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Trump officials worried about PR 'nightmare' over chemicals pollution | Brendan Smialowski | AFP | Getty Images Mick Mulvaney, Director of the Office of Management and Budget
Emails among U.S. government officials show the Trump administration trying to manage a potentially damaging report on a class of chemicals found to have polluted water supplies near U.S. military installations.
The exchanges, sent in January, reveal officials from the Environmental Protection Agency and Office of Management and Budget worrying over a yet-to-be-released study from the Department of Health and Human Services. The draft report from HHS indicated that exposure to the chemicals in question is unsafe in far lower amounts than EPA previously determined.
One OMB official warned of a "public relations nightmare" when the report is released. The emails were unearthed through a Freedom of Information Act request by the Union of Concerned Scientists. Three and a half months later, the report has yet to be made public.
The chemicals, widely known as PFOS and PFOA, were found in drinking water or groundwater in quantities that exceeded amounts deemed safe by EPA near 126 military facilities , the Department of Defense said in a study in May. The perflourinated compounds, present in a firefighting foam used by the military, have been linked in some studies to prostate, kidney and testicular cancer, as well as to fertility problems and developmental delays in fetuses and children, according to the Defense Department report .
The draft HHS report alarmed administration officials because it concluded there is a minimal risk associated with exposure to the chemicals at levels as low as 12 parts per trillion.
Those concerns are laid out in an email from James Herz, associate director for Natural Resources, Energy and Science at White House Office of Management and Budget, to EPA Chief Financial Officer Holly Greaves.
"The public, media, and Congressional reaction to these new numbers is going to be huge. The impact to EPA and DoD is going to be extremely painful," an unidentified official from the White House Office of Intergovernmental Affairs wrote in an message forwarded by Herz to Greaves.
"We (DoD and EPA) cannot seem to get ATSDR to realize the potential public relations nightmare this is going to be," the official added, referring to HHS's Agency for Toxic Substances and Disease Registry.
In a subsequent email, Richard Yamada, the deputy assistant administrator for EPA's Office of Research and Development, said the estimate HHS uses is "10 fold lower than most." He added that he is "not sure our scientists agree."
Nancy Beck, deputy assistant administrator for EPA's Office of Chemical Safety and Pollution Prevention, suggested OMB serve as a "neutral arbiter" to "step up and coordinate interagency review of this important guidance document before it is released." She said this was common in the George W. Bush Administration, but the Obama White House typically "let each agency do their own thing."
Earlier emails among EPA staffers, also provided by the Union of Concerned Scientists, indicate HHS staff held calls with officials from EPA and OMB to discuss the study and differences in approaches among agencies.
Officials at HHS and EPA did not immediately return requests for comment. | https://www.cnbc.com/2018/05/14/trump-officials-worried-about-pr-nightmare-over-chemicals-pollution.html | www.cnbc.com |
PRECIOUS-Gold extends gains; all eyes on U.S.-Sino trade talks | May 3, 2018 / 4:29 AM / Updated 7 minutes ago PRECIOUS-Gold extends gains; all eyes on U.S.-China trade talks Reuters Staff 3 Min Read * Spot gold may bounce again towards $1,317/oz - Technicals * U.S. delegation in Beijing on Thursday and Friday (Updates prices) By Eileen Soreng BENGALURU, May 3(Reuters) - Gold prices rose for a second session on Thursday after the U.S. Federal Reserve held interest rates steady as expected at the end of a two-day policy meeting, while investors awaited U.S.-China trade talks. Spot gold rose 0.2 percent to $1,307.05 per ounce at 0705 GMT. U.S. gold futures for June delivery rose 0.2 percent to $1,307.60 per ounce. "The inflation numbers this week did point to a potential acceleration in those (interest) rate hikes... But after the FOMC meeting yesterday that appears to be less likely and so we're seeing assets such as gold being bought at the back of that," said ANZ analyst Daniel Hynes. Non-yielding gold is highly sensitive to rising U.S. interest rates as it becomes less attractive compared with assets that bear interest. The Fed left its benchmark interest rates unchanged in a target range of between 1.50 percent and 1.75 percent. The central bank raised rates in March and forecasts another two increases this year. Investors also awaited the U.S.-China trade talks between U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He due on Thursday. "Safe-haven buying has been absent, of late... But there have been some signals for the past few days that the negotiations won't be as smooth as expected so that would definitely be a focus, particularly now that we have gotten past the FOMC meeting," Hynes added. A breakthrough deal to fundamentally change China's economic policies is viewed as highly unlikely during the two-day meet, though a package of short-term Chinese measures could delay a U.S. decision to impose tariffs on $50 billion worth of Chinese exports. Asian shares slipped on Thursday as hopes waned for real progress in U.S.-China trade talks, while the U.S. dollar consolidated recent bumper gains after the Federal Reserve reaffirmed the outlook for more rate hikes this year. Spot gold may bounce again towards a resistance at $1,317 per ounce as it has found a strong support at $1,302, according to Reuters technical analyst Wang Tao. Meanwhile, gold demand posted its weakest start to the year in a decade, the World Gold Council said on Thursday, as prices of the metal stagnated and the threat of rising interest rates led investors to seek better returns elsewhere. Among other precious metals, spot silver rose 0.2 percent to $16.38 per ounce. Platinum climbed 0.4 percent to $893.74 per ounce, while palladium was up 0.5 percent to $964.50 per ounce. (Reporting by Eileen Soreng in Bengaluru; Editing Sherry Jacob-Phillips and Sunil Nair) | https://www.reuters.com/article/global-precious/precious-gold-extends-gains-all-eyes-on-u-s-sino-trade-talks-idUSL3N1SA1NV | www.reuters.com |
INSIGHT-Big Ag turns to peas to meet soaring global protein demand | May 18 (Reuters) - Cargill, the global grains trader, sees the future of protein in the humble pea.
In a joint venture at a Wisconsin plant, flour milled from Iowa yellow peas is mixed with water and spun at high speed through stainless steel drums, separating the protein from starch and fibre.
The resulting powder ends up blended into waffle mixes, sports drinks, nutrition bars and protein shakes - small examples of a much larger push by the worlds biggest agriculture firms to find alternative plant-based proteins to feed people and livestock worldwide.
"When we looked at where is the future going, the pea is the up-and-coming thing," said David Henstrom, Cargill Incs vice-president of starches, sweeteners and texturizers.
Peas are in many ways the ideal modern American food: protein-rich, plant-based and gluten-free. While the market remains relatively small, the demand for pea powder and other emerging protein sources is soaring, from the middle classes in China and the health-conscious in California to livestock producers and fish farmers who need to fatten animals on ever-tighter budgets.
Cargill and its competitors - such as Archer Daniels Midland and Richardson International, the biggest Canadian grain handler - are investing in specialty ingredients in search of higher profit margins than they can extract from bigger commodity crops such as soybeans, corn and wheat.
(For a graphic on rising global protein consumption and demand for peas, see: https://tmsnrt.rs/2Hc8Wjw )
Cargill invested an undisclosed sum in January in a joint venture with PURIS, a family-run company that started in Iowa as a seed company and now owns the Wisconsin pea-powder plant. The two firms are also working to boost the protein content in peas through cross-breeding, which has not been previously reported.
Cargill rival ADM is building its own pea processing plant in North Dakota and signing contracts with farmers to buy and grow yellow peas, Ken Campbell, ADMs president of specialty ingredients, said in a statement to Reuters. Company researchers are also studying another 30 types of protein options, including nuts and seeds.
Other firms are trying draw more protein from canola, oats and many other so-called emerging proteins, and Cargill has explored insect-based feed for fish and poultry.
Seed and chemical firm DowDuPont Inc told Reuters it plans to launch a canola seed supercharged with protein through traditional cross-breeding as soon as next year. (See related story: )
Richardson International started construction in April of a C$30-million ($23 million) laboratory in Winnipeg to study proteins and other food ingredients. The firm is exploring a move into pea and oat protein concentrates that could start next year, senior vice-president of technology Chuck Cohen said in an interview. France-based food ingredient company Roquette is building plant in Manitoba to produce pea proteins in North America, which currently imports from Europe.
SOARING DEMAND
Projections for soaring sales from alternative plant proteins have enticed large grain traders that make money by buying, selling, storing, shipping and trading crops. Years of oversupplied grain markets and thin margins have squeezed the trading operations of ADM, Bunge Ltd, Cargill and Louis Dreyfus Co known collectively as the ABCDs - although conditions have improved recently.
Global demand for protein whether from meat, aquaculture or plant sources is booming in part due to rising incomes in emerging markets in Asia and Africa, industry analysts say. In North America, consumers are shifting their diet preferences to include more protein, and 35 percent of U.S. households last year said they follow a specific protein-focused diet, such as Paleo or low-carbohydrate, according to research conducted by Nielsen.
The trend is driving a shift in grocery shopping. In the year ended July 8, 2017, sales of plant-based food and beverages in the U.S. increased 14.7 percent over the previous period, according to Nielsen. Sales of meat alternatives are growing especially within prepared foods, an indication that consumers are trying options once only available in niche stores.
Global pea protein sales amounted to $73.4 million in 2016, according to research firm Grand View Research, but are forecast to quadruple by 2025, reaching $313.5 million in sales, helped by popular diets free of gluten and lactose and an expanding middle class in developing nations.
Even with such explosive growth, pea proteins would have high potential upside because they would account for a fraction of the projected $48.77 billion global animal and plant protein ingredients market by 2025, which is led by meat, according to Grand View.
POWERING UP THE PEA
Cargill's partnership with PURIS includes breeding pea crops for higher protein content. Standard peas contain 18 to 22 percent protein, but PURIS this year will start selling peas packed with 28 percent protein for planting by farmers in the northern Plains and Midwest, said PURIS president Tyler Lorenzen. Once processed, pea powders can contain about 80 percent protein.
Creating new varieties of protein-packed peas, however, can take seven years or more because it is done through conventional breeding rather than genetic modification, Lorenzen said. The lack of genetic modification, however, also attracts many consumers who prefer more organic foods, said Pascal Leroy, head of Roquette's pea and new protein business line.
In Canada, one of the world's biggest pea exporters, at least three pea protein plants are planned or increasing production, including Verdient Foods in Saskatchewan, whose investors include Titanic director James Cameron. That gives farmers an incentive to vary plantings that are now dominated by wheat and canola.
Roquette is building what it says will be the world's biggest pea plant in Manitoba, on the belief the vegetable has unique consumer appeal. German company Canadian Protein Innovation plans a plant in Moose Jaw, Saskatchewan.
Illinois-based ADM told Reuters it is building a new pea protein processing plant at the site of one of its soybean processing complexes in Enderlin, North Dakota. The location gives the company proximity to yellow pea producers and transportation to domestic and international customers, according to ADMs Campbell.
ADM will launch its line of pea powders as an ingredient for food manufacturers early next year and introduce other plant-based protein product lines in the following two years, the company said, declining to give further details.
Unlike Cargill, ADM is seeking to boost pea protein levels in the processing plant - rather than through crop breeding - and is buying most of its supplies from nearby North Dakota farmers, the company said. ADM officials declined to detail how it can boost protein in a factory, citing competitive concerns.
(Reporting by Rod Nickel and P.J. Huffstutter Editing by Brian Thevenot) | https://www.cnbc.com/2018/05/18/reuters-america-insight-big-ag-turns-to-peas-to-meet-soaring-global-protein-demand.html | www.cnbc.com |
GLOBAL MARKETS-Dollar, yields slide on soft U.S. inflation, stocks rally | (Adds oil, gold settlement prices, European market close, graphics links)
* Apple hits record high in broad stock market advance
* U.S. bond yields fall on soft CPI data for April
* Dollar slips after U.S. CPI misses economist forecasts
NEW YORK, May 10 (Reuters) - The dollar and U.S. government debt yields fell on Thursday while equity markets rallied after a modest rise in consumer prices in April eased concerns the Federal Reserve might raise interest rates more than expected this year.
The U.S. Labor Department said its Consumer Price Index rose 0.2 percent last month, less than forecasts for 0.3 percent, as a moderation in healthcare prices offset increases in the cost of gasoline and rental accommodations.
The dollar fell against the euro, the Japanese yen and a basket of other major currencies, while the Mexican peso and Brazilian real jumped more than 1 percent on the news.
Equity markets rose as the soft inflation data reduced the prospect of the Fed boosting rates three more times in 2018, instead of four times many in the market were forecasting.
Apple hit a record high at $190.37, with all 11 major S&P sectors posting gains.
Benchmark 10-year U.S. Treasury notes rose 8/32 in price to push yields down to 2.964 percent after breaching 3 percent on Wednesday.
"Inflation is going to rise in year-over-year terms over the summer, but the rise remains moderate rather than sharp," said Eric Winograd, senior economist at AllianceBernstein LP.
The soft read on inflation should give the Fed comfort that their gradual approach to raising rates is the correct one and ease market concerns, he said.
"I view today's number as a slight positive for risk assets in the near term," Winograd said.
However, the broad-based Underlying Inflation Gauge released by staff at the New York Fed later in the session showed inflation at 3.2 percent in April.
"We did have a miss on CPI for this particular month, but I don't think the overall trend for higher inflation has materially changed," said Eddy Vataru, a portfolio manager at Osterweis Capital Management in San Francisco.
"With oil prices north of $70, it's hard for me to believe this is going to be a persistent trend of inflation misses," he said.
MSCI's broad gauge of global equity markets rose 0.82 percent and turned positive for the year as it hit three-weeks highs.
Apple, Chinese internet giant Tencent, Microsoft and Facebook led the index's advance, while the U.S. technology sector lifted Wall Street.
Emerging market stocks rose 1.43 percent, after Asia-Pacific shares outside Japan and the Nikkei in Tokyo both earlier closed higher.
The pan-European FTSEurofirst 300 index of leading regional shares closed down 0.13 percent, but markets in London , Germany and France closed higher.
On Wall Street, the Dow Jones Industrial Average rose 197.78 points, or 0.81 percent, to 24,740.32. The S&P 500 gained 23.12 points, or 0.86 percent, to 2,720.91 and the Nasdaq Composite added 56.36 points, or 0.77 percent, to 7,396.27.
Oil markets were choppy but settled higher as traders eyed further declines in Venezuelan crude production in tandem with bullish drawdowns in U.S. crude inventories.
Brent crude futures rose 26 cents to settle at $77.47 a barrel, after hitting $78 earlier in the day, their highest since November 2014.
U.S. West Texas Intermediate crude futures settled up 22 cents at $71.36.
Gold rose on the weaker dollar and as tensions between the United States and Iran also supported the precious metal.
U.S. gold futures for June delivery settled up $9.30 at $1,322.30 per ounce.
(Reporting by Herbert Lash; Editing by Bernadette Baum and Nick Zieminski) | https://www.cnbc.com/2018/05/10/reuters-america-global-markets-dollar-yields-slide-on-soft-u-s-inflation-stocks-rally.html | www.cnbc.com |
PRESS DIGEST -Wall Street Journal - May 24 | May 24, 2018 / 5:03 AM / in 13 minutes PRESS DIGEST -Wall Street Journal - May 24 Reuters Staff 2 Min Read
May 24 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
- Comcast Corp is escalating its threat to disrupt Walt Disney Co mega deal to buy the bulk of Twenty-First Century Fox Inc's assets, a potential move that could reshape the power structure in the entertainment industry. on.wsj.com/2kgX3eS
- General Electric Co boss John Flannery warned investors that the company's big power business faces years of pressure and reminded them that major changes at the conglomerate will take some time. on.wsj.com/2J4yjVg
- Apple Inc's Chief Executive Tim Cook this month met secretly with North Carolina Gov. Roy Cooper to discuss possibly putting a major new customer-service facility in the Raleigh-Durham area. on.wsj.com/2J2zO6m
- Exxon Mobil Corp plans to reduce methane emissions 15 percent by 2020, the latest in a series of pledges by major oil companies to voluntarily curtail releases of the potent greenhouse gas. on.wsj.com/2s1wXBc (Compiled by Bengaluru newsroom) | https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-may-24-idUSL3N1SV2F6 | www.reuters.com |
Codexis: 1Q Earnings Snapshot | REDWOOD CITY, Calif. (AP) _ Codexis Inc. (CDXS) on Thursday reported a loss of $4.7 million in its first quarter.
On a per-share basis, the Redwood City, California-based company said it had a loss of 10 cents. Losses, adjusted for stock option expense and non-recurring costs, were 5 cents per share.
The producer of custom industrial enzymes posted revenue of $14 million in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $13.5 million.
Codexis expects full-year revenue in the range of $60 million to $63 million.
Codexis shares have climbed 40 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.65, more than doubling 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 CDXS at https://www.zacks.com/ap/CDXS | https://www.cnbc.com/2018/05/10/the-associated-press-codexis-1q-earnings-snapshot.html | www.cnbc.com |
After Trump’s Iran move, the EU’s chief says it’s now time for ‘Europe to shine’ | In the face of recent decisions taken by President Donald Trump , Europe needs to strengthen its position as a global player, the president of the European Commission said Friday.
Trump decided earlier this week to pull the United States out of an international nuclear accord with Iran. The U.K., Germany and France, who are also part of the agreement, criticized Trump's decision, saying that the deal had been working. Such countries, alongside the European institutions, are now battling to keep the agreement in place, even without the U.S .
"We need more Europe. After all we have seen in the past few days, the world needs to see a strong Europe," Jean-Claude Juncker, the president of the European Commission, said at a conference in Florence, Italy, on Friday.
The leaders of Germany and France made a similar point during an event Thursday. German Chancellor Angela Merkel said that Europe can no longer rely on the United States for protection.
show chapters Former UK diplomat: US withdrawal from Iran deal 'deeply disturbing' 5:33 AM ET Wed, 9 May 2018 | 03:36 "It is no longer such that the United States simply protects us, but Europe must take its destiny in its own hands, that's the task of the future," Merkel said.
French President Emmanuel Macron, meanwhile, went a step further and argued that Europe cannot accept Trump's decision, but follow its own values.
"If we accept that other major powers, including allies ... put themselves in a situation to decide our diplomacy, security for us, and sometimes even make us run the worst risks, then we are not more sovereign and we cannot be more credible to public opinion," Macron said at an event in Germany, Thursday.
In order to make Europe a leader on the global stage, Juncker argued that the 28 EU member states should make further commercial agreements, following on the recent trade deals with Canada and Japan, ensuring export and employment growth.
Juncker also said that there needs to be a new approach to foreign policy, a "problematic" issue in the region. Given the lack of unanimity between the different countries, Juncker argued that foreign policy decisions should be taken by a majority vote, not consensus. | https://www.cnbc.com/2018/05/11/after-trumps-iran-move-the-eus-chief-says-its-now-time-for-europe-to-shine.html | www.cnbc.com |
UPDATE 1-Tangency Capital launches $50 mln reinsurance hedge fund | (Adds background, detail)
LONDON, May 16 (Reuters) - Hedge fund firm Tangency Capital launched last week with $50 million in assets under management to bet on the reinsurance market ahead of the next hurricane season, one of its three founding members told Reuters on Wednesday.
Last year was the worst on record for insurance losses from natural disasters, including hurricanes Harvey, Irma and Maria. But it also led to further capital-raising by funds in expectation of investor demand because of higher rates in the sector, particularly at renewal dates in June and July.
Tangency Capital, which has offices in London and Bermuda and will invest directly in non-life reinsurance risks, was founded by Dominik Hagedorn, Michael Jedraszak and Kai Morgenstern.
Investors have been attracted to funds that invest in catastrophe bonds and other insurance-linked securities as a way to gain exposure to the reinsurance market, which has higher returns than many asset classes. Catastrophe bonds, for example, pay a high coupon but default if a particular natural catastrophe occurs.
Despite capital-raising, only one insurance-linked hedge fund has launched so far in 2018, out of a market of 82 funds, according to data from industry tracker Preqin.
While funds in the sector have continued to extract cash from investors, they have also suffered losses.
The CATCo Reinsurance Opportunities Fund, managed by Market CATCo Investment Management, last week said it was increasing its loss reserves, highlighting greater losses in the Caribbean from Hurricane Irma. The announcement led to a 20 percent drop in its share price. (Reporting by Maiya Keidan and Carolyn Cohn Editing by Simon Jessop and David Goodman)
| https://www.reuters.com/article/hedgefunds-reinsurance/update-1-tangency-capital-launches-50-mln-reinsurance-hedge-fund-idUSL5N1SN3OO | www.reuters.com |
PRESS DIGEST- Wall Street Journal - May 30 | May 30 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.
- Shari Redstone shot back at CBS Corp in court Tuesday, alleging that CBS Chief Executive Leslie Moonves gave the CBS board an "ultimatum" that he would resign unless directors voted to strip her family of voting control. on.wsj.com/2IW0TsP
- Martin Sorrell, the former chief executive of advertising giant WPP PLC, has agreed to take the helm at Derriston Capital, a listed shell company he plans to use to acquire marketing and advertising businesses. on.wsj.com/2kzKtYz
- Walt Disney Co's ABC canceled the sitcom "Roseanne" on Tuesday after its star Roseanne Barr sent a racist tweet about a top aide of former President Barack Obama. on.wsj.com/2kDmdVb
- The Trump administration sent a sudden, harsh message to its Chinese counterparts, saying the United States was moving forward with its threat to apply tariffs on Chinese imports and other actions to restrict Beijing from accessing sensitive U.S. technology. on.wsj.com/2kDl3ZP
- Train conductors and engineers went on strike at Canadian Pacific Railway Ltd late Tuesday night, stranding large volumes of commodities and manufactured goods that are shipped across North America by the country's second-largest railroad. on.wsj.com/2kB0U6U
- Canada's Liberal government agreed to buy Kinder Morgan Inc's Trans Mountain pipeline for C$4.5 billion ($3.45 billion), a project the government says is vital for the country's economic future but was on the brink of collapse due to regional opposition. on.wsj.com/2IVyHX9
$1 = 1.3025 Canadian dollars Compiled by Bengaluru newsroom
| https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-may-30-idUSL3N1T12CL | www.reuters.com |
Scientists in China Race to Edit Crop Genes, Sowing Unease in U.S. | China is seeking a lead in editing plant genes, potentially shifting the epicenter of the emerging agricultural technology toward the East.
Syngenta AG, the seed and chemical giant now owned by state-owned China National Chemical Corp., is building up a Beijing hub for developing new gene-editing technologies like Crispr-Cas9, which enable new ways to alter DNA.
The... RELATED VIDEO Is Gene Editing the Future of Farming? A research team at Cold Spring Harbor Laboratory is developing higher-yielding tomato plants with a gene-editing tool called Crispr-Cas9. Are these products different from traditional GMOs? Photo: Richard Beaven for The Wall Street Journal | https://www.wsj.com/articles/scientists-in-china-race-to-edit-crop-genes-sowing-unease-in-u-s-1525611601 | www.wsj.com |
HKBN Acquires ICG to Form Cloud System Integration Powerhouse | HONG KONG, May 30, 2018 /PRNewswire/ -- HKBN Group ("HKBN" or the "Group") announced today that it has acquired I Consulting Group Limited ("ICG"), a Managed Service Provider ("MSP") in cloud-powered solutions, for a total consideration of up to HK$200 million.
Leveraging ICG's profound expertise in cloud technology, this acquisition strengthens HKBN's versatility and competitiveness to help enterprise customers build success with complete end-to-end services that range from network infrastructure and system integration to the future of cloud technology. Central to this transaction is that Andy Lau remains as ICG Chairman and Eric Leung takes on the role of ICG CEO, as to lead the integration into HKBN.
Together, HKBN and ICG foresee a tidal wave of datacenter openings in Hong Kong by global cloud providers including the announced opening of Amazon Web Services ("AWS") Hong Kong Region in 2018. With the full support and backing of HKBN, ICG is expected to become a stronger reseller and MSP of AWS and other cloud services such as VMWare, Microsoft Azure, Alibaba Cloud, Cisco, Druva and Pure Storage. As more and more enterprises accelerate their adoption of cloud and digital transformation, ICG is uniquely positioned to help customers maximise the opportunities for strong business growth. ICG's list of clients includes many of Hong Kong and Macau's large enterprises.
Founded in 2003, ICG has undergone accelerated growth over the past 5 years to become one of Hong Kong's leading multi-cloud system integrators, as well as the only Hong Kong headquartered MSP recognised in the latest Gartner's Asia/Pacific Context: 'Magic Quadrant for Public Cloud Infrastructure MSPs, Worldwide'. At the heart of its flourishing business, the ICG team comprises some of the region's top professional experts on cloud architecture and strategy. ICG is a key go-to-market partner of AWS and Certified AWS Advanced Consulting Partner, and was nominated the World's Top 50 Amazon MSPs by CHANNELe2e.
HKBN Enterprise Solutions Limited COO Billy Yeung and HKBN Group COO NiQ Lai said, "This transaction is a win-win-win for HKBN, ICG and our combined customer base. As a result, we can now offer complete end-to-end solutions which include system integration and network infrastructure to help empower our customers with the services and expertise they need for success. Due to our combination synergies, we expect this acquisition to be Adjusted Available Cash per Share for Distribution accretive to our Co-Ownership III target over FY18-20. "
ICG Chairman Andy Lau said, "We believe that the biggest winners to arise from the launch of AWS, VMWare, Azure and Alibaba Cloud data centers in Hong Kong is the Financial Services Industry ("FSI") as they can now address compliance requirements concerning data storage within Hong Kong which had limited their move to the cloud up to now. On top of helping customers from all sectors navigate and optimise their cloud-powered transition, ICG will focus on providing its cloud adoption advisory services and various solutions especially security to the FSI as well as to HKBN's over 55,000 existing corporate customers."
ICG CEO Eric Leung added, "We are honored to become Co-Owners of HKBN. We are attracted by the elite sports team culture of HKBN and excited to lead ICG to be a best-in-class multi-cloud trusted adviser in Hong Kong and Macau."
To learn more about HKBN Enterprise Solutions, please visit www.hkbnes.net/en .
To learn more about ICG, please visit www.i-cg.com .
About HKBN Group
HKBN Group is Hong Kong's largest provider of residential high speed fibre broadband (symmetrical 100Mbps to 1,000Mbps) services by number of subscriptions, and a fast growing enterprise solutions provider. The Group offers a full range of telecommunications solutions for both the residential and enterprise markets, encompassing broadband and Wi-Fi network services, cloud solutions, data connectivity, data facilities, system integration, mobile services, entertainment and voice communications. HKBN owns an extensive fibre network in Hong Kong, which covers over 2.2 million residential homes passed, representing approximately 81% of Hong Kong's total residential units, and more than 2,300 commercial buildings. HKBN embraces "Make our Hong Kong a Better Place to Live" as its core purpose, and takes great pride in developing its Talents into a competitive advantage. The Group is managed by over 300 Co-Owners who have invested their own savings to buy shares of HKBN Ltd., representing the majority of supervisory and management level Talents in the Group. HKBN Group is part of HKBN Ltd. (SEHK Stock Code: 1310).
About ICG
ICG aims at linking IT to your business success. As a leading Multi-Cloud Trusted Advisor and the qualified Next-Generation Cloud MSP, ICG accelerates cloud and digital transformation for enterprises across APAC. With numerous successful cloud use cases, enterprises entrusted ICG to deliver the best IT solution through its expertise in cloud assessment, architecture, deployment, management and cost optimization. ICG is an HKBN Group company.
ICG is nominated the World's Top 50 Amazon MSPs by CHANNELe2e and the only Hong Kong headquartered MSP recognized in the latest Gartner's Asia/Pacific Context: 'Magic Quadrant for Public Cloud Infrastructure MSPs, Worldwide'.
For additional information, please refer to www.i-cg.com .
For service enquiries, please contact Koey Wong, tel +852-3916-8911, email cloud-inquiry@i-cg.com or the ICG web inquiry form www.i-cg.com/contact-us/ .
https://reg.hkbn.net/WwwCMS/upload/web/en/images/HKBN_20180530_Photo_1.jpg
As one elite team, (from left to right) NiQ Lai (Co-Owner and Group COO, HKBN), Eric Leung (CEO, ICG), Andy Lau (Chairman, ICG), William Yeung (Co-Owner and CEO, HKBN) and Billy Yeung (Co-Owner & COO of HKBN Enterprise Solutions Limited) are ready to take on all competitors.
https://reg.hkbn.net/WwwCMS/upload/web/en/images/HKBN_20180530_Photo_2.jpg
The full ICG team and HKBN management flash a thumbs up to bring more innovation and value for enterprise customers.
https://reg.hkbn.net/WwwCMS/upload/web/en/images/HKBN_20180530_Photo_3.jpg
(From left to right) Andrew Wong (Co-Owner and CFO, HKBN), Eric Leung, Andy Lau, NiQ Lai, Billy Yeung celebrate the signing of the sales & purchase agreement between HKBN and ICG.
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View original content: http://www.prnewswire.com/news-releases/hkbn-acquires-icg-to-form-cloud-system-integration-powerhouse-300656324.html
SOURCE HKBN Group; ICG | http://www.cnbc.com/2018/05/30/pr-newswire-hkbn-acquires-icg-to-form-cloud-system-integration-powerhouse.html | www.cnbc.com |
UPDATE 5-Oil rises to $76 as tight current supply in focus | * Saudi, UAE, Kuwait ministers to meet this weekend-source
* OPEC-led output curbs have pushed down inventories
* U.S. crude stocks expected to show fall in weekly reports
* OPEC meets on June 22 (Updates prices)
LONDON, May 30 (Reuters) - Oil climbed to $76 a barrel on Wednesday, supported by tight supplies despite expectations OPEC and its allies will pump more in the second half of 2018 and helped by forecasts U.S. inventories fell.
Global benchmark Brent crude has dropped more than $4 from a 3 1/2-year high of $80.50 a barrel on May 17, after reports that OPEC and Russia may increase supply at a June meeting, reversing policy after 17 months of supply curbs.
Brent rose 83 cents to $76.22 a barrel by 1315 GMT, after trading as low as $74.81 earlier. U.S. crude was up 40 cents at $67.13.
"Fundamentally, not much has changed. Oil remains well supported, although the sweetspot has entered a mature phase," said Konstantinos Venetis, senior economist at TS Lombard.
"Some air is fizzling out of the market and position-squaring raises the likelihood of an overshooting to the downside in the run-up to OPEC's June meeting."
Political turmoil in Italy has sent the euro to a 10-month low against the dollar on concern a snap election would lead to a eurosceptic government in Rome. A stronger dollar makes dollar-denominated oil more expensive for holders of other currencies.
"A dearth of bullish catalysts will make hard work of any recovery," said Stephen Brennock of oil broker PVM.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia have had a pact to curb output by about 1.8 million barrels per day since January 2017, driving down inventories and pushing up oil prices.
Amid concerns the price rally has gone too far, Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil output by around 1 million bpd, sources told Reuters on May 25. OPEC meets in Vienna on June 22.
Still, some analysts remain cautious as the details have yet to be worked out. Ministers from Saudi Arabia, Kuwait and the United Arab Emirates meet this weekend, a source said.
"Clarity will likely take some time to emerge," said JBC Energy.
Lending some support to prices were expectations that U.S. crude inventories probably fell by 1.8 million barrels last week according to a Reuters poll.
Industry group American Petroleum Institute (API) releases its weekly supply report at 2030 GMT on Wednesday, followed by the official government data on Thursday. (Additional reporting by Roslan Khasawneh and Rania El Gamal Editing by Edmund Blair and Alexandra Hudson) | https://www.cnbc.com/2018/05/30/reuters-america-update-5-oil-rises-to-76-as-tight-current-supply-in-focus.html | www.cnbc.com |
Bitdefender Expands Further into Data Center and Cloud Security With Dedicated Team Led by New Vice President Michael Gable | BUCHAREST, Romania, May 31, 2018 /PRNewswire/ --
Bitdefender, a leading global cybersecurity-technology company protecting 500 million users worldwide, has appointed Michael Gable as Vice President of its Data Center Group, a new division focused solely on cloud and data center security.
(Logo: http://mma.prnewswire.com/media/619860/Bitdefender_Logo.jpg )
The move is part of Bitdefender's wider strategy to leverage its unique technologies to secure server and virtual desktop workloads running on software-defined, hyper-converged and cloud infrastructure. This heightened focus on the data center security market will drive explosive growth in a segment with tremendous potential.
Michael Gable is a security-industry veteran with more than 20 years of experience in sales leadership, strategic alliances, professional services and sales engineering. In this new role, he will focus on helping enterprises solve cloud-workload security challenges, developing strategic alliances with key ecosystem partners and growing Bitdefender's channel network in the data center segment.
"Bitdefender's solutions leverage virtualization and cloud infrastructure to provide security which was not possible in the legacy data center world," said Gable. "These security solutions are highly effective against today's most sophisticated attacks and they're invisible to the attackers. They are built from the ground up for the modern data center and cloud infrastructure, delivering award-winning next-generation security plus a host of unique benefits that let enterprises extract maximum value from their datacenter-transformation initiatives. I look forward to helping organizations solve their data center-security challenges."
"We are delighted to welcome Mike as a key member of our global enterprise team," said Bogdan Irina, Chief Operating Officer, Bitdefender. "He will play a key role in expanding our efforts in the data center and cloud space, bringing more than two decades of technology and cybersecurity sales-leadership experience."
Bitdefender's award-winning datacenter- and cloud-security solutions, GravityZone Security for Virtualized Environments (SVE) and Bitdefender Hypervisor Introspection (HVI), help organizations reduce the attack surface and prevent, detect, investigate and respond to advanced threats, known and unknown.
Certified as Nutanix-, Citrix-, and VMware-Ready, GravityZone SVE is a cloud-workload security platform that delivers layered next-generation defenses, while maximizing the efficiency of security operations, promoting infrastructure utilization and optimizing end-user experience.
Named by industry analysis firm IDC "a qualitative improvement in the security of virtual environments*," Bitdefender HVI uniquely protects data center infrastructure against advanced persistent threats through live memory introspection at the hypervisor level.
* Hypervisor Introspection: A Transformative Approach to Advanced Attack Detection. IDC, May 2017
About Bitdefender
Bitdefender is a global security technology company that provides cutting edge end-to-end cyber security solutions and advanced threat protection to more than 500 million users in more than 150 countries. Since 2001, Bitdefender has consistently produced award-winning business and consumer security technology, and is a provider of choice in both hybrid infrastructure security and endpoint protection. Through R&D, alliances and partnerships, Bitdefender is trusted to be ahead and deliver robust security you can rely on. More information is available at http://www.bitdefender.com .
SOURCE Bitdefender SRL | http://www.cnbc.com/2018/05/31/pr-newswire-bitdefender-expands-further-into-data-center-and-cloud-security-with-dedicated-team-led-by-new-vice-president-michael-gable.html | www.cnbc.com |
UPDATE 5-China vows to protect its interests from "reckless" U.S. trade threats | threats@
* U.S. says still holds threat of imposing tariffs on $50 bln of Chinese goods
* Beijing urges U.S. to stick to earlier agreement on trade
* U.S. officials arrive in Beijing for talks
* U.S. plans to shorten length of visas issued to some Chinese citizens (Adds details from China's Commerce Ministry and cabinet in paragraphs 11 and 12)
BEIJING, May 30 (Reuters) - China lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross.
In an unexpected change in tone, the United States said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China unless it addressed the issue of theft of American intellectual property.
Washington also said it will press ahead with restrictions on investment by Chinese companies in the United States as well as export controls for goods exported to China.
Its tougher stance comes as President Donald Trump prepares for a June 12 summit with North Korean leader Kim Jong Un, whose key diplomatic backer is China, and as Washington steps up efforts to counter what it sees as Beijing's efforts to limit freedom of navigation in the South China Sea.
The trade escalation came after the two sides had agreed during talks in Washington this month to find steps to narrow China's $375 billion trade surplus. Ross is expected to try to get China to agree to firm numbers to buy more U.S. goods during a June 2-4 visit to the Chinese capital.
"We urge the United States to keep its promise, and meet China halfway in the spirit of the joint statement," Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news briefing, adding that China would take "resolute and forceful" measures to protect its interests if Washington insists upon acting in an "arbitrary and reckless manner".
"When it comes to international relations, every time a country does an about face and contradicts itself, it's another blow to, and a squandering of, its reputation," Hua said.
China has said it will respond in kind to threats by Trump to impose tariffs on up to $150 billion of Chinese goods.
It was not clear if the developments would have any impact on the planned visit to China by Ross. China's Foreign Ministry referred questions to the Commerce Ministry, which did not reply to a fax seeking comment.
U.S. OFFICIALS ARRIVE
Several U.S. officials arrived in Beijing on Wednesday for talks.
They included Under Secretary of Agriculture Ted McKinney, the U.S. Trade Representative's chief agricultural negotiator, Gregg Doud and Commerce Department Deputy Assistant Secretary Alan Turley, according to a U.S. embassy spokeswoman.
"Over the next few days, the U.S. delegation of more than 50 people will discuss with China's team on implementing a consensus," China's Commerce Ministry said in a statement.
Earlier, China's state council, or cabinet, said it will cut import tariffs on a range of consumer items including apparel, cosmetics and home appliances from July 1, and would finalise a so-called negative list for foreign investment by the same date, following through on earlier pledges.
Trade war fears had receded after the Trump administration said it had reached a deal to put ZTE Corp back in business after banning China's second-biggest telecoms equipment maker from buying U.S. technology parts for seven years.
