Reuters) - Temasek Holdings (Private) Ltd:
* TEMASEK HOLDINGS (PRIVATE) LTD TAKES SHARE STAKE IN WORLDPAY INC OF 2.2 MILLION SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD UPS SHARE STAKE IN ICICI BANK LTD TO 8.6 MILLION ADR FROM 2.8 MILLION ADR - SEC FILING
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN GOLDMAN SACHS GROUP INC BY 54.8 PERCENT TO 6,132 SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD TAKES SHARE STAKE OF 3.2 MILLION SHARES IN HOMOLOGY MEDICINES INC
* TEMASEK HOLDINGS (PRIVATE) LTD TAKES SHARE STAKE OF 70,600 SHARES IN WALT DISNEY CO
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN AMAZON.COM INC BY 45.2 PERCENT TO 72,215 SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN MORGAN STANLEY BY 55.3 PERCENT TO 32,273 SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN EVOQUA WATER TECHNOLOGIES CO BY 25.3 PERCENT TO 6 MILLION SHARES
* TEMASEK HOLDINGS (PRIVATE) LTD: CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017
* TEMASEK HOLDINGS (PRIVATE) LTD CUTS SHARE STAKE IN GOLDMAN SACHS GROUP INC BY 54.8 PERCENT TO 6,132 SHARES Source for the quarter ended Mar 31, 2018: bit.ly/2GfUouE Source for the quarter ended Dec 31, 2017: bit.ly/2EIA1d2
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/brief-temasek-holdings-cuts-share-stake/brief-temasek-holdings-ltd-cuts-share-stake-in-morgan-stanley-goldman-sachs-idUSFWN1SM0MU | www.reuters.com |
Mark Zuckerberg will appear before EU regulators, president says | Mark Zuckerberg declined an invitation to testify before U.K. officials, but he's agreed to meet with the EU Parliament as soon as next week.
"The Conference of Presidents has agreed that Mark Zuckerberg should come to clarify issues related to the use of personal data in a meeting with representatives of the European Parliament," Antonio Tajani, president of the European Parliament, said in a statement. "The founder and CEO of Facebook has accepted our invitation and will be in Brussels as soon as possible, hopefully already next week."
EU officials have issued some of the strictest regulation on Silicon Valley in recent months, most notably the General Data Protection Regulation, or GDPR , that is requiring major tech companies like Facebook, Twitter and Google to significantly adjust privacy policies.
"Our citizens deserve a full and detailed explanation," Tajani said. "Web giants must be responsible for the content they publish."
Facebook is facing governmental probes from regulators around the world in the wake of reports that research firm Cambridge Analytica improperly gained access to the sensitive information of as many as 87 million Facebook users.
A spokesperson for Facebook confirmed Zuckerberg accepted the invitation to meet.
"[We] appreciate the opportunity for dialogue, to listen to their views and show the steps we are taking to better protect people's privacy," the spokesperson said.
Here's Tajani's full statement:
tweet with statement | https://www.cnbc.com/2018/05/16/mark-zuckerberg-will-appear-before-eu-regulators-president-says.html | www.cnbc.com |
FDA approves new uses for two drugs administered together for the treatment of BRAF-positive anaplastic thyroid cancer | SILVER SPRING, Md., May 4, 2018 /PRNewswire-USNewswire/ -- The U.S. Food and Drug Administration approved Tafinlar (dabrafenib) and Mekinist (trametinib), administered together, for the treatment of anaplastic thyroid cancer (ATC) that cannot be removed by surgery or has spread to other parts of the body (metastatic), and has a type of abnormal gene, BRAF V600E (BRAF V600E mutation-positive).
"This is the first FDA-approved treatment for patients with this aggressive form of thyroid cancer, and the third cancer with this specific gene mutation that this drug combination has been approved to treat," said Richard Pazdur, M.D., director of the FDA's Oncology Center of Excellence and acting director of the Office of Hematology and Oncology Products in the FDA's Center for Drug Evaluation and Research. "This approval demonstrates that targeting the same molecular pathway in diverse diseases is an effective way to expedite the development of treatments that may help more patients."
Thyroid cancer is a disease in which cancer cells form in the tissues of the thyroid gland. Anaplastic thyroid cancer is a rare, aggressive type of thyroid cancer. The National Institutes of Health estimates there will be 53,990 new cases of thyroid cancer and an estimated 2,060 deaths from the disease in the United States in 2018. Anaplastic thyroid cancer accounts for about 1 to 2 percent of all thyroid cancers.
Both Tafinlar and Mekinist are also approved for use, alone or in combination, to treat BRAF V600 mutation-positive metastatic melanoma. Additionally, Tafinlar and Mekinist are approved for use, in combination, to treat BRAF V600E mutation-positive, metastatic non-small cell lung cancer.
The efficacy of Tafinlar and Mekinist in treating ATC was shown in an open-label clinical trial of patients with rare cancers with the BRAF V600E mutation. Data from trials in BRAF V600E mutation-positive, metastatic melanoma or lung cancer and results in other BRAF V600E mutation-positive rare cancers provided confidence in the results seen in patients with ATC. The trial measured the percent of patients with a complete or partial reduction in tumor size (overall response rate). Of 23 evaluable patients, 57 percent experienced a partial response and 4 percent experienced a complete response; in nine (64 percent) of the 14 patients with responses, there were no significant tumor growths for six months or longer.
The side effects of Tafinlar and Mekinist in patients with ATC are consistent with those seen in other cancers when the two drugs are used together. Common side effects include fever (pyrexia), rash, chills, headache, joint pain (arthralgia), cough, fatigue, nausea, vomiting, diarrhea, myalgia (muscle pain), dry skin, decreased appetite, edema, hemorrhage, high blood pressure (hypertension) and difficulty breathing (dyspnea).
Severe side effects of Tafinlar include the development of new cancers, growth of tumors in patients with BRAF wild-type tumors, serious bleeding problems, heart problems, severe eye problems, fever that may be severe, serious skin reactions, high blood sugar or worsening diabetes, and serious anemia.
Severe side effects of Mekinist include the development of new cancers; serious bleeding problems; inflammation of intestines and perforation of the intestines; blood clots in the arms, legs or lungs; heart problems; severe eye problems; lung or breathing problems; fever that may be severe; serious skin reactions; and high blood sugar or worsening diabetes.
Both Tafinlar and Mekinist can cause harm to a developing fetus; women should be advised of the potential risk to the fetus and to use effective contraception.
The FDA granted Priority Review and Breakthrough Therapy designation for this indication. Orphan Drug designation, which provides incentives to assist and encourage the development of drugs for rare diseases, was also granted for this indication.
The FDA granted this approval to Novartis Pharmaceuticals Corporation.
The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation's food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products.
For more information:
FDA: Office of Hematology and Oncology Products
FDA: Approved Drugs: Questions and Answers
FDA: Fast Track, Breakthrough Therapy, Accelerated Approval, Priority Review
NIH: Thyroid Cancer
Media Inquiries: Sandy Walsh, 301-796-4669, sandy.walsh@fda.hhs.gov
Consumer Inquiries: 888-INFO-FDA
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SOURCE U.S. Food and Drug Administration | http://www.cnbc.com/2018/05/04/pr-newswire-fda-approves-new-uses-for-two-drugs-administered-together-for-the-treatment-of-braf-positive-anaplastic-thyroid-cancer.html | www.cnbc.com |
UPDATE 1-Oil prices drop on potential increase in OPEC output | * U.S. crude, gasoline inventories rise unexpectedly -EIA
* Brent-WTI spread near widest in three years
* OPEC set to meet next month (Adds analyst comment, updates prices)
SEOUL, May 24 (Reuters) - Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran.
A surprise build up in crude oil inventories in the United States also weighed on prices, driving the spread between Brent crude and U.S. West Texas Intermediate (WTI) close to its widest in three years. <CL-LCO1=R>
International benchmark Brent futures were down 27 cents, or 0.34 percent, at $79.53 per barrel at 0300 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 17 cents, or 0.24 percent, at $71.67 a barrel.
The Organization of Petroleum Exporting Countries (OPEC) may decide to increase oil output to make up reduced supply from Iran and Venezuela in response to concerns from Washington over a rally in oil prices, OPEC and oil industry sources told Reuters.
Supply concerns in Iran and Venezuela following new U.S. sanctions had pushed both Brent and WTI to multi-year highs, with Brent breaking through an $80 threshold last week for the first time since November 2014.
"The chat is still that OPEC will do something at its June meeting in reaction to the looming prospect of a fall in crude production and exports from both Iran and Venezuela as the year progresses," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
OPEC and some non-OPEC major oil producers are scheduled to meet in Vienna on June 22. The group previously agreed to curb their output by about 1.8 million barrels per day to boost oil prices and clear a supply glut.
"Any signs that the group may be heading towards an early exit from the production cut agreement would weigh on prices," ANZ bank said in a note.
Meanwhile, commercial U.S. crude inventories rose <C-STK-T-EIA> by 5.8 million barrels in the week to May 18, beating analyst expectations for a decrease of 1.6 million barrels, the Energy Information Administration (EIA) said on Wednesday.
Elsewhere, Libya, which is an OPEC member, cut its oil production by about 120,000 barrels per day as unusually hot weather prompted power problems, an official from the National Oil Corp said on Wednesday.
Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore, said that prices were getting some support from talk that Sinopec, Asia's largest refiner, would increase U.S. crude oil imports to a record high.
"Recent flow is suggesting short-term traders are looking to sell the $80 per barrel chart-toppers anticipating a possible compliance shift within the OPEC-Non Opec supply agreement," he added in a note on Thursday. (Reporting by Jane Chung and Jessica Jaganathan Editing by Joseph Radford) | https://www.cnbc.com/2018/05/23/reuters-america-update-1-oil-prices-drop-on-potential-increase-in-opec-output.html | www.cnbc.com |
AT&T paid Trump lawyer Michael Cohen up to $600,000 for insights into the president's thoughts: Source | Telecommunications giant AT&T paid Michael Cohen , the personal lawyer for President Donald Trump , up to $600,000 as part of a consulting contract to get insight into Trump's thinking, a source told CNBC on Wednesday.
The source said that the payment to Cohen was for "actual work done," adding: "And it wasn't to pay for access to the president."
"It was to pay for an understanding of the inner workings of Trump, his thought process, how he likes to operate, how he likes to make decisions, how he processes information," the source said.
"And how he thinks about the big issues," the source added.
AT&T told employees Wednesday in a memo that it had hired Cohen as one of several consultants to "help us understand how the President and his administration might approach a wide range of policy issues important to the company, including regulatory reform at the FCC, corporate tax reform and antitrust enforcement."
AT&T is trying to buy media conglomerate Time Warner for $85 billion. The Justice Department opposes the deal on antitrust grounds, and now the companies are awaiting a verdict from a federal judge.
Another company that paid Cohen, Swiss drug giant Novartis , signed a consulting contract with him in February 2017 after he approached the company and promised "access" to the new Trump administration, according to NBC News, citing a Novartis official.
Novartis revealed earlier Wednesday that it had paid Cohen $1.2 million for consulting work related to health-care policy.
The company said it continued paying the president's personal lawyer under that one-year contract despite finding out within just a month or so that Cohen was unable to do the work expected.
On Tuesday, a bombshell report released by the lawyer for porn star Stormy Daniels said that Cohen, Trump's longtime attorney and confidant, had received a series of suspicious payments from several companies, including AT&T and Novartis.
Daniels' lawyer, Michael Avenatti, had said Cohen's shell company, Essential Consultants, had received a total of $200,000 in four monthly installment payments of $50,000 from AT&T.
But under the contract that AT&T had with Cohen, the lawyer may have been paid up to $600,000, according to the source who spoke with CNBC.
Essential Consultants was set up by Cohen in October 2016, and soon afterward it paid Daniels $130,000 in a hush-money deal in which she agreed not to discuss an alleged sexual encounter with Trump. The White House denies the tryst occurred.
AT&T on Tuesday night had told CNBC that Cohen's company "was one of several firms we engaged in early 2017 to provide insights into understanding the new administration."
In a memo sent to its employees on Wednesday, AT&T said:
Late yesterday, many media outlets reported that in 2017, AT&T hired Michael Cohen, a former lawyer with the Trump Organization. We want you to know the facts.
In early 2017, as President Trump was taking office, we hired several consultants to help us understand how the President and his administration might approach a wide range of policy issues important to the company, including regulatory reform at the FCC, corporate tax reform and antitrust enforcement. Companies often hire consultants for these purposes, especially at the beginning of a new Presidential Administration, and we have done so in previous Administrations, as well.
Cohen was one of those consultants. Cohen did no legal or lobbying work for us, and our contract with Cohen expired at the end of its term in December 2017. It was not until the following month in January 2018 that the media first reported, and AT&T first became aware of, the current controversy surrounding Cohen.
That last line about "the current controversy" seems to refer to Cohen's entanglement with Daniels. He is also under criminal investigation by federal prosecutors in New York, who are probing his business dealings.
Yet Cohen has been under heavy media scrutiny since early January 2017, around the time AT&T says it hired Cohen. At the time, BuzzFeed published the so-called "Steele Dossier," which alleged a conspiracy between the Trump campaign and Russia to influence the 2016 election.
Cohen is mentioned throughout that memo, which received widespread media attention. The memo claims Cohen attended a "secret liaison with the Kremlin" in Prague, a claim that Cohen strenuously denied.
Cohen had sued BuzzFeed for libel but dropped that suit last month. | https://www.cnbc.com/2018/05/09/att-paid-trump-lawyer-cohen-up-to-6000000.html | www.cnbc.com |
Goldman Sachs: Tesla is going to need to raise $10 billion in 2 years to keep going | Electric car company Tesla may require as much as $10 billion in additional capital by 2020 to fund the company's operations, according to Goldman Sachs.
"We believe this level of capital transactions may be funded through multiple avenues, including new bond issuance, convertible notes, and equity," analyst David Tamberrino said in a note to clients Thursday. "We see several options available to the company to refinance maturing debt and raise incremental funds, which should allow Tesla to fund its growth targets."
While Tamberrino was confident CEO Elon Musk won't have trouble acquiring the extra cash, the infusion will likely present its own costs. Issuing additional debt could weigh on the company's credit profile, while supplying more stock or convertible bonds would dilute current shareholders.
Tesla declined to comment for this story.
Despite the forecast for additional capital requirements and a sell rating from Goldman, Musk insisted as recently as May 2 he has no intention of raising new money.
Asked earlier this month if he's mulling a capital raise, Musk simply said "no."
"I specifically don't want to," he said on a conference call after Tesla posted first-quarter earnings that beat expectations.
Tesla finished the quarter with roughly $2.7 billion in the bank, down from a balance of $3.4 billion at the end of 2017. The persistent cash burn has kept analysts like Tamberrino unconvinced that the Palo Alto, California-based company can keep going at this pace without a larger financial cushion while short sellers keep the heat on the company's equity.
Tesla shares are down 8 percent this year and closed Wednesday at $286.48, giving the automaker a market value of $48.6 billion.
Tamberrino believes the stock price will fall to $195 over the next six months, a 31 percent decline. The stock was trading slightly higher Thursday morning, at $286.59.
Disclaimer | https://www.cnbc.com/2018/05/17/goldman-sachs-tesla-is-going-to-need-to-raise-10-billion-in-2-years-to-keep-going.html | www.cnbc.com |
Korean Air headquarters reportedly raided over suspected embezzlement by owning family | South Korean prosecutors raided the headquarters of Korean Air Lines over suspected embezzlement and breach of trust by members of its owning family, Yonhap News Agency reported on Thursday.
A company spokesman told Reuters an investigative team was at the headquarters but declined further comment. A prosecution spokesman could not be immediately reached for comment.
The investigation is the latest involving the flag carrier's owning family, which came under increased scrutiny in April after the chairman's daughter, Cho Hyun-min, allegedly threw water at an attendee of a business meeting.
Cho Hyun-min is the younger sister of Heather Cho, who was jailed in 2014 for demanding a Korean Air plane return to its gate at a New York airport, after losing her temper over the way she was served nuts in first class.
The Seoul Southern District Prosecutors' Office is investigating suspicion of tax evasion, embezzlement and breach of trust by Korean Air Lines Chairman Cho Yang-ho and members of his family, Yonhap reported citing prosecution sources.
The prosecutor's office began investigating potential tax evasion by the family after the Seoul office of South Korea's tax agency questioned whether Chairman Cho paid tax on inheriting overseas assets from his father, Yonhap said.
Prosecutors are also tracking suspicious money flows within accounts of Cho family members and associates, Yonhap reported.
Chairman Cho earlier this month stepped down from the post of co-chief executive at affiliate Jin Air amid growing public pressure for Cho family members to step back from management positions. | https://www.cnbc.com/2018/05/31/korean-air-hq-raided-by-prosecutors-over-suspected-embezzlement-yonhap.html | www.cnbc.com |
Refuge Biotechnologies Completes $25 Million Series B Financing, Appoints CSO to Advance the Development of Intelligent Cell Therapies in Oncology | MENLO PARK, Calif., May 2, Refuge Biotechnologies, Inc. ("Refuge"), a company leveraging gene engineering technologies to develop intelligent cell therapeutics programmed to make decisions inside of patients, today announced the closing of a $25 million Series B investment round. In addition, the company has appointed immuno-oncology pioneer Francesco Marincola, M.D., as chief scientific officer.
The Series B financing was led by 3SBio and Sequoia China, with participation from new investors Danhua Capital (DHVC), Sangel Capital and Ocean Pine Healthcare Fund. Refuge's existing investors, 3E Bioventures, WuXi Healthcare Ventures, and ShangBay Capital, also participated in the round.
The funds from the Series B will support advancement of cell therapies developed with Refuge's receptor-dCas platform, which utilizes a mutated or dead Cas9 (dCas) as a targeting mechanism to enable precision CRISPR activation (CRISPRa) and CRISPR interference (CRISPRi). The cell therapies are programed to only activate CRISPRa/CRISPRi when they encounter specific sensors found on the surface of cancer cells, which delivers the treatment effect only to target cells. As a result, cell therapies have the potential to bring together multiple anti-cancer approaches in a single cell, such as repression of multiple checkpoint targets, with greater potency and reduced side effects. Refuge's pipeline is led by RB-1916, a CAR-T cell therapy designed to inhibit the expression of the PD-1 gene, with a potential initial application in diffused large B-cell lymphoma. Refuge has additional CAR cell therapy programs under research that conditionally repress PD-1 and other checkpoint inhibitors for potential treatment of solid tumors.
"We have seen tremendous progress in the development of our technology and science, and believe that our receptor-dCas platform has the potential to create highly targeted cell therapies that bring superior efficacy while overcoming limitations related to toxic side effects," said Bing C. Wang, Ph.D., co-founder and chief executive officer of Refuge Biotech. "This financing will propel our efforts with our growing pipeline as we continue to design these innovative and intelligent cell therapies to fight cancer, and we are encouraged by the support from this top group of global investors."
As part of the investment, the lead investors will have an exclusive right to negotiate with Refuge on the right to the development and commercialization of cell therapies using Refuge's platform in China. Concurrently, Refuge and 3SBio will also collaborate on research developing programmed cell therapeutics that can produce therapeutic proteins inside a patient's body using Refuge's platform technology.
Concurrent with the financing, Zhenping Zhu, M.D., Ph.D., of 3SBio and Trency Gu, Ph.D., of Sequoia China, have joined the Refuge board of directors.
"3SBio's investment demonstrates our commitment to advancing cutting-edge gene engineering technologies with potential for breakthrough treatments for cancer and other diseases with unmet medical needs," said Jing Lou, M.D., Ph.D., Chairman and CEO of 3SBio Inc. "3SBio looks forward to collaborating with Refuge to accelerate the clinical development of Refuge's next-generation cell therapies for cancer and to fully realize the potential of the dCas9 platform."
Added Neil Shen, founding and managing partner of Sequoia China, "Sequoia China endeavors to back innovative companies in the life science field such as Refuge Bio, which brings together topnortch scientific and commercial talents in the gene editing and cell therapy space. We are pleased to support Refuge Bio to further develop the dCas9 platform for wide therapeutic applications to improve human health."
The CRISPRa and CRISPRi are made possible by dCas9, which no longer cuts DNA but functions as a carrier to specific areas of the genome for highly targeted delivery a transcriptional activator or repressor to turn on or turn off genes. The novel receptor-dCas platform allows for control of how a cell interacts with its environment. Cells generally communicate and sense their surrounding through membrane receptors. Connecting receptors to dCas creates a therapeutic platform that enables cells to sense its surroundings and activate or repress multiple gene expression based on the receptor-ligand interactions. With receptor-dCas, cells can be now programmed to turn off certain genes, such as PD-1, to generate more potent CAR-T immune cells when it senses the presence of a tumor cell.
About Francesco Marincola, M.D.
As chief scientific officer, Dr. Marincola will lead development of Refuge's intelligent cell therapy platform and investigation of its lead therapeutic programs. He most recently served as a distinguished research fellow and strategist for immune oncology discovery at AbbVie. Prior to this, he developed and led a genetic research institute at Sidra Medical and Research Center in Qata where he played a pivotal role in the Qatar Genome Project. He also trained in surgical oncology under Steven Rosenberg, M.D., Ph.D., at the National Cancer Institute and subsequently was a tenured investigator and chief of the infectious disease and immunogenetics section at the NIH Clinical Center. Dr. Marincola has spent his career studying tumor immunology and was a pioneer in the development of technologies for studying in real-time the dynamics of the tumor microenvironment adaptations during immune therapy. He described the mechanisms leading to cancer immune rejection describing the immunologic constant of rejection as a conserved process shared responsible for other forms of immune-mediated tissue-specific destruction such as allograft rejection, graft versus host disease, flares of autoimmunity and clearance of pathogen during acute infections. He is currently leading worldwide efforts to understand the mechanism of cancer immune resistance such as the Society for the Immunotherapy of Cancer Task Force on Immune Responsiveness aimed at involving different areas of expertise besides immunology. Dr. Marincola graduated summa cum laude at the University of Milan, Medical School, Italy, and completed a general surgery residency with a focus in immunology at Stanford University. He was president of the Society for the Immunotherapy of Cancer and is the founding and current editor-in-chief of the Journal of Translational Medicine.
About Refuge Biotech
Refuge Biotech is a discovery-stage therapeutic company focused on gene editing and genetic engineering of immune cells for cancer immunotherapy. Refuge is leveraging gene engineering technologies known as CRISPR interference (CRISPRi) and CRISPR activation (CRISPRa) through their receptor-dCas platform to develop therapeutic cells that are programmed to make cancer-fighting decisions inside the patient's body. For further information, please visit www.refugebiotech.com .
About 3SBio
3SBio is a fully-integrated biotechnology company in China with market-leading biopharmaceutical franchises in oncology, auto-immune diseases, nephrology, metabolic diseases and dermatology. 3SBio is focused on building an innovative product pipeline, with over 20 National Class 1 candidates under development. 3SBio's manufacturing capabilities include recombinant proteins, monoclonal antibodies and chemically- synthesized molecules, with research and production centers in Shenyang, Shanghai, Hangzhou, Shenzhen and Como, Italy. 3SBio is actively pursuing international expansion through acquisitions, licensing and strategic partnerships. Please visit www.3sbio.com for additional information.
About Sequoia China
The Sequoia team helps daring founders build legendary companies. In partnering with Sequoia, companies benefit from our unmatched community and the lessons we've learned over 46 years working with Apple, Cisco, Oracle, Google, Alibaba, Airbnb and JD.com among many others. As "The Entrepreneurs Behind The Entrepreneurs", Sequoia China focuses on four sectors: TMT, healthcare, consumer/service, and industrial technology. Over the past 13 years we've had the privilege of working with more than 500 companies in China. For more information, visit www.sequoiacap.com/china/en .
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SOURCE Refuge Biotechnologies, Inc. | http://www.cnbc.com/2018/05/02/pr-newswire-refuge-biotechnologies-completes-25-million-series-b-financing-appoints-cso-to-advance-the-development-of-intelligent-cell.html | www.cnbc.com |
RAVE Restaurant Group, Inc. Reports Third Fiscal Quarter 2018 Financial Results | DALLAS, May 9, 2018 /PRNewswire/ -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the third quarter of fiscal 2018 ended March 25, 2018.
Third Quarter Highlights :
Total consolidated revenue decreased 59.0% to $2.7 million compared to $6.5 million in the third quarter of fiscal 2017. Pizza Inn domestic comparable store retail sales increased 2.3% from the same period of the prior year despite the adverse impact of abnormal severe weather in several markets during the third quarter of fiscal 2018, while total domestic retail sales decreased by 3.6%. Pie Five comparable store retail sales decreased 12.6% from the same period of the prior year, while total system-wide retail sales decreased by 19.6%. Company-owned Pie Five average weekly sales decreased 10.9% year over year. Net loss improved by $1.5 million to $0.5 million for the third quarter of fiscal 2018 compared to $2.0 million for the same quarter of the prior year. On a fully diluted basis, the Company reported a loss of $0.03 per share for the third quarter of fiscal 2018 compared to a loss of $0.18 per share for the same period of the prior year. Adjusted EBITDA of ($0.2) million was $0.4 million better than the same quarter of the prior year. Company-owned Pie Five operating cash flow increased $0.1 million from the same period of the prior year. Net reduction of two Pie Five restaurants during the quarter brought the total Pie Five restaurants open at the end of the quarter to 78. During the second fiscal quarter ended December 24, 2017, the Company discontinued its Norco distribution division and revised its arrangements with third party suppliers and distributors of food, equipment and supplies. As a result, sale of food, equipment and supplies is no longer recognized as revenue and the cost of such items is no longer included in cost of sales. The historical Norco distribution division financial results are presented as net within discontinued operations.
"Last quarter was transitional as we streamlined operations and strengthened both Rave brands by prioritizing revenues and profitability for our franchisees over growth," said Scott Crane, Chief Executive Officer of Rave Restaurant Group, Inc. "Our leadership team continues to work on efficiency and effectiveness across all operations. Our targeted plan is progressing towards a solid foundation for future growth."
Third Quarter Fiscal 2018 Operating Results
Revenues of $2.7 million and $12.3 million for the third quarter and year to date fiscal 2018 were 59.0% and 40.7% lower, respectively, than the same periods of the prior year. For the three and nine month periods ended March 25, 2018, the Company reported a net loss of $0.5 million and $1.4 million, respectively, compared to a loss of $2.0 million and $11.4 million for the same periods of the prior year. On a fully diluted basis, the loss was $0.03 per share and $0.11 per share, respectively, for the third quarter and year to date fiscal 2018, compared to a loss of $0.18 per share and $1.07 per share for the same periods of the prior year. The decreased loss for the three-month period ended March 25, 2018 was primarily attributable to an $0.8 improvement in loss from continuing operations before taxes from Company-owned restaurants and a $0.7 million decrease in corporate expenses. The decreased loss for the nine-month period ended March 25, 2018 was primarily attributable to a $7.3 million improvement in loss from continuing operations before taxes from Company-owned restaurants and a $2.1 million improvement in corporate expenses. The Company continued to provide a full valuation allowance against its deferred tax assets. Adjusted EBITDA improved $0.4 million and $1.8 million for the three and nine month periods ended March 25, 2018 to ($0.2) million and $0.3 million, respectively.
In the second quarter, the Company made a strategic shift to discontinue its Norco distribution division. As a result, sale of food, equipment and supplies is no longer recognized as revenue and the cost of such items is no longer included in cost of sales.
"Our emphasis has been on refining the strategy to prioritize investment into areas where we can and must win," said Crane. "Our new supply chain model is an opportunity to intensify the focus on reducing cost of sales while providing enhanced service and efficiency for our franchisees."
Despite the adverse impact of abnormal severe weather in several markets during the third quarter of fiscal 2018, Pizza Inn domestic comparable store retail sales increased 2.3% and 2.0%, respectively, for the three and nine month periods ended March 25, 2018, compared to the same periods of the prior year. Pizza Inn total domestic retail sales decreased 3.6% and 2.6%, respectively, for the three and nine month periods ended March 25, 2018, compared to the same periods of the prior year.
"We are pleased to see continued positive same store sales trends from our legacy brand," said Crane. "Despite weather issues in January, Pizza Inn was able to end the third quarter on a high note and continues to see increased traffic and sales momentum. Pizza Inn is focusing on increasing top-line growth for franchisees with new initiatives such as all day buffet and an improved online ordering experience."
"The first location of our new kiosk concept, PIE, is on track to open later this spring in the Fort Lauderdale Airport," said Crane. "PIE is our new concept geared towards convenience stores and airports for a grab-and-go option. We are looking to continue expansion across the country."
Comparable store retail sales decreased by 12.6% for the most recent fiscal quarter compared to the same period in the prior year. Pie Five system-wide retail sales decreased 19.6% for the third quarter of fiscal 2018 when compared to the same period in the prior year, primarily driven by the decrease in average number of units open and reduced comparable store sales. Pie Five comparable store retail sales decreased by 14.9% during the first nine months of fiscal 2018 compared to the same period of the prior year. Year to date, Pie Five system-wide retail sales decreased 18.5% compared to the same period in the prior year, primarily driven by the decrease in average number of units open and reduced comparable store sales.
Pie Five continues to capitalize on the growth of delivery and health-based consumer trends. The cauliflower crust that was introduced in the second quarter of 2018 was recently added as a permanent addition to Pie Five's dough line-up. Cauliflower is healthy, low-carb, and gluten-free, making it a healthier option for consumers with dietary restrictions.
