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Horizon North Logistics Inc. Announces Results for the Quarter Ended March 31, 2018 | TSX Symbol: HNL
CALGARY, May 8, 2018 /PRNewswire/ - Horizon North Logistics Inc. ("Horizon North" or the "Corporation") reported its financial and operating results for the three months ended March 31, 2018 and 2017.
First Quarter Highlights
Subsequent to Q1 2018, Horizon North successfully completed the previously announced acquisition of Shelter Modular Inc., a 34,000 sq. ft. full service modular manufacturing company based in Aldergrove, British Columbia; Growth of the workforce in the Kamloops, British Columbia manufacturing facility lagged expectations and contributed to weaker than expected results for the quarter. The Aldergrove facility will add additional capacity to execute on the growing backlog in the Modular Solutions division; On May 7, 2018 Horizon North entered into a master teaming agreement with EllisDon Corporation ("EllisDon"). The teaming agreement will apply to projects such as hotels, commercial buildings and multi-family structures undertaken by Horizon North's Modular Solutions division. Horizon North and EllisDon will select, pursue, and execute such projects jointly, bringing the respective strengths of each organization to our customers; The Modular Solutions business gained significant momentum throughout Q1 2018, closing with a backlog of $62.5 million compared to $43.9 million at Q4 2017 with an additional $127.0 million of high-quality, high probability opportunities; Horizon North's joint venture partnership, Halfway River Horizon North, was conditionally awarded $63 million of turn-key camp services in the Montney region of northeast British Columbia. Pending regulatory and internal customer approvals, the contract is expected to start in Q3 2018 and run through Q4 2019; Horizon North continued its dividend policy and paid its 26 th consecutive quarterly dividend; and EBITDAS for Q1 2018 were below the comparable period of 2017, which included $1.0 million of insurance proceeds. The decrease was a result of lower large camp and mat sales volumes combined with a shifting contract mix in the Camps & Catering operations as part of a capital light strategy.
First Quarter Financial Summary
Three months ended March 31
(000's except per share amounts)
2018
2017 (2)
%
Change
Revenue
$
82 ,575
$
70,488
17
EBITDAS (1)
4,433
8,254
(46)
EBITDAS as a % of revenue
5%
12%
Operating (loss) earnings
(7,044)
8,153
(186)
Operating (loss) earnings as a % of revenue
(9%)
12%
Total (loss) profit
(6,062)
5,140
(218)
Total comprehensive (loss) income
(6,062)
5,140
(218)
Earnings (loss) per share
Basic
$
(0.04)
$ 0.04
Diluted
$
(0.04)
$
0.04
Total assets
$
482,753
$
485,961
(1)
Total Long-term loans and borrowings
85,550
70,771
21
Adjusted fund flow
4,672
6,661
(30)
Net Capital spending
16,339
(9,612)
(270)
Total debt to EBITDAS (1)
3.26:1.00
2.84:1.00
Debt to total capitalization ratio (1)
0.22:1.00
0.18:1.00
Dividends declared
$
2,907
$
2,892
Dividends declared per share
$
0.02
$
0.02
(1)
See Non-GAAP measures definitions within the press release for details.
(2)
Includes insurance settlement in Q1 2017 related to the Fort McMurray wild fires.
First Quarter Operational Overview
Results for the three months ended March 31, 2018, except for revenue, decreased across all measures compared to the three months ended March 31, 2017. The increase in revenue for Q1 2018, was mainly driven by the Modular Solutions division as a result of greater project volumes compared to Q1 2017. Partially offsetting this increase were lower mat sales and large camp volumes from the Industrial Services division, compared to Q1 2017. Decreased EBITDAS was a result of lower volumes in Industrial Services combined with a different contract mix in the Camps & Catering operation. Additionally, the first quarter of 2017 included an insurance settlement related to the total loss of the Blacksand Executive Lodge during the 2016 Fort McMurray wildfires. See "Effect of Q1 insurance settlement" on page 6 of this MD&A for a normalization of Q1 2017 results.
Industrial Services
Revenues from Industrial Services for Q1 2018 decreased by 2% compared to Q1 2017. The decrease was mainly a result of lower mat sales along with the associated transport and installation activity. The decrease in mat sales was primarily a result of allocating the majority of Q1 2018 mat production to rental fleet to meet continued strong rental demand. The majority of the demand continues to be driven by high levels of activity in the W5/W6 area south of Grande Prairie, Alberta. Partially offsetting the lower mat sales revenue were increased revenues from Camps & Catering which experienced higher catering only activity as a result of recent Aboriginal partnerships in the Fort McMurray, Alberta area which were not in place in Q1 2017. In addition, used camp equipment sales were higher compared to Q1 2017.
Modular Solutions
Modular Solutions revenues for Q1 2018 were above Q1 2017 as a result of the increased number and scope of projects. The projects in Q1 2018 included several government sponsored affordable housing projects, a hotel project and several commercial condominium projects compared to a single government sponsored affordable housing project and one hotel project in Q1 2017.
Other Financial Measures
Horizon North's Q1 2018 EBITDAS decreased compared to Q1 2017, mainly as a result of the volume and contract mix discussed above. As well, Q1 2017 EBITDAS included $1.0 million of business interruption insurance proceeds related to the 2016 Fort McMurray, Alberta wildfires. Operating loss and loss per share for Q1 2018 was significantly lower compared to Q1 2017 due to lower EBITDAS and the Q1 2017 insurance settlement.
Horizon North continued to maintain a strong focus on managing the Statement of Financial Position through minimizing working capital and a reduced capital program. Total loans and borrowings were $85.6 million at March 31, 2018 compared to $74.6 million at December 31, 2017. As a result of the increased debt, Total Debt to EBITDAS ratio was 3.26:1.00 compared to 2.48:1.00 at December 31, 2017.
Outlook
Horizon North's focus in Q2 and the remainder of 2018 will continue to be on:
Moving forward initiatives started in 2017 intended to strengthen and diversify the Industrial Services business; Ensuring Horizon North is positioned and prepared to take advantage of LNG opportunities; and Expand the Modular Solution backlog while honing execution.
For Industrial Services, Horizon North anticipates moderate strengthening of activity levels in the Camps & Catering operations compared to Q1 2018. The contract mix experienced in Q1 2018 is expected to shift in the second half of 2018 and include more large camp activity with the expectation of the $63 million conditional contract award becoming a firm contract. Horizon North does not expect any significant strengthening in pricing and will continue to focus on cost controls and operational discipline to improve EBITDAS levels.
The Industrial Services business will be focused on continuing to build-out and expand on the three phase strategy initiated in 2017:
Leverage the Aboriginal relationships entered into in the second half of 2017 which cover regions north and south of Fort McMurray, Alberta. A significant project undertaken in the second half of 2017 has shown the potential of this region and Horizon North will continue to develop similar opportunities; Focus on the Duvernay and Montney regions through securing strategic land locations which position Horizon North to participate fully in the continued high activity levels expected in world class resource plays similar to the conventional W5/W6 market; and Grow Horizon North's presence in the mining sector, specifically on developing opportunities in northern Canada where Horizon North has a strong track record.
With the likelihood of one LNG project proceeding to final investment decision, Horizon North will continue to develop plans and work to ensure it is well positioned to take full advantage of opportunities as they arise by strengthening existing relationships with regional First Nations and the municipality as well as completing the development of its land asset in Kitimat, British Columbia.
The Modular Solutions business is expected to continue its growth based on Q1 2018 backlog and the high-quality opportunity pipeline underpinned largely by social infrastructure and affordable housing projects. Ramp up of the workforce in the Kamloops plant continues to lag expectations and the desired staffing levels will likely not be achieved until the second half of 2018. The integration of the Shelter Modular Inc. acquisition is expected to be completed by the end of Q2 2018 adding to capacity growth in the second half of 2018. Horizon North anticipates that Modular Solutions will continue its trend of earnings improvement and contribute positive EBITDAS throughout 2018 as increased volumes drive improved economies of scale.
The recently announced teaming agreement with EllisDon will further strengthen Modular Solutions ability to grow. The agreement applies to specified projects such as hotels, commercial buildings, and multi-family structures undertaken by Horizon North's Modular Solutions division. Horizon North and EllisDon will select, pursue, and execute such projects jointly, bringing the respective strengths of each organization to customers.
The strength of the Statement of Financial Position is a key priority and Horizon North will continue to closely manage debt levels and working capital. Cost reduction measures across our operations and the continued centralization of certain general and administrative functions will drive improved cash flow through efficiencies. In addition to a limited and tightly managed capital program, Horizon North will continue to assess its portfolio of assets in 2018 to ensure a focus on core business lines.
Dividend payment
Horizon North announced today that its Board of Directors has declared a dividend for the second quarter of 2018 at $0.02 per share. The dividend is payable to shareholders of record at the close of business on June 30, 2018 to be paid on July 13, 2018. The Board of Directors regularly monitors the strength of the Statement of Financial Position, cash from operations and capital requirements to ensure the overall sustainability of Horizon North is not compromised. The dividends will be eligible dividends for Canadian tax purposes.
Additional Information
A copy of the Corporation's Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2018 and 2017 and related Management's Discussion and Analysis have been filed with the Canadian securities regulatory authorities and is available on SEDAR at www.sedar.com and www.horizonnorth.ca . Unless otherwise indicated, the consolidated financial statements have been prepared in accordance with International Financial Reporting Standards and the reporting currency is in Canadian dollars.
Non-GAAP measures
Certain measures in this MD&A do not have any standardized meaning as prescribed by generally accepted accounting principles ("GAAP") and, therefore, are considered non-GAAP measures. These measures are regularly reviewed by the Chief Operating Decision Maker and provide investors with an alternative method for assessing the Corporation's operating results in a manner that is focused on the performance of the Corporation's ongoing operations and to provide a more consistent basis for comparison between periods. These measures should not be construed as alternatives to total profit and total comprehensive income determined in accordance with GAAP as an indicator of the Corporation's performance . The method of calculating these measures may differ from other entities and accordingly, may not be comparable to measures used by other entities. The following non-GAAP measures are used to monitor the Corporation's performance:
EBITDAS: Earnings before interest, taxes, depreciation, amortization, impairment, gain/loss on disposal of property, plant and equipment and share based compensation ("EBITDAS"). Management believes that in addition to total profit and total comprehensive income, EBITDAS is a useful supplemental measure as it provides an indication of the Corporation's ability to generate cash flow in order to fund working capital, service debt, pay current income taxes and fund capital programs, and it is regularly provided to and reviewed by the Chief Operating Decision Maker.
Debt to total capitalization: Calculated as the ratio of debt to total capitalization. Debt is defined as the sum of current and long-term portions of loans and borrowings. Total capitalization is calculated as the sum of debt and shareholders' equity.
Caution Regarding Forward-Looking Statements and Information
Certain statements contained in this MD&A constitute forward-looking statements or information ("forward-looking statements"). These statements relate to future events or future performance of Horizon North. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" and similar expressions are intended to identify forward-looking statements.
In particular, such forward-looking statements include:
Under the heading "Highlights" the statement that:
"Horizon North's joint venture partnership Halfway River Horizon North was conditionally awarded $63 million of turn-key camp services in the Montney region of northeast British Columbia. Pending regulatory and internal customer approvals, the contract is expected to start in Q3 2018 and run through Q4 2019."
Under the heading "Outlook" the statement that:
"Horizon North's focus in Q2 and the remainder of 2018 will continue to be on:
Moving forward initiatives started in 2017 intended to strengthen and diversify the Industrial Services business; Ensuring Horizon North is positioned and prepared to take advantage of LNG opportunities; and Expand the Modular Solution backlog while honing execution.
For Industrial Services, Horizon North anticipates moderate strengthening of activity levels in the Camps & Catering operations compared to Q1 2018. The contract mix experienced in Q1 2018 is expected to shift in the second half of 2018 and include more large camp activity with the expectation of the $63 million conditional contract award becoming a firm contract. Horizon North does not expect any significant strengthening in pricing and will continue to focus on cost controls and operational discipline to improve EBITDAS levels.
The Industrial Services business will be focused on continuing to build-out and expand on the three phase strategy initiated in 2017:
Leverage the Aboriginal relationships entered into in the second half of 2017 which cover regions north and south of Fort McMurray, Alberta. A significant project undertaken in the second half of 2017 has shown the potential of this region and Horizon North will continue to develop similar opportunities; Focus on the Duvernay and Montney regions through securing strategic land locations which position Horizon North to participate fully in the continued high activity levels expected in world class resource plays similar to the conventional W5/W6 market; and Grow Horizon North's presence in the mining sector, specifically on developing opportunities in northern Canada where Horizon North has a strong track record.
With the likelihood of one LNG project proceeding to final investment decision, Horizon North will continue to develop plans and work to ensure it is well positioned to take full advantage of opportunities as they arise by strengthening existing relationships with regional First Nations and the municipality as well as completing the development of its land asset in Kitimat, British Columbia.
The Modular Solutions business is expected to continue its growth based on Q1 2018 backlog and the high-quality opportunity pipeline underpinned largely by social infrastructure and affordable housing projects. Ramp up of the workforce in the Kamloops plant continues to lag expectations and the desired staffing levels will likely not be achieved until the second half of 2018. The integration of the Shelter Modular Inc. acquisition is expected to be completed by the end of Q2 2018 adding to capacity growth in the second half of 2018. Horizon North anticipates that Modular Solutions will continue its trend of earnings improvement and contribute positive EBITDAS throughout 2018 as increased volumes drive improved economies of scale.
The recently announced teaming agreement with EllisDon will further strengthen Modular Solutions ability to grow. The agreement applies to specified projects such as hotels, commercial buildings, and multi-family structures undertaken by Horizon North's Modular Solutions division. Horizon North and EllisDon will select, pursue, and execute such projects jointly, bringing the respective strengths of each organization to customers.
The strength of the Statement of Financial Position is a key priority and Horizon North will continue to closely manage debt levels and working capital. Cost reduction measures across our operations and the continued centralization of certain general and administrative functions will drive improved cash flow through efficiencies. In addition to a limited and tightly managed capital program, Horizon North will continue to assess its portfolio of assets in 2018 to ensure a focus on core business lines."
Under the heading "Modular Solutions" the statement that:
"The primary metric for Modular Solutions is the backlog of projects and timing of backlog execution. Currently, the focus for this business unit is to secure and increase backlog, which was $62.5 million at the end of Q1 2018 compared to $32.4 million at Q1 2017. With consistent backlog, revenues and plant efficiencies are expected to improve and generate more stable and predictable results."
Under the heading "Dividend Payment" regarding the payment of a dividend to shareholders of record at the close of business on June 30, 2018 to be paid on July 13, 2018.
Under the heading "Industrial Services" where Horizon North expects continued growth in catering only work as a result of additional First Nations partnerships.
The forward-looking statements and information are based on certain assumptions made by Horizon North which include, but are not limited to, assumptions relating to:
industry activity for oil, natural gas and mineral exploration and development in the western Canadian provinces and northern territories; commodity prices; capital investment in the Canadian oil and gas sector; dividend payments; anticipated activity levels for 2018; operational results and capital spending; anticipated backlog in the Modular Solutions business; trade and other receivables; future operating costs and Corporation's access to capital; the effects of regulation by governmental agencies; the competitive environment in which the Corporation operates; the ability of the Corporation to attract and retain personnel; the development of LNG and commodity transportation infrastructure; the relationships between the Corporation and its customers; and general economic and financial conditions.
Although Horizon North believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Horizon North cannot give any assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of known and unknown risks and uncertainties. Such risks and uncertainties include, but are not limited to, the following:
volatility in the price and demand for oil, natural gas and minerals; fluctuations in the demand for the Corporation's services; availability of qualified personnel; changes in regulation by governmental agencies, including environmental regulation; and other factors listed under "Risks and Uncertainties" in this MD&A and other risk factors identified in the Corporation's annual information form.
Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect Horizon North's operations and financial results are included in Horizon North's annual information form which may be accessed through the SEDAR website at www.sedar.com . In addition, the reader is cautioned that historical results are not indicative of future performance. The forward-looking statements and information contained in this MD&A are made as of the date hereof and Horizon North does not undertake any obligation to update publicly or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Certain information set out herein may be considered as "financial outlook" within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding Horizon North's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.
About Horizon North
Horizon North is a publicly listed corporation (TSX: HNL.TO) providing a full range of industrial, commercial, and residential products and services. Our Industrial Services division supplies workforce accommodations, camp management services, access solutions, maintenance and utilities. Our Modular Solutions division integrates modern design concepts and technology with state of the art, off-site manufacturing processes; producing high quality building solutions for commercial and residential offerings including offices, hotels, and retail buildings, as well as distinctive single detached dwellings and multi-family residential structures. As a result of our diverse product and service offerings, Horizon North is uniquely positioned to meet the needs of our customers in numerous sectors, anywhere in Canada.
View original content: http://www.prnewswire.com/news-releases/horizon-north-logistics-inc-announces-results-for-the-quarter-ended-march-31-2018-300645022.html
SOURCE Horizon North Logistics Inc. | http://www.cnbc.com/2018/05/08/pr-newswire-horizon-north-logistics-inc-announces-results-for-the-quarter-ended-march-31-2018.html | www.cnbc.com |
House prices zoom higher in Lisbon and Porto | May 2, 2018 / 1:10 PM / a few seconds ago House prices zoom higher in Lisbon and Porto Reuters Staff 2 Min Read
LISBON (Reuters) - House prices in Lisbon and Porto jumped nearly 20 percent in the fourth quarter of last year over the same period in 2016 and were on average 7.6 percent higher across all of Portugal, data showed on Wednesday. FILE PHOTO: A tram runs in downtown Lisbon, Portugal March 22, 2018. REUTERS/Rafael Marchante/File Photo
Portuguese house prices have risen sharply in the past couple of years, boosted by tourism and demand from foreign buyers who have snapped up properties in Lisbon which have been relatively cheap compared with other European capitals.
The National Statistics Institute said house prices in the Lisbon area rose 18.1 percent in the fourth quarter from a year earlier to an average of 1,262 euros per square meter. In Porto house prices rose 17.6 percent. FILE PHOTO: An old facade of a building is seen at the Ribeira neighbourhood in Porto August 25, 2014. REUTERS/Rafael Marchante/File Photo
Across all of Portugal, average house prices rose 7.6 percent in the fourth quarter from a year earlier, to 932 euros per square meter.
Analysts have said they expect house prices to continue rising in Portugal this year, pushed by continued demand by foreign buyers. Record tourism numbers are also contributing as demand for short-term rental properties has risen strongly, especially in the main cities.
The housing boom helped propel economic growth to its highest level in nearly two decades last year. The expansion should continue this year, although at a slightly lower rate. Reporting by Axel Bugge; Editing by Alison Williams | https://www.reuters.com/article/us-portugal-housing/house-prices-zoom-higher-in-lisbon-and-porto-idUSKBN1I31RH | www.reuters.com |
CEE MARKETS-Forint markets lead fall, U.S. yield rise renews sell-off | May 15, 2018 / 10:04 AM / in 35 minutes CEE MARKETS-Forint markets lead fall, U.S. yield rise renews sell-off Reuters Staff 7 Min Read * Dollar, U.S. yields rise renews asset selling in CEE * Forint hits 22-month low, CEE bond yields rise * Loose monetary policy does not support forint-dealers * Budapest leads fall of equity indices By Sandor Peto BUDAPEST, May 15 (Reuters) - The forint hit a 22-month low against the euro on Tuesday as a rebound of the dollar and U.S. debt yields caused a renewed sell-off in Central European markets, even as first-quarter data confirmed strong economic growth in the region. Sentiment in emerging markets was also soured by a plunge of the Turkish lira after President Tayyip Erdogan said he wanted to take tighter control of monetary policy. With debt yields in core markets rising and the dollar renewing its rally in global markets after a 3-day pause, the forint proved the most vulnerable currency in Central Europe. It traded at 317.28 versus the euro at 0907 GMT, off a 22-month low of 317.36, but weaker by 0.6 percent from Monday, while the zloty shed 0.4 percent, to trade at 4.282. The forint got little help from figures that showed faster-than-expected 4.4 percent first-quarter growth in the Hungarian economy. Breaking through a technical support level at 315.5, it was heading towards the next support at 318, Erste analysts said in a note. Hungary's 10-year government bond yield rose 2 basis points to 2.93 percent, tracking a rise in the corresponding U.S. Treasury yield above 3 percent. That was a smaller increase than a 5-basis-point rise in Poland's 10-year yield to 3.27 percent on Tuesday, but the Hungarian yield has risen by about 30 basis points this month, the biggest rise in the region, due to the international rise in debt yields. "Why Hungarian markets are getting the biggest beating, it is hard to say," one Budapest-based currency dealer said. "This may be happening because interest rates are low and the National Bank (of Hungary) looks unwilling to change them," the dealer added. Despite the noise in global markets, the Hungarian central bank is unlikely to give up its ultra-loose policy, and may even deploy new policy tools to keep long-term interest rates lower, Erste analyst Gergely Urmossy said in a separate note. Poland's central bank is also expected to reiterate after its meeting on Wednesday that it could keep rates on hold for years. The region's equity indices mostly fell, led by a 1.6 percent decline in Budapest and a 2.9 percent fall in OTP Bank's stocks which has been jittery around a key technical level at 11,0000 forints ($414.45) in the past two weeks. CEE SNAPSHOT AT MARKETS 1107 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.5400 25.4970 -0.17% +0.01% crown > Hungary <EURHUF= 317.2800 315.5000 -0.56% -2.01% forint > Polish <EURPLN= 4.2820 4.2667 -0.36% -2.47% zloty > Romanian <EURRON= 4.6300 4.6260 -0.09% +1.07% leu > Croatian <EURHRK= 7.3850 7.3820 -0.04% +0.61% kuna > Serbian <EURRSD= 118.1000 118.1500 +0.04% +0.34% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1107.59 1104.330 +0.30% +2.73% 0 Budapest 37992.39 38602.89 -1.58% -3.52% Warsaw 2298.31 2321.09 -0.98% -6.62% Bucharest 8664.14 8755.58 -1.04% +11.74% Ljubljana <.SBITOP 891.23 888.49 +0.31% +10.52% > Zagreb 1847.46 1843.09 +0.24% +0.25% Belgrade <.BELEX1 735.59 737.44 -0.25% -3.19% 5> Sofia 645.47 644.24 +0.19% -4.72% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 0.8090 -0.0770 +135bps -8bps R> 5-year <CZ5YT=R 1.3320 0.0200 +134bps +2bps R> 10-year <CZ10YT= 1.8740 0.0130 +125bps +0bps RR> Poland 2-year <PL2YT=R 1.6050 0.0410 +215bps +4bps R> 5-year <PL5YT=R 2.5350 0.0410 +254bps +4bps R> 10-year <PL10YT= 3.2750 0.0410 +265bps +3bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 0.99 1.14 1.27 0.90 <PRIBOR= > Hungary 0.07 0.19 0.29 0.06 Poland 1.75 1.76 1.81 1.70 Note: FRA are for ask prices quotes | https://www.reuters.com/article/easteurope-markets/cee-markets-forint-markets-lead-fall-u-s-yield-rise-renews-sell-off-idUSL5N1SM44R | www.reuters.com |
Market has hit ‘critical level’ and is about the bounce higher: Trader | 23 Hours Ago | 02:47
The market has hit a key point that points to a bounce, says chart-minded trader Todd Gordon.
"We've been tracking this consolidation in the S&P for all of 2018, and I think we've just reached a very critical level," the TradingAnalysis.com founder said Tuesday on CNBC's "Trading Nation."
Gordon had previously pointed out that the S&P 500-tracking ETF ( SPY ) has been in a triangle consolidation for most of 2018. Just a few weeks, ago, Gordon began tracking the lower points of the consolidation and said the rally could be over if the SPY fell below a support line at around $260.
Since then, SPY has managed to hold that support, which just happens to be the ETF's 200-day moving average, leading Gordon to believe it will soon bounce.
"I think there is time to add, to continue up, through this consolidation that has contained all of this year," he said. "We should be able to move on up, retest these old highs at just about the $280 mark."
To play for a bounce, Gordon wants to buy the June monthly 275-strike call and pair that with the sale of the June monthly 280-strike call for about 73 cents, or $73 per options spread. Should SPY close above $280, Gordon could make $427 on the trade.
Markets were choppy on Tuesday leading up to and following President Donald Trump's announcement that the U.S. would pull out of the Iran deal. | https://www.cnbc.com/2018/05/09/market-has-hit-critical-level-and-is-about-the-bounce-higher-trader.html | www.cnbc.com |
Cold Spring Brewing Company Acquires Carolina Beverage Group, LLC | GREENWICH, Conn., May 16, 2018 /PRNewswire/ -- Brynwood Partners VII L.P.'s and Brynwood Partners VIII L.P.'s (collectively, "Brynwood") wholly-owned portfolio company, Cold Spring Brewing Company ("Cold Spring"), announced today that it had acquired 100% of the stock of Carolina Beverage Group, LLC from SunTx Capital Partners and other selling shareholders. Terms and conditions of the transaction were not disclosed.
The combined company is being named Carolina Beverage Group ("Carolina Beverage") and will be headquartered in the Charlotte, NC area. By combining Cold Spring and Carolina Beverage Group, LLC, Brynwood has created one of the largest independently-owned contract manufacturers in the beverage sector for numerous well-known national and international brands. The company's blue-chip customers include brand owners of well-known energy drinks, sparkling waters, teas, cocktails, flavored malt beverages, craft beers and other ready-to-drink beverages. The company also produces private label beverages for leading retailers throughout the U.S.
Carolina Beverage manufacturers its high-quality products out of its three strategically located state-of-the-art manufacturing facilities located in Cold Spring, MN; Mooresville, NC and Fort Worth, TX. With over 650,000 sq. ft. of flexible manufacturing space and 1.7 million sq. ft. of warehouse availability, the company offers a broad range of value-added production services in a variety of packaging options, including plastic and aluminum cans and glass bottles.
"We are very pleased to announce the acquisition of Carolina Beverage Group, LLC by Cold Spring," said Henk Hartong III, Chairman and CEO of Brynwood Partners. "We are excited about the opportunity to create a company with a significant manufacturing footprint in the value-added beverage space that will strengthen our ability to service both national branded and retail customers with innovative products in flexible packaging solutions." Mr. Hartong continued, "Value added manufacturing is an important sector and an area that Brynwood continues to make significant investments in."
"On behalf of Brynwood Partners, I would like to express my sincere gratitude to SunTx and the other selling shareholders," said Ian MacTaggart, President and COO of Brynwood Partners. "While Brynwood VII already had an investment in Cold Spring, this marks Brynwood VIII's first investment since the fund closed in January 2018 with $649 million of committed capital. We look forward to supporting Carolina Beverage's loyal employees and growing its operations both organically and through potential strategic add-on acquisitions."
Brynwood Partners did not retain an investment banking advisor but was represented by Holland & Knight LLP on legal matters. Carolina Beverage Group, LLC retained Cascadia Capital LLC as its investment banking advisor and was represented by Haynes and Boone, LLP on legal matters.
About Brynwood Partners:
Founded in 1984 and based in Greenwich, CT, Brynwood Partners is an operationally-focused private equity firm that makes control investments in North American-based lower middle market companies. The firm targets non-core brands or companies operating exclusively in the consumer sector.
Brynwood Partners currently manages more than $1.1 billion of private equity capital for its limited partners, which include U.S. and international pension funds, fund-of-funds, endowments, high net worth family investment offices and financial institutions. For more information on Brynwood Partners, please visit www.brynwoodpartners.com .
View original content: http://www.prnewswire.com/news-releases/cold-spring-brewing-company-acquires-carolina-beverage-group-llc-300648752.html
SOURCE Brynwood Partners | http://www.cnbc.com/2018/05/16/pr-newswire-cold-spring-brewing-company-acquires-carolina-beverage-group-llc.html | www.cnbc.com |
LSINC Corporation Appoints Robert M. Lightfoot, Jr. President | HUNTSVILLE, Ala., May 2, 2018 /PRNewswire/ -- LSINC Corporation today announced that Robert M. Lightfoot, Jr. will join the company as President. LSINC is a rapidly growing firm dedicated to helping clients achieve mission success by providing innovative strategy assurance and product development, to bring client ideas to reality.
Lightfoot is for the former Acting Administrator of the National Aeronautics & Space Administration (NASA) serving in the position for the last 15 months. His permanent position at NASA Headquarters was Associate Administrator, the agency's highest-ranking civil service position. He previously was director of NASA's Marshall Space Flight Center in Huntsville, AL. Lightfoot spent much of his NASA career in rocket propulsion testing and space shuttle program propulsion offices. He spent two years at NASA Headquarters focused on strategies for the shuttle return to flight following the Columbia tragedy.
"We look forward to his contributions as we enhance our ability to provide strategic services to our customers," said Alicia Ryan, Chief Executive Officer. "His forward-thinking and consensus-building leadership style brings a new dimension to how we can work with those we serve."
"I'm extremely excited to join the LSINC team and appreciate the confidence placed in me to further elevate the company's growth," said Lightfoot. "My experience in leading NASA and LSINC's proven track record is the solid foundation our clients will leverage to achieve mission success."
Lightfoot received a bachelor's degree in mechanical engineering from the University of Alabama where he is a Distinguished Departmental Fellow for the Department of Mechanical Engineering, a College of Engineering fellow, and served on the Mechanical Engineering Advisory Board. He is a native of Alabama and married to the former Caroline Smith of Huntsville.
"I'm also excited about coming home to the community that has supported me throughout my career," Lightfoot said. "I will build on Alicia's impressive legacy of community service and look forward to re-engaging with the Huntsville-Madison County team to expand what we can do here in North Alabama."
About LSINC Corporation
LSINC Corporation provides product development, engineering, strategy, strategic communications, intelligence and security solutions to commercial and government clients. Product development and engineering services include design and analysis, prototyping, test, and low-volume adaptable production, with expertise in digital printing, military, law enforcement, medical, industrial, and consumer product markets. LSINC Corporation is a Woman-Owned Small Business (WOSB) headquartered in Huntsville, Alabama. www.LSINC.com
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SOURCE LSINC Corporation | http://www.cnbc.com/2018/05/02/pr-newswire-lsinc-corporation-appoints-robert-m-lightfoot-jr-president.html | www.cnbc.com |
UPDATE 7-WTI falls on threat of OPEC boost, funds quit crude | * Expected Saudi and Russian output boost weighs on prices
* Oil prices tumble as hedge funds quit crude: Kemp
* Brent/U.S. crude spread reaches widest since March 2015
* OPEC due to meet in Vienna on June 22 (Updates to market settle, adds commentary)
NEW YORK, May 29 (Reuters) - U.S. crude futures fell more than $1 on Tuesday on worries that Saudi Arabia and Russia will pump more crude to boost supplies after more than a year of reducing worldwide inventories.
U.S. West Texas Intermediate (WTI) crude futures fell $1.15 to settle at $66.73 a barrel, a 1.7 percent loss. Brent crude futures settled up 9 cents to $75.39 a barrel.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by 1 million barrels per day (bpd) to counter potential supply shortfalls from Venezuela and Iran.
Ahead of the Organization of the Petroleum Exporting Countries' meeting on June 22, concerns that Saudi Arabia and Russia could increase output have exerted downward pressure on oil prices.
"Market participants remain unsure how quickly an exit strategy can be implemented and whether it will go beyond just balancing the output drop from Venezuela," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
Credit Suisse analysts on Tuesday said even if Russia and OPEC producers raise output, they would likely only add an additional 500,000 bpd, which would leave inventories in the most developed countries short of the five-year average by the end of 2018.
Brent has fallen about 6 percent since hitting $80.50 on May 17, its highest since 2014.
Falling stocks and a stronger U.S. dollar index also weighed on prices. U.S. stock markets sank more than 1 percent, while the dollar gained about 0.7 percent. A stronger dollar makes greenback-denominated commodities more expensive for holders of other currencies.
"There is a risk-off trade today where we have seen people going back into dollar assets and less so in the stock market," said Brian Kessens, portfolio manager and managing director at Tortoise in Leawood, Kansas.
Hedge funds and other money managers reduced their net long position in Brent and WTI by 169 million barrels over the five weeks to May 22, suggesting unease about the rally's strength. (https://tmsnrt.rs/2LBbW8l).
Brent now commands its largest premium over U.S. futures in more than three years, meaning U.S. exports are rapidly becoming far more competitive globally than those from northern Europe, Russia or parts of the Middle East.
The spread between Brent and U.S. crude <CL-LCO1=R> hit $9.38 on Monday in thin holiday volumes, widest since March 2015.
U.S. oil production <C-OUT-T-EIA> has surged by more than 20 percent in the past two years to 10.7 million bpd. Record crude oil volumes from the United States are expected to head to Asia in the coming months.
(Reporting by Stephanie Kelly Additional reporting by Amanda Cooper in London and Jane Chung in Seoul Editing by David Goodman and Lisa Shumaker) | https://www.cnbc.com/2018/05/29/reuters-america-update-7-wti-falls-on-threat-of-opec-boost-funds-quit-crude.html | www.cnbc.com |
Retired Asia President of Motorola Solutions Joins CEO Coaching International, Strengthening Asia Market Presence | NEWPORT BEACH, Calif., May 31, 2018 /PRNewswire/ -- CEO Coaching International , the leading firm for coaching growth-focused CEOs and entrepreneurs, has appointed Phey Teck Moh as its newest coach. Phey is a proven business builder in technology-based and rapidly evolving industries with a track record in turning around and growing those businesses.