The easing in tension had fuelled optimism that agreement was imminent for Chinese antitrust clearance for San Diego-based Qualcomm Inc's $44 billion purchase of Netherlands-based NXP Semiconductors NV, which has been hanging in the balance amid the trade dispute.
A team of Qualcomm lawyers that is expecting to meet with Chinese regulators ahead of Ross's arrival remained in San Diego as of late Tuesday, a source familiar with the matter said.
"On hold now," another person familiar with Qualcomm's talks with the Chinese government said on Wednesday, declining to be identified as the negotiations are confidential.
"Trump is crazy. Crazy tactics might work, though," the person added.
TARIFFS AND TACTICS
William Zarit, chairman of the American Chamber of Commerce in China, said the U.S. threat of tariffs appeared to have been "somewhat effective".
"I don't think it is only a tactic, personally," he told reporters on Wednesday, adding that the group does not view tariffs as the best way to address the trade frictions.
"The thinking became that if the U.S. doesn't have any leverage and there is no pressure on our Chinese friends, then we will not have serious negotiations."
The Global Times, an influential tabloid run by the ruling Communist Party's official People's Daily, said the United States was suffering from a "delusion" and warned that the "trade renege could leave Washington dancing with itself".
Also on Tuesday, a White House official said 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. (Additional reporting by Brenda Goh in SHANGHAI and Matthew Miller, Ben Blanchard, Dominique Patton and Yawen Chen in BEIJING Writing by Ryan Woo and Tony Munroe Editing by Kim Coghill and John Stonestreet) | https://www.cnbc.com/2018/05/30/reuters-america-update-5-china-vows-to-protect-its-interests-from-reckless-u-s-trade-threats.html | www.cnbc.com |
Asia markets: Geopolitics, trade, stocks, currencies and oil in focus | Asian markets closed slightly lower on Friday following overnight news that U.S. President Donald Trump canceled a scheduled summit with Kim Jong Un.
South Korea's Kospi slipped 0.21 percent to 2,460.80, with gains in tech heavyweights failing to give the overall index a boost as steelmakers and financials took a hit. Over in Australia, the S&P/ASX 200 shed 0.07 percent to end at 6,032.80, with the energy and materials subindexes contributing to losses.
Greater China markets eased in the morning, with Hong Kong's Hang Seng Index slipping 0.48 percent by 3:00 p.m. HK/SIN as energy and tech sector stocks moved lower. On the mainland, the Shanghai composite edged down by 0.4 percent to finish at 3,142.17 and the Shenzhen composite declined 0.93 percent to 1,810.03.
Symbol Name Price Change %Change NIKKEI --- HSI --- ASX 200 --- SHANGHAI --- KOSPI --- CNBC 100 --- Japan's Nikkei 225 erased early losses to close higher by 0.06 percent, 13.78 points, at 22,450.79. Airline stocks were buoyed after the fall in oil prices overnight while the Topix oil and mining sectors slid 0.87 percent and 2.82 percent, respectively.
Despite those slight gains, the Nikkei still finished the week down by more than 2 percent, according to Reuters data.
Other markets were also lower for the week, with the Shanghai composite declining around 1.2 percent. MSCI's index of shares in Asia Pacific excluding Japan was more sanguine, edging higher by 0.09 percent in Asia afternoon trade.
Trump complains about 'open hostility' The moves lower came after Trump canceled a planned meeting with North Korean Leader Kim Jong Un that had been set to take place in Singapore on June 12. Trump said participating in the summit would be "inappropriate" given the "tremendous anger and open hostility" displayed by North Korea, which had reportedly suspended direct communication with the U.S. this week.
But following Trump's announcement on the cancellation, North Korea said it was willing to resolve issues with the U.S., the country's state-run KCNA reported on Friday.
"Risk aversion may persist in the interim, especially on uncertainty over China's role in the U.S.-DPRK negotiation (as suggested by Trump) amid the recent uptick in geopolitical tensions again," OCBC Bank analysts wrote in a morning note.
U.S. stocks finished the session lower, with the Dow Jones industrial average slipping 0.3 percent. Still, that was less severe than the 280-point fall seen after news of the cancellation was announced.
Gold , seen as a safe-haven during periods of uncertainty, pared some of its overnight gains but stayed above the $1,300 per ounce levels.
The dollar firmed against the Japanese yen after sliding overnight, last trading at 109.42 at 2:45 p.m. HK/SIN. The dollar index , which tracks the greenback against a basket of currencies, rose to 93.919 after dipping on Thursday.
Automakers take a hit South Korean and Japanese automaker traded mostly lower, extending Thursday's declines after the U.S. Department of Commerce said it had started an investigation into automobile imports on a "national security" basis. U.S. Commerce Secretary Wilbur Ross told CNBC on Thursday that "economic security is military security."
On Friday, Toyota Motor declined 1.29 percent, Honda Motor was lower by 0.93 percent and in Seoul, Hyundai Motor and Kia Motors slipped 0.71 percent and 1.38 percent, respectively.
Markets in the region had closed mostly lower in the last session following that announcement.
In individual movers, shares of Samsonite fell 13.19 percent by 3:00 p.m. HK/SIN in Hong Kong after the luggage maker said allegations in a recent short seller report were "one-sided and misleading." Blue Orca Capital, which issued the report, had accused Samsonite of having questionable accounting practices .
Lenovo Group , meanwhile, was up 6.65 percent by 3:01 p.m. HK/SIN after the PC maker announced fourth-quarter revenues rose 11 percent on year, full-year revenue coming in at a three-year high, according to Reuters. The company also recorded at $189 million loss for the fourth quarter, which was larger than the $161.3 million average in a Thomson Reuters poll. | https://www.cnbc.com/2018/05/24/asia-markets-geopolitics-trade-stocks-currencies-and-oil-in-focus.html | www.cnbc.com |
NextEra Energy reaches definitive agreements to acquire Gulf Power, Florida City Gas and additional assets from Southern Company | JUNO BEACH, Fla., NextEra Energy, Inc. (NYSE: NEE) today announced it has entered into definitive agreements with Southern Company (NYSE: SO) to acquire Gulf Power, Florida City Gas and its ownership interests in the Oleander and Stanton natural-gas generating plants located in Florida in transactions valued at approximately $6.475 billion, including the assumption of approximately $1.4 billion of Gulf Power debt. The companies are expected to benefit from NextEra Energy's industry-leading operating capabilities, with an intense focus on continuous improvement and a culture of innovation.
"We are pleased to have reached definitive agreements with Southern Company to acquire Gulf Power and Florida City Gas, along with Southern Company's Oleander and Stanton facilities," said Jim Robo, chairman and chief executive officer of NextEra Energy. "These transactions will provide meaningful benefits for the state of Florida, and Gulf Power and Florida City Gas customers, as well as NextEra Energy shareholders. Importantly, these transactions are consistent with our long-standing, disciplined approach of maintaining the strength of our balance sheet and credit ratings, both of which are among the strongest in the industry. Following the financing of the transactions and as a result of expanding our regulated operations, we expect to continue to maintain $5 billion to $7 billion of excess balance sheet capacity with which to further support our long-term growth. We are raising our 2020 and 2021 adjusted earnings per share expectations by $0.15 and $0.20, respectively, upon closing and will be disappointed if we are not able to deliver financial results at or near the top end of these revised ranges. We look forward to updating the Florida Public Service Commission and other key stakeholders in the state and believe our deep operating expertise in Florida, strong financial profile and track record of and commitment to making smart, long-term capital investments offer uniquely compelling advantages for Gulf Power and Florida City Gas customers."
Delivering benefits to Gulf Power and Florida City Gas customers
As one of the nation's largest and cleanest electric companies, Florida Power & Light Company (FPL) serves nearly five million customer accounts or an estimated 10 million people across nearly half of the state of Florida. FPL's typical residential customer bill is approximately 20 percent below the other Florida investor-owned utilities and nearly 30 percent below the national average. In 2017, FPL delivered its best-ever full-year period of service reliability and was recognized as being the most reliable electric utility in the Southeast. FPL also has a proven track record of making smart investments in modernizing its power generation fleet and strengthening its energy grid. NextEra Energy's culture of continuous improvement and focus on smart investments that reduce operations and maintenance (O&M) expenses has helped drive significant productivity enhancements, which has resulted in FPL's industry-leading cost position. For the past four years, FPL has had the lowest non-fuel O&M cost per kilowatt-hour in the country.
NextEra Energy expects to employ its long-term strategy of advancing affordable, reliable and clean energy and making smart infrastructure investments at Gulf Power and Florida City Gas. By deploying its industry-leading skills, knowledge and capabilities, NextEra Energy expects to extend over time its best-in-class value proposition of low bills, clean energy, high reliability and outstanding customer service to the approximately 600,000 total customers of Gulf Power and Florida City Gas.
Delivering benefits to NextEra Energy shareholders
NextEra Energy expects the transactions to be immediately accretive to earnings upon closing and $0.15 and $0.20 accretive to its 2020 and 2021 adjusted earnings per share (EPS) expectations, respectively. As a result, upon closing of the transactions, NextEra Energy expects its 2020 adjusted EPS expectations to be in a range of $8.70 to $9.20 and its 2021 adjusted EPS expectations to be in a range of $9.40 to $9.95.
NextEra Energy intends to finance the approximately $5.1 billion purchase price through the issuance of new debt. NextEra Energy has reviewed the transactions with the credit rating agencies and, based upon these discussions, following the financing of the transactions and as a result of the expansion of the company's regulated operations, NextEra Energy is expected to continue to maintain $5 billion to $7 billion of excess balance sheet capacity, while maintaining its current strong credit ratings.
With the addition of Gulf Power, Florida City Gas and the two Florida-based, natural-gas plants, NextEra Energy will be even better positioned to generate long-term shareholder value through a more robust financial profile, greater scale and an expanded platform for growth.
Transaction details, approvals and timeline
Through the transactions, NextEra Energy will acquire:
Gulf Power, which serves approximately 450,000 customers in eight counties throughout northwest Florida and has roughly 9,500 miles of power lines and 2,300 megawatts (MW) of electric generating capacity; Florida City Gas, which serves approximately 110,000 residential and commercial natural-gas customers in Florida's Miami-Dade, Brevard, St. Lucie and Indian River counties with 3,700 miles of natural gas pipelines; 100 percent ownership interest in Plant Oleander, a natural-gas fueled, simple-cycle combustion turbine electric generation plant located near Cocoa, Florida, with a generating capacity of 791 MW and power purchase agreements with the Florida Municipal Power Agency and Seminole Electric Cooperative; and 65 percent ownership interest in Stanton Energy Center, a combined-cycle electric generating unit, with a generating capacity of approximately 660 MW, located near Orlando, Florida. The 65 percent interest is contracted with the Orlando Utilities Commission and Florida Municipal Power Agency.
The acquisitions of Gulf Power and the ownership interests in the Oleander and Stanton generating plants are subject to receipt of approval from the Federal Energy Regulatory Commission and the expiration or termination of the waiting period under the Hart-Scott-Rodino Act. The Florida City Gas acquisition is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Act and is conditioned on the consummation of Southern Company's previously announced dispositions of the Elizabethtown Gas and Elkton Gas divisions of Southern Company Gas. Pending receipt of required approvals and other customary conditions and approvals, NextEra Energy expects to complete the acquisition of Florida City Gas in the third quarter of this year, with the Gulf Power and natural-gas generating plant acquisitions anticipated to close in the first half of 2019.
NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. Adjusted earnings expectations exclude the effect of certain items, such as nonqualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds, none of which can be determined at this time.
Advisors
BofA Merrill Lynch, acting as the lead, and Goldman Sachs & Co. LLC are serving as financial advisors to NextEra Energy. In addition, Wachtell, Lipton, Rosen & Katz is acting as counsel, and Skadden, Arps, Slate, Meagher and Flom, LLC is acting as regulatory counsel to NextEra Energy.
Analyst and investor webcast and conference call
NextEra Energy will host a conference call and webcast to discuss this announcement at 8:30 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors . The presentation for the webcast may be downloaded at www.NextEraEnergy.com/investors , beginning at 7:30 a.m. ET today. A replay will be available by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com , www.FPL.com , www.NextEraEnergyResources.com
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "may," "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "predict," and "target" and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed acquisitions from Southern Company of Gulf Power Company, Florida City Gas and two gas-fired plants (Southern Company assets), including future financial or operating results of NEE or the Southern Company assets, NEE's or the Southern Company assets' plans, objectives, expectations or intentions, the expected timing of completion of the transactions, the value of the transactions, as of the completion of the transactions or as of any other date in the future, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or Southern Company may be unable to obtain governmental and regulatory approvals required for the transactions, or required governmental and regulatory approvals may not be obtained on expected terms or in the time period anticipated and delay the transactions or result in the imposition of conditions that are not anticipated and could cause the parties to abandon the transactions; the risk that a condition to closing of the transactions may not be satisfied; the expected timing to consummate the proposed transactions; the risk that the businesses will not be integrated successfully; disruption from the transactions making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on transaction-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NEE and in the financial results of NEE or the Southern Company assets; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity or gas; and other factors discussed or referred to in the "Risk Factors" section of NEE's or Southern Company's most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission. Additional risks and uncertainties are identified and discussed in NEE's and Southern Company's reports filed with the SEC and available at the SEC's website at www.sec.gov . Each forward-looking statement speaks only as of the date of the particular statement and NEE does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE NextEra Energy, Inc. | http://www.cnbc.com/2018/05/21/pr-newswire-nextera-energy-reaches-definitive-agreements-to-acquire-gulf-power-florida-city-gas-and-additional-assets-from-southern.html | www.cnbc.com |
Canada's Brookfield makes $3.3 billion offer for Australia's Healthscope, sparking hopes for a bidding war | Canadian investment firm Brookfield Asset Management made a $3.3 billion approach for Australian hospital group Healthscope , trumping a local buyout proposal and sending shares of the target up to a two-year high on Monday.
The approach, disclosed by Healthscope in a statement, sets the scene for a takeover battle for the No. 2 Australian private hospital operator which has seen its shares slide due to high debt and a shift back to public health services after a scandal in the private sector.
New Australian private-equity player BGH Capital, led by former executives of TPG Capital Management and Macquarie, made an approach worth $3.1 billion on April 26. Pension fund AustralianSuper is partnering BGH in that proposal.
Healthscope shares rose 4.9 percent in a flat overall market by midsession. The stock was trading at A$2.59, its highest since April 2016, and higher than Brookfield's A$2.50 indicative bid, a sign investors expect a bidding war.
"The entry of Brookfield adds to bidding tension and (I) expect the BGH-AustralianSuper consortium will most likely increase its offer bid," said Chris Kallos, a healthcare analyst at Morningstar.
The deal would continue Brookfield's rapid growth in the world's 12-largest economy. If Brookfield buys Healthscope, it would be the biggest takeover of an Australian company by a Canadian party since a consortium including Brookfield paid A$9 billion for rail and ports giant Asciano in 2016.
Brookfield, BGH, and AustralianSuper declined to comment.
Last week, Canadian landlord NorthWest Healthcare Properties REIT said it paid $312 million for a 10 percent stake in Healthscope. Northwest also declined to comment on Monday.
Healthscope, which listed in 2014, said in the statement its board would assess both proposals and update the market on any developments.
It added that Brookfield's proposal came with a condition that effectively meant AustralianSuper was prevented from voting against its offer if the target accepted it. AustralianSuper already has a 14 percent stake in Healthscope.
"Ultimately, the support of AustralianSuper is likely to determine the winning bidder," said Danial Moradi, senior equities strategist at Lonsec Research.
"The structure of (Brookfield's bid) implies that BGH will have to increase their original bid," he added in an email.
Brookfield is being represented by Bank of America Merrill Lynch for the potential transaction, according to Healthscope, while Healthscope has hired UBS.
Healthscope was a high-profile listing in 2014, with its shares rising steadily amid hopes that it would benefit from the country's ageing population and a heavily state-subsidised health system.
But investors started selling the stock in 2016 after media reports accused private health insurers, which fund patients for companies like Healthscope, of withholding payouts to policyholders, prompting more patients to opt for the public system.
Healthscope, which had embarked on building a new hospital in Sydney's north, issued two profit warnings, and when BGH lobbed its takeover proposal last month Healthscope shares were trading below their IPO price. | https://www.cnbc.com/2018/05/14/canadas-brookfield-makes-3-point-3-billion-offer-for-australias-healthscope-sparking-hopes-for-a-bidding-war.html | www.cnbc.com |
EXCLUSIVE-Walmart's grocery delivery partnerships with Uber, Lyft fail to take off | take off@
May 8 (Reuters) - Walmart Inc's online grocery delivery partnerships with ride-hailing services Uber and Lyft have ended, according to two sources, a potential setback for the retailer's ambitions to challenge Amazon.com Inc head-on with speedy delivery of groceries to people's homes.
The end of the Walmart partnerships, which has not been previously reported and was confirmed by Walmart and Uber, undercuts a vision the ride-hailing companies laid out: a service that can efficiently deliver anything on-demand, including people and cargo, at the touch of a smartphone app.
"It is incredibly hard to deliver people and packages together," said a source with a delivery company that works with Walmart and has direct knowledge of the matter. "They are two completely different business models."
The decision marks an abrupt end to a business relationship that Walmart and Uber announced with much fanfare less than two years ago. At Walmart's shareholders meeting in June 2016, CEO Doug McMillon touted the company's investments in technology and spoke about the partnerships in front of a cheering crowd of 14,000 employees. https://goo.gl/xJdN2e
Soon after, Uber's grocery delivery service was launched and expanded to four markets. As recently as March, just before Uber ended the arrangement, Walmart said Uber would be a partner in its plans to deliver groceries to more than 40 percent of the country.
"There was clearly some lack of communication there," said one of the sources with knowledge of the partnerships ending.
Walmart spokeswoman Molly Blakeman confirmed the end of the tie-ups when asked by Reuters, but did not detail the reasons behind the decision. She said Walmart will use other delivery service providers in the four markets where it had previously used Uber.
"Customers shouldn't notice any difference as the transition takes place," said Blakeman, who added that the partnership with Lyft never expanded beyond the initial test market of Denver.
Blakeman said the end of the partnerships will not impact Walmart's plans to scale grocery delivery as they are not tied to any single provider.
Uber put a stop to the grocery partnership when it informed Walmart in March that it would cease delivery operations on June 30, Uber spokeswoman Ellen Cohn told Reuters. The retailer was Uber's largest partner for its 'Rush' service, which delivered groceries as well as clothes, flowers and other goods.
Uber will shutter the entire Rush program at the end of next month.
"We are coordinating with Walmart to make this change as seamless as possible," Cohn said.
Lyft declined comment and deferred to Walmart on the issue.
For Walmart, which is the country's largest grocer and gets 56 percent revenue from groceries, the partnerships offered a fast solution to expand its online grocery offerings and improve overall revenue from internet shoppers.
For example, Walmart delivers groceries in China through a partnership with ecommerce company JD.com Inc, and in Japan through an alliance with Rakuten.
But the retailer was recently punished for its fourth-quarter online sales performance, which investors say is key to the company's future.
LAST-MILE COMPETITION
Last-mile delivery of packages is an intensely competitive business, with companies ranging from Amazon to United Parcel Services Inc, FedEx Corp and the U.S. Postal service, as well as startups like Instacart and Deliv, vying for a share.
Since the dot-com boom, companies have tried to crack the business model for online grocery delivery. The rush to solve the technological and logistical challenges has gotten even more frenzied since Amazon acquired high-end grocery chain Whole Foods Market Inc for $13.7 billion last year, a deal that has intensified competition in the sector.
Former Uber Chief Executive Travis Kalanick touted the idea of carrying a person in the backseat and a bag of groceries in the trunk as the ultimate cash-generating transportation service in a smart-phone era.
The delivery service marked the first time Uber publicly committed to a business outside of ride-hailing that was supposed to be meaningful to its bottom line and support its stratospheric valuation, although the private company never offered exact dollar projections.
But startup investors and experts in on-demand delivery say there is a much different set of logistical and economic challenges for moving around cargo than people, requiring a single company to be proficient in two distinct business models.
Uber's Cohn said Rush was "an experiment" and the company has turned its focus and resources to UberEats, a restaurant delivery service that in the fourth quarter last year generated $1.1 billion, or about 10 percent of Uber's overall revenue.
NEW PARTNERS
Walmart has added startups Deliv, Postmates and DoorDash to its list of delivery partners. These companies have the singular business of delivering goods, not people, and drivers have more experience safely transporting perishables.
It remains unclear if these startups will step in and replace Uber in the various markets they served.
A particular challenge for companies such as Postmates, however, will be offering rush delivery in suburban and rural areas, where most Walmart stores are located. Such startups have been most successful in urban centers, where there is a high density of customers and couriers can use bicycles or walk to deliver multiple packages in one trip.
"Density has been a challenge historically for all types of delivery companies, all the way back to the Pony Express," said Ben Narasin, a partner at venture capitalist firm NEA who has been critical of the on-demand delivery business model. "The reality is that the far-away drives will likely be subsidized." (Reporting by Nandita Bose in New York and Heather Somerville in San Francisco; Editing by Vanessa O'Connell and Edward Tobin) | https://www.cnbc.com/2018/05/08/reuters-america-exclusive-walmarts-grocery-delivery-partnerships-with-uber-lyft-fail-to-take-off.html | www.cnbc.com |
Live Nation Acquires Premier Texas Concert Promoter And Festival Producer, ScoreMore Shows | BEVERLY HILLS, Calif., May 30, 2018 /PRNewswire/ -- Live Nation Entertainment, the world's leading live entertainment company, has acquired a majority stake in ScoreMore Shows, one of the largest independent concert promoters and festival producers in the country, and the largest in Texas. The Austin-based company promotes hundreds of regional shows, and oversees a roster of rapidly growing music festivals, including JMBLYA, Neon Desert Music Festival, Mala Luna Music Festival, as well as launching J. Cole's Dreamville Music Festival.
Co-founded in 2010 by Sascha Stone Guttfreund and Claire Bogle, ScoreMore Shows has made a name for itself as a tastemaker, booking acts like J. Cole, Kendrick Lamar, Chance the Rapper and many others for small club shows early in their careers before they went on to become global superstars headlining amphitheaters and arenas.
ScoreMore Shows currently promotes concerts throughout the Southern United States, producing more than 200 concerts per year. The company also owns and operates three music festivals, including: JMBLYA, a traveling hip-hop festival founded in 2013 which this year included sold-out stops in Dallas, Austin, and Houston; Neon Desert in El Paso, which prides itself on being one of the first major U.S. music festivals to emphasize booking mainstream American acts alongside acclaimed international and Latin performers since inception in 2011; and Mala Luna Music Festival in San Antonio, a hip-hop and EDM focused event spanning Halloween weekend which debuted in 2016. The company also recently partnered with J. Cole and Dreamville Records to help produce the inaugural Dreamville Festival, which is set to take place September 15 in Raleigh, North Carolina.
"We started ScoreMore as teenagers and friends simply booking the artists we loved and believed in. Our success is the by-product of a talented team of like-minded individuals working together to build something special. ScoreMore has been very fortunate over the years in having many clients and partners who have been and continue to be loyal to us. Most importantly, we would not be where we are today without our incredible fans in the state of Texas and beyond who have continued to support our events for nearly a decade," said Guttfreund. "We are so excited about this new chapter for ScoreMore in having the resources, support and partnership of Live Nation. To have gotten our start in Austin, and ultimately be in business together with Live Nation is honestly a dream come true. This team does not take any of our success for granted, and we'd like to especially thank Michael, Bob, Jordan and the rest of the Live Nation family for giving us this incredible opportunity."
"Sascha and the ScoreMore team have a proven ability to form very early and long-lasting relationships with top talent, and their ground-breaking events, whether an intimate club show or a giant festival, really resonate with a diverse and passionate audience base, as well as with the leading artists that they present," said Bob Roux, President, Live Nation U.S. Concerts. "This company is just getting started, and we are all very excited about their future, as we know what they are going to accomplish even greater things as part of the Live Nation family."
With more than 100 festivals around the world, Live Nation is home to the world's largest and most diverse collection of festivals. The portfolio ranges from domestic powerhouses like Governor's Ball, BottleRock, and Bonnaroo, to premier European festivals such as Download, and Reading & Leeds, as well as new international additions like Australia's Splendour In The Grass and South America's Rock in Rio.
ABOUT SCOREMORE SHOWS:
ScoreMore Shows is a Texas-based music promoter that began booking concerts in 2009. ScoreMore Shows has made a name for itself by being a tastemaker, booking acts early in their careers in small clubs that have gone on to headline in arenas and amphitheaters. ScoreMore Shows routes tours through nine markets in the Southwest United States, producing more than 200 club shows per year, as well as JMBLYA, Mala Luna Music Festival, and its partnership in Neon Desert Music Festival. For more information, visit www.scoremoreshows.com .
ABOUT LIVE NATION ENTERTAINMENT:
Live Nation Entertainment (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Sponsorship. For additional information, visit www.livenationentertainment.com
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SOURCE Live Nation Entertainment | http://www.cnbc.com/2018/05/30/pr-newswire-live-nation-acquires-premier-texas-concert-promoter-and-festival-producer-scoremore-shows.html | www.cnbc.com |
The dollar is giving these stocks a boost, and some expect the run to continue | Total Votes:
Not a Scientific Survey. Results may not total 100% due to rounding.
Small-cap stocks typically benefit when the dollar gains in value, whereas larger-cap stocks and multinational companies tend to feel the heat under the same conditions. Smaller companies deal with more domestic sales, typically without the burden of having to translate overseas revenue from foreign currencies back into dollar terms.
"Looking at the relative ratio between the Russell 2000 and the S&P 500, you're seeing small caps begin to outperform versus the large caps, in conjunction with that turn in the dollar, and we think that continues. We're especially bullish on small-cap growth," Wald said.
The dollar is certainly going to be a headwind for the S&P 500 over small-cap stocks, said Stacey Gilbert, head of derivative strategy at Susquehanna. Small-cap companies also should feel benefits from tax reform, Gilbert said Tuesday on "Trading Nation."
Options in the IWM , an ETF tracking the Russell 2000 and the SPY , an ETF tracking the S&P 500, are trading relatively close to the same price as a percent of their underlying index price, Gilbert said. This is a notably rare occurrence, and one that prompts Gilbert to suggest playing the options in small caps.
"Relative to the risk that's being priced into large caps, I think it's very attractive on the small-cap side," on a risk-reward basis, she said.
The Russell 2000 was up half a percent Wednesday. | https://www.cnbc.com/2018/05/09/the-dollar-is-giving-these-stocks-a-boost-and-some-see-bigger-rally.html | www.cnbc.com |
3 key questions after Supreme Court's legal sports betting decision | The day that many sports fans and gamblers have been waiting for is here. Nevada's monopoly on legal sports betting will come to an end after the U.S. Supreme Court voided the Professional and Amateur Sports Protection Act, a federal law which prevented states from making individual decisions on matters such as the legalization of sports betting.
Sportsbook operator William Hill intends to offer sports betting in New Jersey locations as "soon as responsibly possible," according to CEO Joe Asher. "We're thinking in the realm of weeks."
MGM Resorts International CEO Jim Murren told CNBC on Monday that it will be able to offer sports betting around the country "very quickly."
"We have already established the architecture to deploy sports betting as soon as the states allow us to do that," Murren said. "We have already the software. We have our mobile app called PlayMGM that is already activated in Nevada."
Many casino stocks popped on the news, including MGM, and major sports team owners like Dallas Mavericks owner Mark Cuban said on Monday that the decision will increase team values by as much as double. But professional sports leagues are among the significant parties that still have major questions about how the legalized gambling rollout occurs across the states.
Here are a few of the biggest decisions yet to be figured out as states move to offer legalized sports bets.
1. How much do the pro sports leagues get paid? Leagues including the National Basketball Association and Major League Baseball initially pushed for a 1 percent integrity fee, though the amount they'll receive, if any, is likely to be slightly less and could differ on a state-by-state basis. New York state recently proposed a 0.25 percent integrity fee as part of legalized sports legislation. West Virginia has said it won't pay a fee to the leagues at all.
The NBA and other leagues have defended their reasoning for the fee as a need to police the game from criminals looking to fix games, and implement compliance systems across their leagues. The NBA maintained this stance after the U.S. Supreme Court ruling.
"We will remain active in ongoing discussions with state legislatures. Regardless of the particulars of any future sports betting law, the integrity of our game remains our highest priority," NBA Commissioner Adam Silver said in a written statement.
Critics of the fee argue that the leagues are hurting the potential sports betting business because the legal bookmakers won't be able to compete with the underground market if you decrease the margins.
show chapters MGM CEO: We are ready to deploy sports betting almost immediately 3 Hours Ago | 04:03 William Hill CEO Joe Asher said on a conference call after the court decision that moving bettors to the legal marketplace could be a difficult feat. He said illegal bookmakers have "structural advantages," and that's not only limited to the lack of league integrity fees.
Those books do not pay taxes and they don't have to deal with the compliance issues that regulated books will have. Asher said that states with high tax rates, such as Pennsylvania will find it difficult to compete with the underground market. Pennsylvania is a high tax state for existing gambling operations, and it's expected to treat sportsbooks similarly.
States are hoping to generate a new significant source of revenue from gambling businesses.
"Illegal bookies in Philadelphia and Pittsburgh could hypothetically give bettors a 25 percent rebate on losses and still be better off than the legal bookmakers," Asher said during the conference call with select media members, including CNBC, on Monday. "It's not as if the bookies are out today shopping for new careers."
Geoff Freeman, CEO of the American Gaming Association, is confident that the illegal market will be put out of business but says that it's going to take a partnership from the leagues. He said states structuring their legislation don't "need to reinvent the wheel."
"We have a functioning market and I hope [the states] look at what we have in Nevada," Freeman said on a conference call with the media Monday.
Currently, there is no integrity fee or tax written into any legislation anywhere in the U.S.
"No integrity tax currently in any of these states," Asher said. "[There's] never been an integrity tax in Nevada, no requirement to use league source data. That doesn't exist in Nevada."
Asher added that the integrity fee is not something William Hill believes is warranted.
"There is plenty of money to be made by the professional sports leagues without an integrity tax," Asher said. "They are going to be big winners throughout this for sure."
2. Will there be a federal framework? The NFL, like the other North American sports leagues, wants to protect the integrity of the game, but it hopes that Congress hands down a "core regulatory framework" for legalized betting as part of the effort to do so.
"The NFL's long-standing and unwavering commitment to protecting the integrity of our game remains absolute," NFL spokesman Brian McCarthy told CNBC via email.
"Congress has long-recognized the potential harms posed by sports betting to the integrity of sporting contests and the public confidence in these events. Given that history, we intend to call on Congress again, this time to enact a core regulatory framework for legalized sports betting. We also will work closely with our clubs to ensure that any state efforts that move forward in the meantime protect our fans and the integrity of our game."
The NBA also touched upon a federal structure in its statement on the Supreme Court's ruling. "We remain in favor of a federal framework that would provide a uniform approach to sports gambling in states that choose to permit it, but we will remain active in ongoing discussions with state legislatures," NBA Commissioner Silver stated.
Freeman can't envision a national approach to regulating sports betting, calling it "extremely unlikely."
"America long ago decided that gaming would be regulated on a state-by-state basis and I'm not sure how you're going to bring the federal government in here to tell the states what to do given that the states hold such great authority over betting." Freeman said, while adding that states have "proven to be effective regulators."
3. When will you be allowed to bet? New Jersey appears to be weeks away from offering sports bets.
Freeman of the American Gaming Association said he has heard rumors that the state will have wagering available by the start of the NBA Finals, which begin May 31. In the least, he expects many states to be up and running for the upcoming NFL season.
William Hill would like to offer bets in New Jersey in advance of a potential NBA Finals rematch between the Cleveland Cavaliers and Golden State Warriors. The summer is a historically slow sports betting period and having available action on the NBA series would be a lucrative venture. Still, Asher reiterates that the company "wants to be responsible about it." The company hopes to begin operations in other states by the time August rolls around.
"We clearly want to be open in advance of football season," Asher said. "We want to train staff and give them exposure to handling customers." | https://www.cnbc.com/2018/05/14/3-key-questions-after-supreme-courts-legal-sports-betting-decision.html | www.cnbc.com |
Disney earnings Q2 2018 | The Walt Disney Company is scheduled to report fiscal second-quarter earnings after the market close Tuesday.
Here's what Wall Street expects:
Earnings: $1.70 per share, forecast by Thomson Reuters Revenue: $14.11 billion, forecast by Thomson Reuters Disney's earnings report comes after its blockbuster deal to acquire many parts of Twenty-First Century Fox . The boards of both companies asked longtime CEO Bob Iger to stay on through the end of 2021.
If completed, Disney would get Fox's television and film studios, regional sports networks, cable channels National Geographic and FX. The entertainment giant would also grow its international presence through Asian pay-TV operator Star India and a stake in Sky TV. It would also get Fox's stake in Hulu. That plus its existing position would give Disney a controlling stake in the streaming service.
On Monday, CNBC reported that Comcast plans to make an all-cash bid for Fox if the Justice Department approves AT&T's acquisition of Time Warner . Comcast's offer would top Disney's and include a full acquisition of Sky, sources said.
CNBC previously reported that fear of being outspent on content content was one of the main reasons Rupert Murdoch decided to sell those Fox assets. Tech giants like Netflix and Amazon have poured money into their streaming services, making the content bidding wars increasingly competitive.
Disney's proposed acquisition of Fox assets would broaden the company's content portfolio, making it more competitive.
Fox is slated to report earnings after the market close on Wednesday.
Shares of Disney have fallen about 6 percent so far this year.
This is breaking news. Please check back for updates.
Programming note: Disney Chairman and CEO Bob Iger is scheduled to appear on CNBC's "Closing Bell."
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com. Comcast is a also a co-owner of Hulu. | https://www.cnbc.com/2018/05/08/disney-earnings-q2-2018.html | www.cnbc.com |
Vincent L. McVittie Appointed to Lead Signature Care Management | ST. LOUIS, May 31, 2018 /PRNewswire/ -- Signature Medical Group Inc., has named Vincent L. McVittie Executive Director of its episodic care management service line, Signature Care Management. McVittie brings a multifaceted background in healthcare management to Signature, having held executive leadership roles at Kaiser Permanente, Anthem and Tenet. Most recently, McVittie was Chief Administrative Officer for Highmark Health's Allegheny Health Network, a not-for-profit healthcare system with eight hospitals and 2,100 physicians.
Signature Medical Group is a convener in the Centers for Medicare and Medicaid Services' (CMS) current Bundled Payments for Care Improvement (BPCI Classic) initiative. Signature's value-based care services are provided through Signature Care Management, which now manages the largest orthopedic BPCI initiative in the country, overseeing 55 orthopedic practices in 27 states managing 45,000 Medicare surgical episodes annually.
"We're extremely pleased to bring on an executive of Vince's caliber to lead Signature Care Management," said Andrew Schwartzkopf, Chief Administrative Officer for Signature Medical Group. "As we build upon our successes in BPCI Classic, Vince's extensive executive leadership in both hospital system and physician organizations, will be integral to leading the expansion of our care management service line, including as a convener in CMS' next bundled payment model, BPCI Advanced."
BPCI Classic participants convened under Signature have achieved significant reductions in cost and adverse outcomes for orthopedic care including a 42% or $3,642 per episode cost reduction in post-acute care for elective hip and knee replacements over the 2016-2017-time frame when compared to historic baseline costs. Quality outcomes were also improved, including reductions in the incidence of hospital readmissions (28%) post-surgical infections (38%), heart attacks (41%) and pulmonary embolisms (53%).
"Bringing physicians together to manage healthcare cost and quality issues on a national scale is unusual enough, but the level of Signature's success is remarkable," said McVittie. "I am excited to join Signature and to help this innovative and influential physician organization continue to be catalyst for expanding the delivery of high quality, value-focused care locally, regionally and nationally."
About Signature Medical Group Inc.
Signature Medical Group, Inc., is a multispecialty physician group with headquarters in St. Louis, MO. Signature Care Management (SCM), a service of Signature Medical Group, is a leader in the transition to value-based care through innovative care delivery models. SCM provides national expertise in episodic care management, with tailored and effective strategies for healthcare organizations and physician groups. SCM helps its partners navigate the care redesign process to improve the quality, efficiency, and effectiveness of patient care while reducing costs.
The statements contained in this press release are solely those of Signature Medical Group, Inc., and do not necessarily reflect the views or policies of the Centers for Medicare and Medicaid Services. Signature Medical Group, Inc., assumes responsibility for the accuracy and completeness of the information contained in this press release.
Contact: Joel James
Company Name: Signature Medical Group, Inc.
Telephone: 314.662.3163
Email: 196265@email4pr.com
Website: www.signaturemedicalgroup.com
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SOURCE Signature Medical Group Inc. | http://www.cnbc.com/2018/05/31/pr-newswire-vincent-l-mcvittie-appointed-to-lead-signature-care-management.html | www.cnbc.com |
Future FinTech Announces Appointment of New Director | XI'AN, China, May 9, 2018 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("Future FinTech", "FTFT" or "the Company"), a financial technology company, today announced the Board of Directors of the Company has appointed Mr. Yiliang Li as an independent director, effective immediately, to fill the vacancies created by resignation of Mr. Guolin Wang on April 25, 2018.