"Our cauliflower crust sales have exceeded our expectations," said Crane. "We are seeing increased frequency from existing customers and we are attracting new guests looking for a lower-carb option. In addition, our 14" pizzas and sandwiches have been well received by our guests. We are also gaining traction with airport expansion. We are currently open at Baltimore-Washington International and San Francisco International and have new airport locations planned for later this year. We have also partnered with new suppliers to find purchasing efficiencies that directly impact franchisees' bottom lines."
Development Review
In the third quarter of fiscal 2018, two new franchised Pie Five restaurants were opened, while three franchised restaurants and one Company-owned store were closed, bringing the quarter-end total unit count to 78 restaurants.
"We have deliberately shifted our focus to a franchise model that allows us to create brand-building strategies that lead to long-term success for our franchisees," said Crane.
During the third quarter of fiscal 2018, the number of Pizza Inn domestic units declined to from 156 units to 152 units, while international units declined by two units to 60 units.
"Pizza Inn is experiencing a resurgence in new development," said Crane. "We have a solid pipeline of new locations along with a refreshing of existing restaurants. We are also looking to PIE as a new concept for expansion. We closed two development deals for PIE in the third quarter and five more since the quarter ended, for a total of seven projected PIE units."
Conference Call
A conference call and audio webcast have been scheduled to discuss these results. Details of the conference call are as follows:
Date:
Wednesday, May 9, 2018
Time:
5 p.m. Central time
Dial-In #:
1-844-492-3725 U.S. & Canada
1-412-317-5108 International
The conference call will be webcast at raverg.com . A web-based archive of the conference call will also be available at the above website.
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in evaluating operating performance. EBITDA, Adjusted EBITDA and restaurant operating cash flow are non-GAAP financial measures that the Company believes are useful to investors in understanding its operating performance. However, these non-GAAP financial measures should not be viewed as an alternative or substitute for its financial statements prepared in accordance with generally accepted accounting principles.
RAVE Restaurant Group, Inc. considers EBITDA and Adjusted EBITDA to be important supplemental measures of operating performance that are commonly used by securities analysts, investors and other parties interested in our industry. The Company believes that EBITDA is helpful to investors in evaluating its results of operations without the impact of expenses affected by financing methods, accounting methods and the tax environment. The Company believes that Adjusted EBITDA provides additional useful information to investors by excluding non-operational or non-recurring expenses to provide a measure of operating performance that is more comparable from period to period. The Company believes that restaurant operating cash flow is a useful metric to investors in evaluating the ongoing operating performance of Company-owned restaurants and comparing such store operating performance from period to period. Management also uses these non-GAAP financial measures for evaluating operating performance, assessing the effectiveness of business strategies, projecting future capital needs, budgeting and other planning purposes
"EBITDA" represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, stock compensation expense, pre-opening expense, gain/loss on sale of assets, costs related to impairment, other lease charges, non-operating store costs and discontinued operations. "Restaurant operating cash flow" represents the pre-tax income earned by Company-owned restaurants before (1) allocated marketing and advertising expenses, (2) depreciation and amortization, (3) pre-opening expenses, (4) operations management and extraordinary expenses, (5) impairment and other lease charges, and (6) non-operating store costs. A reconciliation of these non-GAAP financial measures to net income is included with the accompanying financial statements.
Note Regarding Forward Looking Statements
Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of RAVE Restaurant Group, Inc. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that the objectives and plans of RAVE Restaurant Group, Inc. will be achieved.
About RAVE Restaurant Group, Inc.
Founded in 1958, Dallas-based RAVE Restaurant Group [NASDAQ: RAVE] owns, operates and franchises approximately 290 Pie Five Pizza Co. and Pizza Inn restaurants domestically and internationally. Pie Five Pizza Co. is a leader in the rapidly growing fast-casual pizza space offering made-to-order pizzas ready in under five minutes. Pizza Inn is an international chain featuring freshly made pizzas, along with salads, pastas, and desserts. The Company's common stock is listed on the Nasdaq Capital Market under the symbol "RAVE". For more information, please visit www.raverg.com .
Contact:
Investor Relations
RAVE Restaurant Group, Inc.
469-384-5000
RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
Nine Months Ended
March 25,
March 26,
March 25,
March 26,
2018
2017
2018
2017
REVENUES:
$ 2,665
$ 6,498
$ 12,294
$ 20,744
COSTS AND EXPENSES:
Cost of sales
299
3,756
3,441
12,061
General and administrative expenses
1,698
2,902
5,809
8,427
Franchise expenses
613
587
1,957
1,850
Pre-opening expenses
-
29
114
83
Loss/(Gain) on sale of assets
31
345
(134)
1,044
Impairment of long-lived assets and other lease charges
70
(110)
751
5,116
Bad debt
264
73
477
424
Interest expense
26
37
157
39
Depreciation and amortization expense
133
578
733
2,095
Total costs and expenses
3,134
8,197
13,305
31,139
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES
(469)
(1,699)
(1,011)
(10,395)
Income tax expense / (benefit)
6
5
(8)
15
LOSS FROM CONTINUING OPERATIONS
(475)
(1,704)
(1,003)
(10,410)
Loss from discontinued operations
(17)
(258)
(422)
(973)
NET LOSS
$ (492)
$ (1,962)
$ (1,425)
$ (11,383)
LOSS PER SHARE OF COMMON STOCK - BASIC:
Loss from continuing operations
$ (0.03)
$ (0.16)
$ (0.08)
$ (0.98)
Loss from discontinued operations
(0.00)
(0.02)
(0.03)
(0.09)
Net loss
$ (0.03)
$ (0.18)
$ (0.11)
$ (1.07)
LOSS PER SHARE OF COMMON STOCK - DILUTED:
Loss from continuing operations
$ (0.03)
$ (0.16)
$ (0.08)
$ (0.98)
Loss from discontinued operations
(0.00)
(0.02)
(0.03)
(0.09)
Net loss
$ (0.03)
$ (0.18)
$ (0.11)
$ (1.07)
Weighted average common shares outstanding - basic
14,940
10,657
13,456
10,602
Weighted average common and
potential dilutive common shares outstanding
14,940
10,657
13,456
10,602
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
March 25,
June 25,
2018 (unaudited)
2017
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$ 979
$ 451
Accounts receivable, less allowance for bad debts of $298 and $249, respectively
1,568
2,761
Notes receivable, less allowance for bad debts of $95 and $0, respectively
853
675
Inventories
13
79
Income tax receivable
5
194
Property held for sale
552
671
Prepaid expenses and other
488
295
Total current assets
4,458
5,126
LONG-TERM ASSETS
Property, plant and equipment, net
1,839
3,808
Intangible assets definite-lived, net
218
239
Long-term notes receivable
325
127
Deposits and other
243
246
Total assets
$ 7,083
$ 9,546
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable - trade
$ 713
$ 4,165
Short-term debt
-
1,000
Accrued expenses
863
1,265
Deferred rent
35
101
Deferred revenues
68
212
Total current liabilities
1,679
6,743
Convertible notes
1,557
2,749
Deferred rent, net of current portion
218
655
Deferred revenues, net of current portion
700
1,425
Other long-term liabilities
38
53
Total liabilities
4,192
11,625
SHAREHOLDERS' EQUITY (DEFICIT)
Common stock, $.01 par value; authorized 26,000,000 shares; issued 22,166,674 and 17,786,049 shares, respectively; outstanding 15,047,274 and 10,666,649 shares, respectively
222
178
Additional paid-in capital
33,135
26,784
Accumulated deficit
(5,830)
(4,405)
Treasury stock at cost
Shares in treasury: 7,119,400
(24,636)
(24,636)
Total shareholders' equity (deficit)
2,891
(2,079)
$ 7,083
$ 9,546
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended
March 25,
March 26,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$ (1,425)
$ (11,383)
Adjustments to reconcile net loss to cash used in operating activties:
Depreciation and amortization
704
2,080
Amortization of intangible assets definite-lived
29
37
Amortization of debt issue costs
29
-
Impairment of long-lived assets and other lease charges
751
4,773
Stock compensation expense
29
143
(Gain)/loss on sale/disposal of assets
(134)
1,044
Provision for bad debt
477
423
Changes in operating assets and liabilities:
Accounts receivable
1,127
39
Inventories
66
65
Accounts payable - trade
(4,240)
512
Accrued expenses
(417)
(321)
Deferred rent
(503)
(167)
Deferred revenue
(734)
17
Prepaid expenses and other
(188)
(294)
Cash used in operating activities
(4,429)
(3,032)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of assets
1,706
102
Purchase of intangible assets definite-lived
(9)
-
Capital expenditures
(884)
(258)
Cash provided by (used in) investing activities
813
(156)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of stock
5,144
-
Proceeds from stock options
-
806
Proceeds from issuance of convertible notes
-
2,882
Issuance (payments) of short-term debt
(1,000)
1,000
Cash provided by financing activities
4,144
4,688
Net increase in cash and cash equivalents
528
1,500
Cash and cash equivalents, beginning of period
451
873
Cash and cash equivalents, end of period
$ 979
$ 2,373
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period:
Interest paid
$ 170
$ 25
Taxes paid
$ 48
$ 29
Non-cash activities:
Capital expenditures included in accounts payable
$ 81
$ -
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
RAVE RESTAURANT GROUP, INC.
ADJUSTED EBITDA
(In thousands)
(Unaudited)
Three Months Ended
Nine Months Ended
March 25,
March 26,
March 25,
March 26,
2018
2017
2018
2017
Net loss
$ (492)
$ (1,962)
$ (1,425)
$ (11,383)
Interest expense
26
37
157
39
Income taxes
6
5
(8)
15
Depreciation and amortization
133
578
733
2,095
EBITDA
$ (327)
$ (1,342)
$ (543)
$ (9,234)
Stock compensation expense
10
53
29
143
Pre-opening costs
-
29
114
83
(Gain)/Loss on sale/disposal of assets
31
345
(134)
1,044
Impairment of long-lived assets and other lease charges
70
(110)
751
5,116
Discontinued operations and closed and non-operating store costs
-
454
72
1,338
Adjusted EBITDA
$ (216)
$ (571)
$ 289
$ (1,510)
See Notes to Unaudited Condensed Consolidated Financial Statements within Form 10-Q.
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SOURCE RAVE Restaurant Group, Inc. | http://www.cnbc.com/2018/05/09/pr-newswire-rave-restaurant-group-inc-reports-third-fiscal-quarter-2018-financial-results.html | www.cnbc.com |
UPDATE 1-China's state media slam U.S. trade announcement, say Beijing ready to fight | to fight@
* U.S. says it still holds threat of imposing tariffs on $50 bln of Chinese goods
* China doesn't want to fight but isn't afraid to - Xinhua
* U.S. plans to shorten length of visas issued to some Chinese citizens (Adds context)
SHANGHAI/BEIJING, May 30 (Reuters) - China's state media on Wednesday lashed into a U.S. announcement that it would press ahead with restrictions on investment by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war.
The United States said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China and would use it unless Beijing addressed the issue of theft of American intellectual property.
The declaration by the White House came after the two sides had agreed earlier this month to look at steps to narrow China's $375 billion trade surplus with America, and days ahead of a visit to the Chinese capital by U.S. Commerce Secretary Wilbur Ross for further talks.
China commerce's ministry reacted swiftly overnight with a short statement, saying it was surprised and saw it as contrary to the consensus both sides had reached recently.
Chinese tabloid the Global Times said the United States was suffering from a "delusion" and warned that the "trade renege could leave Washington dancing with itself".
The widely read Global Times is run by the ruling Communist Party's official People's Daily, although its stance does not necessarily reflect Chinese government policy.
"The Chinese government will have the necessary measures in place to deal with a U.S. withdrawal from any settled agreement. If the U.S. wants to play games, then China would be more than willing to play along and do so until the very end," it said.
Fears of a trade war between the world's two biggest economies had also receded after the Trump administration said it had reached a deal that would put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying U.S. technology parts.
Still hanging in the balance, however, is San Diego-based Qualcomm Inc's proposal to acquire NXP Semiconductors NV - a $44 billion deal that requires clearance from China's antitrust regulators.
State news agency Xinhua said China hoped that the United States would not act impulsively but stood ready to fight to protect its own interests.
"China's attitude, as always, is: we do not want to fight, but we are also not afraid to fight," it said in a commentary.
"China will continue to hold pragmatic consultations with the United States' delegation and hope that the United States will act in accordance with the spirit of the joint statement," it said.
Commerce Secretary Ross is scheduled to visit Beijing from June 2 to June 4 to try and get China to agree to firm numbers for additional U.S. exports to the country.
VISAS
The deal to reduce China's trade surplus with the U.S. was separate from the U.S. probe into China's alleged theft of intellectual property.
A White House official said on Tuesday that the U.S. government plans to shorten the length of visas issued to some Chinese citizens as part of a strategy to prevent intellectual property theft by U.S. rivals.
Citing a document issued by the Trump administration in December, the official said the U.S. government would consider restrictions on visas for science and technology students from some countries to ensure "intellectual property is not transferred to our competitors."
The China Daily newspaper said the repeated U.S. claim that China had forced foreign firms to transfer their technologies to Chinese businesses was without evidence and was being used as an excuse to facilitate its trade protectionism.
It said technology transfers between U.S. companies and their Chinese partners were the result of normal business practices, not coercive policies. (Reporting by Brenda Goh in SHANGHAI and Ryan Woo and BEIJING; Editing by Kim Coghill) | https://www.cnbc.com/2018/05/29/reuters-america-update-1-chinas-state-media-slam-u-s-trade-announcement-say-beijing-ready-to-fight.html | www.cnbc.com |
PRECIOUS-Gold dips slightly as Trump says North Korea talks may continue | * Dollar rises to new 2018 high, pressuring gold * Gold prices likely to move lower -analyst (Recasts; updates prices, changes headline; adds comment, second byline, NEW YORK to dateline) By Renita D. Young and Peter Hobson NEW YORK/LONDON, May 25 (Reuters) - Gold prices dropped slightly on Friday, but still remained above $1,300 per ounce as investors digested news of saying a meeting with North Korea's leader could still go ahead. Spot gold lost 0.1 percent at $1,303.34 per ounce by 1:38 p.m. EDT (1738 GMT), yet was on track for a weekly gain of 0.9 percent, its biggest since March. Spot gold earlier hit a 10-day high at $1,307.80. U.S. gold futures for June delivery settled down 70 cents, or 0.1 percent, at $1,303.70 per ounce. "Gold has managed to hold onto a significant chunk of its gains made yesterday despite the U.S. trading conciliatory messages with North Korea again, something which has boosted the global stock markets and the U.S. dollar," said Forex.com analyst Fawad Razaqzada. Julius Baer analyst Carsten Menke said the uncertainty over the U.S.-North Korea meeting was likely to have only a temporary impact on gold, traditionally used as a safe place to park assets in times of instability. "Based on this pattern and on gold's very tight relationship with the U.S. dollar, this uplift in price should be temporary and we should fall back below $1,300 an ounce," he said. Dollar-priced gold tends to increase when the greenback weakens because this makes it cheaper for buyers with other currencies. The dollar reached a new 2018 high, helped by North Korea saying it was open to resolving issues with the United States. . On Thursday, gold rallied above $1,300 an ounce after Trump said the meeting with North Korea was off. Global shares also steadied, reducing the clamor for gold as a safer asset. Heading into a long holiday weekend in the United States, Dillon Gage's Walter Pehowich said trading activity was virtually mute. "I expect gold to stay between $1,300 and $1,308 for the weekend." Investors focused on the psychologically important $1,300 level, MKS trader Samuel Laughlin said, "as a pivot point for near-term price action." Gold had been trading in a range between about $1,310 and $1,360 since hitting a 1-1/2 year high in January but was pushed lower this month by a strengthening dollar and rising U.S. bond yields, which reduce the appeal of non-yielding gold. Meanwhile, silver lost 0.6 percent at $16.53 per ounce, headed for a weekly gain of 0.4 percent. It earlier hit $16.70, a 1-1/2-week high. Platinum dropped 1.4 percent at $896 per ounce, but up 1.9 percent on the week, while palladium declined 0.3 percent at $977.15, set for a 1.7 percent weekly gain. (Additional reporting by Apeksha Nair and Karen Rodrigues in Bengaluru Editing by David Goodman, Edmund Blair and Diane Craft)
| https://www.reuters.com/article/global-precious/precious-gold-dips-slightly-as-trump-says-north-korea-talks-may-continue-idUSL2N1SW1D4 | www.reuters.com |
CalAmp Named A Winning Company For 2020 Women On Boards Diversity Award | IRVINE, Calif. and SAN FRANCISCO, CalAmp (Nasdaq: CAMP), a technology solutions pioneer transforming the global connected economy, has been recognized as a 2020 Women on Boards Winning "W" Company for 2017.
The award recognizes companies that champion board diversity with at least 20 percent of their board seats held by women. Kimberly Alexy and Amal Johnson hold positions on CalAmp's board and comprise 29 percent of its members.
"We are honored to receive the 2020 Women on Boards award and are extremely proud of our team diversity. From the CEO, Michael Burdiek, to the board itself, CalAmp's leadership is committed to building a culture that is inclusive of different perspectives and diverse representation. We believe that diverse experiences combined with functional expertise leads to stronger business performance and competitive strategy," said Amal Johnson, Board Director at CalAmp and former executive chairwoman of the board of Author-it Software Corporation. Johnson also serves as the Chair of the CalAmp Compensation Committee and is a director of Intuitive Surgical, Inc., Essex Property Trust and Mellanox Technologies, Ltd.
"This recognition is exciting for our team but we know there is still work to be done to create a more diverse board culture across the industry. The board is continuously striving to bring in diversity of viewpoints that lead to more robust discussions and critical thinking," said Kimberly Alexy, Board Director at CalAmp. Alexy also serves as the Chair of the CalAmp Governance and Nominating Committee and is a director of Alteryx, Inc., Five9, Inc., FireEye, Inc., and Microsemi Corporation. "By focusing on governance and management best practices as well as the employee pipeline, we believe we can increase the pool of women applicants and foster greater diversity from entry-level roles and beyond to advance within the company."
CalAmp was also given a corporate governance Quality Score rating of "1" putting the company in the top decile of all companies rated by ISS (Institutional Shareholder Services).
2020 Women on Boards is a nonprofit campaign that aims to increase the percentage of women who serve on company boards to 20 percent or greater by the year 2020. According to 2020 Women on Boards co-founder and chair, Stephanie Sonnabend, the campaign has already exceeded its 20 percent national campaign goal.
About CalAmp
CalAmp (Nasdaq: CAMP) is a technology solutions pioneer transforming the global connected economy. We help reinvent businesses and improve lives around the globe with technology solutions that streamline complex IoT deployments and bring intelligence to the edge. Our software applications, scalable cloud services, and intelligent devices collect and assess business-critical data from mobile assets, cargo, companies, cities and people. We call this The New How, powering autonomous IoT interaction, facilitating efficient decision making, optimizing resource utilization, and improving road safety. CalAmp is headquartered in Irvine, California and has been publicly traded since 1983. For more information on CalAmp, visit calamp.com , or LinkedIn , Twitter , YouTube or CalAmp Blog .
CalAmp, CalAmp logo and LoJack are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries, and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.
releases/calamp-named-a-winning-company-for-2020-women-on-boards-diversity-award-300641815.html
SOURCE CalAmp | http://www.cnbc.com/2018/05/03/pr-newswire-calamp-named-a-winning-company-for-2020-women-on-boards-diversity-award.html | www.cnbc.com |
After-hours buzz: ADBE, SHOP & more | after the bell on Monday :
Shares of Adobe jumped close to 2.5 percent after the bell, before paring gains slightly and settling up nearly 1 percent. The software company on Monday announced an $8 billion stock repurchase program, which extends a previous $2.5 billion program through 2021. Adobe CFO John Murphy said the program "is reflective of our strong cash flow expectations and balance sheet, and reinforces our commitment to returning value and excess cash to our stockholders."
Adobe also on Monday announced the $1.68 billion acquisition of e-commerce platform Magento Commerce, which executives expect will make the Adobe experience more "shoppable."
Shopify stock dropped nearly 3 percent in extended trading after Adobe announced its acquisition. Magento and Shopify are rivals in the e-commerce space.
Pure Storage stock tanked nearly 8 percent in extended trading. The flash storage company reported first quarter earnings and revenue that proved less weak than Wall Street predicted. Pure Storage reported a loss of 7 cents on revenue of $255.9 million versus the 12 cent loss on $251.5 million analysts expected. Pure Storage anticipated second quarter revenue would fall between $296 million and $304 million, whereas the Street was hoping for $299 million in revenue next quarter.
Shares of Nordson fell nearly 6 percent in extended trading, after the dispensing equipment manufacturer reported weaker than anticipated third quarter outlook. The machinery company reported a strong second quarter, coasting on the effects of several automotive electronics acquisitions, but weak outlook stoked fears the momentum wouldn't last.
On a tear from the regular session, Micron stock continued its trajectory, gaining more than 4 percent after the bell. The semiconductor company announced a $10 billion share repurchase program, in conjunction with plans to return at least 50 percent of free cash flow to stockholders beginning in fiscal 2019.
Earlier in the day, Micron strengthened third quarter guidance. | https://www.cnbc.com/2018/05/21/after-hours-buzz-adbe-shop-more.html | www.cnbc.com |
Ctrip Reports Unaudited First Quarter of 2018 Financial Results | SHANGHAI, May 22, 2018 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced its unaudited financial results for the first quarter ended March 31, 2018.
Key Highlights for the First Quarter of 2018
Ctrip reported strong financial results in the first quarter of 2018. Net revenue increased 11% year-on-year to RMB6.7 billion (US$1.1 billion) in the first quarter of 2018. Net income attributed to Ctrip's shareholders increased by more than 19 times year-on-year to RMB1.1 billion (US$ 170 million) in the first quarter of 2018, compared to RMB52 million in the same period in 2017. Ctrip's international businesses sustained robust growth momentum. Excluding Skyscanner, international air ticketing accounted for over 40% of the group's air ticketing revenue, as we continue to ride the wave of Chinese outbound customers and expand our customer base in overseas markets. Skyscanner's direct booking program continues to gain momentum, delivering revenue growth of over 600% year-on-year in the first quarter. The Company increased its presence in lower-tier cities. Total gross merchandise volume of the offline stores grew around 50% year-on-year in the first quarter of 2018.
"I'm glad that Ctrip achieved solid results in the first quarter of 2018," said Jane Sun, Chief Executive Officer. "We are hugely grateful for the trust of our customers. Together with our partners, we strive to make their travel easier and more enjoyable. There are still many improvements for us to make, and also many areas where we can further unleash our potential. We are in a good position to capture growth in the travel industry, both domestically and globally, and we are very excited about the bright future ahead of us."
"In the past 19 years since the launch of Ctrip, we have claimed many firsts in the travel service area," said James Liang, Executive Chairman. "We must be mindful that Ctrip's success to date has come from the value we created for customers, and this will not change in the future. Despite the challenges and setbacks along the way, we believe that as long as we stick to customer centric principles and continually make investments and innovations, we will become the best travel service provider in the world and the pride of the travel industry."
First Quarter of 2018 Financial Results and Business Updates
For the first quarter of 2018, Ctrip reported net revenue of RMB6.7 billion (US$1.1 billion), representing an 11% increase from the same period in 2017. Net revenue for the first quarter of 2018 increased 9% from the previous quarter.
Accommodation reservation revenue for the first quarter of 2018 was RMB2.5 billion (US$397 million), representing a 23% increase from the same period in 2017, primarily driven by an increase in accommodation reservation volume. Accommodation reservation revenue for the first quarter of 2018 increased 14% from the previous quarter, primarily due to seasonality.
Transportation ticketing revenue for the first quarter of 2018 was RMB2.9 billion (US$460 million), which remained consistent with the same period of 2017. Transportation ticketing revenue decreased 1% from the previous quarter.
Packaged tour revenue for the first quarter of 2018 was RMB834 million (US$133 million), representing an 18% increase from the same period in 2017, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenue for the first quarter of 2018 increased 52% from the previous quarter, primarily due to seasonality.
Corporate travel revenue for the first quarter of 2018 was RMB180 million (US$29 million), representing a 25% increase from the same period in 2017, primarily driven by expansion in travel product coverage. Corporate travel revenue for the first quarter of 2018 decreased 13% from the previous quarter, primarily due to seasonality.
Gross margin was 82% for the first quarter of 2018, compared to 80% in the same period in 2017, and 83% for the previous quarter.
Product development expenses for the first quarter of 2018 increased by 10% to RMB2.2 billion (US$344 million) from the same period in 2017, primarily due to the increase in product development personnel related expenses. Product development expenses for the first quarter of 2018 increased 4% from the previous quarter. Product development expenses for the first quarter of 2018 accounted for 32% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses for the first quarter of 2018 accounted for 29% of the net revenue, which increased from 28% for the same period in 2017 and decreased from 30% for the previous quarter.
Sales and marketing expenses for the first quarter of 2018 increased by 11% to RMB2.1 billion (US$333 million) from the same period in 2017, primarily due to an increase in sales and marketing activities to strengthen our market position and personnel related expenses. Sales and marketing expenses for the first quarter of 2018 increased 3% from the previous quarter. Sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue, which increased from 30% for the same period in 2017 and decreased from 32% for the previous quarter.
General and administrative expenses for the first quarter of 2018 increased by 1% to RMB646 million (US$103 million) from the same period in 2017. General and administrative expenses for the first quarter of 2018 decreased 8% from the previous quarter, primarily on the back of more provision of trade and other receivables was made in previous quarter. General and administrative expenses for the first quarter of 2018 accounted for 10% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 8% of the net revenue, which increased from 7% for the same period in 2017 and decreased from 9% for the previous quarter.
Income from operations for the first quarter of 2018 was RMB590 million (US$95 million), compared to RMB374 million in the same period in 2017 and RMB303 million in the previous quarter. Excluding share-based compensation charges, Non-GAAP income from operations was RMB966 million (US$156 million), compared to RMB896 million in the same period in 2017 and RMB703 million in the previous quarter.
Operating margin was 9% for the first quarter of 2018, compared to 6% in the same period in 2017, and 5% in the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin was 14%, compared to 15% in the same period in 2017 and 11% in the previous quarter.
Income tax expense for the first quarter of 2018 was RMB179 million (US$29 million), compared to RMB139 million in the same period of 2017 and RMB238 million in the previous quarter. The change in the Group's effective tax rate primarily reflects profitability changes in our subsidiaries with different tax rates, certain non-tax deductible losses including the share based compensation and fair value change in equity securities investments.
Net income attributable to Ctrip's shareholders for the first quarter of 2018 was RMB1.1 billion (US$170 million), compared to RMB52 million in the same period in 2017 and RMB350 million in the previous quarter. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP net income attributable to Ctrip's shareholders was RMB2.1 billion (US$341 million), compared to RMB574 million in the same period in 2017 and RMB750 million in the previous quarter, primarily due to the net gain recognized from a number of investing activities.
Diluted earnings per ADS were RMB1.81 (US$0.29) for the first quarter of 2018. Excluding share-based compensation charges and fair value changes of equity securities investments, Non-GAAP diluted earnings per ADS were RMB3.48 (US$0.55) for the first quarter of 2018.
As of March 31, 2018, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB52.5 billion (US$8.4 billion).
New Accounting Standards
From January 1, 2018, the Company adopted the following new accounting standards.
1> The "New Revenue Accounting Standard"
The new revenue standard (ASC 606) was effective from January 1, 2018 and the revenue of the first quarter of 2018 was reported under the new standard. We adopt the full retrospective transition approach which requires the financial statements for 2016 and 2017 to be retrospectively adjusted.
The new standard does not change the presentation of substantially all of the Company' revenues, which continues to be reported on a net basis. However, the timing of revenue recognition for certain revenue streams is changed under the new standard. In particular, revenue for accommodation reservation services, which used to be recognized after end-users completed their stays, is changed to be recognized when the reservation becomes non-cancellable. Revenue for packaged-tour services, which used to be recognized when packaged-tours were completed, is changed to be recognized on the departure date of the tours.
Although the change in timing of revenue recognition does not have a significant impact to the Company's 2017 annual revenue and net income, the effects on quarterly revenue and net income are more significant due to the seasonality of the Company's business. The key line items of our quarterly operation results of 2017 that were previously released have been adjusted as follows:
Quarter Ended
March 31,
2017
June 30,
2017
September 30,
2017
December 31,
2017
RMB (million)
Revenues:
Accommodation reservation
2,023
2,326
2,998
2,184
Transportation ticketing
2,875
2,993
3,428
2,925
Packaged-tour
709
640
1,075
549
Corporate travel
144
199
203
207
Others
342
347
472
354
Total revenues
6,093
6,505
8,176
6,219
Net revenues
6,045
6,459
8,119
6,173
Gross profit
4,856
5,334
6,816
5,112
Income from operations
374
687
1,579
303
Net income attributable to
Ctrip.com International, Ltd.
52
359
1,394
350
Income from operations
(Non-GAAP)
896
1,215
1,963
703
Net income attributable to
Ctrip.com International, Ltd.
(Non-GAAP)
574
887
1,778
750
2> The "New Financial Instruments Accounting Standard"
The Company adopted the new financial instruments accounting standard from January 1, 2018 and approximately RMB6.3 billion of accumulated other comprehensive income, reflective of the net unrealized gain for the available-for-sale equity securities that existed as of December 31, 2017 was reclassified into retained earnings upon the initial adoption. After the adoption of this new accounting standard, the Company measures its available-for-sale equity securities at fair value with gains or losses recorded through the income statements, which could vary significantly from quarter to quarter. The impact of applying this new standard for the first quarter of 2018 resulted in a decrease of approximately RMB0.7 billion in net income, net of tax of RMB0.1 billion.