Phey previously held leadership positions at Motorola, Pacific Internet, Compaq and IBM Singapore. At Motorola Solutions, Phey was credited with rapid growth, grew more than 15% per annum to US$1.1Bn revenue in Asia Pacific.
"We are confident that Phey will strongly position us as the trusted advisor and partner to our existing and potential clients in the region," commented Mark Moses , CEO and Founder of CEO Coaching International. "Phey's expertise in Tech and Telecommunications will further strengthen our market presence."
Phey Teck Moh is the Chairman of Xpanasia Pte Ltd, an investment and advisory company specializing in Telecommunications and Information Technology companies in Asia Pacific. As a mentor and partner at incubators including Entrepreneur First, MIT-SMART and Singapore Management University, he had mentored many startup companies including Rainmaker Labs (sold to KPMG), Metro Residences, and Homage. In 2018, Phey cofounded AngelCentral with partners to raise angel investments for startups.
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
Photo(s):
https://www.prlog.org/12711219
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View original content: http://www.prnewswire.com/news-releases/retired-asia-president-of-motorola-solutions-joins-ceo-coaching-international-strengthening-asia-market-presence-300657273.html
SOURCE CEO Coaching International | http://www.cnbc.com/2018/05/31/pr-newswire-retired-asia-president-of-motorola-solutions-joins-ceo-coaching-international-strengthening-asia-market-presence.html | www.cnbc.com |
Tesla says top vehicle engineer Doug Field is 'taking time off' | Tesla's senior vice president of engineering, Doug Field, is leaving the company for what the auto maker is characterizing as a leave of absence.
Late Friday, The Wall Street Journal and Bloomberg reported that Field was stepping back from his duties at Tesla , amid ongoing production problems with its Model 3 sedan. A Tesla spokesperson told CNBC that "Doug is just taking some time off to recharge and spend time with his family. He has not left Tesla."
The WSJ reported that Field's absence would be temporary. Tesla, however, declined to answer CNBC's questions about when he was expected to return.
Field, who was formerly a VP of hardware engineering at Apple, joined Tesla in 2013. He was responsible for development of new vehicles there, including the Model 3 electric sedan, which is the company's first EV designed for the mass market.
Tesla's future hinges on efficient, high volume production of the Model 3. But the company has so far failed to hit its production goals for the vehicle, and has yet to release the $35,000 base model of the car to eager drivers.
In the first quarter of 2018 , Tesla produced 9,766 of its higher-priced Model 3 vehicles, up from 2,425 in the prior quarter. When it first unveiled the Model 3, Tesla CEO Elon Musk said it could manufacture 20,000 of them monthly by the end of 2017.
In the first quarter of 2018, the Model 3 became the best-selling electric vehicle in the U.S. More than 450,000 people have signed up to purchase the car, putting down a $1,000 refundable deposit to do so. Tesla doesn't report how many people have requested refunds for vehicles they have paid to reserve.
In early April, Musk announced that he would personally take over responsibilities for Model 3 production at Tesla from Doug Field. At the same time, Musk wrote on Twitter : "I regard [Doug Field] as one of the world's most talented engineering execs."
Field could not be reached immediately for comment. His leave of absense follows a string of executive departures at Tesla. In April, Intel poached Tesla Autopilot executive Jim Keller. | https://www.cnbc.com/2018/05/11/tesla-says-top-vehicle-engineer-doug-field-is-taking-time-off.html | www.cnbc.com |
UPDATE 1-Selvaag Bolig CEO says pressure returning to Oslo region's housing market | (Adds CEO comments from Q1 presentation)
May 23 (Reuters) - House builder Selvaag Bolig ASA said:
* Q1 IFRS operating revenue NOK 381 million ($46.93 million) versus NOK 456 million year ago
* Q1 IFRS adjusted ebitda NOK 50.7 million versus NOK 93.6 million year ago
* Q1 gross sales of 216 homes (238) with a sales value of NOK 788 million
* CEO Baard Schumann says housing market has recovered and upwards price pressure in and around capital Oslo is coming back after easing in 2017
* CEO says start of Q1 sales was slow and most of the 238 units sales in Q1 were made towards the end of the quarter
* CEO expects trend to continue and more deliveries in Q2 compared with Q1, peak of the year will be in Q4
* CEO expects good results and good margins in the quarters ahead
* Greater supply of homes (in total) in the second half unlikely to slow down the market -CEO
* If anything could slow down the housing market it will be the psychological effect of rate hikes, which the central bank has said could come later this year Source text for Eikon: Further company coverage: ($1 = 8.1191 Norwegian crowns) (Gdynia Newsroom, Ole Petter Skonnord, editing by Terje Solsvik)
| https://www.reuters.com/article/selvaag-bolig-results/update-1-selvaag-bolig-ceo-says-pressure-returning-to-oslo-regions-housing-market-idUSL5N1SU1GG | www.reuters.com |
Europeans scramble to save Iran deal after Trump reneges | Dismayed European allies sought to salvage the international nuclear pact with Iran on Wednesday after U.S. President Donald Trump pulled the United States out of the landmark accord , while Tehran poured scorn on the U.S. leader.
"The deal is not dead. There's an American withdrawal from the deal but the deal is still there," French Foreign Minister Jean-Yves Le Drian said.
Iranian Supreme Leader Ayatollah Ali Khamenei, who had backed the deal only reluctantly and remained suspicious of Washington , accused Trump of lying, adding: "Mr. Trump, I tell you on behalf of the Iranian people: You've made a mistake."
French President Emmanuel Macron was due to speak later in the day to his Iranian counterpart Hassan Rouhani , Le Drian said. Iran also signaled its willingness to talk.
Trump announced on Tuesday he would reimpose U.S. economic sanctions on Iran to undermine what he called "a horrible, one-sided deal that should have never, ever been made." Dan Kitwood | Getty Images German Chancellor Angela Merkel, British PM Theresa May and French President Emmanuel Macron at Brexit talks on October 19, 2017 in Brussels, Belgium.
The 2015 agreement, worked out by the United States, five other world powers and Iran, lifted sanctions on Iran in exchange for limits on its nuclear program. The fruit of more than a decade of diplomacy, the pact was designed to prevent Iran obtaining a nuclear bomb.
Trump complained that the deal, the signature foreign policy achievement of his Democratic predecessor, Barack Obama , did not address Iran's ballistic missile program, its nuclear activities beyond 2025 or its role in conflicts in Yemen and Syria .
His decision raises the risk of deepening conflicts in the Middle East, puts the United States at odds with European diplomatic and business interests, and casts uncertainty over global oil supplies. Oil prices rose more than 2 percent on Wednesday, with Brent hitting a 3-1/2-year high .
It could also strengthen the hand of hardliners at the expense of reformers in Iran's political scene. 'Region deserves better'
France's Le Drian said Iran was honoring its commitments under the accord.
"The region deserves better than further destabilization provoked by American withdrawal. So we want to adhere to it and see to it that Iran does too, that Iran behaves with restraint," he told French radio station RTL.
The European Union said it would remain committed to the deal and would ensure sanctions on Iran remain lifted, as long as Tehran meets its commitments. German Foreign Minister Heiko Maas said it was "totally unclear what the U.S. envisages as an alternative to the deal."
France and others were well aware that there were concerns about issues other than nuclear capability, but they could be addressed without ditching the nuclear deal, Le Drian said.
Macron's contact with Rouhani will be followed by meetings next week, probably on Monday, involving the Iranians and European counterparts from France, Britain , and Germany.
Russia has also said it remains committed to the deal; the Russian and German foreign ministers were also due to meet in Moscow, Russian Deputy Foreign Minister Alexander Grushko said.
The prospects of saving the deal depend in large measure on whether international companies are willing and able still to do business with Iran despite the U.S. sanctions.
Le Drian said meetings would also be held with firms including oil giant Total and others with major business and economic stakes in the region.
In a harbinger of what could be in store, Trump's new ambassador to Germany said German businesses should halt their activities in Iran immediately.
French Finance Minister Bruno Le Maire said the United States should not consider itself the world's "economic policeman"
European companies including carmaker PSA, plane manufacturer Airbus, and engineering group Siemens said they were keeping a close eye on the situation.
On his official website, Khamenei said Trump's announcement of his decision had been "silly and superficial," adding: "He had maybe more than 10 lies in his comments." 'Death to America!'
Lawmakers in parliament burned a U.S. flag and a symbolic copy of the deal, known officially as the Joint Comprehensive Plan of Action (JCPOA), and chanted "Death to America!"
President Hassan Rouhani, a reformist who had hoped that the deal would boost living standards in Iran, struck a more pragmatic tone in a televised speech, saying Iran would negotiate with European countries, China and Russia.
"If at the end of this short period we conclude that we can fully benefit from the JCPOA with the cooperation of all countries, the deal will remain," he said.
Trump's decision adds to the strain on the transatlantic alliance since he took office 16 months ago. One by one, European leaders came to Washington and tried to meet his demands, while pleading with him to preserve the deal.
The Trump administration kept the door open to negotiating another deal with allies, but it is far from clear whether the Europeans would pursue that option or be able to convince Iran to accept it. Getty Images President Donald Trump announces his decision to withdraw the United States from the 2015 Iran nuclear deal in the Diplomatic Room at the White House May 8, 2018 in Washington, DC.
The leaders of Britain, Germany, and France, signatories to the deal along with China and Russia, said in a joint statement that Trump's decision was a cause for "regret and concern."
China's foreign ministry said Beijing would defend the deal and urged parties "to assume a responsible attitude."
A Western diplomat was more pointed.
"It announces sanctions for which the first victims will be Trump's European allies," the diplomat said, adding that it was clear Trump did not care about the alliance.
Abandoning the pact was one of the most consequential decisions of Trump's "America First" policy, which has led him to quit the global Paris climate accord, come close to a trade war with China and pull out of an Asian-Pacific trade deal.
It also appeared to reflect the growing influence within the administration of Iran hawks such as new National Security Adviser John Bolton and Secretary of State Mike Pompeo , who arrived in Pyongyang on Wednesday to prepare for a summit that Trump hopes will secure North Korea's denuclearization. Complying with deal
Iran denies long-held Western suspicions that it tried in the past to develop atomic weapons and says its nuclear program is for peaceful purposes.
U.N. inspectors say Iran has not broken the nuclear deal and senior U.S. officials themselves have said several times that Iran is in technical compliance with the pact.
Renewing sanctions would make it much harder for Iran to sell its oil abroad or use the international banking system.
Iran is the third-largest member of the Organization of the Petroleum Exporting Countries and pumps about 3.8 million barrels per day of crude, or just under 4 percent of global supply. China, India , Japan , and South Korea buy most of its 2.5 million bpd of exports.
The U.S. Treasury says sanctions related to Iran's energy, auto, and financial sectors will be reimposed in three and six months.
U.S. Treasury Secretary Steve Mnuchin said a license for Boeing to sell passenger jets to Iran will be revoked, scuttling a $38 billion deal. The ban will also hit Europe's Airbus, whose planes contain U.S.-made parts.
Trump said the nuclear agreement did not prevent Iran from cheating and continuing to pursue nuclear weapons.
"It is clear to me that we cannot prevent an Iranian nuclear bomb under the decaying and rotten structure of the current agreement," he said. "The Iran deal is defective at its core."
Trump said he was willing to negotiate a new deal with Iran, but Iran has already ruled that out.
Iran's growing military and political power in Yemen, Syria, Lebanon , and Iraq worries the United States, Israel , and Washington's Gulf Arab allies such as Saudi Arabia .
Among the few nations to welcome Trump's decision were Israel and Saudi Arabia, Iran's arch-foes in the Middle East. Related Securities | https://www.cnbc.com/2018/05/09/europeans-scramble-to-save-iran-deal-after-trump-reneges.html | www.cnbc.com |
PRESS DIGEST- New York Times business news - May 23 | May 23 (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.
- Former executive at Valeant Pharmaceuticals International Gary Tanner, and Andrew Davenport, the onetime head of a small mail-order pharmacy were convicted on Tuesday of using a secret kickback arrangement to defraud the drugmaker. nyti.ms/2kgxFGf
- Facebook CEO Mark Zuckerberg's meeting with European lawmakers in Brussels ended with members of the parliament complaining that Zuckerberg had used the session's odd format to evade specific questions and just repeat statements he had made in the past. nyti.ms/2IFOBR2
- President Trump declared on Tuesday that he was not happy with how recent trade talks with China had gone, and said the United States had not reached a deal to suspend penalties on the Chinese telecom firm ZTE Corp, disputing reports that the administration had decided to go easy on the company in return for trade concessions. nyti.ms/2KNCceE
- United States Congress agreed on Tuesday to free thousands of small and medium-sized banks from strict rules that had been enacted as part of the 2010 Dodd-Frank law to prevent another meltdown. nyti.ms/2s7b6aF
Compiled by Bengaluru newsroom
| https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-23-idUSL3N1SU29Q | www.reuters.com |
UPDATE 1-Southern California says summer/winter natgas supply could fall short | short@ (Adds comment from SoCalGas)
May 8 (Reuters) - Southern California Gas (SoCalGas) cautioned on Tuesday that pipeline outages and restrictions on the Aliso Canyon gas storage facility could reduce its ability to deliver natural gas this year to a level even lower than California state regulators and others have predicted.
On Monday, regulators and regional grid operators issued a report warning of a "moderate threat" to gas and electric reliability this summer and a "more serious threat" next winter.
SoCalGas, a unit of California energy company Sempra Energy , said that report "may be overly optimistic."
The SoCalGas system has been operating at less than full capacity because of the pipeline outages and restrictions on the use of Aliso Canyon, the utility's biggest storage field, which suffered a devastating leak between October 2015 and February 2016.
"The potential for additional (pipeline) outages means that the situation may be getting worse, not better," the Aliso Canyon Technical Assessment Group said in a report released Monday, noting SoCalGas avoided serious problems last winter due to unusually warm weather.
"With so many pipeline outages, it will be difficult for SoCalGas to fill storage to a level sufficient to ensure energy reliability throughout the coming winter," the group made up of state regulators and regional power companies said.
SoCalGas spokesman Chris Gilbride said in an email that "Service reductions or interruptions to electric generators may be necessary this summer and withdrawals from Aliso Canyon may be required to prevent more extensive customer outages."
SoCalGas wants the state to lift some of the restrictions that were imposed on Aliso Canyon after the months-long leak which forced the evacuation of residents form a nearby Los Angeles neighborhood.
The state has limited the amount of gas SoCalGas can inject into the 86-billion cubic feet Aliso Canyon to just 24.6 bcf and only allows the utility to pull fuel from the field when other options are not available.
One billion cubic feet is enough to fuel about five million U.S. homes for a day.
To avoid power and gas interruptions this summer and next winter, the technical group recommended SoCalGas import liquefied natural gas from Costa Azul in Mexico and that state regulators allow the utility to boost the capacity and use of Aliso Canyon.
The report said this summer's challenges stem primarily from continuing outages and reductions on key pipelines, including Lines 2000, 3000 and 4000 and 235-2.
The group projected capacity on SoCalGas' system would total 3.555 billion cubic feet per day (bcfd) this summer, which includes 2.655 bcfd from pipelines and 0.900 bcfd from storage.
That is lower than the 3.638 bcfd available without Aliso Canyon last summer and well below the 4.668 bcfd maximum the system could send out without Aliso Canyon if all pipelines were available, the group has previously forecast.
This summer's projected system capacity is just enough to cover forecast peak demand of 3.511 bcfd, the report said, warning higher gas usage or loss of additional pipelines could result in curtailments of the fuel to electric generators.
(Reporting by Scott DiSavino; Editing by David Gregorio) | https://www.cnbc.com/2018/05/08/reuters-america-update-1-southern-california-says-summerwinter-natgas-supply-could-fall-short.html | www.cnbc.com |
Trump says Venezuela has freed American 'hostage' Josh Holt | American missionary Josh Holt, held by Venezuela without trial on weapons charges since 2016, was heading home with his wife on Saturday after the South American country's socialist government unexpectedly released him.
The freeing of the Mormon missionary from Utah came despite deepening U.S.-Venezuelan tensions that in the last week saw tit-for-tat expulsions of diplomats, Washington's refusal to recognize the May 20 re-election of Venezuelan President Nicolas Maduro, and the imposition of new U.S. sanctions on Caracas.
Speaking at a news conference in Caracas, Communications Minister Jorge Rodriguez said Holt and his wife, Thamy, were freed as part of efforts by Maduro's government to maintain "respectful diplomatic relations" with Washington.
"This type of gesture ... allows us to consolidate what has always been our standpoint: dialogue, agreement, respect for our independence, respect for our sovereignty," Rodriguez said.
Holt and his wife had been charged with espionage, violence and spreading activities against Venezuela's constitutional order, he said.
They were expected to arrive in Washington on Saturday evening and join Holt's family at the White House, U.S. President Donald Trump said on Twitter.
@realDonaldTrump: Good news about the release of the American hostage from Venezuela. Should be landing in D.C. this evening and be in the White House, with his family, at about 7:00 P.M. The great people of Utah will be very happy!
Utah Senator Orrin Hatch said in a statement that Holt's release followed two years of intense lobbying, working with two presidential administrations, countless diplomatic contacts around the world, and Maduro himself.
"I could not be more honored to be able to reunite Josh with his sweet, long-suffering family," Hatch said.
@senorrinhatch: BREAKING: Senator Hatch has secured the release of Utahn Josh Holt from Venezuela. #utpol
Family hails 'miracle' In a statement on Facebook, Holt's family gave thanks "to all who participated in this miracle," but asked to be allowed to meet him and his wife before giving any further statements or interviews.
The details of what led to Holt's release were not immediately clear. It followed by a day a meeting in Caracas between Maduro and U.S. Senator Bob Corker, the chairman of the U.S. Senate Foreign Relations Committee.
Venezuelan authorities arrested Holt in June 2016 while he was in Venezuela for his wedding, and he has been held without trial at the Helicoide, the headquarters of the intelligence agency Sebin, where inmates revolted earlier this month.
His family says he was framed on the weapons charges and the United States accused Caracas of using him as a bargaining chip in sanctions talks.
The United States accuses Maduro's government of stifling democracy, repressing the opposition and massive corruption. Maduro says Washington is conspiring to topple him and seize the OPEC member's large oil reserves.
He blames a U.S. "economic war" for Venezuela's fiscal woes, including hyper-inflation and food and medicine shortages that have triggered mass emigration.
Eva Golinger, a New York-based immigration lawyer once dubbed the "sweetheart" of Venezuela's socialist revolution by former Venezuelan President Hugo Chavez, said on Twitter that Maduro freed Holt as a gesture to gain legitimacy and win the lifting of U.S. sanctions.
"Surely Venezuela gets something in return," wrote Golinger, who has become a Maduro critic. "Stay tuned." | https://www.cnbc.com/2018/05/26/trump-says-venezuela-has-freed-american-hostage-josh-holt.html | www.cnbc.com |
METALS-London copper edges higher as trade war fears recede | MELBOURNE, May 21 (Reuters) - London copper edged higher on Monday after a truce in a trade row between China and the United States soothed concerns the dispute could escalate, however headwinds from a stronger dollar capped gains. FUNDAMENTALS * COPPER: Three-month copper on the London Metal Exchange edged up by 0.2 percent to $6,869 a tonne by 0142 GMT, reversing small losses from the previous session. Prices have been caught in a tight $6,765-$6,900 range for the past week. * Shanghai Futures Exchange copper also edged up by 0.4 percent to 51,410 yuan ($8,062) a tonne. * TRADE: The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday. * DOLLAR: The dollar edged up against the yen on Monday, after Mnuchin's comments, boosting risk sentiment amid hopes for an easing of trade tensions between the world's two biggest economies. * JAPAN ECONOMY: Japan's exports accelerated in April on increased shipments of cars and machines used to make semiconductors, suggesting healthy overseas demand could help the economy recover quickly from a dip in the first quarter. * CHINA ECONOMY: China's economy will likely expand around 6.7 percent in the second quarter this year, the State Information Center (SIC) said in an article in the state-owned China Securities Journal on Saturday. * COPPER: Vedanta Resources Plc's shutdown of its South Indian copper smelter, one of India's biggest, is causing a copper deficit and increased prices in India, its subsidiary Vedanta Ltd said on Friday. * RUSAL: UC Rusal has not yet received any formal notice that sanctions target Oleg Deripaska has resigned from his board position at major Rusal shareholder EN+, the aluminium maker said on Monday. * For the top stories in metals and other news, click or MARKETS NEWS * U.S. stock futures jumped on Monday as U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with China is "on hold" after the world's two largest economic powers agreed to drop their tariff threats while they work on a wider trade agreement. DATA AHEAD (GMT) 1230 U.S. National activity index Apr PRICES 0127 GMT Three month LME copper 6869.5 Most active ShFE copper 51430 Three month LME aluminium 2264.5 Most active ShFE 14810 aluminium Three month LME zinc 3106.5 Most active ShFE zinc 23970 Three month LME lead 2355 Most active ShFE lead 19770 Three month LME nickel 14655 Most active ShFE nickel 109070 Three month LME tin 0 Most active ShFE tin 145410 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 368.14 LME/SHFE ALUMINIUM LMESHFALc3 -1999.5 4 LME/SHFE ZINC LMESHFZNc3 414.06 LME/SHFE LEAD LMESHFPBc3 696.25 LME/SHFE NICKEL LMESHFNIc3 -1822.5 ($1 = 6.3769 Chinese yuan renminbi) (Reporting by Melanie Burton; editing by Richard Pullin)
| https://www.reuters.com/article/global-metals/metals-london-copper-edges-higher-as-trade-war-fears-recede-idUSL3N1SS1D7 | www.reuters.com |
US wants China to approve more biotech crops under trade deal | Agriculture US wants China to approve more biotech crops under trade deal The United States is seeking better access for imports of genetically modified crops into China as part of a trade deal currently under discussion between the two sides. The subject, long a major irritant in agricultural trade between the countries, is a main issue for the U.S. Department of Agriculture, said a biotech industry source with knowledge of USDA discussions. Published 1 Hour Ago Reuters Getty Images A farmer loads a container with Bt-corn harvested near Rockton, Illinois. Bt-corn is a GMO (genetically modified organism) crop that offers growers an alternative to spraying an insecticide.
The United States is seeking better access for imports of genetically modified crops into China as part of a trade deal currently under discussion between the two sides, said two people familiar with the matter. The subject, long a major irritant in agricultural trade between the countries, is a main issue for the U.S. Department of Agriculture , said a biotech industry source with knowledge of USDA discussions. "I can say with full confidence that biotech is one of the key issues for USDA in this conversation with the Chinese," the source said. The USDA did not immediately respond to requests for comment on Wednesday. China's Ministry of Agriculture and Rural Affairs, which regulates approvals of genetically modified, or GMO crops, did not respond to a fax seeking comment on whether such demands had been made. China's Ministry of Commerce did not respond to a fax on the issue. After months of escalating trade tension that led Beijing to threaten hefty tariffs on imports of major U.S. farm products, the two sides are nearing a deal that could see China buying more American farm goods, sources said on Tuesday. Those goods are expected to include top U.S. farm products such as soybeans and grains, as well as beef and other meat. U.S. exporters are currently grappling with tough Chinese quarantine requirements on many of their products, including corn, soybeans and pork. China will import record volumes of U.S. oil and is likely to ship more U.S. soy after Beijing signaled to state-run refiners and grains purchasers they should buy more to help ease tensions between the two top economies, trade sources said on Wednesday. While the specific demands regarding U.S. biotech are not known, Washington has repeatedly cited the issue in trade talks with Beijing in recent years. China does not permit planting of GMO food crops, but it does allow the import of GMO soybeans and corn for use in its huge animal feed industry. However the approval process for new GMO strains is slow, unpredictable and not based on science, says the biotech industry. As the world's top buyer of soybeans and a major buyer of other grains, China's slow approval process stalls trade by forcing agrichemical firms to restrict sales of new products to American farmers until they get Beijing's go-ahead. That can take several years, according to earlier industry complaints. China promised to speed up a review of pending applications during the 100-day trade talks with the United States last year, approving four new GMO products for import in the weeks following those talks. But it has not approved any other products since then. The industry had expected another meeting of its scientific panel, the National Biosafety Committee, to take place late last year, but no meeting took place, according to industry sources. "Biotech was among one of the key issues in the 100-day plan last year and there's still a lot of unresolved issues from that plan," the source with knowledge of USDA's discussions said. DowDuPont is waiting for China to approve imports of biotech soybeans under its Enlist brand, which have tolerance to a chemical called 2,4-D, used as a herbicide. Without Beijing's approval for Enlist E3 soybeans, the company launched the seed in the United States this year under a program that restricts where farmers deliver their harvests, limiting sales. Dow first submitted E3 soybeans to China for import approval in 2013 and had previously hoped to launch them in the United States in 2015. Syngenta , which is now owned by Chinese chemical company ChemChina, is waiting for Beijing to approve imports of a variety of U.S. biotech soybeans known as 0H2, which were submitted for review in 2014, a Syngenta spokesman said. Last year, China cleared imports of Syngenta's Agrisure Duracade corn as part of the 100-day plan. Another industry source said China needed to overhaul its regulatory system, and not simply approve some pending applications. "Results in the past year were not satisfactory," he added. Beijing has in the past held back approvals of imported GMO products amid concerns about anti-GMO sentiment in the country. Related Securities | https://www.cnbc.com/2018/05/23/us-wants-china-to-approve-more-biotech-crops-under-trade-deal.html | www.cnbc.com |
FOREX-Dollar hits 4-month high vs yen as U.S. Treasury yields rise | * Euro struggles near $1.18 mark * Dollar rise leaves yen at weakest since January * Graphic: World FX rates in 2018 tmsnrt.rs/2egbfVh (Updates prices in text, table, adds analyst comment) By Gertrude Chavez-Dreyfuss NEW YORK, May 17 (Reuters) - The dollar climbed to a four-month peak against the yen on Thursday, bolstered by the rise in U.S. Treasury yields that suggests a more upbeat outlook for the world's largest economy. U.S. benchmark 10-year yields hit a high of 3.122 percent on Thursday, the highest in nearly seven years. Since the beginning of the year, U.S. 10-year yields have increased by more than 50 basis points, on track for their largest rise in eight years. "The upside pressure on the dollar has been dramatic as the dollar has not declined consistently in a period which should be seeing dollar weakness," John Taylor, president and founder of research firm Taylor Global Vision in New York, said. Rising yields reflect continued optimism about the U.S. economy, reinforcing expectations that the Federal Reserve would raise borrowing rates at least two more times this year. The dollar rose to its strongest level versus the Japanese yen since Jan. 23 at 110.80 yen. It was last at 110.74, up 0.3 percent on the day. The dollar index rose 0.1 percent to 93.462, below its 2018 high of 93.632. The euro, meanwhile, fell to nearly a five-month low against the dollar on concerns about the demands of populist parties likely to form Italy's next government. Italy's anti-establishment 5-Star Movement and the anti-immigrant League, which are working to draft a coalition program, may ask the European Central Bank to forgive 250 billion euros of debt. But broader Italian markets held up better on Thursday as investors played down the broader impact on euro zone political stability and questioned whether the Italian parties would really follow through on such plans. The euro slipped to $1.1798, just above the $1.1763 2018 low it hit on Wednesday. The euro has slumped six cents from more than $1.24 in three weeks after a huge dollar rally. Investors are betting U.S. interest rates will need to rise further, while other central banks are postponing monetary tightening. That has forced investors who took big positions against the dollar anticipating a fall in 2018 to unwind and cover their positions, pushing the greenback even higher. "This sense of a market that is not particularly well prepared for a euro decline is supported by the benign valuations still evident in the pricing of six-month and 12-month implied volatility," BNY Mellon analysts said in a note, referring to prices of a measure of expected swings in the value of the euro. Sterling gave up earlier gains after the British government dismissed a media report that Britain wanted to stay in the European Union's customs union after Brexit. | https://www.reuters.com/article/global-forex/forex-dollar-hits-4-month-high-vs-yen-as-u-s-treasury-yields-rise-idUSL2N1SO1MG | www.reuters.com |
CORRECTED-TREASURIES-Yields curve flattens after slightly weaker-than-expected U.S. data | (Correcting 8th paragraph to show personal income was revised lower in February, not personal spending) By Gertrude Chavez-Dreyfuss NEW YORK, April 30 (Reuters) - The U.S. Treasury yield curve flattened on Monday for a third straight session, as a slew of data that missed expectations, fanned some concerns about slowing growth in the world's largest economy. The yield gap between U.S. 5-year notes and U.S. 30-year bonds narrowed to 27.20 basis points, the lowest spread in more than six years. The other benchmark measure, the spread between U.S. 2-year and 10-year notes, was also flatter at 45.60 basis points , the narrowest in two weeks. Aaron Kohli, director of rates strategy at BMO Capital Markets in New York, said U.S. data on Monday morning had been mediocre, supporting the Treasury market's curve flattening trend. There are also technical factors involved, he added. "The varying technicals in the curve highlight the Federal Reserve's increasing control of the front-end and belly (5- and 7-year notes) and the extent to which the longer dated yields (10s and 30s) have thus far resisted following the same pattern," Kohli said. "We're likely to keep with the longer-term flattening view in 2s/10s and 5s/30s till we see this technical divergence correct." Data showed U.S. personal income rose just 0.3 percent in March, compared with expectations of 0.4 percent. This was also revised lower in February to a rise of 0.3 percent, instead of the previously reported 0.4 percent increase. The U.S. Midwest manufacturing index also came in slightly lower than expected, with a reading of 57.6, while U.S. pending home sales, while posting an increase, fell short of a forecast for a 1.0 percent gain. That said, Tom Simons, money market economist at Jefferies in New York, noted that he was not too worried about the slight miss in expectations for Monday's data. "I don't think those would alter the Fed's thinking on rates," Simons said. "We all know that inflation is still trending on the positive side." In late morning trading, U.S. 10-year yields slipped to 2.949 percent from 2.957 percent late on Friday. U.S. 30-year yields also dipped to 3.108 percent from Friday's 3.125 percent. U.S. two-year note yields, meanwhile, were slightly higher at 2.492 percent from 2.484 percent on Friday. April 30 Monday 10:53AM New York / 1453 GMT Price US T BONDS JUN8 143-18/32 0-10/32 10YR TNotes JUN8 119-136/256 0-8/256 Price Current Net Yield % Change (bps) Three-month bills 1.7825 1.815 0.002 Six-month bills 1.9625 2.0091 -0.003 Two-year note 99-198/256 2.492 0.008 Three-year note 99-76/256 2.6235 0.006 Five-year note 99-194/256 2.8023 0.001 Seven-year note 99-196/256 2.9123 -0.008 10-year note 98-80/256 2.9494 -0.008 30-year bond 97-224/256 3.1098 -0.015 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 25.75 0.50 spread U.S. 3-year dollar swap 22.00 0.50 spread U.S. 5-year dollar swap 11.00 0.25 spread U.S. 10-year dollar swap 3.25 0.25 spread U.S. 30-year dollar swap -10.75 0.50 spread (Reporting by Gertrude Chavez-Dreyfuss;editing by Jonathan Oatis)
| https://www.reuters.com/article/usa-bonds/treasuries-yields-curve-flattens-after-slightly-weaker-than-expected-u-s-data-idUSL1N1S70KT | www.reuters.com |
Trump signs 'right-to-try' allowing gravely ill patients to bypass FDA for experimental medicines | CNBC.com Leah Millis | Reuters Seven-year-old Muscular Dystrophy patient Jordan McLinn, from Indiana, is embraced by U.S. President Donald Trump during the president's signing of the "Right to Try Act," which gives terminally ill patients the right to use experimental medications not yet been approved by the Food and Drug Administration (FDA), at the White House in Washington, U.S., May 30, 2018.
President Donald Trump signed the controversial "right-to-try" bill into law on Wednesday, which bypasses drug regulators to give gravely ill patients access to experimental medicines.
The legislation allows patients with life-threatening conditions to ask drugmakers for medicines that have cleared some testing but still haven't been approved by the Food and Drug Administration . Previously, people would need to ask the FDA for access to experimental treatments.
Trump and Vice President Mike Pence had been major supporters of passing the measure, which supporters say gives patients hope they would not otherwise have. The House of Representatives approved the bill last week, which is the same version the Senate passed in August.
It allows certain patients to ask drugmakers for medicines that have passed Phase 1 of the FDA approval process but haven't been approved yet and are still undergoing testing. Patients must have exhausted other options and be unable to participate in a clinical trial. Drugmakers aren't obligated to give patients the requested experimental medicines.
Critics say the legislation undermines the FDA's authority to regulate drugs and could leave patients vulnerable to medicines that might not work or even be harmful. The agency already runs an "expanded access" program where seriously ill patients can apply to gain access experimental treatments.