Mr. Li has served as the Chairman of Dagong (Beijing) International Fund Management Co., Ltd. ("Dagong Beijing") since October, 2015. From January, 2013 to October, 2015, Mr. Li was the head of the preparation committee for the establishment of Dagong Beijing. Mr. Li has also served as the Chairman of China Consumer Economy Association since December, 2017. Mr. Li received his Bachelor Degree of Engineering from Shandong University of Technology in 1982 and his Master Degree of Political Economics in 1995.
"Mr. Li's expertise in finance makes him an ideal addition to the Future FinTech's Board of Directors. We are proud to welcome him," said Mr. Yongke Xue, Chief Executive Officer and Chairman of Future FinTech. "I believe Mr. Li will significantly strengthen our board and help guide our future growth with his broad range of experience and industry knowledge."
About Future FinTech Group Inc.
Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is incorporated in Florida and engages in financial technology. The Company engages in the research and development of digital asset systems based on blockchain technology and is also an incubator of application projects related to blockchain technology. The Company and its subsidiaries are developing blockchain technology and cryptocurrencies for a variety of B2B and B2C real-life applications including a variety of financial businesses and the distribution, marketing and sale of consumer products. FTFT is also developing an operational platform utilizing blockchain technology and the shared economy, which includes an integrated online shopping mall. For more information, please visit http://www.ftft.top/ .
IR Contact:
Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: ftft@dgipl.com
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SOURCE Future FinTech Group Inc. | http://www.cnbc.com/2018/05/09/pr-newswire-future-fintech-announces-appointment-of-new-director.html | www.cnbc.com |
Momenta Pharmaceuticals Announces Date of First Quarter 2018 Financial Results Conference Call and Webcast | CAMBRIDGE, Mass., May 01, 2018 (GLOBE NEWSWIRE) -- Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA), today announced that it will release its financial results for the first quarter ended March 31, 2018 and provide a corporate update before the U.S. financial markets open on Tuesday, May 8, 2018.
Management will host a conference call on that date at 8:00 a.m. ET to discuss these results and provide an update on the company. To access the call, please dial (877) 224-9084 (domestic) or (720) 545-0022 (international) prior to the scheduled conference call time and provide the access code 7665388. A live webcast of the call will be available on the "Investors" section of the company's website, www.momentapharma.com . An archived version of the webcast will be posted on the Momenta website approximately two hours after the call.
About Momenta
Momenta Pharmaceuticals is a biotechnology company specializing in the detailed structural analysis of complex drugs and is headquartered in Cambridge, MA. Momenta is applying its technology to the development of generic versions of complex drugs, biosimilar and potentially interchangeable biologics, and to the discovery and development of novel therapeutics for autoimmune indications.
To receive additional information about Momenta, please visit the website at www.momentapharma.com , which does not form a part of this press release.
Our logo, trademarks, and service marks are the property of Momenta Pharmaceuticals, Inc. All other trade names, trademarks, or service marks are property of their respective owners.
Contact:
Sarah Carmody
Momenta Pharmaceuticals
1-617-395-5189
IR@momentapharma.com
Source:Momenta Pharmaceuticals, Inc. | http://www.cnbc.com/2018/05/01/globe-newswire-momenta-pharmaceuticals-announces-date-of-first-quarter-2018-financial-results-conference-call-and-webcast.html | www.cnbc.com |
SE Asia Stocks-Fall as U.S.-China trade tensions weigh | May 3, 2018 / 10:27 AM / Updated 13 minutes ago SE Asia Stocks-Fall as U.S.-China trade tensions weigh Reuters Staff 4 Min Read * Indonesia, Malaysia snap three sessions of gains * Singapore retreats from multi-year high * Indonesia hits 7-month closing low By Sumeet Gaikwad May 3 (Reuters) - Southeast Asian stock markets slipped on Thursday as U.S.-China trade tension hurt investor risk appetite, with Indonesia sinking to an over seven-month closing low as foreign investors continued to trim their equity exposure. A U.S. trade delegation arrived in China for talks on tariffs. State media said China will stand up to U.S. bullying if need be, but it was better to work things out at the negotiating table. The discussions are expected to cover a wide range of U.S. complaints about China's trade practices, from accusations of forced technology transfers to state subsidies for technology development. "International pressure to avoid a trade war, and Beijing's restraint are perhaps a consolation; and in fact worst-case (broad-brush tariff) scenarios may be avoided," Mizuho Bank said in a note. Indonesian shares snapped a three-session gaining streak and ended 2.6 percent lower dragged down by financials and consumer staples. Bank Central Asia was the biggest drag, falling 2.6 percent, while Telekomunikasi Indonesia dropped 3.4 percent. Foreign investors net sold $55.3 million worth of Indonesian stocks on Thursday, according to stock exchange data. In April, they sold securities worth $684 million in equities and $967 million in bonds. An index of the country's 45 most liquid stocks declined 3.1 percent. Philippine stocks hit a two-week closing low as financials and industrials weighed on the index. SM Investments Corp fell 5 percent while Aboitiz Equity Ventures dropped 7 percent. Singapore shares retreated from a multi-year high to fall more than 1 percent. Financials weighed on the index, with lender DBS Group Holdings falling 4.3 percent, while Oversea-Chinese Banking Corp shed 1.5 percent. Malaysian stocks ended largely flat as gains in materials and consumer stocks were offset by losses in financials. Index heavyweights Petronas Gas fell 2.3 percent while Tenaga Nasional rose 1 percent. The Thailand index closed marginally lower. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Close Pct Move Singapore 3575.68 3615.28 -1.10 Bangkok 1790.8 1791.13 -0.02 Manila 7535.1 7736.07 -2.60 Jakarta 5858.732 6012.238 -2.55 Kuala Lumpur 1851.8 1852.03 -0.01 Ho Chi Minh 1026.46 1029.08 -0.25 Change on year Market Current End 2017 Pct Move Singapore 3575.68 3402.92 5.08 Bangkok 1790.8 1753.71 2.11 Manila 7535.1 8558.42 -11.96 Jakarta 5858.732 6355.654 -7.82 Kuala Lumpur 1851.8 1796.81 3.06 Ho Chi Minh 1008.35 984.24 2.45 (Reporting by Sumeet Gaikwad and Gaurav Dogra in Bengaluru; Editing by Vyas Mohan) | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-fall-as-u-s-china-trade-tensions-weigh-idUSL3N1SA3DS | www.reuters.com |
FOREX-Dollar sets 2018 highs on jitters over Iran, Italy | * Euro hits fresh 2018 lows on worries about Italy, economy * U.S. inflation data hold key to further dollar gains * Sterling slumps before BOE meeting on Thursday * Commodity-linked, emerging market currencies slide (Updates market action, changes dateline, previous LONDON) By Richard Leong NEW YORK, May 8 (Reuters) - The dollar advanced on Tuesday to its highest level of 2018 against a basket of currencies on safe-haven buying, as investors worried about the fate of the Iran nuclear deal and political turmoil in Italy. Recent data showing Europe's economic growth was slowing caused traders to cut bullish bets on euro and to scale back their outlook for European interest rate hikes in 2019. "The top focus point today is with Iran. There's also a political wind blowing across Europe," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. "Everything is pointing to further strengthen the dollar." U.S. President Donald Trump is expected to make an announcement at 2 p.m. (1800 GMT) on the nuclear deal, which eased economic sanctions in exchange for Tehran limiting its nuclear program. Commodity-linked and emerging market currencies slid on worries about a possible U.S. withdrawal, which would hit risk appetite in financial markets. At 10:38 a.m. (1438 GMT), an index that tracks the greenback versus the euro, yen, sterling and six other currencies hit 93.280, its highest since December. It was last up 0.5 percent at 93.212. The dollar index had been down year to date but in three weeks it has gained over 4 percent, erasing that loss. Expectations for more U.S. interest rate hikes from the Federal Reserve have underpinned the dollar's rebound despite soft U.S. domestic data, analysts said. Thursday's U.S. consumer price index for April should show whether inflation is approaching the Fed's 2 percent goal. "We have to wait for the inflation data which would be telling for the dollar," Manimbo said. The euro has declined to its weakest level since late December. It was down about 0.6 percent to $1.1852 and 129.49 yen, Reuters data showed. On Monday, Italy's two largest parties resisted President Sergio Mattarella's call to rally behind a "neutral government." The pound declined to $1.3485, its lowest since Jan. 11, Bank of England policy makers meet on Thursday, and are expected to leave interest rates unchanged. Among commodity-linked currencies, the Australian dollar fell 1 percent to $0.7441 after touching an 11-month low. | https://www.reuters.com/article/global-forex/forex-dollar-sets-2018-highs-on-jitters-over-iran-italy-idUSL8N1SF5OQ | www.reuters.com |
Successful Retail Entrepreneur and Tiger 21 Chair Joins CEO Coaching International | NEWPORT BEACH, Calif., May 17, 2018 /PRNewswire/ -- CEO Coaching International , the leading firm for coaching growth-focused CEOs and entrepreneurs, announced today Jerry Swain as its newest coach. Swain has over 20 years of leadership experience in both the corporate world, at IBM and as a successful entrepreneur, founding Jer's Chocolates.
Swain joins the team with prior experience at IBM gaining recognition as a successful sales leader. He went on to demonstrate his entrepreneurial aptitude by founding and building an international, award-winning chocolate brand and business that he later sold to a strategic acquirer. Swain now participates as a Chair for TIGER 21, which is an investment mentorship for high-net-worth business leaders and is active in a variety of company boards and nonprofit associations.
"Jerry has an impressive background and I am confident he will add tremendous value to our team and clientele," commented Mark Moses , CEO and Founder of CEO Coaching International.
CEO Coaching International is known globally for its success in coaching growth-focused Entrepreneurs in a data-driven and measurable way to meaningful exits. They coach over 160 entrepreneurs in 20 different countries. CEOs and entrepreneurs working with CEO Coaching International for 4 years or more have experienced an average CAGR in revenue of 40.1% during their time as a client, more than four times the national average. Additionally, clients have averaged 210% growth in profit while working with the firm.
About CEO Coaching International
CEO Coaching International is an executive coaching company that works with the world's top entrepreneurs, CEOs and companies to dramatically grow their business, develop their people, and elevate their own performance. For more information, please visit: http://www.ceocoachinginternational.com
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SOURCE CEO Coaching International | http://www.cnbc.com/2018/05/17/pr-newswire-successful-retail-entrepreneur-and-tiger-21-chair-joins-ceo-coaching-international.html | www.cnbc.com |
CEE MARKETS-Selling reaches stocks as dollar resumes firming | * Tracking euro/dollar, CEE currencies mostly ease * Forint hits 23-month low, central bank to meet on Tuesday * Selling reaches CEE stocks, they underperform Europe (Recasts with fall in stock indices, retreat of currencies and bonds) By Sandor Peto and Marcin Goclowski BUDAPEST/WARSAW, May 18 (Reuters) - Central European assets fell on Friday, with the week's regional sell-off also spreading into equity markets as the dollar resumed its strengthening in global markets. A rise in U.S. debt market yields and a firming of the dollar caused selling and repricing of assets in emerging markets, including Central Europe, earlier this month. The U.S. 10-year Treasury yield retreated slightly on Friday, but after a brief pause, the dollar renewed its rally and surged through the 1.18 line against the euro, reaching its strongest levels this year. The forint hit a 23-month low against the euro at 318.55, to regain some ground later, trading at 318.34 at 1351 GMT, still weaker by 0.3 percent from Thursday. Hungary's central bank is expected to confirm its loose policy stance at its meeting on Tuesday. It will be closely watched for any comment on this month's rise in both short- and long-term market interest rates and a curve steepening, which widened the spread of 10-year bond yields over Bunds by about 50 basis points, traders said. The zloty and the Czech crown shed 0.1 percent, and Polish government bonds gave up most of their early gains. The past weeks' sell-off mainly hit currencies and government bonds in emerging markets, but it also engulfed equities in Central Europe on Friday. Regional stock markets mostly well underperformed European peers, with Budapest's main index shedding 1.4 percent, Bucharest 1.3 percent and Warsaw 1 percent. "It is possible that a capital withdrawal wave has started in emerging equity markets and that has reached us," said Eszter Gargyan, analyst of Citigroup in Budapest. "How it will develop, will depend on positioning in individual markets and the participation of overseas investors, or more stable European investors," she added. In Budapest, pharmaceutical Richter led the decline. It shed more than 3 percent after European health regulators said Richter's Esmya medicine used to treat benign tumours of the womb may have contributed to some cases of serious liver damage. Bucharest's index fell in the fourth session in a row. It continued to retreat from 10-year highs reached 3 weeks ago, but it is still the best performer out of the region's main stock markets this year. It has gained 8.4 percent since the end of 2017, compared with Warsaw's 9.3 percent loss. CEE SNAPSHOT AT MARKETS 1551 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech 25.6350 25.6160 -0.07% -0.36% crown Hungary 318.3400 317.4800 -0.27% -2.33% forint Polish 4.3010 4.2962 -0.11% -2.90% zloty Romanian 4.6340 4.6369 +0.06% +0.99% leu Croatian 7.3820 7.3820 +0.00% +0.65% kuna Serbian 117.9600 118.1500 +0.16% +0.46% dinar Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1105.98 1107.390 -0.13% +2.58% 0 Budapest 37030.32 37538.04 -1.35% -5.96% Warsaw 2232.39 2255.78 -1.04% -9.30% Bucharest 8403.61 8511.49 -1.27% +8.38% Ljubljana 896.10 898.81 -0.30% +11.13% Zagreb 1859.01 1845.70 +0.72% +0.88% Belgrade 744.11 744.24 -0.02% -2.07% Sofia 647.71 649.98 -0.35% -4.39% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year 0.9000 0.1090 +146bps +11bps 5-year 1.3500 0.0560 +139bps +9bps 10-year <CZ10YT=RR 1.8960 0.0190 +129bps +5bps > Poland 2-year 1.6350 0.0030 +220bps +1bps 5-year 2.5610 0.0130 +260bps +4bps 10-year <PL10YT=RR 3.3150 -0.0010 +271bps +3bps > FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep <P 1.00 1.15 1.29 0.90 RIBOR=> Hungary <B 0.27 0.39 0.49 0.10 UBOR=> Poland <W 1.76 1.79 1.84 1.70 IBOR=> Note: FRA are for ask prices Quote: s | https://www.reuters.com/article/easteurope-markets/cee-markets-selling-reaches-stocks-as-dollar-resumes-firming-idUSL5N1SP4O2 | www.reuters.com |
Frost & Sullivan Publishes Update on Enlight Renewable Energy - Revenues from sales of electricity in 2017 met expectations; full commercial operation in Ireland; a growing project pipeline; stock target price remains at 2.30 | TEL AVIV, Israel, May 18, 2018 /PRNewswire/ -- TASE analysis project was launched in 2016 in order to raise the investors' level of knowledge of TASE listed technology and life-science companies and the markets in which the companies operate, thus creating appropriate pricing and increasing the exposure of investors from Israel and abroad. Its goal is to encourage investments in these companies by removing the barrier of lacking understanding in the market.
In order to maintain professional, independent and unbiased analysis, the companies signed an agreement with the TASE to receive the analysis services for an obligatory period of two years. The companies cannot withdraw from the project during this period. The analysis is funded by the companies surveyed with funding from the Chief Scientist and the TASE.
Summary of Highlights
Enlight released its annual report on 28 March, 2018 detailing the following:
The Company's revenues from electricity totaled NIS 146 million, including electricity from the Company's project in Ireland.
Financially, the company is in a strong position, and plans to offer bonds totaling NIS 120-150 million in April Full commercial operation in Ireland as of December 2017
Continued activity in the promotion and planning of the company's development pipeline project (see below).
Accumulated projects grew with the acquisition of the rights to three projects in Hungary alongside the acquisition of rights to a 105MW project in Kosovo. We estimate 20 projects and electricity production facilities with a total capacity of 800 MW, which are wholly or partially owned by the Company and rules for active installations (connected to the network) or those in the process of development or execution.
We maintain the Company's value at NIS 1.07 billion, corresponding to a target price ranging between NIS 2.17 and NIS 2.45; a mean of NIS 2.30 per share.
Our estimate does not include projects in the Company's pipeline at various stages of development, for which we do not have accurate information or whose probability of development is still low. Thus, in our assessment, there exists additional growth potential for value beyond that estimated.
About the company - Enlight Renewable Energy Ltd. is an Israeli company founded in 2008, which is publically traded on the Tel Aviv Stock Exchange. The company specializes in the initiation, development, financing, construction, management, and operation of projects involving the generation of electricity from renewable energy sources. It is currently active in the fields of Solar Photovoltaic (PV) and Wind Energies. Once production rights are secured through government tenders, Enlight sells the electricity generated to utility companies and thereon to end users.
Read the full report here .
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion
Contact:
Kristi Cekani
Corporate Communications - Frost & Sullivan, Europe
P: +39.02.4851.6133
E: kristi.cekani@frost.com
http://www.frost.com
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SOURCE Frost & Sullivan | http://www.cnbc.com/2018/05/18/pr-newswire-frost-sullivan-publishes-update-on-enlight-renewable-energy--revenues-from-sales-of-electricity-in-2017-met-expectations-full.html | www.cnbc.com |
At top of the Fed, a dispute on policy picks up steam | GDP outlook At top of the Fed, a dispute on policy picks up steam Federal Reserve Chair Jerome Powell's top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months. It could also determine how the Fed prepares for and combats the next economic downturn. Among the disputes is a debate over whether the economy has shifted into a higher gear. Published 5 Hours Ago Reuters Getty Images Federal Reserve Chairman Jerome Powell speaks during a news conference March 21, 2018 in Washington, DC.
Federal Reserve Chair Jerome Powell's top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months, as well as how the Fed should prepare for and combat the next economic downturn.
The fault lines are technical as well as philosophical and include a debate over whether the economy has shifted into a higher gear, giving the Fed room for more interest-rate hikes and perhaps reducing the need for controversial tools like bond-buying to fight future recessions.
They come as tax cuts and government spending boost growth and inflation, giving policymakers the breathing room to debate whether to retool the Fed's basic policy approach to give themselves more firepower even if slower future economic growth is unavoidable.
San Francisco Fed President John Williams launched a critical salvo in the debate on Tuesday with a speech underscoring his view that the Fed has only a few more rate hikes ahead of it before rates reach a level of borrowing costs that allows the economy to coast along, without stimulating or slowing its progress.
This neutral rate, which can only be estimated and not observed, serves as a sort of speed limit on interest-rate hikes and is at the heart of the current policy debate. Stephen Lam | Reuters John Williams, president of the Federal Reserve Bank of San Francisco.
"It's important to distinguish between the current strong economic conditions and the key longer-run drivers underpinning interest rates," he said at the Economic Club of Minnesota. Despite economic tailwinds like tax cuts and government spending, "the longer-run drivers still point to a 'new normal' of a low (neutral rate) and relatively low interest rates."
Williams, whose research has helped convince most of his colleagues that the neutral rate of interest is much lower than in the past, stands to become even more influential when he takes over as chief of the New York Fed next month, a position that will make him a permanent voter on the Fed's policy-setting committee.
His view contrasts with recent optimism from some economists and central bankers. Among them is the Fed vice chair for financial supervision, Randal Quarles , a Trump administration appointee who in February said he believed there is a "real possibility" that the economy could shift to a higher growth trajectory.
Quarles' view suggests that the Fed has a bit more room to raise rates without braking the economy, which would, in turn, give it the flexibility to cut rates more deeply in the next downturn, and perhaps avoiding the need for unconventional measures like bond purchases.
Fed Board nominee Richard Clarida, at his confirmation hearing on Tuesday, flagged some discomfort with such measures, which began in the depths of the financial crisis to stabilize banks and were later were expanded to help bring down high unemployment and lift excessively low inflation.
Though the Fed's initial program of so-called quantitative easing "made sense," Clarida said he was not sure how he would have voted on subsequent rounds, and said in response to a question from Republican Senator Pat Toomey that he was "very sympathetic to your view that any discussion and thinking about QE would have to take a serious look at costs as well as benefits."
Williams for his part on Tuesday called bond-buying an important part of the policy-easing tools that the Fed "is going to have to turn to" to fight future downturns.
Rate cuts alone, from what will be a relatively low starting point and only able to fall as far as zero, would not provide enough firepower to stimulate the economy, he has said in the past.
Williams has also said that "time is pressing" for a rethink of the Fed's 2 percent inflation target. A new policy framework, he has said, conceivably could give the central bank more room for maneuver even with a low neutral rate by allowing it to defer rate hikes after a recession even if inflation pushes up to, or even past, its long-run target.
Several other Fed policymakers, including Fed Governor Lael Brainard and Chicago Fed President Charles Evans , have lent support to a debate on the framework.
Quarles by contrast has suggested that there is little need to rethink the framework if inflation rises back to the Fed's 2 percent target, as it has lately done.
Clarida did not weigh in on that debate on Tuesday, or on his view of the neutral rate. But if he and fellow nominee Michelle Bowman are confirmed it is a topic that will heat up in coming months. | https://www.cnbc.com/2018/05/16/at-top-of-the-fed-a-dispute-on-policy-picks-up-steam.html | www.cnbc.com |
Concordia International Corp. Announces Release Date for First Results | OAKVILLE, ON, May 7, 2018 /PRNewswire/ - Concordia International Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international specialty pharmaceutical company focused on becoming a leader in European specialty, off-patent medicines, today announced it intends to release its first quarter 2018 financial results before market open on Tuesday, May 15, 2018.
The Company will subsequently hold a conference call that same day, Tuesday, May 15, 2018, at 8:30 a.m. ET hosted by Mr. Graeme Duncan, interim Chief Executive Officer, and other senior management. A question-and-answer session will follow the corporate update.
CONFERENCE CALL DETAILS
DATE:
Tuesday, May 15, 2018
TIME:
8:30 a.m. ET
DIAL-IN NUMBER:
(647) 427-7450 or (888) 231-8191
TAPED REPLAY:
(416) 849-0833 or (855) 859-2056
REFERENCE NUMBER:
6279535
This call is being webcast and can be accessed by going to:
https://event.on24.com/wcc/r/1662068/13765CA15C10901698E03BCE3F0B1174
An archived replay of the webcast will be available by clicking the link above.
About Concordia
Concordia is an international specialty pharmaceutical company with a diversified portfolio of more than 200 patented and off-patent products, and sales in more than 90 countries. Going forward, the Company is focused on becoming a leader in European specialty, off-patent medicines.
Concordia operates out of facilities in Oakville, Ontario and, through its subsidiaries, operates out of facilities in Bridgetown, Barbados, London, England and Mumbai, India.
Notice regarding forward-looking statements and information:
This news release includes forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws, regarding Concordia and its business, which may include, but are not limited to, statements with respect to the release date of Concordia's financial results. The forward-looking events and circumstances discussed in this news release may not occur by certain dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting Concordia, including risks associated with Concordia's securities, increased indebtedness and leverage, Concordia's growth, risks associated with the use of Concordia's products, the inability to generate cash flows, revenues and/or stable margins, the inability to repay debt and/or satisfy future obligations, risks associated with a delay in releasing Concordia's financial statements (which could result in a default under Concordia's debt agreements and a violation of applicable laws), Concordia's outstanding debt, risks associated with the geographic markets in which Concordia operates and/or distributes its products, risks associated with distribution agreements, the pharmaceutical industry and the regulation thereof, regulatory investigations, the failure to comply with applicable laws, economic factors, market conditions, risks associated with growth and competition, the failure to obtain regulatory approvals, the equity and debt markets generally, general economic and stock market conditions, risks associated with fluctuations in exchange rates (including, without limitation, fluctuations in currencies), political risks (including changes to political conditions), risks associated with the United Kingdom's exit from the European Union (including, without limitation, risks associated with regulatory changes in the pharmaceutical industry, changes in cross-border tariff and cost structures and the loss of access to the European Union global trade markets), risks related to patent infringement actions, the loss of intellectual property rights, risks and uncertainties detailed from time to time in Concordia's filings with the Securities and Exchange Commission and the Canadian Securities Administrators, and many other factors beyond the control of Concordia. Although Concordia has attempted to identify important factors that could cause actual actions, events or results to those described in forward-looking statements and information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement or information can be guaranteed. Except as required by applicable securities laws, forward-looking statements and information speak only as of the date on which they are made and Concordia undertakes no obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events, or otherwise.
View original content: http://www.prnewswire.com/news-releases/concordia-international-corp-announces-release-date-for-first-quarter-2018-results-300643661.html
SOURCE Concordia International Corp. | http://www.cnbc.com/2018/05/07/pr-newswire-concordia-international-corp-announces-release-date-for-first-quarter-2018-results.html | www.cnbc.com |
What is an ICO and why are investors so bullish | Published 4 Hours Ago Updated 3 Hours Ago
The number of initial coin offerings, or ICOs, has skyrocketed in the past two years as more companies flock to the new and controversial way to raise capital.
In an ICO , companies create a digital token or coin, then sell it to investors in exchange for cash or more commonly, cryptocurrency, usually bitcoin or ether.
Despite increasing scrutiny from regulators around the world , blockchain research firm Smith + Crown told CNBC that funds raised through ICOs are increasing quickly.
About $6.6 billion was raised through 217 ICO sales for the first quarter of this year, a 65 percent increase from the $3.9 billion raised in the last quarter of 2017.
Cryptocurrencies are underpinned by the blockchain technology, which is why at one time, ICOs were carried out mostly by blockchain start-ups.
But many other types of companies are flocking to ICOs today, even if those firms do not have or require the use of the blockchain.
A significant proportion of ICOs show signs of fraud. In a review of 1,450 digital coin offerings, the Wall Street Journal found that about 19 per cent of these ICOs, which had raised about $1 billion in total, raised red flags that included "plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams." The SEC last week launched a bogus ICO called HoweyCoins as part of an effort to educate investors about warning signs to watch for.
Despite the high risks involved in launching and buying into ICOs, there can be significant payoffs for both founders that want to raise capital, and investors who want to make money.
One of the most successful ICOs launched was that of the Ethereum project, which has become the world's second largest cryptocurrency. It sold 60 million ether coins in 2014 to raise capital in the form of 31,000 bitcoin.
Mangrove Capital, an early investor in Skype, performed analysis claiming that if an investor had blindly invested in every visible ICO, including a significant number which failed, the return would have been 13.2 times that of your initial investment .
Mangrove did not disclose the number of ICOs it used in its research.
The United States Securities and Exchange Commission has been investigating and shutting down ICOs. Last week, the agency launched a bogus ICO called HoweyCoins as part of an effort to educate investors about warning signs to watch for. Watch: What is blockchain? | https://www.cnbc.com/2018/05/21/what-is-an-ico-and-why-are-investors-so-bullish.html | www.cnbc.com |
Arix Bioscience plc: Autolus Files for Proposed Initial Public Offering in the United States | LONDON, May 8, 2018 /PRNewswire/ --
Arix Bioscience plc (LSE:ARIX) ("Arix"), a global healthcare and life science company supporting medical innovation, today notes that, its largest Group Business holding, Autolus Therapeutics Limited (to be reorganised as Autolus Therapeutics plc) ("Autolus"), has filed a registration statement on Form F-1 ("Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC") relating to a proposed initial public offering ("IPO") in the United States of its American Depositary Shares ("ADSs"), each representing one ordinary share. All ADSs to be sold in the proposed IPO will be offered by Autolus. Autolus intends to apply to list its ADSs on the Nasdaq Global Market under the ticker symbol "AUTL." The number of ADSs to be sold and the pricing terms for the proposed IPO have not yet been determined.
Arix led the Series B financing of Autolus in March 2016, with Joe Anderson, Arix's CEO, joining Autolus's Board of Directors. Autolus has since progressed from a pre-clinical to clinical stage company, with clinical trials currently ongoing for five programmes in six indications.
The Registration Statement relating to the ADSs has been filed with the SEC but has not yet become effective. The ADSs may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective.
The Registration Statement can be accessed through the SEC's EDGAR database and contains further information relating to Autolus.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The securities referred to in this announcement are to be offered only by means of a prospectus. When available, copies of the preliminary prospectus can be obtained from either of the joint book-running managers for the offering, Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at +1 866 471 2526 or by email at prospectusgroup-ny@ny.email.gs.com ; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at + 1 877 547 6340, or by email at Prospectus_Department@Jefferies.com .
About Arix Bioscience plc
Arix Bioscience plc is a global healthcare and life science company supporting medical innovation. Headquartered in London and with an office in New York, Arix Bioscience sources, finances and builds world class healthcare and life science businesses addressing medical innovation at all stages of development. Operations are supported by privileged access to breakthrough academic science and strategic relationships with leading research accelerators and global pharmaceutical companies.
Arix Bioscience plc is listed on the Main Market of the London Stock Exchange.
About Autolus
Autolus is a biopharmaceutical company developing next-generation programmed T cell therapies for the treatment of cancer.
Enquiries
For more information on Arix, please contact:
Arix Bioscience plc
Charlotte Parry, Investor Relations Manager
+44(0)20-7290-1072
charlotte@arixbioscience.com
Consilium Strategic Communications
Mary-Jane Elliott, Jessica Hodgson, Ivar Milligan
+44(0)20-3709-5700
arix@consilium-comms.com
SOURCE Arix Bioscience plc | http://www.cnbc.com/2018/05/08/pr-newswire-arix-bioscience-plc-autolus-files-for-proposed-initial-public-offering-in-the-united-states.html | www.cnbc.com |
UPDATE 1-At meeting with automakers, Trump launches new attack on NAFTA | (Adds comments by Trump, Fiat Chrysler, VW)
WASHINGTON, May 11 (Reuters) - Ten American and foreign automakers went to the White House on Friday to push for a weakening of U.S. fuel efficiency standards through 2025, while President Donald Trump used the occasion to launch a fresh attack on the North American Free Trade Agreement that has benefited the companies.
A draft proposal circulated by the U.S. Transportation Department would freeze fuel efficiency requirements at 2020 levels through 2026, rather than allowing them to increase as previously planned. Trump's administration is expected to formally unveil the proposal later this month or in June.
"We're working on CAFE standards, environmental controls," Trump told reporters at the top of the meeting, referring to the Corporate Average Fuel Economy standards for cars and light trucks in the United States.
Trump said he wants automakers to build more vehicles in the United States and export more vehicles.
But much of the hour-long meeting focused on NAFTA. Trump blasted the pact involving the United States, Canada and Mexico as "terrible" and noted that negotiations to make changes sought by his administration were ongoing.
"NAFTA has been a horrible, horrible disaster for this country and we'll see if we can make it reasonable," Trump said.
Automakers have called NAFTA a success, allowing them to integrate production throughout North America and make production competitive with Asia and Europe, and have noted the increase in auto production over the past two decades with the deal in place. They have warned that changing NAFTA too much could prompt some companies to move production out of the United States.
The chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG, Hyundai Motor Co, Nissan Motor Co, Honda Motor Co , BMW AG and Daimler AG met with Trump, as did the chief executives of two auto trade groups.
Major automakers reiterated this week they do not support freezing fuel efficiency requirements but said they want new flexibility and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.
Fiat Chrysler chief executive Sergio Marchionne told Reuters before the meeting his company is "fully supportive" of Trump's efforts to revise the rules and hoped for "an agreed way forward."
Automakers also want the White House and California to reach agreement on maintaining national standards, fearing a prolonged legal battle could leave the companies facing two different sets of rules - and the state level and nationally - and extended uncertainty.
Hinrich Woebcken, chief executive of the North American region for VW, told Reuters the meeting was a "great opportunity" to have an exchange of ideas about the future of emissions rules.
California and 16 other states covering about 40 percent of the U.S. population filed suit last week to block the Trump administration's efforts to weaken the fuel efficiency requirements.
Marchionne said he still hopes the administration could reach a deal with California to maintain nationwide emissions standards.
'MARKETPLACE REALITIES'
U.S. Trade Representative Robert Lighthizer, Transportation Secretary Elaine Chao, White House economic adviser Larry Kudlow, Environmental Protection Agency chief Scott Pruitt and White House aide Chris Liddell are among the administration officials who attended the meeting.
Mitch Bainwol, who heads the Alliance of Automobile Manufacturers, told a congressional committee on Tuesday the industry supports "standards that increase year over year that also are consistent with marketplace realities." Bainwol said the industry remains hopeful that there will be a "negotiation" between the White House, California and the auto industry.
The industry also notes it faces rising fuel efficiency standards around the globe and is spending billions of dollars to introduce new battery electric vehicles in the coming years.
Democrats and environmental advocates plan to aggressively challenge the Trump administration's plans to weaken the vehicle rules touted by Democratic former President Barack Obama's administration as one of its biggest actions to combat climate change by reducing planet-warming emissions.
The Trump administration plans to argue the weaker rules will lead to cheaper vehicles, boost sales and employment and improve safety by prodding faster turnover of older vehicles.
The Obama-era rules adopted in 2012 sought to double average fleet-wide vehicle fuel efficiency to about 50 miles (80 km) per gallon by 2025, but included an evaluation due by April 2018 to determine if the rules were appropriate.
(Reporting by David Shepardson in Washington. Additional reporting by James Oliphant Editing by Paul Tait) | https://www.cnbc.com/2018/05/11/reuters-america-update-1-at-meeting-with-automakers-trump-launches-new-attack-on-nafta.html | www.cnbc.com |
BG Staffing, Inc. Announces Closing of Underwritten Public Offering of Common Stock and Full Exercise of Over-Allotment Option | PLANO, Texas, May 30, 2018 /PRNewswire/ -- BG Staffing, Inc. (NYSE American: BGSF), a rapidly growing national provider of professional temporary staffing services, today announced the closing of its previously announced underwritten public offering of newly issued shares of the Company's common stock for a public offering price of $18.00 per share, including the exercise in full by the underwriters of their option to purchase an additional 168,750 shares. The exercise of the over-allotment option brought the total number of shares of common stock sold by the Company to 1,293,750 shares and increased the amount of gross proceeds raised in the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company, to approximately $23.3 million.
The Company intends to use the net proceeds received from the sale of the common stock to reduce outstanding indebtedness and for general corporate purposes; however, a portion of the net proceeds may also be used to cancel outstanding stock options currently held by L. Allen Baker, Jr., BG Staffing's president and chief executive officer.
Roth Capital Partners and Taglich Brothers, Inc. acted as joint book-running managers for the offering.
A shelf registration statement relating to the shares of common stock issued in the offering was filed with the Securities and Exchange Commission (the "SEC") and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying prospectus have been filed with the SEC and may be obtained from Roth Capital Partners, 888 San Clemente Drive, Newport Beach, California 92660, Attn: Equity Capital Markets, via telephone at (800) 678-9147 or via email at rothecm@roth.com , or from Taglich Brothers, Inc., 275 Madison Avenue, Suite 1618, New York, New York 10016, Attn: Equity Capital Markets, via telephone (212) 661-6886 or via email at schroeder@taglichbrothers.com , or by accessing the SEC's website, www.sec.gov .
About BG Staffing, Inc.
Headquartered in Plano, Texas, BG Staffing provides staffing services to a variety of industries through its various divisions. BG Staffing is primarily a professional temporary staffing platform that has integrated several regional and national brands.
Forward-Looking Statements
The forward-looking statements in this press release, including with respect to the intended use of the proceeds of the offering, are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those indicated by forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company's Annual Report on Form 10-K and in the Company's other filings and reports with the SEC, including in the "Risk Factors" section of the prospectus supplement. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words "believes," "plans," "expects," "will," "intends," and "anticipates" and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
CONTACT:
Terri MacInnis, VP of Investor Relations
Bibicoff + MacInnis, Inc.
818.379.8500
terri@bibimac.com
View original content with multimedia: http://www.prnewswire.com/news-releases/bg-staffing-inc-announces-closing-of-underwritten-public-offering-of-common-stock-and-full-exercise-of-over-allotment-option-300656580.html
SOURCE BG Staffing, Inc. | http://www.cnbc.com/2018/05/30/pr-newswire-bg-staffing-inc-announces-closing-of-underwritten-public-offering-of-common-stock-and-full-exercise-of-over-allotment-option.html | www.cnbc.com |
Banned pregnancy drug tied to ADHD generations later | A pregnancy drug banned decades ago may have side effects that linger for generations. Grandchildren of women who took it have an increased risk of attention deficit hyperactivity disorder (ADHD), a new study suggests.
The drug, a synthetic estrogen known as diethylstilbestrol (DES), was designed to prevent pregnancy complications like miscarriage and preterm delivery. As many as 10 million U.S. women may have used the drug between 1938 and 1971, when it was banned after being linked to vaginal cancers in daughters of women who used it.
Now, a new study suggests that grandchildren of women who took DES during pregnancy are 36 percent more likely to be diagnosed with ADHD than other kids.
And when women took DES during the first trimester of pregnancy, their grandchildren had 63 percent higher odds of developing ADHD, researchers report in JAMA Pediatrics.
"An exposure during pregnancy has the potential to impact multiple generations if the fetus is female, because the oocytes (aka egg cells) that will develop into the grandchildren of the pregnant woman grow while their mother is in utero," said lead study author Marianthi-Anna Kioumourtzoglou of the Mailman School of Public Health at Columbia University in New York City.