Business Outlook
For the second quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 12%-17%, which is calculated on the estimated net revenue of the second quarter of 2018 under the new revenue recognition standard and the net revenue of the second quarter of 2017 retrospectively adjusted. This forecast reflects Ctrip's current and preliminary view, which is subject to change.
Conference Call
Ctrip's management team will host a conference call at 8:00PM U.S. Eastern Time on May 22, 2018 (or 8:00AM on May 23, 2018 in the Shanghai/Hong Kong Time) following the announcement.
The conference call will be available on Webcast live and replay at http://ir.ctrip.com . The call will be archive for twelve months at this website.
Listeners may access the call by dialing the following numbers:
US:
+1-855-8219-305 or +1-240-254-3156
Hong Kong:
+852- 3077-3569
China:
800-820-8527 or 400-612-6501
International:
+65-6653-5870
Passcode:
47931460#
For pre-registration, please click http://event.onlineseminarsolutions.com/wcc/r/1674230-1/207A165A8E0CEB83CA17F9EEB0EDB823
A telephone replay of the call will be available after the conclusion of the conference call until May 30, 2018. The dial-in details for the replay:
International dial-in number:
+65-6653-5846
Passcode:
515080321#
Safe Harbor Statement
This announcement contains . These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These can be identified by terminology such as "may," "will," "expect," "anticipate," "future," "intend," "plan," "believe," "estimate," "is/are likely to," "confident" or other similar statements. Among other things, quotations from management and the Business Outlook section in this press release, as well as Ctrip's strategic and operational plans, contain . Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip's ADSs, Ctrip's reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in the relevant jurisdictions where Ctrip operates, failure to successfully develop Ctrip's existing or future business lines, damage to or failure of Ctrip's infrastructure and technology, loss of services of Ctrip's key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip's affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrip's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the issuance, and Ctrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Ctrip's unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, other income, income tax expenses, net income attributable to Ctrip's shareholders, and diluted earnings per ordinary share and per ADS, each of which (except for net commission earned) is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" and its share-based compensation charges are not tax deductible, and fair value changes of equity securities investments, net of tax, recorded under ASU 2016-1. Ctrip's management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.
Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges and fair value changes of equity securities investments that have been and will continue to be significant recurring expenses in Ctrip's business for the foreseeable future.
Reconciliations of Ctrip's non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.
For further information, please contact:
Investor Relations
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 196455
Email: iremail@ctrip.com
Ctrip.com International, Ltd.
Unaudited Consolidated Balance Sheets
December 31, 2017
March 31, 2018
March 31, 2018
RMB (million)
RMB (million)
USD (million)
(unaudited)
(unaudited)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents
18,243
17,253
2,751
Restricted cash
1,749
1,119
178
Short-term investments
28,130
34,123
5,440
Accounts receivable, net *
4,749
5,178
825
Prepayments and other current assets
6,547
8,642
1,378
Total current assets
59,418
66,315
10,572
Long-term deposits and prepayments
840
686
109
Land use rights
97
96
15
Property, equipment and software
5,616
5,785
922
Investments
25,574
25,224
4,021
Goodwill
56,246
56,488
9,006
Intangible assets
13,750
13,715
2,186
Other long-term receivable
237
230
37
Deferred tax assets
462
642
102
Total assets
162,240
169,181
26,970
LIABILITIES
Current liabilities:
Short-term debt and current portion of long-term debt
16,316
20,576
3,280
Accounts payable
7,459
9,416
1,501
Salary and welfare payable
3,465
3,345
533
Taxes payable
927
1,048
167
Advances from customers
7,868
6,254
997
Accrued liability for customer reward program
610
588
94
Other payables and accruals
5,517
6,042
963
Total current liabilities
42,162
47,269
7,535
Deferred tax liabilities *
3,895
3,786
604
Long-term debt
29,220
29,072
4,635
Other long-term liabilities
348
340
54
Total liabilities
75,625
80,467
12,828
SHAREHOLDERS' EQUITY
Share capital
5
5
1
Additional paid-in capital
71,341
71,885
11,460
Statutory reserves
384
384
61
Accumulated other comprehensive income **
80
479
76
Retained Earnings * / **
15,137
16,197
2,582
Treasury stock
(2,111)
(2,111)
(337)
Total Ctrip.com International, Ltd. shareholders' equity
84,836
86,839
13,843
Noncontrolling interests
1,779
1,875
299
Total shareholders' equity
86,615
88,714
14,142
Total liabilities and shareholders' equity
162,240
169,181
26,970
* The new revenue standard (ASC 606) was effective from January 1, 2018 and the revenue of the first quarter of 2018 was reported under new standard. We
adopt the full retrospective approach under which, the revenue and other major line items of consolidated statements of comprehensive income and related items of
balance sheet of the comparable periods were restated accordingly. The impact of applying this new standard for the first quarter and fourth quarter of 2017
resulted in a decrease of approximately RMB40 million and RMB0.2 billion in net revenue, respectively. Meanwhile, as of December 31, 2017, accounts receivable
and retained earnings increased with approximately RMB190 million. Deferred tax liabilities as of December 31, 2017 and income tax expenses of the first and
fourth quarter of 2017 were restated accordingly.
** The Company adopted the new financial instruments accounting standard from January 1, 2018 and approximately RMB6.3 billion of accumulated other
comprehensive income for the available-for-sale equity securities that existed as of December 31, 2017 was reclassified into retained earnings upon the initial
adoption. After the adoption of this new accounting standard, the Company measured its available-for-sale equity securities at fair value with gains or losses
recorded through the income statements, which could vary significantly from quarter to quarter. The impact of applying this new standard for the first quarter of
2018 resulted in a decrease of approximately RMB0.7 billion in net income, net of tax of RMB0.1 billion.
Ctrip.com International, Ltd.
Unaudited Consolidated Statements of Comprehensive Income
Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
March 31, 2017
December 31, 2017
March 31, 2018
March 31, 2018
RMB (million)
RMB (million)
RMB (million)
USD (million)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Revenue*:
Accommodation reservation
2,023
2,184
2,487
397
Transportation ticketing
2,875
2,925
2,888
460
Packaged-tour
709
549
834
133
Corporate travel
144
207
180
29
Others
342
354
377
60
Total revenue
6,093
6,219
6,766
1,079
Less: Sales tax and surcharges
(48)
(46)
(35)
(6)
Net revenue
6,045
6,173
6,731
1,073
Cost of revenue
(1,189)
(1,061)
(1,244)
(198)
Gross profit
4,856
5,112
5,487
875
Operating expenses:
Product development ***
(1,963)
(2,074)
(2,160)
(344)
Sales and marketing ***
(1,881)
(2,034)
(2,091)
(333)
General and administrative ***
(638)
(701)
(646)
(103)
Total operating expenses
(4,482)
(4,809)
(4,897)
(780)
Income from operations
374
303
590
95
Interest income
130
336
480
77
Interest expense
(260)
(324)
(322)
(51)
Other (expense)/income **
(88)
337
397
63
Income before income tax expense, equity in
income of affiliates and non-controlling interests
156
652
1,145
184
Income tax expense * / **
(139)
(238)
(179)
(29)
Equity in income/(loss) of affiliates
27
(98)
78
12
Net income
44
316
1,044
167
Net loss attributable to non-controlling interests
8
34
16
3
Net income attributable to Ctrip.com International,
Ltd.
52
350
1,060
170
Comprehensive income attributable to Ctrip.com
International, Ltd. **
1,203
2,374
1,459
233
Earnings per ordinary share
- Basic
0.81
5.18
15.47
2.47
- Diluted
0.77
4.99
14.49
2.31
Earnings per ADS
- Basic
0.10
0.65
1.93
0.31
- Diluted
0.10
0.62
1.81
0.29
Weighted average ordinary shares outstanding
- Basic
64,940,107
67,498,755
68,506,090
68,506,090
- Diluted
68,483,538
73,845,325
75,855,705
75,855,705
*** Share-based compensation included in Operating expense above is as follows:
Product development
283
214
210
34
Sales and marketing
49
40
35
6
General and administrative
190
146
131
21
** Fair value changes of equity securities investments included in Net income is as follow:
Fair value loss of equity securities investments, net of tax
-
-
688
110
Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB (million), except % and per share information)
Quarter Ended March 31, 2018
GAAP Result
% of Net
Revenue
Non-GAAP
Adjustment
% of Net
Revenue
Non-GAAP Result
% of Net
Revenue
Share-based compensation included in Operating expense is as follows:
Product development
(2,160)
32%
210
3%
(1,950)
29%
Sales and marketing
(2,091)
31%
35
1%
(2,056)
31%
General and administrative
(646)
10%
131
2%
(515)
8%
Total operating expenses
(4,897)
73%
376
6%
(4,521)
67%
Income from operations
590
9%
376
6%
966
14%
Fair value changes of equity securities investments, net of tax
(688)
10%
688
10%
-
0%
Net income attributable to Ctrip's shareholders
1,060
16%
1,064
16%
2,124
32%
Diluted earnings per ordinary share (RMB)
14.49
13.34
27.83
Diluted earnings per ADS (RMB)
1.81
1.67
3.48
Diluted earnings per ADS (USD)
0.29
0.26
0.55
Quarter Ended December 31, 2017
GAAP Result
% of Net
Revenue
Non-GAAP
Adjustment
% of Net
Revenue
Non-GAAP Result
% of Net
Revenue
Share-based compensation included in Operating expense is as follows:
Product development
(2,074)
34%
214
3%
(1,860)
30%
Sales and marketing
(2,034)
33%
40
1%
(1,994)
32%
General and administrative
(701)
11%
146
2%
(555)
9%
Total operating expenses
(4,809)
78%
400
6%
(4,409)
71%
Income from operations
303
5%
400
6%
703
11%
Net income attributable to Ctrip's shareholders
350
6%
400
6%
750
12%
Diluted earnings per ordinary share (RMB)
4.99
5.42
10.41
Diluted earnings per ADS (RMB)
0.62
0.68
1.30
Diluted earnings per ADS (USD)
0.10
0.10
0.20
Quarter Ended March 31, 2017
GAAP Result
% of Net
Revenue
Non-GAAP
Adjustment
% of Net
Revenue
Non-GAAP Result
% of Net
Revenue
Share-based compensation included in Operating expense is as follows:
Product development
(1,963)
32%
283
5%
(1,680)
28%
Sales and marketing
(1,881)
31%
49
1%
(1,832)
30%
General and administrative
(638)
11%
190
3%
(448)
7%
Total operating expenses
(4,482)
74%
522
9%
(3,960)
66%
Income from operations
374
6%
522
9%
896
15%
Net income attributable to Ctrip's shareholders
52
1%
522
9%
574
10%
Diluted earnings per ordinary share (RMB)
0.77
7.55
8.32
Diluted earnings per ADS (RMB)
0.10
0.94
1.04
Diluted earnings per ADS (USD)
0.01
0.14
0.15
Notes for all the condensed consolidated financial schedules presented:
Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB6.2726 on March 30, 2018 published by the Federal Reserve Board.
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SOURCE Ctrip.com International, Ltd. | http://www.cnbc.com/2018/05/22/pr-newswire-ctrip-reports-unaudited-first-quarter-of-2018-financial-results.html | www.cnbc.com |
Fishtech Group Announces Intent to Acquire Haystax Technology | KANSAS CITY, Mo., May 21, 2018 /PRNewswire/ -- Fishtech Group (FTG) today announced it intends to acquire Haystax Technology, an advanced security analytics and risk management solutions provider, as a wholly owned entity under the FTG umbrella. The acquisition would solidify the cybersecurity solutions firm's relationship with Haystax, which had been a Fishtech Venture Group partner since 2016.
The new entity will further Fishtech's mission of data-driven security solutions while extending Haystax's customer reach beyond its roots in homeland security and public safety. Gary Fish, CEO and Founder of Fishtech, will serve as CEO and Pete Shah will be Chief Operations Officer. Haystax will retain its base in McLean, Virginia. Fishtech plans to invest heavily in taking the new venture to market in the commercial enterprise space while enhancing its presence in federal, state, and local government.
Haystax's Constellation analytics platform flexes to and delivers a wide array of advanced security analytics and risk management solutions that enable rapid understanding and response to virtually any type of cyber or physical threats. Based on a patented model-driven approach that applies multiple artificial intelligence techniques, it reasons like a team of expert analysts to detect complex threats and prioritize risks in real time at scale for more effective protection of critical systems, data, facilities and people.
"The Constellation platform has proven itself to be a versatile and effective platform for insider threat, security operation center (SOC) automation, and public safety," said Fish. "We look forward to working closely with the Haystax team to further enhance those capabilities and develop other applications for its use. Additionally, we're pleased to gain access to the deep data science knowledge and capabilities of the talented Haystax team."
About Haystax Technology
Founded in 2012, Haystax Technology is a leading security analytics platform provider based in McLean, Virginia. https://haystax.com
About Fishtech Group
Fishtech delivers operational efficiencies and improved security posture for its clients through cloud-focused, data-driven solutions. Fishtech is based in Kansas City, Missouri. Visit https://fishtech.group/ or contact us at info@fishtech.group .
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SOURCE Fishtech Group | http://www.cnbc.com/2018/05/21/pr-newswire-fishtech-group-announces-intent-to-acquire-haystax-technology.html | www.cnbc.com |
Czech Republic - Factors To Watch on May 23 | PRAGUE, May 23 (Reuters) - Here are news stories, press reports and events to watch which may affect Czech financial markets on Wednesday. ALL TIMES GMT (Czech Republic: GMT + 2 hours) ECONOMIC DATA Real-time economic data releases Summary of economic data and forecasts Recently released economic data Previous stories on Czech data **For a schedule of corporate and economic events: here #/2E/events-overview NEWS/EVENTS UNIPETROL: Polish biggest oil refiner PKN Orlen will buy the remaining 5.97 percent in Czech unit Unipetrol from minority shareholders for 380 crowns per share to complete its takeover and delist the unit from the Prague bourse. R2G: Investment firm R2G, the majority owner of Czech artificial textile maker Pegas Nonwovens , is buying U.S.-based First Quality Enterprises' nonwovens operations in the United States and China, Czech newspaper Hospodarske Noviny reported on Tuesday. MONETA: Moneta Money Bank is partnering with Generali's Ceska Pojistovna, planning cross-selling CEE MARKETS: The forint gave up almost all of its early gains on Tuesday against the euro, edging back towards 23-month lows as dollar bulls returned in global markets and Hungary's central bank (NBH) reaffirmed its loose policy line. MARKET SNAPSHOT Index/Crown Currency Latest Prev Pct change Pct change close on day in 2018 vs Euro 25.701 25.711 0.04 -0.68 vs Dollar 21.852 21.823 -0.13 -2.7 Czech Equities 1,103.29 1,103.29 0.1 2.33 U.S. Equities 24,834.41 25,013.29 -0.72 0.47 Pvs close or current levels vs prior domestic close at 1500 GMT PRESS DIGEST CEZ: The Finance Ministry, representing the state's 70 percent share in CEZ , will not support a proposal to pay management bonuses of 21 million crowns when it comes up for a vote at the AGM. It will be the third year in a row bonuses will not be paid. Lidove Noviny, page 12 STUDENT AGENCY: Airline ticket seller Student Agency is up for sale and could fetch around 1 billion crowns ($45.70 million), according to a prospectus, the newspaper reported. Founder and owner Radim Jancura plans to use proceeds for his bus and train transport business RegioJet, the paper said. Hospodarske Noviny, page 1 POLITICS: The lower house voted against opening debate on President Milos Zeman's recent comments on Novichok, with almost all parliamentarians of the ruling ANO party voting with far-right SPD and far-left Communists in striking down the motion. The leader of the Social Democrat - with whom ANO is negotiating a coalition government - was surprised by the vote. The party is holding an internal referendum at the moment on joining the government. It had sought assurances in coalition talks that it would not be outvoted by ANO joining fringe parties. Pravo, page 2 (Reuters has not verified the stories, nor does it vouch for their accuracy.) ***For real-time stock market index Quote: s click in brackets: Warsaw WIG20 Budapest BUX Prague PX For updates on CEE markets TOP NEWS -- Emerging markets Prague Newsroom: +420 224 190 477 E-mail: prague.newsroom@thomsonreuters.com ($1 = 21.8800 Czech crowns) (Reporting by Prague Newsroom)
| https://www.reuters.com/article/czech-factors/czech-republic-factors-to-watch-on-may-23-idUSL5N1SU18C | www.reuters.com |
Valeant Announces Pricing Of Private Offering Of Notes | LAVAL, Quebec, May 17, 2018 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or the "Company") today announced that Valeant Pharmaceuticals International (the "Issuer"), the Company's wholly owned indirect subsidiary, has priced its previously announced offering of $750,000,000 aggregate principal amount of 8.50% unsecured senior notes due 2027 (the "Notes"). The Notes were offered at par. The offering is expected to close on or about June 1, 2018. As previously announced, the Company is seeking to amend and restate its existing credit agreement (as amended and restated, the "New Credit Agreement") and borrow $4.565 billion of new Term B loans (the "New Term B Loans") under the New Credit Agreement (the "Refinancing"). The proceeds of the Notes and the New Term B Loans, along with cash on hand, are expected to be used to refinance the Company's outstanding Term B loans and redeem the Company's 5.375% Senior Notes due 2020, the Issuer's 6.375% Senior Notes due 2020, the Issuer's 6.75% Senior Notes due 2021 and the Issuer's 7.25% Senior Notes due 2022, and to pay related fees and expenses.
The Notes will be guaranteed by the Company and each of its subsidiaries that are guarantors under the New Credit Agreement. Consummation of the offering of the Notes and the Refinancing are subject to various closing conditions, and there can be no assurance that the Company will be able to successfully complete these refinancing transactions on the terms described above, or at all.
The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and will not be qualified for sale to the public by prospectus under applicable Canadian securities laws and, accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws.
This news release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health.
Forward-looking Statements
This news release may contain forward-looking statements, including, but not limited to, the offering of the Notes and the Refinancing and the details thereof, including the proposed use of proceeds therefrom, our ability to close the offering of the Notes and the Refinancing. Forward-looking statements may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual and quarterly reports and detailed from time to time in Valeant's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
Investor Contact:
Media Contact:
Arthur Shannon
Lainie Keller
arthur.shannon@valeant.com
lainie.keller@valeant.com
(514) 856-3855
(908) 927-0617
(877) 281-6642 (toll free)
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SOURCE Valeant Pharmaceuticals International, Inc. | http://www.cnbc.com/2018/05/17/pr-newswire-valeant-announces-pricing-of-private-offering-of-notes.html | www.cnbc.com |
WRAPUP 1-U.S. jobs growth expected to regain momentum in April | * Nonfarm payrolls forecast to rise 192,000 in April
* Unemployment rate seen falling to 4.0 percent
* Average hourly earnings expected to increase 0.2 percent
WASHINGTON, May 4 (Reuters) - U.S. job growth likely accelerated in April after a weather-related slowdown in the previous month, with the unemployment rate expected to drop to near a 17-1/2-year low of 4.0 percent.
The Labor Department's closely watched employment report on Friday is also expected to show steady wage growth, which would add to signs of building inflation pressures and likely keep the Federal Reserve on a gradual path of monetary policy tightening.
The U.S. central bank on Wednesday left interest rates unchanged and said it expected annual inflation to run close to its "symmetric" 2 percent target over the medium term.
Economists interpreted symmetric to mean policymakers would not be too concerned with inflation overshooting the target.
Nonfarm payrolls probably increased by 192,000 jobs last month, according to a Reuters survey of economists. Payrolls rose by 103,000 positions in March, the smallest gain in six months, which economists dismissed as payback after unseasonably mild weather boosted hiring by 326,000 jobs in February.
The anticipated decline in the unemployment rate from 4.1 percent in March would put it at a level last seen in December 2000 and within striking distance of the Fed's forecast for 3.8 percent by the end of this year.
"The high-frequency indicators coming from the labor market continue to look rock solid, there is no real indication that the labor market is slowing down," said Scott Anderson, chief economist at Bank of the West in San Francisco. "From the Fed's perspective we are already at or below full employment."
Average hourly earnings are expected to have risen 0.2 percent last month after a 0.3 percent gain in March. That would leave the annual increase in average hourly earnings at 2.7 percent. While average hourly earnings have suggested only a gradual increase in wage inflation, other measures have been more robust.
The Employment Cost Index (ECI), widely viewed by policymakers and economists as one of the better measures of labor market slack, increased solidly in the first quarter. The ECI report showed wages rising at their fastest pace in 11 years during the period.
SKILLED LABOR SHORTAGE
Even with the annual increase in average hourly earnings still moderate, inflation is flirting with the Fed's target. The Fed's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, was up 1.9 percent year-on-year in March after a 1.6 percent rise in February.
"In an environment where productivity growth is remaining very weak, you actually don't need a particularly large rise in wage growth to be consistent with the Fed's 2 percent inflation target," said Michael Pearce, a senior U.S. economist at Capital Economics in New York.
"We expect faster wage growth will prompt the Fed to raise rates three more times this year."
The Fed hiked rates in March and has forecast at least two more increases for this year.
Economists expect the unemployment rate will drop to 3.5 percent by the end of the year. The economy needs to create roughly 120,000 jobs per month to keep up with growth in the working-age population. Employment gains averaged 202,000 jobs per month in the first quarter.
Some economists, however, caution that April's job growth could come in below expectations, citing declines in measures of manufacturing and services sector employment during the month. More businesses are complaining about shortages of skilled workers.
A consumer confidence survey showed households' assessments of current labor market conditions falling for a second straight month in April. In addition, cold temperatures persisted last month in some parts of the country.
"We have seen historically poor weather, which we expect will act as a temporary headwind to April job growth," said Ellen Zentner, chief economist at Morgan Stanley in New York.
"Weather-sensitive construction and leisure/hospitality jobs in particular will likely be negatively impacted by the weather swing, so we expect those industries to take a meaningful hit."
Still, manufacturing payrolls are expected to have rebounded last month after recording their first drop in eight months in March. Manufacturing employment is forecast rising by 20,000 jobs in April after a gain of 22,000 positions in March.
Government payrolls are seen falling by 2,000 jobs in April. (Reporting by Lucia Mutikani Editing by Paul Simao) | https://www.cnbc.com/2018/05/04/reuters-america-wrapup-1-u-s-jobs-growth-expected-to-regain-momentum-in-april.html | www.cnbc.com |
Kate Spade disappoints, sending Tapestry shares lower | Tapestry shares tumbled Tuesday morning as investors focused on a steep decline in same-store sales for the retailer's Kate Spade division during its fiscal third quarter.
The parent company of Coach and Kate Spade posted earnings and sales that topped quarterly targets. But with the same-store sales decline at Kate Spade and an uncertain outlook for its Stuart Weitzman brand, Tapestry's stock skidded down more than 14 percent in early trading, on pace for its worst day since last August when shares lost more than 15 percent.
Same-store sales for Kate Spade fell more than 9 percent globally, while analysts surveyed by Thomson Reuters were projecting a decline of about 7 percent.
Tapestry also saw weakness in its Stuart Weitzman business and said the trend could drag out through the holidays.
"At Stuart Weitzman, results were negatively impacted by execution issues including production delays and lower sell-through of key carryover styles, which pressured sales and margins," CEO Victor Luis said in a statement.
Here's how Tapestry performed for the period ended March 31:
Earnings: 54 cents a share, adjusted, vs. 50 cents per share expected by analysts surveyed by Thomson Reuters Revenues: $1.32 billion vs. $1.31 billion expected "Results were driven by continued growth at Coach, where comparable store sales rose, led by outperformance in North America," Luis said.
Tapestry reported net income of $140 million, or 48 cents a share, compared with $122 million, or 43 cents per share, a year ago.
Excluding one-time items, the company earned 54 cents, 4 cents better than what analysts were expecting.
Sales climbed 33 percent to $1.32 billion from $995 million a year ago, fueled by the company's acquisition of Kate Spade last July and again topping analysts' expectations.
Same-store sales for the Coach brand climbed 3 percent globally. Tapestry doesn't break out the same-store sales performance for Stuart Weitzman.
Looking ahead, Tapestry said it expects sales for fiscal 2018 to be up about 30 percent, with the Kate Spade acquisition adding more than $1.2 billion in sales. The company said earnings should fall within a range of $2.57 to $2.60 per share, which would be an increase of as much as 20 percent from a year earlier.
The company is still seen trimming promotional activity at Kate Spade, which is known for its flash sales and for having an abundance of discounted merchandise at off-price chains and department stores.
"The next step in the evolution of Kate Spade is to rebuild the brand with a much more distinct image and to ensure that collections align with this," GlobalData Retail managing director Neil Saunders said.
With respect to Coach, Saunders said the division "deserves credit for having a product lineup and marketing efforts that persuaded people to spend some of their [tax refund] windfalls with the brand."
Including Tuesday's losses, Tapestry shares are up about 5 percent so far this year. | https://www.cnbc.com/2018/05/01/tapestry-q3-earnings-2018.html | www.cnbc.com |
Cohen & Grigsby Appoints New Leadership of Litigation Practice | PITTSBURGH, May 2, 2018 /PRNewswire/ -- Cohen & Grigsby, P.C. is pleased to announce that Morgan Hanson has been appointed chair of the litigation practice, and Barbara Scheib has been appointed as director of litigation strategy.
"Morgan has played an integral part in the strategic planning process, and through his understanding of the firm, the litigation team, and our objectives, will be able to provide the guidance needed to execute on the strategic implementation efforts in this new leadership role," Christopher Carson, president and CEO, Cohen & Grigsby. "We are also looking forward to Barb continuing in this strategic leadership role."
Cohen & Grigsby litigators represent clients across the spectrum of commercial and business disputes, including: business breakups, insurance coverage disputes, theft of trade secret and non-compete agreements, securities law violations, accounting firm defense and shareholder issues.
Mr. Hanson has experience in corporate governance litigation, including minority shareholder oppression claims, share appraisal actions and partnership dissolutions. He is also experienced in banking and lender liability litigation, procurement litigation, and insurance coverage litigation. Currently serving as solicitor to the Sports & Exhibition Authority of Pittsburgh and Allegheny County (SEA), Mr. Hanson oversees the legal functions of properties owned and leased by The Authority including PNC Park, Heinz Field, PPG Paints Arena, David L. Lawrence Convention Center, two parking facilities and riverfront parks.
Ms. Scheib has been a director of the firm since 2005 and has served as chair of the litigation group and chair of the recruiting committee. Her legal practice focuses on commercial litigation, including disputes between competitors, trade secret misappropriation, false advertising, intellectual property litigation and non-compete covenant and other employee mobility disputes. Ms. Scheib has served as lead counsel in jury trials, bench trials and arbitrations.
For more information about Cohen & Grigsby, please visit cohenlaw.com .
ABOUT COHEN & GRIGSBY
Since 1981, Cohen & Grigsby, P.C. and its attorneys have provided sound legal advice and solutions to clients that seek to maximize their potential in a constantly changing global marketplace. Comprised of more than 140 lawyers, Cohen & Grigsby maintains offices in Pittsburgh, PA and Naples, Fla. The firm's practice areas include Business Services, Labor & Employment, Immigration/International Business, Intellectual Property, Real Estate & Public Finance, Litigation, Employee Benefits & Executive Compensation, Estates & Trusts, Bankruptcy & Creditors Rights, and Public Affairs. Cohen & Grigsby represents private and publicly held businesses, nonprofits, multinational corporations, individuals and emerging businesses across a full spectrum of industries. Our lawyers maintain an unwavering commitment to customer service that ensures a productive partnership. For more information, visit cohenlaw.com .
Contact:
Christine Mazza
412.297.4900
Cmazza@cohenlaw.com
View original content with multimedia: http://www.prnewswire.com/news-releases/cohen--grigsby-appoints-new-leadership-of-litigation-practice-300641402.html
SOURCE Cohen & Grigsby, P.C. | http://www.cnbc.com/2018/05/02/pr-newswire-cohen-grigsby-appoints-new-leadership-of-litigation-practice.html | www.cnbc.com |
Elon Musk teases specifications for Tesla's Model 3, calling it 'amazing' | 2:04 PM ET Tue, 15 May 2018 | 00:58
Elon Musk has boasted of adding new bells and whistles to Tesla's Model 3, classifying the highest end version as a car that rides quickly, smoothly and has the ability to "beat anything in its class."
In a series of posts on Twitter, Tesla's CEO announced that he was working on two separate versions of the car, with dual motor capabilities that are "optimized for power and...for range."
He outlined a list of specifications: the all-wheel drive (AWD) performance Model 3 will boast a top speed of 155 miles per hour, can go from 0-60 in less than four seconds, and has a top range of 310 miles. Musk
Starting at $78,000, the AWD performance Model 3 would make it pricier than BMW's high performance M3 that's priced over $67,000 and marketed as the "ultimate driving machine." Musk, however, boasted the Model 3 would be faster and easier to handle. The AWD performance Model 3 "will beat anything in its class on the track," the billionaire added.
A normal dual-motor will be less costly, Musk said, but will do 0-60 miles per hour in 4.5 seconds and has a top speed of 140 miles per hour. Musk tweet
Musk's tease comes as a recent report suggested the Model 3 could take a production leap in spite of its well-publicized woes. Tesla has struggled to ramp up production of the Model 3, which is expected to catapult Tesla into the ranks of mainstream auto producers, instead of a niche purveyor of high-end roadsters.
Electric car blog Electrek , citing a leaked email from Musk to employees, said it was "quite likely" Tesla will make more than 500 Model 3 cars per day this week.