Commissioner Scott Gottlieb has said the agency has grants 99 percent of these requests. In a statement Wednesday, Gottlieb said the FDA is ready to implement the "right-to-try" legislation.
"The FDA is dedicated to achieving the goals that Congress set forth in this legislation, so that patients facing terminal conditions have an additional avenue to access promising investigational medicines," he said.
While signing the bill Wednesday, Trump said he never understood why passing this bill was hard since it can take years for drugs to undergo clinical trials.
"Right to try. That's such a great name," Trump said. "Some bills, they don't have a good name. Really. But this is such a great name, from the first day I heard it. Right to try. And a lot of the trying is going to be successful. I really believe that. I really believe it." | https://www.cnbc.com/2018/05/30/trump-signs-right-to-try-legislation-on-experimental-medicines.html | www.cnbc.com |
Oil steady on OPEC cuts, strong demand and looming Iran sanctions | * Brent back below $80 after breaking through on previous day
* Surge in U.S. production to offset some disruptions
* High oil prices could also dent crude demand
SINGAPORE, May 18 (Reuters) - Oil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
But markets remained below multi-year highs from the previous day as surging output from the United States is expected to offset at least some of the shortfalls.
Brent crude futures were at $79.48 per barrel at 0041 GMT, up 5 cents from their last close. Brent broke through $80 for the first time since November 2014 on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were at $71.55 a barrel, up 6 cents from their last settlement.
Crude prices have received broad support from voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.
Helped by strong demand, especially in Asia, as well as a U.S. announcement earlier this month to renew sanctions against OPEC-member Iran, Brent has climbed 20 percent since the start of the year.
"Global inventories are approaching long-run averages, suggesting that the coordinated OPEC/non-OPEC supply cuts have been successful," said Jack Allardyce, oil and gas research analyst at Cantor Fitzgerald.
Despite this, he said he saw "little to drive benchmarks much higher in the immediate term (as) there is a building concern over demand growth, partially on account of higher prices."
At $80 per barrel, Asia's thirst for oil costs the region a whopping $1 trillion a year, more than twice what it was in 2015/2016, the two years prior to the OPEC-cuts which started in 2017.
LONGER-TERM
The crude oil price forward curve is in firm backwardation, a structure that suggests a tight market as prices for immediate delivery are higher than those for later dispatch.
Front-month Brent prices are now almost $1.80 per barrel more expensive than those for delivery in December.
"Longer-dated (crude) futures ... remain in backwardation, driven by confidence in indefatigable U.S. shale producers," U.S. firm Height Securities said in a note, although it warned that strong demand as well as looming disruptions due to renewed U.S. sanctions against Iran and falling output in Venezuela could soon start lifting the crude forward curve too.
U.S. crude oil production <C-OUT-T-EIA> has soared by more than a quarter in the last two years, to a record 10.72 million barrels per day.
That puts the United States within reach of top producer Russia, which pumps around 11 million bpd.
As a result of its surging production, U.S. crude is increasingly appearing on global markets as exports.
(Reporting by Henning Gloystein Editing by Joseph Radford) | https://www.cnbc.com/2018/05/17/reuters-america-oil-steady-on-opec-cuts-strong-demand-and-looming-iran-sanctions.html | www.cnbc.com |
Patricia Stitzel Assumes the Role as President and CEO of Tupperware Brands and is elected to the Board of Directors | ORLANDO, Fla., May 9, 2018 /PRNewswire/ -- Effective today, Patricia (Tricia) A. Stitzel assumes the role as President and Chief Executive Officer of Tupperware Brands, after a planned succession process and election by the Company's Board of Directors. In the Company's 70-plus years of history, Stitzel now becomes the first female CEO. Former CEO Rick Goings will now serve as Executive Chairman.
Stitzel has served as the Company's President and Chief Operating Officer since October 2016. Prior to this role, she served as Group President, Americas, and in leadership positions of increasing responsibility in Europe and the United States since joining the Company in 1997.
Commenting on her new role, Stitzel said, "I thank the Board of Directors for its trust and confidence in me, and I am excited to lead this great Company into the future, supporting our important global purpose of empowering women through economic opportunities. For years, our powerful business model has brought us success and global expansion. In the future, we will continue to execute on our strategic growth initiatives and go beyond to deliver more opportunities for Sales Force and consumers. I thank Rick for his leadership, mentorship and friendship and look forward to his guidance as Executive Chairman."
The Company has also appointed a new Presiding Director of the Board, Susan Cameron, who brings more than 20 years of high-level executive experience in the consumer-goods industry. Cameron previously served as the President and CEO of Reynolds American Inc., as well as Chairman of the Board, from 2004-2011 and 2014-2017. She has also served on the Tupperware Brands Board of Directors since 2011.
"I am delighted to serve in this new role on the Company's Board of Directors and look forward to working with Tricia as she leads the company in its next era of growth," said Cameron. "Tupperware is an exceptional global brand with a dedicated Sales Force and experienced management team. Under Tricia's leadership, I believe the Company is poised to capitalize on new and exciting growth opportunities."
With this announcement, Tupperware Brands, a historical leader for gender equality, continues to solidify its commitment to equal representation at all levels of the Company. Today, women represent 50% of the Board of Directors and globally 44% of the senior management positions are held by women. Currently, Tupperware supports and works with an independent Sales Force of 3.1 million, 90% of which are women.
About Tupperware Brands:
Tupperware Brands Corporation, through an independent sales force of 3.1 million, is the leading global marketer of innovative, premium products across multiple brands utilizing social selling. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products through the Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo brands.
Media contact: Elinor Steele, elinorsteele@tupperware.com
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SOURCE Tupperware Brands Corporation | http://www.cnbc.com/2018/05/09/pr-newswire-patricia-stitzel-assumes-the-role-as-president-and-ceo-of-tupperware-brands-and-is-elected-to-the-board-of-directors.html | www.cnbc.com |
Gogo Welcomes Will Davis as Vice President of Investor Relations | CHICAGO, May 29, 2018 /PRNewswire/ -- Gogo (NASDAQ: GOGO), the leading global provider of broadband connectivity products and services for aviation, announced today that Will Davis has joined the company as Vice President of Investor Relations. He will report to Barry Rowan, Gogo's Executive Vice President and CFO.
Davis brings nearly 20 years of wireless and communications industry experience in both Investor Relations and financial analyst roles to Gogo. Most recently, he was the Senior Vice President of Marketing & Chief of Staff of the combination of Lumos Networks and Spirit Communications, which is formed by EQT Infrastructure. This transaction closed in April 2018, creating one of the largest private, independent fiber bandwidth companies in the United States. Lumos Networks was taken private by EQT Infrastructure in November 2017 for approximately $1 billion.
"Will's experience and expertise in the communications infrastructure industry, as well as his deep relationships within the financial markets will be incredibly valuable in helping drive value for Gogo and its shareholders," said Gogo's President and CEO, Oakleigh Thorne. "We are excited to have him on the Gogo team."
In his five years at Lumos Networks, Davis was responsible for educating both institutional investors as well as Wall Street analysts on the company's strategic repositioning into a premier communications infrastructure player. During this time, the EBITDA trading multiple doubled. He also played an active role in assessing ongoing strategic opportunities, including M&A and the potential sale of the company.
Prior to Lumos Networks, Davis was an Associate Director in sell-side research at UBS, covering wireless and telecom equipment companies. He also served as the wireless analyst at a large global tech-focused hedge fund with assets of approximately $5 billion. Additionally, he served as a Director of Investor Relations at Nokia. During his tenure, Nokia had a market capitalization of over $100 billion.
"In addition to welcoming Will, I also want to thank Varvara Alva, who previously served as Vice President of Investor Relations and Treasurer," added Thorne. "As our head of investor relations and treasury functions, Varvara was instrumental in leading Gogo through our IPO in 2013, building relationships with institutional investors and Wall Street analysts and managing Gogo's capitalization work over the last decade."
About Gogo:
Gogo is the Inflight Internet Company. We are the leading global provider of broadband connectivity products and services for aviation. We design and source innovative network solutions that connect aircraft to the Internet, and develop software and platforms that enable customizable solutions for and by our aviation partners. Once connected, we provide industry leading reliability around the world. Our mission is to help aviation go farther by making planes fly smarter, so our aviation partners perform better and their passengers travel happier.
You can find Gogo's products and services on thousands of aircraft operated by the leading global commercial airlines and thousands of private aircraft, including those of the largest fractional ownership operators. Gogo is headquartered in Chicago, IL with additional facilities in Broomfield, CO and locations across the globe. Connect with us at gogoair.com .
Media Contact:
Investor Contact:
Meredith Payette
Will Davis
+1 312-517-6216
+1 917-519-6994
pr@gogoair.com
ir@gogoair.com
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SOURCE Gogo | http://www.cnbc.com/2018/05/29/pr-newswire-gogo-welcomes-will-davis-as-vice-president-of-investor-relations.html | www.cnbc.com |
US STOCKS-Wall St turns negative on trade worries, oil prices | * Trump comments on China stoke trade fears
* Benchmark oil tops $80 per barrel
* Small-cap Russell 2000 hits fresh record
* Cisco, Walmart drop after earnings reports
* Dow down 0.25 pct, S&P 0.11 pct, Nasdaq 0.25 pct (Updates to late afternoon; changes dateline, byline)
NEW YORK, May 17 (Reuters) - Wall Street turned negative in indecisive trade on Thursday, giving up earlier gains as investors grappled with renewed trade worries and rising oil prices.
Comments by U.S. President Donald Trump that China "has become very spoiled on trade" added fuel to investor jitters as a second round of talks was launched today in efforts to avoid a tariff war between the world's two largest economies.
Unrest in the Middle East suggested a reduction of oil supply and sent crude prices to their highest level in three-and-a-half years. The S&P Energy index was up 1.2 percent, the largest gainer of the major S&P 500 sectors.
U.S. small-cap stocks fared better than their larger rivals as the Russell 2000 hit a record for the second session in a row, while bigger firms with more international exposure were pressured by rising oil prices and a strengthening dollar.
"It doesn't surprise us at all," said Marshall Gause, CEO and chief investment officer at Geneva Fund Partners in Denver. "If you're looking for growth, small- to mid-caps may be the place to go if you can stomach the volatility."
Trade and oil price concerns have also benefited smaller firms, according to Gause. "I think that they're in a better place," he said. "Global companies are more susceptible to that. Plus they're more susceptible to increased energy prices, typically."
Economic reports showed U.S. unemployment rolls falling to their lowest level since 1973 and mid-Atlantic manufacturers asking higher prices for their products, suggesting tightening labor market conditions and firming inflation, which support the likelihood of a Federal Reserve rate hike next month.
U.S. 10-year Treasury yields rose to a near seven-year high at 3.1220 percent, pressuring rate-sensitive sectors as investors ponder whether bonds offer an attractive alternative to riskier equities.
At 2:34 p.m. ET, the Dow Jones Industrial Average fell 62.71 points, or 0.25 percent, to 24,706.22, the S&P 500 lost 2.89 points, or 0.11 percent, to 2,719.57 and the Nasdaq Composite dropped 18.80 points, or 0.25 percent, to 7,379.50.
So-called defensive stocks were among the worst percentage losers among the 11 major sectors of the S&P 500. Rate-sensitive telecom, real estate and utility shares were down in the face of increasing U.S. government bond yields.
Cisco Systems was the biggest drag on the S&P 500 and the Nasdaq, slipping 3.5 percent despite beating profit and revenue estimates in its post-market earnings report. In a research note, Citigroup said investor perception is that the technology company is losing market share.
The S&P 500 Technology sector was down 0.6 percent.
Walmart shares were down 2.3 percent. Walmart said profit margins remained under pressure due to price cuts and higher freight costs, weighing on its shares even as sales and earnings came in stronger than expected.. The retailer's stock was the biggest weight on the Dow.
Advancing issues outnumbered declining ones on the NYSE by a 1.12-to-1 ratio; on Nasdaq, a 1.47-to-1 ratio favored advancers.
The S&P 500 posted 25 new 52-week highs and 4 new lows; the Nasdaq Composite recorded 132 new highs and 26 new lows. (Reporting by Stephen Culp Editing by Nick Zieminski) | https://www.cnbc.com/2018/05/17/reuters-america-us-stocks-wall-st-turns-negative-on-trade-worries-oil-prices.html | www.cnbc.com |
MOVES-Natixis names van Essche global head of restructuring and workout | May 10, 2018 / 7:50 PM / Updated 15 minutes ago MOVES-Natixis names van Essche global head of restructuring and workout Kristen Haunss 1 Min Read
NEW YORK, May 10 (LPC) - Natixis has named John-Charles van Essche the global head of restructuring and workout.
van Essche will take on his new role starting June 1 following the retirement at the end of the month of Carol Le Chevallier, according to a spokesperson for Natixis.
In his new role, van Essche will be based in Paris and report to Anne-Christine Champion, global head of distribution and portfolio management.
van Essche is currently the head of restructuring and workout Americas, as well as the head of runoff-New York, the spokesperson said.
He previously worked at Credit Agricole and Barclays.
The bank has made some additional moves recently, announcing on Wednesday that it had named Kevin Alexander deputy chief executive officer of Natixis corporate and investment banking, Americas. Last week it named Michael Moravec head of investment banking, Americas. (Reporting by Kristen Haunss; Editing By Jon Methven) | https://www.reuters.com/article/natixis-van-moves/moves-natixis-names-van-essche-global-head-of-restructuring-and-workout-idUSL1N1SH1ZL | www.reuters.com |
Southwest Airlines Returns Value To Shareholders | DALLAS, May 16, 2018 /PRNewswire/ -- Southwest Airlines Co. (NYSE: LUV) (the "Company") announces the Southwest Airlines Board of Directors, at its meeting held today, increased the Company's quarterly dividend by 28 percent and authorized a new $2.0 billion share repurchase program. The quarterly dividend will increase to $.16 per share from $.125 per share, beginning with the 167 th consecutive quarterly dividend declared today to Shareholders of record at the close of business on June 6, 2018, on all shares then issued and outstanding. The dividend will be paid on June 27, 2018.
Gary C. Kelly, Chairman of the Board and Chief Executive Officer, stated: "Based on our solid financial results and strong cash flow outlook bolstered by tax reform savings, I'm pleased to announce the Board's decision today to increase our quarterly dividend by 28 percent. Annualized, the increased dividend amounts to more than $370 million 1 , and an approximate 1.2 percent dividend yield 2 , to our Shareholders. The Board also authorized a new $2.0 billion share repurchase program upon the completion of the remaining $350 million under the May 2017 $2.0 billion share repurchase authorization.
"This share repurchase authorization, combined with our annual dividends, reinforces our continued commitment to delivering increased value to Shareholders. We remain committed to maintaining an investment grade balance sheet and strong financial position that enables us to continue to make prudent investments in our People and business to drive long-term profitable growth and sustained brand strength."
The Company has repurchased approximately 19.8 million shares under the May 2017 $2.0 billion share repurchase authorization. On April 30, 2018, the Company launched a $500 million accelerated share repurchase program ("Second Quarter 2018 ASR Program"). The specific number of shares that the Company ultimately will repurchase under the Second Quarter 2018 ASR Program will be determined based generally on a discount to the volume-weighted average price per share of the Company's common stock during a calculation period to be completed no later than July 2018. Subsequent to the launch of the Second Quarter 2018 ASR Program, the Company has $350 million remaining under the May 2017 $2.0 billion share repurchase authorization.
The Company's future share repurchases under today's $2.0 billion repurchase authorization will be made in accordance with applicable securities laws in open market, private, or accelerated repurchase transactions from time to time, depending on market conditions, but may be discontinued at any time.
1 Based on approximately 580 million shares of common stock outstanding on May 14, 2018.
2 Based on yesterday's closing stock price of $51.70.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains 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. Specific forward-looking statements include, without limitation, statements related to (i) the Company's expectations and goals with respect to the return of value to Shareholders and (ii) the Company's financial outlook, position, strategies, goals, and expectations. These forward-looking statements are based on the Company's current intent, expectations, and projections and are not guarantees of future performance. These statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i) the impact of a continually changing business environment, economic conditions, consumer behavior, fuel prices, actions of competitors (including without limitation pricing, scheduling, capacity, and network decisions and consolidation and alliance activities), governmental actions, and other factors beyond the Company's control, on the Company's business decisions, plans, strategies, and results; (ii) the Company's ability to timely and effectively implement, transition, and maintain the necessary information technology systems and infrastructure to support its operations and initiatives; and (iii) other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
SW-DSR
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SOURCE Southwest Airlines Co. | http://www.cnbc.com/2018/05/16/pr-newswire-southwest-airlines-returns-value-to-shareholders.html | www.cnbc.com |
Valmont Completes Divestiture of Donhad Pty. Ltd. | OMAHA, Neb., April 30, 2018 /PRNewswire/ -- Valmont Industries, Inc. (NYSE: VMI), a leading global provider of engineered products and services for infrastructure development and irrigation equipment and services for agriculture, today announced that it has completed the previously announced sale of Donhad Pty. Ltd., its Australian mining consumables business, to Moly-Cop, a portfolio company of American Industrial Partners, effective April 30, 2018. The Company received approximately AUD $80 million (USD $60.3 million) of net cash proceeds, subject to certain post-closing adjustments.
The estimated, after-tax impact of the transaction is not expected to have a material effect on fiscal 2018 results. As previously communicated, the Company's current 2018 GAAP and adjusted EPS guidance excludes the effects of the transaction.
Fiscal 2018 GAAP EPS will be updated to reflect the non-cash income statement impacts, which will be determined post-closing and detailed in the Company's second quarter results, to be reported on July 23, 2018.
Valmont is a global leader, designing and manufacturing highly engineered products that support global infrastructure development and agricultural productivity. Its products for infrastructure serve highway, transportation, wireless communication, electric transmission, and industrial construction and energy markets. Its irrigation equipment and services for large-scale agriculture improves farm productivity while conserving fresh water resources. In addition, Valmont provides coatings services that protect against corrosion and improve the service lives of steel and other metal products.
This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management's perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont's control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont's actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, risk factors described from time to time in Valmont's reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.
View original content: http://www.prnewswire.com/news-releases/valmont-completes-divestiture-of-donhad-pty-ltd-300639041.html
SOURCE Valmont Industries, Inc. | http://www.cnbc.com/2018/04/30/pr-newswire-valmont-completes-divestiture-of-donhad-pty-ltd.html | www.cnbc.com |
UPDATE 1-Swiss biotech Polyphor prices IPO at 38 Sfr per share | May 14, 2018 / 4:12 PM / in 32 minutes UPDATE 1-Swiss biotech Polyphor prices IPO at 38 Sfr per share Reuters Staff
(Adds detail, background)
By Oliver Hirt
ZURICH, May 14 (Reuters) - Swiss biotech company Polyphor will raise 165 million Swiss francs ($165.4 million), including an over-allotment option, after pricing shares in its initial public offering at 38 Swiss francs each, the top end of the indicated range, sources told Reuters on Monday.
The company is due to make its debut on the Swiss stock exchange on Tuesday in an all-primary share offering, the latest in a raft of flotations in Switzerland this year.
Polyphor had said on Friday it was increasing the size of its IPO, citing strong demand for its shares.
It lifted the upsize option from 40 million francs to 55 million francs last week, meaning total proceeds raised would increase to 165 million francs from the previously targeted 150 million francs.
The price range for its shares was narrowed to 35 to 38 per share from an initial range of 30 to 40 francs each.
A spokesman for the company declined to comment on the IPO results.
Polyphor has said it would use the funds to develop Murepavadin, a drug to treat a deadly strain of pneumonia.
The market for Murepavadin is worth up to $3 billion, Polyphor has said.
UBS AG and Deutsche Bank AG acted as joint global coordinators and joint bookrunners and Zuercher Kantonalbank and Cantor Fitzgerald as co-lead managers.
A series of flotations in Switzerland this year has provided the bourse with new entrants.
Ceva Logistics made its debut in May following IPOs by sensor maker Sensiron, medical devices maker Medartis and a listing by social network group ASMALLWORLD in March.
But Chinese conglomerate HNA Group shelved plans to float airline caterer Gategroup and ground services and cargo handling unit Swissport, citing turbulent markets. $1 = 0.9976 Swiss francs Writing by John Revill, Editing by Michael Shields | https://www.reuters.com/article/polyphor-ipo/update-1-swiss-biotech-polyphor-prices-ipo-at-38-sfr-per-share-idUSL5N1SL6KC | www.reuters.com |
S&W Seed Company Sets Third Quarter Fiscal Year 2018 Conference Call and Earnings Release for Wednesday, May 9, 2018 | SACRAMENTO, Calif., S&W Seed Company (Nasdaq: SANW) will report financial results for its third quarter fiscal year 2018, ended March 31, 2018, before the open of the market on Wednesday, May 9, 2018. The Company has scheduled a conference call that same day, Wednesday, May 9, 2018, at 11:00 am ET, to review the results.
Interested parties can access the conference call by dialing (844) 861-5498 or (412) 317-6580 or can listen via a live Internet webcast, which is available in the Investor Relations section of the Company's website at http://swseedco.com/investors/ .
A teleconference replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088, confirmation # 10120143. A webcast replay will be available in the Investor Relations section of the Company's website at http://swseedco.com/investors/ for 30 days.
About S&W Seed Company
Founded in 1980, S&W Seed Company is a global agricultural company headquartered in Sacramento, California. S&W's vision is to be the world's preferred proprietary seed company which supplies a range of forage and specialty crop products that supports the growing global demand for animal proteins and healthier consumer diets. S&W is a global leader in alfalfa seed, with significant research and development, production and distribution capabilities. S&W's capabilities span the world's alfalfa seed production regions, with operations in the Western United States, including the San Joaquin and Imperial Valleys of California, Australia, and Canada, and S&W sells its seed products in more than 30 countries around the globe. S&W also provides hybrid sorghum and sunflower, and is utilizing its research and breeding expertise to develop and produce stevia, the all-natural, zero calorie sweetener for the food and beverage industry. For more information, please visit www.swseedco.com .
Safe Harbor Statement
This release contains "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 and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risk that actual results may differ materially from those projected. This and other risks are identified in our filings with the Securities and Exchange Commission, including without limitation our Annual Report on Form 10-K for the fiscal year ended June 30, 2017, and in our other filings subsequently made with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
Company Contact:
Investor Contact:
Matthew Szot, Chief Financial Officer
Joe Dorame, Robert Blum, Joe Diaz
S&W Seed Company
Lytham Partners, LLC
Phone: (559) 884-2535
Phone: (602) 889-9700
www.swseedco.com
sanw@lythampartners.com
www.lythampartners.com
with multimedia: releases/sw-seed-company-sets-third-quarter-fiscal-year-2018-conference-call-and-earnings-release-for-wednesday-may-9-2018-300641378.html
SOURCE S&W Seed Company | http://www.cnbc.com/2018/05/02/pr-newswire-sw-seed-company-sets-third-quarter-fiscal-year-2018-conference-call-and-earnings-release-for-wednesday-may-9-2018.html | www.cnbc.com |
UPDATE 2-Oil prices rise as China, U.S. put trade war 'on hold' | * U.S., China drop tariff threats amid work on wider agreement
* Oil markets tight on OPEC-cuts, looming U.S. sanctions vs Iran
* Plunging output in Venezuela also a market concern
* But surge in U.S. production counters supply shortfalls (Updates prices)
SINGAPORE, May 21 (Reuters) - Oil prices rose on Monday as markets reacted to news that China and the United States have put a looming trade war between the world's two biggest economies "on hold".
Brent crude futures were at $79.06 per barrel at 0650 GMT, up 55 cents, or 0.7 percent, from their last close. Brent broke through $80 for the first time since November 2014 last week.
U.S. West Texas Intermediate (WTI) crude futures were at $71.71 a barrel, up 43 cents, or 0.6 percent, from their last settlement.
The U.S. trade war with China is "on hold" after the world's largest economies agreed to drop their tariff threats while they work on a wider trade agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday, giving global markets a lift in early trading on Monday.
"The temporary trade dispute will de-escalate over time through negotiation," U.S. bank Morgan Stanley said.
"Both sides plan to work on implementing agriculture and energy purchases and to continue to negotiate on manufacturing and service trade, bilateral investment and intellectual property protection in coming months," it added.
Still, crude prices were some way off the November 2014 highs reached last week as many traders and analysts say there is enough supply to meet demand despite ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC), plunging output in crisis-struck Venezuela and looming U.S. sanctions against major oil producer Iran.
"Without a further escalation in geopolitical risk, oil might be due a pullback," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
BP's Chief Executive Bob Dudley told Reuters he expected a flood of U.S. shale and a possible reopening of OPEC taps to cool oil markets after crude rose above $80 a barrel last week.
Dudley said he saw oil prices falling to between $50 and $65 a barrel due to surging shale output and OPEC's capacity to boost production to replace potential falls in Iranian supplies due to sanctions.
The U.S. oil rig count, an early indicator of future output, was at 844, according to energy services firm Baker Hughes. That was the same count as the week before, which marked the highest level since March 2015.
(Reporting by Henning Gloystein Editing by Joseph Radford and Richard Pullin) | https://www.cnbc.com/2018/05/21/reuters-america-update-2-oil-prices-rise-as-china-u-s-put-trade-war-on-hold.html | www.cnbc.com |
Dasher Technologies Appoints Al Chien as President and Former Juniper Networks Executive John Galatea as VP of Sales | CAMPBELL, Calif., May 1, 2018 /PRNewswire/ -- Dasher Technologies , a leading Silicon Valley-based systems integrator, today announced the promotion of Al Chien to president and hiring of John Galatea as vice president of sales. Laurie Dasher, who established the company in 1999, will continue to serve as chief executive officer.
Al Chien will serve as Dasher's president and brings nearly 30 years of enterprise tech experience. After 19 years at HP, Chien joined Dasher in 2008 as executive vice president of sales and marketing. His leadership has helped expand Dasher into one of the fastest growing IT solution providers in the country, with a 30 percent annual compounded growth rate and expansion into multiple regions in the U.S. In his last role at HP, Chien ran U.S. channel sales for the industry servers business, managing operations in excess of $2.5 billion in annual revenue and assuming sales and management roles within the channel, commercial and enterprise organizations.
"I am delighted to announce Al's new role as Dasher president and to welcome John to our executive team," said Laurie Dasher, CEO, Dasher Technologies. "Al and John are strategic hires as we put in place the leadership team that will drive Dasher through our next phase of growth. Al has been a visionary sales and marketing executive since he joined Dasher in 2008. His leadership embodies the best of Dasher's vision and values: identifying new opportunities for Dasher, while always emphasizing doing what is right for our clients. Al embodies our Dasher way."
John Galatea joins the Dasher team as vice president of sales from Juniper Networks, where he led strategic vertical and enterprise sales for five years. Throughout his career, Galatea has held leadership roles in sales, marketing and business development that have allowed him to fully understand the reseller ecosystem. His technical expertise in the networking and security spaces makes him a true visionary and key addition to the executive team.
"This is an exciting time for Dasher. We're on the precipice of evolving from the best kept secret in our industry into a household name. Dasher is a family run business that treats our clients like family, and we base that relationship on mutual trust and respect," said Al Chien, president, Dasher Technologies. "I am incredibly proud and honored to lead this team that I truly respect. Dasher goes above and beyond every single day to ensure the best customer outcomes."
About Dasher Technologies
Dasher Technologies is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we've helped public, private and nonprofit organizations implement technology solutions that speed and simplify their operations. Our strong technical expertise and vendor independence allow us to integrate best-of-breed software, hardware and services into a custom solution.
Dasher is a privately-held company and certified Woman Owned Business that services California, the Pacific Northwest and the Southeast. Our integration and warehouse facilities allow us to assist our clients in both national and international deployments. For more information, visit https://www.dasher.com/ .
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SOURCE Dasher Technologies | http://www.cnbc.com/2018/05/01/pr-newswire-dasher-technologies-appoints-al-chien-as-president-and-former-juniper-networks-executive-john-galatea-as-vp-of-sales.html | www.cnbc.com |
Bitcoin Needs Bankers Too: A Handful of Community Banks Say Yes to Crypto | To many banks, bitcoin and other digital currencies are a mania, or worse. But to a handful of small lenders, they are a moneymaker.
Take Silvergate Bank, a three-branch lender that until recently focused mostly on local businesses in the San Diego area. Last year, its assets nearly doubled to $1.9 billion from $978 million, largely because of business flowing in from crypto-related companies.
Big... RELATED VIDEO Bitcoin vs. Regulators: Who Will Win? As bitcoin has emerged from the underground world of nerds and criminals to become a mainstream investment, the risk of hacks and scandals has also blossomed. What's a government to do? The WSJ's Steven Russolillo travels the world (sort of) to see how regulators are responding to the remarkable rise of cryptocurrencies. Video: Sharon Shi and Crystal Tai To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/bitcoin-needs-bankers-too-a-handful-of-community-banks-say-yes-to-crypto-1526997601 | www.wsj.com |
US consumer prices rebound modestly in April | US Consumer Price Index rose 0.2% in April, vs 0.3% increase expected U.S. consumer prices rebounded less than expected in April. Rising costs for gas and rentals were tempered by a moderation in health-care prices. The data pointed to a steady buildup of inflation. Published 4 Hours Ago 4 Hours Ago | 01:27
U.S. consumer prices rebounded less than expected in April as rising costs for gasoline and rental accommodation were tempered by a moderation in health-care prices, pointing to a steady buildup of inflation .
The Labor Department said on Thursday its Consumer Price Index rose 0.2 percent after slipping 0.1 percent in March. In the 12 months through April, the CPI increased 2.5 percent, the biggest gain since February 2017, after rising 2.4 percent March.
Excluding the volatile food and energy components, the CPI edged up 0.1 percent after two straight monthly increases of 0.2 percent. The so-called core CPI rose 2.1 percent year-on-year in April, matching March's increase.
Economists had forecast the CPI rebounding 0.3 percent in April and the core CPI climbing 0.2 percent.
The Federal Reserve tracks a different inflation measure, which is now flirting with the U.S. central bank's 2 percent target. The personal consumption expenditures price index excluding food and energy accelerated to 1.9 percent year-on-year in March as last year's big declines in the price of cell phone service plans dropped out of the calculation.
Economists expect the core PCE price index, which had increased 1.6 percent in February, to breach its target in May.
Gasoline prices rebounded 3.0 percent in April after tumbling 4.9 percent in March.
Further increases are likely after crude oil prices jumped to 3-1/2-year highs on Wednesday in the wake of President Donald Trump's decision on Tuesday to pull the United States out of an international nuclear deal with Iran.
Food prices rose 0.3 percent last month after nudging up 0.1 percent in March. Food consumed at home increased 0.3 percent, the biggest gain since March 2017.
Owners' equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, rose 0.3 percent last month after a similar gain in March.
But healthcare costs nudged up 0.1 percent after advancing 0.4 percent in March, helping to restrain the increase in the core CPI. Prices for used cars and trucks tumbled 1.6 percent in April, the largest drop since March 2009.
The cost of recreation fell 0.4 percent last month, the biggest decline since December 2009. Apparel prices rose 0.3 percent in April after falling 0.6 percent in the prior month. Playing | https://www.cnbc.com/2018/05/10/us-consumer-price-index-april-2018.html | www.cnbc.com |
Lyft claims 35 percent of US ride-sharing market | For the first time, Lyft is disclosing internal market-share numbers, and they show its momentum isn't letting up after it capitalized on Uber's disastrous 2017.
Lyft says it has 35 percent of the national ride-sharing market, up from 20 percent 18 months ago. That would represent growth of 75 percent.
Lyft credits more activations of passengers and customers and greater brand awareness. The start-up says its market share is over 40 percent in 16 U.S. markets and that it enjoys majority share in "multiple" markets, although it wouldn't disclose where.
"The last 18 months have been a period of incredible, sustained growth for Lyft," CFO Brian Roberts said. "There are no signs of that momentum slowing down."
As Lyft and Uber battle for market share, they've had to spend big on subsidies to drivers and promotional discounts to riders. It's a race-to-the-bottom strategy that has seen both companies burn through record amounts of cash and struggle to reach profitability.
But both have been trying to rein in spending as they look toward IPOs. Lyft says that in the first quarter of 2018, it reduced its sales and marketing spending by 20 percent year over year.
Market share numbers vary Typically, market-share figures for ride-sharing have been taken from third-party credit card data. Research firms Second Measure and Certify are often quoted.
As of March, Second Measure put Lyft's market share at 27 percent and Uber's at 73 percent. Certify, which tracks business expense data, found that Lyft had 19 percent of the enterprise ride-sharing market in the first quarter versus Uber's 81 percent.
Uber doesn't disclose market-share data, but a source familiar with how the company tracks it says Uber's internal metrics show it with 70 to 72 percent of the U.S. ride-sharing market, which would leave Lyft with at 28 to 30 percent. The person also said data show that Lyft has stopped gaining market share over the last six months.
A different person familiar with how Lyft calculates its market share says the company uses email receipt data, which provides data on ride fare, type and location. The same person says that some credit card panel data don't paint a full picture because debit cards aren't included and because it tracks spending instead of rides, which can overcount the high-end UberBlack town car service.