"Use of DES during pregnancy or other endocrine disrupting chemicals could thus directly impact the third generation, leading to neurodevelopmental disorders, such as ADHD," Kioumourtzoglou said by email.
Chemicals known as endocrine disruptors can interfere with the body's endocrine, or hormone, system and produce negative developmental, reproductive, neurological and immune effects. These chemicals have been used to make a wide variety of consumer products over the years, including baby bottles, metal food cans, flame retardants, detergents, pesticides and cosmetics.
A range of health problems including autism, ADHD, obesity, diabetes, heart and vascular disorders, and endometriosis have been linked to exposure to endocrine disruptors.
DES, in particular, has been linked to delays in regular menstrual cycles for granddaughters of women who used the drug during pregnancy, researchers note. Grandsons of these women also have an increased risk of hypospadias, an abnormality that occurs when the opening of the urethra doesn't develop on the tip of the penis and instead forms on the shaft or on the scrotum.
The new findings are drawn from 47,540 women in an ongoing study of U.S. nurses, including 861 women, or 1.8 percent, who used DES while pregnant.
Overall, 7.7 percent of the grandchildren of women who used DES during pregnancy were diagnosed with ADHD, compared with 5.2 percent of other grandchildren in the study. This increased risk of ADHD was similar for male and female grandkids.
The study wasn't a controlled experiment designed to prove whether or how DES exposure during pregnancy might cause ADHD generations later.
Another limitation of the study is that researchers relied on survey data from one generation - the mothers - to assess DES use in grandmothers and ADHD diagnoses in grandchildren. It's possible mothers didn't know or recall whether the grandmothers used DES while they were pregnant, the authors note.
Still, the results add to a growing body of evidence suggesting that exposure to DES and other endocrine disrupting chemicals may have effects that span generations, said Joel Nigg, author of an accompanying editorial and a psychiatry and neuroscience researcher at Oregon Health & Science University in Portland.
"The entire class of hormone/endocrine disrupting medicines and chemicals have been known or suspected to interfere with offspring development for many years," Nigg said by email.
"What is new here is the demonstration of effects to grandchildren, and the possibility that this reflects an inherited epigenetic effect," Nigg added. "That widens the sphere of possibilities for how kids' neurodevelopmental problems originate."
Even though DES is no longer prescribed, other endocrine disruptors and so-called neurotoxic chemicals that alter fetal development can still get into women's bodies from pesticides on food, beauty products, and air pollution.
Women may not always be able to avoid exposure, but reading product labels and eating organic fruits and vegetables can help minimize the risk, Nigg advised. | https://www.cnbc.com/2018/05/22/banned-pregnancy-drug-tied-to-adhd-generations-later.html | www.cnbc.com |
EMERGING MARKETS-Latin American equities follow Wall St higher amid light trading | EMERGING MARKETS-Latin American equities follow Wall St higher amid light trading Published 11 Hours Ago Reuters
trading@
SAO PAULO, April 30 (Reuters) - Latin American markets gained modestly on Monday as a positive morning session on Wall Street and solid corporate earnings proved enough to put the region in the black amid light trade. Tuesday is the Labour Day holiday across Latin America, and markets in Argentina are closed Monday as well. Many traders in Sao Paulo and Rio de Janeiro were off on Monday, and those in the office said liquidity was low. "A lot of players are just bridging the weekend with the holiday," said one manager at a brokerage in Rio. Alexandre Soares, a trader at Sao Paulo-based BGC Liquidez, said trading volume in Brazil on Monday should come in at around 5 billion reais ($1.43 billion), less than half the average. In that context, Latin American markets were buoyed by a solid early session on Wall Street, which benefited from a string of mergers and strong earnings. Marathon Petroleum said it would buy rival Andeavor for more than $23 billion, while Sprint Corp T-Mobile US Inc said they would merge. In Brazil, the country's largest electronics retailer Via Varejo SA, was among the biggest gainers, rising 1.7 percent as traders bought back in following a series of sessions in the red amid lukewarm results last week. Planemaker Embraer SA weighed on the country's benchmark Bovespa index, falling 3 percent after posting a loss on Friday amid weak deliveries. The equities market in copper-dependent Chile was the best performing on Monday as prices for the red metal edged up on expectations of higher demand from top consumer China. A report showed a resilient Chinese economy despite a monthly decline in manufacturing activity. By early afternoon, Chile's benchmark IPSA index climbed 0.6 percent, while Mexico's IPC gained 0.3 percent. The Bovespa was down 0.2 percent after spending most of the morning modestly in the black. The Dow Jones Industrial Average Index was up 0.2 percent.
Key Latin American stock indexes and currencies at 1519 GMT:
Stock indexes daily % YTD % Latest change change MSCI Emerging Markets 1165.42 0.79 -0.19 MSCI LatAm 2997.19 -0.48 6.49 Brazil Bovespa 86278.75 -0.19 12.93 Mexico IPC 48471.04 0.39 -1.79 Chile IPSA 5721.87 0.55 2.83 Chile IGPA 28744.61 0.57 2.73 Argentina MerVal 30006.35 1.76 -0.20 Colombia IGBC 12451.77 0.24 9.51 Venezuela IBC 22632.15 1.13 1691.74 Currencies daily % YTD % change change
Latest
Brazil real 3.4857 -0.70 -4.95 Mexico peso 18.7655 -0.77 4.97 Chile peso 611.8 -0.78 0.47 Colombia peso 2802.22 0.07 6.42 Peru sol 3.244 -0.25 -0.22 Argentina peso 20.5350 0.07 -9.42
(interbank)
Argentina peso 20.83 -0.72 -7.68
(parallel) | https://www.cnbc.com/2018/04/30/reuters-america-emerging-markets-latin-american-equities-follow-wall-st-higher-amid-light-trading.html | www.cnbc.com |
Trailer Bridge Appoints John Wroby as Chief Operating Officer | JACKSONVILLE, Fla., May 3, 2018 /PRNewswire/ -- Trailer Bridge, Inc. today announced that John Wroby has been named Chief Operating Officer (COO) effective immediately. As COO, Wroby will have overall responsibility for all of the Company's logistics, customer service, and brokerage operations.
Wroby, who joined Trailer Bridge in 2012, came onboard as Director of Brokerage Operations, and then promoted in 2015 to the role of Vice President of Logistics. "Not only is John a trusted leader, he consistently delivers results. He has been instrumental in Trailer Bridge's success and growth in recent years and is uniquely qualified to drive the company forward, while keeping our focus on operational excellence," said Mitch Luciano, Chief Executive Officer. "I have tremendous confidence in John's ability to align our operations practices with our expansion targets throughout North America and see it through."
In his time at Trailer Bridge, Wroby has overseen the tremendous growth of company's domestic logistics division, both in terms of business and headcount. Prior to joining Trailer Bridge, Wroby's background included the roles of Regional Manager and Director of Brokerage and Sales for Eleets Transportation, a logistics and supply firm formerly located in Jacksonville, Florida.
"Trailer Bridge's strategy in recent years has proven to be a winning combination of innovation and customer service," said Wroby. "I am incredibly proud of what we've achieved and excited to help lead the company into its next phase of growth throughout North America and the Caribbean. We have no plans to slow down our progress and have the right team, talent, and forward thinking to make it happen."
ABOUT TRAILER BRIDGE
Founded in 1991 and headquartered in Jacksonville, Trailer Bridge, Inc. is an asset-owned, leading shipping and logistics firm providing services in ocean, truckload, intermodal, expedited, specialized cargo, vehicles, over-dimensional, warehousing, and transloading services. Trailer Bridge has offices in Jacksonville, FL, Charleston, SC; Chicago, IL; San Juan, Puerto Rico; the Dominican Republic; and the US Virgin Islands.
Trailer Bridge is a recipient of the 2018 Silver Bell Humanitarian Award. The company was voted "Best Places to Work" in 2016 and voted number one in 2017 in Jacksonville.
RELATED LINKS
http://www.trailerbridge.com
http://www.bizjournals.com/jacksonville/news/2017/05/23/these-are-jacksonvilles-best-places-to-work-2017.html
TRAILER BRIDGE CONTACT:
Indie B. Bollman
Director of corporate Development
T: 904 751 7142
E: ibollman@trailerbridge.com
www.trailerbridge.com
View original content with multimedia: http://www.prnewswire.com/news-releases/trailer-bridge-appoints-john-wroby-as-chief-operating-officer-300642075.html
SOURCE Trailer Bridge, Inc. | http://www.cnbc.com/2018/05/03/pr-newswire-trailer-bridge-appoints-john-wroby-as-chief-operating-officer.html | www.cnbc.com |
B. Riley Financial Sets First Quarter 2018 Earnings Call for Monday, May 7 at 4:30 p.m. ET | LOS ANGELES, April 30, 2018 (GLOBE NEWSWIRE) -- B. Riley Financial, Inc. (NASDAQ:RILY), a diversified provider of financial and business advisory services, will hold a conference call on Monday, May 7 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss results for the first quarter ended March 31, 2018. Financial results will be issued in a press release prior to the call.
B. Riley Financial's Chairman and CEO, Bryant Riley, President, Tom Kelleher, and CFO and COO, Phillip Ahn, will host the conference call followed by a question and answer period.
Please call the conference call number 10 minutes prior to the start time and an operator will register your name and organization.
B. Riley Financial, Inc. Q1 2018 Earnings Call
Date: Monday, May 7, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free: 1-877-451-6152
International: 1-201-389-0879
The conference call will be broadcast simultaneously and available for replay via the investor section of the company's website . A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 14, 2018.
Replay Dial-In Numbers:
Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Replay Pin: 13679001
About B. Riley Financial
B. Riley Financial, Inc. (NASDAQ: RILY), through its subsidiaries, provides collaborative financial services and solutions to the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc. , Wunderlich Securities, Inc. , Great American Group, LLC , B. Riley Capital Management, LLC (which includes B. Riley Asset Management , B. Riley Wealth Management , and Great American Capital Partners, LLC ) and B. Riley Principal Investments , a group that makes proprietary investments in other businesses, such as the acquisition of United Online, Inc.
Investor Contact
Investor Relations
B. Riley Financial, Inc.
ir@brileyfin.com
(310) 966-1444
Source:B. Riley Financial, Inc. | http://www.cnbc.com/2018/04/30/globe-newswire-b-riley-financial-sets-first-quarter-2018-earnings-call-for-monday-may-7-at-430-p-m-et.html | www.cnbc.com |
New Zealand's central bank governor strikes dovish tone, keeps rates on hold | GDP outlook New Zealand's central bank governor strikes dovish tone, keeps rates on hold New Zealand's central bank governor struck a dovish tone in his maiden monetary policy statement on Thursday, saying the next move in rates could equally be a cut or a hike, while holding settings at a record low. Investors reacted by pushing the New Zealand dollar to a five-month low of $0.6928, from $0.6990 before the statement. It later recovered a little to $0.6936. Published 13 Hours Ago Reuters Hagen Hopkins | Getty Images Adrian Orr speaks during a press conference at Parliament on March 26, 2018 in Wellington, New Zealand.
New Zealand's central bank governor struck a dovish tone in his maiden monetary policy statement on Thursday, saying the next move in rates could equally be a cut or a hike, while holding settings at a record low.
The Reserve Bank of New Zealand's decision to keep settings unchanged was in line with economist expectations, however, Governor Adrian Orr diverged from his recent predecessors by explicitly saying an easing was as likely to be the next move as a tightening.
Orr painted a relatively rosy picture of the New Zealand economy, saying both economic growth and employment remained robust, but acknowledged the stubbornly low inflation he has also inherited.
"I have started in what I would call a sweet spot for any governor to turn up in," Orr told reporters in his first press conference since taking the helm in March.
In the official statement, Orr said rates would remain at 1.75 percent for "a considerable period of time" and the "direction of our next move is equally balanced, up or down. Only time and events will tell."
Investors reacted by pushing the New Zealand dollar to a five-month low of $0.6928, from $0.6990 before the statement. It later recovered a little to $0.6936.
The decision was closely watched as economists and investors looked for clues on how Orr would handle a new policy goal of "maximising sustainable employment" alongside traditional inflation targeting.
Orr said risks "are relatively balanced," citing "perplexing" low wages and employment already at sustainable levels, alongside low inflation. Internationally, he said the risks included faltering growth or further tightening of financial conditions.
"The market has taken it a little bit on the dovish side," said Sharon Zollner, senior economist at ANZ in Auckland.
The new governor put an early stamp on his authority by overhauling the policy statement, which had changed little in several months under his predecessors.
Orr inherited the same tepid inflation that had forced the two previous governors to hold the official cash rate steady since slashing it to its current record low in late 2016.
The bank trimmed its inflation forecasts a little to hit the 2 percent mid-point of its target band by the fourth quarter of 2020, a quarter later than previously predicted.
New Zealand's annual headline inflation slowed to just 1.1 percent in the first quarter, just within the RBNZ's target band, but well below the midpoint of 2 percent.
"It is a concern and that's why we're keeping monetary policy expansionary," Orr said. Employment target
First-quarter unemployment slid to an eight-year low of 4.4 percent, meaning that Orr could afford to push the bank's new employment goal to the periphery when making interest rate decisions.
Still, Orr said the new employment target was just as important as the inflation target, and noted the central bank believed the economy was "there or thereabouts" in regards to reaching maximum sustainable employment.
Orr later told a Parliament committee that the New Zealand dollar, which has fallen in recent weeks was being "very well behaved" and that its drop on Thursday was a sign that the banks' message that it would keep rates on hold for an extended period was filtering through to markets.
Most economists said despite the change in tone and style, the broader economic outlook from the statement and subsequent press conference were largely in line with Orr's predecessors.
"While subtle, the forward guidance still hints that the next move is up for the cash rate," said Annette Beacher, chief Asia-Pacific strategist at TD Securities. | https://www.cnbc.com/2018/05/09/new-zealands-central-bank-governor-strikes-dovish-tone-keeps-rates-on-hold.html | www.cnbc.com |
China says will work with U.S. for positive outcome in trade talks | May 14, 2018 / 7:41 AM / Updated 7 hours ago China says will work with U.S. for positive outcome in trade talks Reuters Staff 1 Min Read
BEIJING (Reuters) - China said on Monday it is willing to work with the United States for a positive outcome in trade negotiations this week. Chinese Vice Premier Liu He attends the news conference following the closing session of the National People's Congress (NPC), at the Great Hall of the People in Beijing, China March 20, 2018. REUTERS/Jason Lee
Foreign Ministry spokesman Lu Kang made the comment at a regular briefing.
Vice Premier Liu He will attend the talks in Washington from May 15 to 19. High-level discussions in Beijing earlier this month appeared to make little progress but there have been signs recently of some easing in tensions. Reporting by Sue-lin Wong; Writing by Christian Shepherd; Editing by Kim Coghill | https://www.reuters.com/article/us-usa-china-trade/china-says-will-work-with-u-s-for-positive-outcome-in-trade-talks-idUSKCN1IF0QX | www.reuters.com |
UPDATE 3-Facebook's Zuckerberg apologises 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 (Adds Zuckerberg's opening remarks)
BRUSSELS, May 22 (Reuters) - Facebook boss Mark Zuckerberg apologised to European Union lawmakers on Tuesday 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.
In his opening remarks, Zuckerberg said it had "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, sitting at a circular table with EU Parliament leaders, dressed in a suit, tie and white shirt, 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 stressed Facebook's commitment to Europe, where it will employ 10,000 people by the end of the year, he said.
"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 said.
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.
Zuckerberg said investments in security would significantly impact Facebook's profitability, but "keeping people safe will always be more important than doubling our profits."
However, 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-3-facebooks-zuckerberg-apologises-to-eu-lawmakers-over-data-leak.html | www.cnbc.com |
Marco Rubio pushes for congressional action to check Trump's ZTE deal | Sen. Marco Rubio said Tuesday he would push for "veto-proof congressional action" to check the Trump administration's reported deal to save Chinese telecommunications company ZTE .
Hours later, the Senate Banking Committee separately approved an amendment proposed by Sen. Chris Van Hollen , D-Md., to limit President Donald Trump 's ability to remove sanctions on any Chinese telecommunications company. It passed through the panel easily by a 23 to 2 margin in a bipartisan rebuke to the administration's possible plans.
Washington and Beijing have discussed the framework of a deal for the U.S. to lift the ban on American companies selling goods to the company in favor of possible management changes and fines, according to The Wall Street Journal . China could also remove tariffs on billions of dollars of U.S. agricultural products, the newspaper reported.
In a statement following the vote Tuesday, Van Hollen said "we must continue to work to stop the President from absolving ZTE of its many transgressions in the interest of Chinese jobs."
Rubio, a Florida Republican, has vocally opposed Trump's push to save ZTE in recent weeks. He has called the company's products a national security and surveillance risk.
show chapters China and US outline plan to save ZTE 4 Hours Ago | 01:43 In a tweet Tuesday, he said the deal would mean the Trump administration has "surrendered" to China and argued changes to the company board and a financial penalty will not stop "spying" and "stealing."
"But this is too important to be over. We will begin working on veto-proof congressional action," the senator wrote.
Rubio tweet: If this is true, then administration has surrendered to # China on # ZTE Making changes to their board & a fine won't stop them from spying & stealing from us. But this is too important to be over. We will begin working on veto-proof congressional action
A spokeswoman for Rubio did not immediately respond to a request for more detail on legislation Rubio would support. Representatives for Senate Majority Leader Mitch McConnell , R-Ky., and Senate Minority Leader Chuck Schumer , D-N.Y., did not immediately respond when asked whether they would support congressional action related to ZTE.
show chapters Trump: ZTE just a small component of overall trade deal 2:54 PM ET Thu, 17 May 2018 | 02:13 Treasury Secretary Steven Mnuchin , while mainly deferring to the Commerce Department on the issue, attempted Tuesday to quell national security concerns regarding any potential deal on ZTE.
"Although I have participated in certain discussions, I can assure you that whatever the Commerce Department decides, the intel community has been part of the briefings and we will make sure that we enforce national security issues," Mnuchin said during testimony before a Senate panel.
The U.S. put the ban on American firms selling to ZTE after the company violated U.S. sanctions on North Korea and Iran. The move threatened to cripple the company. ZTE has said the ban was unacceptable and threatened its survival, according to a Reuters report earlier this month.
Trump's action to save ZTE comes as the U.S. and China seek a trade pact to avoid potentially devastating tariffs. Trump has long pledged to crack down on alleged intellectual property theft by Chinese companies and reduce the U.S. trade deficit with China. After talks last week, Trump's top advisors said they reached the framework of a trade deal under which China would buy more U.S. goods , but American officials provided few concrete details.
Trump's economic advisors have called the ZTE policy an "enforcement" issue separate from trade negotiations . But Trump himself has confused the messaging, at one point calling the ZTE action part of a "larger trade deal" the sides are negotiating.
Schumer, like Rubio, has accused Trump of caving to Chinese demands after pledging to take a tough stance on Beijing's alleged trade abuses. In a statement Tuesday, the Senate Democratic leader said the reported deal on ZTE "will do nothing to protect American national or economic security" and is "simply a diversion from the fact we have lost."
"President Xi has played President Trump and Secretary Mnuchin," Schumer added.
Van Hollen earlier told CNBC the possible move to save ZTE is "a big mistake" and thinks it will face "bipartisan opposition." He said "there's no doubt" China has outmaneuvered the U.S. in talks.
Sen. Joe Manchin , D-W.V., called ZTE a "threat" and said he thinks Congress can partly address the issue through a bill to reform the Committee on Foreign Investment in the United States. Some lawmakers have argued the entity should have more authority to police Chinese efforts to acquire ownership in U.S. technology.
show chapters A (brief) history of the world's trade wars 5:00 PM ET Mon, 30 April 2018 | 03:43 | https://www.cnbc.com/2018/05/22/marco-rubio-pushes-for-congressional-action-to-check-trumps-zte-deal.html | www.cnbc.com |
Noah Holdings Limited to Announce First Quarter 2018 Financial Result on Tuesday, May 29, 2018 | SHANGHAI, May 15, 2018 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced that it will release its unaudited financial results for the first quarter 2018 after the U.S. market closes on Tuesday, May 29, 2018. The earnings release will be available on the investor relations section of the Company's website at http://ir.noahwm.com .
Following the earnings announcement, the Company's senior management will host a combined English and Chinese language conference call to discuss the Company's financial results and recent business activities. The conference call may be accessed with the following details:
C onference call details
Date/Time
Tuesday, May 29, 2018 at 8:00 p.m., U.S. Eastern Time
Wednesday, May 30, 2018 at 8:00 a.m., Hong Kong Time
Dial in details
- United States Toll Free
+1-866-311-7654
- Mainland China Toll Free
4001-201-203
- Hong Kong Toll Free
800-905-945
- International
+1-412-317-5227
Conference Title
Noah Holdings First Quarter 2018 Earnings Call
Participant Password
Noah Holdings
A telephone replay will be available starting one hour after the end of the conference call until June 5, 2018 at +1-877-344-7529 (US Toll Free) or +1-412-317-0088 (International Toll). The replay access code is 10120296.
A live and archived webcast of the conference call will be available at Noah's investor relations website under the News & Events section at http://ir.noahwm.com .
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises. In the full year 2017, Noah distributed RMB117.4 billion (US$18.0 billion) of financial products. Through its subsidiary, Gopher Asset Management, Noah had assets under management of RMB148.3 billion (US$22.8 billion) as of December 31, 2017.
Noah's wealth management business primarily distributes onshore and offshore fixed income, private equity, secondary market equity and insurance products. Noah delivers customized financial solutions to clients through a network of 1,335 relationship managers across 237 branches and sub-branches in 79 cities in mainland China, and serves the international investment needs of its clients through subsidiaries in Hong Kong, Taiwan, Canada, Australia and the United States. The Company's wealth management business had 186,918 registered clients as of December 31, 2017. As a leading alternative asset manager in China, Gopher Asset Management manages private equity, real estate, secondary market equity, credit and other investments denominated in both Renminbi and foreign currencies. The Company also provides other financial services, including online wealth management, lending services and payment technology services.
For more information, please visit Noah at ir.noahwm.com .
Contacts:
Eva Ma
Noah Holdings Limited
Tel: +86 21-8035-9221
ir@noahwm.com
View original content: http://www.prnewswire.com/news-releases/noah-holdings-limited-to-announce-first-quarter-2018-financial-result-on-tuesday-may-29-2018-300648534.html
SOURCE Noah Holdings Limited | http://www.cnbc.com/2018/05/15/pr-newswire-noah-holdings-limited-to-announce-first-quarter-2018-financial-result-on-tuesday-may-29-2018.html | www.cnbc.com |
PRESS DIGEST- New York Times business news - May 17 | May 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Senate Democrats narrowly won a vote on Wednesday to save so-called net neutrality rules that ensure unobstructed access to the internet. nyti.ms/2KrJHre
- Mark Zuckerberg, Facebook Inc's chief executive, plans to meet with members of the European Parliament as early as next week, the latest stop in a wide-ranging apology tour over the social network's use of people's personal data. nyti.ms/2wPSFg4
- For a dynastic drama that played out over decades, with sons falling in and out of favor and an aging father unwilling to loosen his grasp, the accession on Wednesday was anticlimactic: Lachlan Murdoch, as expected, was named chief executive and chairman of his family's shrinking television conglomerate, Twenty-First Century Fox Inc . nyti.ms/2k4N4JQ
- Didi Chuxing, China's wildly popular ride-sharing service, said on Wednesday that it would overhaul its app and its safety and security practices, after reports that a passenger had been raped and killed by her driver. nyti.ms/2k3Z3ac
- Novartis's top lawyer is to retire from the company over payments made by the pharmaceutical giant to President Trump's personal lawyer Michael D. Cohen, the Swiss drug maker said on Wednesday. nyti.ms/2rU3SH1 (Compiled by Bengaluru newsroom)
| https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-17-idUSL3N1SO1XU | www.reuters.com |
EXCLUSIVE-Tesla flies in new battery production line for Gigafactory | FRANKFURT/SAN FRANCISCO, May 25 (Reuters) - Tesla Inc has flown six planes full of robots and equipment from Europe to California in an unusual, high-stakes effort to speed up battery production for its Model 3 electric sedan, people familiar with the matter told Reuters this week.
Transporting equipment for a production line by air is costly and hardly ever done in the automotive industry, and the move underscores Tesla Chief Executive Elon Musk's urgency to get a grip on manufacturing problems that have hobbled the launch of the high-volume Model 3 and pushed Tesla's finances deep into the red.
"As usual with Tesla, everything is being done in a massive hurry and money seems to be no obstacle," said one of the two sources.
Tesla on Friday declined to comment on whether it has shipped in any new production equipment from Europe.
Investors are closely watching Tesla and its high-profile, often brash CEO to see if the upstart electric vehicle maker can pull off high-volume production of the Model 3, a car with the potential to catapult the niche automaker to a mass producer and assure its financial stability.
But manufacturing missteps have led Tesla to repeatedly miss production targets for the sedan, and raised doubts about Musk's promises that the company will stop burning cash by the third quarter of this year. Tesla had free cash flow of negative $1 billion in the first quarter, and earlier this month disclosed that it could offer its Fremont, California, vehicle assembly plant as collateral for debt.
Engineers from Tesla's German engineering arm, Grohmann, are now reworking the battery production line at the Gigafactory near Reno, Nevada, in a bid to free up bottlenecks, the person said. The line will become more automated gradually over time, added the source, who was not authorized to speak for attribution.
Musk first disclosed plans for this line on a conference call with analysts in November, after complaining of problems with an original line built by a subcontractor. Musk has told investors the new battery production line will help the carmaker achieve a quantum leap in productivity. The company has noted, however, that it will still be able to reach its target of building 5,000 Model 3s per week by June without the addition of the new line.
But Tesla's lack of consistency in its factories has undercut Musk's production promises in the past.
Under time pressure to fix problems, Musk has now insisted the new production line should be a no-expenses-spared effort, the source said. That led to the decision to airlift the new production equipment to the United States from Europe, a step carmakers usually avoid by planning production equipment installations months or years ahead of a production launch.
The shipments of new equipment began arriving in Reno this week, the two sources told Reuters.
It is not clear when the new production system will be ready to start running. Robots frequently need to be recalibrated to adjust for minimal differences in the quality of raw materials they are working with or temperature and humidity differences. Steps to test the quality of materials and recalibrate robots have proven to be a bottleneck that Tesla managers had underestimated, the first source said.
Musk has repeatedly complained of "manufacturing hell" trying to ramp up the Model 3, which began production, albeit slowly, last July.
In February, Musk said the main bottleneck was still its battery module production, saying Tesla had become "a little overconfident, a little complacent" in its ability to execute.
The Gigafactory's battery production is divided into four zones, two of which have experienced problems. Responsibility for two of these zones was originally delegated to subcontractors specialised in integrating complex systems, Musk said.
"We were promised they would work, and it just didn't work," Musk said during a February conference call. A new design for an automated system for those zones was nearing completion, Musk said in November, adding that Grohmann was "working on the issue and making very rapid progress."
One of the problems, both at the Gigafactory and at Tesla's Fremont vehicle manufacturing factory, has been the interface between Tesla and the subcontractors it hires. Sources have told Reuters of communication problems and high managerial turnover, which complicate the execution of big projects.
Musk said in early May he planned to rid the company of "barnacles" contractors and subcontractors saying Tesla's reliance on them had become "out of control." (Reporting by Edward Taylor in Frankfurt and Alexandria Sage in San Francisco Editing by Joe White and Matthew Lewis) | https://www.cnbc.com/2018/05/25/reuters-america-exclusive-tesla-flies-in-new-battery-production-line-for-gigafactory.html | www.cnbc.com |
My Long Recovery From Kindergarten | For a long time I puzzled over how I managed to go from a hopeless screw-up in school to a hardworking, disciplined writer as an adult. After considering it for 50 years or so, I came to the realization that I had been a very hardworking little girl. In fact I was a workaholic, striving, in my 4-year-old way, to decipher the mysteries of the universe and the meaning of life. What was real? What was illusory?
Sometimes, in the middle of the night, it seemed as if nothing was real, that sunlight and houses and stop signs were... | https://www.wsj.com/articles/my-long-recovery-from-kindergarten-1526233481 | www.wsj.com |
Michael Cohen's business partner, Evgeny Freidman, agrees to cooperate as part of plea deal: NYT | Evgeny Freidman, a business partner of 's lawyer Michael Cohen has agreed to cooperate with prosecutors, The New York Times reported Tuesday .
That cooperation by the "Taxi King" Freidman could spell very bad news for Cohen, who is the subject of an ongoing criminal investigation by federal prosecutors in New York City.
The Times suggested that Freidman's cooperation "could be used as leverage to pressure Cohen to work with the special counsel," Robert Mueller , "examining Russian interference in the 2016 presidential election."
Freidman, 46, pleaded guilty Tuesday to evading taxes in court in Albany County. He agreed to pay restitution and judgments totaling $5 million to New York State, according to New York Attorney General Barbara Underwood.
show chapters Missing documents reportedly prompted leak of Michael Cohen's bank records 2:53 PM ET Thu, 17 May 2018 | 00:55 Freidman has managed taxi cabs for Cohen for years. At one point, Friedman was one of the largest operators of taxi medallions in New York City.
CNN reported last month that prosecutors are interested in Cohen's financial dealings with a husband and wife who own a large tax business in Chicago.
Freidman was arrested last June on charges that he and another business partner stole more than $5 million in state surcharges that are imposed on taxi rides in New York City.
But the amount of taxes he pleaded guilty to evading was much less than that, just $50,000.
Often in cases involving an agreement to cooperate with prosecutors, a defendant is allowed to plead guilty to a charge that is much less serious than the initial one lodged.
The criminal investigation of Cohen in New York, which was referred by Mueller to prosecutors there, is focused on his business dealings, as well as on a $130,000 payment he made to porn star Stormy Daniels on the eve of the 2016 presidential election.
Daniels, whose real name is Stephanie Clifford, has said the money was in exchange for her agreeing not to speak to reporters about an affair she claims to have had with Trump in 2006.
The White House has denied Trump had an affair with Daniels. But Trump did reimburse Cohen for the payment to her, according to a recent financial disclosure filing.
Cohen has not been charged by prosecutors. However, his office, home and a hotel room where he had been staying were raided last month by FBI agents.
After that raid, he and lawyers for Trump and the Trump organization have raised concerns in federal court in Manhattan that material seized in the raids that might be subject to attorney-client privilege protections might be improperly seen by the prosecutors investigating him.
Judge Kimba Wood has appointed a so-called special master to review that material to avoid privileged documents from being seen by prosecutors.
On Tuesday, Daniels' lawyer, Michael Avenatti, in a letter to Wood said he suspects that audio recordings relating to Daniels are being leaked to media outlets by Cohen or Cohen's own legal team.
Avenatti also requested that she ask Cohen's lawyers about these leaks at a hearing scheduled for Thursday.
It is not clear what audio recordings or media outlets Avenatti was talking about.
Lawyers for Cohen did not immediately return requests for comment by CNBC.
Avenatti's letter comes as Cohen's lawyers are opposing his request to be admitted to Manhattan federal court for the purpose of representing Daniels there. Because Avenatti is not currently admitted to federal court in New York, he needs a special "pro hac vice" admission for Cohen's case
In his letter to Wood, Quote: :
"We write to bring an important matter to the Court's attention. We have reason to believe that plaintiff Michael Cohen, or members of his team, have begun to leak select audio recordings to the media that were seized in the FBI raids. We further have reason to believe that these recordings may relate to our client, Ms. Stephanie Clifford. We think that these select leaks are meant to paint a false narrative relating to Mr. Cohen and his business
dealings at the same time he is not disclosing numerous other recordings of him speaking with individuals such as Mr. Trump.
We respectfully request that the Court make inquiry of Mr. Cohen's attorneys of these leaks at Thursday's hearing, including, among other things, whether Mr. Cohen's team is thesource of the leaks, what was disclosed, and the reasons for the disclosures. Such leaks would plainly call into question the seriousness of Mr. Cohen's arguments opposing my pro hac vice motion. They may also directly interfere with the privilege review being conducted by the Special Master. Further, if the materials publicly disclosed relate to our client, the disclosures would also have relevance to our motion to intervene."
WATCH: Trump discloses payment to Michael Cohen show chapters President Trump discloses payment to Michael Cohen 2:13 PM ET Wed, 16 May 2018 | 03:29 | https://www.cnbc.com/2018/05/22/michael-cohens-business-partner-evgeny-freidman-agrees-to-cooperate-as-part-of-plea-deal-nyt.html | www.cnbc.com |
Fly Leasing's Acquisition of Major Aircraft Portfolio Approved by AirAsia Shareholders | DUBLIN, May 16, 2018 /PRNewswire/ -- Fly Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced that all agreements relating to FLY's acquisition of 55 Airbus narrow-body aircraft and seven CFM engines on operating lease, and the option to purchase an additional 20 Airbus A320neo family aircraft, were approved by the shareholders of AirAsia Group Berhad ("AirAsia") at their extraordinary general meeting on May 14, 2018.
"The positive vote by AirAsia's shareholders was the final approval needed to complete the acquisition," said Colm Barrington, CEO of FLY. "The addition of these aircraft and engines will grow FLY's fleet significantly and will drive improved returns for our shareholders. We look forward to completing the transfer of the 34 aircraft and seven engines that comprise the initial part of the transaction by the end of the third quarter."
About FLY
FLY is a global aircraft leasing company with a fleet of modern, high-demand and fuel-efficient commercial jet aircraft. FLY leases its aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, a worldwide leader in aircraft lease management and financing. For more information visit www.flyleasing.com .
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for FLY's future business, operations and financial performance, including the expected benefits of the transactions described herein (the "AirAsia Transactions"). Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks, including risks relating to the satisfaction of conditions to the closing of the AirAsia Transactions; risks relating to satisfaction of conditions to the financing of the AirAsia Transactions; risks relating to FLY's ability to obtain additional required financing for the AirAsia Transactions on favorable terms, or at all; the risk that expected benefits of the AirAsia Transactions may not be fully realized or may take longer to realize than expected; the risk that business disruption resulting from the AirAsia Transactions may be greater than expected; and the risk that FLY may be unable to achieve its portfolio growth expectations, or to reap the benefits of such growth. Further information on the factors and risks that may affect FLY's business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and its reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.
Contact:
Matt Dallas
Fly Leasing Limited
+1 203-769-5916
ir@flyleasing.com
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SOURCE Fly Leasing Limited | http://www.cnbc.com/2018/05/16/pr-newswire-fly-leasings-acquisition-of-major-aircraft-portfolio-approved-by-airasia-shareholders.html | www.cnbc.com |
Senior-focused Franchisor Reports Record Earnings in First Quarter | BONITA SPRINGS, Fla., May 2, 2018 /PRNewswire/ -- Oasis Senior Advisors is showing the value of personal service. The national franchisor that helps seniors and their families find the community that's right for them announced its highest earnings yet at its annual conference in Orlando, Fla. on April 6. The Bonita Springs, Florida-based company, now in its fourth year, also reached its highest franchisee count since its inception.
In the first quarter of 2018, the privately-held entity had an increase in franchise revenue of 59% over the same period in 2017. In the last year, the company has opened 22 new franchises and is currently operating in 26 states.
"This is an important time for us, and these numbers truly show the growth potential we have in the senior living market," says Tracy Hanavin, chief operating officer of Oasis Senior Advisors. "We've come a long way in a very short period of time, and that's a reflection of the need of the seniors and families in the communities we serve. We couldn't be where we are today if helping people wasn't our main focus."
Oasis Senior Advisors connects seniors with the housing communities that best fit their needs at no cost to seniors or their families. They act as liaisons, navigating families through a housing transition that could otherwise be difficult and confusing. The advisors sort through the options, taking individual needs into account and giving careful consideration to the level of care required, the value of independence, and each family's budget.
For more information about Oasis Senior Advisors, franchise opportunities, or to connect with an advisor, visit oasissenioradvisors.com .
About Oasis Senior Advisors
Founded in 2014 by Tim Evankovich, Oasis Senior Advisors guides families and seniors, at no cost to them, through the process of selecting a senior living community that best fits their needs. The company, based in Bonita Springs, Florida, currently operates 67 franchise locations in 26 states. Their personalized and caring approach to aid seniors and their families during a transitional time in their lives has helped many achieve satisfaction, comfort and peace of mind. Through client satisfaction and its strong partnerships with many of the top-rated senior living communities in the country, Oasis Senior Advisors is positioned for continued growth. Franchise opportunities are available throughout the country. Visit oasissenioradvisors.com or call 888-455-5838 to learn more.
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Tammi Dodson
Oasis Senior Advisors
239-449-9348
194329@email4pr.com
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SOURCE Oasis Senior Advisors | http://www.cnbc.com/2018/05/02/pr-newswire-senior-focused-franchisor-reports-record-earnings-in-first-quarter.html | www.cnbc.com |
Asia markets: US-China trade, bond yields, stocks and oil on the agenda | Asian markets mostly gain as investors digest US-China trade news Asian stocks closed mostly higher on Friday. China said it would drop an anti-dumping probe into U.S. sorghum import as bilateral trade talks took place in Washington. The yield on the 10-year U.S. Treasury note held above 3.1 percent, but was below recent multiyear highs. Brent crude futures edged up after briefly trading above $80 per barrel on Thursday. Updated 2 Hours Ago CNBC.com
Asian shares mostly closed higher on Friday, shrugging off the soggy close seen on Wall Street as investors digested the latest over U.S.-China trade developments.