If that prediction holds true, then Tesla could conceivably hit a weekly production rate of 3,500 cars per week. The company is trying to reach a production rate of 5,000 Model 3 vehicles per week by the end of the quarter, but has had to push back that timetable.
Musk and his ambitions have come under withering scrutiny, heightened recently by a controversial earnings call in which the billionaire was openly dismissive of analysts' questions.
Last month, Musk boasted that Tesla would be cash-positive in the second half of this year. However, a number of prominent Wall Street analysts have warned the company is facing a cash crunch, and may need to tap the market sooner rather than later. Goldman Sachs estimates Tesla may require as much as $10 billion in additional capital by 2020.
Tesla' stock, which shed nearly 3 percent in Friday's trading session, is down more than to 11 percent year to date.
--CNBC's Robert Ferris contributed to this story. WATCH: Elon Musk's big ambitions may be killing Tesla show chapters | https://www.cnbc.com/2018/05/19/elon-musk-teases-specifications-for-teslas-model-3-calling-it-amazing.html | www.cnbc.com |
Cadence agrees to buy State Bank in $1.4 billion all-stock deal | Venture Capital Cadence agrees to buy State Bank in $1.4 billion all-stock deal Cadence Bancorp said it agreed to buy State Bank Financial in an all-stock deal valued at about $1.4 billion. The deal signaled a potential rise in regional bank consolidation in the U.S. The agreement will create an entity with $16 billion in assets and about 100 branches in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Published 4 Hours Ago Reuters
Cadence Bancorp said on Sunday it had agreed to buy State Bank Financial in an all-stock deal valued at about $1.4 billion, signaling a potential rise in regional bank consolidation in the United States.
The agreement, approved by the boards of both banks, will create an entity with $16 billion in assets and about 100 branches in Alabama , Florida , Georgia , Mississippi , Tennessee , and Texas , the banks said in a press release.
Investors expect a wave of mergers among mid-sized banks as U.S. lawmakers work to rewrite banking rules enacted after the 2007-2009 financial crisis. These changes would likely raise the limit on what is considered a systemically important financial institution, which had hampered some banks from merging.
Lawmakers also are tinkering with older bank rules, emboldened by President Donald Trump's vow to loosen banking restrictions.
State Bank shareholders will receive 1.160 shares of Cadence class A common stock for each State Bank share, Cadence said in a statement. Cadence shares closed at $30.23 on Friday, while State Bank shares closed at $33.08.
Cadence and State Bank shareholders will collectively own about 65 percent and 35 percent of the combined company, respectively, after the deal is closed. Related Securities | https://www.cnbc.com/2018/05/14/cadence-agrees-to-buy-state-bank-in-1-point-4-billion-all-stock-deal.html | www.cnbc.com |
For CEOs, $11.7 million a year is just middle of the pack | Chief executives at the biggest public companies got an 8.5 percent raise last year, bringing the median pay package for CEOs to $11.7 million. Across the S&P 500 , compensation for CEOs is often hundreds of times higher than typical workers.
The pay increase matches the bump that CEOs received in 2016, according to salary, stock and other compensation data analyzed by Equilar for The Associated Press.
For the first time, the government required companies to show in their annual proxy statements just how much more bosses make than the typical employee. The typical CEO made 164 times the median pay of their employees, according to Equilar's analysis.
Because the government gave companies wide leeway in how they calculated the median pay of their workers, and because some industries rely heavily on part-time workers, the CEO-to-worker pay ratios are imperfect and make comparisons difficult. Despite pushback, Congress forced companies to publish the data as a way to shine a spotlight on income inequality.
A debate has already ensued about the significance of this newly released data.
"High pay ratios send a dispiriting message to the workforce," said Liz Shuler, secretary-treasurer of the AFL-CIO, which has been calculating its own tally of CEO-to-worker pay ratios for years. "Companies are asking their workers to do more with less, at the same that CEO pay is on the rise."
Detractors among business groups, academics and compensation consultants say the ratio can give a false impression. For example, some companies exclude some of their lower-paid foreign workers, which regulations allow. And companies with large part-time workforces will show much greater disparity between the CEO's pay and median pay.
At Yum Brands , CEO Greg Creed 's pay of $12.3 million was 1,358 times higher than the company median of $9,111. The employee who earned that amount, on an annualized basis, was a part-time employee at a Taco Bell restaurant.
Even at United Rentals , where the median pay was $77,127 last year, it would take a worker earning that amount 166 years to match the $12.8 million in compensation that CEO Michael Kneeland made last year.
So far, shareholders seem OK with the pay packages for CEOs. At both Yum Brands and United Rentals, more than 95 percent of shareholders approved their CEOs' pay for last year. Likely buoying that support was the 31.1 percent return for Yum Brands stock and the 62.8 percent rise for United Rentals.
Across the S&P 500, such votes on executive compensation passed with similar approval ratings in 2016 and 2017, at 95 percent, according to the data compiled by Equilar. The boards of directors who set CEO pay, meanwhile, say they are tying more of their executives' compensation to how the company is performing, and they need to pay the going rate to keep talented executives.
The top five The highest-paid CEO in Equilar's analysis was Hock Tan of Broadcom , who made $103.2 million. The vast majority of Tan's compensation came in the form of a stock grant, valued at $98.3 million. He'll receive the shares if the stock hits certain performance targets over the next four years. The company said in a filing with regulators that the figure looks substantial, but the amount Tan earns will "only be exceptional if our (stock returns relative to other companies) is exceptional."
The second-highest paid CEO was Leslie Moonves of CBS . He made $68.4 million, including a $20 million bonus. CBS stock fell in 2017, but the company's board highlighted how CBS is producing more premium content where it has an ownership stake, among other accomplishments.
No. 3 was W. Nicholas Howley at TransDigm , which designs and produces aircraft components. He earned $61 million, including $51.2 million of payments from the company on stock options he holds, as if they had earned dividends. Howley, a Transdigm co-founder, left his position as CEO last month and became executive chairman.
Jeffrey Bewkes of Time Warner was the fourth-highest paid CEO at $49 million. Time Warner rejiggered its compensation formulas for executives following its deal to be acquired by AT&T, which was announced in 2016 but is still awaiting government approval. Bewkes received restricted stock valued at $32 million.
No. 5 was TripAdvisor 's Stephen Kaufer, at $43.2 million. He received grants of options and restricted stock valued at $42.1 million, and the company said it does not expect to give him another stock grant as long-term incentive compensation until 2021.
CEOs make how much more? This is the first year that companies had to report the median pay for their employees. Median is the midpoint of the pay scale. Across the S&P 500, the median compensation last year was $70,244, according to Equilar. That's higher than the average pay for all U.S. workers, at $47,792, because the S&P 500 is full of big, multinational companies. Last year's median pay for the U.S. is not yet available.
Companies in the pharmaceutical, technology and energy sectors were on the high end of the S&P 500 for worker pay. At Facebook , for example, the median compensation was $240,430. On the lower end were retailers and fast-food restaurant chains, which tend to have more part-time workers.
Coming into this year, many companies had big concerns about the reaction to their CEO-to-worker pay ratios, particularly among their own employees. But after publishing the numbers, the backlash wasn't that big, said Melissa Burek, a partner at Compensation Advisory Partners.
"I have clients in the Midwest, where they're the largest employer in town, and I would have thought those would get more attention," said Daniel Laddin, another partner at Compensation Advisory Partners. "But no one seems to be getting too upset about it."
All the leeway companies had in calculating their ratios helped many to avoid being an outlier, on either the high end or the low end, said Kelly Malafis, also a partner at Compensation Advisory Partners.
The real value in these ratios may come years from now, as investors and workers track how the ratios change over time, said Ethan Rouen, an assistant professor at Harvard Business School who studies income inequality.
It may not make much sense to compare Yum Brands' ratio with Facebook's, but is each company's ratio rising or falling through the years? In particular, will the figures get better or worse when the next economic downturn hits, whenever that may be?
"I think five years down the road," he said, "this measure will be more useful than it is right now." | https://www.cnbc.com/2018/05/25/for-ceos-11-point-7-million-a-year-is-just-middle-of-the-pack.html | www.cnbc.com |
UPDATE 1-'Humbling' U.S. settlement clears crisis-era hangover for RBS | * $4.9 billion settlement is less than feared
* Bank can resume dividends and reprivatisation
* Settlement is last major 2008 crisis-era problem (Adds comment from investors)
LONDON, May 10 (Reuters) - Shares in Royal Bank of Scotland rose as much as 6 percent on Thursday after it secured a far lower than expected settlement with U.S. authorities, paving the way for a long-awaited return of cash to British taxpayers who provided support during the financial crisis.
The $4.9 billion fine resolves a U.S. Department of Justice investigation into the bank's sale of mis-priced mortgage-backed securities before the financial crisis and clears one of the most debilitating hangovers for the bank from that era.
"It's very humbling to have to announce a settlement of this magnitude," the bank's finance director Ewen Stevenson told reporters on a conference call.
While the agreement is only in principle, its arrival clears the way for taxpayer-backed RBS to restore its dividend and for the government to start selling down its more than 70 percent stake in the bank.
RBS executives said that while it will take a few weeks to finish the paperwork, the total penalty is unlikely to increase. Analysts had estimated the DOJ could impose a fine of up to $12 billion.
"The number is a firm number," finance director Stevenson said.
RBS said it would be able to cover the bulk of the penalty out of existing provisions alongside a $1.44 billion charge it will take in the second quarter of this year.
"This marks a watershed for RBS for as long as this investigation cast a pall over earnings and forecasts there was nowhere for investors to really go," said Neil Wilson, chief analyst for Markets.com .
CRISIS CASUALTY
The Department of Justice previously settled with banks including Citigroup, Deutsche Bank, JPMorgan Chase, Credit Suisse, Morgan Stanley, Goldman Sachs, Bank of America and Barclays for a total of more than $60 billion.
Bank of America paid the highest sum of $16.7 billion, while Barclays, which settled in March, had the smallest figure at $2 billion.
Once the world's largest bank by assets, RBS was one of the biggest casualties of the financial crisis which crippled credit, stock and housing markets and upended the global economy.
It narrowly avoided insolvency in 2008 after the government agreed a 45 billion pound ($61 billion) bailout, just six months after the bank raised 12 billion pounds of emergency cash from shareholders.
Chief Executive Ross McEwan's predecessor, Stephen Hester, who joined the bank following the bailout in 2008, said he had texted McEwan this morning to congratulate him and the team.
"That's the last really big milestone before the bank can be seen to be fully normalized... It's taken an awfully long time to achieve but I think it's good news," Hester, who is now CEO of RSA, told a media call for the insurer's first quarter results.
The looming fine had been a big obstacle to the government's plan, laid out in November, to begin reprivatising the bailed-out lender before the end of the 2018-19 fiscal year - a much needed boost to finance minister Philip Hammond's coffers.
BACK TO DIVIDENDS
After ten years of restructuring, shedding trillions in assets and paying conduct fines, Thursday's settlement means RBS's last large outstanding legacy issue is out of the way.
Chief Executive McEwan also said the bank will start discussing paying RBS's first dividend in a decade with regulators this month, leaving open the possibility the bank would start returning years' worth of excess capital to shareholders before its next annual results.
"The fact they can begin to think about how to return that to shareholders is a major and long-awaited change," said Olivia Treharne, a fund manager at Legal & General Investment Management, RBS's number 10 shareholder according to Thomson Reuters data.
However, one of the bank's largest 20 investors said shareholders should be cautious about the prospects of getting their hands on the bank's excess capital just yet.
"This is hardly a Silicon Valley company. I'd like to see much of that plowed into the bank's IT systems," said the investor, who asked not to be named.
McEwan had hoped the settlement would be sealed before the end of 2017, but staffing changes at the DOJ following the inauguration of U.S. President Donald Trump saw negotiations with a number of banks slip back.
RBS however appears to have benefited from settling under the Trump administration, which has been less hostile towards the banking sector than that of his predecessor Barack Obama.
RBS executives said one reason for the settlement being below estimates is that RBS did not have to pay out billions of dollars in consumer relief, a staple of such settlements under the Obama administration. ($1 = 0.7372 pounds)
(Additional reporting by Carolyn Cohn Editing by Keith Weir) | https://www.cnbc.com/2018/05/10/reuters-america-update-1-humbling-u-s-settlement-clears-crisis-era-hangover-for-rbs.html | www.cnbc.com |
Atlantica Yield Reports First Quarter 2018 Financial Results | Atlantica Yield Reports First Quarter 2018 Financial Results
Net loss for the quarter attributable to the Company of $4.8 million compared to a net loss of $11.8 million in the first quarter of 2017 Revenues reached $225.3 million representing a 13.7% increase compared to the first quarter of 2017 Further Adjusted EBITDA including unconsolidated affiliates [1] grew by 8.9% to $179.8 million in the first quarter of 2018 compared with $165.0 million in the first quarter of 2017 Cash available for distribution ("CAFD") amounted to $43.0 million Quarterly dividend of $0.32 per share declared by the Board of Directors representing a 28% increase compared to the same quarter of 2017
May 14, 2018 - Atlantica Yield plc (NASDAQ: AY) ("Atlantica"), the sustainable total return company that owns a diversified portfolio of contracted assets in the energy and environment sectors, reported financial results for the three-month period ended March 31, 2018. Revenues amounted to $225.3 million, representing a 13.7% increase compared to the first quarter of 2017. Further Adjusted EBITDA including unconsolidated affiliates[1] amounted to $179.8 million, representing a 8.9% increase during the same period. CAFD generation amounted to $43.0 million, on track to meet the yearly guidance for 2018.
Highlights
Three-month period ended
March 31, (in thousands of U.S. dollars) 2018 2017 Revenue $ 225,265 $ 198,146 Loss for the period attributable to the Company (4,764) (11,769) Further Adjusted EBITDA incl. unconsolidated affiliates [2] $ 179,800 $ 165,049 Net cash provided by operating activities 130,535 86,372 CAFD [3] $ 43,031 $ 60,872 Key Performance Indicators
Three-month period ended March 31, 2018 2017 Renewable energy MW in operation [4] 1,446 1,442 GWh produced [5] 507 460 Efficient natural gas MW in operation 300 300 GWh produced 547 591 Availability(%) [6] 97.9% 99.8% Electric transmission lines Miles in operation 1,099 1,099 Availability(%) [7] 100.0% 94.4% Water Mft 3 in operation 4 10.5 10.5 Availability (%) 7 99.1% 102.5% Segment Results
(in thousands of U.S. dollars) Three-month period ended
March 31, 2018 2017 Revenue by Geography North America $ 61,781 $ 60,952 South America 29,536 28,527 EMEA 133,948 108,667 Total revenue $ 225,265 $ 198,146 Further Adjusted EBITDA incl. unconsolidated affiliates by Geography North America $ 60,247 $ 54,753 South America 24,180 33,757 EMEA 95,373 76,539 Total Further Adjusted EBITDA incl. unconsolidated affiliates $ 179,800 $ 165,049
(in thousands of U.S. dollars) Three-month period ended
March 31, 2018 2017 Revenue by business sector Renewable energy $ 167,225 $ 137,664 Efficient natural gas 28,387 29,800 Electric transmission lines 23,840 24,165 Water 5,813 6,517 Total revenue $ 225,265 $ 198,146
Further Adjusted EBITDA incl. unconsolidated affiliates by business sector Renewable energy $ 131,435 $ 102,625 Efficient natural gas 23,330 26,716 Electric transmission lines 19,836 30,459 Water 5,199 5,249 Total Further Adjusted EBITDA incl. unconsolidated affiliates $ 179,800 $ 165,049 In the first quarter of 2018, our renewable assets delivered higher electricity production compared to the same period of 2017. The increase is mainly attributable to the improved performance in Kaxu during the summer season in South Africa, with a capacity factor of 37.0%. Production also increased in our U.S. solar assets, mainly due to a temporary delay of the annual maintenance work in Mojave to the second quarter of 2018. The solar fleet in Spain demonstrated stable operational results. Finally, our wind assets increased production due to solid performance and good wind levels.
Our availability-based assets continue to deliver solid performance with high availability levels in ACT, transmission lines and in water assets.
Liquidity and Debt
As of March 31, 2018, cash available at the Atlantica Yield corporate level was $151.4 million, which together with an available revolver capacity of $71.0 million, represents total corporate liquidity of $222.4 million.
As of March 31, 2018, net project debt amounted to $4,929.2 million ($4,954.3 million as of December 31, 2017) and net corporate debt amounted to $505.9 million ($494.6 as of December 31, 2017). The net corporate debt / CAFD pre-corporate debt service ratio [8] remains at 2.3x.
Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the project level. Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica Yield corporate level.
Revolving Credit Facility Refinancing
On May 10, 2018, we signed a $215 million new Revolving Credit Agreement with a syndicate of banks. The agreement, once effective, will replace the current $125 million Revolving Credit Facility ahead of its maturity in December 2018.
The new Revolving Credit Agreement matures on December 31, 2021 and accrues interest at a rate per annum equal to LIBOR plus a margin ranging from 1.60% to 2.25%, depending on corporate leverage. Considering our corporate debt target, we expect the margin to be in the range of 1.60% to 1.75%, which is around 100 basis points lower than the rate of the current revolving arrangement.
Dividend
On May 11, 2017, our Board of Directors approved a dividend of $0.32 per share which represents a 28% increase compared to the same quarter of 2017. This dividend is expected to be paid on or about June 15, 2018 to shareholders of record as of May 31, 2018.
Strong Commitment from Algonquin
On March 9, 2018, Algonquin became our largest shareholder after closing the acquisition of a 25% equity participation in Atlantica Yield. Furthermore, on April 17, 2018, Algonquin announced they had entered into an agreement with Abengoa to purchase an additional 16.5% of our shares. The transaction is subject to approval by the U.S. Department of Energy ("DOE") and certain other closing conditions and is expected to close in the second or third quarter of 2018, according to the information publicly disclosed by Algonquin.
Algonquin is demonstrating a strong commitment to Atlantica and our future accretive growth. With solid know-how in the sector, an investment grade credit rating and proven access to capital markets, their equity participation in Atlantica assures a compelling alignment between the two companies. Following the closing of the 25% stake acquisition, Mr. Ian Robertson, CEO of Algonquin and Mr. Christopher Jarratt, Vice-Chair, have joined our board of directors, bringing valuable expertise to the company.
In addition, the ROFO Agreement signed with AAGES became effective on March 9, 2018, formalizing our main channel for accretive growth opportunities through dropdowns. AAGES, the joint venture created to invest in the development and construction of clean energy and water infrastructure contracted assets, has already started its operations.
Taking into account our new strategic shareholder and sponsor, our ROFO agreements and our internal and external opportunities, our target is to grow our dividend per share by 8% to 10% through 2022.
Details of the Results Presentation Conference
Atlantica Yield's CEO, Santiago Seage, and its CFO, Francisco Martinez-Davis, will hold a conference call today, May 14, at 4:30 pm EST.
In order to access the conference call participants should dial: +1 646-828-8143 (US) or +44 (0) 330 336 9105 (UK), followed by the confirmation code 7101605 . A live webcast of the conference call will be available on Atlantica Yield's website. Please visit the website at least 15 minutes earlier in order to register for the live webcast and download any necessary audio software.
Additionally, Atlantica Yield's management will meet with investors at the Annual Clean Tech Utilities & Power Conference organized by Deutsche Bank in New York on May 15 and at the Global Energy and Utilities Conference organized by Citibank in Boston on May 16.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "is likely to," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other similar expressions or terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements.
Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: difficult conditions in the global economy and in the global market and uncertainties in emerging markets where we have international operations; changes in government regulations providing incentives and subsidies for renewable energy, including reduction of our revenues in Spain, which are mainly defined by regulation through parameters that could be reviewed at the end of each regulatory period; our ability to acquire solar projects due to the potential increase of the cost of solar panels; political, social and macroeconomic risks relating to the United Kingdom's exit from the European Union; changes in general economic, political, governmental and business conditions globally and in the countries in which we do business; decreases in government expenditure budgets, reductions in government subsidies or adverse changes in laws and regulations affecting our businesses and growth plan; challenges in achieving growth and making acquisitions due to our dividend policy; inability to identify and/or consummate future acquisitions, under the AAGES ROFO Agreement, the Abengoa ROFO Agreement or otherwise, on favorable terms or at all; our ability to identify and reach an agreement with new sponsors or partners similar to the ROFO agreements with AAGES, Algonquin or Abengoa; our ability to identify and/or consummate future acquisitions from third parties or from potential new partners, including as a result of not being able to find acquisition opportunities at attractive prices; legal challenges to regulations, subsidies and incentives that support renewable energy sources; extensive governmental regulation in a number of different jurisdictions, including stringent environmental regulation; increases in the cost of energy and gas, which could increase our operating costs; counterparty credit risk and failure of counterparties to our offtake agreements to fulfill their obligations; inability to replace expiring or terminated offtake agreements with similar agreements; new technology or changes in industry standards; inability to manage exposure to credit, interest rates, foreign currency exchange rates, supply and commodity price risks; reliance on third-party contractors and suppliers; risks associated with acquisitions and investments; deviations from our investment criteria for future acquisitions and investments; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, climate change, unexpected geological or other physical conditions, criminal or terrorist acts or cyber-attacks at one or more of our plants; insufficient insurance coverage and increases in insurance cost; litigation and other legal proceedings, including claims due to Abengoa's restructuring process; reputational risk, including potential damage caused to us by Abengoa's reputation; the loss of one or more of our executive officers; failure of information technology on which we rely to run our business; revocation or termination of our concession agreements or power purchase agreements; lowering of revenues in Spain that are mainly defined by regulation; risk that the 16.5% Share Sale will not be completed; inability to adjust regulated tariffs or fixed-rate arrangements as a result of fluctuations in prices of raw materials, exchange rates, labor and subcontractor costs; exposure to electricity market conditions which can impact revenue from our renewable energy and efficient natural gas facilities (previously named "conventional generation"); changes to national and international law and policies that support renewable energy resources; lack of electric transmission capacity and potential upgrade costs to the electric transmission grid; disruptions in our operations as a result of our not owning the land on which our assets are located; risks associated with maintenance, expansion and refurbishment of electric generation facilities; failure of our assets to perform as expected, including Solana and Kaxu; failure to receive dividends from all project and investments, including Solana and Kaxu; failure or delay to reach the "flip-date" by Liberty Interactive Corporation in its tax equity investment in Solana; variations in meteorological conditions; disruption of the fuel supplies necessary to generate power at our efficient natural gas facilities (previously named "conventional generation"); deterioration in Abengoa's financial condition; Abengoa's ability to meet its obligations under our agreements with Abengoa to comply with past representations, commitments and potential liabilities linked to the time when Abengoa owned the assets, potential clawback of transactions with Abengoa, and other risks related to Abengoa; failure to meet certain covenants or payment obligations under our financing arrangements; failure to obtain pending waivers in relation to the minimum ownership by Abengoa and the cross-default provisions contained in some of our project financing agreements; failure of Abengoa to maintain existing guarantees and letters of credit under the Financial Support Agreement or failure by us to maintain guarantees; failure of Abengoa to maintain its obligations and production guarantees, pursuant to EPC contracts; our ability to consummate future acquisitions from AAGES, Algonquin, Abengoa or others; our ability to close acquisitions under our ROFO agreements with AAGES, Algonquin, Abengoa and others due to, among other things, not being offered assets that fit our portfolio or, reaching agreements on prices or, in the case of the Abengoa ROFO Agreement, the risk of Abengoa selling assets before they reach COD; changes in our tax position and greater than expected liability; conflicts of interests which may be resolved in a manner that is not in our best interests or the best interests of our minority shareholders, potentially caused by our ownership structure and certain service agreements in place with our current largest shareholder; the divergence of interest between us and Abengoa, due to Abengoa's sale of our shares; potential negative implications from being deemed to undergo an "ownership change" under section 382 of the Internal Revenue Code, including limitations on our ability to use U.S. NOLs to offset future income tax liability; negative implications from a potential change of control; negative implications of U.S. federal income tax reform; technical failure, design errors or faulty operation of our assets not covered by guarantees or insurance; and failure to collect insurance proceeds in the expected amounts. Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding risks and uncertainties that may affect Atlantica Yield's future results included in Atlantica Yield's filings with the U.S. Commission at www.sec.gov .
Atlantica Yield undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or developments or otherwise.
Non - GAAP Financial Measures
We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the year or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.
We define Further Adjusted EBITDA including unconsolidated affiliates as profit/(loss) for the period attributable to the Company, after adding back loss/(profit) attributable to non-controlling interest from continued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges, and dividends received from the preferred equity investment in ACBH.
Our management believes Further Adjusted EBITDA including unconsolidated affiliates is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. This measure is widely used by investors to measure a company's operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired. Further Adjusted EBITDA including unconsolidated affiliates is also used by management as a measure of liquidity.
Our management uses Further Adjusted EBITDA including unconsolidated affiliates as a measure of operating performance to assist in comparing performance from period to period on a consistent basis and to readily view operating trends, as a measure for planning and forecasting overall expectations and for evaluating actual results against such expectations, and in communications with our Board of Directors, shareholders, creditors, analysts and investors concerning our financial performance.
We define Cash Available For Distribution as cash distributions received by the Company from its subsidiaries minus all cash expenses of the Company, including debt service and general and administrative expenses. Management believes cash available for distribution is a relevant supplemental measure of the Company's ability to earn and distribute cash returns to investors.
We believe cash available for distribution is useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, cash available for distribution is used by our management team for determining future acquisitions and managing our growth.
Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)
For the three-month period ended March 31,
2018 2017 Revenue $ 225,265 $ 198,146 Other operating income 28,414 14,992 Raw materials and consumables used (4,420) (1,076) Employee benefit expenses (5,097) (4,080) Depreciation, amortization, and impairment charges (74,624) (76,876) Other operating expenses (66,194) (54,415) Operating profit $ 103,344 $ 76,691 Financial income 296 320 Financial expense (100,067) (101,039) Net exchange differences (180) 141 Other financial income/(expense), net (1,660) 4,278 Financial expense, net $ (101,611) $ (96,300) Share of profit/(loss) of associates carried under the equity method 1,407 702 Profit/(loss) before income tax $ 3,140 $ (18,907) Income tax (4,650) 4,500 Profit/(loss) for the period $ (1,510) $ (14,407) Loss/(profit) attributable to non-controlling interests (3,254) 2,638 Profit((loss) for the period attributable to the Company $ (4,764) $ (11,769) Weighted average number of ordinary shares outstanding (thousands) 100,217 100,217 Basic earnings per share attributable to Atlantica Yield plc (U.S. dollar per share) $ (0.05) $ (0.12) Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)
Assets As of March 31,
2018 As of December 31, 2017 Non-current assets Contracted concessional assets $ 9,100,548 $ 9,084,270 Investments carried under the equity method 57,648 55,784 Financial investments 47,198 45,242 Deferred tax assets 173,371 165,136 Total non-current assets $ 9,378,765 $ 9,350,432 Current assets Inventories 17,912 17,933 Clients and other receivables 248,410 244,449 Financial investments 209,209 210,138 Cash and cash equivalents 755,902 669,387 Total current assets $ 1,231,433 $ 1,141,907 Total assets $ 10,610,198 $ 10,492,339
Equity and liabilities Share capital $ 10,022 10,022 Parent company reserves 2,132,161 2,163,229 Other reserves 96,141 80,968 Accumulated currency translation differences 9,521 (18,147) Retained Earnings (493,790) (477,214) Non-controlling interest 141,081 136,595 Total equity $ 1,895,136 1,895,453 Non-current liabilities Long-term corporate debt $ 583,559 574,176 Long-term project debt 5,230,432 5,228,917 Grants and other liabilities 1,676,199 1,636,060 Related parties 144,994 141,031 Derivative liabilities 320,366 329,731 Deferred tax liabilities 201,274 186,583 Total non-current liabilities $ 8,156,824 8,096,498 Current liabilities Short-term corporate debt 73,762 68,907 Short-term project debt 303,328 246,291 Trade payables and other current liabilities 154,181 155,144 Income and other tax payables 26,967 30,046 Total current liabilities $ 558,238 500,388 Total equity and liabilities $ 10,610,198 10,492,339 Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)
Three-month period ended March 31, 2018 2017 Profit/(loss) for the period (1,510) (14,407) Financial expense and non-monetary adjustments 170,459 156,090 Profit for the period adjusted by financial expense and non-monetary adjustments $ 168,949 $ 141,683 Variations in working capital (11,654) (28,701) Net interest and income tax paid (26,760) (26,610) Net cash provided by operating activities $ 130,535 $ 86,372 Investment in contracted concessional assets [9] 60,512 (1,819) Other non-current assets/liabilities (5,118) (13,363) Acquisitions of subsidiaries (9,327) - Other investments 1,473 (43,629) Net cash provided by/(used in) investing activities $ 47,540 $ (58,811) Net cash (used) in financing activities $ (101,215) $ (36,194) Net increase/(decrease) in cash and cash equivalents $ 76,860 $ (8,633) Cash and cash equivalents at beginning of the period 669,387 594,811 Translation differences in cash or cash equivalent 9,655 3,214 Cash and cash equivalents at end of the period $ 755,902 $ 589,392 Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to Profit/(loss) for the period attributable to the company
(in thousands of U.S. dollars) Three-month period ended March 31, 2018 2017 Profit/(loss) for the period attributable to the Company $ (4,764) $(11,769) Profit/(loss) attributable to non-controlling interest 3,254 (2,638) Income tax expense/(benefit) 4,650 (4,500) Share of loss/(profit) of associates carried under the equity method (1,407) (702) Financial expense, net 101,611 96,300 Operating profit $ 103,344 $ 76,691 Depreciation, amortization, and impairment charges 74,624 76,876 Dividend from exchangeable preferred equity investment in ACBH - 10,383 Further Adjusted EBITDA $ 177,968 $ 163,950 Atlantica Yield's pro-rata share of EBITDA from Unconsolidated Affiliates 1,832 1,100 Further Adjusted EBITDA including unconsolidated affiliates $ 179,800 $ 165,049 Reconciliation of Further Adjusted EBITDA including unconsolidated affiliates to net cash provided by operating activities
(in thousands of U.S. dollars) Three-month period ended March 31, 2018 2017 Net cash provided by operating activities $ 130,535 $ 86,372 Net interest and income tax paid 26,760 26,610 Variations in working capital 11,654 28,701 Other non-cash adjustments and other 9,019 22,267 Further Adjusted EBITDA $ 177,968 $ 163,950 Atlantica Yield's pro-rata share of EBITDA from unconsolidated affiliates
1,832
1,100 Further Adjusted EBITDA including unconsolidated affiliates $ 179,800 $ 165,049 Cash Available For Distribution Reconciliation (Historical)
(in thousands of U.S. dollars) Three-month period ended
March 31, 2018 2017 Profit/(loss) for the period attributable to the Company $ (4,764) $ (11,769) Profit/(loss) attributable to non-controlling interest 3,254 (2,638) Income tax expense/(benefit) 4,650 (4,500) Share of loss/(profit) of associates carried under the equity method (1,407) (702) Financial expense, net 101,611 96,300 Operating profit $ 103,344 $ 76,691 Depreciation, amortization, and impairment charges 74,624 76,876 Dividend from exchangeable preferred equity investment in ACBH - 10,383 Atlantica Yield's pro-rata share of EBITDA from unconsolidated affiliates 1,832 1,100 Further Adjusted EBITDA including unconsolidated affiliates $ 179,800 $ 165,049 Atlantica Yield's pro-rata share of EBITDA from unconsolidated affiliates (1,832)
(1,100) Non-monetary items (8,839) (12,025) Interest and income tax paid (26,760) (26,610) Principal amortization of indebtedness (17,647) (21,522) Deposits into/ withdrawals from restricted accounts (21,720) 7,557 Change in non-restricted cash at project level (68,031) (27,293) Dividends paid to non-controlling interests - - Changes in other assets and liabilities 8,060 (23,184) Cash Available For Distribution [10] $ 43,031 $ 60,872
About Atlantica Yield
Atlantica Yield plc is a total return company that owns a diversified portfolio of contracted renewable energy, power generation, electric transmission and water assets in North & South America, and certain markets in EMEA ( www.atlanticayield.com ).