Second Measure tracks credit and debit cards but includes international rides in its U.S. market share calculation. So a ride by someone taking an Uber in France but with a U.S. credit card billing address would be added the U.S. market tally. | https://www.cnbc.com/2018/05/14/lyft-market-share-051418-bosa-sf.html | www.cnbc.com |
FlexJobs: 8 high-paying, remote jobs hiring now | With major companies like IBM, Aetna and Yahoo calling their remote workers back in the office, the idea of finding a well-paying, stay-at-home job can seem far-fetched.
But according to FlexJobs , experienced job seekers may have more luck than they think when it comes to finding their ideal flexible position.
FlexJobs plowed through its current listings of remote positions to create a list of high-paying, work-from-home jobs hiring right now. The salaries and job descriptions listed were provided to the site by the companies hiring.
Maskot | Getty Images Check out the list below to see what other high-paying, stay-at-home jobs you should keep on your radar.
1. Senior CyberArk Consultant Job requirements: An MBA or master's degree in a technical field like computer science, as well as some level of technical leadership experience in the identity management field. Two years of experience with CyberArk implementations is also required.
Salary: $150,000 per year, plus bonus
Click to view job listing
2. Senior .Net Software Developer Job requirements: Great coding skills, writing skills and verbal skills.
Salary: $100,000-$130,000 per year
Click to view job listing
3. Customer Success Support Engineer Job requirements: Excellent phone and email communication skills, in addition to an understanding of the engineering and technical parts of web hosting.
Salary: At least $100,000 per year, plus benefits
Click to view job listing
show chapters The highest paying jobs that don't require a master's degree 12:15 PM ET Fri, 13 Jan 2017 | 00:51 4. DevOps Engineer Job requirements: At least two years of experience in a DevOps or SRE position.
Salary: $80,000-$100,000 per year
Click to view job listing
5. District Sales Manager Job requirements: Experience with developing sales reps in order to generate new business and expand customer base.
Salary: $90,000 per year, plus bonus
Click to view job listing
6. Sage x3 Distribution and Manufacturing Consultant Job requirements: A minimum of five years of experience with the distribution cloud ERP.
Salary: $75,000-$100,000 per year, plus bonus
Click to view job listing
show chapters High-paying jobs that make getting a graduate degree worth it 9:35 AM ET Wed, 5 April 2017 | 00:50 7. UI-UX Application and Website Designer Job requirements: Experience in working with UI-UX principles, as well as web application design, marketing website design and print design.
Salary: $100,000 per year, plus $2,500 signing bonus to purchase a computer
Click to view job listing
8. Benefits Administrator Job requirements: Bachelor's degree, as well as be fluent in English and Spanish.
Salary: $50,000-$80,000 per year
Click to view job listing
Keep in mind that many of these salaries are based on the amount of experience a candidate comes to the table with. To get a clear understanding of the amount of money you should demand, FlexJobs recommends using a site like PayScale to calculate your job market value.
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Don't miss: 10 work-from-home jobs where you can earn at least $100,000
show chapters How to make six figures from home 1:22 PM ET Wed, 16 March 2016 | https://www.cnbc.com/2018/05/14/flexjobs-8-high-paying-remote-jobs-hiring-now.html | www.cnbc.com |
Tim Allen takes a ride in the $90,000 2018 Dodge SRT Demon | On this week's episode of CNBC's " Jay Leno's Garage ," host Jay Leno sets up a couple of surprises for his old buddy Tim Allen, who, it seems, only agreed to be on the show so he could drive the world's fastest-accelerating production car: a 2018 Dodge SRT Demon. "It's just the coolest looking car I've ever seen," he says.
"Well, that's why I brought you here today," replies Leno, just before bringing out a 1955 Dodge La Femme, the first car to be designed by men for women.
"This is the Demon?" asks Allen. "It looks different in person."
CNBC | Jay Leno's Garage 1955 Dodge La Femme The La Femme is pink and white and its original price of $2,518 included a matching pink purse, parasol, boots and raincoat. It's now valued at $100,000.
They take the La Femme out for a ride in Allen's hometown of Detroit. There, the comedian tells stories about his early years on stage, drag racing on Woodward Avenue, and his brief stint in prison for drug violations, before landing his iconic role on the ABC sitcom "Home Improvement."
Eager to please his guest and entertain his viewers at the same time, Leno tells Allen, "I'm going to make your dream come true. We're going to relive the past. I talked to the police. They're going to set up a drag race for you and I on Woodward."
CNBC | Jay Leno's Garage Tim Allen in the seat of a 1916 Ford Model T Runabout next to Jay Leno "I'm cautiously optimistic that this will be fun," says Allen. They arrive on Woodward to find two 1916 Ford Model T Runabouts with 20 horsepower engines and top speeds of 45 mph.
"I can't trust you," Allen says when he sees the cars. But he exacts his vengeance by winning their race even after giving up an early lead. "You had a weight disadvantage," he tells Leno.
Leno, a good loser, at last gives The Tool Man what he came for: A chance behind the wheel of the Dodge Demon.
CNBC | Jay Leno's Garage 2018 Dodge SRT Demon The car sells for $89,062 and is powered by a 840-horsepower Supercharged Hemi V8 engine. Its top speed is 168 mph, and it is capable of going 0 to 60 in just 2.3 seconds. (Later in the episode, Leno hits 200 mph in a 2019 Chevy Corvette ZR1.)
"Yeah baby," Allen yells, as spots the Demon coming in the distance. "Hell yeah!"
He hops in and blasts off down Woodward, churning up a cloud of burnt rubber. Then, after Leno looks at the camera and says, "I got another surprise for Tim," a police car takes off in pursuit.
CNBC's " Jay Leno's Garage " airs Thursdays at 10 p.m. ET.
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Video by Richard Washington
show chapters Jay Leno gets behind the wheel of a $400,000 civilian luxury tank 10:29 AM ET Thu, 18 Jan 2018 | 01:33 | https://www.cnbc.com/2018/05/03/tim-allen-takes-a-ride-in-the-90000-2018-dodge-srt-demon.html | www.cnbc.com |
Russia's oil export duty seen up to $131.8/T in June | MOSCOW, May 15 (Reuters) - Russia's oil export duty CL-EXPDTY-RU is expected to rise to $131.8 per tonne in June from $118.5 per tonne in May amid higher oil prices, data from the finance ministry showed on Tuesday. The rate is calculated by the finance ministry and is based on the monitoring of seaborne Urals URL-E URL-NWE-E crude oil prices from April 15 to May 14. Export duty per tonne, in U.S. dollars: June May RICs Average price for 71.88 65.80 URL-NWE-E calculation (barrel) URL-E Average price (tonne) 524.7 480.3 URL-NWE-E URL-E Crude oil 131.8 118.5 CL-EXPDTY-RU Discounted rate * 0.0 0.0 DCL-EXPDTY-RU High viscosity crude 21.7 19.2 HVCL-EXPDTY-RU Light products, middle 39.5 35.5 PROD-EXPDTY-RU distillates Gasoline 39.5 35.5 MOG-EXPDTY-RU Diesel 39.5 35.5 DL-EXPDTY-RU Naphtha 72.4 65.1 NPTH-EXPDTY-RU Heavy products 131.8 118.5 FO-EXPDTY-RU Petroleum coke 8.5 7.7 PETC-EXPDTY-RU Oil lubricants 39.5 35.5 MOIL-EXPDTY-RU LPG 0.0 0.0 LPG-EXPDTY-RU BUT-EXPDTY-RU * The discounted rate for crude produced at newer fields in eastern Siberia, fields operated by Lukoil in the Caspian Sea as well as Gazprom Neft's Prirazlomnoye offshore Arctic field. (Reporting by Darya Korsunskaya; writing by Katya Golubkova; editing by Maria Kiselyova)
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/russia-oil-duty/russias-oil-export-duty-seen-up-to-131-8-t-in-june-idUSL5N1SM47T | www.reuters.com |
1031 Crowdfunding Acquires Memory Care Facility | LAKE FOREST, Calif., May 3, 2018 /PRNewswire/ -- 1031 Crowdfunding, LLC announced today that on May 1, 2018, through joint venture with Seasons Management, LLC, it acquired a 48-bed memory care facility in Hillsboro, Oregon for a total purchase price of $14 million.
The 44-unit, 22,950 square foot facility will be operated by an affiliate of Frontier Management, LLC ("Frontier"). They have operated the facility since 2008 with a 93.75 percent average occupancy. Frontier operates over 80 facilities in 12 states, with 33 located in Oregon. They were ranked #17 among the nation's Top 50 Largest Providers, and #10 among the nation's Top 10 Largest Memory Care Providers by Argentum Senior Living Executive magazine.
"Senior housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals," said Edward Fernandez, Founder and Chief Executive Officer of 1031 Crowdfunding. "We are particularly excited about the memory care sector."
About 1031 Crowdfunding, LLC
1031 Crowdfunding, LLC is an online marketplace where real estate investors can find, view, and purchase a variety of available, turn-key, investment-grade properties. We present investors with 1031 exchange-qualified properties through Delaware Statutory Trusts (DSTs) to ensure every 1031 exchange investor has the opportunity to complete a successful exchange. Contact an experienced representative at 1031 Crowdfunding for further information about for your investing needs.
For more information on 1031 Crowdfunding, visit www.1031Crowdfunding.com or call (844) 533-1031.
This material does not constitute an offer to sell or a solicitation of an offer to buy any security. An offer can only be made by a prospectus that contains more complete information on risks, management fees and other expenses. A copy of a prospectus must be made available to you in connection with any offering and should read carefully prior to investing. There are material risks associated with investing in real estate, Delaware Statutory Trust (DST) and 1031 Exchange properties. These include, but are not limited to, tenant vacancies; declining market values; potential loss of entire investment principal; that past performance is not a guarantee of future results; that potential cash flow, potential returns, and potential appreciation are not guaranteed in any way; adverse tax consequences and that real estate is typically an illiquid investment. IRC Section 1031, IRC Section 1033, and IRC Section 721 are complex tax codes; therefore, you should consult your tax and legal professional for details regarding your situation.
1031Crowdfunding.com is an investment platform owned by 1031 Crowdfunding, LLC. 1031 Crowdfunding is not a registered broker-dealer. Securities are offered through Capulent, LLC, a registered broker-dealer and member FINRA/SIPC (CRD# 155155). Certain principals of 1031 Crowdfunding are affiliated with Capulent, LLC and when offering investment services such offers are made in their capacities as registered representatives of Capulent, LLC.
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SOURCE 1031 Crowdfunding, LLC | http://www.cnbc.com/2018/05/03/pr-newswire-1031-crowdfunding-acquires-memory-care-facility.html | www.cnbc.com |
ALM First's Financial Forum Offers Financial Professionals and Board Members Expert Knowledge and Latest Insights | DALLAS, May 11, 2018 /PRNewswire/ -- Since its beginnings in 1995, ALM First Financial Advisors has held a reputation for providing financial institutions with topnotch advice and sound guidance based on expert knowledge and the latest analytical tools. This September, the advisory firm is hosting its annual three-day ALM First 2018 Financial Forum for both clients and non-clients, designed for financial professionals to learn from industry specialists and financial regulators.
Emily Hollis, CFA, CEO of ALM First Financial Advisors , says the Forum is an excellent opportunity to hear from experts about the current economic outlook and trends, as well as to share insights and successful approaches with colleagues at various networking opportunities.
"The Forum provides attendees the opportunity to improve their institution's performance as they gain a better understanding of innovative strategies for maximizing returns," said Hollis. "The conference is designed to fit educational needs at all levels, whether attendees are executives, professional staff, board or ALCO members, or other officials."
Details
The 2018 Financial Forum will be September 16-19, 2018, at San Diego's world-famous Hotel del Coronado. Online registration is now open, with early-bird pricing available through August 17 .
To enable attendees to maximize their learning opportunities, ALM First's Financial Forum features two separate tracks: an executive track for CEOs, CFOs, controllers, treasury staff, and non-financial senior managers, and a board track for board or ALCO members and other directors.
The executive track will feature presentations on balance-sheet management in various rate environments, investment strategies for today's markets, advanced liquidity management, and applications of hedging strategies. The board track will include sessions on analyzing financial statements, evaluating investment portfolios, structuring liquidity solutions, and discussing the fundamentals of hedging strategies. Both tracks will identify and define the five pillars of high-performing institutions, discussing their contributions to performance and their recommendations to consider.
ALM First's management team, well-known for their expertise in ALM, hedging, investment portfolio strategies, and balance sheet management, will lead the educational presentations and discussions. The staff will also offer updates on the economy and regulatory expectations, as well as insights into current trends affecting the industry and what an institution needs to be successful.
Attendees may earn up to 13 CPE credits. ALM First is committed to providing unbiased advice and education, and attendees can enjoy networking opportunities without pressure from external sponsors.
To register or learn more about the Financial Forum, visit Financial Forum .
About ALM First
ALM First Financial Advisors is a leading, trusted strategic partner for depository institutions, offering an array of financial advisory services. Since 1995, ALM First's expertise in asset liability management, fixed income portfolio management and hedging, has allowed the firm to deliver deeper insights into financial institutions' balance sheets, strengthening their financial performance and building efficiencies. With more than $20 billion of investments under management, ALM First is an SEC-registered investment advisor, acting as an unbiased third party, offering commission-free, fee-based services to over 250 financial institutions across the country.
For more information, call (800) 752-4628, or visit www.almfirst.com .
CONTACT:
Margaret Blankers
MJB Public Relations Group, LLC
866.714.7041
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SOURCE ALM First Financial Advisors | http://www.cnbc.com/2018/05/11/pr-newswire-alm-firsts-financial-forum-offers-financial-professionals-and-board-members-expert-knowledge-and-latest-insights.html | www.cnbc.com |
Crown Bay Group Acquires Two Georgia Apartment Communities | ATLANTA, May 18, 2018 /PRNewswire/ -- Crown Bay Group, LLC, a Georgia based real estate investment firm, has acquired The Pines at Greenbriar in Atlanta and Mountain Oaks in Stone Mountain. The communities total 544 units and are located in high demand areas. The value of the acquisition was $27.7 million. Crown Bay now owns 10 communities throughout the state of Georgia.
"These were perfect properties for our investors' portfolio," said Steve Firestone, managing partner and CEO of Crown Bay Group, LLC. "The portfolio emphasizes properties that are cash flowing but offer multiple opportunities for added value. With both communities, we plan to update units with our standard package to include, new appliances, flooring and lighting as appropriate, as well as update community amenities, and implement management operating efficiencies through our own Crown Bay Management Company."
The Pines at Greenbriar was originally built in 1972 and rehabbed in 2016-17. The 376-unit community is located in Atlanta near the Greenbriar Mall and Hartsfield Airport. Its three-story buildings include 1-, 2- and 3-bedroom apartments with up to 1,175 square feet.
"Southwest Atlanta has become a great place to live and work," said Firestone. "It has great shopping, food and entertainment being close to the Camp Creek Marketplace, and is located on a MARTA line, making transportation easily accessible for residents."
Mountain Oaks is a 168-unit community that was built in 1972 and has undergone some renovations which Crown Bay will continue to work on. The development offers both apartments and townhomes in a woodland and park-like setting. Mountain Oaks includes a community pool and clubhouse with a fitness center as well as a neighborhood playground and even a full size soccer field! Units include upgraded standard features like hardwood floors, plush carpeting, upgraded appliances and walk-in closets.
"Both The Pines and Mountain Oaks are gated communities, which makes them even more attractive to potential tenants and long-term renters," said Firestone.
About Crown Bay Group, LLC
Crown Bay Group is a privately held acquisition and asset management company. Based in Atlanta, it focuses on the multifamily market in the South East. It provides above average returns to its partners and investors through a meticulously planned value-add program. For more information, visit www.crownbaygroup.com
Media Contact:
Steve Firestone
561-929-6551
195400@email4pr.com
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SOURCE Crown Bay Group LLC | http://www.cnbc.com/2018/05/18/pr-newswire-crown-bay-group-acquires-two-georgia-apartment-communities.html | www.cnbc.com |
Commerce Secretary Ross: NAFTA talks 'didn't get far enough' for Mexico and Canada to avoid tariffs | 6 Hours Ago | 03:14
Commerce Secretary Wilbur Ross said the tariffs announced Thursday reflect a lack of progress with Mexico and Canada over NAFTA negotiations.
On Thursday the Trump administration announced it will put tariffs on steel and aluminum imports from Canada, Mexico and the European Union.
"Well, it's a reflection that the discussions didn't get far enough to justify another postponement or an exemption," he said on CNBC's " Squawk on the Street " Thursday. Mary Turner | Reuters Commerce Secretary Wilbur Ross, speaks at the Conferation of British Industry's annual conference in London, Britain, November 6, 2017.
Ross also downplayed the impact of the tariffs on prices and the U.S. economy.
"The tariffs are a fraction of one percent on product. The beer, soft drink and soup cans, it's all a fraction of a penny on each of those," he said. "In terms of an automobile, it's also a fraction of one percent. And for the economy overall, it's a very small fraction of one percent."
The tariffs of 25 percent on steel imports and 10 percent on aluminum imports will take effect at midnight Thursday. The U.S. gave those allies a reprieve from those duties, but the exemptions were set to expire Friday. The U.S. will also place quotas or volume limits on other countries such as South Korea, Argentina, Australia and Brazil instead of tariffs. | https://www.cnbc.com/2018/05/31/commerce-secretary-ross-nafta-talks-didnt-get-far-enough.html | www.cnbc.com |
Integrated Ventures Acquires The Remaining Mining Assets Of digiMINE, LLC | PHILADELPHIA, May 3, 2018 /PRNewswire/ -- Integrated Ventures, Inc. (OTCQB: INTV) (the "Company"), today announced that it has executed Asset Purchase Agreement ("APA") to acquire the remaining assets of digiMINE, LLC, consisting of mining rigs, digital currency and cash.
Pursuant to the executed APA, the aggregate consideration for all the assets being acquired, consist of 20,000 Restricted Preferred B Shares, to be issued to the digiMINE, LLC.
The Asset Purchase Agreement ("APA") involves the purchase of (1) 97 assorted ASIC miners and related mining equipment, (2) $200,000 in cash and (3) Sia UI and wallet with 554,702 digital coins, currently valued at estimated $16,500.
Use of proceeds for cash consist of purchasing an additional 70 ASIC S9 miners and investing into equipment related to the power capacity for the newly opened 5,900 sq ft warehouse facility, located in Marlboro, NJ.
Following the completion of this equity based APA, Integrated Ventures will own 817 assorted cryptocurrency miners, consisting of Antminer S9, Antminer L3, Antminer X3, Antminer A3, Nemesis 8G and Panda B3 Pro models.
Steve Rubakh, CEO of Integrated Ventures, Inc, comments: "The Company is marching towards its internal goal to deploy 1,000 mining rigs by August 1, 2018. INTV has relocated all mining equipment from Armstrong St, PA to Paul St, PA, which resulted in annual savings of $21,000 and commenced the mining operations at Boundary St, NJ with an initial connection of 45 mining rigs. In addition, we are pleased to report that the Company is in final states of finalizing the settlement agreement with LG Capital, in regards accounts payable item, in the amount of $135,000 and anticipates retiring this non-convertible debt within 14 days, via cash payment."
About Integrated Ventures Inc: Integrated Ventures is focused on acquiring, launching and operating companies in the cryptocurrency sector ("BitcoLab"), mainly in digital currency mining, equipment manufacturing, sales of branded mining rigs ("Nemesis") and blockchain software development ("LoanFunder").
For more details, please visit www.integratedventuresinc.com .
***About Cryptocurrency Investments & Risks***
Integrated Ventures urges all current and potential investors to visit: (1) SEC website: https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 , (2) NASAA website: http://www.nasaa.org/44073/nasaa-reminds-investors-approach-cryptocurrencies-initial-coin-offerings-cryptocurrency-related-investment-products-caution/ and (3) FINRA website: https://www.finra.org/investors/highlights/dont-fall-cryptocurrency-related-stock-scams to understand the risks involved in cryptocurrency investing.
Safe Harbor Statement: The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, and various other factors beyond the company's control.
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SOURCE Integrated Ventures, Inc. | http://www.cnbc.com/2018/05/03/pr-newswire-integrated-ventures-acquires-the-remaining-mining-assets-of-digimine-llc.html | www.cnbc.com |
PromptCare Acquires Hometown Oxygen, Expanding its Respiratory Services to the Southeast | CLARK, N.J., May 3, 2018 /PRNewswire/ -- The PromptCare Companies ("PromptCare" or the "Company"), a leading regional provider of respiratory and infusion services, announced today it has acquired Hometown Oxygen ("Hometown"), a provider of respiratory services throughout North and South Carolina. The acquisition will expand PromptCare's service offering to the Southeastern United States. Terms of the transaction were not disclosed.
Headquartered in Charlotte, NC, Hometown provides respiratory solutions primarily focused on pediatric patients with invasive vents. It serves nearly 1,100 patients from eight locations throughout North and South Carolina. Hometown CEO Scott Dinning is staying on as an executive.
"Bringing the Hometown team on board will allow us to expand our footprint to the Southeast, an integral part of our strategy," said PromptCare CEO Tom Voorhees. "Scott and the Hometown team share our strong commitment to providing exemplary patient care to those we care for and we are excited to partner with them as we continue building our platform."
"It is an honor and our mission to serve the most fragile among us," said Mr. Dinning. "Hometown Oxygen's core focus has been serving the Pediatric Ventilator population in North and South Carolina. Joining the PromptCare family of companies gives us the platform and the resources to continue to expand these services while continuing to provide hometown homecare in the communities we serve. Tom and the PromptCare team have an excellent reputation within the industry and I am very happy to have our team join PromptCare's team as we continue our expansion in the Southeastern United States."
About Hometown Oxygen
Hometown Oxygen provides respiratory solutions, primarily focused on pediatric ventilation patients requiring life and nutritional support services in the home. Hometown is headquartered in Charlotte, NC and operates eight locations throughout North and South Carolina. For more information, please visit www.hometownoxygen.com .
About PromptCare
The PromptCare Companies, Inc. ( www.promptcare.net ) is a leading regional provider of specialty respiratory and infusion services. Established in 1985 and headquartered in Clark, NJ, PromptCare serves pediatric and adult patients across the Mid-Atlantic and Northeastern United States. The Company combines high-tech equipment and infusion drug therapies with a tailored, -high-touch service approach to deliver superior patient care, and is a preferred partner of hospitals, physicians, and payors in managing complex medical conditions such as ALS, chronic lung conditions, and a number of nutritional and autoimmune deficiencies. PromptCare currently serves more than 2000 pediatric and adult ventilation patients and more than 1,400 infusion patients from 23 locations in 12 states.
Contact:
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Blicksilver Public Relations, Inc.
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SOURCE PromptCare Companies | http://www.cnbc.com/2018/05/03/pr-newswire-promptcare-acquires-hometown-oxygen-expanding-its-respiratory-services-to-the-southeast.html | www.cnbc.com |
Reuters Lifestyle & Entertainment, May 2, 1500 GMT/1100 ET | Wednesday, May 2 - Contact info for Reuters Entertainment & Lifestyle editors Jill Serjeant in New York +1 646 223 5968 ENTERTAINMENT Facebook to play cupid in online dating debut SAN JOSE - Facebook Inc is entering the dating game, Chief Executive Mark Zuckerberg said on Tuesday, planning a dating service to matchmake millions of people on the world's largest online social network and nudge them into spending more time there. (FACEBOOK-F8CONFERENCE/ (UPDATE 5), by David Ingram, moved, 812 words) 'Golden State Killer' book to be made into HBO documentary series LOS ANGELES - A best-selling true-crime book that explores a series of California rapes and murders attributed to the "Golden State Killer" will be made into a television documentary series, HBO said on Tuesday, a week after a former police officer was charged with crimes related to the decades-old spree. (TELEVISION-GOLDENSTATEKILLER/ (PIX), moved, 189 words) LIFESTYLE UK's Prince Harry and Meghan choose their royal wedding carriage LONDON - Britain's Prince Harry and his bride-to-be Meghan Markle said on Wednesday they were looking forward to the procession through Windsor following their wedding this month, after choosing an open-top royal carriage for the journey. (BRITAIN-ROYALS/WEDDING CARRIAGE (PIX, TV), moved, 233 words) Kanye West sounds off on slavery, his opioid addiction and Trump LOS ANGELES - Rapper Kanye West on Tuesday described slavery as a choice, praised Donald Trump for doing "the impossible" by becoming U.S. president, and attributed his 2016 mental breakdown to opioid addiction. (PEOPLE-KANYE WEST/ (UPDATE 1, PIX), moved, 404 words) Ecstasy therapy may help service veterans suffering PTSD Combining intensive psychotherapy with a pure form of the party drug ecstasy is safe and could aid recovery in people with post-traumatic stress disorder (PTSD), according to the findings of a study in military veterans. (HEALTH-MDMA/ (moved), by Kate Kelland, 386 words) | https://www.reuters.com/article/lifestyle-entertainment-news-schedule-un/reuters-lifestyle-entertainment-may-2-1500-gmt-1100-et-idUSL3N1S94HM | www.reuters.com |
Protagonist Therapeutics Appoints Bryan Giraudo to Board of Directors | NEWARK, Calif., May 16, 2018 /PRNewswire/ -- Protagonist Therapeutics, Inc. (Nasdaq: PTGX) today announced the appointment of Bryan Giraudo to its Board of Directors. Mr. Giraudo currently serves as Chief Financial Officer of Gossamer Bio and was previously Senior Managing Director at Leerink Partners.
"We are excited that Bryan has chosen to join the Protagonist board. He has a long and prominent track record of leading strategic, financial and corporate development transactions for top tier biotechnology and pharmaceutical companies," said Dinesh V. Patel, Ph.D., Protagonist President and Chief Executive Officer. "His experience and insights are a great addition and complement to our board, and we are looking forward to his counsel in advancing our clinical pipeline of novel and potentially transformative peptide-based therapies."
Prior to becoming Chief Financial Officer of Gossamer Bio in May 2018, Mr. Giraudo served as Senior Managing Director at Leerink Partners, where he was responsible for the firm's Western North America and Asia biotechnology and pharmaceutical relationships. Mr. Giraudo has executed more than 150 initial public offerings, follow-on, convertible and structured debt and equity transactions, as well as product and company buy-side, sell-side and corporate collaboration strategic advisory assignments for biotechnology and pharmaceutical clients. Prior to joining Leerink in 2009, he was a Managing Director with Merrill Lynch in San Francisco. Mr. Giraudo received his B.A. from Georgetown University.
"Protagonist has a diverse portfolio of highly differentiated clinical assets, a novel peptide technology platform, and a strong management team that I believe has the potential to develop transformative medicines to address unmet medical needs," said Mr. Giraudo. "I am pleased to be joining Protagonist's Board of Directors and look forward to helping the company achieve its financial and strategic objectives and exploring multiple opportunities for success."
About Protagonist Therapeutics
Protagonist Therapeutics is a clinical stage biopharmaceutical company that utilizes a proprietary technology platform to discover and develop novel peptide-based drugs to transform existing treatment paradigms for patients with significant unmet medical needs. PTG-100 is an oral alpha-4-beta-7 integrin antagonist peptide that is being developed for potential treatment of inflammatory bowel diseases. The company's interleukin-23 receptor antagonist peptide, PTG-200, is currently in a Phase 1 clinical trial in healthy volunteers to support a Phase 2 study in Crohn's disease. The IL-12/23 pathway blockade is an approach that has been validated through an FDA-approved injectable antibody drug. The company has entered into a worldwide license and collaboration agreement with Janssen Biotech for the clinical development of PTG-200. Protagonist has also applied its innovative peptide platform outside of the GI disease areas and is developing an injectable hepcidin mimetic, PTG-300, for the potential treatment of anemia and iron overload related to rare blood diseases with an initial focus on beta-thalassemia. The Company has completed a Phase 1 clinical trial with PTG-300, which established pharmacodynamic-based clinical proof-of-concept in normal healthy volunteers. The U.S. Food and Drug Administration has granted Orphan Drug Designation to PTG-300 for beta-thalassemia.
Protagonist is headquartered in Newark, California, with pre-clinical and clinical staff in California and discovery operations in both California and Brisbane, Queensland, Australia. For further information, please visit http://www.protagonist-inc.com .
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SOURCE Protagonist Therapeutics, Inc. | http://www.cnbc.com/2018/05/16/pr-newswire-protagonist-therapeutics-appoints-bryan-giraudo-to-board-of-directors.html | www.cnbc.com |
Spence Diamonds Appoints Frank Hamlin as First-Ever Chief Marketing Officer | Hire points to increased growth and investment by the Company
VANCOUVER, May 14, 2018 /PRNewswire/ - North American diamond retailer Spence Diamonds names Frank Hamlin as first-ever chief marketing officer. Founded in Vancouver 40 years ago with expansion to the U.S in 2016, Spence has radically reinvented the retail diamond shopping experience by elevating choice, transparency, education and customization. This defining move reflects a current focus on growth and increased investment in strategic marketing by the Company.
An unconventional choice for a diamond retailer, Frank brings a fresh perspective from more than 20 years of experience developing strategic business plans and executing hard-hitting marketing strategies and retail operations across leading retail brands. He joins Spence from Tailored Brands Inc (TBI), where he was EVP and CMO, overseeing the entire brand and integrated marketing function for the 1500-store retail chain across the U.S and Canada.
"Frank brings with him a proven track record for driving traffic, increasing brand engagement and enhancing customer loyalty," said Eric Lindberg, executive chairman, Spence Diamonds. "His experience and leadership are what Spence needs as we continue to invest in growth, expanding locations across the U.S and Canada."
Prior to TBI, Frank was CMO at GameStop Corp, and was executive vice president and general manager of marketing and e-commerce for Guitar Center, Inc.
"I've always approached retail marketing from the perspective of the customer," said Frank. "For me, the appeal of Spence is that it provides a non-traditional diamond-buying experience in an inviting and un-intimidating environment that puts the customer firmly in control, whether they want ethically-sourced mined diamonds or stunning Artisan Created Diamonds. I can't wait to dig in on the brand to truly do diamonds differently."
This announcement follows significant investment in the development of a new brand marketing strategy, in partnership with Edelman across its New York and Toronto offices.
About Spence Diamonds
Founded in Vancouver B.C., Spence Diamonds has been in the diamond business for 40 years, giving hundreds of thousands of couples the confidence to find the diamond ring that represents their unique partnership. Featuring stores with more than 2,500 engagement ring designs in open display cases for customers to easily try on, the Spence model is built on transparency, choice and customization. Spence's Gemological Institute of America (GIA)-trained Diamond Consultants offer an unbiased, immersive education about cut, color, clarity, size, setting, and style. Spence is the only diamond retailer to showcase Artisan Created Diamonds, side by side with earth-mined diamonds, and under a microscope, to offer the broadest choice and best value. Each Spence ring is custom-made and hand-crafted which means no one else has ever tried it on. Spence has locations throughout Canada in Vancouver, Langley, Calgary, Edmonton, Scarborough, Mississauga and Vaughan as well as locations in the U.S. in Austin, Scottsdale and San Jose.
For more information please visit: www.spencediamonds.ca or www.spencediamonds.com .
Connect with Spence on
Twitter: @spencediamonds
Instagram: @shopspence
Facebook: www.facebook.com/spencediamonds
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SOURCE Spence Diamonds | http://www.cnbc.com/2018/05/14/pr-newswire-spence-diamonds-appoints-frank-hamlin-as-first-ever-chief-marketing-officer.html | www.cnbc.com |
Warren Apple, other Berkshire investments | Apple's cash hoard,)
ON APPLE'S CASH HOARD
"It's extremely hard to find acquisitions that would be accretive to Apple (in) the $50-$100 billion range. As I look around the horizon, I don't see anything that would make sense for them, whereas I do see a business that they know everything about ... I'm delighted to see them repurchasing shares ... Mentally, you can say we own 5 percent of it ... Over the passage of time, we may own 6 or 7 percent because they repurchase shares."
ON BNSF RAILROAD
"We get a decent return on the capital-intensive businesses. We bought most at decent prices and they've been run very well."
ON NEWSPAPERS
No one except the Wall Street Journal, the New York Times and (now) the Washington Post has come up with a digital product that will in a significant way replace the revenue being lost as print newspapers lose cir and advertising ... the Journal, the Times and probably the Post have an economically viable model in the digital world."
PARTNERSHIP Hunnicutt | https://www.cnbc.com/2018/05/05/reuters-america-highlights-warren-buffett-comments-on-apple-other-berkshire-investments.html | www.cnbc.com |
Acorn International Announces Special One-Time Cash Dividend of US$14.97 per ADS | SHANGHAI, May 25, 2018 /PRNewswire/ -- Acorn International, Inc. (NYSE: ATV) ("Acorn" or the "Company") today announced that on May 23, 2018, its board of directors declared a special one-time cash dividend of US$0.75 per ordinary share, or approximately US$14.97 per American depositary share ("ADS"), each of which represents twenty ordinary shares. The aggregate amount of the special cash dividend is approximately US$40 million based on 53,437,890 outstanding ordinary shares which is equal to approximately 2,671,895 ADSs.