Japanese markets closed higher after the release of core consumer price index data, which slightly missed expectations. The Nikkei 225 added 0.4 percent, or 91.99 points, to finish at 22,930.36 and the broader Topix edged higher by 0.38 percent. The gains came as the yen extended losses against the dollar , trading at 110.85 to the greenback at 2:53 p.m. HK/SIN.
Among sectors, the Topix mining and oil subindexes led the climb higher, with insurers and automakers also rising for the most part.
Elsewhere, the Kospi tacked on 0.5 percent to end at 2,460.65 as Samsung Electronics clung to gains of 0.2 percent. Shipbuilders and steelmakers were also higher. Symbol CNBC 100 ---
Greater China markets were in positive territory. Hong Kong's Hang Seng Index advanced 0.61 percent by 3:05 p.m. HK/SIN, with mainland stock indexes also gaining. The Shanghai composite closed sharply higher, rising 1.23 percent to 3,193.05, and the Shenzhen composite added 0.33 percent.
In Australia, the S&P/ASX 200 closed down 0.11 percent at 6,087.40 as gains in the health care and energy subindexes were offset by declines in the materials and financials sectors.
Developments in the second round of U.S.-China trade talks in Washington were in focus following news that China had announced it was rolling back an anti-dumping probe into U.S. sorghum imports. Earlier, Beijing had offered a proposal to reduce its trade deficit with the U.S. by $200 billion, Reuters reported, but China's foreign ministry later said that was not true.
President Donald Trump had said on Thursday that he doubted the high-level bilateral trade negotiations would be successful.
Several markets in the region had dipped into negative territory earlier in the day amid jitters over trade friction."Market[s] ... took concerns over renewed trade tension and its potential disruption to the current equity rally seen over the last few days," analysts from OCBC Bank said in a morning note.
The overall move higher in Asia came on the back of slight declines seen stateside as investors digested news on ongoing U.S.-China negotiations and higher interest rates.
Although things could be a little more unpredictable and prone to volatility in the short-term amid trade concerns, fundamentals remained strong for Asian markets, said Sukumar Rajah, director of portfolio management at Franklin Templeton Emerging Markets Equity.
The move higher in U.S. bond yields was also in focus, with the yield on the 10-year U.S. Treasury note at 3.1 percent, after earlier touching its highest level since August 2008. Yields on the two-year and five-year Treasury notes, as well as the 30-year Treasury bond, touched multi-year highs overnight.
Of note, the Indonesian rupiah declined to a two and a half year low in the session despite the country's central bank raising interest rates on Thursday, a move that had been expected by most economists polled by Reuters. Bank Indonesia said on Friday that it was "in the market to smoothen rupiah volatility," Reuters reported.
Global benchmark Brent crude futures edged up by 0.34 percent to trade at $79.57 per barrel after rising as high as $80.50 per barrel, its highest since November 2014, in the last session. Meanwhile, U.S. crude futures added 0.25 percent to trade at $71.67.
In individual movers, Samsung Biologics rose 2.64 percent after the South Korean company said Biogen , a U.S. biotechnology firm, would exercise its call option to increase its stake in Samsung Bioepis. Biogen will exercise the option by June 29. | https://www.cnbc.com/2018/05/17/asia-markets-us-china-trade-bond-yields-stocks-and-oil-on-the-agenda.html | www.cnbc.com |
A4A Names Rebecca Spicer Senior Vice President, Communications | WASHINGTON, May 17, 2018 /PRNewswire-USNewswire/ -- Airlines for America (A4A), the trade association representing the leading U.S. airlines , today announced that Rebecca Spicer has been named Senior Vice President, Communications. Spicer brings to the association more than two decades of public affairs experience, having worked in television news, the White House communications office and association senior management.
At A4A, Spicer will be responsible for the association's communications initiatives that execute key public relations strategies, promote the industry's image and help achieve advocacy objectives.
"Rebecca brings a unique perspective to the airline industry. She has deep roots in journalism and understands how Washington works, having served at the White House and in advocacy communications," said A4A President and CEO Nicholas E. Calio. "Rebecca has a proven track record generating effective public affairs initiatives that produce results for a heavily-regulated, highly-competitive industry. Her experience will be valuable to advancing A4A's advocacy agenda and policy priorities."
"I am excited to join the A4A team, working with the member companies and telling the stories of the 700,000 men and women in the airline industry who work to get travelers and cargo to where they need to be safely. They are contributing to the economy, building businesses and connecting communities across the country and around the world," said Spicer. "It's a great story to tell, and I'm looking forward to being part of this dynamic industry."
Spicer joins A4A from the National Beer Wholesalers Association (NBWA), where she most recently served as the Senior Vice President of Communications and Public Affairs. For 12 years, she managed communications strategy for public affairs campaigns and membership engagement programs. She implemented programs that strengthened the beer distribution industry's public image and advanced policy priorities.
Prior to joining NBWA, Spicer served in the George W. Bush White House as associate director of communications, where she produced televised presidential events.
Earlier, she worked in television news for 12 years. Spicer produced the 6 p.m. newscast at WJLA in Washington, D.C., which received several awards. She also worked at television stations in Houston, Texas; New Haven, Conn.; and Birmingham, Ala.; as well as CNN in Atlanta, Ga.
She received the American Society of Association Executives' Rising Star Award, and PR Week magazine named her a "Top 40 Under 40" public relations professionals in the country.
Spicer holds degrees from the University of the South in Sewanee, Tenn., and Indiana University in Bloomington, Ind.
She serves on the Board of the National Council for Adoption and on the Advisory Council of the Salvation Army National Capital Region. She also has served on the National Advisory Council of the Harpeth Hall School in Nashville, Tenn.
Spicer and her family live in Alexandria, Va. She will join A4A in June.
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ABOUT A4A
Annually, commercial aviation helps drive $1.5 trillion in U.S. economic activity and more than 10 million U.S. jobs. U.S. airlines fly 2.3 million passengers and more than 55,000 tons of cargo each day. Airlines for America (A4A) advocates on behalf of the American airline industry as a model of safety, customer service and environmental responsibility and as the indispensable network that drives our nation's economy and global competitiveness.
A4A works collaboratively with the airlines, labor groups, Congress and the Administration to improve air travel for everyone.
For more information about the airline industry, visit our website airlines.org and our blog, A Better Flight Plan, at airlines.org/blog .
Follow us on Twitter: @airlinesdotorg .
Like us on Facebook: facebook.com/AirlinesforAmerica .
Join us on Instagram: instagram.com/AirlinesforAmerica .
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SOURCE Airlines for America | http://www.cnbc.com/2018/05/17/pr-newswire-a4a-names-rebecca-spicer-senior-vice-president-communications.html | www.cnbc.com |
UPDATE 4-Xerox appeals decision blocking Fujifilm deal as CEO returns | (Rewrites; adds source saying Xerox and Fujifilm renegotiating terms of deal; adds background)
May 4 (Reuters) - Xerox Corp on Friday appealed a New York court ruling to block its deal with Fujifilm Holdings , just hours after the company announced that its ousted CEO and directors would remain in place. Xerox said its entire board and management team would stay, as the agreement to oust them reached with dissenting shareholders Darwin Deason and Carl Icahn expired late Thursday.
Xerox's changing its mind on the settlement was "extraordinary and highly unusual," said Guhan Subramanian, a professor at Harvard's law and business schools who served as an expert witness for Xerox in the litigation.
Officially, Xerox and the activists said the agreement had expired over last-minute issues that arose in negotiations with the judge overseeing the case that made the parties unable to finalize their settlement ahead of a self-imposed deadline Thursday evening.
A source familiar with the matter said Xerox's board let the settlement expire because it came to believe it had flexibility to renegotiate a deal with Fujifilm. Xerox's board also took into account that the company's shares had fallen more than 10 percent since it announced its settlement with the activists.
The judge said in a hearing on May 3 that he was not prohibiting Xerox from exploring other transactions with Fujifilm, according to a court transcript.
In fact, Xerox has already started renegotiating its deal with Fujifilm, according to the source, who did not want to be identified because the matter is private. The companies are discussing adding $5 a share to the $2.5 billion special cash dividend of roughly $9.80 per share that Xerox shareholders would receive as part of the deal, the person said.
The two companies could also come up with a new structure all together, the person added. Fujifilm declined to comment on the negotiations on Friday, which were first reported by The Wall Street Journal.
Xerox shares closed little changed at $28.38 per share on Friday.
AMMUNITION FOR ACTIVISTS?
Xerox and Fujifilm agreed in late January to a $6.1 billion deal that would merge the U.S. printer and copier maker into Fuji Xerox, an existing joint venture between Xerox and Fujifilm. A New York court temporarily blocked the transaction last week, saying that Xerox Chief Executive Officer Jeff Jacobson was "hopelessly conflicted" and that he sought to conclude the deal even though he was advised to end negotiations.
In its appeal on Friday, Xerox disputed the court's findings that the board breached its fiduciary duties in approving the deal and said the board unanimously authorized the deal.
Meanwhile, Deason and Icahn, who own about 15 percent of the company, have vowed to keep fighting Xerox, and will nominate a slate of directors at the company's upcoming annual board meeting.
Charles Elson, professor of corporate governance at University of Delaware, said the confusing turn of events at Xerox "give the activists more ammunition" in a proxy fight.
Deason and Icahn have argued that Xerox's board acted in a self-interested fashion and failed shareholders by approving a deal that undervalues the company.
Xerox's board has also been exploring its options. Reuters previously reported that buyout firm Apollo Global Management LLC has approached Xerox to express interest in a possible acquisition.
Fujifilm, which had objected to the settlement between Xerox and the activists, said it was satisfied that Xerox had not settled with the activists this week. Fujifilm is also planning to appeal last week's court order and said in a statement on Friday that Xerox shareholders should decide for themselves the merits of any deal.
But a deal under new terms between Fujifilm and Xerox is far from certain. Fujifilm shares have been falling since the deal announcement in late January as investors have been questioning the benefits of the deal.
(Reporting by Liana B. Baker in Los Angeles and Laharee Chatterjee in Bengaluru Additional reporting by Shubham Kalia in Bengaluru and Makiko Yamazaki in Tokyo Editing by Saumyadeb Chakrabarty and Leslie Adler) | https://www.cnbc.com/2018/05/04/reuters-america-update-4-xerox-appeals-decision-blocking-fujifilm-deal-as-ceo-returns.html | www.cnbc.com |
UPDATE 3-Oil falls as OPEC, Russia look to raise output amid U.S. surge | * Saudi Arabia, Russia set to raise supplies by 1 million bpd
* U.S. output has surged by more than 27 pct in two years
* But climbing supply from top producers comes amid record demand
* Slumping Venezuela output, Iran sanctions tightened market
* Top oil producers' combined output: https://tmsnrt.rs/2xk67ZR (Updates prices)
SINGAPORE, May 28 (Reuters) - Oil prices fell on Monday, extending even steeper declines from Friday, as Saudi Arabia and Russia said they may increase supplies and as U.S. production gains show no signs of abating.
Brent crude futures were at $75.70 per barrel at 0655 GMT, down 74 cents, or 1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $66.78 a barrel, down $1.1, or 1.6 percent.
Brent and WTI have fallen by 6 percent and 8.3 percent respectively from peaks touched earlier in May.
In China, Shanghai crude oil futures tumbled by 3.8 percent to 462.3 yuan ($72.34) per barrel.
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 their lowest in more than a decade at less than $30 per barrel.
But prices have soared since the start of the cuts last year, with Brent breaking through $80 per barrel earlier in May, triggering concerns that high prices would crimp economic growth and stoke inflation.
"The pace of the recent rise in oil prices has sparked a debate among investors on whether this poses downside risks to global growth," Chetan Ahya, chief economist at U.S. bank Morgan Stanley, wrote over the weekend in a note.
To address potential supply shortfalls, Saudi Arabia, 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 ended 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 Russia's 11 million bpd.
"Oil prices are showing symptoms of a falling knife as investors are jittery on the prospect of increased production from three of the world's top producers," Singapore-based brokerage Phillip Futures said on Monday. ($1 = 6.3909 Chinese yuan renminbi)
(Reporting by Henning Gloystein; Editing by Richard Pullin and Joseph Radford) | https://www.cnbc.com/2018/05/28/reuters-america-update-3-oil-falls-as-opec-russia-look-to-raise-output-amid-u-s-surge.html | www.cnbc.com |
Trump says there's a substantial chance summit with North Korea's Kim will not work out for June | President Donald Trump said Tuesday that there's a "substantial" chance that his summit with North Korean leader Kim Jong Un "may not work out" for June.
Trump made the remark while he met with Moon Jae-in , South Korea's president, for pivotal discussions ahead of the American president's planned meeting with the North Korean dictator.
"Whether or not it happens, you'll be knowing pretty soon," Trump told reporters at the White House. He also declined to say whether he has spoken with North Korea's leader.
The summit is scheduled for June 12 in Singapore, which is widely viewed as a neutral site. Yet doubts continue to grow about whether the meeting will actually take place. Trump's remarks Tuesday were the strongest indication yet that the summit might not happen as planned.
Last week, North Korea said it would reconsider whether to hold the meeting after abruptly canceling talks with South Korea amid joint military drills with the U.S. on the Korean Peninsula.
The communist dictatorship also took issue with Trump's national security advisor, John Bolton , who suggested using a denuclearization model similar to one used with North African country Libya . The nation's dictator at the time, Moammar Gadhafi, agreed to give up nuclear weapons in exchange for relaxed U.S. sanctions. Eventually, however, the U.S. supported a violent overthrow of Gadhafi.
North Korea called any attempt to impose a Libya-style arrangement on the country "awfully sinister." Trump has said, though, that the "Libyan model isn't a model that we have at all."
show chapters Both Trump and Kim want a summit to happen: Former US ambassador 15 Hours Ago | 02:18 Trump also suggested that Kim soured on the idea of a potential summit after the North Korean leader had a second secret meeting with Chinese President Xi Jinping .
"There was a somewhat different attitude after that meeting," the U.S. president said of Kim. "I can't say that I'm happy about it."
The South Korean president on Tuesday struck a more optimistic note about the planned summit between Trump and Kim. Moon pushed back against U.S. skepticism about the meeting and said he is confident that Trump will make the summit a success.
In his remarks Tuesday, Trump did say that he believes Kim is "absolutely very serious" about denuclearization. The Trump administration has made it clear that it wants North Korea to give up its nuclear weapons program.
Trump also made some promises to the North Korean leader Tuesday.
"He will be safe, he will be happy, his country will be rich," Trump said. "Kim will be extremely happy if it works out."
The president added the meeting won't happen if certain conditions aren't met. He also said a summit could happen further down the road if it doesn't occur next month as planned.
No sitting U.S. president has met face-to-face with a North Korean leader. | https://www.cnbc.com/2018/05/22/trump-says-theres-a-substantial-chance-summit-with-north-koreas-kim-will-not-work-out-for-june.html | www.cnbc.com |
GOP midterm risk: Blankenship, others run Trump playbook | Republicans fighting to hold Congress will learn something Tuesday about their party's capacity for self-control.
In West Virginia , a critical target for preserving their Senate majority, Republican primary voters are considering a wealthy coal executive who recently completed a prison term resulting from his role in a mine explosion that killed 29 people. The executive, Don Blankenship, has smeared Senate GOP leader Mitch McConnell and his "China person" in-laws in a crude campaign he calls "Trumpier than Trump."
A Blankenship victory, which polls suggest is possible, would improve the chances that vulnerable Democratic Sen. Joe Manchin could hold his seat in November's general election. And it would signal anew, as 2018 primaries begin in earnest, that President Donald Trump has helped revive the penchant for self-inflicted wounds that limited GOP gains in Obama-era Senate campaigns.
In 2010 and 2012, the weak Senate nominees who emerged from GOP primaries in states such as Nevada , Missouri , Indiana and Delaware helped Democrats extend control of the chamber. In 2014, the GOP rallied behind McConnell's efforts to advance more electable candidates and regained the majority.
But now the rank-and-file voters who responded to Trump's gut-level appeals are considering new primary choices in a GOP under the president's control. Their decisions, in lower-profile House races as well as more conspicuous Senate contests, will shape the party's ability to resist the Democrats' national momentum this fall.
show chapters Watch these GOP candidates echo Trump to win over voters 10:46 AM ET Sat, 5 May 2018 | 01:51 Their passions have already narrowed the Republican margin for error. In Alabama's special election last November, the nomination of accused child molester Roy Moore allowed Democrat Doug Jones to win a Senate seat in one of the nation's most conservative states.
Intraparty resistance has driven two of the 51 GOP Senate incumbents, Jeff Flake of Arizona and Bob Corker of Tennessee, to not seek re-election.
In Tennessee , some polls have shown a former Democratic governor leading a Republican congresswoman. In Arizona , the candidate Senate GOP leaders prefer faces fierce primary opposition that includes a former sheriff pardoned by Trump for a crime stemming from his conflicts with Latino immigrants.
Even the most eminent Republican politicians can't avoid the primary cauldron. In Utah , the 2012 GOP presidential nominee Mitt Romney has been forced into a June primary after a state legislator captured more votes at a party convention.
Democrats face their own intraparty disputes but have proven far more successful at tempering them in the name of electoral pragmatism. Thus moderate incumbent Sen. Joe Donnelly of Indiana, who has voted with Trump more than half the time over the last 16 months, faces no Democratic opposition in Tuesday's Indiana primary.
Tom Williams | CQ Roll Call | Getty Images Sen. Joe Donnelly, D-Ind. Republicans, by contrast, have endured a bitter contest pitting wealthy business executive Mike Braun against two House members, Luke Messer and Todd Rokita. Tuesday's winner faces a challenge in uniting the GOP base against Donnelly in November.
Superior party unity has even given Democrats an outside shot of picking up a Senate seat this fall in Mississippi , another conservative Southern state that they haven't carried for president for four decades. While Democrats rally behind Mike Espy, a black former congressman and presidential Cabinet member, Republicans face a bitter contest between appointed incumbent Sen. Cindy Hyde-Smith and state legislator Chris McDaniel. The state's primary is scheduled for June 5.
McConnell has appealed to Trump for help with the GOP's problem. At his urging, the president on Monday intervened in the West Virginia primary.
"Don Blankenship, currently running for Senate, can't win the general election in your state," Trump told West Virginians on Twitter. "No way! Remember Alabama."
Donald Trump tweet
Republican leaders in Washington remember Alabama well. Trump backed appointed incumbent Luther Strange in the Senate primary, but only tepidly.
"I may have made a mistake" in not favoring Moore, Trump declared before the contest was over. Moore's subsequent defeat is the reason Democrats need to gain only two seats, not three, to turn 2018 Senate Minority Leader Chuck Schumer into the 2019 Senate majority leader. | https://www.cnbc.com/2018/05/08/gop-midterm-risk-blankenship-others-run-trump-playbook.html | www.cnbc.com |
As bitcoin plunges, mega-bull Tom Lee stands by his $25,000 target | Fundstrat's Tom Lee is standing his ground on bitcoin soaring to $25,000.
On Wednesday, the cryptocurrency plunged below $8,000 and traded at around $7,500, essentially giving up most of the gains bitcoin had managed to make from mid-April to early May after hitting 2018 lows.
But not only does Lee believe Wednesday's drop is solely due to "typical crypto volatility," as he said in an email to CNBC, he also identifies three key factors that still have him believing bitcoin will hit $25,000.
The first is the cost of producing and replicating bitcoin. When bitcoin was trading at around $8,000 on Tuesday, Lee appeared on CNBC's "Futures Now " saying the digital currency was actually "trading at cost" because the price of production was actually about that amount. Despite the plunge, Lee also wrote to CNBC that the cost of production for bitcoin on Wednesday was at around $6,000, meaning that in Lee's eyes, bitcoin is still actually worth more than its cost of production.
But among the big catalysts that will boost the crypto space, Lee is keeping an eye on institutional investors.
"I think institutional investors have gained a lot of interest, and they haven't really come into crypto yet because there is still some regulatory uncertainty," he said on CNBC's "Futures Now." "But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies."
And finally, data compiled by Fundstrat show a historical trend that has Lee encouraging investors to hold onto bitcoin.
"Historically, 10 days comprise all the performance in any single year of bitcoin's price," he said. "If you just took out those 10 days, bitcoin's down 25 percent a year."
"So as miserable as it feels holding bitcoin at $8,000, the move from $8,000 to $25,000 will happen in a handful of days," he added.
With Wednesday's drop, bitcoin is now down 41 percent this year.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
show chapters Bitcoin's falling, but Fundstrat's Tom Lee stands by bull case for cryptocurrency 23 Hours Ago | 06:31 Disclaimer | https://www.cnbc.com/2018/05/23/as-bitcoin-plunges-mega-bull-tom-lee-stands-by-his-25000-target.html | www.cnbc.com |
Fitbit sees weak tracker sales hurt second-quarter revenue | Fitbit sees weak tracker sales hurt second-quarter revenue Fitbit forecast current-quarter revenue below Wall Street estimates on Wednesday. The wearable device maker expects further sales declines for its fitness tracking devices. The company's core wearable fitness trackers business has fallen sharply as it faces bigger names with deeper pockets, such as Apple and Samsung. Published 9 Hours Ago Todd Haselton | CNBC Let's do some jumping jacks!
Wearable device maker Fitbit forecast current-quarter revenue below Wall Street estimates on Wednesday as the company expects further sales declines for its fitness tracking devices.
The company's core wearable fitness trackers business has fallen sharply as it faces bigger names with deeper pockets, such as Apple and Samsung, that are relatively new entries in the wearable market but control a large and loyal customer base in electronics.
Shares fell 5.1 percent to $5.22 in extended trading after the company missed first-quarter sales estimates, selling 2.2 million devices, compared with 2.33 million expected by analysts, according to financial data analytics firm FactSet.
"It is true that growth for trackers continues to slow as consumer preferences shift to more advanced devices and particularly in the first quarter, the decline was compounded," Chief Executive Officer James Park told Reuters in post-earnings call.
Park said Fitbit will ramp up manufacturing capacity to meet expected higher demand for smartwatches and sees revenue from that business exceeding tracker revenue in the second half.
The company, which launched Versa worldwide in April, is hoping the smartwatch would have more of a mass appeal than its Ionic device.
New products introduced in the last 12 months accounted for 34 percent of device sales, but failed to offset the drop in sales of older fitness trackers.
Fitbit said it expects current-quarter revenue to be in a range of $275 million to $295 million, below analysts' estimate of $309.9 million, according to Thomson Reuters I/B/E/S.
The company's net loss widened to $80.9 million in the first quarter ended March 31 from $60.1 million, a year earlier.
On an adjusted basis, the company reported a loss of 17 cents, smaller than estimate of 19 cents.
Revenue fell 17 percent to $247.9 million, but topped estimate of $247.3 million. Related Securities | https://www.cnbc.com/2018/05/03/fitbit-sees-weak-tracker-sales-hurt-second-quarter-revenue.html | www.cnbc.com |
Compugen Reports First Quarter 2018 Results | HOLON, Israel, May 9, 2018 /PRNewswire/ -- Compugen Ltd. (Nasdaq: CGEN), a clinical-stage cancer immunotherapy company and a leader in predictive target discovery, today reported financial results for the first quarter ended March 31, 2018.
"Key developments in the first quarter of 2018 support Compugen's position as a leader in predictive discovery of new drug targets, and as an emerging clinical-stage immuno-oncology therapeutics company," said Anat Cohen-Dayag, Ph.D., President and CEO of Compugen. "In late March, we filed an IND application for COM701, our leading first-in-class immuno-oncology therapeutic program targeting PVRIG. The FDA informed us that the IND application review can be completed once we provide additional information regarding COM701's assay method at a lower recommended starting dose. We have already initiated activities to provide the information to the Agency, and do not anticipate that this will impact our timelines and overall clinical plans."
"Preclinical data suggest that our PVRIG inhibitor may trigger an anti-tumor immune response alone and in combination with TIGIT and/or PD-1 inhibitors in many cancers. As COM701 is the first clinical antibody candidate targeting PVRIG to be available for testing dual and triple combinations with TIGIT and PD-1 inhibitors, we believe it places Compugen in a unique position and gives us a competitive edge in the immuno-oncology space."
"In the first quarter of the year, we also entered into a license agreement with MedImmune, the global biologics research and development arm of AstraZeneca. With this agreement we monetized one of our pipeline assets, in applications where we do not have existing development plans, to provide capital to support our ongoing development programs."
"In light of Bayer's announcement that they plan to begin first-in-human trials for their ILDR2 antibody, we expect that two first-in-class immuno-oncology programs based on our discoveries will be in the clinic in 2018. Advancing a program from computer prediction to IND filing is a tremendous achievement, and we are excited about the potential for these programs to provide meaningful benefit to cancer patients in need," concluded Dr. Cohen-Dayag.
Recent highlights:
Submitted IND application for COM701, a novel first-in-class therapeutic antibody targeting PVRIG. Bayer presented preclinical data on BAY 1905254, its therapeutic antibody targeting ILDR2, at the annual meeting of the American Association of Cancer Research held in April 2018 and announced its plans to advance the program to clinical trial in 2018. Entered into a license agreement with MedImmune, the global biologics research and development arm of AstraZeneca, to enable the development of bi-specific and multi-specific immuno-oncology antibody products based on one of Compugen's pipeline programs.
Financial Results
Revenues for the first quarter of 2018 were $10 million, compared with $0 in the comparable period of 2017. The revenues for the quarter reflect the upfront payment of $10 million from the license agreement with MedImmune.
R&D expenses for the first quarter ended March 31, 2018, were $7.1 million, compared with $6.7 million for the comparable period in 2017. The increase in R&D expenses continues to reflect preclinical development activities, including those supporting the IND filing for COM701, as well as expenses associated with clinical-related activities in preparation for the Phase 1 trial expected to begin later in 2018.
Net income for the first quarter of 2018 was $0.1 million, or $0 per diluted share, compared with a net loss of $8.7 million, or $0.17 per diluted share, in the comparable period of 2017.
As of March 31, 2018, cash, cash related accounts, short-term and long-term bank deposits totaled $20.5 million, not including the $10 million payment from MedImmune received after the quarter end, compared with $30.4 million at December 31, 2017. The Company has no debt.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its first quarter 2018 results today, May 9, 2018, at 10:00 a.m. ET. To access the live conference call by telephone, please dial 1-888-407-2553 from the U.S., or +972-3-918-0610 internationally. The conference call will also be available via live webcast through Compugen's website, located at the following link . Following the live audio webcast, a replay will be available on the Company's website ( www.cgen.com ).
(Tables to follow)
About Compugen
Compugen is a clinical-stage therapeutic discovery and development company utilizing its broadly applicable predictive discovery infrastructure to identify novel drug targets and develop first-in-class therapeutics in the field of cancer immunotherapy. The Company's therapeutic pipeline consists of immuno-oncology programs against novel drug targets it has discovered, including T cell immune checkpoints and myeloid target programs. Compugen's business model is to selectively enter into collaborations for its novel targets and related drug product candidates at various stages of research and development. The Company is headquartered in Israel with R&D facilities in both Israel and South San Francisco, CA. Compugen's ordinary shares are listed on Nasdaq and the Tel Aviv Stock Exchange under the ticker symbol CGEN. For additional information, please visit Compugen's corporate website at www.cgen.com .
Forward-Looking Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terminology such as "will," "may," "expects," "anticipates," "believes," "potential," "plan," "goal," "estimate," "likely," "should," "confident," and "intends," and describe opinions about possible future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Compugen to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Among these risks: Compugen's business model is substantially dependent on entering into collaboration agreements with third parties and Compugen may not be successful in generating adequate revenues or commercializing aspects of its business model. Moreover, the development and commercialization of therapeutic candidates involve many inherent risks, including failure or delay to progress to clinical trials or, if they progress to or enter clinical trials, failure to receive regulatory approval. These and other factors, including the ability to finance the Company, are more fully discussed in the "Risk Factors" section of Compugen's most recent Annual Report on Form 20-F as filed with the Securities and Exchange Commission (SEC) as well as other documents that may be subsequently filed by Compugen from time to time with the SEC. In addition, any forward-looking statements represent Compugen's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Compugen does not assume any obligation to update any forward-looking statements unless required by law.
COMPUGEN LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except for share and per-share amounts)
Three Months Ended
March 31,
2018
2017
Unaudited
Unaudited
Revenues
10,000
-
Cost of revenues
350
-
Gross profit
9,650
-
Operating expenses
Research and development expenses, net
7,068
6,730
Marketing and business development expenses
378
326
General and administrative expenses
2,089
1,727
Total operating expenses
9,535
8,783
Operating income (loss)
115
(8,783)
Financing and other income (expenses), net
(11)
76
Net income (loss)
104
(8,707)
Basic and diluted net income (loss) per ordinary share
0.00
(0.17)
Weighted average number of ordinary shares
used in computing basic net income (loss) per share
51,782,470
51,131,534
Weighted average number of ordinary shares
used in computing diluted net income (loss) per share
51,975,785
51,131,534
COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(U.S. dollars, in thousands)
March 31,
December 31,
2018
2017
Unaudited
Audited
ASSETS
Current assets
Cash, cash equivalents, short-term bank deposits
and restricted cash
20,531
30,438
Trade Receivable
10,000
Other accounts receivable and prepaid expenses
1,451
741
Total current assets
31,982
31,179
Non-current assets
Long-term prepaid expenses
109
110
Severance pay fund
2,703
2,810
Property and equipment, net
4,274
4,647
Total non-current assets
7,086
7,567
Total assets
39,068
38,746
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Other account payables, accrued expenses
and trade payables
5,508
6,194
Total current liabilities
5,508
6,194
Non-current liabilities
Accrued severance pay
3,155
3,255
Total non-current liabilities
3,155
3,255
Total shareholders' equity
30,405
29,297
Total liabilities and shareholders' equity
39,068
38,746
Company contact:
Elana Holzman
Director, Investor Relations and Corporate Communications
Compugen Ltd.
Email: elanah@cgen.com
Tel: +972 (3) 765-8124
Investor Relations contact:
Burns McClellan, Inc.
Jill Steier
Email: jsteier@burnsmc.com
Tel: 212-213-0006
View original content: http://www.prnewswire.com/news-releases/compugen-reports-first-quarter-2018-results-300645304.html
SOURCE Compugen Ltd. | http://www.cnbc.com/2018/05/09/pr-newswire-compugen-reports-first-quarter-2018-results.html | www.cnbc.com |
UPDATE 3-Uber shuts Arizona self-driving program two months after fatal crash | (Adds comments from Pittsburgh, Sacramento, paragraphs 14-18)
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 and will focus on limited testing in Pittsburgh, Pennsylvania, and two cities in California, a spokeswoman said.
The ride-hailing company aims to resume self-driving operations this summer, likely with smaller routes and fewer cars, she said.
"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. 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, and in Pittsburgh.
Uber has said it considers self-driving technology important to the future of its ride services, although it is not clear how it fits into the plans of new Chief Executive Dara Khosrowshahi. He has revamped the company structure and cut certain expenses as Uber prepares for an initial public offering next year.
Uber 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.
Arizona Governor Doug Ducey suspended Uber's self-driving testing - a little more than a year after giving the company a warm reception and poking 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 company spokeswoman said.
Pittsburgh was Uber's first city for autonomous car testing, starting in 2016. However, Pittsburgh Mayor William Peduto said in a statement Wednesday that Uber had not told him its plans to resume testing.
"I made it clear to Uber officials after the Arizona crash that a full federal investigation had to be completed, with strong rules for keeping streets safe, before I would agree with the company to begin testing on Pittsburgh streets again," Peduto said.
The Uber spokeswoman said the company was in discussions with California regulators, the governor and city officials to operate in San Francisco and Sacramento, although it does not have a timeline.
"Sacramento stands as a willing partner," said Louis Stewart, the city's chief innovation officer.
Sacramento has held conversations with many autonomous vehicle developers, and is not deterred by Uber's crash in Arizona. The city wants to work with Uber to make sure its technology is safe, but sees no need "to jump right in and regulate even more how these cars operate," Stewart said.
Uber 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. The company 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. Uber moved its cars to Arizona. (Reporting by Heather Somerville; additional reporting by David Schwartz in Phoenix and Jim Finkle in Toronto; Editing by Tom Brown and Grant McCool) | https://www.cnbc.com/2018/05/23/reuters-america-update-3-uber-shuts-arizona-self-driving-program-two-months-after-fatal-crash.html | www.cnbc.com |
Whirlpool Corporation Announces Final Results Of Modified Dutch Auction Tender Offer | BENTON HARBOR, Mich., May 30, 2018 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) ("Whirlpool") today announced the final results of its "modified Dutch Auction" tender offer, which expired one minute after 11:59 p.m., New York City time, on May 23, 2018.
Whirlpool has accepted for purchase 6,269,591 shares of its common stock, $1.00 par value per share, at a price of $159.50 per share, for an aggregate cost of approximately $1 billion, excluding fees and expenses relating to the tender offer. These shares represent approximately 8.8 percent of the shares outstanding. The tender offer was oversubscribed and pursuant to the terms of the tender offer, shares will be accepted on a pro rata basis. Whirlpool has been informed by Computershare Trust Company, N.A., the depositary for the tender offer, that the proration factor for the tender offer is approximately 87 percent.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as dealer managers for the tender offer. Stockholders who have questions or would like additional information about the tender offer may contact the information agent for the tender offer, D.F. King & Co., Inc., toll-free at (800) 269-5550.
About Whirlpool
Whirlpool Corporation (NYSE: WHR) is the world's leading major home appliance company, with approximately $21 billion in annual sales, 92,000 employees and 70 manufacturing and technology research centers in 2017. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country throughout the world. Additional information about the company can be found at www.whirlpoolcorp.com , or find us on Twitter at @WhirlpoolCorp.
Whirlpool Corporation Additional Information
This document contains forward-looking statements about Whirlpool that speak only as of the date of the communication. Whirlpool disclaims any obligation to update these statements except as required by law. Forward-looking statements in this document may include, but are not limited to, statements regarding tender offer results, pricing and timing. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Additional information concerning these and other factors can be found in Whirlpool's filings with the U.S. Securities and Exchange Commission, including the most recent annual report on Form 10-K (including the information set forth under the caption "Risk Factors"), quarterly reports on Form 10-Q, and current reports on Form 8-K.
Website Disclosure
We routinely post important information for investors on our website, www.whirlpoolcorp.com , in the "Investors" section. We intend to use this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.
View original content with multimedia: http://www.prnewswire.com/news-releases/whirlpool-corporation-announces-final-results-of-modified-dutch-auction-tender-offer-300656162.html
SOURCE Whirlpool Corporation | http://www.cnbc.com/2018/05/30/pr-newswire-whirlpool-corporation-announces-final-results-of-modified-dutch-auction-tender-offer.html | www.cnbc.com |
UPDATE 1-TPG puts British discount retailer Poundworld up for sale - source | May 12, 2018 / 11:13 AM / Updated 6 hours ago TPG puts British discount retailer Poundworld up for sale: source Reuters Staff 2 Min Read
LONDON (Reuters) - Private equity group TPG has put British discount chain Poundworld up for sale after receiving expressions of interest, prompting it to put a planned restructuring of the group on hold, a person familiar with the matter said on Saturday.
Poundworld had been due to launch a restructuring to enable it to close some stores as it battles a tough retail environment, but the source said that process had now been put on hold while TPG considers possible bids.
Poundworld says it serves over 2 million customers a week through its more than 350 stores around the country. TPG bought a majority stake in 2015 in Poundworld, which competes with rival group Poundland and other discount groups.
The person familiar with the situation said information on Poundworld had been sent to a variety of potential buyers and there were early signs of interest. It expects the process to be managed over a short timeframe to allow any new buyer to continue the restructuring if required.
Poundworld is not the only retailer to be struggling in Britain at the moment where consumers are strapped for cash and increasingly shopping online.
Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have collapsed, while fashion retailer New Look is closing stores.
The possible Poundworld sale was first reported by Sky News. TPG and Poundworld declined to comment on Saturday. Reporting by Kate Holton; Editing by Alexander Smith and Ros Russell | https://www.reuters.com/article/us-poundland-m-a-tpg/tpg-puts-british-discount-retailer-poundworld-up-for-sale-idUSKCN1ID0CK | www.reuters.com |
PRESS DIGEST-New York Times business news - May 9 | May 9, 2018 / 4:56 AM / Updated 6 minutes ago PRESS DIGEST-New York Times business news - May 9 Reuters Staff 2 Min Read
May 9 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Facebook Inc overhauled its structure into three new divisions and shuffled the leadership of its key products, in one of its biggest reorganizations. nyti.ms/2K5S63s
- A sweeping investigation into workplace behavior at Nike Inc has resulted in the departures of five more top-level executives, raising to 11 the number of senior managers to leave the company as it continues to overhaul its upper ranks amid widespread allegations of harassment and discrimination against female employees. nyti.ms/2wvDGIi
- James Murdoch, the chief executive of Twenty-First Century Fox Inc, will not make the move to Walt Disney Co and intends to start his own company, perhaps to invest in digital media businesses. nyti.ms/2Ip57Z0
- A federal judge on Tuesday ordered the rapper and entrepreneur Jay-Z to testify as part of a securities investigation into a company that paid him more than $200 million in 2007 for assets including some related to the Rocawear brand. nyti.ms/2rwb8s3 (Compiled by Bengaluru newsroom) | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-9-idUSL3N1SG2AS | www.reuters.com |
Macerich Announces Quarterly Results | SANTA MONICA, Calif., May 2, 2018 /PRNewswire/ -- The Macerich Company (NYSE Symbol: MAC) today announced results of operations for the quarter ended March 31, 2018, which included net loss attributable to the Company of $33.6 million or $.24 per share-diluted for the quarter ended March 31, 2018 compared to net income attributable to the Company for the quarter ended March 31, 2017 of $69.2 million or $.48 per share-diluted. For the first quarter, 2018, funds from operations ("FFO") diluted was $123.5 million or $.82 per share-diluted compared to $133.6 million or $.87 per share-diluted for the quarter ended March 31, 2017. A description and reconciliation of EPS per share-diluted to FFO per share-diluted is included in the financial tables accompanying this press release.