Chief Financial Officer
Francisco Martinez-Davis
E ir@atlanticayield.com
Investor Relations & Communication
Leire Perez
E ir@atlanticayield.com
T +44 20 3499 0465
[1] Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates and the dividend from our preferred equity investment in Brazil or its compensation (see reconciliation).
[2] Further Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates and the dividend from our preferred equity investment in Brazil or its compensation in the three-month period ended March 31, 2017 (see reconciliation).
[3] CAFD for the three-month period ended March 31, 2017 includes $10.4 million of ACBH dividend compensation (see reconciliation).
[4] Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.
[5] Includes curtailment production in wind assets for which we receive compensation.
[6] Electric availability refers to operational MW over contracted MW with Pemex.
[7] Availability refers to actual availability divided by contracted availability.
[8] Based on midpoint CAFD guidance pre corporate debt service for the year 2018.
[9] Includes proceeds of $60.8 million received at Solana from Abengoa in relation to the consent with the DOE.
[10] CAFD for the three-month period ended March 31, 2017 includes $10.4 million of ACBH dividend compensation.
Attachment
Press Release Atlantica Yield 1Q18.pdf
Source: Atlantica Yield plc | http://www.cnbc.com/2018/05/14/globe-newswire-atlantica-yield-reports-first-quarter-2018-financial-results.html | www.cnbc.com |
French police move to clear eco-activists from abandoned airport site | May 17, 2018 / 5:07 AM / in 7 minutes French police move to clear eco-activists from abandoned airport site Reuters Staff 1 Min Read
PARIS (Reuters) - French police on Thursday started another operation to evacuate eco-activists and anarchists squatting on a site in western France that had been planned as a new airport, and which had sparked previous clashes.
The latest move to clear out the squatters from the Notre-Dame-des-Landes site in western France begun at 0600 Paris time (0400 GMT), the French interior ministry said in a statement.
A police operation to evacuate the bulk of the squatters was launched in April and resulted in violent clashes with protesters.
The site had been squatted for years by opponents of the plan to build a 580 million euros ($686 million) regional airport, which the government decided to drop in January.
Construction company Vinci has said it is ready to discuss government compensation for the loss of its contract to develop Notre-Dame-des-Landes. Reporting by Sudip Kar-Gupta and Danielle Rouquie; Editing by Darren Schuettler | https://www.reuters.com/article/us-france-airport-squats/french-police-move-to-clear-eco-activists-from-abandoned-airport-site-idUSKCN1II0GD | www.reuters.com |
UPDATE 1-Tesla executive Schwall joins Alphabet's Waymo | Alphabet's self-driving unit, Waymo, said on Sunday that Matthew Schwall had joined the company from Tesla where he was the electric carmaker's main technical contact with U.S. safety investigators.
The company confirmed the move earlier reported by The Wall Street Journal, which said Schwall joined Waymo's safety team led by former National Highway Traffic Safety Administration Deputy Administrator Ron Medford.
The former Tesla executive began at Waymo last Monday and will work on a variety of self-driving car safety issues in his new role, the Journal reported.
Schwall, who was director of field performance engineering at Tesla, exited the company at a time when the National Transportation Safety Board has been investigating multiple crashes involving the electric vehicles.
On Wednesday, the NTSB said it would investigate a Tesla accident in Fort Lauderdale, Florida, that killed two teenagers and injured another - the agency's fourth active probe into crashes of the company's electric vehicles.
Tesla did not immediately respond to an emailed request for comment on Sunday. | https://www.cnbc.com/2018/05/14/tesla-executive-matthew-schwall-joins-alphabets-waymo.html | www.cnbc.com |
UPDATE 10-Oil steady after retreating 2014 highs on dollar strength | * Brent oil touches $80 for first time since November 2014
* Dollar hits 4-month high vs yen as U.S. Treasury yields rise
* Global inventories expected to fall further
* OPEC cuts and looming U.S. sanctions on Iran lift Brent
* Saudi, UAE oilmins to meet with Russian counterpart next week
* Shell halts exports from major Nigerian pipeline
NEW YORK, May 17 (Reuters) - Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, before retreating on a stronger dollar and climbing U.S. output to end unchanged.
A rapid slide in oil supply from Venezuela, concern that U.S. sanctions will disrupt exports from Iran, and falling global inventories have all combined to push oil prices up nearly 20 percent in 2018.
The U.S. dollar hit its highest level in four months against the yen as yields on benchmark U.S. government bonds hit a seven-year high.
A stronger dollar makes oil more expensive for importing nations such as those in Asia, which are facing a trillion dollar bill for their imports this year as demand in the continent reaches a record high.
Brent crude futures reached an intraday high of $80.50 a barrel, but later gave up most gains to settle up 2 cents at $79.30 a barrel.
U.S. West Texas Intermediate (WTI) crude futures settled unchanged at $71.49, after earlier also hitting their highest since November 2014 at $72.30 a barrel.
Global inventories of crude and fuel have dropped sharply in recent months owing to robust demand and OPEC-led production cuts.
The Organization of the Petroleum Exporting Countries and non-OPEC global producers, that have curbed output since the start of 2017, will next meet to discuss supply policy in Vienna in June.
However, Venezuela's economic crisis, and the prospect of additional U.S. sanctions following its May 20 elections could hit the market further.
"I expect that Venezuelan production will continue to decline and the upcoming elections hold the spectre of the U.S. imposing additional sanctions on Venezuela that may hasten the loss of supply," said Andrew Lipow, president of Lipow Oil Associates, a consultancy in Houston.
He said Iranian oil sales could plunge by 300,000 to 500,000 bpd in the next six weeks as well, after U.S. President Donald Trump's decision this month to withdraw from an international nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC's third-largest producer.
Record domestic oil output and exports have capped the rally in the United States, and led to a rising premium for Brent above WTI, which traded at $8.20 a barrel on Thursday, the widest spread since April 2015. <0#WTCLc1-LCOc1>
U.S. crude output has soared 27 percent in the last two years to a record 10.72 million barrels per day, putting it within reach of top producer Russia's 11 million bpd.
That has not been enough to stop oil prices rallying, energy ministers of OPEC's largest producer Saudi Arabia and its neighbor and fellow OPEC member United Arab Emirates to note that the market remains well supplied.
The two ministers, in a joint statement, blamed volatility in prices on international political tensions. They plan to meet their Russian counterpart in Saint Petersburg in a week to discuss the oil market.
Global oil inventories were expected to drop further as the peak demand summer driving season nears, offsetting increases in U.S. shale output, Bernstein analysts said.
Several banks have in recent days raised their oil price forecasts, citing tighter supplies and strong demand.
Further supporting prices, Royal Dutch Shell said it was halting crude exports from a major Nigerian pipeline.
On the flip side, high oil prices would hurt consumption, the International Energy Agency warned on Wednesday as it lowered its global oil demand growth forecast for 2018 to 1.4 million bpd from 1.5 million bpd.
The IEA said global oil demand would average 99.2 million bpd in 2018. U.S. bank Goldman Sachs said consumption would cross 100 million bpd during the peak summer period.
(Additional reporting by Henning Gloystein in Singapore and Ron Bousso in London; editing by Simon Webb and Marguerita Choy) | https://www.cnbc.com/2018/05/17/reuters-america-update-10-oil-steady-after-retreating-from-2014-highs-on-dollar-strength.html | www.cnbc.com |
PRECIOUS-Gold near 4-month low, under pressure from dollar, weak demand | May 2, 2018 / 2:08 PM / Updated 2 hours ago PRECIOUS-Gold extends gains as dollar weakens after dovish Fed remarks Reuters Staff 3 Min Read * Fed holds interest rates steady * Dollar weakens after Fed statement * Platinum near December lows (Recasts throughout; updates prices, headline, market activity and comments) By Renita D. Young and Pratima Desai NEW YORK/LONDON, May 2 (Reuters) - Gold prices extended gains on Wednesday after the U.S. Federal Reserve's dovish remarks weakened the dollar against a basket of currencies, yet bullion remained vulnerable to a possible rising greenback and weak investment demand. In a statement following the end of a two-day policy meeting, the Fed held interest rates steady as expected. The central bank said inflation had "moved close" to its target and that "on a 12-month basis is expected to run near the (policy-setting) Committee's symmetric 2 percent objective over the medium term." The Fed's rate-setting committee downplayed a recent slowdown in economic and job growth, saying that activity had been expanding at a moderate rate and job gains, on average, had been strong in recent months. "The gold market is seeing this as a little dovish, primarily because some continued to expect the Fed to hike four times this year and the messaging was a little bit soft," said TD Securities' Daniel Ghali. Higher interest rates dent the appeal of gold, which earns nothing and costs money to store and insure. Spot gold was up 0.7 percent at $1,312.14 per ounce by 2:33 p.m. EDT (1833 GMT), while U.S. gold futures for June delivery settled down $1.20, or 0.1 percent, at $1,305.60. The greenback tipped further below 3-1/2 month highs hit on Tuesday, making dollar-priced gold cheaper for holders of other currencies, which boosted interest. Yet, the U.S. dollar is still expected to strengthen as the euro is expected to weaken, said Walter Pehowich of Dillon Gage Metals. "I think (today's move) is only temporary. Gold will still continue to be under pressure on the stronger dollar. Gold still has more room to the downside." The Fed expressed confidence that a recent rise in inflation to near the U.S. central bank's target would be sustained, leaving it on track to raise borrowing costs in June. "Rising inflation expectations, an overall bullish commodity trend (late-cycle preference for commodities), geopolitical and financial risks are being offset by a rising dollar and rising real-rates," Saxo Bank analysts said in a note. Investors often use gold as a hedge against inflation. But for now, relatively tame commodities prices are "keeping longer term inflation at bay," and pressuring gold, said Rob Lutts, chief investment officer of Cabot Wealth Management. Meanwhile, spot silver rose 2.4 percent at $16.50 per ounce and palladium climbed 1.9 percent at $966.90. Platinum gained 0.7 percent at $896.24 an ounce, earlier dropping to $888, its lowest since Dec. 18. (Editing by David Gregorio and Chizu Nomiyama) | https://www.reuters.com/article/global-precious/precious-gold-near-4-month-low-under-pressure-from-dollar-weak-demand-idUSL8N1S95C5 | www.reuters.com |
Ottawa Bancorp, Inc. Announces Cash Dividend | Ottawa, Ill., May 17, 2018 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (NasdaqCM: OTTW), the holding company for Ottawa Savings Bank FSB, announced today that its Board of Directors has declared a quarterly cash dividend of $0.05 per common share, payable on or about June 13, 2018 to stockholders of record as of the close of business on May 30, 2018.
Ottawa Bancorp, Inc. is the holding company for Ottawa Savings Bank, FSB which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificate, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. Ottawa Savings Bank, FSB was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.ottawasavings.com .
Contact: Jon Kranov President and Chief Executive Officer (815) 366-5436
Source:Ottawa Bancorp, Inc. | http://www.cnbc.com/2018/05/17/globe-newswire-ottawa-bancorp-inc-announces-cash-dividend.html | www.cnbc.com |
RYU Apparel Reports First Quarter 2018 Results, 94% Revenue Increase | VANCOUVER, May 24, 2018 /PRNewswire/ - RYU Apparel Inc. (TSXV: RYU) (" RYU " or the " Company "), creator of urban athletic apparel, is pleased to report its financial results for the three months ended March 31, 2018.
Revenue in the first quarter of 2018 was $907,915, 94% higher than revenue of $467,003 during the same period in 2017. RYU's financial results have been encouraging with continued sales growth in 2018 and a 46% gross profit for the quarter.
In Canadian dollars
Three months ended
March 31 ,
(unaudited)
2018
2017
Revenue
$907,915
$467,003
Gross profit
$419,890
$219,256
Gross profit %
46%
47%
"We started the year with exciting developments on all fronts of the business and we are pleased that first quarter results are consistent with our 2018 retail revenue target of 100% YoY growth," said Marcello Leone, CEO. "This is our ninth consecutive quarter of growth and we are especially proud, given that the first quarter in our industry is the slowest. Our brand continues to resonate as RYU was recently a finalist in the World Retail Awards. Our team is working hard to execute our business plan with the recent influx of capital, which in part will be used to open our three new US retail locations, which are under construction, launch our new ryu.com website, and kick-off our global advertising campaign in the second half of the year."
During the three months ended March 31, 2018, the Company achieved the following milestones:
RYU's expansion plan is on target to have eight stores by the end of 2018 and to achieve +100% year over year growth in retail revenue. In the first quarter of 2018 the Company began construction planning at its retail store in Brooklyn, New York and secured the leases to its second and third US store locations in the state of California. This expansion gives RYU exposure in New York City and Los Angeles, the most important urban centers of both coasts of the United States. The three stores are under construction and have targeted openings in the third quarter of 2018.
E-commerce revenue grew 50% against the same period in 2017 as traffic to ryu.com increased by 57% during the same comparative period.
RYU secured new strategic wholesale accounts with Nordstrom, Equinox Canada and Rise by We that align with its brand value proposition.
RYU was selected as a finalist for the World Retail Awards in two categories: Retail Start Up of the Year and Social Media Campaign of the Year (#RYUOneMoreRep). The Company was honoured that RYU was one of only two Canadian companies that qualified as finalists among many global retailers across all the World Retail Awards categories.
RYU appointed THRSXTY/Exposure, as its new global Agency of Record for creative strategy and marketing services. THRSXTY/Exposure is a marketing services agency based in London, Tokyo, New York, and Paris, specializing in fashion, retail and lifestyle brands. A new global advertising and branding campaign will launch in conjunction with RYU's US retail store openings in the third quarter of 2018.
The Jeremy Bieber Group is acting in a Global Chief Influencer role for RYU.
The Company closed non-brokered private placements on January 19 th and February 19 th raising gross proceeds of $5,651,945 and $3,997,808 respectively.
Shareholders exercised 52,060,615 warrants for total proceeds of $10,089,488. The Company is pleased to report that 84% of the $0.20 warrants subject to the acceleration of their expiry dates, as announced on February 20, 2018, were exercised by March 29, 2018.
Readers are encouraged to review the Company's condensed consolidated interim financial statements in their entirety, including the notes thereto, and corresponding MD&A on SEDAR. Full details of the Company's financial performance can be obtained by viewing the annual consolidated financial statements and corresponding MD&A available on SEDAR.
For regular updates on RYU Apparel visit: http://ryu.com
About RYU
Respect Your Universe is an award winning urban athletic apparel and accessories brand engineered for the fitness, performance and lifestyle of athletically minded men and women. Innovatively designed without compromise and tailored for fit, comfort, and durability, RYU exists to facilitate human performance. For more information, visit: http://ryu.com
On Behalf of the Board
RYU APPAREL INC.
"Marcello Leone"
Marcello Leone, CEO, President and Chairman of the Board
Tel: 604-235-2880
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as statements that: (i) the expansion plan is to have eight stores open by the end of 2018 and to achieve +100% year over year growth in retail revenue; (ii) the intention to open its New York and California locations during the third quarter of 2018; (iii) that a new ryu.com will launch in the second half of 2018; and (iv) that a global branding and advertising campaign with THRSXTY/Exposure will begin in the third quarter of 2018. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including the ability of the company to finance operations, the ability of the management team to execute on its business plan, risks in the apparel industry in general, and delays and risks associated with renovating and opening new store locations. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
View original content: http://www.prnewswire.com/news-releases/ryu-apparel-reports-first-quarter-2018-results-94-revenue-increase-300654142.html
SOURCE RYU Apparel Inc. | http://www.cnbc.com/2018/05/24/pr-newswire-ryu-apparel-reports-first-quarter-2018-results-94-percent-revenue-increase.html | www.cnbc.com |
UPDATE 2-Uber ends Arizona self-driving program following fatality | (Adds comments from Uber, Governor Ducey's office)
SAN FRANCISCO, May 23 (Reuters) - Uber has shut down its self-driving car operation in Arizona two months after a fatal crash involving one of its vehicles, the company said on Wednesday.
Uber Technologies Inc is not shuttering its entire autonomous vehicle program, a spokeswoman said, adding that it will focus on limited testing in Pittsburgh, Pennsylvania, and two cities in California. It aims to resume self-driving operations this summer, likely with smaller routes and fewer cars.
"We're committed to self-driving technology, and we look forward to returning to public roads in the near future," the spokeswoman said.
Arizona's wide, flat roads, good weather and corporation-friendly regulations are considered ideal to test autonomous vehicles, and Uber now faces the challenge of testing in congested, urban cities with rain, fog, snow and ice. It must also repair its relationship with regulators in California, where it lacks a testing permit.
Uber has said it considers self-driving technology to be key to the future of its ride services, although it is not clear how it fits into the plans of new Chief Executive Dara Khosrowshahi, who has revamped the company structure and cut certain expenses as Uber prepares for an initial public offering next year.
The ride-hailing company suspended its program in Arizona and elsewhere immediately after one of its SUVs operating in autonomous mode hit and killed a woman crossing the street on a March night in Tempe, marking the first fatality involving a self-driving vehicle.
The crash sparked a backlash in Arizona, where Governor Doug Ducey suspended Uber's self-driving testing, a little more than a year after he gave the company a warm reception and poked fun at California's stricter regulations.
"The governor's focus has always been on what's best for Arizonans and for public safety, not for any one company," Daniel Scarpinato, a spokesman for Ducey, said on Wednesday.
Elaine Herzberg, 49, was walking her bicycle outside the crosswalk on a four-lane road when she was struck by the Uber vehicle traveling at about 40 miles (64 km) per hour. A safety operator behind the wheel appeared to be looking down, and not at the road, moments before the crash, according to video from inside the car released by police.
The crash is under investigation by the National Transportation Safety Board. Uber will wait until the agency issues its preliminary report on the crash, expected within the next couple of weeks, before it puts its self-driving cars back on the road. The company is also undergoing a review of its autonomous car program and has hired former NTSB Chair Christopher Hart to advise on safety.
Uber's self-driving Volvo SUVs in Arizona will be moved to other cities and employees will be offered assistance in finding another job, the spokeswoman said.
Pittsburgh was Uber's first city for autonomous car testing, launched in 2016. The spokeswoman said Uber was in discussions with California regulators to obtain a permit to operate in San Francisco and Sacramento, although it does not have a timeline.
The company briefly had an autonomous car program in California in late 2016, but the state Department of Motor Vehicles shut it down after about a week because Uber had failed to obtain the necessary permits. Uber had argued that state laws did not apply to its self-driving program, but its defiance was met with threats of legal action from the DMV and the state attorney general.
Following the regulatory crackdown in California, Uber moved its cars to Arizona. (Reporting by Heather Somerville. Additional reporting by David Schwartz in Phoenix. Editing by Dan Grebler and Tom Brown) | https://www.cnbc.com/2018/05/23/reuters-america-update-2-uber-ends-arizona-self-driving-program-following-fatality.html | www.cnbc.com |
UPDATE 5-'Roseanne' abruptly canceled after star's racist tweet sparks furor | (Adds ad industry data and comment, Jarrett's comment on MSNBC, edits throughout; note language final paragraph)
LOS ANGELES, May 29 (Reuters) - Walt Disney Co's ABC network on Tuesday canceled the popular U.S. television comedy "Roseanne" after star Roseanne Barr incited outrage by comparing a black former Obama administration official to an ape in remarks on Twitter.
The show, a revival of the 1990s hit "Roseanne," was ABC's most widely watched show for the TV season that ended last week. President Donald Trump has cited its huge viewership as evidence his supporters, who include Barr, want shows that speak to their concerns.
"Roseanne's Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show," ABC Entertainment President Channing Dungey said in a statement.
Disney Chief Executive Bob Iger added on Twitter: "There was only one thing to do here, and that was the right thing."
In a since deleted comment on Twitter, Barr compared former Obama adviser Valerie Jarrett, 61, to an ape. She wrote that if the Islamist political movement "muslim brotherhood & planet of the apes had a baby = vj."
Barr, 65, apologized "for making a bad joke" about Jarrett, who is black and was born in Iran to American parents.
Jarrett, speaking at MSNBCs Everyday Racism in America townhall program on Tuesday, said Disney executive Iger had called her before ABC announced the show's cancellation.
"I think we have to turn it into a teaching moment," Jarrett said at a taping that MSNBC released ahead of its scheduled broadcast. "Im fine. Im worried about all the people out there who dont have a circle of friends and followers coming to their defense.
Hollywood talent agency ICM said in a statement on Tuesday it will no longer represent Barr. Her tweet followed a Twitter conversation referring to a Wikileaks allegation that the CIA spied on French presidential candidates during the Obama administration
BIGGEST HIT
"Roseanne," ABC's biggest hit of the 2017-2018 season, drew an average 18.7 million viewers, second only to CBS sitcom "The Big Bang Theory," according to Nielsen data through May 20.
ABC aired 10 episodes of "Roseanne" from March until May and generated $22.8 million in ad revenue, or 2.5 percent of the networks total for the season, according to data from measurement firm iSpot. In late March, the network renewed the show for another season.
The cancellation means ABC loses the opportunity to promote other programming to "Roseanne's" large audience as well as revenue from syndicating reruns, said Jason Damata, founder of Fabric Media, which advises companies on marketing and business strategy.
"The pain is really coming from taking a franchise off the table and all the things that come with it," Damata said
The original "Roseanne" ran from 1988 to 1997. It featured a blue-collar family, the Conners, with overweight parents struggling to get by and was praised for its realistic portrayal of working-class life.
Disney shares, which had fallen on a disappointing debut for the latest "Star Wars" movie, were down 2.5 percent at $99.59 in afternoon trading on the New York Stock Exchange. Markets were down sharply overall on concerns about political instability in Italy.
CAST COMMENT
Reaction to Barr's comments by the show's supporting cast added to the pressure on ABC.
Sara Gilbert, who plays daughter Darlene on the series and served as a producer, said on Twitter that Barr's comments were "abhorrent and do not reflect the beliefs of our cast and crew or anyone associated with our show."
Emma Kenney, who plays Gilbert's on-screen daughter Harris, said soon after ABC canceled the show that she had been planning to leave the series because of Barr's words.
"As I called my manager to quit working on Roseanne, I found out the show got canceled," Kenney wrote on Twitter. "Bullies do not win. Ever."
Emmy-winning comedian and "Roseanne" consulting producer Wanda Sykes was the first prominent figure associated with the show to cut ranks, saying on Twitter she was quitting, hours after Barr's comments.
Tuesday's furor echoed a 2013 incident in which Barr, in a subsequently deleted tweet, said black former Obama administration national security adviser Susan Rice "is a man with big swinging ape balls." (Reporting by Lisa Richwine and Eric Kelsey; Editing by Bill Tarrant and Cynthia Osterman) | https://www.cnbc.com/2018/05/29/reuters-america-update-5-roseanne-abruptly-canceled-after-stars-racist-tweet-sparks-furor.html | www.cnbc.com |
INSIGHT-Vietnam set to tighten clamps on Facebook and Google, threatening dissidents | dissidents@
* Internet firms battle plan to require local data, local offices
* Political activists face even tougher online policing
* Facebook, Google blocking more content as pressure ramps up
* Social media widely used, government seeks economic benefits
HANOI/SINGAPORE May 18 (Reuters) - A struggle over internet laws in Vietnam is pitting a government keen on maintaining tight control against U.S. technology companies trying to fight off onerous new rules - with the country's online dissidents among the biggest losers.
The latest conflict centers on new cybersecurity legislation set for a vote by Vietnamese lawmakers later this month. It aims to impose new legal requirements on internet companies, and hardens policing of online dissent.
Facebook, Google and other global companies are pushing back hard against provisions that would require them to store data on Vietnamese users locally and open offices in the country. But they have not taken the same tough stance on parts of the proposed law that would bolster the government's crackdown on online political activism.
Vietnam offers a case study in the conflicting pressures the likes of Facebook and Google confront when operating in countries with repressive governments. It also shows how authoritarian regimes try to walk a line in controlling online information and suppressing political activism without crippling the digital economy.
Such tensions are playing out across Southeast Asia, where the enormous popularity of Facebook and Google has created lucrative business opportunities and outlets for political dissent. With that, though, has come both government censorship and a way to get propaganda to large audiences efficiently.
The region is particularly important for Facebook and Google because most Internet users in China are blocked from accessing them.
An industry group called the Asia Internet Coalition (AIC) is leading efforts to soften the proposed cyber law in Vietnam. Jeff Paine, managing director of the AIC, said he and others were able to raise concerns about the law directly with Vietnamese Prime Minister Nguyen Xuan Phuc and other top government officials when they visited Singapore last month.
The discussions took place as part of a seminar about internet issues that included academics, industry officials and the high-level Vietnamese delegation, according to Paine. He said there was "a healthy dialog" that focused mostly on how Vietnam can leverage the next stages of the digital revolution.
But he said there was no discussion of content restrictions.
The Vietnamese government did not respond to a request from Reuters for comment for this article.
Political activists in Vietnam rely on social media to rally support, and the new cyber law comes on the heels of an April letter from more than 50 rights groups and activists to Facebook Chief Executive Mark Zuckerberg accusing the company of working too closely with the Vietnamese government to stifle dissent.
Facebook and Google say they have to abide by local laws in the countries where they operate.
Facebook's latest "transparency report," released Tuesday, shows that in the second half of last year, the company began blocking content in Vietnam for violations of local law for the first time. The company reported 22 such instances - though it said they were prompted by "private reports of defamation" rather than direct government requests.
Google last year also blocked YouTube videos at the request of the government for the first time. Updated figures released Friday show the company was asked to remove more than 6500 videos in 2017, mostly for criticizing the government, and that it complied with a majority of the requests.
The transparency reports do show that the companies don't automatically do the bidding of the government. Facebook said it had received 12 government requests for Facebook user account data in 2017 and complied with only 4 of them, all of which were "emergency" requests. The company defines an emergency as involving "imminent risk of serious physical injury or death."
In cases where content is alleged to violate local law, both companies say takedown requests are subject to legal review, and when they comply the material is only blocked locally.
Direct government censorship requests don't tell the whole story though.
Facebook also removes content and blocks accounts for violating its own global "community standards," which bar material and behaviors ranging from posting pornography to hate speech and inciting violence.
"The first thing we do when a government tells us about content that violates laws is we look at whether it violates our standards," said Monika Bickert, Facebook's vice president of global policy management. The company this week began providing data on community standards violations but does not break it down by country.
"My account was blocked for 8 months," said Le Van Dung, an independent journalist in Vietnam who signed the letter to Zuckerberg. "I sent letters to Facebook management for months but there's only an automatic reply saying they have completed your request."
His account was restored last month, the day after the appeal to Zuckerberg was sent, he said.
Facebook said Dung's account was correctly removed for violating community standards provisions barring "spam" activities and was restored by mistake. Dung denies engaging in spam. He did, though, have more than one account. Multiple accounts are not allowed on Facebook and fall within the company's definition of spam behavior.
TIGHTENING THE SCREWS
Vietnam has had tough internet regulations in place since 2013. They ban any postings that are anti-government, harm national security, cause "hatred and conflicts" or "hurt the prestige of organizations and individuals."