Record holders of the Company's ordinary shares at the close of business US Eastern Time on June 4, 2018 (the "Record Date") will be entitled to receive the special cash dividend. The Company expects Citibank N.A., the depositary bank for Acorn's ADS program, to distribute dividends to ADS holders as of the Record Date on or about June 22, 2018. Dividends to be paid to the Company's ADS holders through the ADS Depositary will be subject to the terms of the deposit agreement by and among the Company and the ADS Depositary, and the holders and beneficial owners of ADS issued thereunder, including the fees and expenses payable thereunder.
Acorn has continued to focus on the company turnaround and executing its core strategy of profitably growing its legacy brands, such a Babaka, and its other existing business units, on one hand, and, at the same time, incubating new businesses, such as Acorn Fresh and Acorn Entertainment, on the other hand. It has continued to streamline the business by reducing overhead expenses as well as by selling non-core assets. It is focusing on deploying an "asset light" model for its China operations.
"Our shareholders have repeatedly pointed out the opportunity to unlock value on our balance sheet, create liquidity and return cash to shareholders. In response to this and following the recent sale of our wholly-owned Hong Kong subsidiary Bright Rainbow Investments Limited, and underlying non-core assets, in Q1 this year, our board has approved this return of capital to our shareholders," said Mr. Jacob A. Fisch, CEO and President of Acorn. "Looking ahead, our capital management plan will focus on additional ways to create value for our shareholders while pursuing our core strategy of profitably growing our legacy brands and incubating new businesses."
Acorn's Executive Chairman, Mr. Robert W. Roche commented, "This special cash dividend demonstrates our commitment to maximizing shareholder value, and we believe it is an appropriate way to reward our shareholders for their support."
As of March 31, 2018, the Company had US$18.7 million in cash and equivalents. In April 2018, the Company received approximately US$50 million in net proceeds from the sale of its wholly-owned Hong Kong subsidiary Bright Rainbow Investments Limited, which owns Shanghai HJX Digital Technology Co., Ltd, which owns the land use rights to a plot of land in the Qingpu district of Shanghai, along with the warehouse on that land plot.
About Acorn International, Inc.
Co-founded in 1998 by Executive Chairman Robert Roche, Acorn is a marketing and branding company in China with a proven track record of developing, promoting and selling a diverse portfolio of proprietary-branded products, as well as well-established and promising new products from third parties. Its business is currently comprised of two main divisions, its direct sales platforms and its distribution network. For more information visit www.acorninternationalir.com .
Safe Harbor Statement
This news release contains These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These can be identified by terminology such as "anticipates," "believes," "estimates," "expects," "future," "going forward," "intends," "outlook," "plans," "target," "will," "potential," and similar statements. Such statements are based on management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance, or achievements to differ materially from those in the Further information regarding these and other risks, uncertainties, or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
Contact:
Acorn International, Inc.
Compass Investor Relations
Ms. Margaret Zhao
Ms. Elaine Ketchmere, CFA
Phone: +86-21-5151888
Phone: +1-310-528-3031
Email: Zhaoxiaojie@chinadrtv.com
Email: Eketchmere@compass-ir.com
www.chinadrtv.com
www.compassinvestorrelations.com
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SOURCE Acorn International, Inc. | http://www.cnbc.com/2018/05/25/pr-newswire-acorn-international-announces-special-one-time-cash-dividend-of-us14-point-97-per-ads.html | www.cnbc.com |
SCANA Corporation Sets Date for a Special Shareholder Meeting for Vote on Merger Agreement with Dominion Energy | CAYCE, S.C., May 29, 2018 /PRNewswire/ -- SCANA Corporation (NYSE: SCG) announced today that it has established a record date of May 31, 2018, and a meeting date of July 31, 2018, for a special meeting of its shareholders to consider and vote on a proposal to approve the previously announced stock-for-stock merger with Dominion Energy, Inc. (NYSE: D).
SCANA's Special Shareholder Meeting is scheduled for 9 a.m. EDT on July 31, 2018, at the Columbia Conference Center, 169 Laurelhurst Avenue, Columbia, SC 29210.
Additionally, SCANA separately established a record date of July 25, 2018, and a meeting date of September 12, 2018, for its 2018 Annual Shareholder Meeting. The 2018 Annual Shareholder Meeting is scheduled for 9 a.m. EDT on September 12, 2018, at the Columbia Conference Center, 169 Laurelhurst Avenue, Columbia, SC 29210.
SCANA shareholders of record at the close of business on the respective record dates will be entitled to receive notice of and vote on matters presented at the applicable meetings.
PROFILE
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company's website at www.scana.com .
SAFE HARBOR STATEMENT
Statements included in this press release which are not statements of historical fact are intended to be, and are hereby identified as, "forward-looking statements" for purposes 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 include, but are not limited to, statements concerning the proposed merger with Dominion Energy, recovery of Nuclear Project abandonment costs, key earnings drivers, customer growth, environmental regulations and expenditures, leverage ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of new accounting rules and estimated capital and other expenditures. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expects," "forecasts," "plans," "targets," "anticipates," "believes," "estimates," "projects," "predicts," "potential" or "continue" or the negative of these terms or other similar terminology. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements due to the information being of a preliminary nature and subject to further and/or continuing review and adjustment. Other important factors that could cause such material differences include, but are not limited to, the following: (1) the occurrence of any event, change or other circumstances that could give rise to the failure by SCANA to consummate the proposed merger with Dominion Energy; (2) the ability of SCE&G to recover through rates the costs expended on Unit 2 and Unit 3, and a reasonable return on those costs, under the abandonment provisions of the BLRA or through other means; (3) uncertainties relating to the bankruptcy filing by WEC and WECTEC; (4) further changes in tax laws and realization of tax benefits and credits, and the ability or inability to realize credits and deductions, particularly in light of the abandonment of Unit 2 and Unit 3; (5) legislative and regulatory actions, particularly changes related to electric and gas services, rate regulation, regulations governing electric grid reliability and pipeline integrity, environmental regulations including any imposition of fees or taxes on carbon emitting generating facilities, the BLRA, and any actions affecting the abandonment of Unit 2 and Unit 3; (6) current and future litigation, including particularly litigation or government investigations or actions involving or arising from the construction or abandonment of Unit 2 and Unit 3 or arising from the proposed merger with Dominion Energy; (7) the impact of any decision by the Company to pay quarterly dividends to its shareholders or the reduction, suspension or elimination of the amount thereof; (8) the results of short- and long-term financing efforts, including prospects for obtaining access to capital markets and other sources of liquidity, and the effect of rating agency actions on the cost of and access to capital and sources of liquidity of SCANA and its subsidiaries (the Company); (9) the ability of suppliers, both domestic and international, to timely provide the labor, secure processes, components, parts, tools, equipment and other supplies needed which may be highly specialized or in short supply, at agreed upon quality and prices, for our construction program, operations and maintenance; (10) the results of efforts to ensure the physical and cyber security of key assets and processes; (11) changes in the economy, especially in areas served by subsidiaries of SCANA; (12) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial markets; (13) the impact of conservation and demand side management efforts and/or technological advances on customer usage; (14) the loss of electricity sales to distributed generation, such as solar photovoltaic systems or energy storage systems; (15) growth opportunities for SCANA's regulated and other subsidiaries; (16) the effects of weather, especially in areas where the generation and transmission facilities of the Company are located and in areas served by SCANA's subsidiaries; (17) changes in SCANA's or its subsidiaries' accounting rules and accounting policies; (18) payment and performance by counterparties and customers as contracted and when due; (19) the results of efforts to license, site, construct and finance facilities, and to receive related rate recovery, for generation and transmission; (20) the results of efforts to operate the Company's electric and gas systems and assets in accordance with acceptable performance standards, including the impact of additional distributed generation; (21) the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power; (22) the availability of skilled, licensed and experienced human resources to properly manage, operate, and grow the Company's businesses, particularly in light of uncertainties with respect to legislative and regulatory actions surrounding recovery of Nuclear Project costs and the announced potential merger; (23) labor disputes; (24) performance of SCANA's pension plan assets and the effect(s) of associated discount rates; (25) inflation or deflation; (26) changes in interest rates; (27) compliance with regulations; (28) natural disasters, man-made mishaps and acts of terrorism that directly affect our operations or the regulations governing them; and (29) the other risks and uncertainties described from time to time in the reports filed by SCANA with the SEC.
SCANA disclaims any obligation to update any forward-looking statements.
Capitalized terms not otherwise defined herein have the meanings as set forth in the Company's most recent periodic report filed with the Securities and Exchange Commission.
SCANA Corporation Contacts:
Media Contact:
Investor Contact:
Eric Boomhower
Bryant Potter
(803) 217-7701
(803) 217-6916
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SOURCE SCANA Corporation | http://www.cnbc.com/2018/05/29/pr-newswire-scana-corporation-sets-date-for-a-special-shareholder-meeting-for-vote-on-merger-agreement-with-dominion-energy.html | www.cnbc.com |
Hedge fund Tiger sends letter to GameStop urging retailer to adopt a turnaround plan | Tiger Management has sent a letter to the board of GameStop , urging the video game retailer to conduct a strategic review amid recent management upheaval.
"We view the recent management departures and crisis of confidence as an unprecedented opportunity for the Board to launch a strategic review and revive shareholder confidence in the sustainability of the GameStop business model," the letter, which was reviewed by CNBC, said.
Tiger Management, the nearly 3-decade-old hedge fund founded and led by Julian Robertson , has been building up its stake in GameStop this year. Crawford Hawkins, a portfolio manager at the firm, signed the letter. He declined to comment to CNBC.
Letters of this kind are associated with activist investors, or managers known for taking stakes in companies and suggesting strategic changes the company can pursue to boost the stock price.
Tiger Management said in the letter that it plans to "remain a passive shareholder" and has "no intention of becoming an activist investor."
"To the extent that you fail to implement a turnaround plan, we merely intend to sell our shares and redeploy capital toward more attractive investment opportunities," Tiger Management said.
GameStop did not immediately respond to a request seeking comment. The shares rose 2.2 percent in early trading Wednesday.
GameStop shares have declined about 45 percent over the last year compared with the Russell 2000's gain of about 15 percent. On Friday, GameStop announced that CEO Michael Mauler resigned abruptly after only three months on the job causing additional pressure on the shares. Co-founder Daniel DeMatteo was named the interim CEO.
Paul Raines had left the CEO post in November due to medical reasons and died in March. Mauler was named CEO in February and within days, GameStop fired two top executives.
The exact size of Tiger's stake couldn't be learned. Public disclosures indicate Tiger's stake at the end of the quarter of only 25,000 shares, but the firm has likely continued adding to the position since March 31 without breaching the 5 percent ownership threshold requiring additional filings.
David A. Grogan | CNBC Julian H. Robertson Jr. speaking at the 2017 Delivering Alpha conference in New York on Sept. 12, 2017. In the letter, Tiger Management urged management to reiterate its commitment to pause acquisitions, which the firm says have historically "resulted in a significant destruction of shareholder capital."
"We hope that this is only the first step and that you will strategically evaluate all facets of the business to develop a more detailed turnaround plan, which can then be communicated to shareholders," Tiger Management's Hawkins wrote.
Tiger Management said that GameStop should analyze cost-cutting measures, particularly surrounding administrative expenses. Tiger suggested that GameStop consider divestitures of "ancillary businesses that continue to drain valuable resources, specifically Technology Brands, ThinkGeek.com and International segments."
The firm also noted that GameStop's decision to "pay down debt rather than buying back deeply undervalued shares of common equity signals a lack of confidence in the core business and fuel investor concerns about the sustainability of dividend payments going forward."
Tiger Management said GameStop should communicate a capital allocation plan that restores investor confidence in the company.
The company reports earnings on May 24 and Tiger Management said it hopes GameStop will announce its strategic review prior to or in conjunction with that day. | https://www.cnbc.com/2018/05/16/hedge-fund-tiger-sends-letter-to-gamestop-urging-retailer-to-adopt-a-turnaround-plan.html | www.cnbc.com |
NeuLion Announces Closing of Acquisition by Endeavor | PLAINVIEW, N.Y., May 07, 2018 (GLOBE NEWSWIRE) -- NeuLion, Inc. (TSX:NLN), a leading technology product and service provider specializing in the digital video broadcasting, distribution and monetization of live and on-demand content to Internet-enabled devices, today closed its previously announced acquisition by sports and entertainment leader Endeavor.
Pursuant to the terms of the transaction, each share of NeuLion common stock that was issued and outstanding on May 7, 2018 was automatically converted into the right to receive $0.84 in cash, without interest and subject to deduction for any required withholding tax.
In connection with the completion of the transaction, NeuLion common stock will be delisted from the Toronto Stock Exchange. Stockholders of NeuLion will shortly receive instructions regarding the delivery of their share certificates and payment of their merger consideration.
About NeuLion
NeuLion, Inc. (TSX:NLN) offers solutions that power the highest quality digital experiences for live and on-demand content in up to 4K/HDR on any device. Through its end-to-end technology platform, NeuLion enables digital video management, distribution and monetization for content owners worldwide including the NFL, NBA, UFC, EFL, EuroLeague, World Surf League, Univision, Sky Sports, Eleven Sports Network and others. NeuLion powers the entire video ecosystem for content owners and rights holders, consumer electronic companies, and third party video integrators through its MainConcept business. NeuLion is headquartered in Plainview, NY.
CONTACT INFORMATION
Press Contact: Chris Wagner | | +1 516 622 8357
Investor Relations Contact: Rob Kelly | | +1 416 992 4539
Source: NeuLion, Inc. | http://www.cnbc.com/2018/05/07/globe-newswire-neulion-announces-closing-of-acquisition-by-endeavor.html | www.cnbc.com |
Thursday's inflation data could be a catalyst for an important interest rate move | Thursday's inflation data could be a catalyst for an important interest rate move Consumer inflation data could be big for markets if it doesn't hit the mark. A hotter-than-expected CPI reading could trigger a sell-off in Treasurys and drive interest rates higher. Bond prices move opposite yield. The focus is on the benchmark U.S. 10-year Treasury, a rate that is tied to many business and consumer loans, including the home mortgage. 5 Hours Ago | 04:46
If Thursday's consumer inflation data comes in hotter than expected, it could trigger an important interest rate move, which is being watched across financial markets.
Traders await the reaction in the benchmark 10-year Treasury yield to the 8:30 a.m. ET CPI data. The 10-year was hovering at 3 percent late Wednesday, just below a recent high of 3.033 percent. That is an important level it would need to test and break to reach 3.047 percent, an even more important technical level. A break above there could put yields on a trajectory higher.
The 10-year is important since it is the rate that many corporate and consumer loans are tied to, including home mortgages.
Economists expect the consumer price index to rise 0.3 percent, or 2.5 percent year over year on headline, with core up 0.2 percent or 2.2 percent year over year, according to Thomson Reuters.
"The CPI is going to decide the winners from the losers. PCE is something the Fed tracks, but this is the prices that most people see," said Aaron Kohli, fixed income strategist at BMO. "Which side of that tripwire of 3.033 you fall on is really up to CPI."
Kohli said whether inflation is going to start getting hotter was the topic of much debate in the bond market.
As the 10-year yield rose, so did the 2-year, and it reached a high of 2.55 percent Wednesday.
Inflation over 2 percent is important since that is the Fed's target, and if inflation rises much above that level, the market will begin to look for more Fed rate hikes. The next hike is expected in June, but the market is still unclear whether there will be one or two after that this year.
Quincy Krosby, Prudential Financial chief market strategist, said she's awaiting the reaction in the 10-year and its yield could slip if data disappoints. She said stocks could take a move higher in yields in stride, as long as it's not triggered by a sharp rise in inflation.
"When all is said and done this market is looking for direction. There's a tug of war in the market over where we're going with the economic data, the Fed, oil prices ... we could go on and on," she said.
Oil futures jumped 3 percent Wednesday with West Texas Intermediate above $71 per barrel for the first time since November 2014. Oil rose after President Donald Trump withdrew from the Iran nuclear agreement and said the U.S. would reinstate sanctions on Iran.
A 3 percent 10-year yield is important because as rates head higher to noticeable round levels some investors could see it as a reason to move some money from riskier assets into fixed income for the yield. Patti Domm CNBC Markets Editor Related Securities | https://www.cnbc.com/2018/05/09/thursdays-inflation-data-could-be-a-catalyst-for-an-important-interest-rate-move.html | www.cnbc.com |
METALS-London aluminium slips, on course for 1.6 pct weekly drop | BEIJING, May 11 (Reuters) - London aluminium prices fell for a second session on Friday as technical selling continued to affect the light metal despite plunging London Metal Exchange (LME) inventories. FUNDAMENTALS * LME ALUMINIUM: Three-month aluminium on the LME was down by 1 percent to $2,312 a tonne by 0217 GMT, having closed down 1.3 percent in the previous session. * ALUMINIUM: The metal is down 1.6 percent in London so far this week but is still up 15.1 percent since April 5, the day before the United States imposed sanctions on Russian producer Rusal. * RUSAL: Rusal boosted first-quarter recurring net profit on Friday amid stronger aluminium prices, but warned that sanctions imposed by the United States in April could harm its business. * EGA: Emirates Global Aluminium's stock market listing is likely to slip to 2019 because of turmoil in global aluminium markets after the United States imposed sanctions on Rusal, three sources familiar with the deal said. * COPPER: LME copper edged down 0.1 percent, having jumped by 1.6 percent on Thursday as inventories continued to fall, and remains on course for a 1.2 percent gain this week. The most-traded July copper contract on the Shanghai Futures Exchange climbed 0.7 percent to 51,470 yuan ($8,113) a tonne. For the top stories in metals and other news, click or MARKETS NEWS * Asian markets started on a firm footing and the dollar eased on Friday as softer-than-forecast U.S. inflation data tempered expectations for faster Federal Reserve interest rate rises this year. DATA AHEAD (GMT) 1230 U.S. Import prices Apr 1230 U.S. Export prices Apr 1400 U.S. University of Michigan sentiment index May PRICES BASE METALS PRICES 0201 GMT Three month LME copper 6908 Most active ShFE copper 51470 Three month LME aluminium 2313 Most active ShFE aluminium 14675 Three month LME zinc 3091.5 Most active ShFE zinc 23705 Three month LME lead 2324 Most active ShFE lead 19125 Three month LME nickel 13905 Most active ShFE nickel 103980 Three month LME tin 20885 Most active ShFE tin 145420 BASE METALS ARBITRAGE LME/SHFE COPPER LMESHFCUc3 401.98 LME/SHFE ALUMINIUM LMESHFALc3 -2343.08 LME/SHFE ZINC LMESHFZNc3 445.77 LME/SHFE LEAD LMESHFPBc3 609.39 LME/SHFE NICKEL LMESHFNIc3 -685.19 ($1 = 6.3440 Chinese yuan renminbi) (Reporting by Tom Daly; editing by Richard Pullin)
| https://www.reuters.com/article/global-metals/metals-london-aluminium-slips-on-course-for-1-6-pct-weekly-drop-idUSL3N1SI1KI | www.reuters.com |
Kraton Corporation Announces Results Of Cash Tender Offer For Any And All Of The Outstanding 10.500% Senior Notes Due 2023 | HOUSTON, Kraton Corporation (NYSE: KRA) (the "Company") today announced the results of the previously announced tender offer (the "Tender Offer") by its wholly-owned subsidiaries, Kraton Polymers LLC ("Kraton LLC") and Kraton Polymers Capital Corporation (together with Kraton LLC, the "Issuers"), to purchase any and all of the Issuers' outstanding 10.500% Senior Notes due 2023 (the "Notes"), which commenced on May 14, 2018 and expired at 5:00 p.m., New York City time, on May 18, 2018 (the "Expiration Date").
According to information provided by D.F. King & Co., Inc., the information agent and tender agent for the Tender Offer, $157,491,000 aggregate principal amount of the Notes were validly tendered and not validly withdrawn at or prior to the Expiration Date. D.F. King & Co., Inc. has also advised that an additional $839,000 aggregate principal amount of Notes were tendered in accordance with the guaranteed delivery procedures.
The Issuers intend to accept for purchase, and make payment for, the Notes that have been validly tendered and not validly withdrawn (including Notes delivered under the guaranteed delivery procedures) concurrently with the consummation of the previously announced offering by the Issuers of the 5.25% Senior Notes due 2026 (the "New Notes") and the borrowings by Kraton LLC of additional U.S. dollar denominated term loans (the "Incremental Term Loans") under the Company's existing senior secured term loan facility, which are expected to occur on May 24, 2018 (the "Settlement Date").
As previously announced, the Company will redeem on June 13, 2018 any and all Notes not purchased upon completion of the Tender Offer (the "Redemption"). Holders of such Notes will receive the "make-whole" redemption price as calculated and provided for under the indenture governing the Notes (the "Indenture"), and accrued and unpaid interest will be paid to the redemption date. In addition, the Issuers may satisfy and discharge the Notes pursuant to the terms of the Indenture as soon as the Settlement Date (the "Satisfaction and Discharge").
The Issuers retained J.P. Morgan Securities LLC and Credit Suisse (USA) LLC to act as dealer managers in connection with the Tender Offer. Questions may be directed to J.P. Morgan Securities LLC collect at (212) 270- 9375 or toll free at (866) 834-4666 or to Credit Suisse Securities (USA) LLC collect at (212) 538-2147 or toll free at (800) 820-1653, respectively. The Issuers retained D.F. King & Co., Inc. to act as the information agent and tender agent for the Tender Offer. Questions and requests for additional documents may be directed to D.F. King at (877) 361-7966 (toll free) or (212) 269-5550 (collect) or by email: kra@dfking.com . Copies of the Offer to Purchase and Notice of Guaranteed Delivery are available at the following web address: www.dfking.com/kra .
This press release shall not constitute an offer to sell, or a solicitation of an offer to purchase, any securities, shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful, and shall not constitute a notice of redemption.
FORWARD-LOOKING STATEMENTS
Some of the statements in this press release contain forward-looking statements. This press release includes forward-looking statements that reflect our plans, beliefs, expectations, and current views with respect to, among other things, our expectations regarding the consummation of the offering of the New Notes, the Incremental Term Loans, the Tender Offer, the Redemption and the Satisfaction and Discharge. Forward-looking statements are characterized by the use of words such as "outlook," "believes," "estimates," "expects," "projects," "may," "intends," "plans," "anticipates," "forsees" or "future."
All forward-looking statements in this press release are made based on management's current expectations and estimates, which involve known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed in forward-looking statements. These risks and uncertainties are more fully described in our latest Annual Report on Form 10-K, including but not limited to "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" therein, and in our other filings with the Securities and Exchange Commission, and include, but are not limited to, risks related to: the Company's ability to repay its indebtedness and risks associated with incurring additional indebtedness; the Company's reliance on third parties for the provision of significant operating and other services; conditions in, and risks associated with operating in, the global economy and capital markets; fluctuations in raw material costs; limitations in the availability of raw materials; competition in the Company's end-use markets; and other factors of which we are currently unaware or deem immaterial. Readers are cautioned not to place undue reliance on our forward-looking statements. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update such information in light of new information or future events.
For Further Information:
H. Gene Shiels 281-504-4886
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SOURCE Kraton Corporation | http://www.cnbc.com/2018/05/21/pr-newswire-kraton-corporation-announces-results-of-cash-tender-offer-for-any-and-all-of-the-outstanding-10-point-500-percent-senior-notes.html | www.cnbc.com |
MBX Systems Promotes Chris Tucker to President | LIBERTYVILLE, Ill., May 30, 2018 /PRNewswire/ -- MBX Systems, a manufacturer of custom server hardware for software developers and cloud service providers, today announced the promotion of Chris Tucker to company president. Tucker takes this position after 10 years with MBX, including several years of serving on the executive team. He succeeds Jill Bellak, who remains a special advisor to the management team following a 19-year career with the organization.
The transition comes as MBX continues to grow its vertical markets, introduce new software tools, and expand unique engineering, fulfillment and support services that simplify customer management of their hardware programs. Recent expansions to the company's portfolio include multi-rack deployments as well as the launch of MBX Hatch TM , a software toolset that brings the entire process of managing a hardware program into a single user interface, providing advanced support for high variability needs and other tools not available from other suppliers.
"MBX is transforming the role of a manufacturing partner. Our vision is to deliver a unique platform of services and software to advanced technology companies deploying hardware-based solutions," Tucker said. "With an experienced executive team alongside me as well as our customer-centric corporate culture, we will continue to adapt to new market trends, solve increasingly complex problems for our customers, and ultimately provide more customer value than anyone else in our space."
Tucker joined MBX in 2007, moving into the Director of Business Development role in 2011 and the VP of Customer Engagement position in 2015. In that position he oversaw business development, account management and marketing to ensure that all customer touchpoints align to optimize the customer experience. Before joining MBX, he worked in sales management roles for several Chicago-area companies.
"Chris has been a critical member of both our customer-facing and executive management teams, and in both capacities has been instrumental in driving our business growth over the last decade," said MBX CEO Tom Crowley. "This new role reflects our confidence in his ability to help move the company into new markets, differentiate our services, and continue more than 20 years of growth and profitability."
About MBX Systems
MBX Systems provides hardware manufacturing programs backed by a platform of software, services and experts for software developers that deliver complex products on turnkey hardware. MBX customizes each hardware program for the customer's unique requirements and provides an interactive software management toolset called MBX Hatch with advanced features such as configurable products and engineering change management that enable better product decisions as well as clear traceability and accountability. Systems are manufactured in ISO 9001:2015 certified facilities using the award-winning Forge TM infrastructure developed by MBX to automate customers' high variability manufacturing requirements for faster time to market and industry-leading quality. For more information, visit www.mbx.com .
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SOURCE MBX Systems | http://www.cnbc.com/2018/05/30/pr-newswire-mbx-systems-promotes-chris-tucker-to-president.html | www.cnbc.com |
Agenus to Report First Quarter 2018 Financial Results on May 7, 2018 and Host Conference Call and Webcast | LEXINGTON, Mass., Agenus Inc. (NASDAQ: AGEN), an immuno-oncology company with a pipeline of immune checkpoint antibodies, cancer vaccines, and adoptive cell therapies 1 , will release its first quarter 2018 financial results before the market opens on Monday, May 07, 2018. In connection with the earnings release, Agenus executives will host a conference call and live audio webcast at 11:00 a.m. ET the same day to discuss the results and provide Company updates.
Conference Call Information:
Date: Monday, May 07, 2018
Time: 11:00 a.m. ET
Domestic Dial-in Number: (844) 492-3727
International Dial-in Number: (412) 317-5118
Conference ID: Agenus
Live Webcast: accessible from the Company's website at http://investor.agenusbio.com/presentation-webcasts or with this link
https://www.webcaster4.com/Webcast/Page/1556/25631
A replay will be available on the Company's website approximately two hours after the call and will remain available for 90 days.
About Agenus
Agenus is a clinical-stage immuno-oncology company focused on the discovery and development of therapies that engage the body's immune system to fight cancer. The Company's vision is to expand the patient populations benefiting from cancer immunotherapy by pursuing combination approaches that leverage a broad repertoire of antibody therapeutics, proprietary cancer vaccine platforms, and adoptive cell therapies (through its AgenTus Therapeutics subsidiary). The Company is equipped with a suite of antibody discovery platforms and a state-of-the-art GMP manufacturing facility with the capacity to support early phase clinical programs. Agenus is headquartered in Lexington, MA. For more information, please visit www.agenusbio.com ; information that may be important to investors will be routinely posted on our website.
About AgenTus Therapeutics, Inc.
AgenTus Therapeutics, a subsidiary of Agenus, is a preclinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of breakthrough "living drugs" to advance potential cures for cancer patients. AgenTus employs naturally-derived and engineered receptors, specifically T cell receptors (TCRs) and Chimeric Antigen Receptors (CARs), designed to supercharge human immune effector cells to seek and destroy cancer. AgenTus also aims to advance adoptive cell therapy formats which would enable off-the-shelf living drugs. AgenTus has locations in Lexington, MA and Cambridge, UK. For more information, please visit www.agentustherapeutics.com .
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including statements regarding Agenus' planned earnings release and conference call. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, the factors described under the Risk Factors section of our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission. Agenus cautions investors not to place considerable reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this press release, and Agenus undertakes no obligation to update or revise the statements, other than to the extent required by law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement.
Contact:
Agenus Inc.
Jennifer Buell, PhD
781-674-4420
Jennifer.Buell@agenusbio.com
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SOURCE Agenus Inc. | http://www.cnbc.com/2018/05/03/pr-newswire-agenus-to-report-first-quarter-2018-financial-results-on-may-7-2018-and-host-conference-call-and-webcast.html | www.cnbc.com |
UPDATE 1-Brazil's Marfrig names five potential bidders for Keystone, shares rise | May 23, 2018 / 1:47 PM / in 9 minutes UPDATE 1-Brazil's Marfrig names five potential bidders for Keystone, shares rise Reuters Staff 1 Min Read
(Updates with share reaction, names of potential bidders)
SAO PAULO, May 23 (Reuters) - Brazilian meatpacking company Marfrig Global Foods SA said five companies have qualified to participate in a second phase of bidding for Keystone Foods LLC, lifting its shares 10 percent.
In a securities filing on Wednesday, Marfrig said the potential bidders will gain access to the dataroom and visit Keystone plants in the United States and Asia. Binding proposals are expected next month, the filing said.
Marfrig shares were up around 10 percent at 8.70 reais, the highest level in about five years.
Tyson Foods Inc, Cargill Inc and Fosun International Ltd are among companies interested in Keystone, one person with direct knowledge of the matter told Reuters this month. (Reporting by Ana Mano and Tatiana Bautzer Editing by Susan Thomas) | https://www.reuters.com/article/keystone-ma-marfrig/update-1-brazils-marfrig-names-five-potential-bidders-for-keystone-shares-rise-idUSL2N1SU0N7 | www.reuters.com |
UPDATE 1-Speculators cut bearish bond bets as 10-year yield hit 7-year high | * Speculative 2-year T-note net shorts lowest in nearly a year * Speculators' net shorts in ultra bonds hit record high * Speculative Eurodollar net shorts post biggest drop in 11 months (Adds details, background) May 18 (Reuters) - Speculators' net bearish bets on U.S. 10-year Treasury note futures fell to a one-month low earlier this week, as the 10-year yield began setting a series of seven-year highs, according to Commodity Futures Trading Commission data released on Friday. The amount of speculators' bearish, or short, positions in 10-year Treasury futures exceeded bullish, or long, positions by 381,922 contracts on May 15, according to the CFTC's latest Commitments of Traders data. A week earlier, speculators held 408,629 net short positions in 10-year T-note futures. On Tuesday, the yield on benchmark 10-year Treasury notes broke above 3.05 percent, which was last seen in July 2011, as traders sold longer-dated government debt on concerns about rising inflation and government debt. The 10-year yield climbed to 3.128 percent early Friday before slipping to 3.063 percent, 9 basis points higher on the week, Reuters data showed. Speculators raised their net bullish positions in Treasury bond futures to 11,854 contracts, while they increased net short bets in ultra bond futures, which hit a record high at 187,904 contracts. Among other T-note futures, speculative net shorts in five-year T-notes retreated from their record high to 643,081 contracts earlier this week. Speculators scaled back their net shorts in two-year T-notes for a fourth straight week to 31,029 contracts, the lowest in nearly a year. Among interest rates contracts, speculative net shorts in Eurodollar futures recorded their biggest weekly drop in 11 months to 3.80 million contracts. Below is a table of the speculative positions in Treasury futures on the Chicago Board of Trade and in Eurodollar futures on the Chicago Mercantile Exchange in the latest week: U.S. 2-year T-notes (Contracts of $200,000) May 15, 2018 Prior week week Long 456,847 431,577 Short 487,876 485,833 Net -31,029 -54,256 U.S. 5-year T-notes (Contracts of $100,000) May 15, 2018 Prior week week Long 541,907 544,450 Short 1,184,988 1,201,358 Net -643,081 -656,908 U.S. 10-year T-notes (Contracts of $100,000) May 15, 2018 Prior week week Long 706,685 697,678 Short 1,088,607 1,106,307 Net -381,922 -408,629 U.S. T-bonds (Contracts of $100,000) May 15, 2018 Prior week week Long 148,968 143,269 Short 137,114 137,034 Net 11,854 6,235 U.S. Ultra T-bonds (Contracts of $100,000) May 15, 2018 Prior week week Long 83,571 66,749 Short 271,475 244,186 Net -187,904 -177,437 Eurodollar (Contracts of $1,000,000) May 15, 2018 Prior week week Long 906,344 961,731 Short 4,709,472 5,002,025 Net -3,803,128 -4,040,294 Fed funds (Contracts of $1,000,000) May 15, 2018 Prior week week Long 288,028 268,470 Short 221,207 222,037 Net 66,821 46,433 (Reporting by Richard Leong Editing by James Dalgleish)
| https://www.reuters.com/article/usa-bonds-cftc/update-1-speculators-cut-bearish-bond-bets-as-10-year-yield-hit-7-year-high-idUSL2N1SP1L3 | www.reuters.com |
Old Point Financial Corporation Declares Second Quarter Dividend | HAMPTON, Va., May 9, 2018 /PRNewswire/ -- Old Point Financial Corporation has declared a quarterly cash dividend of $0.11 per share on its common capital stock to be paid on June 29, 2018 to shareholders of record as of May 31, 2018. Based on the stock's closing price of $26.34 on May 8, 2018, the dividend yield is approximately 1.7%. The dividend is consistent with the prior quarter's dividend.