Results and Highlights
Mall tenant annual sales per square foot for the portfolio increased by 7.4% to $686 for the year ended March 31, 2018 compared to $639 for the year ended March 31, 2017. The re-leasing spreads for the year ended March 31, 2018 were up 14.7%. Mall portfolio occupancy was 94.0% at March 31, 2018 compared to 94.3% at March 31, 2017. Average rent per square foot increased to $58.44, up 3.8% from $56.31 at March 31, 2017.
"During the quarter our portfolio continued to perform well. We achieved solid re-leasing spreads with good leasing volume and strong tenant sales growth" said the Company's chairman and chief executive officer, Arthur Coppola. "We remain excited about the leasing opportunities we see as the synergies between digitally native retailers on line sales and their appetite for great real estate become more clear as is evidenced by their appetite for off line stores."
Financing Activity:
The Company closed on a $450 million, 12-year fixed rate loan on the recently expanded and renovated Broadway Plaza. The interest rate is 4.18%. The Company has less than $10 million of loan maturities for the balance of 2018.
Joint Ventures:
On March 1, 2018 the Company formed a joint venture with Hudson Pacific Properties (HPP) to work together to transform Westside Pavilion into creative office space. The mall will be contributed to the partnership at a value of $190 million. Macerich will own 25% and HPP will own 75%. Total project costs, including the contributed mall at $190 million, are expected to be in the range of $425 million to $475 million.
Non-Core Asset Sales:
The Company is continuing its strategy of selling non-core assets and recycling the capital into its higher quality assets. During the quarter the Company and its joint venture partner sold a portion of an office building that is adjacent to Fashion District of Philadelphia for $42 million. In addition two non-core retail assets are currently under contract. Since 2013, the Company has sold 21 non-core retail centers for a total of $1.8 billion in proceeds.
2018 Earnings Guidance:
Management is re-affirming its previously issued FFO per share guidance for 2018. A reconciliation of estimated EPS to FFO per share-diluted follows:
2018 range
Diluted EPS
$ .49 - $ .59
Plus: real estate depreciation and amortization
3.15 - 3.15
Plus: financing expense due to accounting rule change ASC606
.04 - .04
Plus: loss on sale or write-down of depreciable assets
.24 - .24
Diluted FFO per share
$3.92 - $4.02
As anticipated same center net operating income growth in the first quarter was modest, however, the Company continues to be comfortable with the original full year assumption on same center net operating income growth of 2.0% to 2.5%. More details of the guidance assumptions are included in the Company's Form 8-K supplemental financial information.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago, and the New York Metro area to Washington DC corridor. A recognized leader in sustainability, Macerich has earned NAREIT's prestigious "Leader in the Light" award every year from 2014-2017. For the third straight year in 2017 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments. Additional information about Macerich can be obtained from the Company's website at www.macerich.com .
Investor Conference Call
The Company will provide an online Web simulcast and rebroadcast of its quarterly earnings conference call. The call will be available on The Macerich Company's website at www.macerich.com (Investors Section). The call begins May 3, 2018 at 11:00 AM Pacific Time. To listen to the call, please go to the website at least 15 minutes prior to the call in order to register and download audio software if needed. An online replay at www.macerich.com (Investors Section) will be available for one year after the call.
The Company will publish a supplemental financial information package which will be available at www.macerich.com in the Investors Section. It will also be furnished to the SEC as part of a Current Report on Form 8-K.
Note: This release contains statements that constitute which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cautioned that any such are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to vary materially from those anticipated, expected or projected. Such factors include, among others, general industry, as well as national, regional and local economic and business conditions, which will, among other things, affect demand for retail space or retail goods, availability and creditworthiness of current and prospective tenants, anchor or tenant bankruptcies, closures, mergers or consolidations, lease rates, terms and payments, interest rate fluctuations, availability, terms and cost of financing and operating expenses; adverse changes in the real estate markets including, among other things, competition from other companies, retail formats and technology, risks of real estate development and redevelopment, acquisitions and dispositions; the liquidity of real estate investments, governmental actions and initiatives (including legislative and regulatory changes); environmental and safety requirements; and terrorist activities or other acts of violence which could adversely affect all of the above factors. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2017, for a discussion of such risks and uncertainties, which discussion is incorporated herein by reference. The Company does not intend, and undertakes no obligation, to update any forward-looking information to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events unless required by law to do so.
(See attached tables)
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Results of Operations:
For the Three Months
Ended March 31,
Unaudited
2018
2017
Revenues:
Minimum rents
$142,407
$145,555
Percentage rents
1,884
1,918
Tenant recoveries
68,092
72,412
Other income
13,809
15,264
Management Companies' revenues
10,542
11,896
Total revenues
236,734
247,045
Expenses:
Shopping center and operating expenses
74,510
75,897
Management Companies' operating expenses
38,323
28,517
REIT general and administrative expenses
8,019
8,463
Depreciation and amortization
79,937
83,073
Interest expense (a)
52,635
41,301
Total expenses
253,424
237,251
Equity in income of unconsolidated joint ventures
16,872
15,843
Co-venture expense (a)
-
(3,877)
Income tax benefit
2,949
3,484
(Loss) gain on sale or write down of assets, net
(37,512)
49,565
Net (loss) income
(34,381)
74,809
Less net (loss) income attributable to noncontrolling interests
(808)
5,566
Net (loss) income attributable to the Company
($33,573)
$69,243
Weighted average number of shares outstanding - basic
141,024
143,596
Weighted average shares outstanding, assuming full conversion of OP Units (b)
151,316
154,187
Weighted average shares outstanding - Funds From Operations ("FFO") - diluted (b)
151,342
154,246
Earnings per share ("EPS") - basic
($0.24)
$0.48
EPS - diluted
($0.24)
$0.48
Dividend declared per share
$0.74
$0.71
FFO - basic (b) (c)
$123,513
$133,603
FFO - diluted (b) (c)
$123,513
$133,603
FFO per share - basic (b) (c)
$0.82
$0.87
FFO per share - diluted (b) (c)
$0.82
$0.87
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(a)
On January 1, 2018, in accordance with the adoption of ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), the Company changed its accounting for its investment in the Chandler Fashion Center and Freehold Raceway Mall ("Chandler Freehold") joint venture from a co-venture arrangement to a financing arrangement. As a result, the Company has included in interest expense for the three months ended March 31, 2018 (i) a charge of $4,382 to adjust the fair value of the financing arrangement obligation during the period, (ii) distributions of $2,002 to its partner representing the partner's share of net income and (iii) distributions of $1,638 to its partner in excess of the partner's share of net income.
(b)
The Macerich Partnership, L.P. (the "Operating Partnership" or the "OP") has operating partnership units ("OP units"). OP units can be converted into shares of Company common stock. Conversion of the OP units not owned by the Company has been assumed for purposes of calculating FFO per share and the weighted average number of shares outstanding. The computation of average shares for FFO - diluted includes the effect of share and unit-based compensation plans, stock warrants and convertible senior notes using the treasury stock method. It also assumes conversion of MACWH, LP preferred and common units to the extent they are dilutive to the calculation.
(c)
The Company uses FFO in addition to net income to report its operating and financial results and considers FFO and FFO-diluted as supplemental measures for the real estate industry and a supplement to Generally Accepted Accounting Principles ("GAAP") measures. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from extraordinary items and sales of depreciated operating properties, plus real estate related depreciation and amortization, impairment write-downs of real estate and write-downs of investments in an affiliate where the write-downs have been driven by a decrease in the value of real estate held by the affiliate and after adjustments for unconsolidated joint ventures. As a result of changes in accounting standards effective January 1, 2018 (ASC 606), the Company began treating its joint venture in Chandler Freehold as a financing arrangement for accounting purposes. In connection with this treatment, the Company recognizes financing expense on (i) the changes in fair value of the financing arrangement, (ii) any payments to such joint venture partner equal to their pro rata share of net income and (iii) any payments to such joint venture partner less than or in excess of their pro rata share of net income. The Company excludes from its definition of FFO the noted expenses related to the changes in fair value and for the payments to such joint venture partner less than or in excess of their pro rata share of net income. Although the NAREIT definition of FFO predates this guidance for accounting for financing arrangements, the Company believes that excluding the noted expenses resulting from the financing arrangement is consistent with the key objective of FFO as a performance measure and it allows the Company's currrent FFO to be comparable with the Company's FFO from prior quarters. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis.
FFO and FFO on a diluted basis are useful to investors in comparing operating and financial results between periods. This is especially true since FFO excludes real estate depreciation and amortization, as the Company believes real estate values fluctuate based on market conditions rather than depreciating in value ratably on a straight-line basis over time. The Company believes that such a presentation also provides investors with a more meaningful measure of its operating results in comparison to the operating results of other real estate investement trusts ("REITs"). The Company believes that FFO on a diluted basis is a measure investors find most useful in measuring the dilutive impact of outstanding convertible securities.
The Company further believes that FFO does not represent cash flow from operations as defined by GAAP, should not be considered as an alternative to net income (loss) as defined by GAAP, and is not indicative of cash available to fund all cash flow needs. The Company also cautions that FFO as presented, may not be comparable to similarly titled measures reported by other REITs.
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted (c):
For the Three Months
Ended March 31,
Unaudited
2018
2017
Net (loss) income attributable to the Company
($33,573)
$69,243
Adjustments to reconcile net (loss) income attributable to the Company to FFO attributable to common stockholders and unit holders - basic and diluted:
Noncontrolling interests in the OP
(2,450)
5,108
Loss (gain) on sale or write down of consolidated assets, net
37,512
(49,565)
Add: gain on undepreciated asset sales from consolidated assets
807
-
Loss on write-down of consolidated non-real estate assets
-
(10,138)
Noncontrolling interests share of gain on sale or write-down of consolidated joint ventures
590
-
Loss (gain) on sale or write down of assets from unconsolidated joint ventures (pro rata), net
157
(2,269)
Add: (loss) gain on sales or write down of undepreciated assets from unconsolidated joint ventures (pro rata), net
(2,085)
660
Depreciation and amortization on consolidated assets
79,937
83,073
Less depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures
(3,641)
(3,893)
Depreciation and amortization on unconsolidated joint ventures (pro rata)
43,584
44,765
Less: depreciation on personal property
(3,345)
(3,381)
Financing expense in connection with the adoption of ASC 606 (Chandler Freehold)
6,020
-
FFO attributable to common stockholders and unit holders - basic and diluted
$ 123,513
$ 133,603
Reconciliation of EPS to FFO per diluted share (c):
For the Three Months
Ended March 31,
Unaudited
2018
2017
EPS - diluted
($0.24)
$0.48
Per share impact of depreciation and amortization of real estate
0.77
0.78
Per share impact of loss (gain) on sale or write down of assets, net
0.25
(0.39)
Per share impact of financing expense in connection with the adoption of ASC 606 (Chandler Freehold)
0.04
-
FFO per share - diluted
$0.82
$0.87
THE MACERICH COMPANY
FINANCIAL HIGHLIGHTS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Reconciliation of Net (loss) income attributable to the Company to Adjusted EBITDA:
For the Three Months
Ended March 31,
Unaudited
2018
2017
Net (loss) income attributable to the Company
($33,573)
$69,243
Interest expense - consolidated assets
52,635
41,301
Interest expense - unconsolidated joint ventures (pro rata)
25,433
25,306
Depreciation and amortization - consolidated assets
79,937
83,073
Depreciation and amortization - unconsolidated joint ventures (pro rata)
43,584
44,765
Noncontrolling interests in the OP
(2,450)
5,108
Less: Interest expense and depreciation and amortization allocable to noncontrolling interests in consolidated joint ventures
(8,781)
(6,212)
(Gain) loss on sale or write down of assets, net - consolidated assets
37,512
(49,565)
Loss (gain) on sale or write down of assets, net - unconsolidated joint ventures (pro rata)
157
(2,269)
Add: Noncontrolling interests share of gain on sale or write down of consolidated joint ventures, net
590
-
Income tax benefit
(2,949)
(3,484)
Distributions on preferred units
99
96
Adjusted EBITDA (d)
$192,194
$207,362
Reconciliation of Adjusted EBITDA to Net Operating Income ("NOI") and to NOI - Same Centers:
For the Three Months
Ended March 31,
Unaudited
2018
2017
Adjusted EBITDA (d)
$192,194
$207,362
REIT general and administrative expenses
8,019
8,463
Management Companies' revenues
(10,542)
(11,896)
Management Companies' operating expenses
38,323
28,517
Straight-line and above/below market adjustments
(8,172)
(7,414)
NOI - All Centers
219,822
225,032
NOI of non-Same Centers
(7,283)
(12,646)
NOI - Same Centers (e)
$212,539
$212,386
(d)
Adjusted EBITDA represents earnings before interest, income taxes, depreciation, amortization, noncontrolling interests in the OP, extraordinary items, loss (gain) on remeasurement, sale or write down of assets, loss (gain) on extinguishment of debt and preferred dividends and includes joint ventures at their pro rata share. Management considers Adjusted EBITDA to be an appropriate supplemental measure to net income because it helps investors understand the ability of the Company to incur and service debt and make capital expenditures. The Company believes that Adjusted EBITDA should not be construed as an alternative to operating income as an indicator of the Company's operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) or as a measure of liquidity. The Company also cautions that Adjusted EBITDA, as presented, may not be comparable to similarly titled measurements reported by other companies.
(e)
The Company presents Same Center NOI because the Company believes it is useful for investors to evaluate the operating performance of comparable centers. Same Center NOI is calculated using total Adjusted EBITDA and eliminating the impact of the management companies' revenues and operating expenses, the Company's general and administrative expenses and the straight-line and above/below market adjustments to minimum rents and subtracting out NOI from non-Same Centers.
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SOURCE The Macerich Company | http://www.cnbc.com/2018/05/02/pr-newswire-macerich-announces-quarterly-results.html | www.cnbc.com |
CANADA STOCKS-Energy stocks boost TSX as oil tops $80 | May 17 - Canada's main stock index rose on Thursday, gaining for the 10th straight session, led by the energy sector as oil prices hit $80 a barrel for the first time since November 2014.
* At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 35.65 points, or 0.22 percent, at 16,143.71.
* Brent crude prices hit a high of $80.18 per barrel on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.
* Eight of the index's 11 major sectors were higher, led by the energy sector, which climbed 1.3 percent.
* The biggest boost to the sector was Canadian Natural Resources, which rose 2.5 percent.
* Enbridge gained 0.9 percent after the pipeline operator said it would bring its independent units and liquids and gas pipeline assets under a single listed entity.
* The industrials sector gained 0.4 percent, while the heavyweight financials sector slipped 0.1 percent.
* Uncertainty about NAFTA renegotiations is one of the reasons the Bank of Canada has kept interest rates low, because concern about U.S. trade policy is dragging down business investment, Deputy Governor Lawrence Schembri said on Wednesday.
* The Canadian dollar retreated from near one-week high against the greenback as oil prices rose and investors weighed prospects of a deadline passing to reach a NAFTA trade pact deal.
* On the TSX, 169 issues were higher, while 59 issues declined for a 2.86-to-1 ratio favoring gainers, with 8.18 million shares traded.
* The largest percentage gainer was ATS Automation Tooling Systems, which jumped 11.9 percent after reporting fourth-quarter results.
The two biggest decliners on the TSX were cannabis firms Aurora Cannabis and Canopy Growth Co, which fell 2.6 percent and 1.6 percent, respectively.
* The most heavily traded shares by volume were Aurora Cannabis; Enbridge Income Fund, up 5.4 percent and Just Energy Group, down 6.1 percent.
* The TSX posted eight new 52-week highs and two new lows.
* Across all Canadian issues there were 25 new 52-week highs and 15 new lows, with total volume of 15.12 million shares.
* An ADP report showed Canada added 30,200 jobs in April, while Statistics Canada said foreign investment in Canadian securities rose in March as investors bought money market instruments, even as they cut their bond holdings for a fourth consecutive month. (Reporting by Shreyashi Sanyal in Bengaluru) | https://www.cnbc.com/2018/05/17/reuters-america-canada-stocks-energy-stocks-boost-tsx-as-oil-tops-80.html | www.cnbc.com |
CORRECTED-Network gear maker Juniper's revenue falls 11.4 pct | May 1, 2018 / 8:24 PM / Updated 13 minutes ago CORRECTED-Network gear maker Juniper's revenue falls 11.4 pct Reuters Staff 1 Min Read
(Corrects headline to revenue from profit)
May 1 (Reuters) - Juniper Networks Inc reported an 11.4 percent drop in quarterly revenue on Tuesday as the network gear maker grapples with deployment delays by its large cloud-computing customers.
Net income for the first quarter ended March 31 also fell to $34.4 million, or 10 cents per share, from $108.8 million, or 28 cents per share, a year earlier.
Total revenue fell to $1.08 billion from $1.22 billion.
The company had in January warned of a hit from the delayed deployments and forecast adjusted earnings of around 25 cents per share and revenue of around $1.05 billion for the first quarter. ( reut.rs/2FxCcwm ) (Reporting by Muvija M in Bengaluru; editing by Patrick Graham) | https://www.reuters.com/article/juniper-networks-results/network-gear-maker-junipers-profit-falls-11-4-pct-idUSL3N1S83S5 | www.reuters.com |
GDPR will be a costly hassle, says Dutch special envoy | 17 Hours Ago | 02:42
Complying with European data privacy laws that come into effect next week might be a costly hassle for companies in the short-term but that would mean they would be seen as more trustworthy, according to Prince Constantijn van Oranje of the Netherlands .
To comply with the rules, companies will have to assess how they're storing and using user data, Prince Constantijn told CNBC's " The Rundown " on Thursday.
"Of course it's a hassle," he said. "And it'll come at a certain cost. But once you got your data infrastructure well set up, it really is something you can deal with."
In fact, he said: "It might be a competitive advantage because the companies will probably be more trustworthy. On the other hand, they'll have higher compliance cost."
The General Data Protection Regulation (GDPR) will come into force on May 25. It will require businesses to be more upfront about the information they hold on people. Users would be able to ask companies for the information they hold on them, and firms will have to provide those for free. Users will also have more control over how their data is used by companies. Netherlands wants to be a gateway to Europe
Prince Constantijn explained that the Netherlands, which is positioning itself as a center for innovation, has many advantages that could attract potential companies and investors looking to expand into Europe.
Those include good tax rules, an open economy and availability of talent and capital.
The prince is also a special envoy to a Dutch accelerator called StartupDelta, which was created to promote start-ups in the Netherlands, connect them to investors, and provide them with access to capital, talent and technology.
StartupDelta plans to help Dutch start-ups move abroad into newer markets like Southeast Asia, he said.
"Singapore is a very good place to start your journey," he said, referring to the city-state as a gateway to the broader Southeast Asian region.
"So we're looking really at seeing how we can establish ourselves here, supporting companies that are going out here," he added. | https://www.cnbc.com/2018/05/17/gdpr-will-be-a-costly-hassle-says-dutch-special-envoy.html | www.cnbc.com |
21Vianet Group, Inc. to Announce First Quarter 2018 Financial Results | BEIJING, May 02, 2018 (GLOBE NEWSWIRE) -- 21Vianet Group, Inc. (Nasdaq:VNET) ("21Vianet" or the "Company"), a leading carrier-neutral Internet data center services provider in China, today announced that it plans to release its first quarter 2018 financial results on Thursday, May 17, 2018 after market close. The Company will hold a conference call at 8:00 pm on Thursday, May 17, 2018 U.S. Eastern Time, or 8:00 am on Friday, May 18, 2018 Beijing Time, to discuss the financial results.
Participants may access the call by dialing the following numbers:
United States Toll Free: +1-855-500-8701 International: +65-6713-5440 China Domestic: 400-120-0654 Hong Kong: +852-3018-6776 Conference ID: 9383759 The replay will be accessible through March 25, 2018 by dialing the following numbers:
United States Toll Free: +1-855-452-5696 International: +61-2-9003-4211 Conference ID: 9383759 A live and archived webcast of the conference call will be available through the Company's investor relation website at http://ir.21vianet.com .
About 21Vianet
21Vianet Group, Inc. is a leading carrier-neutral Internet data center services provider in China. 21Vianet provides hosting and related services, cloud services, and business VPN services, improving the reliability, security and speed of its customers' Internet infrastructure. Customers may locate their servers and networking equipment in 21Vianet's data centers and connect to China's Internet backbone through 21Vianet's extensive fiber optic network. 21Vianet operates in more than 30 cities throughout China, servicing a diversified and loyal base of nearly 5,000 hosting and related enterprise customers that span numerous industries ranging from Internet companies to government entities and blue-chip enterprises to small- to mid-sized enterprises.
Investor Relations Contacts:
21Vianet Group, Inc.
Julia Jiang
+86 10 8456 2121
IR@21Vianet.com
ICR, Inc.
Jack Wang
+1 (646) 405-4922
IR@21Vianet.com
Source:21Vianet Group, Inc. | http://www.cnbc.com/2018/05/02/globe-newswire-21vianet-group-inc-to-announce-first-quarter-2018-financial-results.html | www.cnbc.com |
Forex: Dollar in focus as US bond yields support | The U.S. dollar rallied against a basket of major currencies on Tuesday to its highest since December, as data showing a pickup in U.S. consumer spending exerted fresh selling pressure on U.S. government bonds and sent the yield on the 10-year Treasury note to its highest level since July 2011.
The dollar index , which measures the greenback against a basket of six other currencies, was up 0.69 percent at 93.22, after rising as high as 93.457. Against the yen , the dollar was up 0.58 percent at 110.29 yen, its strongest since early February.
"The resurgent tone for the U.S. dollar is largely due to, number one, the move higher in Treasury bond yields across the curve and number two, the relatively solid data we saw on retail sales," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange Inc in Washington D.C.
The benchmark government yield reached a high of 3.095 percent, blowing through the key psychological level of 3 percent it hit in late April.
"The rise in the benchmark 10-year Treasury bond yield back above 3 percent this morning once again added to the dollar's relative yield appeal, particularly against higher risk and higher yielding rivals," said Esiner.
Softer-than-expected economic news from the euro zone and Britain also helped the dollar against the euro and sterling, he said.
"All that plays into the narrative, which is largely behind the dollar's rally since mid April, that the U.S. economy is outpacing growth in most of the rest of the industrialized world and that the Fed will likely far outpace most of the major central banks in policy normalization," he said.
Data on Tuesday showed U.S. retail sales increased marginally in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter.
"After a nerve-jangling reversal, consumer sentiment seems to be on the mend - suggesting that economic growth will improve in the second quarter, while providing the impetus for gradual rate hikes from the Federal Reserve," Karl Schamotta, director of global product and market strategy at Cambridge Global Payments, said in a note.
show chapters Strategist: Dollar rebound triggered emerging market sell-off 4:38 AM ET Mon, 14 May 2018 | 03:15 The euro fell to a fresh 2018 low of 1.1821, after weaker-than-expected economic growth in Germany. It was last down 0.69 percent at $1.1843.
The Turkish lira fell to a fresh record low of against the dollar, bringing its losses this year to more than 13 percent after President Tayyip Erdogan said he plans to take greater control of the economy.
Argentina's peso plunged to a new record low despite hefty central bank interventions in the past few days.
Sterling , which has been hurt in recent weeks by weak economic data and a decision by the Bank of England to hold interest rates, slipped to a new 2018 low of $1.3452 before paring losses to trade down 0.32 percent at $1.351. | https://www.cnbc.com/2018/05/14/forex-dollar-in-focus-as-us-bond-yields-support.html | www.cnbc.com |
USDA predicts record soybean exports despite China trade dispute | USDA predicts record soybean exports despite China trade dispute Mark Weinraub Published 12 Hours Ago Reuters
CHICAGO, May 10 (Reuters) - U.S. soybean exports will beak a record in the upcoming marketing year despite the growing threat of a trade war with top-buyer China, the U.S. Department of Agriculture said on Thursday, but traders expressed doubts about that forecast.
Skeptics noted that heated rhetoric between the United States and China, the world's top buyer of the oilseed, has sent tremors throughout futures markets in recent months and disrupted trade flows of products ranging from steel to sorghum.
Still, the USDA forecast in a monthly report that U.S. soybean exports in the 2018/19 marketing year would rise 10.9 percent to 2.29 billion bushels, adding that competition from South America will be limited this fall.
Just a month ago, Beijing proposed to slap tariffs of 25 percent on all U.S. shipments of the oilseed.
The USDA bases projections on current government policy and does not factor in potential tariffs or other trade actions yet to be implemented.
"It is interesting for (USDA) to post that high of a number in the face of the China trouble that hasn't been resolved," said Ted Seifried, analyst with Zaner Ag Hedge.
The forecast came the day China's agriculture ministry predicted the country will cut soybean imports for the first time in 15 years due to trade tensions with the United States.
Doubts about the USDA's projection helped pull Chicago Board of Trade soybean futures from a peak they hit after the agency released estimates for tighter supplies. The most-active contract reached a session high of $10.33-3/4 a bushel before eventually settling up 5-1/2 cents at $10.21-1/4 a bushel.
"They are really strong on soybean exports and I am very skeptical of that," Seifried said about the USDA.
The USDA report did not break out expected destinations for exports. The agency did raise its forecast for China's soybean imports by 6.2 percent, or 6 million tonnes, to 103 million tonnes in 2018/19, nearly matching government expectations for the increase in U.S. soybean exports.
"U.S. soybean exports projected to increase a large 225 million bushels might be flat out just wrong," Terry Reilly, senior commodity analyst at Futures International," said in a note to clients. "USDA either remains very optimistic on China trade relations and/or bullish Asian demand for soybean consumption."
China, which needs soybeans to boost pork production amid surging domestic demand, was expected to account for about 65 percent of global soybean imports in 2018/19.
Beijing has recently stepped up checks on imports of other U.S. commodities including fruit, logs and pork. (Additional reporting by Michael Hirtzer in Chicago. Editing by Tom Polansek in Chicago.) | https://www.cnbc.com/2018/05/10/reuters-america-usda-predicts-record-soybean-exports-despite-china-trade-dispute.html | www.cnbc.com |
Tailwater Announces Lindsay Grider Has Joined as Head of Investor Relations | DALLAS, May 31, 2018 /PRNewswire/ -- Tailwater Capital LLC ("Tailwater"), a Dallas-based private equity firm, announced today that Lindsay Grider has joined the firm as Head of Investor Relations. Ms. Grider has over 10 years of experience launching, developing, and executing strategic fundraising and investor relations programs for private capital strategies.
Edward Herring, Managing Partner of Tailwater Capital, said: "We're delighted to have Lindsay join the Tailwater team. Her significant experience with capital raising and private markets make her the ideal person to lead Tailwater's investor relations efforts." Tailwater Managing Partner, Jason Downie, added: "Given Lindsay's energy background, she provides a unique strength to this role and will be extremely valuable for our current and future limited partners. We are thrilled to welcome her to the firm."
Most recently, Ms. Grider was Director of Investor Relations at NGP, a natural resources-focused private equity firm. During her time at NGP, Ms. Grider led fundraises for both energy and agribusiness funds and worked closely with both limited partners and investment consultants. Prior to NGP, Ms. Grider managed corporate development and distribution for Sterling Stamos Capital Management, an alternative investment firm based in Menlo Park, California. Her prior work experience includes five years in investment banking with Citigroup and Wachovia Securities, focused on M&A and capital raising transactions across various industries. Ms. Grider earned her B.A. in International Commerce from Vanderbilt University.
About Tailwater Capital LLC
Dallas-based Tailwater Capital is a sophisticated, growth-oriented energy private equity firm with a well-established track record, having executed more than 100 energy transactions in the upstream and midstream sectors representing over $18.6 billion in transaction value. Tailwater currently manages over $2.5 billion in committed capital and is actively pursuing midstream and upstream investment opportunities. Tailwater is focused on acquiring and growing midstream assets as well as participating in non-operated upstream opportunities in select basins. For more information, please visit www.tailwatercapital.com .
Contacts
Tailwater Capital LLC
Lindsay Grider, Head of Investor Relations
214-489-7043
lgrider@tailwatercapital.com
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SOURCE Tailwater Capital LLC | http://www.cnbc.com/2018/05/31/pr-newswire-tailwater-announces-lindsay-grider-has-joined-as-head-of-investor-relations.html | www.cnbc.com |
PRECIOUS-Gold prices extend gains after dovish Fed stance | BENGALURU, May 24 (Reuters) - Gold prices edged higher for a second day on Thursday as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the United States. FUNDAMENTALS * Spot gold was up 0.1 percent at $1,294.58 per ounce at 0046 GMT, after gaining nearly 0.2 percent in the previous session. * U.S. gold futures for June delivery were up 0.3 percent at $1,294 per ounce. * The dollar index , which measures the greenback against a basket of six major currencies, eased 0.1 percent at 93.925. * Asian shares moved lower on Thursday as investors fretted about new setbacks in U.S.-China trade talks, but negative sentiment was tempered by U.S. Federal Reserve meeting minutes suggesting it would not raise the tempo at which it increases interest rates. * Most Federal Reserve policymakers thought it likely another interest rate increase would be warranted "soon" if the U.S. economic outlook remains intact, minutes of the central bank's last policy meeting showed. * U.S. President Donald Trump said on Wednesday he would know next week whether his summit with North Korean leader Kim Jong Un would take place as scheduled, casting further doubt on plans for the unprecedented meeting. * U.S. President Donald Trump on Wednesday signaled a new direction in U.S.-China trade talks and said any deal would need "a different structure," fueling uncertainty over current negotiations and sending U.S. stocks lower. * The European Central Bank can still end its bond buying program later this year, two policymakers said on Wednesday, even as fresh data cast further doubt on the health of the euro zone economy. * Euro zone economic growth slowed much more sharply than expected this month, a business survey showed, which along with weaker inflation has intensified concerns there will be no return to the bloc's recent boom times. DATA/EVENT AHEAD (GMT) 0600 Germany Detailed GDP Q1 0600 Germany GfK consumer sentiment Jun 0645 France Business climate May 1130 European Central Bank minutes of April meeting 1230 U.S. Weekly jobless claims 1300 U.S. Monthly home price index Mar 1400 U.S. Existing home sales Apr (Reporting by Karen Rodrigues in Bengaluru; editing by Richard Pullin)
| https://www.reuters.com/article/global-precious/precious-gold-prices-extend-gains-after-dovish-fed-stance-idUSL3N1SV06G | www.reuters.com |
UPDATE 4-The price of cutting off analysts? For Tesla, it's $2 billion | (Recasts first paragraph, adds pre-tax loss detail, Musk comments)
SAN FRANCISCO, May 2 (Reuters) - Ducking analysts' questions has a price: $2 billion.
Tesla Inc investors gave a rare rebuke to iconoclastic Chief Executive Elon Musk on Wednesday after he cut off analysts asking about future profit potential, sending shares down 5 percent despite promises that production of the troubled Model 3 electric car was on track.
Tesla's future depends on the Model 3 and the company said that it had largely overcome production bottlenecks, with Musk vowing a dramatic turnaround that would reverse losses and generate positive cash flow in just a few months.
Musk plans to shut down its Fremont, California factory for 10 days in the second quarter but said Tesla will meet the production target of 5,000 Model 3s per day by the end of June, as planned, and will turn a profit in the second half of the year.
To achieve profitability, Musk will have to reverse what today amounts to a $22,584 pre-tax loss per vehicle built by the Silicon Valley company. Tesla posted its biggest-ever quarterly loss when it announced first-quarter results on Wednesday.
Tesla stock was little changed after the earnings announcement but fell during a conference call with analysts, when Musk began cutting analysts' questions short, costing Tesla over $2 billion in market capitalization.
"These questions are so dry. They're killing me," Musk said after an analyst asked what percentage of Tesla 3 reservation holders have started to configure options for their cars, an indicator of how much profit Tesla will be able to wring from the vehicles. Another analyst asked about a capital requirement before being cut off.
He then took several questions in a row about plans for a self-driving car network and other long-term projects from the host of a YouTube channel focused on investing, praising the questions as not boring.
5,000 MODEL 3s PER WEEK
Musk's ability to run Tesla is crucial as the company strives to efficiently and profitably build its first vehicle intended to be produced at high volume, the Model 3.
Musk acknowledged error recently in over-automating the Model 3 assembly-line, which has resulted in production delays, but it is still unclear how long and costly it will be to unwind this mistake.
Delayed Model 3 production also comes as a slew of competitors bring new electric vehicle models to market.
The company stood by a previously announced target of building 5,000 Model 3s per week by the end of June.
Tesla's capital expenditures declined in the quarter and the company cut its spending forecasts for 2018, saying it would spend less than $3 billion. Tesla spent $3.4 billion in 2017. ( https://bit.ly/2jn15SB )
Investing.com analyst Clement Thibault said the reduction was noteworthy, "but in the long run given challenges that lay ahead of Tesla, I don't think it is going to make or break the company."
Tesla "is definitely not in a minimizing cost stage," Thibault said.
Free cash flow, a key metric of financial health, widened to negative $1 billion in the first quarter from negative $277 million in the fourth quarter, excluding costs of systems for its solar business. Analysts had not expected so much spending, predicting hundreds of millions of dollars less in so-called cash burn, according to Thomson Reuters data.
Tesla did not break out a cash flow calculation that it had included in previous quarters.
The niche carmaker, which two years ago vowed to build 500,000 vehicles annually in 2018, has attracted legions of fans for its advanced technology and design. But the company rushed its Model 3 to market, making mistakes in manufacturing whose effects are now being felt, and investor skepticism has risen.
Questions over Tesla's finances are top of mind, and many analysts anticipate a capital raise in 2018 despite Musk's statements that it will not be necessary due to profitability and positive cash flow in the third or fourth quarters.
Tesla said gross margins on the Model 3, which today are slightly negative, would be close to flat in the second quarter and grow to "highly positive" in the second half of the year.
Tesla said it produced 2,270 Model 3s per week in the last week of April. It said net reservations for the Model 3, including configured orders not yet delivered, exceeded 450,000 at the end of the first quarter.
Automotive revenue rose only 1 percent from the prior quarter to $2.74 billion.
RECORD LOSS
Tesla reported a record loss of $709.6 million, or $4.19 per share, for the first quarter ended March 31, compared with a loss of $330.3 million, or $2.04 per share, a year earlier.
Excluding items, Tesla had a loss of $3.35 per share. Analysts had expected a loss of $3.58 per share, according to Thomson Reuters I/B/E/S.
The company said it ended the quarter with $3.2 billion in cash after spending $655.7 million in quarterly capital expenses.
The lack of Model 3 revenue has exacerbated Tesla's cash burn as the company continues to spend on its assembly line and prepares for new investments on multiple projects in the pipeline, such as the Model Y crossover and its Gigafactory.
(Reporting by Alexandria Sage in San Francisco and Sonam Rai in Bengaluru Editing by Peter Henderson, Matthew Lewis and Lisa Shumaker) | https://www.cnbc.com/2018/05/02/reuters-america-update-4-the-price-of-cutting-off-analysts-for-tesla-its-2-billion.html | www.cnbc.com |
SHAREHOLDER ALERT: Monteverde & Associates PC Announces An Investigation Of Analogic Corporation - ALOG | NEW YORK, May 7, 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 Analogic Corporation ("Analogic" or the "Company") (NasdaqGS: ALOG) relating to the sale of the Company to affiliates of Altaris Capital Partners, LLC. As a result of the merger, Analogic shareholders are only anticipated to receive $84.00 in cash in exchange for each share of Analogic.
Click here for more information: http://monteverdelaw.com/investigations/m-a/ . It is free and there is no cost or obligation to you.
The investigation focuses on whether Analogic 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 upcoming shareholder meeting.
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 Analogic 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.
View original content with multimedia: http://www.prnewswire.com/news-releases/shareholder-alert-monteverde--associates-pc-announces-an-investigation-of-analogic-corporation--alog-300644859.html
SOURCE Monteverde & Associates PC | http://www.cnbc.com/2018/05/08/pr-newswire-shareholder-alert-monteverde-associates-pc-announces-an-investigation-of-analogic-corporation--alog.html | www.cnbc.com |
Gridsum (GSUM) Investors: Johnson Fistel Notifies Investors of a Class Action against Gridsum Holding Inc.; Encourages Harmed Investors to Contact the Firm | SAN DIEGO, May 21, 2018 /PRNewswire/ -- Johnson Fistel, LLP announces that a class action complaint has been filed on behalf of shareholders of Gridsum Holding Inc. (NASDAQ: GSUM) ("Gridsum") and certain of its officers. Gridsum provides data analysis software for enterprises and government agencies in China.