The rules also ban social media users who "spread fake or untruthful information."
New rules implemented in 2017 tightened the screws further. One turning point, according to Yee Chung Seck, an attorney in the Ho Chi Minh City office of the international law firm Baker McKenzie, was an April 2017 meeting convened by the government to discuss a range of Internet ills including disinformation, hate speech and bullying.
That came just after the government called on all companies doing business in the country to stop advertising on YouTube, Facebook and other social media until they found a way to halt the publication of "toxic" anti-government information.
Yet another decree implemented last month stated that social media platforms had to remove illegal content within three hours of it being reported by the government, though Paine said the rule applies only to domestic companies.
Still, Facebook and Google dont seem to be under any imminent threat given how deeply they have penetrated into Vietnam society.
About 55 million of Vietnam's 96 million people are regular social media users, according to research by Simon Kemp, a digital media consultant based in Singapore.
Facebook, YouTube and Google Search are far and away the most popular internet destinations, Kemp's data shows. Facebook is also the most popular platform for online shopping in Vietnam.
And the government is eager to nurture the countrys digital economy: smartphones and all that they enable, especially e-commerce and online banking, are transforming economies across Asia, and no one wants to be left behind.
"They love that part of the story," said Chung.
But the government also wants more control, including local data storage and local corporate offices - a provision company officials privately fear is designed to allow the government to intimidate companies by exposing individuals to arrest.
Both Facebook and Google serve Vietnam from their regional headquarters in Singapore.
The new law also gives more power to Vietnam's Ministry of Public Security, which is tasked with crushing dissent in the communist-ruled country.
Facebook said it expected the new rules would require it to restrict more content. Google declined to comment.
LONG JAIL TERMS
For the rights activists, there appears to be little hope of relief.
For example, just this month, a Facebook user in Vietnam was sentenced to four-and-a-half years in jail for posts which "distorted the political situation," according to a statement posted on an official Communist Party website.
Still, Facebook remains an important tool for activists in Vietnam - a country where government criticism is rarely tolerated and the battle between the authorities and dissidents is a game of cat-and-mouse.
"Sometimes we use Facebook to distract authorities, like we pretend to discuss an important meeting, which obviously won't happen," activist Nguyen Lan Thang said. "Then we watch from afar and laugh as they surround our fake meeting spot," Thang added. (Additional reporting by James Pearson Editing by Martin Howell) | https://www.cnbc.com/2018/05/18/reuters-america-insight-vietnam-set-to-tighten-clamps-on-facebook-and-google-threatening-dissidents.html | www.cnbc.com |
Tianjin-govt property firm defaults on two trust loans, creditor says | SHANGHAI, May 2 (Reuters) - A property firm owned by the Tianjin municipal government has defaulted on two trust loans worth a combined 500 million yuan ($80 million), a creditor said - the second known default of off-balance sheet loans by a Chinese local government.
Tianjin Municipal Development Co missed repayments on loans that should have been made before April 14, Guotong Trust said on its website on Sunday.
An employee who answered the phone at the office of Tianjin Municipal Development said she was not immediately able to comment.
Beijing has been trying to rein in local government debt amid concerns that financing vehicles used by local governments throughout China, often for vanity projects that have run up large amounts of debt, may start to default this year.
The first known case of a default this year was by a Yunnan state-owned investment company which later received 2 billion yuan in additional equity capital from the provincial government to repay its loans. ($1 = 6.3325 Chinese yuan) (Reporting by Brenda Goh; Editing by Edwina Gibbs)
| https://www.reuters.com/article/china-economy-debt/tianjin-govt-property-firm-defaults-on-two-trust-loans-creditor-says-idUSL8N1S9038 | www.reuters.com |
Aaron Lichtig and Danny Chang Join Xometry Marketing Team | GAITHERSBURG, Md., Xometry , the largest on-demand manufacturing platform, announced today that Aaron Lichtig has joined the company as Vice President, Growth Marketing and Danny Chang has joined as Vice President, Relationship Marketing. Lichtig will lead Xometry's growth marketing strategy across both customers and manufacturing partners while Chang will be responsible for driving engagement and retention of Xometry's customers and manufacturing partners. Both will report to Bill Cronin, Senior Vice President, Sales and Marketing.
"We're thrilled to have Aaron and Danny join the team," said Cronin. "Aaron brings deep digital and growth experience from Google and P&G, and Danny has tremendous marketplace expertise, including his GM role at eBay Motors. Both will be key leaders in helping Xometry continue to exceed our business objectives while building strong customer and partner relationships."
"I am excited to join Xometry," said Lichtig. "Xometry is using technology to reinvent how manufacturing is done and has enormous potential for growth."
"Xometry's unique combination of core expertise across supply chain, engineering, and data science is powering a sea change in manufacturing" said Chang. "I'm eager to drive deeper engagement with customers and manufacturing partners.
Lichtig joins Xometry from Partnership for a Healthier America after spending over six years at Google. In his last role as Head of Industry in the Government & Advocacy vertical, he developed digital strategies across Google's platforms for political campaigns, advocacy groups and trade associations. Before this, Lichtig served as a client lead in Google's food & beverage vertical. Previously, he spent seven years in brand management and marketing at Procter & Gamble. Aaron holds a BA in history from Yale University and an MBA from the University of Chicago Booth School of Business.
Chang has been a consultant with Xometry over the past several months. Previously, he led product marketing for CEB Inc.'s Technology, Government and Events businesses. Chang's previous roles include the Head of Marketing and Site Experience at eBay Motors, where he worked for eight years and built its largest personalization platform as well as eBay's first Facebook integration. He is an inventor on three U.S. patents and his brand marketing work won a Cannes Lions Festival of Creativity award. Chang holds a BA in history from the University of California, Los Angeles (UCLA) and an MBA from the UCLA Anderson School of Management.
About Xometry: Xometry is driving the business of American manufacturing through a proprietary software platform which offers on-demand manufacturing to a diverse customer base, ranging from startups to Fortune 100 companies. We provide product designers and engineers the most efficient way to source high-quality custom parts, with 24/7 access to instant pricing, expected lead time and manufacturability feedback. Our nationwide network of over 1,000 partner manufacturing facilities enables us to maintain consistently fast lead times while offering a broad array of capabilities, including CNC Machining, 3D Printing, Sheet Metal Fabrication, Injection Molding and Urethane Casting. Xometry has over 9,000 customers, including BMW, General Electric and NASA.
with multimedia: releases/aaron-lichtig-and-danny-chang-join-xometry-marketing-team-300644494.html
SOURCE Xometry | http://www.cnbc.com/2018/05/08/pr-newswire-aaron-lichtig-and-danny-chang-join-xometry-marketing-team.html | www.cnbc.com |
GRAINS-Wheat edges higher but gains muted ahead of USDA report | GRAINS-Wheat edges higher but gains muted ahead of USDA report Published 6 Hours Ago Reuters
SYDNEY, May 10 (Reuters) - U.S. wheat futures edged higher on Thursday after touching a more than one-week low in the previous session, although trade remained cautious ahead of a widely watched U.S. Department of Agriculture forecast later in the session.
FUNDAMENTALS
* The most active wheat futures on the Chicago Board Of Trade were up 0.3 percent at $5.12 a bushel by 0101 GMT, having closed down 0.6 percent on Wednesday when prices hit a low of $5.06-1/4 a bushel - the lowest since May 1.
* The most active soybean futures were unchanged at $10.15-3/4 a bushel, having closed down 0.4 percent on Wednesday.
* The most active corn futures were up 0.1 percent at $4.03-1/4 a bushel, having closed down 0.1 percent in the previous session.
* The USDA is due to issue its May supply/demand report on Thursday.
* Analysts on average estimate U.S. 2018/19 world wheat ending stocks at 269.18 million tonnes, down just slightly from a record-high 271 million at the end of 2017/18.
* Analysts on average expect the USDA on Thursday to lower its forecasts of domestic and global 2017/18 soybean ending stocks.
* Analysts expect little change in the USDA's forecast of 2017/18 ending stocks for corn from its April figure near 2.18 billion bushels.
MARKET NEWS
* The dollar held firm on Thursday after the 10-year U.S. bond yield rose back to the psychologically important 3 percent mark and investors looked to U.S. consumer price data due later to show an acceleration in inflation. Oil prices rose about 3 percent on Wednesday and hit fresh 3-1/2 year highs after a bigger-than-expected drawdown in U.S. oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.
* Wall Street surged on Wednesday as surging oil prices boosted energy stocks following U.S. President Donald Trump's decision the previous day to quit a nuclear agreement with Iran.
DATA AHEAD (GMT)
0130 China Consumer prices Apr 0130 China Producer prices Apr 1230 U.S. Consumer prices Apr 1230 U.S. Weekly jobless claims
Grains prices at 0101 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 512.00 1.50 +0.29% -0.49% 495.46 58 CBOT corn 403.25 0.50 +0.12% +0.00% 397.34 59 CBOT soy 1015.75 0.00 +0.00% -0.44% 1044.58 37 CBOT rice 12.70 $0.03 +0.20% -0.47% $12.99 31 WTI crude 71.52 $0.38 +0.53% +3.56% $67.12 70
Currencies
Euro/dlr $1.185 $0.000 -0.03% -0.13% USD/AUD 0.7456 -0.001 -0.08% +0.08%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham; editing by Richard Pullin) | https://www.cnbc.com/2018/05/09/reuters-america-grains-wheat-edges-higher-but-gains-muted-ahead-of-usda-report.html | www.cnbc.com |
INSIKT Assembles Advisory Board of Latino and African-American Community Leaders | SAN FRANCISCO, INSIKT , a CDFI certified fintech disrupting the predatory lending industry with loans that help low income people, not hurt them, announced today the appointment of the INSIKT Advisory Board. The board includes ten nationally recognized Latino and African-American leaders across corporate, finance, political, technology and public policy sectors. The board has a mission to guide INSIKT through complex decisions of ethical, affordable and for-profit lending practices; collaboration with legislators to help underbanked communities; and strategies to guide low-income Americans away from predatory lenders.
The board is led by Tom Soto, Member of the Board of the New America Alliance, dedicated to advancing the economic development of the American Latino community across the United States. He is joined by Gene Sperling, who brings extensive expertise in the economic issues facing low-income Americans, having served as the Director of the National Economic Council under two presidential administrations.
"The INSIKT Advisory Board was formed to help the company balance the economic justice that underbanked communities deserve with the needs of a for-profit lending business. Predatory lenders are exploiting rather than representing the communities they serve, and low-income Americans need a better option to escape endless cycles of debt and build their own American Dream," said Tom Soto. "This board is proud to help INSIKT navigate a complex environment so it can scale its lending business designed for borrower success. We've already begun to guide the leadership team in how to build trust with communities and policy makers that have become rightly distrustful of financial institutions."
Tom Soto will lead the Board's operations and internal communications. Soto has received wide National recognition, including being named one of Hispanic Business Magazine's 100 Most Influential Latinos and one of Poder 360's 100 National Top Latino Green Leaders. During the Obama Administration, he was Co-Leader of the President's Transition Team for the White House Council on Environmental Quality. During the Clinton Administration, he was appointed to the State Department's Border Environment Cooperation Commission, which oversaw the $2.5 billion North American Development Bank. Soto is also one of the country's leading VCs in the impact sector, with INSIKT as one of his portfolio companies. He is currently Sr. Advisor to Aspiration, the country's fastest growing online financial services platform.
Gene Sperling has been appointed an independent director of INSIKT's Advisory Board, which includes serving as a liaison with the Board of Directors. In his time with the Obama Administration, he played a key role in budget negotiations, including the American Jobs Act, manufacturing policy, GSE reform, the Small Business Jobs Act, the payroll tax cut and the expansion of tax credits for low-income working Americans. Sperling is the Founder and Director of the Center for Universal Education at the Council on Foreign Relations and Brookings Institute.
The full Advisory Board includes:
Manolo Diaz, Former California Assembly Member Gerardo Interiano, Head of External Affairs for the Southwest U.S., Google Carmen Palafox, Century Center for Economic Opportunity Qiana Patterson, Director of Public Partnerships for HopSkipDrive Cleofas Rodriguez, President and CEO of the United Corpus Christi Chamber of Commerce Nelly Rojas-Moreno, Chief Credit Officer, LiftFund, a CDFI Frank Salazar, California Latino Legislative Caucus' Latino PAC Jon Samuels, Former Deputy Assistant for Legislative Affairs, Obama Administration Tammye Trevino, Former USDA leader, Obama Administration Janee Murphy, CEO of Community Partners Consulting
about the Advisory Board, its members and mission, read the INSIKT blog.
About INSIKT
INSIKT's mission is to build financially healthy low-income communities and end reliance on predatory payday lenders by providing affordable credit to America's 66-million underbanked and unbanked. Loans from Lendify, a CDFI, are intentionally designed to help borrowers succeed at repayment and build good credit. We're proud that 67% percent of our repeat customers grew their credit score by an average of 312 points when applying for a second loan. Currently available in more than 700 locations across California, Texas, Illinois and Arizona, INSIKT has provided hundreds of thousands of loans to low income households since launching in 2014.
with multimedia: releases/insikt-assembles-advisory-board-of-latino-and-african-american-community-leaders-300644156.html
SOURCE INSIKT | http://www.cnbc.com/2018/05/08/pr-newswire-insikt-assembles-advisory-board-of-latino-and-african-american-community-leaders.html | www.cnbc.com |
Two Community Banks Merge and Become First Mutual Bank | LAKEWOOD, Ohio, May 31, 2018 /PRNewswire/ -- First Mutual Holding Co. ("FMHC"), the largest member-owned mutual holding company of its kind in the Midwest, today announces the launch of First Mutual Bank, a result of the merger between Doolin Security Savings Bank, FSB ("Doolin") and Belpre Savings Bank ("Belpre").
First Mutual Bank combines the strength of two well established banks to form an even stronger customer-focused and depositor-owned bank with pro forma assets of $96 million and four banking offices. As an affiliate of FMHC, First Mutual Bank offers customers new and expanded banking opportunities. Customers now have access to additional mortgage, deposit and business lending products, as well as expanded banking services, including mobile banking and access to more than 25,000 surcharge-free ATMs across the United States.
"This is an exciting time because we are building a stronger future as First Mutual Bank to better serve the communities in the Mid-Ohio Valley Region," said First Mutual Bank President and CEO Robert J. Doyle. "Through the merger of Belpre and Doolin, we've changed our name to First Mutual Bank, but our commitment to the communities we serve has not changed."
"Strong mutual banks play an important role in their local communities," said Thomas J. Fraser, president and CEO of FMHC. "First Mutual Holding Co. was established to preserve this vital community asset and we are excited to help support First Mutual Bank's continued growth and commitment to customers."
First Mutual Bank is headquartered in Belpre, Ohio, with branches in Belpre, Ohio and New Martinsville, and Parkersburg, West Virginia.
About First Mutual Holding Co.
First Mutual Holding Co. ("FMHC") is the largest member-owned mutual holding company of its kind in the Midwest. As a member-owned mutual holding company, FMHC provides a structure that allows independent affiliate banks to continue to serve their communities and grow as member-owned institutions. Affiliates of FMHC include First Federal Lakewood (Lakewood, OH) and First Mutual Bank (Belpre, OH). firstmutualholding.com
About First Mutual Bank
Formed in 2018 as the result of a merger between Belpre Savings Bank and Doolin Security Savings Bank, First Mutual Bank operates four banking offices and one mortgage lending office, providing a wide range of banking services to customers throughout the Mid-Ohio Valley. First Mutual Bank, an affiliate of First Mutual Holding Co., traces its roots to 1896 and is committed to creating vibrant communities and helping customers create a stronger financial future. 1stmutualbank.com
View original content: http://www.prnewswire.com/news-releases/two-community-banks-merge-and-become-first-mutual-bank-300655872.html
SOURCE First Mutual Holding Co. | http://www.cnbc.com/2018/05/31/pr-newswire-two-community-banks-merge-and-become-first-mutual-bank.html | www.cnbc.com |
How Meghan Markle's fashion can move the market | It seems as if everyone wants to know what Meghan Markle is wearing.
The 36-year-old American actress, who's set to marry Britian 's Prince Harry on Saturday, has quickly morphed into a fashion icon. Nowadays, almost every time a photographer snaps a photo of her, the outfit she's wearing sells out, according to one observer.
Fashionistas have dubbed it the "Meghan effect."
"We've seen it again and again; anything she's worn sells out within hours," Josh Duboff, senior writer for Vanity Fair covering entertainment and culture, told CNBC.
"Brands have noted kind of immediate effects in terms of the influence she has, in terms of her bags, her clothes, her fashion, sunglasses she wears," Duboff told " Power Lunch " on Friday.
Stores "can't keep them in stock," he added.
The effect of the latest addition to the royal family is considerable. Brand Finance, a consultancy firm, estimates the royal wedding will boost the British economy by about one billion euros, or near $1.2 billion at Friday's exchange rates. Markle's fashion choices alone are expected to generate about $212 million in retail and apparel sales, the firm noted.
A camel-colored collar wrap, originally priced at $1,395, was worn by Markle on Christmas. Sentaler, the Canadian luxury outerwear brand, confirmed in an email to CNBC that the jacket "sold out instantly," after the actress appeared in photographs alongside her prince.
Getty Images Meghan Markle and Prince Harry attend Christmas Day Church service at Church of St Mary Magdalene on December 25, 2017 in King's Lynn, England. The actress also sported Strathberry handbags on two separate occasions. The Edinburgh-based label also confirmed that the bags sold out both times after she was seen carrying them.
While also in Ireland , Markle wore a coat by the Canadian company Mackage. The image of her garnered 1.6 billion media impressions in 24 hours, according to Women's Wear Daily .
Chris Jackson | Getty Images Prince Harry and Meghan Markle Jim Fallon, editorial director at WWD, said social media has definitely contributed to Markle's allure.
"When [Prince] William and Kate [Middleton] were married, Instagram was barely six months old," Fallon said on "Power Lunch" Friday.
And, Fallon pointed out, Markle is no stranger to the limelight.
"She's an actress," he said. "She knows how to wear the clothes."
WATCH: Royal wedding's $1 billion boost
show chapters Royal wedding's $1 billion boost 3:11 PM ET Fri, 18 May 2018 | 05:00 Reuters contributed to this article. | https://www.cnbc.com/2018/05/18/how-meghan-markles-fashion-can-move-the-market.html | www.cnbc.com |
Specialty Chemical Company China XD Plastics Announces First Quarter 2018 Financial Results | - Revenue of $$310.5 million -
- Net Income of $19.1 million -
- Reiterating Fiscal 2018 Guidance of $1.2-$1.4 Billion in Revenue, $90-$110Million in Net Income -
HARBIN, China, May 10, 2018 /PRNewswire/ -- China XD Plastics Company Limited (NASDAQ: CXDC) ("China XD Plastics" or the "Company"), one of China's leading specialty chemical companies engaged in the development, manufacture and sale of polymer composite materials primarily for automotive applications, today announced its financial results for the first quarter
First Quarter 2018 Financial Summary
Revenue was $310.5 million, an increase of 30.6% YoY Gross profit was $53.9 million, an increase of 54.9% YoY Gross margin of 17.4%, an increase of 280 basis points YoY Net income was $19.1 million, an increase of 92.9% YoY EBITDA was $49.6 million, an increase of 45.9% YoY Total volume shipped was 106,236 metric tons, up 24.4% YoY
"We are pleased with our quarterly results, both top and bottom line growths as well as margin improvement," said Jie Han, Chairman of the Board of Directors and Chief Executive Officer. "An improved macroeconomic environment has improved business conditions and we are well position to execute our strategic plan."
"We are particularly pleased to see major revenue contributions from major new growth frontiers, fostered in large part by the gradual ramp up of our Sichuan manufacturing facility, a key milestone in our corporate development. The new facility also extends our geographical reach and accelerates our market penetration beyond our established Northeast base, evidenced by our strong and consistent growth from Southwest, Central, North and South China."
"The Sichuan facility substantially expands the footprint of our auto business in China and while we expect that automotive applications will continue to be our core business, the new facility includes precision equipment which will enable us to diversify our product platform into such high-growth verticals as ships, high-speed rail, airplanes, bio-degradable materials, medical-grade materials, food packaging, electronic equipment, electrical products, alternative energy applications and power devices, which will help to propel the Company's growth."
"Our new facility in Dubai also extends our specialized high-tech products into an important new market. We are planning to complete installing 45 production lines with 12,000 metric tons of annual production capacity by the end of May 2018, and an additional 50 production lines with 13,000 metric tons of annual production capacity by the end of 2018. This will bring the total installed production capacity in our Dubai facility to 25,000 metric tons. The Dubai facility will target high-end products for the overseas market and will ultimately enable more active inroads into the markets of Europe, the Middle East, Russia and other international regions with several global top customers in automotive sector."
"China XD continues to value our deep working relationships with our customers above all, and is committed to creating value with our culture of hard work and innovation. We anticipate that the continued execution of our strategic plan supported by an increase in our production capacity, our entry into new markets, a diversified customer base and a diversification with international sales will help to generate business growth for years to come. For fiscal 2018, we are reiterating our financial guidance of between $1.2 and $1.4 billion in revenue, $90 and $110 million in net income ", Mr. Han concluded.
First Quarter 2018 Results
Revenues were $310.5 million for the first quarter of 2018, compared to $237.8 million for the same period of 2017, representing an increase of $72.7 million, or 30.6%. The year-over-year increase was primarily due to an increase of 24.4% in sales volume, a depreciation of USD against RMB by 8% and offset by a decrease of 3% in the average RMB selling price of our products, as compared with those of last year.
PRC domestic revenues increased by $72.6 million in the first quarter of 2018, compared to the same period of 2017, as a result of an increase of 24.4% in sales volume, a depreciation of USD against RMB by 8%and offset by a decrease of 3% in the average RMB selling price of our products, as compared with those of last year. According to the China Association of Automobile Manufacturers, automobile sales in China increased by 2.8% for the first quarter of 2018 as compared to the same period of 2017. An improvement in macroeconomic conditions since 2017 has improved business conditions and eased pricing pressures. Driven by accelerating growth of 7.6% in Northeast China, 184% in Central China, 124% in South China, 89% in Southwest China, 26% in North China, and 22% in East China, our domestic sales during the three months ended March 31, 2018 increased by 30.5% as compared to the same period of the prior year. As for the RMB selling price, the Company also implemented a marketing strategy of offering lower-end products with lower RMB pricing to further penetrate the new regional markets in Central China and Southwest China.
For the three months ended March 31, 2018, revenues from overseas market was US$54,854 as compared to nil of that in 2017.The Company has tried to develop new customers overseas besides the existing oversea customer. The sales with this customer was suspended due to account receivable balance overdue situation. As of March 31, 2018, the customer has an outstanding balance of US$48.3 million, including US$5.8 million was 3-6 month past due, US$32.4 million was overdue for less than 3 month. The customer expected to pay off the outstanding balance by June 2018. As the account receivable balance was overdue, the Company suspended sales to the customer in 2018.
Premium products (PA66, PA6, Plastic Alloy, PLA, POM and PPO) in total accounted for 81.1% of revenues in the first quarter of 2018, compared to 81.3% for the same period of 2017. During the first quarter of 2018, the Company continued to shift production mix from traditional lower-end products to higher-end products such as PA66, PA6, Plastic Alloy, and PLA, primarily due to (i) greater growth potential of advanced modified plastics in luxury automobile models in China, (ii) the stronger demand as a result of promotion by the Chinese government for clean energy vehicles and (iii) better quality from end consumer recognition of higher-end cars made by automotive manufacturers from Chinese and Germany joint ventures, and U.S. and Japanese joint ventures, which manufacturers tend to use more and higher-end modified plastics in quantity per vehicle in China.
Gross profit was $53.9 million in the first quarter ended March 31, 2018, compared to $34.8 million in the same period of 2017, representing an increase of $19.1 million, or 54.9%. Our gross margin increased to 17.4% for the first quarter ended March 31, 2018 from 14.6% for the same quarter of 2017 primarily due to higher gross margin of higher-end products in domestic market for the first quarter ended March 31, 2018 as compared to that of the prior year.
General and administrative (G&A) expenses were US$ 8.9 million in the quarter ended March 31, 2018 compared to US$7.1 million in the same period in 2017, representing an increase of 25.4%, or US$1.8 million. This increase is primarily due to the increase of US$0.9 million salary and welfare which was due to the increase in the number of management and general staff from supporting departments and the increase of US$0.9 million in professional fee.
Research and development (R&D) expenses were $5.0 million for the first quarter of 2018, compared to $5.9 million for the same period of 2017, representing a decrease of $0.9 million, or 15.3%. The decrease was primarily due to the decrease of raw materials used by HLJ Xinda Group. As of March 31, 2018, the number of ongoing research and development projects was 326.
Operating income was $38.9 million for the first quarter of 2018, compared to $21.3 million for the same period of 2017, representing an increase of $17.6 million, or 82.6%.This increase is primarily due to increased gross profit, lower research and development expenses, partially offset by a higher G&A expenses and selling expenses.
Net interest expense was $10.6 million for the first quarter of 2018, compared to net interest expense of $8.8 million for the same period of 2017, representing an increase of $1.8 million, or 20.5%. This increase is primarily due to (i) the increase of average short-term and long-term loan balance in amount of US$854.2 million for the three months ended March 31, 2018 compared to US$785.4 million for the same period in 2017, partially offset by (ii) the decrease of interest expense resulting from the average loan interest rate decreased to 4.72% for the three months ended March 31, 2018 compared to 4.77% of the same period in 2017 ; (iii) the increase of average deposit balance in amount of US$626.8 million for the first quarter ended March 31, 2018 compared to US$485.3 million for the same period in prior year ; (iv) the increase of interest income resulting from the average deposit interest rate increased to 1.5% for the first quarter ended March 31, 2018 compared to 1.2 % of the same period in 2017.
Income tax expense was $6.2 million for the first quarter of 2018, representing an effective income tax rate of 24.5%, compared to income tax expense of $3.6 million in the same period of 2017, representing an effective income tax rate of 26.4%. The effective income tax rate reduced from 26.4% for the three-month period ended March 31, 2017 to 24.5% for the three-month period ended March 31, 2018is primarily due to the decrease of continuous operating loss occurred in oversea subsidiaries, and partially offset by the decrease of Sichuan Xinda's profit before tax ("PBT")ratio. The effective income tax rate for the three-month period ended March 31, 2018 differs from the PRC statutory income tax rate of 25% primarily due to Sichuan Xinda's preferential income tax rate and R&D 50% additional deduction of the major PRC operating entities.
Net income was $19.1 million for the first quarter of 2018, compared to $9.9 million for the same period of 2017, representing an increase of $9.2 million, or 92.9%. Basic and diluted earnings per share for the three-month period ended March 31, 2018 were $0.29, compared to $0.15 per basic and diluted share for the same period of 2017. The average number of shares used in the computation of basic and diluted earnings per share in the current quarter was 49.7 million compared to 49.5 million shares for basic and diluted earnings per share in the prior year period.
Earnings before interest, tax, depreciation and amortization (EBITDA) was $49.6 million for the first quarter of 2018, compared to $34.0 million for the same period of 2017, representing an increase of $15.6 million, or 45.9%. For a detailed reconciliation of EBITDA, a non-GAAP measure, to its nearest GAAP equivalent, please see the financial tables at the end of this release.
Financial Condition
As of March 31, 2018, the Company had $564.8 million in cash and cash equivalents, restricted cash and time deposits, a decrease of $43.3 million or 7.1% as compared to $608.1 million as of December 31, 2017. As of the March 31, 2018, working capital was $110.1 million (current assets minus current liabilities) and the current ratio (current assets divided by current liabilities) was 1.1, as compared to the current ratio of1.0 as of December 31, 2017. Stockholders' equity as of March 31, 2018 was $761.6 million, an increase of $48.8 million or 6.8% as compared to $712.8 million as of December 31, 2017.
Accounts receivable decreased by 36.3% or US$108.6 million due to the management efforts to collect outstanding balances due from the domestic customers. Inventories increased by 32.1% as a result of more purchases of the raw materials and the Company's strategy to stock up the finished goods for the upcoming orders. Prepaid expenses and other current assets decreased by 22.5% or US$32.5 million as Sichuan Xinda received the refund of prepayment from an equipment supplier in January 2018. Prepayments to equipment and construction suppliers increased by 17.9% or US$34.2 million because HLJ Xinda Group prepaid to an equipment supplier for purchase equipment for the industrial project of upgrading existing equipment for 100,000 metric tons of engineering plastics. The aggregate short-term and long-term bank loans decreased by 7.9% due to the repayments of the loans. We define the manageable debt level as the sum of aggregate short-term and long-term loans, and notes payable over total assets. We expect that we will be able to meet our needs to fund operations, capital expenditures and other commitments in the next 12 months primarily with our cash and cash equivalents, operating cash flows and bank borrowings.
Financial Guidance and Business Outlook
The Company reiterates its financial guidance for fiscal 2018 to range between $1.2 and $1.4billion in revenue. Gross margin in fiscal 2018 is expected to remain stable as compared to that of fiscal 2017. The Company project net income to range between $90and$110million. This is based on the anticipation of a steady recovery throughout the Chinese automotive supply chain and a stabilization of crude oil pricing and its impact on polymer composite materials in 2018. This forecast also assumes contributions from the Sichuan plant and the Dubai second phase project, which will be completed by the end of second quarter of 2018 and the end of 2018, respectively. It also assumes the average exchange rate of the US dollar to RMB at 6.3. This financial guidance reflects the Company's preliminary view of its business outlook for fiscal 2018 and is subject to revision based on changing market conditions at any time.