ABOUT OLD POINT FINANCIAL CORPORATION
Old Point Financial Corporation (NASDAQ: OPOF) is the parent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank based in Hampton, Virginia serving all of Hampton Roads; and Old Point Trust & Financial Services, N.A., a Hampton Roads wealth management services provider. Additional information on the Company is available at www.OldPoint.com under "Investor Relations".
Contact: Erin Black, Marketing Director, 757.251.2792
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SOURCE Old Point Financial Corporation | http://www.cnbc.com/2018/05/09/pr-newswire-old-point-financial-corporation-declares-second-quarter-dividend.html | www.cnbc.com |
Steven Mnuchin says China steel and aluminum tariffs will remain | Treasury Secretary Steven Mnuchin said Tuesday that U.S. tariffs on Chinese steel and aluminum imports will stay in place even as the Trump administration suspends separate proposed tariffs on Chinese goods .
The framework of a deal that emerged from trade talks in Washington last week only involves holding off on up to $150 billion in potential tariffs on technology and other products, Mnuchin told a Senate panel.
"As it relates to China, the steel and aluminium tariffs will remain enforced," he said. "Those were not part of our discussions. We were merely focused on the proposed $150 billion."
"Those are not being touched," he added.
show chapters Never was a trade war, it was a trade dispute with China: Sec. Mnuchin 2:30 PM ET Mon, 21 May 2018 | 02:03 Mnuchin emerged from the talks saying Washington and Beijing had put a potential trade war "on hold," although top Trump administration officials have given few concrete details about a final trade pact. The world's two largest economies are holding talks as they try to avoid a potentially damaging escalation in tariffs.
President Donald Trump has long pledged to crack down on alleged trade abuses by foreign countries, and he has consistently placed China at the top of his target list. But the administration appears to be separating steel and aluminum tariffs from other measures specific to China. Trump has specifically targeted alleged intellectual property theft by Chinese companies and China's massive trade surplus with the U.S.
Earlier this year, the president imposed tariffs of 25 percent on steel imports and 10 percent on aluminum imports. The U.S. has temporarily exempted Canada, Mexico and the European Union as it tries to reach separate terms with those entities.
WATCH: Mnuchin says we've made meaningful progress on China trade talks show chapters Secretary Mnuchin: We've made meaningful progress on China trade talks 8:45 AM ET Mon, 21 May 2018 | 17:31 | https://www.cnbc.com/2018/05/22/steven-mnuchin-says-china-steel-and-aluminum-tariffs-will-remain.html | www.cnbc.com |
Capital Dynamics Adds Three New Investment Professionals to Private Credit Team | NEW YORK, May 30, 2018 /PRNewswire/ -- Capital Dynamics, an independent global asset manager, today announced the appointments of Matthew Bandini, Jonathan Barokas and Bryan Chen to its Private Credit team, effective immediately. These new hires reflect the firm's rapid expansion in this space. The team is led by the co-heads of Capital Dynamics' Private Credit business, Thomas Hall and Jens Ernberg.
"Matthew, Jonathan and Bryan bring significant experience in sourcing and underwriting loans to lower middle market companies," said Jens Ernberg, managing director and co-head of Capital Dynamics' Private Credit business. "Their additions strengthen our deep bench of experienced investment professionals, positions us to successfully execute on our strategy and to significantly grow our private credit business."
"Jens and I are pleased to welcome these additions to the team," added Thomas Hall, managing director and co-head of the Capital Dynamics Private Credit business. "Each brings a strong pedigree from established players in the private credit markets. Their joining is a testament to the strength of the Capital Dynamics brand in the private markets community and is a reflection of the large opportunity set that we enjoy by being part of a global asset management platform."
Mr. Bandini, joining as a senior director, brings more than 15 years of corporate finance and middle market lending experience. Previously, Mr. Bandini was a managing director at Fifth Street Asset Management, where he led the origination, underwriting and portfolio management of more than USD 2 billion private equity-backed loan originations. Prior to that, Mr. Bandini worked in the Financial Sponsors coverage groups at GE Antares, Merrill Lynch and CIT, where he underwrote a variety of leveraged buyout and recapitalization transactions across all industries and capital structures.
Mr. Barokas, joining as a senior associate, brings seven years of leveraged finance experience to the team. Most recently, Mr. Barokas worked in the Credit Group of Ares Management, where he was responsible for the evaluation of private credit investments. At Ares, Mr. Barokas worked across all major investment functions, including origination, transaction execution and portfolio management. Mr. Barokas started his career in the Financial Sponsors Group at Wells Fargo Securities where he completed investment banking transactions for private equity clients and their respective portfolio companies.
Mr. Chen, joining as a senior associate, brings nearly eight years of private markets and investment banking experience. Most recently, Mr. Chen worked at 3i, a leading middle market private equity firm, where he focused on investment sourcing and initial diligence processes. Prior to that, Mr. Chen worked in investment banking on the mergers and acquisitions team at Lazard Freres. Previously, Mr. Chen was an analyst for two multi-strategy credit funds at Halcyon Asset Management and he began his career at GE Capital.
About Capital Dynamics
Capital Dynamics is an independent global asset management firm focusing on private assets including private equity, private credit, clean energy infrastructure and energy infrastructure credit. Capital Dynamics offers a wide range of products including primary funds of funds, secondaries, direct investments, co-investments, customized separate accounts as well as structured private equity solutions. The firm has more than USD 15 billion in assets under management and advisement.
The firm was founded in 1999 and is headquartered in Zug, Switzerland. However, our history dates back to 1988 when the predecessor of Capital Dynamics commenced operations in Birmingham, UK (Westport Private Equity).
Over the past eight years, Capital Dynamics has expanded beyond private equity offerings. The firm established a clean energy infrastructure platform in 2010 for direct investments in real assets within the renewable energy sector. In 2017, a private credit business was launched that leverages the firm's extensive general partner relationship network to originate and invest in private credit transactions for middle-market companies owned by private equity sponsors. In 2018, the company expanded its energy infrastructure business to include energy infrastructure credit.
The investment management teams' Managing Directors and Directors average over 20 years of investing experience. We believe our experience and culture of innovation give us superior insight and help us deliver returns for our clients. We invest locally while operating globally from our New York, London, Zug, Tokyo, Hong Kong, San Francisco, Munich, Birmingham and Seoul offices.
For enquiries, contact:
Nicholas Rust
Prosek Partners
NRust@prosek.com
T: +1 646 502 4520
M: +1 917 439 0307
Disclaimer
Capital Dynamics comprises Capital Dynamics Holding AG and its affiliates. Capital Dynamics, Inc. is a registered investment advisor with the US Securities and Exchange Commission ("SEC"). Capital Dynamics Broker Dealer LLC. is a registered broker dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority. Capital Dynamics Limited is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. For residents of the UK, this information is only directed at persons who have professional experience in matters relating to investments or who are high net worth persons, as those terms are defined in the Financial Services and Markets Act 2000. This press release is not an offer of securities for sale. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The information herein should not be considered investment advice and is not intended to substitute for the exercise of professional judgment.
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SOURCE Capital Dynamics | http://www.cnbc.com/2018/05/30/pr-newswire-capital-dynamics-adds-three-new-investment-professionals-to-private-credit-team.html | www.cnbc.com |
South Korea relieved about Trump-Kim summit revival efforts | South Korea on Saturday expressed cautious relief about the revived talks for a summit between President Donald Trump and North Korean leader Kim Jong Un following a whirlwind 24 hours that saw Trump canceling the highly-anticipated meeting before saying it's potentially back on.
The statement by Seoul's presidential office came hours after Trump welcomed North Korea's conciliatory response to his Thursday letter withdrawing from the summit with Kim and said that the meeting might be getting back on track. Trump later on Saturday tweeted that the summit, if it does happen, will likely take place on June 12 in Singapore as originally planned.
"We see it as fortunate that the embers of dialogue between North Korea and the United States weren't fully extinguished and are coming alive again," Seoul's presidential spokesman Kim Eui-kyeom said in a statement. "We are carefully watching the developments."
South Korea, which brokered the talks between Washington and Pyongyang, was caught off guard by Trump's abrupt cancellation of the summit citing hostility in recent North Korean comments. South Korean President Moon Jae-said Trump's decision left him "perplexed" and was "very regrettable." He urged Washington and Pyongyang to resolve their differences through "more direct and closer dialogue between their leaders."
Moon and Kim held a historic summit in April where they announced vague aspirations for a nuclear-free peninsula and permanent peace, which Seoul has tried to sell as a meaningful breakthrough to set up the summit with Trump.
Trump's back-and-forth over his summit plans with Kim has exposed the fragility of Seoul as an intermediary. It fanned fears in South Korea that the country may lose its voice between a rival intent on driving a wedge between Washington and Seoul and an American president who thinks less of the traditional alliance with Seoul than his predecessors.
Early this month, North Korea canceled a high-level meeting with Seoul over South Korea's participation in regular military exercises with the United States and insisted that it will not return to talks unless its grievances are resolved.
Trump's decision to pull out of the summit with Kim came just days after he hosted Moon in a White House meeting where he openly cast doubts on the Singapore meeting but offered no support for continued inter-Korean progress, essentially ignoring the North's recent attempts to coerce the South.
In his letter to Kim, Trump objected specifically to a statement from senior North Korean diplomat Choe Son Hui. She referred to Vice President Mike Pence as a "political dummy" for his earlier comments on North Korea and said it was up to the Americans whether they would "meet us at a meeting room or encounter us at nuclear-to-nuclear showdown."
North Korea issued an unusually restrained and diplomatic response to Trump, saying it's still willing to sit for talks with the United States "at any time, (in) any format."
"The first meeting would not solve all, but solving even one at a time in a phased way would make the relations get better rather than making them get worse," North Korean Vice Foreign Minister Kim Kye Gwan said in a statement carried by Pyongyang's official Korean Central News Agency, which mainly targets external audience.
Notably, the statement did not appear in Saturday's edition of Rodong Sinmun, the official mouthpiece of the North's ruling party that's widely read by North Koreans.
The newspaper instead focused on Kim Jong Un's visit to the coastal town of Wonsan to inspect the construction of a beachfront tourist complex. Kim ordered the complex to be finished by April 15 next year to mark the birthday of his late grandfather and North Korea founder Kim Il Sung. Kim Jong Un's comments published by the newspaper did not include any mention of his potential meeting with Trump.
Analysts say Kim's diplomatic outreach in recent months after a flurry of nuclear and missile tests in 2017 indicates he is eager for sanctions relief to build his economy and the international legitimacy the summit with Trump would provide. But there's also skepticism whether Kim will ever agree to fully relinquish his nuclear arsenal, which he likely sees as his only guarantee of survival.
Comments in North Korea's state media indicate Kim sees any meeting with Trump as an arms control negotiation between nuclear states, rather than a process to surrender his nukes. The North has said it will refuse to participate in talks where it would be unilaterally pressured to give up its nukes. | https://www.cnbc.com/2018/05/26/south-korea-relieved-about-trump-kim-summit-revival-efforts.html | www.cnbc.com |
Pure Multi-Family REIT LP Announces ISS and Glass Lewis Recommend Unitholders Vote "FOR" the Current Board of Directors and "FOR" the Adoption of the Proposed Amendments to the Restricted Unit Plan | VANCOUVER, May 11, 2018 /PRNewswire/ - Pure Multi-Family REIT LP ("Pure Multi-Family") (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) announced today the leading independent proxy advisory firms, which provide voting recommendations to institutional shareholders, have advised their subscribers to vote " FOR " all current directors and the amendments to the Restricted Unit Plan.
In their reports, Institutional Shareholder Services, Inc. ("ISS") and Glass, Lewis & Co., LLC ("Glass Lewis"), have recommended that unitholders ("Unitholders") of Pure Multi-Family vote " FOR " all seven members of Pure Multi-Family's current Board of Directors and the adoption of the proposed amendments to the Restricted Unit Plan at Pure Multi-Family's upcoming annual and special meeting (the "Meeting") of Unitholders currently scheduled for May 24, 2018.
CURRENT BOARD OF DIRECTORS
ISS and Glass Lewis have recommended that Unitholders vote " FOR " all seven members of Pure Multi-Family's current Board of Directors.
PROPOSED RESTRICTED UNIT PLAN
In making its recommendation that Unitholders vote in favour of the adoption of the proposed amendments to the Restricted Unit Plan, Glass Lewis advised (1) :
"On balance, we believe that this plan will serve to strengthen the alignment of executive and shareholder interests. Accordingly, we recommend that shareholders vote FOR this proposal."
ISS stated the following regarding its recommendation that Unitholders vote in favour of the adoption of the proposed amendments to the Restricted Unit Plan (1) .
"Vote FOR this full-value award plan as the total potential dilution (5 percent) and average burn rate (0 percent) under all equity-based incentive plans are acceptable for a Venture-listed issuer."
Robert King, Pure Multi-Family's Chair commented: "The support of ISS and Glass Lewis is an important endorsement of management's recommendation that our Unitholders vote to approve Pure Multi-Family's current Board of Directors and the proposed amendments to the Restricted Unit Plan.
"As previously announced on April 5, 2018, Pure Multi-Family's special committee of independent directors, as part of its review of strategic options, has initiated a formal process to explore strategic options, including the potential sale of Pure Multi-Family. Further, on April 24, 2018, as part of the comprehensive sale process, Pure Multi-Family announced that it had entered into confidentiality agreements with multiple interested parties.
"As a board, we follow a high standard of corporate governance and we fully understand our obligations to maximize value for all Unitholders. Any change to our current board members at this time is counterproductive to maximizing value for our Unitholders, and will negatively impact timing for, and may derail, the process.
"The Board of Directors of Pure Multi-Family unanimously recommends that Unitholders vote in favour of all of the proposals at the Meeting. I would also like to take this opportunity to thank you in advance for your support."
For more details, Unitholders are encouraged to read Pure Multi-Family's management information circular dated April 9, 2018, available on SEDAR at sedar.com and at puremultifamily.com under the Investor Information tab.
The proxy voting deadline is Tuesday, May 22, 2018 at 11:00 a.m. (Vancouver Time).
Unitholders who have questions may contact Laurel Hill Advisory Group, Pure Multi-Family's proxy solicitation agent, at:
North America Toll Free: 1-877-452-7184
Email: assistance@laurelhill.com
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Additional information about Pure Multi-Family is available at sedar.com and at puremultifamily.com .
Forward-Looking Information:
Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking information involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information referred to in this news release includes, but is not limited to, a statement that the Meeting is currently scheduled for May 24, 2018; and any change to the current board of directors at the Meeting will negatively impact timing for, and may derail, the sale process.
The forward-looking information contained in this news release are based on certain key expectations and assumptions made by Pure Multi-Family, including: the existence of highly credible parties willing and capable of participating in the sale process; and reasonably stable economies in the markets in which Pure Multi-Family operates.
Although Pure Multi-Family believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because Pure Multi-Family can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, without limitation, the risk that the strategic review process may not result in a transaction and those factors that can be found under "Risk Factors" in Pure Multi-Family's Annual Information Form dated March 21, 2018 and under "Risks and Uncertainties" in Pure Multi-Family's Management's Discussion and Analysis dated March 7, 2018, both of which are available on SEDAR at sedar.com .
The forward-looking information contained in this news release represent Pure Multi-Family's expectations as of the date hereof, and are subject to change after such date. Pure Multi-Family disclaims any intention or obligation to update or revise any forward-looking information except as required by law.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
(1) Permission to use quotations neither sought nor obtained.
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SOURCE Pure Multi-Family REIT LP | http://www.cnbc.com/2018/05/11/pr-newswire-pure-multi-family-reit-lp-announces-iss-and-glass-lewis-recommend-unitholders-vote-for-the-current-board-of-directors-and-for.html | www.cnbc.com |
FDA approves first artificial iris | SILVER SPRING, Md., May 30, 2018 /PRNewswire-USNewswire/ -- The U.S. Food and Drug Administration today approved the first stand-alone prosthetic iris in the United States, a surgically implanted device to treat adults and children whose iris (the colored part of the eye around the pupil) is completely missing or damaged due to a congenital condition called aniridia or other damage to the eye.
"Patients with iris defects may experience severe vision problems, as well as dissatisfaction with the appearance of their eye," said Malvina Eydelman, M.D., director of the Division of Ophthalmic, and Ear, Nose and Throat Devices at the FDA's Center for Devices and Radiological Health. "Today's approval of the first artificial iris provides a novel method to treat iris defects that reduces sensitivity to bright light and glare. It also improves the cosmetic appearance of the eye in patients with aniridia."
Congenital aniridia is a rare genetic disorder in which the iris is completely or partially absent. It affects approximately 1 in 50,000 to 100,000 people in the U.S. The iris controls the amount of light entering the eye, and those with aniridia have sensitivity to light and other severe vision problems. In addition to congenital aniridia, the CustomFlex Artificial Iris is indicated to treat iris defects due to other reasons or conditions, such as albinism, traumatic injury or surgical removal due to melanoma.
The CustomFlex Artificial Iris is made of thin, foldable medical-grade silicone and is custom-sized and colored for each individual patient. A surgeon makes a small incision, inserts the device under the incision, unfolds it and smooths out the edges using surgical instruments. The prosthetic iris is held in place by the anatomical structures of the eye or, if needed, by sutures.
The safety and effectiveness of the CustomFlex Artificial Iris was demonstrated primarily in a non-randomized clinical trial of 389 adult and pediatric patients with aniridia or other iris defects. The study measured patients' self-reported decrease in severe sensitivity to light and glare post-procedure, health-related quality of life, and satisfaction with the cosmetic improvement or appearance of the prosthesis. More than 70 percent of patients reported significant decreases in light sensitivity and glare as well as an improvement in health-related quality of life following the procedure. In addition, 94 percent of patients were satisfied with the artificial iris' appearance.
The study found low rates of adverse events associated with the device or the surgical procedure. In the study, complications associated with the use of the CustomFlex Artificial Iris device included: device movement or dislocation, strands of device fiber in the eye, increased intraocular pressure, inflammation of the iris (iritis), adhesion of the iris to the cornea or lens (synechiae) and the need for secondary surgery to reposition, remove or replace the device. Complications associated with the surgical procedure included: increased intraocular pressure, blood leakage in the eye, swelling of the center of the retina (cystoid macular edema), secondary surgery, corneal swelling, iritis, and retinal detachment.
The CustomFlex Artificial Iris is contraindicated, or should not be used, in eyes with any of the following conditions: uncontrolled or severe chronic inflammation (uveitis), abnormally small eye size (microphthalmus), untreated retinal detachment, untreated chronic glaucoma, cataract caused by rubella virus, abnormal blood vessels on the iris (rubeosis), certain kinds of damaged blood vessels in the retina, and intraocular infections. It is also contraindicated for patients who are pregnant.
The CustomFlex Artificial Iris was approved through a premarket approval application (PMA), which is the most stringent type of device marketing application and generally required for high-risk devices. A PMA approval is primarily based on a determination by the FDA that the PMA contains sufficient valid scientific evidence that provides reasonable assurance that the device is safe and effective for its intended uses.
CustomFlex Artificial Iris was granted Breakthrough Device designation , meaning the FDA provided intensive interaction and guidance to the company on efficient device development, to expedite evidence generation and the agency's review of the device. To qualify for such designation, a device must provide for more effective treatment or diagnosis of a life-threatening or irreversibly debilitating disease or condition, and meet one of the following criteria: the device must represent a breakthrough technology; there must be no approved or cleared alternatives; the device must offer significant advantages over existing approved or cleared alternatives; or the availability of the device is in the best interest of patients.
The FDA granted approval of the CustomFlex Artificial Iris to HumanOptics AG.
For more information:
FDA: Medical devices
FDA: Premarket approval (PMA)
NIH: Aniridia
The FDA, an agency within the U.S. Department of Health and Human Services, protects the public health by assuring the safety, effectiveness, and security of human and veterinary drugs, vaccines and other biological products for human use, and medical devices. The agency also is responsible for the safety and security of our nation's food supply, cosmetics, dietary supplements, products that give off electronic radiation, and for regulating tobacco products.
Media Inquiries: Angela Stark, 301-796-0397, angela.stark@fda.hhs.gov
Consumer Inquiries: 888-INFO-FDA
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SOURCE U.S. Food and Drug Administration | http://www.cnbc.com/2018/05/30/pr-newswire-fda-approves-first-artificial-iris.html | www.cnbc.com |
Cooper Standard Expands Product Offerings with LS Mtron Acquisition | NOVI, Mich., May 14, 2018 /PRNewswire/ -- To enhance its automotive product offering and capabilities, Cooper Standard (NYSE: CPS) has acquired 80.1 percent of LS Mtron's automotive parts business. Through the acquisition, Cooper Standard not only expands its core product offerings, but gains a strategic partnership with LS Mtron, a leading Korean automotive and industrial manufacturer, creating the opportunity to cooperate across multiple industries by leveraging the material science capabilities of both companies.
"Our acquisition of LS Mtron's automotive parts business is another important step in our strategy as it expands our core product offerings, as well as our strategic footprint in Korea, China and Brazil," said Jeffrey Edwards, chairman and CEO of Cooper Standard. "We look forward to working closely with LS Mtron to more fully service our global customers."
Through the acquisition, Cooper Standard adds both jounce brake lines and charge air cooling technology to its automotive fluid transfer, and fuel and brake delivery systems product lines. This transaction also further strengthens the Company's global market position in both businesses.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems. Cooper Standard employs approximately 32,000 people globally and operates in 20 countries around the world. For more information, please visit www.cooperstandard.com .
CPS_G
Contact: Sharon S. Wenzl
Cooper Standard
(248) 596-6211
sswenzl@cooperstandard.com
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SOURCE Cooper Standard | http://www.cnbc.com/2018/05/14/pr-newswire-cooper-standard-expands-product-offerings-with-ls-mtron-acquisition.html | www.cnbc.com |
Lifestyle Delivery Systems Inc. Announces the Signing of an MOU with Quality Resources to Acquire Commercial Extraction Technology | VANCOUVER, British Columbia, Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQX: LDSYF), (Frankfurt: LD6, WKN: A14XHT) ("LDS" or the "Company") announces signing of a Memorandum of Understanding with Quality Resources, LLC ("QR") to acquire commercial extraction technology for cannabis products for the California market.
QR has developed commercial scalability in the areas of extraction and distillation for cannabis oil. CSPA Group Inc., together with LDS Scientific Inc. and LDS Agrotech Inc., intends to use QR's technology to expand its market capabilities to include customer-specific contract extraction and distillation. In addition to the extraction and distillation technology, QR is developing a pesticide removal technology to achieve clean cannabis oil from previously contaminated cannabis raw plant and processed materials.
The addition of the QR technologies is intended to develop new revenue streams that will be capable of supporting the supply chain demands of CSPA Group's products as well as many other manufacturers, and dramatically reduce cost of raw material for all of the CSPA Group's product lines.
Brad Eckenweiler, CEO of LDS, stated, "The addition of the QR technologies will allow CSPA Group to offer extraction and distillation to the entire California cannabis industry at a price point that should cause most manufacturers in California to rethink the cost and the challenges of self-operated extraction and distillation." The Company intends to create the highest purity lab tested white label product at every level of extraction and distillation, along with guaranteed on-time deliveries, and dependable service.
About Lifestyle Delivery Systems Inc.
Lifestyle Delivery Systems Inc. is a licensed, state-compliant vertically integrated cannabis-related company. From our isogenic pollination nursery to our cutting edge, state-of-the-art production facility located in Southern California, LDS has become one of the most diverse, innovative and scientifically based cannabis companies throughout North America. The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to smoking but also a new way to accurately meter the dosage and assure the purity of the product. From start to finish, the production process tests for quality and composition of all the ingredients used in each and every strip, resulting in a delivery system that is safe, consistent and effective.
On behalf of the board of directors of Lifestyle Delivery Systems Inc.
Brad Eckenweiler
CEO & Director
FOR MORE INFORMATION, PLEASE CONTACT:
investor.relations@lifestyledeliverysystem.com
1-866-347-5058
Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.
View original content with multimedia: http://www.prnewswire.com/news-releases/lifestyle-delivery-systems-inc-announces-the-signing-of-an-mou-with-quality-resources-to-acquire-commercial-extraction-technology-300641867.html
SOURCE Lifestyle Delivery Systems Inc. | http://www.cnbc.com/2018/05/03/pr-newswire-lifestyle-delivery-systems-inc-announces-the-signing-of-an-mou-with-quality-resources-to-acquire-commercial-extraction.html | www.cnbc.com |
Trump defends CIA pick Gina Haspel as 'tough on terror' | President Donald Trump on Monday defended Gina Haspel , his nominee to head the Central Intelligence Agency , dismissing debate over her involvement in a harsh interrogation program and arguing Democrats want her out because she "is too tough on terror."
Trump said on Twitter that Haspel has "come under fire because she was too tough on Terrorists." He added that "in these very dangerous times, we have the most qualified person, a woman, who Democrats want OUT because she is too tough on terror. Win Gina!"
Haspel offered to withdraw her nomination, two senior administration officials said Sunday, amid concerns that a debate over a harsh interrogation program would tarnish her reputation and that of the CIA.
White House aides on Friday sought out additional details about Haspel's involvement in the CIA's now-defunct program of detaining and brutally interrogating terror suspects after 9/11 as they prepared her for Wednesday's confirmation hearing. This is when she offered to withdraw, the officials said.
They said Haspel, who is the acting director of the CIA, was reassured that her nomination was still on track and will not withdraw. The officials spoke on the condition of anonymity to discuss internal deliberations. The news was first reported Sunday by The Washington Post.
Haspel, who would be the first woman to lead the CIA, is the first career operations officer to be nominated to lead the agency in decades. She served almost entirely undercover and much of her record is classified. Democrats say she should be disqualified because she was the chief of base at a covert detention site in Thailand where two terrorism suspects were subjected to waterboarding, a technique that simulates drowning.
She has told lawmakers in recent weeks that she would stand firm against any effort to restart the brutal detention and interrogation program, administration officials told The Associated Press on Friday. She is expected to reiterate that publicly this week.
Haspel, one official said, was wary of suffering the same fate as failed veterans affairs nominee Ronny Jackson and of dredging up the CIA's troubled past. She took over last month as the acting CIA director after the previous director, Mike Pompeo , was sworn in as secretary of state.
After Haspel's offer to withdraw, White House aides worked to reassure her that she had the president's support.
As with other nominations, this one hit a roadblock but is back on track, said a third administration official familiar with the effort to get her confirmed.
Haspel's conversations with senators continue ahead of Wednesday's confirmation hearing at the Senate Intelligence Committee and a later full vote in the Senate.
In addition, the CIA has sent materials to the Senate, some classified, that the lawmakers can read to better understand not only her work in the Counterterrorism Center, which oversaw the harsh interrogation program, but also other aspects of her 33-year career, including more than 30 years undercover.
She has received robust backing from former intelligence, diplomatic, military and national security officials, who praise her extensive intelligence career.
On the opposing side are groups such as the American Civil Liberties Union , which says she should have stood up against the interrogation practices then.
Raj Shah, a White House spokesman, on Sunday called Haspel a highly qualified nominee. "Her nomination will not be derailed by partisan critics who side with the ACLU over the CIA on how to keep the American people safe," he said. | https://www.cnbc.com/2018/05/07/trump-defends-cia-pick-gina-haspel-as-tough-on-terror.html | www.cnbc.com |
CANADA STOCKS-TSX futures up after Trump extends tariff exemptions | May 1 (Reuters) - Canada's main stock index was poised to open higher on Tuesday after U.S. President Donald Trump postponed the imposition of steel and aluminum tariffs on the country, the European Union and Mexico. June futures on the S&P TSX index were up 0.11 percent at 7:15 a.m. ET. Amid a slew of earnings, investors will also focus on GDP data which is due at 8:30 a.m. ET. Canada's economy is likely to have expanded 0.3 percent in February. Canada's main stock index fell on Monday, weighed by declines for the financial and materials groups, as the market reopened after an outage halted trading for several hours on Friday afternoon. Dow Jones Industrial Average e-mini futures were down 0.08 percent at 7:15 a.m. ET, while S&P 500 e-mini futures were up 0.01 percent and Nasdaq 100 e-mini futures were up 0.03 percent. (Morning News Call newsletter here ; The Day Ahead newsletter here ) TOP STORIES Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until June 1, and has reached agreements for permanent exemptions for Argentina, Australia and Brazil, the White House said on Monday. Canadian oil and gas producer Encana Corp beat analysts' estimates with a 50 percent rise in adjusted profit for the first quarter, helped by higher production and stronger prices for its crude. Canada's stock exchange, the world's sixth largest, was back in business on Monday after a hardware glitch abruptly ended trading on Friday and the exchange operator TMX Group said it was working to ensure there will be no repeat of the embarrassing market disruption. ANALYST RESEARCH HIGHLIGHTS Canadian National Railway Co : CIBC cuts rating to neutral from outperformer Norbord Inc : Credit Suisse cuts rating to neutral from outperform COMMODITIES AT 7:15 a.m. ET Gold futures : $1308.6; -0.8 percent US crude : $67.95; -0.9 percent Brent crude : $74.14; -0.74 percent LME 3-month copper : $6787.5; -0.29 percent U.S. ECONOMIC DATA DUE ON TUESDAY 0945 Markit Manufacturing PMI Final for Apr: Prior 56.5 1000 Construction spending mm for Mar: Expected 0.5 pct; Prior 0.1 pct 1000 ISM Manufacturing PMI for Apr: Expected 58.3; Prior 59.3 1000 ISM Manufacturing Prices Paid for Apr: Expected 78; Prior 78.1 1000 ISM Manufacturing Employment Index for Apr: Expected 57.0; Prior 57.3 1000 ISM Manufacturing New Orders Index for Apr: Prior 61.9 1030 Texas Service Sector Outlook for Apr: Prior 13.5 1030 Dallas Fed Services Revenues for Apr: Prior 19.3 1530 Domestic car sales for Apr: Expected 4.05 mln; Prior 4.10 mln 1530 Total vehicle sales for Apr: Expected 17.10 mln; Prior 17.48 mln 1530 Domestic truck sales for Apr: Expected 9.50 mln; Prior 9.64 mln 1530 All car sales for Apr: Prior 5.62 mln 1530 All truck sales for Apr: Prior 11.87 mln FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report Reuters global stocks poll for Canada Canadian markets directory ($1 = C$1.29) (Reporting by Nayyar Rasheed in Bengaluru; Editing by Anil D'Silva)
| https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-futures-up-after-trump-extends-tariff-exemptions-idUSL3N1S82AM | www.reuters.com |
Rudy Giuliani is holding Q&A sessions with Trump to prepare for special counsel probe: NBC | CNBC.com Leah Mills | Reuters Rudy Giuliani, attorney for U.S. President Donald Trump, arrives for the White House Sports and Fitness Day event on the South Lawn of the White House in Washington, May 30, 2018.
Rudy Giuliani is conducting question-and-answer sessions with President Donald Trump to prepare him for an interview with the special counsel, according to an NBC News reporter. tweet 1
Giuliani, the former mayor of New York City who joined Trump's legal team in April, is preparing Trump by holding in-person and phone session with the president, according to the reporter.
The sessions are "to educate me" about what he can say that is not protected by attorney-client privilege, Giuliani told the NBC reporter.
This is breaking news. Please check back for updates.
Clarification: This story was updated to reflect additional comments and context from Giuliani. | https://www.cnbc.com/2018/05/30/rudy-giuliani-is-holding-qa-sessions-with-trump-to-prepare-for-interview-with-special-counsel.html | www.cnbc.com |
Hollysys Automation Technologies Reports Unaudited Financial Results for the First Nine Months and the Third Quarter Ended March 31, 2018 | First Nine months of Fiscal Year 2018 Financial Highlights
Non-GAAP net income attributable to Hollysys was $80.3 million, an increase of 69.1% compared to the comparable prior year period. Total revenues were $393.5 million, an increase of 33.9% compared to the comparable prior year period. Non-GAAP gross margin was at 37.6%, compared to 29.6% for the comparable prior year period. Non-GAAP diluted EPS were at $1.32, an increase of 67.1% compared to the comparable prior year period. Net cash provided by operating activities was $77.3 million for the current period. DSO of 176 days, compared to 212 days for the comparable prior year period. Inventory turnover days of 58 days, compared to 54 days for the comparable prior year period.
Third Quarter of Fiscal Year 2018 Financial Highlights
Non-GAAP net income attributable to Hollysys was $22.1 million, an increase of 61.1% compared to the comparable prior year period. Total revenues were $120.6 million, an increase of 32.1% compared to the comparable prior year period. Non-GAAP gross margin was at 36.4%, compared to 30.7% for the comparable prior year period. Non-GAAP diluted EPS were at $0.36, an increase of 63.6% compared to the comparable prior year period. Net cash provided by operating activities was $5.1 million for the current quarter. DSO of 196 days, compared to 219 days for the comparable prior year period. Inventory turnover days of 63 days, compared to 61 days for the comparable prior year period.