A Securities Class Action Complaint was filed on behalf of those who purchased securities of Gridsum. According to the lawsuit, defendants during the Class Period made materially false and misleading statements and/or failed to disclose that: (1) Gridsum lacked effective internal control over financial reporting; (2) consequently, Gridsum's financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (3) as a result of the foregoing, Gridsum's public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to discuss this action, have any questions concerning this notice, or your rights or interests, please contact lead analyst Jim Baker ( jimb@johnsonfistel.com ) at 619-814-4471. If you email, please include your phone number.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com . Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
View original content: http://www.prnewswire.com/news-releases/gridsum-gsum-investors-johnson-fistel-notifies-investors-of-a-class-action-against-gridsum-holding-inc-encourages-harmed-investors-to-contact-the-firm-300651775.html
SOURCE Johnson Fistel, LLP | http://www.cnbc.com/2018/05/21/pr-newswire-gridsum-gsum-investors-johnson-fistel-notifies-investors-of-a-class-action-against-gridsum-holding-inc-encourages-harmed.html | www.cnbc.com |
Home price gains ease in March, but big cities see growth: S&P Case-Shiller | 5 Hours Ago | 01:22
The gains in home prices took a slight breather in March. Nationally, values rose 6.5 percent annually, unchanged compared with February, according to the S&P CoreLogic Case-Shiller home price indexes. February's reading was revised higher.
Larger cities, however, are seeing bigger gains. The nation's 10 largest metropolitan markets saw home prices increase 6.5 percent annually, up from 6.4 percent in the previous month. The 20 largest cities posted a 6.8 percent annual increase, unchanged from the previous month.
"Looking across various national statistics on sales of new or existing homes, permits for new construction, and financing terms, two figures that stand out are rapidly rising home prices and low inventories of existing homes for sale," said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. "Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s, before the housing boom and bust. Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising." show chapters 3:26 PM ET Wed, 2 May 2018 | 02:08
Seattle, Las Vegas and San Francisco continue to lead in price gains. Seattle home values rose 13 percent annually. Twelve of the top 20 cities saw greater annual price increases in March compared with February.
"Any doubts that real, or inflation-adjusted, home prices are climbing rapidly are eliminated by considering Chicago; the city reported the lowest 12-month gain among all cities in the index of 2.8 percent, almost a percentage point ahead of the inflation rate," Blitzer said.
Nationally, home prices are 7.8 percent above their previous peak during the housing boom of 2006. Prices back then were driven almost entirely by a very loose lending environment. Borrowers with low credit could put no money down to buy and flip homes. Today, credit conditions are far more strict.
Home prices today are being driven entirely by strong demand and extremely low supply, especially at the entry level. Homebuilders have increased production steadily but are still well below historically normal levels, and far below the level of pent-up demand. Diana Olick CNBC Real Estate Reporter Playing | https://www.cnbc.com/2018/05/29/home-price-gains-ease-in-march-but-big-cities-see-growth-sp-case-shiller.html | www.cnbc.com |
Facebook Oculus Go review | The Oculus Go starts at $199 and gives you everything you need to experience virtual reality. You can sit in a movie theater, play games, watch 360-degree videos and more. It's great for $200 and something everyone should try. Todd Haselton | CNBC Me with the Oculus Go
Virtual reality, or VR, is the futuristic scenario you've seen in sci-fi movies where someone puts on a headset and then enters another environment: a digital world with movie-like scenes, immersive games, maybe a web browser.
The recent hit movie "Ready Player One" was all about virtual reality, and in fact Facebook reportedly gave the book on which it was based to all new employees on the team making its Oculus VR products.
VR is different from another term you may have heard: AR (augmented reality), also known as mixed reality, which still lets you see the real world when you use it. That's what Microsoft is doing with its HoloLens, and what Apple and other companies are already doing on phones.
While AR had one big hit -- Pokemon Go, which took the world by storm in 2016 -- virtual reality has been a nerdy hobby for the most part. That's because it's been expensive, clunky or both. You either needed to buy a headset in addition to a smartphone, or a whole big kit and a powerful computer to run it all.
Facebook saw this and addressed a new market with the Oculus Go , which started shipping earlier this month. It's a fully portable virtual reality experience that doesn't require anything more than what's in the box. Todd Haselton | CNBC The Oculus Go
No smartphone, no computer, no gaming system required.
Turn on the $200 Oculus Go, slide it over your eyes, and you're in virtual reality.
Here's what you should know before you take the plunge. What's good Todd Haselton | CNBC Everything you need is right here
Facebook nailed all the necessities with the Oculus Go, and the name is fitting: buy the box and you're good to go. You have everything you need for a good virtual reality experience.
It's really simple to use. Setup only requires the Oculus app on your Android phone or iPhone, which is where you can download and install games and other apps such as Netflix, Hulu and more. Then, place the Oculus Go on your head, slide the built-in speakers over your ears and lower the headset over your eyes.
The headset is comfortable to wear, though the display can get foggy sometimes as you wear it for longer intervals. I really like the included speakers -- something the Gear VR and Google Daydream don't have -- although that meant anyone in the same room as I was in could also hear the audio I did. There's a headphone jack if you want to use headphones, too. Todd Haselton | CNBC Speakers are hidden right here in the strap
Most folks will be blown away by the experience, especially at the $200 price.
Every time you lower the headset you'll start out in a lobby -- I made the background the ocean so I felt like I was sitting underwater -- with a menu in front of you that includes all of the apps and games at your disposal. On the right, you'll see a list of friends who are online (if any). Turn your head naturally and you'll see other parts of the room as if you're really standing in the space. With the remote, you can select an app and launch it. Todd Haselton | CNBC The Oculus Go remote is easy to use
If you open Netflix, you'll be ported to a 3D living room sitting in front of a big-screen TV ready to play anything in the Netflix library. I did this and watched a bit of an Indiana Jones movie. It's neat, sitting in this clean room with a big TV, but it's also a bit bizarre and uncomfortable not being able to see your hands or lay down without having to adjust the Oculus Go. CNN Floating in the dead sea .. but you can see the pixels
There are lots of other experiences to check out, including games which are just OK (I talk about them a bit more in the next section) and 360-degree videos that can be a bit scary -- like riding up a roller coaster and diving down the tracks, or floating in the middle of the Dead Sea on a boat. The videos can be pretty low-quality, which means you don't really feel like you're "there," but they're still engaging and fun. Oculus Oculus Rooms lets you watch movies and play games with friends... but I didn't have any
There are social experiences, too. Oculus Rooms lets you see other people's avatars and watch Hulu, Facebook videos or even game with them. I didn't have any friends who were ever online at the same time as me, so it wasn't very practical. Maybe as more people buy Oculus Go headsets that'll change. Oculus Oculus Go video puts you in this giant movie theater for watching movies
Finally, and this is my favorite experience: you can watch movies and really feel like you're sitting in a movie theater. The rendering is done really well, and when I watched a trailer of "Deadpool" I was a bowl of popcorn short of feeling like I'd be transported to a huge empty movie theater with a massive screen.
It's not as other-worldly as you might have seen in some recent movies like "Ready Player One," yet, but you can see the inspiration. What's bad Todd Haselton | CNBC Where am I?
The Oculus Go isn't perfect, though it is hard to complain too much at the $200 price point.
My biggest qualm is battery life. Oculus advertises about 2 hours, which was pretty accurate in my experience. I could watch the battery drain and, when it does, you need to place it back on the charger. I wish Oculus sold a long cord that let it stay powered on at all times while you're wearing it, too.
It only comes in 32GB and 64GB capacities ($199 and $249, respectively.) It's enough for most people but you can't just load it up with all of the VR videos and apps you find. I also expect apps to get much larger as VR advances, and kind of wish there was a memory slot to expand the available storage. Bit Planet Games Ultrawings on Oculus Go
Facebook says you should get about 3 HD movies, 10 games, and 20 apps, on average, with 32GB of storage. When you're full, you'll need to delete and remove those apps and games to keep going. Keep in mind 360-degree VR movies can be much larger than an HD film -- sometimes more than 10GB a pop.
Finally, Facebook has billed this as a social experience, but my 5 or so friends who have a Gear VR or Oculus Go were never online at the same time I was. And I'm not so sure I have a huge desire to sit and watch a movie with a virtual-reality friend. The Binary Mill The game Rush is fun but the graphics aren't incredible
I want a full-blown gaming experience where I can play a game with thousands of people and that's just not here yet. Instead, the games feel mostly like proof-of-concept demos. While impressive, none of the ones I've played -- Rush, Ultrawings, VR Carts Sprint and many others -- are so good that I need to come back for more. Good thing they only cost $0.99 to $10 or so instead of $50 like some of the Oculus Rift titles. Should you buy it? Oculus The Oculus Go
You need to experience the Oculus Go. It's not something that everyone needs to buy right now but it's true virtual reality and it's fun in small bursts. Watching other people use VR can be even funnier as they react with a world you can't see.
The games aren't amazing -- I'm still waiting for a multiplayer game where I can interact with millions of people, for example -- and 360-degree video quality still has a long way to go.
But if you've heard the hype about virtual reality and want to get a taste of it, give the Oculus Go a whirl. You'll be impressed by how far we've come, and you'll get a better idea of where we're going. If you like it, you might even be tempted to buy the more expensive, and more powerful, Oculus Vive. show chapters | https://www.cnbc.com/2018/05/19/facebook-oculus-go-review.html | www.cnbc.com |
Symantec conference call offers no details on investigation | Symantec executives hosted a conference call on Monday to "provide more information" on an internal investigation, which sent shares plunging when it was announced last week.
But the call did little more than acknowledge the investigation.
Symantec CEO Greg Clark explained on the call that executives "can't answer any questions about the investigation," and instructed investors to read a prepared statement, issued just before the call.
When Symantec announced on Thursday it would launch an internal audit, the cybersecurity company that makes Norton anti-virus software did not elaborate much about the nature of the audit. Shortly after the announcement, Rosen Law Firm, a firm that represents investors, put out a press release saying that it's investigating whether Symantec "may have issued materially misleading business information to the investing public."
show chapters Symantec loses a third of its value after news of internal audit 1:58 PM ET Fri, 11 May 2018 | 01:01 Monday's statement did shed some light on the announcement. The "employee concerns" that kicked off the audit involved Symantec's commentary on historical financial results, and certain reporting measures that could impact executive compensation programs, forward-looking statements, stock trading and retaliation, according to the statement.
"For anyone concerned about executive compensation at this time, all discretionary and performance-based compensation for named executives is on hold pending the outcome of the audit committee investigation. This is welcomed by management," Clark said.
The statement also said Symantec did not anticipate "a material adverse impact on its historical financial statements."
The call instead focused forward-looking statements, circled back on guidance for fiscal year 2019, which started on April 1, and shared previously undisclosed details about the company's outlook for fiscal 2020, which will begin in April 2019.
CFO Nicholas Noviello said the company anticipated revenue to grow in the mid to high single digits in fiscal 2020. EPS is anticipated to grow in the low double digits, and total company operating margins are expected to be in the mid 30s.
Symantec announced the audit alongside fourth quarter earnings. Despite beating on earnings and revenue, shares of Symantec closed last week down 37 percent . Symantec pared losses on Monday, gaining nearly 10 percent in the regular session and another 1.8 percent after the bell.
The full text of Symantec's prepared statement is below:
The Audit Committee of the Board of Directors has commenced an internal investigation in connection with concerns raised by a former employee regarding the Company's public disclosures including commentary on historical financial results, its reporting of certain Non-GAAP measures including those that could impact executive compensation programs, certain forward-looking statements, stock trading plans and retaliation. The Audit Committee has retained independent counsel and other advisors to assist it in its investigation. The Company has voluntarily contacted the Securities and Exchange Commission to advise it that an internal investigation is underway, and the Audit Committee intends to provide additional information to theSEC as the investigation proceeds. The investigation is in its early stages and the Company cannot predict the duration or outcome of the investigation. The Company's financial results and guidance may be subject to change based on the outcome of the Audit Committee investigation. It is unlikely that the investigation will be completed in time for the Company to file its annual report on Form 10-K for the fiscal year ended March 30, 2018 in a timely manner. At this time, the Company does not anticipate a material adverse impact on its historical financial statements. | https://www.cnbc.com/2018/05/14/symantec-call-about-audit-committee-investigation-fails-to-address-questions-about-the-investigation.html | www.cnbc.com |
French payments firm Worldline to buy SIX Payment Services for $2.75 bln | PARIS, May 15 (Reuters) - French payments company Worldline will buy the payments unit of Swiss stock exchange operator SIX Group, in the latest example of consolidation within the sector, as credit card companies and banks are keen to lock in profit from the shift towards electronic and online payments.
The French company said its acquisition of SIX Payment Services would be a transaction mostly paid in shares with a cash component of 0.28 billion euros ($333.59 million), giving SIX Payment Services an enterprise value of 2.30 billion euros, or 2.75 billion Swiss francs.
Worldline said the deal would result in SIX Payment Services ending up with a 27 percent stake in the French company, while Atos would retain its majority 51 percent stake in Worldline.
Worldline said its offer to buy SIX Payment is composed of an offer of 49.1 million of new Worldline shares to be issued, representing 27 percent of the share capital, and 338 million Swiss francs ($337.53 million) in cash, subject to customary net debt and working capital adjustments.
The European payments industry has been consolidating quickly and other recent takeover targets have included Worldpay and Paysafe, while Nets also got taken over last year by U.S. firm Hellman & Friedman,
($1 = 0.8393 euros)
$1 = 1.0014 Swiss francs Reporting by Sudip Kar-Gupta, Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/worldline-ma/french-payments-firm-worldline-to-buy-six-payment-services-for-2-75-bln-idUSFWN1SL1D2 | www.reuters.com |
LIVESTOCK-Live cattle rebound on technical buying, short-covering | By Karl Plume CHICAGO, May 17 (Reuters) - Chicago Mercantile Exchange live cattle futures bounced on Thursday on technical buying and short-covering following three days of steep declines that had sliced prices by more than 5 percent, traders said. Optimism that a deal on a revamped North American Free Trade Agreement (NAFTA) could be reached by the end of the month gave livestock markets underlying support. But traders remained cautious amid ongoing trade talks between the United States and China in Washington this week. CME June live cattle ended up 1.225 cents at 103.050 cents per pound. Actively traded CME August live cattle futures added 0.050 cent at 99.100 cents per pound after earlier touching its lowest level since April 4. Ample cattle supplies and weakening cash cattle prices at U.S. Plains feedlot markets have dragged down futures this week, although nearby contracts remain at a large discount to cash prices, which was limiting further futures declines. Some U.S. Plains fed cattle have already traded from $112 to $118 per cwt this week, well below last week's sales of mostly $122 per cwt, traders said. "The futures have already built in a lot of the weakness in cash prices going forward and the (futures) market is technically oversold," said Doug Houghton, analyst with Brock Associates Inc. Although a beef price rally appeared to be reaching a top early this week, choice wholesale beef prices edged higher on Thursday, suggesting strong demand. Beef packer margins also continued to climb, reaching as estimated $181.95 per head on Thursday, up from $139.95 a week ago, according to livestock marketing advisory service HedgersEdge.com. Feeder cattle futures rose along with live cattle. The actively-traded August contract ended 2.000 cents higher at 138.725 cents per pound. Lean hog futures advanced on firm cash markets and good pork demand, including for export. The U.S. Department of Agriculture pegged net pork export sales last week at nearly 22,000 tons, up about 12 percent from the previous four-week average. CME June hogs gained 0.575 cent to 76.475 cents per pound while July hogs ended 0.525 cent higher at 78.200 cents. (Reporting by Karl Plume; Editing by Cynthia Osterman)
| https://www.reuters.com/article/usa-livestock/livestock-live-cattle-rebound-on-technical-buying-short-covering-idUSL2N1SO27E | www.reuters.com |
Cramer: Foot Locker's stellar earnings show the 'mall is still not dead' yet | CNBC.com Patrick T. Fallon | Bloomberg | Getty Images An employee arranges Nike basketball shoes on display at the House Of Hoops by Foot Locker retail store at the Beverly Center in Los Angeles.
CNBC's Jim Cramer said Foot Locker 's stellar quarterly earnings report on Friday shows there's still some life left for brick-and-mortar retailers.
Cramer was particularly pleased with a comment by CEO Richard Johnson, who said in a statement, the "flow of premium product continues to improve" at the athletic apparel and footwear retailer.
Shares of Foot Locker, now with a market value of about $6.3 billion, soared about15 percent early Friday after the company reported first-quarter earnings and revenue that beat Wall Street forecasts. Same store sales fell by 2.8 percent, but that was a smaller than expected decline.
"The mall is still not dead," Cramer said on " Squawk on the Street ."
Cramer continued, "The read through here is not just good for Foot Locker, which is obviously going higher but for Nike which remains one of the strongest stocks in the Dow."
Before Friday's advance, Foot Locker had seen its shares fall 22 percent over the past year, as of Thursday's close. Foot Locker and other similar stocks have been under pressure as investors have been concerned that Amazon could expand its dominance into apparel.
There is also a concern in the retail industry about the future of malls as big department store chains such as Sears and J.C. Penney close locations .
Cramer, host of " Mad Money ," has previously made the case for investors to stay in retail, particularly in apparel retail. In April, Cramer made the argument that the U.S. is "undergoing an apparel renaissance."
"These stocks are worth picking at into any weakness that we might get ... because right now, they have the best fundamentals of any large group in the entire stock market," he said at the time. Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy . | https://www.cnbc.com/2018/05/25/cramer-foot-locker-earnings-show-the-mall-is-still-not-dead-yet.html | www.cnbc.com |
LIVESTOCK-CME hog futures slump amid fund roll, NAFTA worries | CHICAGO, May 11 (Reuters) - Chicago Mercantile Exchange lean hog futures finished lower on Friday, hit by the "roll" by funds into deferred months and uneasiness over North American Free Trade Agreement (NAFTA) talks, said traders. "NAFTA fears, Goldman roll and premiums to the cash prices. Everyone who bought futures this week decided to dump them all in one day," said independent livestock futures trader Dan Norcini. Friday was the last official day that CME livestock market funds that track the Standard & Poor's Goldman Sachs Commodity Index sold, or "rolled," June futures mainly into August. On Friday, Mexico's economy minister said his country would not be rushed into revamping NAFTA to get a deal, a day after U.S. House of Representatives Speaker Paul Ryan set a May 17 deadline for the end of negotiations. From January through March of 2018, Mexico was the top destination for U.S. pork at 203,656 tonnes valued at $371.3 million, according to the U.S. Meat Export Federation. CME hog futures were over valued, or premium, to the exchange's hog index for May 9 at 63.73 cents. The index is a barometer of slaughter-ready, or, cash hog prices. May hogs, which will expire at noon CDT (1700 GMT) on Monday, closed down 0.175 cent per pound at 65.300 cents. Most actively traded June ended 2.225 cents lower at 75.100 cents. CATTLE PARES EARLY LOSSES The exchange's live cattle contracts ended firmer after short-covering and future's discount to this week's cash prices lifted the market from morning lows, said traders. June live cattle closed up 0.100 cent per pound at 107.625 cents. August settled up 0.125 cent at 104.425 cents. Packers and feedlots in the U.S. Plains haggled over prices for the bulk of unsold cash cattle after a few head on Thursday fetched $120 to $122 per cwt. Last week's overall cash trade was $118 to $128. Even if remaining cash prices are lower, there may not be much of a futures response because of their steep discount to cash, said CattleHedging.com President Larry Hicks. Market bulls expect prices for unsold cattle in line with last week's trade given strong packer profits and seasonal increase in beef demand. Contrarians said cash prices have topped out seasonally in the face of increased supplies ahead. Profit-taking and initial technical selling pressured CME feeder cattle contracts. May closed down 0.175 cent per pound at 138.425 cents. (Reporting by Theopolis Waters Editing by Alistair Bell)
| https://www.reuters.com/article/usa-livestock/livestock-cme-hog-futures-slump-amid-fund-roll-nafta-worries-idUSL1N1SI1QY | www.reuters.com |
TRUMP: KIM SUMMIT CANCELLED | 5 Hours Ago | 07:17
President Donald Trump canceled his historic nuclear summit with Kim Jong Un on Thursday, accusing North Korea of "tremendous anger and open hostility."
The meeting, which would have marked the first face-to-face encounter between a sitting U.S. president and a North Korean leader, was set for June 12 in Singapore.
"Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it is inappropriate, at this time, to have this long-planned meeting," Trump wrote in a letter to Kim, which was released Thursday morning. The president dictated every word of the letter himself, a senior White House official told reporters.
The senior White House official also said that North Korea had suspended direct communication with the U.S. over the past week.
Stocks fell after news of the cancellation broke, although equities rebounded from lows somewhat later in the day.
Much of the letter was written in seemingly friendly terms, including praise for North Korea's recent release of three American prisoners . In contrast, Trump also appeared to issue a threat that conjured memories of his war of words with Kim last year.
"You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used," Trump wrote.
The Wall Street Journal , citing a White House official, reported that Trump, in a bid to avoid leaks, ordered the letter released without first telling U.S. allies. The cancellation took South Korea's government by surprise. The nation's president, Moon Jae-in, had played a pivotal role in setting up recent diplomatic developments.
A representative of Moon's office said the South Korean administration was "trying to figure out what President Trump's intention is and the exact meaning of it," according to the country's Yonhap News Agency . Moon and his aides convened emergency meetings to address the shock announcement, which broke shortly before midnight in Seoul.
Moon and the national security council met for an hour, starting a midnight, according to a statement from the South Korean presidency. The rest of the statement reads:
It is very regretful and disconcerting that the US-NK summit will not happen as planned. Denuclearization and the lasting peace on the Korean peninsula cannot be abandoned or delayed as they are the historical assignment. The sincerity of the affected parties who have been working to resolve the problem has not changed. It is hard to resolve sensitive and difficult diplomatic issues with the current way of communications. (We) hope that the leaders resolve problems through direct and close dialogue.
The news came as North Korea made a show of dismantling a nuclear test site, but also on the heels of some sharp words from the North Korean government about America denuclearization demands. Trump's decision also comes more than two weeks after he withdrew the U.S. from the Obama-era Iran nuclear deal , which had lifted sanctions on the Middle Eastern country as long as it limited its nuclear program.
Read more: Congress reacts to Trump's decision to cancel his summit with Kim Jong Un
Doubts had grown in recent days about whether Trump's summit with Kim would actually happen. North Korea abruptly canceled talks with South Korea last week out of anger over joint military tests with the U.S. in the Korean peninsula. While Trump had repeatedly played up the historic significance of his planned meeting, he also often leavened his optimism with a cautious "we'll see."
On Tuesday, Trump said there was a "substantial" chance that the meeting might not take place at the planned time and location.
Thursday's development marked yet another dramatic, sudden turnaround in the Trump-Kim saga. Without many details or diplomatic ties established, the president agreed on March 8 to the summit , when South Korean officials told Trump about the North Korean leader's Kim's eagerness to meet. "You talk about your nuclear capabilities, but ours are so massive and powerful that I pray to God they will never have to be used." -President Donald Trump
North Korea took offense to remarks on Monday by Vice President Mike Pence that the communist country could end up like Libya if it doesn't make a nuclear deal with Washington.
Before Trump's cancellation, a top North Korean official, Choe Son Hui, lashed out at Pence's remarks.
"As a person involved in U.S. affairs, I cannot suppress my surprise at such ignorant and stupid remarks gushing from the mouth of the U.S. vice president," Choe said, according to KCNA. show chapters 11:22 AM ET Fri, 26 Jan 2018 | 01:33
The vice president's comments also echoed those of Trump's national security advisor, John Bolton , who had suggested the U.S. could pursue a Libya-style denuclearization plan with North Korea. Years after that nuclear deal, Libyan leader Moammar Gadhafi was overthrown and slain, a move the U.S. supported. North Korea's Kim is concerned about regime change.
Trump's cancellation earned quick praise from Republican lawmakers. Sen. Marco Rubio , R-Fla., said in a tweet that the president's move was "100% the right decision." RUBIO TWEET
House Speaker Paul Ryan also weighed in, but in more measured tones.
"The North Korean regime has long given ample reason to question its commitment to stability," Ryan said in a statement. "We must continue to work with our allies toward a peaceful resolution, but that will require a much greater degree of seriousness from the Kim regime."
Trump's critics also seized on the news, but as a way to hammer the White House.
"The art of diplomacy is a lot harder than the art of the deal. The reality is, is that it's pretty amazing that the administration might be shocked that North Korea is acting as North Korea might very well normally act," Sen. Bob Menendez , D-N.J., said in a hearing involving Secretary of State Mike Pompeo .
While he was still CIA director, Pompeo met with Kim over Easter weekend to establish diplomatic ties and work toward setting up the summit. Pompeo had also secured the release of the three American prisoners released by North Korea earlier this month.
In his letter to Kim, Trump thanked him for the release but referred to the prisoners in non-diplomatic language.
"I want to thank you for the release of the hostages who are now home with their families. That was a beautiful gesture and was very much appreciated," Trump said.
At the Senate Foreign Relations, Pompeo said Thursday that North Korea did not respond to preparation teams for the summit.
There were no immediate details about how the administration would continue to pursue diplomacy with North Korea, which is the only nation to conduct nuclear-weapons tests this century. Yet Trump left the door open for arranging a new meeting with Kim.
"If you change your mind having to do with this most important summit, please do not hesitate to call me or write," the president wrote. "This missed opportunity is a truly sad moment in history."
Read the full text of the letter here:
May 24, 2018 | https://www.cnbc.com/2018/05/24/trump-says-singapore-summit-with-north-korea-leader-kim-is-cancelled-.html | www.cnbc.com |
Risen Energy starts construction of 121MW Yarranlea solar project in Australia | NINGBO, China, May 23, 2018 /PRNewswire/ -- Risen Energy Co., Ltd., a Chinese PV module producer, announced recently that following the acquisition in February of a 100% stake in the 121MW Yarranlea solar farm project located 50km southwest of Toowoomba, in Australia's Queensland state, construction of the project officially started this month. Queensland Parliament member Patrick Weir, Toowoomba Regional Council mayor Paul Antonio, Risen Energy Australia project development and investment director John Zhong, and other guests took part in the ground-breaking ceremony.
The Yarranlea project, which covers an area of some 250 hectares, features an installed capacity of 121MW. In addition to the engineering, procurement and construction (EPC), delivery of modules and the follow-up adjustment and calibration upon completion of the project, Risen Energy will own and operate the completed facility. Construction is scheduled to be completed at the earliest by the end of March of next year. Upon completion, the facility will be connected to the grid under the management of the National Electricity Market and provide clean electricity to Toowoomba and Darling Downs, with an average annual power capacity projected to reach 264GWh after being put into operation. In terms of energy saving and carbon reduction, the projects will reduce CO 2 use by 124,000 metric tonnes, resulting in significant benefits for both environmental protection and economic development.
Thanks to a generous subsidy plan, high electricity prices and soon-to-be-expired feed-in-tariff (FiT) subsidies, Australia has become the world's largest market of energy storage for home use, with market size tripling last year. Increasingly, non-Australian manufacturers and developers are targeting the market by speeding up their efforts in the country, including Chinese leader Risen Energy.
Mr. Zhong said: "We highly value joint development of the Yarranlea project with the Australian government. We are also proud of the fact that the Yarranlea project is our first large-scale EPC project in the country. The project has also received regulatory approval for the development of integrated energy storage. We have set up specific zones for energy storage onsite. The competence in energy storage means spare electricity in the daytime could be stored and used during peak periods and at night, further enhancing profitability and reducing power generation costs of the Yarranlea station. We look forward to close cooperation with leading suppliers to ensure successful completion and operation of the project, with the aim of providing regenerable energy to Toowoomba and Darling Downs."
Mr. Zhong added: "In addition to Queensland, we are targeting other states across Australia, most notably Victoria, New South Wales and Western Australia. To facilitate development of the project, we have assigned experienced experts to analyse our ongoing projects, while preparing for development of additional power stations that we will own and operate ourselves. We plan to expand further in Australia over the next five years, with a capacity goal of 1GW."
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SOURCE Risen Energy Co., Ltd | http://www.cnbc.com/2018/05/23/pr-newswire-risen-energy-starts-construction-of-121mw-yarranlea-solar-project-in-australia.html | www.cnbc.com |
South Korea, US to work closely on summit after Pyongyang's about-face | India South Korea, US to work closely on summit after Pyongyang's about-face South Korean President Moon Jae-in and U.S. President Donald Trump held discussions on Sunday to ensure that the North Korea-U.S. summit remains on track. Published 10 Hours Ago Updated 10 Hours Ago Reuters
South Korean President Moon Jae-in and U.S. President Donald Trump held discussions on Sunday to ensure that the North Korea-U.S. summit remains on track after North Korea threatened to pull out of the high-level talks.
Moon and Trump spoke over the phone for about 20 minutes, and exchanged their views on North Korea's recent reactions, South Korea's presidential office said without elaborating.
"The two leaders will work closely and unwaveringly for the successful hosting of the North Korea- U.S. summit set on June 12, including the upcoming South Korea-U.S. summit," the presidential official said. show chapters 10:40 AM ET Fri, 18 May 2018 | 00:25
Moon and Trump are set to meet on Tuesday in Washington before North Korean leader Kim Jong Un meets with Trump on June 12 in Singapore.
Although a historic inter-Korean summit in late April raised hopes of reconciliation, North Korea showed a dramatic change in tone in recent days.
North Korea's chief negotiator Ri Son Gwon said on Thursday it would not hold talks with South Korea unless their demands were met, taking issue with the U.S.-South Korean air combat drills known as Max Thunder. It came a day after it threatened to pull out of the summit with the United States.
Further dampening the mood, a spokesman for North Korea's Red Cross Society demanded on Saturday that South Korea's government should send North Korean female restaurant workers back to their home "without delay" to show the will to improve the inter-Korean ties, the North's Korea Central News agency said.
A dozen North Korean restaurant workers came to South Korea in 2016 from China, and North Korea had urged to send them back claiming they were abducted by the South, even though the South has said the 12 workers decided to defect of their own free will.
Lee Dong-bok, a researcher at New Asia Research Institution, said part of the reason for the North's demands of the repatriation is to divide South Korea's public opinion over the 12 workers.
"It is also to pressure the Moon government to agree to its demand so that South Korea can keep up the momentum for the North Korea-U.S. summit meeting," Lee said. Playing | https://www.cnbc.com/2018/05/20/south-korea-us-to-work-closely-on-summit-after-pyongyangs-about-face.html | www.cnbc.com |
PRESS DIGEST- British Business - May 22 | May 22 (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
Britain's Marks and Spencer Group Plc has addressed the dearth of female representation on its board by appointing two women as independent directors. The retailer announced the appointments of Katie Bickerstaffe and Pip McCrostie as non-executives. bit.ly/2KIFQWV
Russian news channel RT is facing three new investigations from Britain's media regulator Ofcom amid increased scrutiny of the impartiality of its news coverage. bit.ly/2KHdDjs
The Guardian
Alphabet Inc's Google is being sued in the high court for as much as 3.2 billion pounds ($4.30 billion) for the alleged "clandestine tracking and collation" of personal information from 4.4 million iPhone users in the UK. bit.ly/2IBoScA
Former mayor of London Ken Livingstone has announced that he is resigning from the Labour party, saying the issues around his suspension for alleged anti-Semitism had become a distraction. bit.ly/2KLEICe
The Telegraph
Criminal charges against Barclays Plc over its 11.8 billion pounds emergency cash call at the height of the financial crisis have been dismissed in court. bit.ly/2KFGN2r
The government has boosted Comcast Corp in its battle with Twenty-First Century Fox Inc for control of Sky Plc by signalling it will not face the same close scrutiny that has delayed the Murdoch takeover. bit.ly/2KKiCQm
Sky News
Sky News has learnt that Alizeti Capital Ltd handed over roughly 20 million pounds to Betfred, the gambling group run by Fred Done, as an up-front payment on Monday in return for a minority stake in the Tote. bit.ly/2KKg056
($1 = 0.7445 pounds)
Compiled by Bengaluru newsroom
| https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-22-idUSL3N1SS5O2 | www.reuters.com |
Oil prices near 2014 highs as Iran tensions keep market on edge | * Brent just under $75/b, WTI at almost $70/b
* U.S. deadline over Iran looms on May 12
* Highest U.S. oil drilling since 2015 holds market back
SINGAPORE, May 7 (Reuters) - Oil markets held firm on Monday, with prices near late-2014 highs as a decision looms on whether the United States walks away from a deal with Iran and instead re-imposes sanctions on Tehran.
Brent crude oil futures were at $74.94 per barrel at 0035 GMT, up 7 cents, or 0.1 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were also up 7 cents, or 0.1 percent, at $69.79 per barrel.
The slightly rise in prices came after WTI on Friday hit its highest level since November 2014.
"Crude oil prices pushed higher as concerns over the impact of the U.S. pulling out of the Iran nuclear deal continue to drive investor sentiment," ANZ bank said on Monday.
"The big story this week is going to be about oil and the Iran Nuclear deal. We know President Trump doesn't like it," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
"All in all, the bets are based on the price action in oil that President Trump does withdraw from the deal," he added.
Iran re-emerged as a major oil exporter in 2016 after international sanctions against it were lifted in return for curbs on Iran's nuclear program.
The United States has since then, however, expressed doubts over Iran's sincerity in implementing those curbs.
Trump has threatened to walk away from the 2015 agreement by not extending sanctions waivers when they expire on May 12, which would likely result in a reduction of Iran's oil exports.
Some traders, however, are becoming cautious about ever higher oil prices.
Hedge funds cut their net long U.S. crude futures and options positions in the week to May 1, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday, reducing their exposure to positions that would profit from further crude price rises by 11,825 contracts to 444,060.
Looming over markets is surging output from the United States, where crude production <C-OUT-T-EIA> has soared by more than a quarter in the last two years, to 10.62 million barrels per day. Only Russia produces more, at around 11 million bpd.
U.S. output will likely rise further this year, towards or past Russia's levels, as its energy firms keep drilling for more.
U.S. energy companies added nine oil rigs looking for new production in the week to May 4, bringing the total count to 834, the highest level since March 2015, energy services firm Baker Hughes said last Friday.
(Reporting by Henning Gloystein; editing by Richard Pullin) | https://www.cnbc.com/2018/05/06/reuters-america-oil-prices-near-2014-highs-as-iran-tensions-keep-market-on-edge.html | www.cnbc.com |
International Game Technology PLC Announces Variable Forward Transaction By De Agostini S.p.A. And Related Registered Public Offering Of IGT Ordinary Shares | LONDON, May 21, 2018 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) has been advised that IGT's majority shareholder, De Agostini S.p.A. ("De Agostini"), proposes to enter into a variable forward transaction (the "Forward Transaction") with Credit Suisse International ("Credit Suisse") relating to up to 18,000,000 IGT ordinary shares.
IGT is not a party to the Forward Transaction, which is described in greater detail below and in the related prospectus supplement, and is not issuing or selling any IGT ordinary shares in connection with the Forward Transaction. As such, IGT will not receive any proceeds from the sale of the IGT ordinary shares in the Forward Transaction. There is no impact to IGT's income statement, balance sheet, cash flows, share count, or dividends as a result of the Forward Transaction.
Lorenzo Pellicioli, CEO of De Agostini, stated: "With the Forward Transaction, De Agostini's objective is to rebalance the profile of its portfolio of assets. We remain fully committed to continue supporting IGT's long-term development. In this context, for the foreseeable future, it is our intention to remain IGT's controlling shareholder and we are not contemplating any additional transaction involving IGT shares."
IGT has also been advised that, to hedge the exposure under the Forward Transaction, Credit Suisse or its affiliates will borrow approximately 13,200,000 IGT ordinary shares from third-party stock lenders and will sell such IGT ordinary shares in an underwritten public offering through Credit Suisse Securities (USA) LLC, acting as the underwriter, pursuant to an automatically effective registration statement on Form F-3 (including a base prospectus) that has been filed by IGT with the U.S. Securities and Exchange Commission (the "SEC").
IGT has also been advised that Credit Suisse or its affiliates will borrow an additional, approximately 4,800,000 IGT ordinary shares from third-party stock lenders and that Credit Suisse or its affiliates expect to sell these additional IGT ordinary shares, from time to time after the offering, in block sales, on the NYSE, in the over-the-counter market or in negotiated transactions. These additional IGT ordinary shares will not be included in the public offering described above. IGT has been advised by Credit Suisse that it expects that, over the period during which it sells these additional IGT ordinary shares, Credit Suisse or its affiliates will purchase an approximately equal number of IGT ordinary shares in the open market.