Recent Development
This year at National Plastics Exhibition 2018 ("NPE 2018") in Orlando FL, China XD is showcasing to its potential customers its comprehensive product range of petro-based, bio-based and additive manufacturing (aka 3D printing) composite materials, spanning the automotive, ships, high-speed rail, airplanes, bio-degradable materials, medical-grade materials, food packaging, electronic equipment, electrical products, alternative energy applications and power devices. NPE 2018: The Plastics Show is known as the world's leading plastics trade show and features exhibitors from over 2,000 companies to showcase cutting-edge technology through polymer materials, process and full-scale operating prototypes and machinery. Held every three years, this year's event takes place in Orlando, Florida, from May 7-11, 2018. NPE is produced by the Plastics Industry Association (PLASTICS) and includes the entire global plastics supply chain, along with the full range of end-user markets.
Conference Call
China XD Plastics' senior management will host a conference call at 9:00 am Eastern Time on Thursday, May10, 2018, to discuss its first quarter 2018 financial results. The conference call can be accessed by dialing +1- 845-675- 0437 (for callers in the U.S.), +86-4006- 208-038 (for Mainland China callers) or +852- 3018-6771 (for Hong Kong callers)and entering passcode 2985596.
A recording of the conference call will be available through May 17, 2018, by calling +1-855-452-5696(for callers in the U.S.) and entering pass code 2985596.
A live webcast and replay of the conference call will be available on the investor relations page of the Company's website at http://chinaxd.net/ .
About China XD Plastics Company Limited
China XD Plastics Company Limited, through its wholly-owned subsidiaries, develops, manufactures and sells polymer composites materials, primarily for automotive applications. The Company's products are used in the exterior and interior trim and in the functional components of 30 automobile brands manufactured in China, including without limitation, Audi, Mercedes Benz, BMW, Toyota, Buick, Chevrolet, Mazda, Volvo, Ford, Citroen, Jinbei and VW Passat, Golf, Jetta, etc.The Company's wholly-owned research center is dedicated to the research and development of polymer composites materials and benefits from its cooperation with well-known scientists from prestigious universities in China. As of March31, 2018, 456 of the Company's products have been certified for use by one or more of the automobile manufacturers in China. For more information, please visit the Company's English website at http://chinaxd.irpass.com/ , and the Chinese website at http://www.xdholding.com .
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company's growth potential in international markets; the effectiveness and profitability of the Company's product diversification strategy; the impact of the Company's product mix shift to more advanced products and related pricing policies; the effectiveness, profitability, and the marketability of its the ongoing mix shift to more advanced products; the prospects of the Company's Dubai facility, and the associated expansion into Middle East, Europe and other parts of Asia; the prospects of the Company's Sichuan facility, and its penetration into Southwest China; the prospects of the Company's Harbin facility, and its penetration into Northeast China; the Company's projections of its revenues for performance in fiscal 2018. can be identified by terminology such as "will," "expect," "project," "anticipate," "forecast," "plan," "believe," "estimate" and similar statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the global economic uncertainty which could further impair the automotive industry and limit demand for our products; fluctuations in automotive sales and production which could have a material adverse effect on our results of operations and liquidity; our financial performance which may be affected by the prospect of our Dubai facility and the associated expansion into Middle East, Europe and other parts of Asia; the withdrawal of preferential government policies, the tightening control over the Chinese automotive industry, automobile purchase restrictions imposed in certain major cities which may limit market demand for our products;the slowing of Chinese automotive industry's growth; the concentration of our distributors, customers and suppliers; and other risks detailed in the Company's filings with the Securities and Exchange Commission and available on its website at http://www.sec.gov . The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
December 31,
2018
2017
US$
US$
ASSETS
Current assets:
Cash and cash equivalents
50,814,789
190,392,211
Restricted cash
170,455,598
129,699,454
Time deposits
343,505,988
288,023,017
Accounts receivable, net of allowance for doubtful
accounts
190,293,398
298,868,984
Inventories
556,919,906
421,736,682
Prepaid expenses and other current assets
111,816,277
144,326,151
Total current assets
1,423,805,956
1,473,046,499
Property, plant and equipment, net
844,425,358
835,561,739
Land use rights, net
33,025,874
31,943,652
Long-term prepayments to equipment and
construction suppliers
224,826,888
190,627,514
Other non-current assets
13,148,575
12,924,279
Total assets
2,539,232,651
2,544,103,683
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK
AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term loans, including current portion of long-term bank loans
674,006,093
775,396,929
Bills payable
431,472,146
252,768,510
Accounts payable
47,678,749
227,993,140
Income taxes payable
15,879,046
17,710,217
Accrued expenses and other current liabilities
144,619,028
138,605,509
Total current liabilities
1,313,655,062
1,412,474,305
Long-term bank loans, excluding current portion
145,577,201
114,208,319
Deferred income
108,962,772
99,168,276
Other non-current liabilities
111,839,048
107,898,318
Total liabilities
1,680,034,083
1,733,749,218
Redeemable Series D convertible preferred stock
(redemption amount of US$252,601,000 and
US$244,044,200 as of March 31, 2018 and
December 31, 2017, respectively)
97,576,465
97,576,465
Stockholders' equity:
Series B preferred stock
100
100
Common stock, US$0.0001 par value, 500,000,000
shares authorized, 49,748,731 shares and
49,748,731 shares issued, 49,727,731 shares and
49,727,731 shares outstanding as of March 31,
2018 and December 31, 2017, respectively
4,975
4,975
Treasury stock, 21,000 shares at cost
(92,694)
(92,694)
Additional paid-in capital
83,242,685
83,159,893
Retained earnings
667,890,370
648,790,469
Accumulated other comprehensive income (loss)
10,576,667
(19,084,743)
Total stockholders' equity
761,622,103
712,778,000
Commitments and contingencies
-
-
Total liabilities, redeemable convertible
preferred stock and stockholders' equity
2,539,232,651
2,544,103,683
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three-Month Period Ended March 31,
2018
2017
US$
US$
Revenues
310,453,033
237,840,197
Cost of revenues
(256,585,577)
(203,068,027)
Gross profit
53,867,456
34,772,170
Selling expenses
(1,051,009)
(518,813)
General and administrative expenses
(8,875,009)
(7,053,671)
Research and development expenses
(5,049,898)
(5,851,100)
Total operating expenses
(14,975,916)
(13,423,584)
Operating income
38,891,540
21,348,586
Interest income
2,312,623
1,163,259
Interest expense
(12,894,205)
(10,021,976)
Foreign currency exchange losses
(3,955,808)
(476,085)
Losses on foreign currency option contracts
(520,981)
-
Government grant
1,477,559
1,439,531
Total non-operating expense, net
(13,580,812)
(7,895,271)
Income before income taxes
25,310,728
13,453,315
Income tax expense
(6,210,827)
(3,552,326)
Net income
19,099,901
9,900,989
Earnings per common share:
Basic and diluted
0.29
0.15
Net Income
19,099,901
9,900,989
Other comprehensive income
Foreign currency translation adjustment, net of
nil income taxes
29,661,410
3,918,303
Comprehensive income
48,761,311
13,819,292
CHINA XD PLASTICS COMPANY LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three-Month Period Ended March 31,
2018
2017
US$
US$
Cash flows from operating activities:
Net cash provided by (used in) operating
activities
28,429,789
(47,564,499)
Cash flows from investing activities:
Purchase of time deposits
(163,426,937)
(59,853,272)
Proceeds from maturity of time deposits
119,741,660
168,083,097
Purchase of and deposits for property, plant
and equipment
(64,469,960)
(328,428,788)
Refund of deposit from an equipment supplier
60,054,417
75,052,508
Purchases of land use rights
-
(3,036,333)
Government grantrelated to the industrial
project for 300,000 metric tons
biological composite materials
6,953,816
-
Net cash used in investing activities
(41,147,004)
(148,182,788)
Cash flows from financing activities:
Proceeds from bank borrowings
251,134,403
316,586,547
Repayment of bank borrowings
(347,339,779)
(188,024,421)
Net cash (used in) provided by financing activities
(96,205,376)
128,562,126
Effect of foreign currency exchange rate
changes on cash, cash equivalents, and
restricted cash
10,101,313
1,608,314
Net decrease in cash, cash equivalents, and
restricted cash
(98,821,278)
(65,576,847)
Cash, cash equivalents, and restricted cash
at beginning of period
320,091,665
271,575,847
Cash, cash equivalents, and restricted cash
at end of period
221,270,387
205,999,000
Supplemental disclosure of cash flow
information:
Interest paid, net of capitalized interest
11,062,464
8,482,216
Income taxes paid
7,064,571
5,057,042
Non-cash investing and financing activities:
Accrual for purchase of property, plant and
equipment
196,911
4,147,349
The following table shows a reconciliation of cash, cash equivalents and restricted cash on the condensed consolidated balance sheets to that presented in the above condensed consolidated statements of cash flows.
Three-Month Period Ended March 31,
2018
2017
US$
US$
Cash and cash equivalents
50,814,789
57,695,720
Restricted cash
170,455,598
148,303,280
Total cash, cash equivalents, and restricted
cash shown in the statement of cash flows
221,270,387
205,999,000
CHINA XD PLASTICS COMPANY LIMITED
Reconciliation of Net Income to EBITDA
(Amounts expressed in United States Dollars)
Three Months Ended
March 31
2018
2017
Net income
$19,099,901
$9,900,989
Interest expense
12,894,205
10,021,976
Provision for income taxes
6,210,827
3,552,326
Depreciation and
amortization expense
11,442,287
10,493,783
EBITDA
$49,647,220
$33,969,074
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SOURCE China XD Plastics Company Limited | http://www.cnbc.com/2018/05/10/pr-newswire-specialty-chemical-company-china-xd-plastics-announces-first-quarter-2018-financial-results.html | www.cnbc.com |
SE Asia Stocks-Most follow Asia lower; Philippines down 1.7 pct | May 16, 2018 / 4:25 AM / Updated an hour ago SE Asia Stocks-Most follow Asia lower; Philippines down 1.7 pct Reuters Staff 4 Min Read * Philippines snaps three sessions of gains * Indonesia falls for a third straight session * By Karthika Suresh Namboothiri May 16 (Reuters) - Most Southeast Asian stock markets slipped on Wednesday tracking Asian peers after North Korea called off talks with Seoul while the 10-year U.S. Treasury yield hit a seven-year high, sparking fears of faster fund outflows from regional equities. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 percent after the U.S. 10-year paper crossed 3 percent on Tuesday, hurting U.S. equity markets on concerns it would undercut stock valuations. "If bonds are embarked on a journey to higher yields, then the recent outflows from troubled EM (emerging markets) countries could become even greater," ING said in a note. North Korea threw into question next month's summit between Kim Jong Un and U.S. President Donald Trump, denouncing on Wednesday U.S.-South Korean military exercises as a provocation and calling off high-level talks with Seoul. In Southeast Asia, Philippines shares erased earlier gains and were trading down as much as 1.7 percent as investors booked some profits following three consecutive days of gain. A fall in March remittances also hurt sentiment, said Charles William Ang, Associate Analyst at Manila based COL Financial Group, Inc. Foreign remittances into the Philippines in March fell 9.8 percent from last year, its steepest drop in 15 years, according to central bank data released on Tuesday. SM Investment slid as much as 2.2 percent while real estate developer SM Prime Holdings fell over 2.5 percent. Singapore stocks shed half a percent, dragged down by real estate stocks. City Development fell as much as 3.2 percent. Indonesian shares slid for a third straight session, down as much as 1.6 percent, dragged down by financials and consumer stocks. Unilever Indonesia, down as much as 4.5 percent, was the biggest drag. Data showed on Tuesday the country posted its biggest trade deficit in four years in April. Meanwhile, Malaysian stocks climbed 0.4 percent, with telecom service provider Maxis Bhd gaining 2.7 percent and Astro Malaysia rising as much as 2.9 percent. A senior adviser to the Malaysian government said on Tuesday that a strategy for the removal of goods and services tax would be announced within hundred days. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS AS AT 0420 GMT Change on the day Market Current Previous close Pct Move Singapore 3536.29 3540.23 -0.11 Bangkok 1755.98 1766.86 -0.62 Manila 7797.19 7885.97 -1.13 Jakarta 5772.409 5838.116 -1.13 Kuala Lumpur 1854.73 1848.2 0.35 Ho Chi Minh 1069.78 1073.5 -0.35 Change on year Market Current End 2017 Pct Move Singapore 3536.29 3402.92 3.92 Bangkok 1755.98 1753.71 0.13 Manila 7797.19 8558.42 -8.89 Jakarta 5772.409 6355.654 -9.18 Kuala Lumpur 1854.73 1796.81 3.22 Ho Chi Minh 1069.78 984.24 8.69 (Reporting by Karthika Suresh Namboothiri; Editing by Vyas Mohan) | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-follow-asia-lower-philippines-down-1-7-pct-idUSL3N1SN23Q | www.reuters.com |
Tesla promises profits in the second half of this year — if it can meet Model 3 production goals | Published 7 Hours Ago Updated 5 Hours Ago Tesla said that it would become profitable in the second half of 2018, if it can hit Model 3 production goals, making 5,000 of the electric sedans per week. Tesla CEO Elon Musk previously tweeted that the company would be profitable, and cash-flow positive, in the second half of 2018. Justin L. Stewart | Anadolu Agency | Getty Images People inspect the Tesla Model 3 as it sits on display at the Los Angeles Auto Show last December.
Tesla says it will be profitable in the second half of 2018 if it can meet its Model 3 vehicle production and delivery goals.
"If we execute according to our plans, we will at least achieve positive net income excluding non-cash stock based compensation in Q3 and Q4 and we expect to also achieve full GAAP profitability in each of these quarters," the company wrote in a letter to shareholders accompanying its first-quarter earnings report on Wednesday.
The company also reiterated its plans to produce 5,000of its all-electric Model 3 sedans per week by the end of June. It will make its lower-priced base model available to drivers only after that goal is achieved.
Currently, Tesla is delivering a long-range rear-wheel drive Model 3 to customers for a starting price of $44,000. Others have been waiting for the short-range rear-wheel-drive version of the Model 3 which CEO Elon Musk promised for a base price of $35,000. show chapters 7 Hours Ago | 01:52
In April, Tesla reported that it had missed its first-quarter production and delivery targets for the Model 3. The company produced 2,020 Model 3s in the final week of the first quarter, short of its goal of producing 2,500 Model 3 sedans weekly by the end of March.
To increase its Model 3 production rate, Tesla will run its Fremont, California, factory around the clock, according to a leaked e-mail that Elon Musk sent to employees . Adding employees and shifts and paying more overtime to workers will raise costs for Tesla, another challenge to the Model 3 margins.
Tesla advised shareholders in its earnings statement today that it will plan to halt production at its Fremont factory for a total of about 10 days this quarter in order to improve processes so it can achieve its Model 3 production goals. It has already shut down production for a brief period in April.
Tesla's statement said that before that recent shutdown, it was able to produce 2,270 Model 3s in seven days, a new record for the company. | https://www.cnbc.com/2018/05/02/tesla-profits-depend-on-meeting-model-3-goals.html | www.cnbc.com |
Trade uncertainty may be sapping business investment, says Atlanta Fed's Bostic | GDP outlook Trade uncertainty may be sapping business investment, says Atlanta Fed's Bostic Uncertainty over President Donald Trump's trade policies is the "most obvious risk" facing the U.S. economy and may be prompting businesses to hold back on investment, Atlanta Fed President Raphael Bostic said. Bostic said conversations have raised the possibility that delayed investment because of trade risks may undercut the hoped-for effect of the recent corporate tax cuts. Recent surveys among business reported price pressures rising, and some firms saying they are now able to maintain profit margins by raising prices. Published 2 Hours Ago Christopher Dilts | Bloomberg | Getty Images Raphael Bostic
Uncertainty over President Donald Trump's trade policies is the "most obvious risk" facing the U.S. economy and may be prompting businesses to hold back on investment, Atlanta Fed President Raphael Bostic said on Wednesday.
In one of the sharpest Fed critiques yet of White House trade tactics, Bostic said conversations with business officials in his southern district have raised the possibility that delayed investment because of trade risks may undercut the hoped-for effect of the recent corporate tax cuts.
Stronger economic growth anticipated from those tax reductions was premised in part on higher business investment.
But "swelling optimism over tax policy in the beginning of the year has now been replaced almost completely by uncertainty regarding the proposed tariffs and the possibility of a trade war," Bostic said in remarks to the Jacksonville World Affairs Council. "I come away with the sense that for now, many firms may be responding to increased uncertainty by moving to the sidelines with respect to new cap-ex plans."
He said it also does not appear consumers are boosting spending dramatically because of the recent income tax cut.
Bostic said he still sees the economy growing above potential for now, and has recently said rates should rise two more times this year. Inflation is near its target and labor markets are tight, though not "overheated."
He said inflation may well breach the Fed's two percent target and stay there "for a while," something that would not be seen as an urgent problem given the long period inflation was below that level, Bostic said.
But price pressures may be building, Bostic said. Recent surveys among business reported price pressures rising, and some firms saying they are now able to maintain profit margins by raising prices, a rekindling of pricing power felt to be absent in recent years.
That appears particularly true for firms exposed to potential tariffs, Bostic said, another among the fallout consequences of rising trade tensions.
In a new approach to trade, "the question is always whether policymakers...can intervene with enough precision, to make matters better by acting. We all have heard the phrase "unintended consequences," and we understand the potential for action to leave the situation worse," he said. | https://www.cnbc.com/2018/05/09/trade-uncertainty-may-be-sapping-business-investment-says-atlanta-feds-bostic.html | www.cnbc.com |
Bank of Internet under federal investigation in multiple Kushner deals | A bank that had been under federal investigation until last year has played a role in two recent real estate transactions involving Kushner Companies, Jared Kushner's family company.
Earlier this month, BofI Federal took over a mortgage previously owned by the Kushner Companies for a development in Brooklyn, New York City real estate filings show . The previously unreported transaction involves a loan on a development project in the historically industrial, now gentrifying Bushwick neighborhood. Kushner Companies had made a loan of roughly $30 million to the project at 215 Moore Street in late 2016. Jared Kushner remains a senior adviser to President Donald Trump.
BofI, which was previously known as Bank of Internet USA, said in a statement to ProPublica that it "has no exposure or relationship with Mr. Kushner or his company with respect to 215 Moore St." The bank likened the transaction to a routine refinancing.
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In another transaction last October, the Kushner Companies got a $57 million loan on one of its own projects in New Jersey. BofI Federal provided much of the money behind that loan, Bloomberg reported last week.
BofI Federal Bank faced a Securities and Exchange Commission investigation into its lending practices and conflict of interest policies until last year. After multiple subpoenas in 2016, the SEC closed the investigation in late June 2017.
Kushner stepped away from the management of his family real estate company to join the Trump White House but held onto many of his family company's assets, including the Bushwick project debt. Ethics experts have criticized the arrangement, saying it could create conflicts of interest if Kushner Companies business partners have business before the government.
Based in San Diego, the publicly traded BofI Federal does most of its real estate lending in California, and has only a small presence in the New York market. It has attracted attention from short-selling investors, who question the bank's business model and practices. The company has said the investors have purveyed misleading information.
In November 2016, shortly after the presidential election, Kushner Companies announced it was pursuing a new line of business in lending money to other developers' projects.
That month, the company made a loan of at least $33 million to a well-known New York developer, Toby Moskovits , for a project in Brooklyn. The developers have dubbed the project at 215 Moore Street and several adjacent lots the "Bushwick Generator." The project is targeting what they describe as "the job-generating tech and creative firms that are repowering Brooklyn's economy." On a recent visit, the project was still under construction. Most of the rundown former industrial building was still open to the sky, except for a central open-plan office area where a vintage Singer sewing machine table acts as a front desk.
In a transaction inked in early April, the Kushner Companies debt was transferred to BofI, which is now the lender on the project, real estate filings show. Public records don't reveal the terms of the BofI transaction and whether Kushner Companies made money or otherwise benefitted.
In a statement, BofI said that it had no relationship with Kushner regarding the Bushwick property. The bank said the owner of the Bushwick project was a pre-existing customer. BofI "decided, after carefully underwriting the transaction, to provide financing to one of our prior customers," the bank said in a statement.
A Kushner Companies spokeswoman said that the owners of the project exited from the loan and "repaid the Kushner lending arm." She declined to elaborate on the terms.
BofI also played a role in an earlier Kushner Companies transaction in Jersey City, New Jersey, across the Hudson River from Manhattan. Bloomberg reported that BofI provided much of the money for a $57 million October 2017 loan to the One Journal Square development.
The Jersey City loan was issued by Fortress Investment Group and BofI purchased an interest in the loan from Fortress. In its statement, BofI said the terms of that deal are confidential. "Banks routinely purchase participation interests in loans made by other institutional investors," the statement said.
In the hunt for funding for the same Jersey City project, Kushner's sister drew negative attention last year when she pitched Chinese investors using a controversial program that gives visas to foreigners who invest in the U.S.
The SEC investigation of BofI was closed without any action on June 27, 2017, several months before the first of the known Kushner transactions, according to documents obtained through public records requests by investment research outfit Probes Reporter .
As part of its investigation, the SEC subpoenaed documents from BofI relating to its internal controls, conflicts of interest policies, and residential loans to foreigners, among other matters.
The New York Post reported early last year that the Justice Department was also looking into issues at the bank related to possible money laundering. "We are not aware of any ongoing DOJ or Treasury investigation," the company said in a statement.
The White House didn't immediately respond to a request for comment.
Decca Muldowney contributed reporting. | https://www.cnbc.com/2018/05/03/bank-of-internet-under-federal-investigation-in-multiple-kushner-deals.html | www.cnbc.com |
Oil prices fall as supply from top 3 producers set to rise | * Saudi Arabia, Russia set to raise supplies by 1 million bpd
* U.S. output has surged by over 27 pct in two years
* But climbing supply from top producers comes amid record demand
SINGAPORE, May 28 (Reuters) - Oil prices dropped on Monday on signs that output from the three top crude producers, Russia, the United States and Saudi Arabia, would climb to meet concerns about supply amid strong demand.
Brent crude futures were at $76.02 per barrel at 0016 GMT, down 42 cents, or 0.55 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $67.36 a barrel, down 52 cents, or 0.8 percent, from their last settlement.
Brent and WTI have respectively fallen by 5.5 percent and 7.5 percent from peaks reached earlier in May.
The Organization of the Petroleum Exporting Countries (OPEC), as well as top producer but non-OPEC member Russia, started withholding supplies in 2017 to tighten the market and prop up prices, which in 2016 fell to a more than a decade low of under $30 per barrel.
But prices have soared since the start of the cuts, with Brent breaking through $80 per barrel earlier in May, triggering consumer concerns that high prices would crimp economic growth and stoke inflation.
To address potential supply shortfalls, Saudi Arabia, top exporter and de-facto leader of producer cartel OPEC, as well as top producer Russia said on Friday they were discussing raising oil production by some 1 million bpd.
"Crude oil prices collapsed ... after reports emerged that Saudi Arabia and Russia had agreed to increase crude oil production in the second-half of the year to make up for losses elsewhere under the production cut agreement," ANZ bank said on Monday.
Meanwhile, surging U.S. crude production also showed no sign of abating as drillers continue to expand their search for new oil fields to exploit.
U.S. energy companies added 15 rigs looking for new oil in the week ending May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
U.S. crude production <C-OUT-T-EIA> has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to that of Russia, which pumps around 11 million bpd.
(Reporting by Henning Gloystein Editing by Joseph Radford) | https://www.cnbc.com/2018/05/27/reuters-america-oil-prices-fall-as-supply-from-top-3-producers-set-to-rise.html | www.cnbc.com |
Didi Chuxing gets permission to test self-driving cars in California | Chinese ride-hailing firm Didi Chuxing has been given a permit to test self-driving cars in California .
The company is allowed to test autonomous vehicles in the state as of May 10, according to the California Department of Motor Vehicles' website .
Didi was not immediately available for comment when contacted by CNBC.
Didi, which bought out Uber's Chinese unit in 2016, is one of a number of Chinese firms looking to gain an edge over Silicon Valley tech giants.
Internet firm Baidu obtained its own permit to test driverless cars in California in 2016. It also established a research center in San Francisco to boost its artificial intelligence efforts.
Alibaba and Tencent have also been reported to have their own plans to test autonomous cars.
But the big ambitions of tech giants to launch driverless cars are being tested by high-profile crashes involving the vehicles.
Uber's self-driving tests were suspended earlier this year following a deadly crash in Arizona involving an autonomous vehicle and a pedestrian.
Controversy has also faced electric automaker Tesla following a number of crashes involving its self-driving cars. Last week, two teenagers were killed and a third injured after a crash involving one of Tesla's Model S cars in Florida.
Didi expanding beyond China Didi has been expanding around the world mostly through investing in and partnering with competitors.
The taxi firm acquired control of Brazilian taxi start-up 99 Taxi earlier this year, and has teamed up with other upstarts including Tallinn, Estonia-based Taxify and Dubai, United Arab Emirates-based Careem .
Didi made its first direct expansion outside of China into Mexico last month. It is reportedly holding talks about a listing that could help it reach a valuation of between $70 billion and $80 billion. | https://www.cnbc.com/2018/05/14/didi-chuxing-gets-permission-to-test-self-driving-cars-in-california.html | www.cnbc.com |
Watch: Trump addresses criminal justice at Prison Reform Summit | [The stream is slated to start at 11:30 a.m. ET. Please refresh the page if you do not see a player above at that time.]
President Donald Trump will discuss criminal justice reform in a summit at the White House on Friday.
Trump plans to address the partisan divide in Congress on improving prison conditions and better-preparing prisoners for re-entry into society at the Prison Reform Summit, bringing together more than 100 activists, experts and policymakers.
This comes as part of a push from the president's senior adviser and son-in-law Jared Kushner who proposed a prison reform bill with CNN commentator Van Jones and American Tax Reform president Grover Norquist.
The bill, the Prison Reform and Redemption Act, would require the federal prison system to evaluate inmates after sentencing and provide services to help them avoid becoming repeat offenders, including drug treatment, job training and mental health counseling.
Congress disputes have brewed over improving prison conditions, including measures regarding women's health and sanitary needs.
The House Judiciary committee cleared an act which would place federal prisoners closer to home, allow more home confinement for lower-level offenders and expand prison employment programs. The First Step Act is a follow-up to the Sentencing Reform and Corrections Act passed by the committee in February.
The White House is pushing to conduct risk assessments on prisoners ready for re-entry to create customized programs to make them successful on the outside. Data-driven analysis on re-entry assessments is supported by a report from the White House Council of Economic Advisers, saying taxpayers could save $1.47 to $5.27 on the cost of repeated crime and incarceration. | https://www.cnbc.com/2018/05/18/watch-trump-addresses-criminal-justice-at-prison-reform-summit.html | www.cnbc.com |
Bond market will suffer some 'indigestion' as Fed prepares to charge, market watcher says | 22 Hours Ago | 02:00
The Federal Reserve is expected to give the signal for more rate hikes later this year as it wraps its meeting on Wednesday.
The bond market is still struggling with that concept, says Bryce Doty, senior portfolio manager of fixed income at Sit Investment Associates.
"It's going to be a bumpy ride," Doty told CNBC's " Futures Now " on Tuesday. "Regardless of how well [Fed members] communicate what they're going to do, it's going to be kind of a spicy year. There's going to be some indigestion."
The bond market has already seen some twists and turns in 2018 as the Fed emerged as a more hawkish decision-maker under its new chairman, Jerome Powell . The yield on the 10-year Treasury topped 3 percent last week for the first time in four years on the expectation of higher inflation and a faster pace of Fed rate hikes.
Although no hike is expected at this meeting, Doty says the Fed still has an important role to play when it makes its midafternoon announcement.
"Their job [on Wednesday] is to try and remove any lasting impression that the Fed is going to pause or somehow slow their pace of increasing rates," he said.
Beyond May, Doty sees the Fed with little choice but to continue on its path of rate hikes this year, whether the market likes it or not. The Fed can already declare victory in fulfilling its dual mandate: the personal consumption expenditures price index, the Fed's preferred measure of inflation, is at its target level and the labor market is tight.
"How do they not say 'Yeah, we've achieved our inflation target of 2 percent?' And they've already said that they've achieved their target of full employment," said Doty. "It seems like the message is going to be: 'We've done our job.'"
The Fed last increased rates at its March meeting. The markets are currently pricing in another 25-basis-point hike to the fed funds rate at the June meeting, according to CME Group fed funds futures. Another should come in September, while a December rate hike is a toss-up.
Expectations of a fourth rate hike increase this year should rise following Wednesday's announcement, predicts Doty.
"You've seen the expectation for four rate increases for the year climb steadily from just a few weeks ago. It's over 50 percent already and that'll probably move even higher" following Wednesday's meeting, he said.
Bonds could react in one of two ways to that kind of message, says Doty.
"The 10-year yield could easily pop up over 3 percent or it could go down and just be relieved that they're going to be vigilant against inflation," he said.