BEIJING, Hollysys Automation Technologies Ltd. (NASDAQ: HOLI) ("Hollysys" or the "Company"), a leading provider of automation and control technologies and applications in China, today announced its unaudited financial results for the third quarter of fiscal year 2018 ended March 31, 2018 (see attached tables). The management of Hollysys, stated:
Industrial automation recorded a 20.0% yoy growth in quarterly revenue, at $45.7 million, and a 55.6% yoy growth in quarterly contract, at $82.2 million. Management's low-to-high end market expansion strategy has led to a healthy contract growth, especially in chemical and petrochemical. Contracts covered a broad range of products, such as DCS, SIS, DEH, MES and AMS, etc. Several major contracts were signed such as providing system for Henan Kelong Group, Shanxi Guangda Coking on their energy management project, and Zhong'an lianhe Coalification Company on their methanol and olefin conversion project. We are also building comprehensive capacity to address the substantial service and upgrading potential from the entire customer base. On coal fire, while maintaining our market share in the high end market, we have been actively responding to demand on environmental protection, energy saving, control optimization and information security, etc. Similar demand has also been spotted in other industries. With our widespread national service network, we are capable of communicating with and delivering to our customers from various industries regular and value-added customized services and products they need.
In Factory automation, we adhered to our demonstration-for-further-application strategy and proceeded deeper in the cooperation with our current customer base. On food beverage, we continued to provide innovative solution to address safety and efficiency issues for Haidilao, with new projects covering automatic dish serving, dipping source making and smart cleaning. Management team will continue to seek strategic cooperation with more renowned customers to address the increasing demand from discrete automation. With product sales and customized solutions already being delivered for the time being, our team is also making effort to get Hollysys' product line more ready for the era of intelligent manufacture. The R&D is currently under way for a future-oriented industrial internet platform aiming to make better use of industrial data for higher level of efficiency, digitalization, and automaton in manufacture.
Rail business recorded a 30.9% yoy growth in quarterly revenue at $45.5 million, while quarterly contract decline yoy by 24.6%, at $37.9 million. Few contract on ATP was signed in this quarter and the visibility of CRC bidding remains to be observed. In overseas business, we signed a maintenance contract with Hong Kong MTR with a service duration of 3 years. In subway, we continued to execute signed contracts, while strengthening our marketing capacity through reviewing and updating strategic partnership and improving local service network coverage. Management team will adhere to the diversity strategy to create revenue stream from more new products and services, and to maintain a stable and healthy growth into the future.
In oversea business, we continued to seek opportunities under the Belt and Road Initiative, signing several EPC contracts with domestic companies, including a contract with Shenhua Guohua Co.Ltd to provide DEH for 2X350MW power station in Indonesia. Our effort on strengthening operation management and risk control in Mechanical and electrical installation services has worked effectively, with quarterly revenue recording a 59.4% yoy growth at $29.4 million and a 303.0% yoy growth of quarterly contract at $21.2 million. We will continue to address operation, management and risk control issue and to closely follow the economic and political circumstances in South East Asia and Middle East.
First Nine months and the Third Quarter Ended March 31, 2018 Unaudited Financial Results Summary
To facilitate a clear understanding of Hollysys' operational results, a summary of unaudited non-GAAP financial results is shown as below:
(In USD thousands, except for number of shares and per share data)
Three months ended
Nine months ended
Mar 31,
2018
Mar 31,
2017
%
Change
Mar 31,
2018
Mar 31,
2017
%
Change
Revenues
$
120,617
91,303
32.1%
$
393,531
293,981
33.9%
Integrated contract revenue
$
104,736
78,167
34.0%
$
334,845
260,766
28.4%
Products sales
$
9,908
9,746
1.7%
$
29,085
24,116
20.6%
Service rendered
$
5,973
3,390
76.2%
$
29,601
9,099
225.3%
Cost of revenues
$
76,736
63,238
21.3%
$
245,398
206,826
18.6%
Gross profit
$
43,881
28,065
56.4%
$
148,133
87,155
70.0%
Total operating expenses
$
18,692
15,300
22.2%
$
58,971
45,843
28.6%
Selling
$
6,205
5,961
4.1%
$
20,643
17,819
15.8%
General and administrative
$
7,617
8,754
(13.0)%
$
30,752
29,247
5.1%
Research and development
$
8,758
6,093
43.7%
$
27,975
22,083
26.7%
VAT refunds and government subsidies
$
(3,888)
(5,508)
(29.4)%
$
(20,399)
(23,306)
(12.5)%
Income from operations
$
25,189
12,765
97.3%
$
89,162
41,312
115.8%
Other income, net
$
352
571
(38.4)%
$
3,062
1,831
67.2%
Foreign exchange (loss) gain
$
(877)
1,191
(173.6)%
$
(1,981)
132
(1600.8)%
Share of net income of equity investees
$
194
2,390
(91.9)%
$
2,466
4,670
(47.2)%
Gains on deconsolidation of the Company's
interests in Beijing Hollycon Electronic
Technology Co., Ltd
$
-
-
-
$
-
6,429
(100.0)%
Dividend income from a cost investee
38
449
(91.5)%
$
1,096
449
144.1%
Interest income
$
2,006
1,173
71.0%
$
5,041
2,431
107.4%
Interest expenses
$
(175)
(395)
(55.7)%
$
(808)
(795)
1.6%
Income tax expenses
$
4,553
4,433
2.7%
$
17,584
9,003
95.3%
Net income (loss) attributable to non-
controlling interests
$
75
(5)
1600.0%
$
161
(17)
1047.1%
Non-GAAP net income attributable to
Hollysys Automation Technologies Ltd.
$
22,099
13,716
61.1%
$
80,293
47,473
69.1%
Non-GAAP basic EPS
$
0.37
0.23
60.9%
$
1.33
0.79
68.4%
Non-GAAP diluted EPS
$
0.36
0.22
63.6%
$
1.32
0.79
67.1%
Share-based compensation expenses
$
257
(1,907)
113.5%
$
581
(70)
930.0%
Amortization of acquired intangible assets
$
-
-
-
$
279
263
6.1%
GAAP Net income attributable to Hollysys
Automation Technologies Ltd.
$
21,842
15,623
39.8%
$
79,433
47,280
68.0%
GAAP basic EPS
$
0.36
0.26
38.5%
$
1.31
0.79
65.8%
GAAP diluted EPS
$
0.36
0.26
38.5%
$
1.31
0.78
67.9%
Basic weighted average common shares
outstanding
60,436,871
60,408,369
0.0%
60,431,201
60,112,281
0.5%
Diluted weighted average common shares
outstanding
61,296,907
61,225,248
0.1%
61,245,982
60,909,201
0.6%
Operational Results Analysis for the Third Quarter Ended March 31, 2018
Comparing to the third quarter of the prior fiscal year, the total revenues for the three months ended March 31, 2018 increased from $91.3 million to $120.6 million, representing an increase of 32.1%. Broken down by the revenue types, integrated contracts revenue increased by 34.0% to $104.7 million, products sales revenue increased by 1.7% to $9.9 million, and services revenue increased by 76.2% to $6.0 million.
The Company's total revenues can also be presented in segments as shown in the following chart:
(In USD thousands)
Three months ended Mar 31,
Nine months ended Mar 31,
2018
2017
2018
2017
$
% to
Total
Revenue
$
% to
Total
Revenue
$
% to
Total
Revenue
$
% to
Total
Revenue
Industrial Automation
45,651
37.80%
38,054
41.70%
160,780
40.80%
128,884
43.80%
Rail Transportation Automation
45,533
37.80%
34,788
38.10%
150,279
38.20%
91,085
31.00%
Mechanical and Electrical
Solution
29,433
24.40%
18,461
20.20%
82,472
21.00%
74,012
25.20%
Miscellaneous
-
-
-
-
-
-
Total
120,617
100.00%
91,303
100.00%
393,531
100.00%
293,981
100.00%
Overall gross margin excluding non-cash amortization of acquired intangibles (non-GAAP gross margin ) was 36.4% for the three months ended March 31, 2018, as compared to 30.7% for the same period of the prior year. The non-GAAP gross margin for integrated contracts , product sales, and services rendered were 30.0%, 81.2% and 73.6% for the three months ended March 31, 2018, as compared to 24.4%, 65.2% and 78.8% for the same period of the prior year respectively. The gross margin fluctuation was mainly due to the different revenue mix with different margin. The GAAP overall gross margin which includes non-cash amortization of acquired intangibles was 36.4% for the three months ended March 31, 2018, as compared to 30.7% for the same period of the prior year. The GAAP gross margin for integrated contracts , product sales, and service rendered were 30.0%, 81.2% and 73.6% for the three months ended March 31, 2018, as compared to 24.4%, 65.2% and 78.8% for the same period of the prior year respectively.
S elling expenses were $6.2 million for the three months ended March 31, 2018, representing an increase of $0.2 million or 4.1% compared to $6.0 million for the same quarter of the prior year. Presented as a percentage of total revenues, selling expenses were 5.1% and 6.5% for the three months ended March 31, 2018, and 2017, respectively.
G eneral and administrative expenses , excluding non-cash share-based compensation expenses (non-GAAP G&A expenses) , were $7.6 million for the quarter ended March 31, 2018, representing a decrease of $1.2 million or 13.0% compared to $8.8 million for the same quarter of the prior year. The decrease was mainly due to a decrease of $2.3 million in bad debt provision. Presented as a percentage of total revenues, non-GAAP G&A expenses were 6.3% and 9.6% for quarters ended March 31, 2018 and 2017 respectively. The GAAP G&A expenses which include the non-cash share-based compensation expenses were $7.9 million and $6.8 million for the three months ended March 31, 2018 and 2017, respectively.
Research and development expenses were $8.8 million for the three months ended March 31, 2018, representing an increase of $2.7 million or 43.7% compared to $6.1 million for the same quarter of the prior year, mainly due to increased research and development activities. Presented as a percentage of total revenues, R&D expenses were 7.3% and 6.7% for the quarter ended March 31, 2018 and 2017, respectively.
The VAT refunds and government subsid ies were $3.9 million for three months ended March 31, 2018, as compared to $5.5 million for the same period in the prior year, representing a $1.6 million or 29.4% decrease, which was primarily due to decrease of the government subsidies for $2.6 million.
The income tax expenses and the effective tax rate were $4.6 million and 17.2% for the three months ended March 31, 2018, as compared to $4.4 million and 22.1% for comparable prior year period. The effective tax rate fluctuation was mainly due to the different pre-tax income mix with different tax rates, as the Company's subsidiaries apply to different tax rates.
The non-GAAP net income attributable to Hollysys, which excludes the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, fair value adjustments of acquisition-related consideration, and fair value adjustments of a bifurcated derivative was $22.1 million or $0.36 per diluted share based on 61.3 million shares outstanding for the three months ended March 31, 2018. This represents a 61.1% increase over the $13.7 million or $0.22 per share based on 61.2 million shares outstanding reported in the comparable prior year period. On a GAAP basis, net income attributable to Hollysys was $21.8 million or $0.36 per diluted share representing an increase of 39.8% over the $15.6 million or $0.26 per diluted share reported in the comparable prior year period.
Contracts and Backlog Highlights
Hollysys achieved $141.3 million new contracts for the three months ended March 31, 2018. And the backlog as of March 31, 2018 was $578.9 million. The detailed breakdown of the new contracts and backlog by segments is shown below:
(In USD thousands)
New contracts achieved
Backlog
for the three months
ended Mar 31, 2018
as of Mar 31, 2018
$
% to Total
Contract
$
% to Total
Backlog
Industrial Automation
82,231
58.2%
185,960
32.1%
Rail Transportation
37,874
26.8%
275,399
47.6%
Mechanical and Electrical Solutions
21,159
15.0%
117,516
20.3%
Total
141,264
100.0%
578,875
100.0%
Ca sh Flow Highlights
For the three months ended March 31, 2018, the total net cash inflow was $6.9 million. The net cash provided by operating activities was $5.0 million. The net cash used in investing activities was $5.0 million, mainly consisted of $29.9 million time deposits placed with banks, which was partially offset by $26.6 million maturity of time deposits. The net cash used in financing activities was $0.1 million, mainly consisted of $0.5 million repayments of short-term bank loans, which was partially offset by $0.4 million proceeds from short-term bank loans.
Balance Sheet Highlights
The total amount of cash and cash equivalents and time deposits with original maturities over three months were $385.0 million, $365.4 million, and $268.8 million as of March 31, 2018, December 31, 2017 and March 31, 2017, respectively. As of March 31, 2018, the company held $238.0 million in cash and cash equivalents and $147.0 million in time deposits with original maturities over three months.
For the three months ended March 31, 2018, DSO was 196 days, as compared to 218 days for the comparable prior year period and 147 days for the last quarter; and inventory turnover was 63 days, as compared to 62 days for the comparable prior year period and 48 days for the last quarter.
Outlook for FY 201 8
The management concluded, "Based on our backlog currently on-hand and sales pipeline envisioned so far, we reiterate our guidance for fiscal year 2018 with revenue in the range of $500 million to $530 million and non-GAAP net income in the range of $100 million to $110 million."
Conference Call
The Company will host a conference call at 9:00 pm May 14, 2018 U.S. Eastern Time / 9:00 am May 15, 2018 Beijing Time, to discuss the financial results for the third quarter of fiscal year 2018 ended March 31, 2018 and business outlook.
To participate, please call the following numbers ten minutes before the scheduled start of the call. The conference call identification number is 7867468 .
Australia, Sydney
+61 290833212
Australia
1800411623
China, Domestic
8008190121
China, Domestic
4006208038
France
0800912761
Germany
08001820671
Hong Kong
+852 30186771
Hong Kong
800906601
Japan, Tokyo
+81 345036012
Korea (South), Seoul
+82 264903660
Malaysia
1800813708
Singapore
+65 67135090
Switzerland
0800561006
Taiwan, Province of China
+886 226507825
United Kingdom, London
+44 2036214779
United Kingdom
08082346646
United States, New York
+1 8456750437
United States
18665194004
Standard International Dial-In
+65 67135090
In addition, a recording of the conference call will be accessible within 48 hours via Hollysys' website at: http://hollysys.investorroom.com
About Hollysys Automation Technologies Ltd. (NASDAQ: HOLI)
Hollysys Automation Technologies is a leading provider of automation and control technologies and applications in China that enables its diversified industry and utility customers to improve operating safety, reliability, and efficiency. Founded in 1993, Hollysys has approximately 3,200 employees with nationwide presence in over 60 cities in China, with subsidiaries and offices in Singapore, Malaysia, Dubai, India, and serves over 10,000 customers more than 25,000 projects in the industrial, railway, subway & nuclear industries in China, South-East Asia, and the Middle East. Its proprietary technologies are applied in its industrial automation solution suite including DCS (Distributed Control System), PLC (Programmable Logic Controller), RMIS (Real-time Management Information System), HAMS (HolliAS Asset Management System), OTS (Operator Training System), HolliAS BATCH (Batch Application Package), HolliAS APC Suite (Advanced Process Control Package), SIS (Safety Instrumentation System), high-speed railway signaling system of TCC (Train Control Center), ATP (Automatic Train Protection), Subway Supervisory and Control platform, SCADA (Supervisory Control and Data Acquisition), nuclear power plant automation and control system and other products.
SAFE HARBOUR:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including statements regarding: the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Such forward-looking statements, based upon the current beliefs and expectations of Hollysys' management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's reports that are filed with the Securities and Exchange Commission and available on its website ( http://www.sec.gov ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
Hollysys Automation Technologies Ltd.
www.hollysys.com
+8610-58981386
investors@hollysys.com
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(In USD thousands except for number of shares and per share data)
Three months ended
Mar 31,
Nine months ended
Mar 31,
2018
2017
2018
2017
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Net revenues
Integrated contract revenue
$
104,736
$
78,167
$
334,845
$
260,766
Products sales
9,908
9,746
29,085
24,116
Revenue from services
5,973
3,390
29,601
9,099
Total net revenues
120,617
91,303
393,531
293,981
Cost of integrated contracts
73,297
59,126
229,295
196,936
Cost of products sold
1,863
3,394
7,696
7,537
Costs of services rendered
1,576
718
8,686
2,616
Gross profit
43,881
28,065
147,854
86,892
Operating expenses
Selling
6,205
5,961
20,643
17,819
General and administrative
7,874
6,847
31,333
29,177
Research and development
8,758
6,093
27,975
22,083
VAT refunds and government subsidies
(3,888)
(5,508)
(20,399)
(23,306)
Total operating expenses
18,949
13,393
59,552
45,773
Income from operations
24,932
14,672
88,302
41,119
Other income , net
352
571
3,062
1,831
Foreign exchange (loss) gain
(877)
1,191
(1,981)
132
Share of net income of equity investees
194
2,390
2,466
4,670
Gains on deconsolidation of the Company's interests in
Beijing Hollycon Electronic Technology Co., Ltd
-
-
-
6,429
Dividend income from a cost investee
38
449
1,096
449
Interest income
2,006
1,173
5,041
2,431
Interest expenses
(175)
(395)
(808)
(795)
Income before income taxes
26,470
20,051
97,178
56,266
Income taxes expenses
4,553
4,433
17,584
9,003
Net income
21,917
15,618
79,594
47,263
Net income (loss) attributable to non-controlling interests
75
(5)
161
(17)
Net income attributable to Hollysys Automation
Technologies Ltd.
$
21,842
$
15,623
$
79,433
$
47,280
Other comprehensive income (loss), net of tax of nil
Translation adjustments
30,784
7,525
63,054
(34,583)
Comprehensive income
52,701
23,143
142,648
12,680
Less: comprehensive income (loss) attributable to non-
controlling interests
76
(34)
163
(8,551)
Comprehensive income attributable to Hollysys
Automation Technologies Ltd.
$
52,625
$
23,177
$
142,485
$
21,231
Net income per ordinary share:
Basic
0.36
0.26
1.31
0.79
Diluted
0.36
0.26
1.31
0.78
Shares used in income per share computation:
Weighted average number of ordinary shares
60,436,871
60,408,369
60,431,201
60,112,281
Weighted average number of diluted ordinary shares
61,296,907
61,225,248
61,245,982
60,909,201
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED BALANCE SHEETS
(In USD thousands except for number of shares and per share data)
Mar 31,
Dec 31,
2018
2017
(Unaudited)
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
237,971
$
231,070
Time deposits with maturities over three months
146,984
134,379
Restricted cash
28,888
35,986
Accounts receivable, net of allowance for doubtful accounts of $51,049 and
$49,041 as of March 31,2018 and December 31, 2017, respectively
267,799
257,611
Costs and estimated earnings in excess of billings, net of allowance for doubtful
accounts of $12,192 and $12,472 as of March 31, 2018 and December 31,
2017, respectively
212,603
199,736
Other receivables, net of allowance for doubtful accounts of $1,472 and $1,568 as
of March 31, 2018 and December 31, 2017, respectively
24,498
16,857
Advances to suppliers
11,577
8,523
Amounts due from related parties
33,187
28,642
Inventories
56,893
47,602
Prepaid expenses
707
797
Income tax recoverable
457
170
Total current assets
1,021,564
961,373
Non-current assets
Restricted cash
1,479
461
Prepaid expenses
1
8
Property, plant and equipment, net
86,082
84,025
Prepaid land leases
10,742
10,472
Intangible assets, net
1,631
1,602
Investments in equity investees
60,580
58,219
Investments in cost investees
4,349
4,191
Goodwill
52,192
51,175
Deferred tax assets
8,376
8,583
Total non-current assets
225,432
218,736
Total assets
1,246,996
1,180,109
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Derivative financial liability
535
535
Short-term bank loans
7,930
7,859
Current portion of long-term loans
387
401
Accounts payable
138,061
126,095
Construction costs payable
173
167
Deferred revenue
144,216
130,451
Accrued payroll and related expenses
11,417
17,724
Income tax payable
3,354
5,237
Warranty liabilities
5,907
6,136
Other tax payables
6,599
11,052
Accrued liabilities
22,927
22,014
Amounts due to related parties
3,788
3,169
Total current liabilities
345,294
330,840
Non-current liabilities
Accrued liabilities
6,078
9,155
Long-term loans
21,212
21,064
Deferred tax liabilities
12,168
9,838
Warranty liabilities
2,715
2,642
Total non-current liabilities
42,173
42,699
Total liabilities
387,467
373,539
Commitments and contingencies
-
-
Stockholders' equity:
Ordinary shares, par value $0.001 per share, 100,000,000 shares authorized;
60,342,099 shares issued and outstanding as of March 31, 2018 and December
31, 2017
60
60
Additional paid-in capital
222,771
222,514
Statutory reserves
43,611
41,130
Retained earnings
552,711
533,347
Accumulated other comprehensive income
40,192
9,411
Total Hollysys Automation Technologies Ltd. stockholder's equity
859,345
806,462
Non-controlling interests
184
108
Total equity
859,529
806,570
Total liabilities and equity
$
1,246,996
$
1,180,109
HOLLYSYS AUTOMATION TECHNOLOGIES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In USD thousands)
Three months ended
Nine months ended
Mar 31, 2018
Mar 31, 2018
(Unaudited)
(Unaudited)
Cash flows from operating activities:
Net income
$
21,917
$
79,594
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment
1,671
5,060
Amortization of prepaid land leases
68
198
Amortization of intangible assets
-
279
Allowance for doubtful accounts
(616)
3,571
Gain on disposal of property, plant and equipment
(80)
(32)
Share of net income from equity investees
(194)
(2,466)
Share-based compensation expenses
257
582
Deferred income tax expenses
2,383
1,628
Accretion of convertible bond
57
315
Fair value adjustments of a bifurcated derivative
-
48
Gain from the derecognition of nonfinancial assets
-
(2,345)
Changes in operating assets and liabilities:
Accounts receivable
(4,517)
(3,670)
Costs and estimated earnings in excess of billings
(5,094)
(39,555)
Inventories
(7,200)
(7,244)
Advances to suppliers
(1,009)
(1,070)
Other receivables
(6,644)
(2,838)
Deposits and other assets
7,263
12,238
Due from related parties
(3,223)
3,554
Accounts payable
5,765
5,924
Deferred revenue
9,100
27,453
Accruals and other payables
(8,540)
(5,399)
Due to related parties
489
1,246
Income tax payable
(2,159)
4,643
Other tax payables
(4,659)
(4,533)
Net cash provided by operating activities
5,035
77,181
Cash flows from investing activities:
Time deposits placed with banks
(29,852)
(149,592)
Purchases of property, plant and equipment
(247)
(858)
Maturity of time deposits
26,563
112,778
Proceeds from disposal of property, plant and equipment
101
151
Investment of an equity investee
(1,594)
(5,806)
Acquisition of a subsidiary, net of cash acquired
-
(583)
Net cash used in investing activities
(5,029)
(43,910)
Cash flows from financing activities:
Proceeds from short-term bank loans
418
1,471
Repayments of short-term bank loans
(499)
(2,053)
Proceeds from long-term bank loans
-
537
Repayments of long-term bank loans
-
(363)
Payment of Dividends
-
(7,241)
Net cash used in financing activities
(81)
(7,649)
Effect of foreign exchange rate changes
6,976
14,709
Net increase in cash and cash equivalents
$
6,901
$
40,331
Cash and cash equivalents, beginning of period
$
231,070
$
197,640
Cash and cash equivalents, end of period
237,971
237,971
Non-GAAP Measures
In evaluating our results, the non-GAAP measures of "Non-GAAP general and administrative expenses", "Non-GAAP net income attributable to Hollysys Automation Technologies Ltd. stockholders", "Non-GAAP basic earnings per share", and "Non-GAAP diluted earnings per share" serve as additional indicators of our operating performance and not as a replacement for other measures in accordance with U.S. GAAP. We believe these non-GAAP measures are useful to investors, as they exclude the non-cash share-based compensation expenses, which is calculated based on the number of shares or options granted and the fair value as of the grant date, amortization of acquired intangible assets, fair value adjustments of acquisition-related consideration, and fair value adjustments of a bifurcated derivative. They will not result in any cash inflows or outflows. We believe that using non-GAAP measures help our shareholders to have a better understanding of our operating results and growth prospects. In addition, given the business nature of the Company, it has been a common practice for investors to use such non-GAAP measures to evaluate the Company.
The following table provides a reconciliation of U.S. GAAP measures to the non-GAAP measures for the periods indicated:
(In USD thousands, except for number of shares and per share data)
Three months ended
Nine months ended
Mar 31,
Mar 31,
2018
2017
2018
2017
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Cost of integrated contracts
$
73,297
$
59,126
$
229,295
$
196,936
Less: Amortization of acquired intangible assets
-
-
279
263
Non-GAAP cost of integrated contracts
$
73,297
$
59,126
$
229,016
$
196,673
General and administrative expenses
$
7,874
$
6,847
$
31,333
$
29,177
Less: Share-based compensation expenses
257
(1,907)
581
(70)
Non-GAAP general and administrative expenses
$
7,617
$
8,754
$
30,752
$
29,247
Net income attributable to Hollysys Automation
Technologies Ltd.
$
21,842
$
15,623
$
79,433
$
47,280
Add:
Share-based compensation expenses
257
(1,907)
581
(70)
Amortization of acquired intangible assets
-
-
279
263
Non-GAAP net income attributable to Hollysys Automation Technologies Ltd.
$
22,099
$
13,716
$
80,293
$
47,473
Weighted average number of basic ordinary shares
60,436,871
60,408,369
60,431,201
60,112,281
Weighted average number of diluted ordinary shares
61,296,907
61,225,248
61,245,982
60,909,201
Non-GAAP basic earnings per share
$
0.37
$
0.23
$
1.33
$
0.79
Non-GAAP diluted earnings per share
$
0.36
$
0.22
$
1.32
$
0.78
: releases/hollysys-automation-technologies-reports-unaudited-financial-results-for-the-first-nine-months-and-the-third-quarter-ended-march-31-2018-300647509.html
SOURCE Hollysys Automation Technologies, Ltd | http://www.cnbc.com/2018/05/14/pr-newswire-hollysys-automation-technologies-reports-unaudited-financial-results-for-the-first-nine-months-and-the-third-quarter-ended.html | www.cnbc.com |
UPDATE 2-Regeneron/Sanofi to cut price of heart drug in Express Scripts deal | (Adds share prices, Amgen detail)
May 1 (Reuters) - Regeneron Pharmaceuticals Inc and Sanofi SA will cut the net price of their expensive cholesterol drug for Express Scripts Holdings Co customers in exchange for greater patient access, with some savings to be shared with consumers, the companies said on Tuesday.
The drug, Praluent, dramatically lowers bad LDL cholesterol and reduces the risk of heart attacks and death in high-risk heart patients.
But sales of Praluent and a rival Amgen drug, with list prices of more than $14,000 a year before discounts, have been constrained by onerous roadblocks to patient access by insurers. They reject about 70 percent of prescriptions written, the companies have said.
"I expect this to substantially increase the sales," Regeneron Chief Executive Leonard Schleifer said of the deal.
The arrangement makes Praluent exclusive on the Express Scripts' national formulary for the drug class known as PCSK9 inhibitors, meaning some customers of the largest U.S. pharmacy benefit manager (PBM) will not easily access Amgen's Repatha.
Amgen said the decision impacts 2,000 Repatha patients out of the 39,000 people who take the drug. It said it has been negotiating with several payers and that it will fight to be included in other Express Scripts business, and that it is offering significant discounts.
Amgen shares were off 2.7 percent, or $4.70, at $174.48 while Regeneron shares fell 2 percent, or $5.59 to $$298.09.
Regeneron and Sanofi said in March they would be willing to lower Praluent's price in exchange for easier patient access. They said pricing could be tied to an independent review by the Institute for Clinical and Economic Review (ICER), which put an appropriate Praluent price for highest risk patients at $4,500 to $8,000 a year.
The Praluent net price will be at the "low end" of the ICER range including double-digit rebates, said Express Scripts Chief Medical Officer Steve Miller.
Beginning July 1, doctors can submit just one form attesting that a patient with heart disease meets criteria for PCSK9 therapy, such as inability to sufficiently lower LDL with cheap statins, like Pfizer's Lipitor.
"This ... addresses head-on the frustrations caused by complex pre-authorization requirements that hamstring physicians and put an important medicine out of reach from patients," Michelle Carnahan, head of Sanofi's North America cardiovascular business, said in a statement.
Starting next year, Express Scripts will pass along a portion of Praluent rebates it receives from the drugmakers to people in eligible health benefit plans, lowering out-of-pocket costs.
"This is a significant (price) reduction that the patients will also feel, not just the insurance companies or the employers," Schleifer said.
He said talks were taking place with other insurers and PBMs about similar arrangements.
"I hope that this will spread like wildfire through the entire payer system," Schleifer said. (Reporting by Bill Berkrot in New York and Deena Beasley in Los Angeles; editing by Diane Craft and Marguerita Choy) | https://www.cnbc.com/2018/05/01/reuters-america-update-2-regeneronsanofi-to-cut-price-of-heart-drug-in-express-scripts-deal.html | www.cnbc.com |
Starboard Commercial Real Estate Announces Sale of Premier Retail Property in Roseville, CA For $4,511,000 | SAN FRANCISCO, May 1, 2018 /PRNewswire/ -- Starboard Commercial Real Estate, privately owned and locally-based San Francisco commercial real estate firm, is pleased to announce the sale of 318 N. Sunrise Avenue in Roseville, CA.
The 24,750 square foot property was purchased for $4,511,000 by a San Francisco-based investor and is located in the Centre Pointe Regional Shopping Center, in between Home Depot and Fitness Evolution. The building is currently leased to Pet Club.
The deal was led by Richard Gumbiner, broker associate with Starboard Commercial Real Estate. According to Gumbiner, the 100 percent leased NNN investment is located at a prosperous retail intersection with Hwy 80 visibility, and provides long-term stable income to the investor with minimal management obligations.
"Conditions are still favorable to find NNN leased investment properties. Cap rates have improved and financing is still readily available at attractive rates," shared Gumbiner. "Investors who are experiencing challenges with rent control, management, or excessive operating expenses should consider whether a NNN leased investment is more appropriate to their investment goals."
The city of Roseville has a diverse economy that allows the city to thrive. The most dynamic industries in the city are technology, healthcare, agriculture, financial services, and retail. Shopping plays a vital role in the economy of Roseville, which has the thirteenth highest retail sales of all California cities.
The city is also considered a regional shopping destination, with the Westfield Galleria at Roseville being the main shopping center in the city and the second largest shopping mall in Northern California.
For a full list of Starboard's current listings, visit www.starboardnet.com/listings.php .
About Starboard Commercial Real Estate
Starboard Commercial Real Estate is the largest independently owned commercial real estate company in San Francisco, California. Starboard was established in 1991 with a unique vision of what a commercial real estate firm should be. With a combined total of 55 years representing landlords and tenants, members of the firm are devoted to serving clients with the highest ethics and professionalism. By implementing the latest technology, Starboard combines innovative market techniques with hard work, pursuing every opportunity to meet its clients' commercial property goals. Our brokers are highly qualified professionals supported by skilled support staff and a full-service in-house graphic and website design team. Our brokers have access to critical information on existing tenants in San Francisco and more than 1,814 office buildings and over 103 million square feet of office space throughout San Francisco.
In 2000, Starboard became the San Francisco member of TCN Worldwide Real Estate Services, a national affiliation of independent real estate firms located in more than 200 markets with 62 offices in 8 countries, including North and South America, Europe, and Asia. Using national and international real estate expertise, Starboard provides clients with local know-how on a global scale. Hans Hansson, managing principal, previously served on TCN Worldwide's Board of Directors and served as regional vice president for two years. For more information, visit www.starboardnet.com .
Media Contact:
Natalie Wolfrom
PR for Starboard TCN Worldwide
415-609-7092
nwolfrom415@gmail.com
View original content with multimedia: http://www.prnewswire.com/news-releases/starboard-commercial-real-estate-announces-sale-of-premier-retail-property-in-roseville-ca-for-4-511-000--300639746.html
SOURCE Starboard Commercial Real Estate | http://www.cnbc.com/2018/05/01/pr-newswire-starboard-commercial-real-estate-announces-sale-of-premier-retail-property-in-roseville-ca-for-4511000.html | www.cnbc.com |
Saudi Arabia moves to tempt more foreign insurers with draft rules change | RIYADH, May 2 (Reuters) - Saudi Arabia has published draft rules for foreign insurers and reinsurers wanting to establish branches in the kingdom, in the latest attempt by the government to woo international investment.
Currently, there are no foreign branches of foreign insurers in the kingdom, with such companies instead having to establish fully capitalised subsidiaries or own a limited share of local insurance businesses.
But it was unclear from the draft, released this week, whether foreign insurers setting up branches would be required to have a local partner, with industry sources saying they would seek clarity on this point.
Until now, the central bank, which regulates the insurance industry, has closely controlled the number of licences in the market, with the regulator planning tougher rules for existing insurers as part of a drive to create a smaller number of stronger market players.
At present, there are more than 30 insurance firms in operation serving a population in excess of 30 million people.
But industry insurance sources said allowing more foreign entrants would help to boost competitiveness.