Description of the Forward Transaction
The Forward Transaction has economic characteristics similar to a collar with respect to the underlying IGT ordinary shares (i.e., it effectively consists of De Agostini purchasing a put option with a certain strike price and simultaneously selling a call option with a higher strike price). The Forward Transaction provides De Agostini with a pre-defined minimum value for the underlying IGT ordinary shares while retaining any meaningful benefits from any appreciation in the value of the underlying IGT ordinary shares. The Forward Transaction is divided into multiple tranches that are scheduled to mature over a period commencing on or about four years from May 2018. The Forward Transaction will be settled for any tranche at De Agostini's election either (i) in cash (in which case De Agostini will retain the underlying IGT ordinary shares), or (ii) by physical delivery of IGT ordinary shares, if certain gaming-related conditions and other conditions are met. De Agostini has agreed that it will not, prior to the satisfaction during the first year of certain collateral requirements, sell, pledge, or otherwise transfer any of its IGT ordinary shares.
In connection with the Forward Transaction, and subject to satisfying certain conditions, including the pledge of the 18,000,000 IGT ordinary shares to Credit Suisse, De Agostini may elect to obtain a prepayment from Credit Suisse in an amount based on the put option strike price at maturity. Following such prepayment, the Forward Transaction will have economic characteristics similar to a collar together with a loan. De Agostini has indicated to IGT that the proceeds of any prepayment may be used by De Agostini for investments and general corporate purposes. De Agostini will retain the right to vote the pledged IGT ordinary shares (but will lose the right to direct the voting of any related special voting shares).
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About IGT
IGT (NYSE:IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has over 12,000 employees.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2017 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com . Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in its entirety by this cautionary statement.
Contact:
Robert K. Vincent, Corporate Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
James Hurley, Investor Relations, +1 (401) 392-7190
Simone Cantagallo, +39 06 51899030; for Italian media inquiries
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SOURCE International Game Technology PLC | http://www.cnbc.com/2018/05/21/pr-newswire-international-game-technology-plc-announces-variable-forward-transaction-by-de-agostini-s-p-a-and-related-registered-public.html | www.cnbc.com |
REFILE-UPDATE 2-Canada racks up record trade deficit, but exports rebound | (Corrects "us" to "is" in paragraph 4) By David Ljunggren OTTAWA, May 3 (Reuters) - Canada's trade deficit in goods jumped to a record high in March on a surge in imports, but analysts took heart in data showing healthy export growth, a sign the economy is performing well. Statistics Canada said on Thursday that the deficit hit C$4.14 billion ($3.21 billion) in March, much higher than the C$2.24 billion shortfall predicted by analysts in a Reuters poll. The previous record was C$4.13 billion in September 2016. After two weak months, exports posted a 3.7 percent gain to C$47.58 billion on exports of aircraft and other transportation equipment, in part due to a contract to supply armored vehicles to Saudi Arabia. "This is a tremendous rebound which is very comforting. We are very happy to see that," said Peter Hall, chief economist at Export Development Canada. Wheat shipments jumped by 51.9 percent after a sharp fall in February amid rail transportation disruptions. Imports grew by 6.0 percent to a record C$51.72 billion on increased shipments of motor vehicles and parts - in particular, passenger cars and light trucks - as well as consumer goods. In volume terms, imports rose 5.3 percent. The Canadian dollar slipped to C$1.2870 to the U.S. dollar, or 77.70 U.S. cents, from C$1.2840, or 77.88 U.S. cents before the data were released. Royce Mendes of CIBC Economics said the data though should not be written off as bad news. "This report actually seems like good news from a GDP perspective given what it implies for domestic demand," he said in a note to clients. The Bank of Canada, which has long fretted about the sluggish performance of Canadian exporters, says the sector could be hit by uncertainty over the future of the North American Free Trade Agreement. Canada sent 73.4 percent of all goods exports to the United States in March. The central bank, which has raised interest rates three times since last July, says it will look closely at domestic data before deciding when to hike again. "I would say on balance they would see the strength in imports and exports as being more important than the deterioration in trade," said Doug Porter, chief economist at BMO Capital Markets. Exports to the United States rose 1.2 percent while imports increased by 3.1 percent. As a result, the trade surplus with the United States shrank to C$1.68 billion from C$2.28 billion in February. ($1=$1.29 Canadian) (Additional reporting by Fergal Smith in Toronto; Editing by Nick Zieminski)
Our | https://www.reuters.com/article/canada-economy-trade/update-1-canada-racks-up-record-trade-deficit-in-march-as-imports-jump-idUSL1N1S91U9 | www.reuters.com |
Gastar Exploration Announces New Independent Director | HOUSTON, May 14, 2018 /PRNewswire/ -- Gastar Exploration Inc. (NYSE American: GST) ("Gastar") today announced that its board of directors (the "Board") has appointed Harry Quarls to the Board effective today.
Mr. Quarls currently serves as an independent director for Rosehill Resources Inc., a publicly traded independent oil and natural gas company, a position he has held since April 2017. He also currently serves as chairman of the board of SH 130 Concessions Company LLC and as a director of Opal Resources LLC, privately-held companies. Mr. Quarls served as chairman of the board for Penn Virginia Corporation, a publicly traded exploration and production company, from September 2016 until his retirement in February 2018. He also previously served as chairman of the board of US Oil Sands Corporation and of Trident Resources Corporation, and was a director for Fairway Resources LLC.
Mr. Quarls served as managing director at Global Infrastructure Partners., a leading global, independent infrastructure investor from January 2009 until December 2017. Additionally, Mr. Quarls served as managing director and practice leader for global energy as well as a member of the board of directors at Booz & Company, a leading international management consulting firm, from 1982 to 2007.
Mr. Quarls earned an MBA from Stanford University and also holds ScM. and Bachelors of Science degrees, both in chemical engineering, from M.I.T. and Tulane University, respectively.
Jerry Schuyler, Gastar's Chairman of the board of directors and interim CEO, said, "On behalf of the Board of Gastar Exploration, we are very pleased to welcome Harry Quarls to the Board and look forward to benefitting from his substantial knowledge. His outstanding qualifications include considerable financial and energy investing expertise, as well as experience on the boards of numerous public and private energy companies. This level of experience will be a tremendous asset as Gastar develops its quality acreage position in the STACK Play and works to build shareholder value."
About Gastar Exploration
Gastar Exploration Inc. is a pure-play Mid-Continent independent energy company engaged in the exploration, development and production of oil, condensate, natural gas and natural gas liquids in the United States. Gastar's principal business activities include the identification, acquisition and subsequent exploration and development of oil and natural gas properties with an emphasis on unconventional reserves, such as shale resource plays. Gastar holds a concentrated acreage position in the normally pressured oil window of the STACK Play, an area of central Oklahoma which is home to multiple oil and natural gas-rich reservoirs including the Meramec, Oswego, Osage, Woodford and Hunton formations. For more information, visit Gastar's website at www.gastar.com .
Forward Looking Statements
This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements express our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward looking words including "may," "expects," "projects," "anticipates," "plans," "believes," "estimate," "will," "should," and certain of the other foregoing statements may be deemed forward-looking statements. Although Gastar believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. These include risks described in Gastar's Annual Report on Form 10-K and other filings with the U.S. Securities and Exchange Commission ("SEC"), available at the SEC's website at www.sec.gov . By issuing forward looking statements based on current expectations, opinions, views or beliefs, Gastar has no obligation and, except as required by law, is not undertaking any obligation, to update or revise these statements or provide any other information relating to such statements.
Contacts:
Gastar Exploration Inc.
Michael A. Gerlich, Chief Financial Officer
713-739-1800 / mgerlich@gastar.com
Investor Relations Counsel:
Lisa Elliott / lelliott@DennardLascar.com
Dennard-Lascar Investor Relations: 713-529-6600
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SOURCE Gastar Exploration Inc. | http://www.cnbc.com/2018/05/14/pr-newswire-gastar-exploration-announces-new-independent-director.html | www.cnbc.com |
UPDATE 1-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 OPEC figures, updates prices)
SINGAPORE, May 3 (Reuters) - Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production which is countering efforts by producer cartel OPEC to cut supplies and prop up prices.
Brent crude oil futures were at $73.21 per barrel at 0150 GMT, down 15 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.1 percent, at $67.85 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, marking a 2018 high.
"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 hit a fresh 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 OPEC-kingpin Saudi Arabia.
Only Russia currently pumps more oil, at around 11 million bpd.
O'Loughlin said that relatively high oil prices, supported by healthy demand and production cuts by the Organization of the Petroleum Exporting Countries (OPEC) to tighten markets, "are encouraging U.S. shale producers to continue ramping up production."
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) | https://www.cnbc.com/2018/05/02/reuters-america-update-1-oil-prices-fall-on-rising-u-s-crude-inventories-record-production.html | www.cnbc.com |
Bitcoin's influence over cryptocurrency prices could end soon, says Ripple CEO | Bitcoin's influence over cryptocurrency prices could end soon, says Ripple CEO Cryptocurrency prices have been highly correlated with bitcoin, falling in lockstep for the first half of 2018. That could be coming to an end as markets begin to understand the major differences between cryptocurrencies and their use cases, says Ripple CEO Brad Garlinghouse. "It's early, over time you'll see a more rational market and behaviors that reflect that," Garlinghouse says. 2 Hours Ago | 02:17
Cryptocurrency prices have been highly correlated with bitcoin , the first and most famous out of thousands that exist. But that could end soon as markets start to acknowledge the differences between these assets, according to Ripple CEO Brad Garlinghouse.
"There's a very high correlation between the price of XRP and the price of bitcoin, but ultimately these are independent open-sourced technologies," Garlinghouse told CNBC's " Power Lunch " Wednesday. "It's early, over time you'll see a more rational market and behaviors that reflect that."
Ripple is the name of the San Francisco-based company developing a network for faster global financial payments, while XRP is the name of the digital token that financial institutions on the network can use to transact quickly.
The company itself had a record first quarter, signing 20 production contracts with new firms, Garlinghouse said. Ripple announced a deal with the largest bank in Kuwait on Wednesday, adding to companies like MoneyGram that are already testing XRP for cross-border payments.
Yet in that same time period, XRP lost 70 percent of its value and was the worst performer among the top digital currencies. The entire sector took a beating in the first quarter, and the market capitalization for cryptocurrencies fell by more than 50 percent, according to CoinMarketCap. Bitcoin lost roughly 50 percent in those three months.
"It's still a nascent industry, the speculation in the market dominates the trading activity," Garlinghouse said. "I think it's a matter of time until people better understand the different use cases."
There are more than 1,500 cryptocurrencies in circulation, according to CoinMarketCap.com. The CEO predicted that 99 percent of those digital assets won't exist in 10 years.
"There's gonna be a bit of a correction along the way here where a lot of the players in the space that don't actually solve a real problem are going to get washed out," he said.
Not only do some cryptocurrencies have no proven use case, they have been accused of fleecing investors through a fundraising process known as an initial coin offering, or ICO. The Securities and Exchange Commission has warned of pump-and-dump schemes, shut multiple down, and recently charged one backed by Floyd Mayweather and DJ Khalid with fraud.
"The SEC is getting involved as they should because there have been frauds committed," Garlinghouse said. "We have been an advocate of yes the government should get involved, the government should be protecting investors and companies but there's also examples of real utility.
The issue of whether or not a cryptocurrency is a security has been a major focus for the financial watchdog. SEC Chairman Jay Clayton made it clear in March that all ICOs constitute securities. But Ripple has maintained that the XRP cryptocurrency should be categorized differently. Garlinghouse pointed out a few differences between XRP and classic securities, like stocks.
"If you own XRP, you don't own rights to the profits or any dividends to the company," he said. "XRP has real utility." | https://www.cnbc.com/2018/05/30/bitcoins-influence-over-cryptocurrency-prices-could-end-soon-says-ripple-ceo.html | www.cnbc.com |
Weekly mortgage applications fall 2.7% even before rates spike | CNBC.com Adam Jeffery | CNBC A woman looks at real estate listings outside a Berkshire Hathaway Home Services office in Montclair, N.J.
Borrowers may have missed an opportunity to get the last of the low rates, as it now appears interest rates are moving decidedly higher.Mortgage application volume fell 2.7 percent last week, according to the Mortgage Bankers Association's seasonally adjusted report. Volume was 4.5 percent lower than a year ago.The weakness was most pronounced in applications to refinance a home loan. That volume fell 4 percent to its lowest level since August 2008. Refinance volume is off nearly 17 percent from a year ago, when interest rates were lower. Most borrowers today have little incentive to refinance after a boom a few years ago, when interest rates hit record lows. Rates fell slightly last week, but that was temporary. show chapters 9:45 AM ET Mon, 23 April 2018 | 01:45
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased to 4.77 percent last week from 4.78 percent the previous week, with points remaining unchanged at 0.50 (including the origination fee) for 80 percent loan-to-value ratio loans.Interest rates then moved to a seven-year high on Tuesday, after a major sell-off in the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury. The sell-off came after a stronger-than-expected retail sales report, but the real momentum began when interest rates broke through a recent high, resulting in one of the heaviest selling days of the year to date.Mortgage applications to purchase a home, which are less rate-sensitive week to week, also fell, down 2 percent for the week. Volume was just 4 percent higher than one year ago. Volume should be considerably higher, given the strong demand for housing in an improving economy, but low supply and high competition is holding buyers back. Cash is currently ruling the market, as more investors come back, looking to cash in on fast-rising prices.Buyers struggling to afford today's steep prices are increasingly turning to adjustable-rate mortgages (ARMs) because they offer lower rates, but unfortunately those rates are rising now as well."Jumbo and 5/1 ARM rates increased, with the 5/1 ARM rate increasing to its highest in our survey at 4.09 percent," said Joel Kan, an MBA economist.Higher interest rates usually slow growth in home prices, but because supply and demand are so out of whack right now, usual trends may not apply. With so many investors competing in cash, prices could continue to rise sharply, leaving fewer and fewer regular buyers able to become homeowners. WATCH: How to use your home as a source of cash show chapters | https://www.cnbc.com/2018/05/16/us-mortgage-refinancing-hits-the-lowest-level-since-aug-2008-mba.html | www.cnbc.com |
Halyard Health, Inc. Completes Divestiture of its S&IP Business | ALPHARETTA, Ga., May 1, 2018 /PRNewswire/ -- Halyard Health, Inc. (NYSE: HYH) today announced the completion of the previously disclosed divestiture of its S&IP business to Owens and Minor, Inc. (NYSE: OMI) for $710 million, subject to certain adjustments as provided in the Amended and Restated Purchase Agreement. Halyard intends to use the approximately $600 million in net proceeds from the sale to pay off its existing Term Loan B credit facility and to fund internal investment and M&A.
"The divestiture of S&IP transforms us into a focused, pure-play medical devices business with a clear playbook for solid revenue and earnings growth," said Joe Woody, Halyard chief executive officer. "The additional financial capacity will fund our dual-track growth strategy, focused on product innovation and strategic M&A and underpinned by a commitment to commercial excellence."
About Halyard Health
Halyard Health (NYSE: HYH) is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients' quality of life. Headquartered in Alpharetta, Georgia, Halyard is committed to addressing some of today's most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. Halyard develops, manufactures and markets its recognized brands in more than 90 countries. For more information, visit www.halyardhealth.com .
Forward-Looking Statements
This press release contains information that includes or is based on "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current plans and expectations of management and are subject to various risks and uncertainties that could cause our actual those expressed or implied in such statements. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as "may", "believe", "will", "expect", "project", "estimate", "anticipate", "plan", or "continue" and similar expressions, among others. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; S&IP separation execution; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the impact of investigative and legal proceedings and compliance risks; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; and changes in the competitive environment. Additional information concerning these and other factors that may impact future results is contained in our filings with the U.S. Securities and Exchange Commission, including our most recent Form 10-K and Quarterly Reports on Form 10-Q.
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LME takes aim at electric car market new contracts for battery metals | The London Metal Exchange will begin offering contracts in metals used in batteries within 18 months to capture the huge opportunities created by the rise of the electric car, according to its chief.
Demand for metals including lithium, cobalt, nickel, graphite and manganese has surged with the growth in electric vehicles, particularly in China, which has become the largest electric car market worldwide as the government aggressively pushed development to deal with serious pollution problems.
"The battery industry is a big part of metal contracts now trading, as a result of the increasing popularity of electric cars," LME chief executive Matthew Chamberlain told the annual LME Asia Week forum in Hong Kong on Thursday.
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New futures contracts to be launched may include lithium, graphite and manganese, while additional contracts for the already tradeable nickel, copper, cobalt and aluminium will be explored, he said.
Chamberlain also said that alongside the battery sector, other new products in the pipeline included gold and silver options.
"The LME will introduce a new platform by the end of this year to make it quicker and easier to launch new products. The range of new products should be launched over the next 18 months," he said.
The LME is the world's largest metals exchange and is owned by Hong Kong stock market operator Hong Kong Exchanges and Clearing (HKEX). Some 900 people attended the annual conference, including representatives of electric vehicle makers.
Brokerage industry officials said the LME's plans for new contracts were well timed, given the growth of the electric vehicle industry.
"Manufacturers of electric vehicle batteries would need to trade these metals and hence want to have futures or options contracts to hedge their risks," said Gary Cheung, chairman of the Hong Kong Securities Association, the industry body for local brokers.
"With electric cars getting more popular in mainland China and other parts of the world, it is the right timing for the LME to launch related products for these manufacturers to do risk management. If end users could create a good liquidity pool, other investors would also like to trade," Cheung said.
The LME saw first quarter overall trading volume rise 3 per cent year on year, partly as a result of a discount on trading costs introduced since October. Chamberlain said that aluminium trading doubled in April as concerns over a trade war between China and the US rose, and that while that may have been a one-time occurrence, turnover in other products would continue to grow due to the discount.
Speaking at the same forum, Joseph Chan Ho-lim, Hong Kong's undersecretary for financial services and the treasury, noted that China's grand strategy to create a global trading network, known as the "Belt and Road Initiative", would increase demand for commodity trading.
Follow CNBC International on Twitter and Facebook . | https://www.cnbc.com/2018/05/17/lme-takes-aim-at-electric-car-market-new-contracts-for-battery-metals.html | www.cnbc.com |
SE Asia Stocks-Most end lower; Indonesia posts 11-month closing low | May 21, 2018 / 10:08 AM / Updated 19 minutes ago SE Asia Stocks-Most end lower; Indonesia posts 11-month closing low Reuters Staff 3 Min Read * Vietnam down for a third session in four * Philippines, Malaysia erase early gains to close lower * Thai Q1 GDP grew fastest in 5 years By Karthika Suresh Namboothiri May 21 (Reuters) - Most Southeast Asian stock markets reversed early gains to end lower on Monday with Indonesia marking its lowest close in more than 11 months while Vietnam shed 2.5 percent. Jakarta's main index closed at its lowest since June 2017, with banking stocks bearing the brunt. Bank Rakyat Indonesia ended 6.1 percent lower, while Bank Negara Indonesia lost 3.6 percent. Bank Indonesia said it would conduct three foreign exchange swap auctions this week to ensure there is enough currency liquidity in the market after it hiked its benchmark interest rate last week to support the rupiah and plug capital outflows. "As the U.S. continuously raises interest rates, it's impacting a lot of emerging markets, such as Indonesia. Hence, the central bank has to raise interest rates to stamp out capital outflows," said Joel Ng, analyst at KGI Securities. The index of the country's most liquid stocks shed 1.3 percent. Vietnam ended 2.5 percent lower, with real estate and financials leading the fall. Vingroup Joint Stock was the biggest drag on the index, closing 7 percent lower. "Foreign selling recently has hit Vietnam harder. We went up a lot in the first quarter, so the impact of profit-taking is greater now," said Fiachra Mac Cana, head of research at Ho Chi Minh Securities. Singapore nudged up 0.54 percent to end at a one-week high, while Thai stocks gained for a third straight session. Petroleum explorer PTT Exploration and Production closed 3.4 percent higher, while Kasikornbank gained 2.4 percent. Thailand saw its fastest economic growth in five years in the first quarter, boosted by strong exports and tourism, plus a slight firming in private consumption For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Previous close Pct Move Singapore 3548.23 3529.27 0.54 Bangkok 1768.31 1754.17 0.81 Manila 7658.05 7672.28 -0.19 Jakarta 5733.854 5783.31 -0.86 Kuala Lumpur 1853.58 1854.5 -0.05 Ho Chi Minh 1014.98 1040.54 -2.46 Change on year Market Current End 2017 Pct Move Singapore 3548.23 3402.92 4.27 Bangkok 1768.31 1753.71 0.83 Manila 7658.05 8558.42 -10.52 Jakarta 5733.854 6355.654 -9.78 Kuala Lumpur 1853.58 1796.81 3.16 Ho Chi Minh 1014.98 984.24 3.12 (Reporting by Karthika Suresh Namboothiri; additional reporting by Binisha H. Ben; Editing by Sunil Nair) | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-most-end-lower-indonesia-posts-11-month-closing-low-idUSL3N1SS3I0 | www.reuters.com |
Erik Drange Joins Christensen Fonder Dardi | MINNEAPOLIS, May 31, 2018 /PRNewswire/ -- The intellectual property law firm of Christensen Fonder Dardi is pleased to announce the addition of Erik Drange as a partner in its Minneapolis office. Drange most recently served as Senior Intellectual Property Counsel for a Minnesota-based, Fortune 100, global technology company.
"We are thrilled to have Erik Drange on the team," said founding partner Doug Christensen. "His extensive, varied experience in private practice and as an in-house intellectual property attorney will be a great asset to the firm's existing clients and continues the firm's growth trajectory."
During his time in-house, Erik served as primary intellectual property counsel for one of his company's heath care businesses. Erik also spent five years as litigation counsel managing intellectual property litigation for the company and its worldwide affiliates.
Drange's varied experience makes him a great fit for Christensen Fonder Dardi: the firm takes pride in providing thoughtful, creative, and cost effective advice to its clients. In his practice at Christensen Fonder Dardi, Drange works with clients of all sizes in the areas of intellectual property portfolio development/management, transactions, and intellectual property disputes.
Drange received his J.D. from William Mitchell College of Law in 2005. He graduated from Lehigh University with a B.S. in Materials Science and Engineering in 1999. More about Erik Drange.
Christensen Fonder Dardi Herbert PLLC is an intellectual property law firm which provides a broad range of legal services to both domestic and foreign clients, including patent preparation and prosecution, intellectual property litigation, patent post-grant proceedings, trademark search and acquisition, copyright registration, licensing, due diligence, and portfolio management. Its offices are in Minneapolis, MN and Atlanta, GA.
Visit our website or call 612-315-4100 for more information.
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SOURCE Christensen Fonder Dardi | http://www.cnbc.com/2018/05/31/pr-newswire-erik-drange-joins-christensen-fonder-dardi.html | www.cnbc.com |
Pancreatic Cancer Action Network Welcomes Three New Members to its Coveted Board of Directors | MANHATTAN BEACH, Calif., May 17, 2018 /PRNewswire-USNewswire/ -- The Pancreatic Cancer Action Network (PanCAN) today announced the election of three new members to its sought-after Board of Directors (BOD). Scott Griswold, CPA , of the Los Angeles area, Barbara Kenner, PhD , of New York City, and Karen Young, CPA , of New Jersey, bring varied expertise in for-profit and nonprofit sectors and will begin their three-year terms immediately.
"We are elated to have Scott, Barbara and Karen join the PanCAN team," said Julie Fleshman, JD, MBA , the organization's president and CEO. "Together, they bring decades of experience in both the for-profit and nonprofit sectors and will make invaluable contributions in our fight against the world's toughest cancer."
The five-year survival rate for pancreatic cancer remains at 9 percent and the disease is on track to become the second leading cause of cancer-related death in the United States by 2020. The addition of Griswold, Kenner and Young will help PanCAN meet its aggressive goals and attack pancreatic cancer on all fronts: research, clinical initiatives, patient services and advocacy.
Griswold became a pancreatic cancer advocate after losing a close family friend to the disease. He brings his investment and financial analysis, including experience working alongside David Murdock, along with operational oversight experience to PanCAN. Now retired, Griswold enjoys spending his free time giving back to causes personal to him.
"After a successful business career in finance, I hope my experience will be beneficial in the financial oversight of PanCAN," Griswold said. "I feel very fortunate in my life and want to give back by donating my time and utilizing my past business experience to assist in the fight against pancreatic cancer."
In 2013, Kenner founded Kenner Family Research Fund (KFRF) after her husband died from the disease a mere two months after his pancreatic neuroendocrine cancer diagnosis in 2010. The mission of KFRF is to advance the early detection of pancreatic cancer by promoting collaboration among researchers, government, industry and patient advocacy groups. Published articles resulting from these collaborative forums provide a broader reach of information to the pancreatic cancer community.
"I feel privileged to join the PanCAN Board of Directors and have great respect for the critical work the organization achieves on behalf of patients and families," Kenner said. "With an emerging focus on early detection, I look forward to working alongside other board members to accelerate this conversation in a thoughtful and strategic manner in order to improve quality of life and survival for patients and to change the course of the disease."
Young became a pancreatic cancer advocate after losing her father and her aunt to the disease. Currently, she is the U.S. Pharmaceutical and Life Sciences Leader at PricewaterhouseCoopers (PwC). In this role, she leads more than 3,000 colleagues in delivering advisory, tax and assurance businesses. She drives the strategic direction in client service, capabilities and thought leadership.
"My professional experience has given me insight into the experiences cancer patients are faced with," said Young, who has dedicated her career to the fields of biotechnology and pharmaceuticals. "Throughout my career I have seen how companies are passionate about improving patient outcomes and driving innovation towards eradicating cancer. I wanted to extend that mission to my personal life by supporting pancreatic cancer."
Support the Pancreatic Cancer Action Network's urgent goal to double survival by 2020. Follow the Pancreatic Cancer Action Network on Twitter , Instagram and Facebook .
About the Pancreatic Cancer Action Network
The Pancreatic Cancer Action Network (PanCAN) is dedicated to fighting the world's toughest cancer. In our urgent mission to save lives, we attack pancreatic cancer on all fronts: research, clinical initiatives, patient services and advocacy. Our effort is amplified by a nationwide network of grassroots support. We are determined to improve patient outcomes today and to double survival by 2020.
Media Contact:
Terra Hall
Media Relations Manager
Pancreatic Cancer Action Network
Direct: 310-706-3311
Cell: 212-380-3919
Email: thall@pancan.org
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Track Group Reports 2nd Quarter Fiscal 2018 Financial Results | NAPERVILLE, Ill., May 11, 2018 /PRNewswire/ -- Track Group, Inc. (OTCQX: TRCK), a global leader in offender tracking and monitoring services, today announced financial results for its second quarter ended March 31, 2018 (the "Second Quarter"). The Company posted gross profit of $4.0M, on total revenue of $7.3M, for a gross margin of 55%. In addition, the Second Quarter adjusted EBITDA came in at $1.3M, up 96% compared to the Second Quarter of FY2017 and total Operating Expenses were $4.7M, down 6%, both of which contributed to the second lowest operating loss ($0.7M) in over three years.
"We're delighted to follow our fiscal year 2018 record First Quarter results with another strong Quarter," said Derek Cassell, Track Group's CEO. "We have begun implementing a number of new customer opportunities from our pipeline and expect to see the results of our hard work in our upcoming Third and Fourth Quarters."
BUSINESS AND FINANCIAL HIGHLIGHTS
Revenue for the Second Quarter ($7.3M) is up nominally compared to the same period last year. Gross Profit for the Second Quarter remained flat as compared to last year ($4.0M vs. $4.1M) which led to Gross Profit in the first half of FY2018 being up 12% compared to the prior year ($8.5M vs $7.6M). Total operating expenses for the Second Quarter ($4.7M) are down 6% vs. last year ($5.1M) and has led to a 9% reduction in the first half of FY2018 Operating Expenses compared to the prior year ($9.5M vs $10.5M). The quarterly operating loss of ($0.7M) is the second lowest loss in over three years and allowed the company to improve the first half FY2018 operating loss of ($1.0M) by 64% compared to the same period last year ($2.9M), due to a combination of a strong Gross Profit results and lower Operating Expenses. Adjusted EBITDA in the Second Quarter finished up 96% ($1.3M) compared to last year ($0.6M) and represented the third highest Adjusted EBITDA in over 3 years. The Adjusted EBITDA for the first half of FY2018 is up 170% ($2.8M) compared to the first half of FY2017 ($1.0M). Net loss, attributable to shareholders, for the Second Quarter was ($1.7M) compared to a loss of ($1.6M) for the same quarter last year due to foreign exchange movement. Net Cash Provided by Operating Activities remained strong in the first half of FY2018 ($1.8M) compared to the first half of FY2017 ($2.0M) and ($0.8M) two years ago. Discussions are ongoing regarding the proposed extension of the maturity of the Amended and Restated Unsecured Facility Agreement dated June 30, 2015 between the Company and Conrent Invest S.A.
BUSINESS OUTLOOK
Actual
Outlook
FY 2016
FY 2017
FY 2018
Revenue:
$27.2M
$29.7M
$32-35M
Adjusted EBITDA Margin:
7.3%
12.2%
18-22%
The revenue outlook for FY2018 has been adjusted downward from $35-$40 million to $32-$35 million; however, management believes that the annualized run rate based on the revenue estimated for the Quarter ended 30 September 2018 will range from $35-$40 million. The Adjusted EBITDA margin has been adjusted upward from 15-20% to 18-22% to reflect the results in the first half of the fiscal year and the outlook for the remainder of the fiscal year.
About Track Group, Inc.
Track Group designs, manufactures, and markets location tracking devices and develops and sells a variety of related software, services, accessories, networking solutions, and monitoring applications. The Company's products and services are designed to empower professionals in security, law enforcement, corrections and rehabilitation organizations worldwide with single-sourced offender management solutions that integrate reliable intervention technologies to support re-socialization and monitoring initiatives.
The company currently trades under the ticker symbol "TRCK" on the OTCQX exchange. For more information, visit www.trackgrp.com .
Forward-Looking Statements
Any statements contained in this document that are not historical facts are as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "if", "should" and "will" and similar expressions as they relate to Track Group, Inc. and subsidiaries ("Track Group") are intended to identify such . These statements are only predictions and reflect Track Group's current beliefs and expectations with respect to future events and are based on assumptions and subject to risks and uncertainties and subject to change at any time. Track Group may from time to time update these publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. For a discussion of such risks and uncertainties, see "Risk Factors" in Track Group's annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. New risks emerge from time to time. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the dates on which they are made.
Non-GAAP Financial Measures
This release includes financial measures defined as "non-GAAP financial measures" by the Securities and Exchange Commission including non-GAAP EBITDA. These measures may be different from non- GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of these non-GAAP financial measures are based on the financial figures for the respective period.
Non-GAAP Adjusted EBITDA excludes items included but not limited to interest, taxes, depreciation, amortization, impairment charges, gains and losses, currency effects, one time charges or benefits that are not indicative of operations, charges to consolidate, integrate or consider recently acquired businesses, costs of closing facilities, stock based or other non-cash compensation or other stated cash and non-cash charges (the "Adjustments").
The Company believes the non-GAAP measures provide useful information to both management and investors when factoring in the Adjustments. Specific disclosure regarding the Company's financial results, including management's analysis of results from operations and financial condition, are contained in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2017, and other reports filed with the Securities and Exchange Commission. Investors are encouraged to carefully read and consider such disclosure and analysis contained in the Company's Form 10-K and other reports, including the risk factors contained in such Form 10-K.
TRACK GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
September
2018
30,
Assets
(unaudited)
2017
Current assets:
Cash
$ 2,661,829
$ 2,027,321
Accounts receivable, net of allowance for doubtful accounts of $3,532,609 and $3,268,095, respectively
4,926,116
5,438,564
Note receivable, current portion
234,733
234,733
Prepaid expense and other
5,143,501
854,122
Inventory, net of reserves of $26,934, respectively
269,924
261,810
Total current assets
13,236,103
8,816,550
Property and equipment, net of accumulated depreciation of $1,950,847 and $1,778,634, respectively
913,232
903,100
Monitoring equipment, net of accumulated depreciation of $5,045,835 and $4,906,925, respectively
3,149,664
3,493,012
Intangible assets, net of accumulated amortization of $10,984,263 and $9,839,032, respectively
23,902,278
24,718,655
Goodwill
8,207,990
8,226,714
Other assets
202,581
2,989,101
Total assets
$ 49,611,848
$ 49,147,132
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
2,731,842
2,769,835
Accrued liabilities
9,109,373
6,650,291
Current portion of long-term debt, net of discount of $74,324 and $185,811, respectively
30,370,943
30,270,531
Total current liabilities
42,212,158
39,690,657
Long-term debt, net of current portion
3,451,588
3,480,717
Total liabilities
45,663,746
43,171,374
Stockholders' equity:
Common stock, $0.0001 par value: 30,000,000 shares authorized; 10,462,433 and 10,480,984 shares outstanding, respectively
1,046
1,048
Additional paid-in capital
301,038,832
300,717,861
Accumulated deficit
(296,846,405)
(294,067,329)
Accumulated other comprehensive loss
(245,371)
(675,822)
Total equity
3,948,102
5,975,758
Total liabilities and stockholders' equity
$ 49,611,848
$ 49,147,132
TRACK GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended
Six Months Ended
March 31,
March 31,
March 31,
March 31,
2018
2017
2018
2017
Monitoring services
$
7,162,205
$
6,986,612
$
14,513,010
$
14,419,889
Other
153,971
233,431
293,860
471,644
Total revenue
7,316,176
7,220,043
14,806,870
14,891,533
Cost of revenue:
Monitoring, products & other related services
2,827,842
2,654,305
5,369,849
6,336,368
Depreciation & amortization
467,666
515,574
944,808
961,067
Total cost of revenue
3,295,508
3,169,879
6,314,657
7,297,435
Gross profit
4,020,668
4,050,164
8,492,213
7,594,098
Operating expenses:
General & administrative
3,495,343
2,355,156
7,153,081
5,530,210
Loss on sale of asset
-
766,031
-
766,031
Restructuring costs
-
4,070
-
570,400
Selling & marketing
518,993
624,210
928,730
1,213,978
Research & development
182,808
679,238
346,754
1,167,416
Depreciation & amortization
539,537
633,273
1,104,277
1,208,384
Total operating expenses
4,736,681
5,061,978
9,532,842
10,456,419
Loss from operations
(716,013)
(1,011,814)
(1,040,629)
(2,862,321)
Other income (expense):
Interest expense, net
(805,966)
(797,333)
(1,479,793)
(1,444,436)
Currency exchange rate gain (loss)
(221,048)
10,335
(276,120)
(106,107)
Other income, net
6,542
222,414
17,466
222,707
Total other income (expense)
(1,020,472)
(564,584)
(1,738,447)
(1,327,836)
Loss before income taxes
(1,736,485)
(1,576,398)
(2,779,076)
(4,190,157)
Income tax expense
-
9,099
-
9,099
Net loss attributable to common shareholders
(1,736,485)
(1,585,497)
(2,779,076)
(4,199,256)
Foreign currency translation adjustments
241,726
(15,615)
430,451
(509,187)
Comprehensive loss
$
(1,494,759)
$
(1,601,112)
$
(2,348,625)
$
(4,708,443)
Basic and diluted loss per common share
$
(0.17)
$
(0.15)
$
(0.27)
$
(0.41)
Weighted average common shares outstanding, basic and diluted
10,462,433
10,352,485
10,469,466
10,342,948
Three Months Ended
Six Months Ended
March 31,
March 31,
2018
2017
2018
2017
Non-GAAP Adjusted EBITDA
Net loss attributable to common shareholders
$(1,736)
$(1,585)
$(2,779)
$(4,199)
Interest expense, net
806
798
1,480
1,445
Income taxes (1)
-
9
-
9
Depreciation, amortization and impairment
1,008
1,209
2,050
2,304
Stock based compensation
557
(348)
1,345
(123)
Restructuring charges (2)
-
4
-
570
Loss on sale of assets
-
766
-
766
Other charges, net (3)
626
(210)
732
277
Non GAAP Adjusted EBITDA
$1,261
$643
$2,828
$1,049
Non GAAP Adjusted EBITDA, percent of revenue
17.2%
8.9%
19.1%
7.0%
Three Months Ended
Six Months Ended
March 31,
March 31,
2018
2017
2017
2016
Non-GAAP EPS (in $000's, except share data)
Net loss attributable to common shareholders
$(1,736)
$(1,585)
$(2,779)
$(4,199)
Interest expense, net
806
798
1,480
1,445
Income taxes (1)
-
9
-
9
Depreciation, amortization and impairment
1,008
1,209
2,050
2,304
Stock based compensation
557
(348)
1,345
(123)
Restructuring charges (2)
-
4
-
570
Loss on sale of assets
-
766
-
766
Other charges, net (3)
626
(210)
732
277
Non GAAP net income to common shareholders
$1,261
$643
$2,828
$1,049
Weighted average common shares outstanding
10,462,433
10,352,486
10,469,466
10,342,949
Non-GAAP earnings per share
$0.12
$0.06
$0.27
$0.10
(1) Currently, the Company has significant U.S. tax loss carryforwards that may be used to offset future taxable income, subject to IRS limitations. However, the Company is still subject to certain state, commonwealth, and other foreign based taxes.
(2) Includes restructuring charges associated with outsourcing one of our monitoring centers and moving our headquarters to the Chicagoland area.
(3) Other charges may include gains or losses, non-cash currency impacts and non-recurring accrual adjustments.
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SOURCE Track Group, Inc. | http://www.cnbc.com/2018/05/11/pr-newswire-track-group-reports-2nd-quarter-fiscal-2018-financial-results.html | www.cnbc.com |