The yield on the 10-year Treasury note was at 2.99 percent Wednesday morning. show chapters | https://www.cnbc.com/2018/05/02/bond-market-will-suffer-some-indigestion-as-fed-prepares-to-charge.html | www.cnbc.com |
BRIEF-Digital Ally Q1 Loss Per Share $0.37 | May 15 (Reuters) - Digital Ally Inc:
* DIGITAL ALLY, INC. ANNOUNCES 2018 FIRST QUARTER OPERATING RESULTS
* Q1 REVENUE $2.5 MILLION * DIGITAL ALLY - Q1 2018 REVENUES ADVERSELY AFFECTED BY SUPPLY CHAIN ISSUE WHICH PREVENTED CO FROM SHIPPING OVER $705,000 IN ORDER BACKLOG AT QUARTER END
* EXPECT THAT SUPPLY CHAIN WILL RETURN TO NORMAL DURING Q2 2018
* BOARD OF DIRECTORS HAS INITIATED A REVIEW OF STRATEGIC ALTERNATIVES TO BEST POSITION US FOR FUTURE
* STRATEGIC ALTERNATIVES INCLUDE MONETIZING PATENT PORTFOLIO, RELATED PATENT INFRINGEMENT LITIGATION AGAINST AXON AND WATCHGUARD
* DIGITAL ALLY - STRATEGIC ALTERNATIVES INCLUDE SALE OF ALL/SOME ASSETS, PROPERTIES/GROUPS OF PROPERTIES/INDIVIDUAL BUSINESSES OR MERGER WITH ANOTHER CO
* RETAINED ROTH CAPITAL PARTNERS TO ASSIST IN THIS REVIEW AND PROCESS
* BOARD APPROVED $6.05 MILLION PRIVATE PLACEMENT TO ADDRESS NEAR-TERM LIQUIDITY NEEDS BY REPAYING DEBT AND PROVIDING WORKING CAPITAL
* ON A NON-GAAP BASIS, REPORTED AN ADJUSTED NET LOSS OF $0.19 PER SHARE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/brief-digital-ally-q1-loss-per-share-037/brief-digital-ally-q1-loss-per-share-0-37-idUSASC0A2BI | www.reuters.com |
DHX Media Shares Begin Trading Under a Single Ticker on the TSX & Board Adopts an Advance Notice By-Law | HALIFAX, NS, May 31, 2018 /PRNewswire/ - DHX Media Ltd. (or the "Company") (TSX: DHX.A, DHX.B), (NASDAQ: DHXM), announces that its common voting shares and variable voting shares now trade under the single ticker "DHX" on the Toronto Stock Exchange ("TSX"). As previously announced, this consolidation is solely an administrative change for trading purposes, which is designed to enhance the liquidity and trading volume of DHX Media's shares. The Company's shares will continue to trade under the ticker "DHXM" on the NASDAQ Global Select Market ("NASDAQ").
The Company also announces the adoption by its board of directors (the "Board of Directors") of a new by-law (the "Advance Notice By-Law") that requires advance notice when director nominations are made by shareholders to provide for an orderly nomination process and ensure that shareholders are well-informed about director nominees in advance of shareholder meetings.
SINGLE CUSIP AND TSX TICKER
The Company's common voting shares previously traded on the TSX under "DHX.B" (CUSIP 252406707). Its variable voting shares previously traded on the TSX under "DHX.A" and on the NASDAQ under "DHXM" (CUSIP 252406608).
Effective today, both classes of shares have commenced trading under the single TSX symbol "DHX," and on the NASDAQ under "DHXM," as well as combining under the same CUSIP number 252406152. For trading purposes on the two stock exchanges and reporting in brokerage accounts, both classes of shares will also be combined under the single designation of "Common and Variable Voting Shares" of DHX Media.
ADVANCE NOTICE BY-LAW
The Company has adopted the "Advance Notice By-law" that requires advance notice be given to the Company when director nominations are made by shareholders other than through a request for a meeting or through a shareholder proposal, in each case in accordance with the Canada Business Corporations Act.
The Advance Notice By-law provides a clear process for shareholders to follow for director nominations, and will help ensure that all shareholders receive adequate notice and information about director nominees in order to exercise their voting rights in an informed manner. The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies.
Among other things, the Advance Notice By-law fixes deadlines by which shareholders must notify DHX Media of director nominations prior to any annual or special meeting of shareholders where directors are to be elected. It also sets forth the information about the proposed nominee that a shareholder must include in the notice for it to be valid.
In the case of an annual shareholder meeting, notice to the Company must be given not less than 30 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the first public announcement of the meeting's date, notice may be given not later than the close of business on the 10th day following such announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the first public announcement of the date of the special meeting.
The Advance Notice By-Law also prescribes the proper written form for a shareholder's notice and provides that the Company's Board of Directors may, in its sole discretion, waive any requirement under these provisions.
The Advance Notice By-law is effective immediately and will be placed before shareholders for approval, confirmation and ratification at the next Annual and/or Special Meeting of Shareholders of the Company (the "Meeting"). Pursuant to the provisions of the Act, the Advance Notice By-Law will cease to be effective unless it is approved, ratified and confirmed by a resolution adopted by a majority of the votes cast by the shareholders of the Company at the Meeting.
The full text of the Advance Notice By-law is available under DHX Media's profile at www.sedar.com .
About DHX Media
DHX Media Ltd. (TSX: DHX.A, DHX.B; NASDAQ: DHXM) is a leading children's content and brands company, recognized globally for such high-profile properties as Peanuts, Teletubbies, Strawberry Shortcake, Caillou, Inspector Gadget, and the acclaimed Degrassi franchise. One of the world's foremost producers of children's shows, DHX Media owns the world's largest independent library of children's content, at 13,000 half-hours. It licenses its content to broadcasters and streaming services worldwide and generates royalties through its global consumer products program. Through its subsidiary, WildBrain, DHX Media operates one of the largest networks of children's channels on YouTube. Headquartered in Canada, DHX Media has 20 offices worldwide. Visit us at www.dhxmedia.com .
Disclaimer
This press release contains "forward-looking statements" under applicable securities laws with respect to DHX Media including, without limitation, statements regarding impacts of the consolidation of trading under a single ticker, and impacts of the Advance Notice By-Law. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and are based on information currently available to the Company. Actual results or events may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations, among other things, include risks related to market factors, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under "Risk Factors" in the Company's most recent Annual Information Form and annual Management Discussion and Analysis, which also form part of the Company's annual report on Form 40-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
View original content with multimedia: http://www.prnewswire.com/news-releases/dhx-media-shares-begin-trading-under-a-single-ticker-on-the-tsx--board-adopts-an-advance-notice-by-law-300656960.html
SOURCE DHX Media Ltd. | http://www.cnbc.com/2018/05/31/pr-newswire-dhx-media-shares-begin-trading-under-a-single-ticker-on-the-tsx-board-adopts-an-advance-notice-by-law.html | www.cnbc.com |
UK Stocks-Factors to watch on May 16 | May 16 (Reuters) - Britain's FTSE 100 index is seen opening up 8 points at 7,731 on Wednesday, according to financial bookmakers. * LONMIN: Britain's Competition and Markets Authority said it will examine whether a takeover of Lonmin by South Africa's Sibanye-Stillwater would reduce competition, knocking shares in both mining firms. * PADDY POWER BETFAIR: British bookmaker Paddy Power Betfair Plc is close to buying U.S. daily fantasy sports company FanDuel, according to a report on Tuesday by the Legal Sports Report. * AVIVA: Aviva customers who could not access their accounts or missed pension payments due to a bungled IT upgrade were promised compensation. on.ft.com/2rLzIpi * OIL: Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran. * GOLD: Gold prices recovered slightly on Wednesday on short-covering after sliding to the lowest level this year in the previous session on surging U.S. bond yields and a stronger dollar. * The UK blue chip index closed about 0.2 percent higher at 7722.98 on Tuesday, as strong performance by the heavyweight energy sector boosted the index. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: National Express Group PLC Q1 2018 Trading Statement Marston's PLC Half Year 2018 Earnings Statement Brewin Dolphin Holdings PLC Half Year 2018 Earnings Statement Mitchells & Butlers PLC Half Year 2018 Earnings Statement Mondi PLC Q1 2018 Trading Statement SSP Group PLC Half Year 2018 Earnings Statement Premier Oil PLC Trading and Operations Statement Galliford Try PLC Trading Statement Release Burberry Group PLC Preliminary 2018 Earnings Statement Coats Group PLC Trading Statement 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 Sangameswaran S in Bengaluru)
| https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-16-idUSL3N1SN2ID | www.reuters.com |
RPT-BRIEF-Norway Royal Salmon's Q1 operating profit in line, sees good outlook ahead | (Repeats article to additional subscribers, no changes in text)
May 8 (Reuters) - Norway Royal Salmon ASA:
* NORWAY ROYAL SALMON Q1 OPERATIONAL EBIT NOK 193 MILLION (REUTERS POLL NOK 195 MILLION)
* NORWAY ROYAL SALMON Q1 HARVEST VOLUME OF 10,935 TONNES (REUTERS POLL 9,500 TONNES)
* NORWAY ROYAL SALMON Q1 REVENUES NOK 1.4 BILLION (NOK REUTERS POLL 1.19 BILLION)
* SAYS EXPECTS 2018 HARVEST VOLUME 40,000 TONNES (REUTERS POLL 40,025) VS FEB GUIDANCE 42,500 TONNES
* SAYS FOR REMAINING QUARTERS OF 2018, 3 590 TONNES ARE HEDGED AT A NASDAQ EQUIVALENT PRICE OF AROUND NOK 58.50 PER KG
* SAYS WE EXPECT GLOBAL HARVEST VOLUMES TO DECREASE FROM THE FIRST QUARTER 2018 LEVEL COMPARED WITH THE SAME PERIOD THE YEAR BEFORE.
* SAYS TOGETHER WITH GOOD DEMAND FOR SALMON, THIS PROVIDE THE BASIS FOR A CONTINUED POSITIVE MARKET OUTLOOK FOR THE INDUSTRY. Source text for Eikon: Further company coverage: (Reporting By Oslo Newsroom)
| https://www.reuters.com/article/idUSL8N1SF0HJ | www.reuters.com |
PRESS DIGEST- British Business - May 16 | May 16 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
The directors of Carillion Plc should be formally investigated after overseeing a "rotten corporate culture" and may warrant disqualification from holding boardroom roles in the future, a House of Commons inquiry has concluded. bit.ly/2IkAEMb
Concerns have been raised over plans by the former director of the Serious Fraud Office, David Green, to join law firm Slaughter and May, that has represented some of the biggest companies he has prosecuted. bit.ly/2L16rj4
The Guardian
EasyJet Plc is planning to expand its holiday business and set up a new loyalty scheme as it targets a 30 percent leap in profits this year. bit.ly/2L2IPe0
Sales at Sir Philip Green's Arcadia retail empire dropped below 2 billion pounds ($2.70 billion) during 2017 when a surge in online transactions hit trade in its shops. bit.ly/2rLrwFh
The Telegraph
Britain's economy is entering a "menopausal" phase after passing peak productivity, Ben Broadbent, deputy governor of the Bank of England has suggested. bit.ly/2rM0E83
Energy bill payers will be forced to stump up an extra 1.5 billion pounds for their energy over the next 15 years after a tweak to the government's auction for low-carbon power subsidies backfired. bit.ly/2rL3fiF
Sky News
Betfred, which owns The Tote, will axe more than 4,500 jobs if the government implements plans to slash maximum stakes on gambling machines to just 2 pounds. bit.ly/2rJFoju
One of Britain's fastest-growing online travel agents, Love Holidays, is likely to announce a takeover by Livingbridge, the private equity firm, for more than 180 million pounds. bit.ly/2rJXwcY
The Independent
Vodafone on Tuesday said its Chief Executive Addio Vittorio Colao will step down and be replaced by the current finance chief Nick Read. ind.pn/2rL3L05
The transport secretary, Chris Grayling, is expected this week to cancel the troubled Virgin Trains East Coast (VTEC) franchise, just three years after it began. ind.pn/2rKwq5v
$1 = 0.7405 pounds Compiled by Bengaluru newsroom; Editing by Sandra Maler
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-16-idUSL3N1SN06U | www.reuters.com |
PRECIOUS-Gold hits 2018 low as trade comments lift stocks, dollar | May 21, 2018 / 12:23 PM / Updated 24 minutes ago PRECIOUS-Gold hits 2018 low as trade comments lift stocks, dollar Reuters Staff 3 Min Read * Dollar index climbs to five-month high * GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Updates prices; adds comment, byline, NEW YORK to dateline) By Renita D. Young and Jan Harvey NEW YORK/LONDON, May 21 (Reuters) - Gold on Monday marked a new low for the year to date after U.S. Treasury Secretary Steven Mnuchin's declaration that a trade war between China and the United States was "on hold" helped boost appetite for higher-risk assets, such as stocks. Buoyancy in U.S. Treasury yields also weighed on appetite for non-interest-bearing assets, like bullion, analysts said. Spot gold fell to its lowest since late December at $1,281.76 an ounce, and was down 0.03 percent at $1,291.1 per ounce by 1:34 p.m. EDT (1734 GMT). U.S. gold futures for June delivery settled down 40 cents, or 0.03 percent, at $1,290.90 per ounce. "The dollar's riding high and the 10-year (Treasury note's) yield has broken above 3.05 percent for the first time since 2011," said Mitsubishi analyst Jonathan Butler. A stronger dollar makes assets priced in the U.S. greenback more expensive for holders of other currencies, while a bounce in yields had added to pressure on gold. "With the China trade news, international investors sold off gold," said Michael Matousek, head trader at U.S. Global Investors. The world's two largest economies stepped back from the brink of a global trade war and agreed to hold further talks aimed at boosting U.S. exports to China. Gold prices last week fell below the psychologically-important level of $1,300 an ounce, and posted the first weekly close below the 200-day moving average since late December. The yellow metal is also being weighed down by expectations that the Federal Reserve will lift U.S. interest rates again next month. Higher interest rates make non-yielding assets like gold less attractive to investors. Naeem Aslam, chief market analyst at Think Markets, said investors were now looking ahead to this week's meeting of the Federal Open Market Committee, which sets rates. "If the Fed doesn't tame its hawkish stance, we would expect more weakness in the gold price," he said. Mitsubishi's Butler said gold could benefit from safe-haven buying in the long run if that exuberance loses steam and inflation pressures mount. But he added: "It's possible that we might see a further correction in the very short term. That will of course depend on the newsflow, and whether the dollar can hold on to its gains." Meanwhile, platinum gained 1.9 percent at $899.50 an ounce, after also marking a fresh low for the year in earlier trade at $873.50. Silver was up 0.4 percent at $16.49 an ounce, while palladium , the most industrial of the major precious metals, jumped 2.9 percent to $990.72. (Additional reporting by Apeksha Nair in Bengaluru; editing by Adrian Croft and G Crosse) | https://www.reuters.com/article/global-precious/precious-gold-hits-2018-low-as-trade-comments-lift-stocks-dollar-idUSL5N1SS2R0 | www.reuters.com |
ProSciento Appoints Pete Nieto as Vice President of Business Development | SAN DIEGO, May 23, 2018 /PRNewswire/ -- ProSciento, Inc., a leading specialty clinical research organization (CRO) exclusively focused on NASH, diabetes, obesity and related metabolic diseases, today announced the appointment of Pete Nieto as Vice President of Business Development. Nieto joins ProSciento from the CRO PPD, where he served as Executive Director of Early Phase Business Development. Nieto's appointment is effective immediately.
As Vice President of Business Development at ProSciento, Nieto will oversee global sales and the further development of strategic biopharma partnerships. He joins ProSciento during a period of significant global expansion, including the opening of the company's office in Australia and the growth of its clinical trial site network and method hubs in Europe, the Asia-Pacific region, and other emerging markets.
"Pete is an exceptional addition to our leadership team at an opportune time of significant growth for the company as we continue to expand global operations and client relationships," said Marcus Hompesch, MD, ProSciento's Chief Executive Officer and Chairman of the Board. "Pete is highly regarded in the CRO industry and has considerable experience in leading and expanding global sales and partnership initiatives."
"ProSciento is uniquely positioned for growth in today's rapidly evolving clinical research industry as a therapeutically focused CRO providing full service solutions for all aspects of early clinical development strategy and execution," said Nieto, ProSciento's newly appointed Vice President of Business Development. "I'm thrilled to join the ProSciento leadership team as we continue to build upon the company's existing presence as a leading metabolic clinical R&D provider in the US, Europe and Australia, while also continuing to build upon our presence in Asia and South America."
Nieto joins ProSciento with an extensive track record in business development and leading sales teams within the CRO industry. In his most recent position as Executive Director of Early Phase Business Development at PPD, Pete was instrumental in the expansion of the company's early phase sales and marketing initiatives for clinical trial services, as well as the launch of a new clinical trial unit in Las Vegas. His additional business development leadership roles in the CRO industry include senior level positions at Pharm-Olan International, ICON Clinical Research and Quintiles, now IQVIA. Nieto received his bachelor's degree in business administration from Rider University in Lawrenceville, New Jersey.
About ProSciento, Inc.
ProSciento is a leading specialty clinical research organization (CRO) exclusively focused on NASH, diabetes, obesity and related metabolic diseases. The company is widely recognized for its scientific and therapeutic expertise, unparalleled experience in metabolism, and utilization of advanced, specialized methodologies for metabolic clinical research. ProSciento works with biopharma companies worldwide to support their outsourced clinical research needs with a comprehensive and scalable portfolio of services, from strategic planning through completion of early phase clinical drug and device development. Founded in 2003, ProSciento has conducted more than 280 clinical projects for NASH, diabetes and obesity and supported the development of numerous metabolic drugs and devices on the market globally today. For more information, please visit www.prosciento.com .
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SOURCE ProSciento, Inc. | http://www.cnbc.com/2018/05/23/pr-newswire-prosciento-appoints-pete-nieto-as-vice-president-of-business-development.html | www.cnbc.com |
OPEC raises oil output forecast, warns about global growth uncertainty | Essam Al-Sudani | Reuters People work at the Halfaya oilfield in Amara, southeast of Baghdad, Iraq.
OPEC on Monday forecast that U.S. drillers will account for most of the growth in oil production this year but warned that the global economic growth picture is clouded by uncertainty, in part due to American trade policy and sanctions.
The 14-member oil producer group raised its forecast for global oil demand in 2018 slightly, pointing to strong growth in developed and emerging economies in the first quarter. It now expects the world to consume 98.85 million barrels a day, up 1.65 million barrels a day from last year.
OPEC anticipates drillers outside its group will pump 59.62 million barrels a day this year, or 1.72 million barrels a day more than last year. U.S. drillers will account for about 89 percent of that growth, with Canada, Brazil, the U.K. and Kazakhstan also pumping more, according to OPEC.
U.S. drillers are producing a record 10.7 million barrels a day, according to preliminary weekly data from the Energy Information Administration. The United States is quickly approaching top producer Russia, which pumps about 11 million barrels daily. show chapters 11:04 PM ET Wed, 9 May 2018 | 02:19
OPEC's own production was up slightly in April by about 12,000 barrels a day to 31.93 million bpd, according to independent sources that the group cites in its monthly report. An increase in output from Saudi Arabia was offset by a decline from Venezuela, where production fell by nearly 42,000 bpd as the country's economic crisis lingers on.
The group, along with Russia and several other producers, has been limiting its output since January 2017 in order to drain a glut of oil that caused a historic price crash. They have been trying to drive down oil stockpiles in developed countries to the five-year average.
Those stockpiles stood at just 9 million barrels above that level in March, according to OPEC. However, OPEC added a caveat in its latest monthly report, saying inventories are still 258 million barrels above levels in January 2014, the year oil prices crashed.
OPEC will discuss whether the production caps should be adjusted at a meeting next month. The deal to keep 1.8 million barrels a day off the market is set to last through the end of the year. Global growth warning
OPEC said recent data in developed countries could point to a weakening global growth trend. It noted that purchase managers indexes in major economies for April were mostly weak. While growth was expected to taper off somewhat, the data from Europe in particular was softer than anticipated.
"Major emerging economies' growth dynamics have thus far counterbalanced this soft spot, and global growth may recover in the remainder of the year due to US fiscal stimulus and a rebound in OECD growth," it said, referring to a group of developed nations. "However, after a period of a considerable growth, uncertainties seem to be on the rise."
U.S. trade policy and sanctions are fueling that uncertainty at a time when there are concerns that rising interest rates, especially in the United States, could crimp economic growth, OPEC said. It pointed specifically to new sanctions on Russia, tariffs on Chinese goods and steel and aluminum imports, continued trade negotiations with China and NAFTA and President Donald Trump 's decision to withdraw from the Iran nuclear deal last week.
"So far the impact on the global economy has been minor and negligible, but the build-up of potentially disruptive concerns has increased," OPEC said.
The group did not address the U.S. exit from the nuclear deal at length in its latest report. The decision means the United States is restoring wide-ranging sanctions on Iran, OPEC's third-largest producer and will potentially slap penalties on foreign companies that buy Iranian oil. | https://www.cnbc.com/2018/05/14/opec-raises-oil-output-forecast-warns-about-global-growth-uncertainty.html | www.cnbc.com |
Achaogen: 1Q Earnings Snapshot | SOUTH SAN FRANCISCO, Calif. (AP) _ Achaogen Inc. (AKAO) on Friday reported a loss of $47.2 million in its first quarter.
On a per-share basis, the South San Francisco, California-based company said it had a loss of $1.06. Losses, adjusted for non-recurring costs and to extinguish debt, were 98 cents per share.
The results missed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 91 cents per share.
The biopharmaceutical company posted revenue of $2.1 million in the period, topping Street forecasts. Five analysts surveyed by Zacks expected $1.3 million.
Achaogen shares have risen 3 percent since the beginning of the year. The stock has decreased 53 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on AKAO at https://www.zacks.com/ap/AKAO | https://www.cnbc.com/2018/05/04/the-associated-press-achaogen-1q-earnings-snapshot.html | www.cnbc.com |
PRESS DIGEST- Canada - May 3 | May 3 (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 ** Venture capitalist Michael Savage lost a British Columbia (BC) Supreme Court bid to avoid securities fines and was told by the court's judge that the ban and fine he received in 2008 for defrauding investors remains in place. tgam.ca/2HL5AVB
** One of Canada's biggest medical marijuana companies, MedReleaf Corp, is conducting talks with some of its rivals that could lead to the creation of the country's most valuable cannabis grower, sources say. tgam.ca/2rd4Zlt
** A new report from the Immigrant Services Society of BC highlights increase in entrepreneurship among Syrian refugees in British Columbia with the study finding that the number of refugees working has doubled over the past year. tgam.ca/2HRDAfi
NATIONAL POST ** Increased contributions to the Canada Pension Plan could deny the country billions in retirement savings that might be used for investments at home, the Fraser Institute warned on Thursday. bit.ly/2rhFakh
Compiled by Bengaluru newsroom
| https://www.reuters.com/article/press-digest-canada/press-digest-canada-may-3-idUSL3N1SA452 | www.reuters.com |
Lannett Acquires Portfolio Of Generic Products From Endo International | PHILADELPHIA, May 7, 2018 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that it has acquired 23 approved and one pending drug product applications from a subsidiary of Endo International plc for an upfront payment plus future milestone payments. The portfolio primarily consists of oral solutions with a few semi-solid products. For the 12 months ended March 2018, combined sales of the acquired products were in excess of $175 million, according to IMS.
"This transaction perfectly dovetails with our strategy to grow our top and bottom lines and diversify our product offering by complementing internal development efforts with the acquisition of commercially ready products," said Tim Crew, chief executive officer of Lannett. "The acquired products, combined with our planned launches of our previously approved and other recently acquired products, create new, near-term revenue and profitability streams. We expect to begin launching the products, under the Lannett label, as soon as the transfer activities are completed and appropriate regulatory filings are made, currently estimated to be in the second half of fiscal 2019. We believe there is an abundance of similar opportunities in the market today; our team is in various stages of negotiation on a number of transactions to add products to our portfolio."
Crew went on to say that the acquired portfolio of products will be manufactured at Lannett's liquid generics facility in Carmel, New York, which has the capacity, capability and expertise.
Bourne Partners acted as lead financial advisor to Endo International plc for this transaction.
About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com .
This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, successfully commercializing the products acquired from Endo, as well as the planned product launches, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time, including the prospectus supplement related to the proposed offering to be filed with the SEC. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.
Contact:
Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098
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SOURCE Lannett Company, Inc. | http://www.cnbc.com/2018/05/07/pr-newswire-lannett-acquires-portfolio-of-generic-products-from-endo-international.html | www.cnbc.com |
Cyren Schedules First Quarter 2018 Earnings Release for Tuesday, May 22, 2018 | MCLEAN, Va., May 3, 2018 /PRNewswire/ -- Cyren (NASDAQ: CYRN) today announced it will release its first quarter 2018 results on Tuesday, May 22, 2018 before U.S. markets open.
The company will also host a conference call at 10 a.m. Eastern Time (5 p.m. Israel Time) on Tuesday, May 22, 2018.
US:
1-800-289-0438
Israel:
1-80-921-2883
International:
1-323-794-2423
The call will be simultaneously webcast live on the investor relations section of Cyren's website at http://ir.cyren.com , or by using the following link: http://public.viavid.com/index.php?id=129687 .
For those unable to participate in the live conference call, a replay will be available until June 5, 2018. To access the replay, the U.S. dial in number is 1-844-512-2921 and the non-U.S. dial in number is 1-412-317-6671. Callers will be prompted for replay conference ID number 8346828. An archived version of the webcast will also be available on the investor relations section of the company's website at http://ir.cyren.com/events .
About Cyren
More than 1.3 billion users around the world rely on Cyren's 100% cloud internet security solutions to protect them against cyber attacks and data loss every day. Powered by the world's largest security cloud, Cyren (NASDAQ and TASE: CYRN) delivers fast time to protection from cyber threats with award-winning security as a service for web, email, sandboxing, and DNS for enterprises, and embedded threat intelligence solutions for security vendors and service providers. Customers like Google, Microsoft and Check Point are just a few of the businesses that depend on Cyren every day to power their security. Learn more at www.cyren.com .
Blog: blog.cyren.com
Facebook: www.facebook.com/CyrenWeb
LinkedIn: www.linkedin.com/company/cyren
Twitter: www.twitter.com/CyrenInc or twitter.com/cyren_ir
Company Contact:
Mike Myshrall, CFO
Cyren
+1.703.760.3320
mike.myshrall@cyren.com
Media Contact:
Matthew Zintel
Zintel Public Relations
+1.281.444.1590
matthew.zintel@zintelpr.com
View original content with multimedia: http://www.prnewswire.com/news-releases/cyren-schedules-first-quarter-2018-earnings-release-for-tuesday-may-22-2018-300641784.html
SOURCE Cyren | http://www.cnbc.com/2018/05/03/pr-newswire-cyren-schedules-first-quarter-2018-earnings-release-for-tuesday-may-22-2018.html | www.cnbc.com |
AEP Names Smoak President And COO Of SWEPCO | COLUMBUS, Ohio, American Electric Power (NYSE: AEP) has named Malcolm Smoak president and chief operating officer of its Southwestern Electric Power Co. utility company, effective today. Smoak has been serving as interim president and chief operating officer for SWEPCO.
Smoak, 60, will have responsibility for all aspects of electric service for SWEPCO's more than 532,000 customers. He will report to Paul Chodak, executive vice president, AEP Utilities. Smoak replaces Venita McCellon-Allen, who retired from the company.
Smoak previously was vice president, Distribution Region Operations for SWEPCO with responsibility for the electric distribution system, engineering, operations, construction and maintenance for SWEPCO customers in Louisiana, Arkansas, northeast Texas and the Texas panhandle. SWEPCO expects to name a new vice president of Distribution Region Operations soon.
"Malcolm's operational experience and deep understanding of our business will be extremely beneficial as we focus on making infrastructure investments on behalf of our customers to enhance service and also to diversify SWEPCO's energy mix with more renewable resources, like the Wind Catcher project," Chodak said. "Malcolm has demonstrated a strong commitment to SWEPCO customers, and I'm confident that his leadership will enable SWEPCO to continue providing the innovative, high-quality services our customers desire."
Smoak joined SWEPCO in 1984 as a distribution engineer in Shreveport, La. He has served in a variety of roles in metering, operations and engineering at SWEPCO. He also co-led inspections and remediation of underground distribution networks for six AEP utility companies.
Smoak earned a bachelor's degree in electrical engineering from Louisiana Tech University. He also completed executive management programs at Louisiana State University and The Ohio State University.
Smoak is a registered professional engineer in Louisiana. He is a member of the Institute of Electrical and Electronics Engineers and past president of the Shreveport Chapter. He also is a past member of the Louisiana Tech Engineering and Science Foundation and currently is serving as a member of the Louisiana Tech Electrical Engineering Advisory Board. Since 2005, Smoak has been a principal member of the National Electrical Safety Code, Subcommittee 8, representing the National Society of Professional Engineers. Smoak also is a board member of Shreveport Green, a non-profit organization dedicated to improving the city's environment.
American Electric Power, based in Columbus, Ohio, is focused on building a smarter energy infrastructure and delivering new technologies and custom energy solutions to our customers. AEP's more than 17,000 employees operate and maintain the nation's largest electricity transmission system and more than 224,000 miles of distribution lines to efficiently deliver safe, reliable power to nearly 5.4 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 33,000 megawatts of diverse generating capacity, including 4,200 megawatts of renewable energy. AEP's family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP also owns AEP Energy, AEP Energy Partners, AEP OnSite Partners and AEP Renewables, which provide innovative competitive energy solutions nationwide.
SWEPCO, an American Electric Power (AEP: NYSE) company, serves 532,000 customers in western Arkansas, northwest and central Louisiana, northeast Texas and the Texas Panhandle. SWEPCO's headquarters are in Shreveport, La.
with multimedia: releases/aep-names-smoak-president-and-coo-of-swepco-300647792.html
SOURCE American Electric Power | http://www.cnbc.com/2018/05/14/pr-newswire-aep-names-smoak-president-and-coo-of-swepco.html | www.cnbc.com |