The insurance sector has come under pressure after the economy slipped into recession last year, with health insurance suffering in particular as expatriates have left the kingdom and hospital costs have risen. The economy should return to growth this year, but industry margins remain under pressure.
Saudi Arabia is seeking to tempt foreign entrants across industries as it embarks on a massive overhaul of its economy to diversify away from a reliance on oil revenues.
At the moment, international players including Bupa, MetLife, Allianz and AXA all operate in the kingdom through partnerships with local ventures. These foreign companies often have management control of the business, although limited ownership levels.
The draft rules made clear that licences from the central bank for specific insurance lines would be dependent on foreign applicants having approval from regulators in their home countries for the same activities for at least the past five years.
They also specified that in order to open a branch, insurers would have to place a deposit, ranging from 60 million riyals ($16 million) for the highest-rated insurers to 200 million riyals for the lowest, in a local bank. The deposit requirement was higher for reinsurers. ($1 = 3.7502 riyals) (Reporting By Tom Arnold Editing by Hugh Lawson)
| https://www.reuters.com/article/saudi-insurance/saudi-arabia-moves-to-tempt-more-foreign-insurers-with-draft-rules-change-idUSL8N1S972Q | www.reuters.com |
Leadership Additions to Executive Team to Support Strategic Growth | OCEANSIDE, Calif., May 2, 2018 /PRNewswire/ -- AOTI Inc. announced today that Kevin Burke has joined the company as its Chief Commercial Officer and Head of USA Sales. Previously, Kevin served as Vice President of Market Development with Cardiovascular Systems, Inc. (CSI), where he played an integral role in the exponential growth of company revenue to over $200M, creating substantial increases to shareholder value. Prior to CSI, Kevin spent 11 years with Medtronic's Spinal Division in a variety of leadership positions, overseeing multiple sales operations, as well as new product launches driving therapy adoption into emerging market segments."Kevin is a proven leader with a track record of attaining results in fast growing medical device companies, his skill-set is critical to AOTI as we look to scale up the organization to meet our significant growth objectives. We are absolutely delighted to have been able to attract such a high value performer to join our team," stated Dr. Mike Griffiths, CEO and President of AOTI.
Additionally, AOTI Inc. announced that Anthony Moffatt has been promoted to the role of Chief Financial Officer and will oversee all finance functions for both the USA and Irish arms of the company. Previously, Anthony had been Director of Finance and Customer Service for the company. Also, Despi Hardy has been promoted to the role of Clinical Science Liaison, where she will oversee clinical evidence development and manage relationships with key opinion leader (KOL) clinicians and researchers. This is an enhancement to her previous role as Clinical Trials Manager, where she oversaw the company's pivotal Multi-National Double-Blinded Placebo Controlled Randomized Clinical Trial that recently completed enrollment.
Dr. Griffiths added, "These new appointments and promotions will further strengthen our management team in key strategic areas that are critical to the growth of our business as we approach broader market reimbursement for our products, based on achieving the strongest scientific evidence demonstrating both the healing and health economic benefits of our Topical Wound Oxygen (TWO 2 ) homecare therapy."
About AOTI
AOTI Inc. is a leading international company providing innovative solutions to resolve severe and chronic wounds worldwide. Our products reduce healthcare costs and improve the quality of life for patients with these debilitating illnesses. Our patented non-invasive Topical Wound Oxygen (TWO 2 ) therapy is unsurpassed in fully closing Diabetic, Venous and Pressure ulcers alike. AOTI is a private company based in Oceanside, California USA and Galway, Ireland. For more information, see: www.aotinc.net
Dr. Mike Griffiths
CEO and President
194389@email4pr.com
(760) 672 1920
View original content with multimedia: http://www.prnewswire.com/news-releases/leadership-additions-to-executive-team-to-support-strategic-growth-300640748.html
SOURCE AOTI Inc. | http://www.cnbc.com/2018/05/02/pr-newswire-leadership-additions-to-executive-team-to-support-strategic-growth.html | www.cnbc.com |
Construction Industry Round Table Announces Board Elections & New Chairman | MCLEAN, Va., May 3, 2018 /PRNewswire-USNewswire/ -- The Construction Industry Round Table (CIRT), a national business trade association comprised exclusively of approximately 120 chief executives from the leading design and construction companies doing business in the United States and globally, has elected Charlie Bacon, President and CEO of Limbach Holdings, Inc., as Chairman of the organization for a term of one year. He succeeds Wayne Drinkward, Chairman of Hoffman Corporation. Bacon was elected during CIRT's Annual Spring Conference this week in Washington, DC which also welcomed new directors.
Charlie Bacon Chairman
"The design and construction industry builds America and CIRT has moved the industry forward on so many fronts," said Bacon. "Through CIRT's education programs with world class speakers and subject matter experts to the sharing of best practices, senior industry executives expand their knowledge base and build lasting friendships. I am very proud to see CIRT support great industry programs such as industry ethics, the ACE Mentor Program, and assisting in the industry's drive to dramatically improve safety. I look forward to this next year working with the Board and the CIRT staff to continue its mission."
In welcoming Bacon as the new Chairman, CIRT President Mark A. Casso, Esq., NAC noted, "Charlie puts his full attention and heart into anything he commits to; he will bring a great deal of energy to promoting the interests of the design and construction industry's interests."
BOARD ELECTIONS
At CIRT's Membership Meeting, the following members were also elected as officers:
Paul Franzen, President, Barnard Construction, Bozeman, MT as Vice Chairman; Wassim A. Selman, Ph.D., P.E., ARCADIS, U.S., Inc., Atlanta, GA as Treasurer; and Wayne Drinkward, Chairman, Hoffman Corporation, Portland, OR will continue to serve on the Executive Committee as Immediate Past Chairman. In addition to the executive committee elections, CIRT also welcomed the following four industry leaders as new directors who will serve on the board through 2021:
Al Gerhardt, President & COO, Kraus-Anderson Construction Co. Gregory A. Kelly, P.E., President & CEO, U.S., WSP David Sweeney, P.E., CEO, RS&H, Inc. Douglas C. Welling, President & CEO, Jacobsen Construction Co., Inc.
"CIRT is fortunate to have a dedicated board of such highly regarded industry professionals. We offer congratulations to our new officers and directors; and thank all of our current and outgoing directors for their service to CIRT and its members as well as the design / construction industry," said Casso.
Limbach Holdings, Inc. is an integrated building systems provider, managing all components of mechanical, electrical, plumbing and control systems, from system design and construction through performance and maintenance. The Company engineers, constructs and services the mechanical, plumbing, air conditioning, heating, building automation, electrical and control systems in both new and existing buildings. Customers include building owners in the private, not-for-profit and public/government sectors. With headquarters in Pittsburgh, PA., Limbach operates from 10 strategically located business units throughout the United States, including Western Pennsylvania (Pittsburgh), Eastern Pennsylvania (Warrington, PA), New Jersey (South Brunswick), New England (Wilmington, MA), Ohio (Columbus and Athens, OH), Michigan (Pontiac and Lansing, MI), Southern California (Seal Beach, CA), and Mid-Atlantic (Laurel, MD). Our design engineering and innovation center, Limbach Engineering & Design Services, is based in Orlando, Florida. Harper Building Systems, a Limbach Holdings, Inc. company, operates throughout Florida with offices in Tampa and Lake Mary, north of Orlando. Our approximately 1,700 employees strive to be the customer's 1st Choice in terms of the services provided, vertical markets and geographies served. Our commitment to safety, advanced technology, human development and reliable execution has enabled Limbach to attract and retain the industry's top leadership talent, skilled craftspeople and professional management staff. For more information about Limbach, please call 412-359-2100; or visit our website at www.limbachinc.com .
For more information about CIRT contact, Mark Casso, 202-466-6777; or visit our website at www.cirt.org .
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SOURCE Construction Industry Round Table | http://www.cnbc.com/2018/05/03/pr-newswire-construction-industry-round-table-announces-board-elections-new-chairman.html | www.cnbc.com |
WRAPUP 2-U.S. factory activity slows further, tariff concerns grow | (Adds details from ISM survey, analyst comments, updates markets)
* ISM factory activity index drops to 57.3 in April
* New orders index slips, employment measure falls
* Construction spending drops 1.7 percent March
WASHINGTON, May 1 (Reuters) - U.S. factory activity slowed for a second straight month in April, with manufacturers complaining about rising commodity prices in the wake of the Trump administration's tariffs on steel and aluminum imports.
The Institute for Supply Management (ISM) survey published on Tuesday also showed shortages of skilled workers, which together with the proposed import tariffs were causing bottlenecks in the supply chain.
Rising raw material costs are the latest indication that inflation pressures are building and could attract the attention of Federal Reserve officials who began a two-day policy meeting on Tuesday. Data on Monday showed a jump in annual inflation rates in March. In addition, wages grew at their quickest pace in 11 years in the first quarter.
"It supports our view that the Fed will raise interest rates three additional times this year," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "The Fed is underestimating the amount of developing inflation pressures."
The U.S. central bank is not expected to raise interest rates when it concludes its meeting on Wednesday. The Fed increased borrowings costs in March and has forecast at least two more rate hikes for this year.
The ISM said its index of national factory activity dropped to a reading of 57.3 last month from 59.3 in March. A reading above 50 in the ISM index indicates growth in manufacturing, which accounts for about 12 percent of the U.S. economy.
The survey's prices paid index increased 1.2 points to 79.3, the highest reading since April 2011. Last month, price increases occurred across 17 of 18 industry sectors. Machinery manufacturers said tariffs had increased prices for steel and other materials. They reported that "a lot of suppliers are asking for increases, and the team is battling those requests."
President Donald Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum in March. However, on Tuesday he postponed imposition of the tariffs on Canada, Mexico and the EU until June 1 and reached agreements for permanent exemptions for Argentina, Australia and Brazil.
Miscellaneous products manufacturers described the tariffs as "very concerning" and said "business planning is at a standstill until they are resolved." Manufacturers of fabricated metal products said the steel tariffs had made it difficult to source material, "and we have had to eliminate two products due to availability and cost of raw material."
"Tariffs could add downside risks to factory production and increase input costs in the months ahead," said Scott Anderson, chief economist at Bank of the West in San Francisco.
The ISM's measure of factory employment dropped in April. Transport equipment manufacturers said while business was robust, capacity constraints were a headache. They described labor as remaining "tight and getting tighter."
Those sentiments were also shared by food, beverage and tobacco products manufacturers who said shortages of trucks and drivers had impacted delivery times.
CONSTRUCTION SPENDING TUMBLES
Despite the second straight monthly drop in the ISM index, manufacturing remains underpinned by a firming global economy as well as a weakening U.S. dollar, which is boosting the competitiveness of American-made goods on the global market.
Stocks on Wall Street fell as investors worried about inflation. The dollar was trading higher against a basket of currencies while prices for U.S. Treasuries slipped.
A separate report from the Commerce Department showed construction spending unexpectedly fell in March as a sharp decline in homebuilding and renovations led to the biggest drop in investment in private construction projects in more than seven years.
Construction spending tumbled 1.7 percent. February data was revised to show construction spending increasing 1.0 percent instead of the previously reported 0.1 percent gain.
Economists polled by Reuters had forecast construction spending accelerating 0.5 percent in March. Construction spending rose 3.6 percent on a year-on-year basis.
In March, spending on private construction projects declined 2.1 percent. That was the largest fall since January 2011 and followed a 1.2 percent increase in February.
Outlays on private residential projects plunged 3.5 percent, the biggest drop since April 2009, after advancing 1.2 percent in February. Spending on both single and multifamily housing projects fell in March. Spending on home renovation dropped 8.0 percent last month.
Economists expected the construction data would subtract one-tenth of a percentage point from the government's 2.3 percent annualized growth rate estimate for first-quarter gross domestic product, which was published last Friday.
"We expect residential construction spending to grow in 2018 on our thesis that while home building is being constrained by supply issues, the demographic demand for housing units exceeds supply," said John Ryding, chief economist at RDQ Economics in New York.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci) | https://www.cnbc.com/2018/05/01/reuters-america-wrapup-2-u-s-factory-activity-slows-further-tariff-concerns-grow.html | www.cnbc.com |
UPDATE 1-UK employment jumps but strong wage growth still elusive | (Adds reaction, detail) By Andy Bruce and William Schomberg LONDON, May 15 (Reuters) - British employers hired many more workers than expected in early 2018 but wage growth has yet to accelerate sharply, according to figures that leave the Bank of England still waiting for signs the economy is ready for a rise in interest rates. Employment rose by 197,000 during the first three months of this year, the biggest jump since late 2015 and far exceeding the 130,000 consensus expectation of a Reuters poll of economists. Sterling and British government bonds were little moved by the figures, which showed a familiar picture of solid growth in jobs, unemployment at its lowest level in decades, but only a modest pick-up in pay for most British workers, who have been hit by higher inflation since the 2016 Brexit vote. Annual growth in earnings, excluding bonuses, edged up to 2.9 percent in the three months to March after a 2.8 percent rise in February, the Office for National Statistics (ONS) said on Tuesday, as expected in the Reuters poll. While this was the biggest increase since the three months to August 2015, it represented only a 0.4 percent increase in pay in inflation-adjusted terms. Including bonuses, total pay growth cooled to 2.6 percent from 2.8 percent in the three months to February, as expected. Last week the BoE left interest rates on hold, despite saying in February that borrowing costs were likely to go up more quickly than it had previously thought. It said it wanted to be sure the economy was bouncing back after barely growing in the first quarter. Economists said the strength of hiring in Tuesday's figures suggested Britain's economy did not have such a bad start to 2018 as portrayed by the preliminary official data. "On balance, the combination of robust employment growth, falling unemployment and stronger underlying earnings growth -- as well as a clear relapse in productivity in the first quarter -- looks supportive to a Bank of England interest rate hike in August," said Howard Archer, chief economic adviser to the EY ITEM Club consultancy. "However, much is likely to depend on whether the UK economy sees clear signs of marked improvement over coming months." The ONS published new figures for employment of foreign nationals and for productivity, a long-term problem for Britain's economy. Output-per-hour fell by 0.5 percent quarter-on-quarter in the three months to March after a 0.7 percent rise in the fourth quarter of 2017, marking the biggest fall since late 2015 and denting hopes that British productivity was on the mend. Less than a year before Britain is due to exit the European Union, the ONS said the number of EU nationals employed in Britain fell by 1.2 percent from a year ago to 2.292 million -- the biggest drop in percentage terms for eight years. (Reporting by Andy Bruce Editing by Catherine Evans)
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/britain-economy/update-1-uk-employment-jumps-but-strong-wage-growth-still-elusive-idUSL5N1SM3A7 | www.reuters.com |
US STOCKS-Wall St erases gains on Trump's China trade talk comments | * Ford, GM rise after China cuts car import tariffs
* Banks gain on hopes of post-crisis bill being passed
* Kohl's falls on slower-growth warning, drags retailers
* Dow down 0.25 pct, S&P and Nasdaq up 0.06 pct (Updates to early afternoon)
May 22 (Reuters) - Wall Street gave up earlier gains and were little changed on Tuesday afternoon after U.S. President Donald Trump said he was not pleased with the recent U.S.-China trade talks and also raised doubts about the upcoming North Korea summit.
Trump said the China trade talks "were a start" and that there was no deal with China on ZTE Corp. Trump has adopted a more conciliatory stance in the China talks as North Korea, whose chief ally is Beijing, has called into question a summit planned for next month in Singapore.
The president's comments come after U.S. Treasury Secretary Steven Mnuchin said over the weekend that the two countries had put the prospect of a trade war "on hold" and agreed to hold more talks to boost U.S. exports to China.
"We are getting mixed signals from the administration, and that's why everyone is a little cautious in reacting to the headlines," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.
"It makes people less enthusiastic and there has been nothing that has truly alarmed people yet. Investors are at a point where they're taking everything that is said tentatively, with a grain of salt."
The industrial sector dipped 0.6 percent, a day after posting its best one-day percentage gain in nearly two months on the trade truce.
At 13:28 a.m. EDT the Dow Jones Industrial Average was down 62.67 points, or 0.25 percent, at 24,950.62, the S&P 500 was up 1.72 points, or 0.06 percent, at 2,734.73 and the Nasdaq Composite was up 4.53 points, or 0.06 percent, at 7,398.56.
Six of the 11 major indexes were trading higher, led by the financials sector's 1.1 percent gain on hopes that a bill aimed at easing bank rules, put in place after the financial crisis, could be passed as soon as this week.
The consumer discretionary index fell 0.2 percent after warnings from retailer Kohl's and auto parts seller Autozone.
Kohl's tumbled 5.8 percent, weighing on other retailers, after forecasting slower growth in the second half of the year.
Autozone sank 7.3 percent, the most on the S&P and dragging other auto part retailers, after warning higher costs would persist due to wage pressure.
Carmakers Ford, General Motors and Fiat Chrysler gained between 0.5 percent and 1.7 percent after Beijing said it will steeply cut import tariffs for automobiles and car parts.
Steel stocks gained, led by a roughly 3 percent jump in AK Steel and U.S. Steel, after the United States said it would slap steep import duties on steel products with origins in China but shipped from Vietnam to evade anti-dumping orders.
Facebook was down 0.3 percent as Chief Executive Mark Zuckerberg apologized to European lawmakers for a massive data leak in an ongoing testimony.
Advancing issues outnumbered decliners by a 1.06-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the Nasdaq.
The S&P index recorded 29 new 52-week highs and no new lows, while the Nasdaq recorded 136 new highs and 29 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila) | https://www.cnbc.com/2018/05/22/reuters-america-us-stocks-wall-st-erases-gains-on-trumps-china-trade-talk-comments.html | www.cnbc.com |
UPDATE 1-Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions | * U.S. crude stocks rise by 4.9 mln bbl to 435.6 mln bbl -API
* Physical spot cargoes trade at discount to financial crude
* Production by oil majors rising - S&P Global Ratings (Adds S&P Global quote, updates prices)
SINGAPORE, May 16 (Reuters) - Oil prices fell on Wednesday, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
Brent crude futures were at $78.17 per barrel at 0210 GMT, down 26 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $71.02 a barrel, down 29 cents, or 0.4 percent, from their last settlement.
Despite the dips, both financial oil benchmarks remained close to their November 2014 highs of $79.47 and $71.92 a barrel respectively, reached the previous day.
But there are signs in physical crude markets that may give pause to financial investors.
There are also signs that oil production will rise, especially at majors like ExxonMobil, Royal Dutch Shell , Chevron, BP and Total.
"Aggregate production - both actual and projected - is growing for the majors," S&P Global Ratings said in a report published on Tuesday.
Spot crude oil cargo prices are at their steepest discounts to futures prices in years as sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada.
The bottleneck in North America likely contributed to a 4.9 million barrel rise in U.S. crude oil inventories, to 435.6 million barrels, that the American Petroleum Institute reported on Tuesday.
"The API inventory data in the U.S. fits with ... a topping pattern or at least a decent pause for oil prices at the moment," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Despite Wednesday's dips and some indicators implying the financial oil has overshot physical oil, overall crude market conditions have tightened since 2017 when the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, started to withhold supplies to push up oil prices.
With renewed U.S. sanctions looming against OPEC-member Iran and oil demand strong, analysts said crude markets will likely remain relatively tight for much of the year.
Stronger oil prices are also spilling into other markets.
"A rising oil price brings upside price risk to all commodities," Morgan Stanley said in a note to clients this week.
The U.S. bank said rising diesel prices contributed 10-20 percent to cash costs in the metals and dry-bulk sectors, while the price of oil also significantly contributed to power generation.
"Finally, transport costs (5-20 percent of cash costs) will also rise in response, with the heaviest impact on bulk commodity producers," Morgan Stanley said.
(Reporting by Henning Gloystein Editing by Joseph Radford) | https://www.cnbc.com/2018/05/15/reuters-america-update-1-oil-dips-on-signs-of-ample-supply-despite-opec-cuts-iran-sanctions.html | www.cnbc.com |
PRESS DIGEST- British Business - May 14 | May 14 (Reuters) - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
The Times
The chairman of WPP Plc is facing a shareholder backlash over the advertising company's secretive ousting of Martin Sorrell after a leading advisory group recommended that investors oppose his re-election at next month's annual meeting. bit.ly/2wD4aax
One of UK's biggest investment managers, M&G Investments, has warned that banks will be forced to raise mortgage rates as cheap money provided by a closed Bank of England scheme runs out. bit.ly/2wMv7Jh
The Guardian
UK has no need to build new large gas-fired power stations to replace the coal plants that the government has pledged to switch off by 2025, the World Wide Fund for Nature has argued. bit.ly/2wzQ5Li
The Telegraph
Virgin Media and TalkTalk Telecom Group Plc are working on a deal to share the cost of new ultrafast broadband networks and dial up the pressure on BT Group Plc. bit.ly/2KmBRPB
A senior British scientist who is one of the leading minds in artificial intelligence (AI) has warned against self-driving cars, arguing they are not safe because engineers cannot predict how their creations will behave "while in the wild". bit.ly/2KgfHyH
Sky News
LVMH, the luxury goods behemoth behind brands such as Christian Dior and Fendi, is leading a multimillion-pound injection of funds into Lyst, the UK-based fashion search engine. bit.ly/2ICMz7C
Former bosses of Carillion Plc, the construction group that collapsed with debts of as much as 7 billion pounds ($9.49 billion), should face a formal inquiry into their fitness to serve as company directors, MPs will say this week. bit.ly/2wDlvAg
The Independent
Royal Dutch Shell Plc, Italian oil giant Eni and a number of senior executives at the two firms face trial in Milan on Monday over corruption charges relating to a $1.1bn deal for a Nigerian oil block. ind.pn/2wB45UV
The gender pay gap is 91 percent for people earning 1 million pounds or more annually in UK financial services companies, and it is getting wider, according to new research from employment law specialists Fox & Partners. ind.pn/2Kggdg3
$1 = 0.7380 pounds Compiled by Bengaluru newsroom
| https://www.reuters.com/article/britain-press-business/press-digest-british-business-may-14-idUSL3N1SL00U | www.reuters.com |
First Look Appraisals Appoints Expert Industry Executives | CHICAGO, May 8, 2018 /PRNewswire/ -- First Look Appraisals (First Look), a leading national appraisal management company (AMC), announces strategic additions to its Executive Leadership team and Board of Directors:
Jim Anderson , Executive Vice President of Business Development and Strategy :
Jim possesses over thirty years experience leading national wholesale lending platforms in addition to retail lending, secondary market and AMC experience. As leader of the First Look Sales and Marketing team, Jim oversees strategic growth initiatives. Jim stated he joined First Look because he is "convinced the people, processes and proprietary technology at First Look will positively disrupt the industry and provide lenders and appraisers a best-in-class solution."
Aaron Shepler, Chief Technology Officer :
Aaron is the chief architect of First Look's dynamic proprietary technology platform, Docent, that provides complete visibility, predictability and pro-active control over every appraisal order. Along with 15 years of experience leading development teams, Aaron previously served as CTO for the largest independent AMC in the US.
Mike Floyd, Chief Corporate Appraiser :
Mike has over 20 years of appraisal industry experience including ten years as Chief Corporate Appraiser for a large national AMC. Mike's reputation amongst lender and agency collateral risk managers is unparalleled. Mike directs First Look's appraisal quality control policy and procedure and focuses on cultivating the industry's best national appraiser panel.
First Look has also appointed three accomplished executives to its Board of Directors. Steve Haslam, former CEO of StreetLinks National Appraisal Services, Tony Ebeyer, StreetLinks former Chief Strategy Officer and Brad Morehead, former CEO of Livewatch Security, will actively advise and assist with the strategic development and direction of the company.
First Look's CEO, Craig Culbert, states, "Most lenders agree, their AMC relationships are mediocre despite being compelled to use them for compliance and cost reasons. First Look has assembled a leadership team of seasoned lending, appraisal, and AMC executives to build new processes and technology that overcome common frustrations between lenders and other AMCs. Simply stated, our leadership team knows the problems well because we have lived them from the lender and appraiser perspective; now, we've created the solution."
About First Look Appraisals:
First Look Appraisals is a national appraisal management company changing the industry through proprietary technology, success-focused relationships with appraisers, and a proactive customer service culture designed to revolutionize their client's experience with AMCs. To learn more about First Look Appraisals visit www.firstlookappraisals.com .
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SOURCE First Look Appraisals | http://www.cnbc.com/2018/05/08/pr-newswire-first-look-appraisals-appoints-expert-industry-executives.html | www.cnbc.com |
Australia orders recall of further 1.1 million cars fitted with Takata air bags | SYDNEY, May 28 (Reuters) - Australia on Monday increased the size of its biggest compulsory product recall as it said an additional 1.1 million cars fitted with Takata Corp air bags would be recalled.
Australia earlier this year demanded that manufacturers of nearly 3 million vehicles that carried the air bags, linked to at least 18 deaths and 180 injuries globally because the inflators can rupture and shoot metal fragments into vehicles, pay for replacements.
The air bags must be replaced by Dec. 31, 2020, or the manufacturers will face fines of A$1.1 million ($857,000) per breach of the order.
Once complete, the Australian Consumer and Competition Commission said vehicles from manufactures including Audi , Ford, Volkswagen and Toyota would be recalled at a later, unspecified date.
Pressure is growing on manufacturers globally to meet recall timetables.
The U.S. auto safety agency said earlier this month it wanted to meet with 12 major automakers that failed to fulfil a December 2017 target deadline for completing repairs on the highest-priority vehicles with dangerous Takata air bag inflators.
In June 2017, Takata filed for bankruptcy as it sought court protection from creditors after almost a decade of recalls and lawsuits.
$1 = 1.3236 Australian dollars Reporting by Colin Packham; Editing by Peter Cooney
| https://www.reuters.com/article/australia-takata-recall/australia-orders-recall-of-further-1-1-million-cars-fitted-with-takata-air-bags-idUSL3N1SY0NG | www.reuters.com |
LIVESTOCK-CME live cattle slide; funds roll June positions | CHICAGO, May 7 (Reuters) - Chicago Mercantile Exchange live cattle on Monday lost ground for a second straight session, hit by technical selling and the "roll" by funds out of June into deferred contracts, traders said. Funds in CME's livestock markets that track the Standard & Poor's Goldman Sachs Commodity Index sold, or rolled, June futures mainly into August on the first of five days for the process. June live cattle closed down 0.875 cent per pound at 105.175 cents, below the 10- and 40-day moving average convergence level of 105.749. August ended 0.975 cent lower at 104.100 cents, below the 20-day moving average of 104.332. Worries about increased supplies in the coming weeks kept prospective deferred-month futures buyers on the defensive. But declining cattle weights imply feedlots are rushing livestock to market - suggesting fewer animals later. "Weights are coming down fast. Along with that, if I've got cattle due to go to market in May and they're hedged in June, the basis, or spread between futures and cash prices, is a gift," said Agrivisor Services analyst Dale Durchholz. Rising beef packer profits and robust beef demand tempered nearby futures losses and could bode well for this week's cash cattle prices. Last week, packers paid $118 to $128 per cwt for slaughter-ready, or cash, cattle in the U.S. Plains that a week earlier brought $118 to $126.50. Market participants await the sale of 2,380 animals at Wednesday's Fed Cattle Exchange. Livestock there last week on average fetched $122.50 per cwt. Technical selling, live cattle future's selloff and steady to lower cash feeder steer prices pressured CME feeder cattle contracts. May closed 2.775 cents per pound lower at 137.625 cents. HOGS END MOSTLY HIGHER Fund rolling undercut the June CME hog contract while lifting back months, traders said. Future's price premium to the exchange's hog index for May 3 at 63.13 cents capped deferred-month market advances, they said. May closed down 1.000 cent per pound at 66.075 cents. Most actively traded June ended up 0.650 cent at 74.175 cents, and July closed up 0.325 cent at 75.900 cents. Retail spring grilling-related buying and preparation for the U.S. Memorial Day holiday cook outs supported wholesale pork prices, traders and analysts said. Some packers will continue to bid up hogs for the rest of this week's product, but one Midwest processor on Monday was idled by mechanical issues, a regional hog merchant said. (Reporting by Theopolis Waters Editing by Leslie Adler)
Our | https://www.reuters.com/article/usa-livestock/livestock-cme-live-cattle-slide-funds-roll-june-positions-idUSL1N1SE1GC | www.reuters.com |
UK Stocks-Factors to watch on May 24 | May 24 (Reuters) - Britain's FTSE 100 index is seen opening 5 points lower at 7,784 on Thursday, according to financial bookmakers. * BRITISH INFLATION: British inflation fell unexpectedly in April, according to data that prompted fresh questions about when the Bank of England would next raise interest rates and pushed sterling to its lowest level against the dollar this year. * BARCLAYS: Barclays Plc is not actively exploring a potential merger with rivals, two sources close to the bank said, as speculation mounts about how the British lender plans to defend itself against activist investor Edward Bramson. * PADDY POWER BETFAIR: Paddy Power Betfair, has agreed to merge its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market that is set to open up in the coming years, the Irish bookmaker said on Wednesday. * MARKS & SPENCER: Marks & Spencer is modernising rapidly to survive and has finally found a strategy that will deliver the profitable, growing business craved by investors, the British retailer said on Wednesday. * OIL: Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran. * EX-DIVS: Bunzl Plc, Carnival Plc, DCC Plc, Imperial Brands Plc, WM Morrison Supermarkets Plc and Whitbread Plc will trade without entitlement to their latest dividend pay-out on Thursday, trimming 3.2 points off the FTSE 100 according to Reuters calculations. * The UK blue chip index closed 1.1 percent lower at 7,788.44 on Wednesday, as oil majors and commodity-related stocks fell but well-received results made Marks & Spencer a bright spot. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Tate & Lyle Plc Full Year 2018 Earnings Release United Utilities Group Full Year 2018 Earnings Plc Release Electrocomponents Plc Full Year 2018 Earnings Release Inchcape Plc Q1 2018 Trading Statement Release Caledonia Investments Plc Full Year 2017 Earnings Release Go-Ahead Group Plc Q3 2017 Trading Statement Release Renewi Plc Preliminary Q4 2018 Earnings Release PayPoint Plc Full Year 2017 Earnings Release Kingfisher Plc Q1 2018 Trading Statement Release Daily Mail and General Half Year 2018 Earnings Trust Plc Release Intertek Group Plc May 2018 Trading Statement Release Paragon Banking Group Plc Half Year 2018 Earnings Release Talktalk Telecom Group Preliminary FY 2018 Plc Earnings Release Mediclinic International Full Year 2018 Earnings Plc Release Newriver Reit Plc Full Year 2018 Earnings Release TODAY'S UK PAPERS > Financial Times > Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Radhika Rukmangadhan in Bengaluru)
| https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-may-24-idUSL3N1SV2I4 | www.reuters.com |
CORRECTED-Civil rights advisers hope Starbucks' anti-bias training sets example | example@ (Corrects 9th paragraph to show that past actions taken by NAACP LDF, not by the NAACP, a separate organization)
LOS ANGELES, May 28 (Reuters) - Black leaders who are advising Starbucks Corp on its anti-bias training program, which begins Tuesday, hope it will reinvigorate decades-old efforts to ensure minorities get equal treatment in restaurants and stores, setting an example for other corporations.
Starbucks committed to the training after a Philadelphia cafe manager's call to police resulted in the arrests of two black men who were waiting for a friend. The arrests sparked protests and accusations of racial profiling at the coffee chain known for its liberal stances on social issues such as same-sex marriage.
Anti-bias training is intended to get participants to recognize their own unconscious biases and avoid unintentional discrimination.
Starbucks is closing 8,000 company-owned U.S. stores at around 2 p.m. local time on Tuesday as a first step in training 175,000 employees on racial tolerance. Some 6,000 licensed Starbucks cafes will remain open in locations such as grocery stores and airports, and those employees will be trained at a later time.
Starbucks' training could have a lasting impact on its employees' behavior and pave the way for other companies to finally tackle racism in their own eateries and shops, said Heather McGhee, president of public policy group Demos.
McGhee said one of her earliest memories as a black girl was being chased from a penny candy store by a white store manager.
McGhee and NAACP Legal Defense and Educational Fund (NAACP LDF) President Sherrilyn Ifill, who are both advising Starbucks on its program, said they have been in regular contact with company executives, particularly Chief Operating Officer Rosalind Brewer, who also is African-American.
"People forget that the effort to be treated as full citizens with dignity in public spaces in this country was central to the civil rights movement, from the Freedom Riders to the Montgomery bus boycott to the lunch counter sit ins" of the 1950s and 1960s, said Ifill.
The NAACP LDF in the past sued Abercrombie & Fitch, Wet Seal and Denny's Corp for racial bias. Each of the companies reached multimillion-dollar settlements and vowed to change their practices.
Starbucks in a preview of Tuesday's four-hour program said employees will watch videos featuring company leaders, hip hop artist Common and experts from the Perception Institute as well as a short documentary on the history of racism in public spaces. They also will participate in discussion and problem-solving sessions on identifying and avoiding bias.
The company already has issued employee guidelines for addressing disruptive customer behavior, including sleeping, using abusive language or taking drugs. The guidelines encourage workers to ask if they would take the considered action with any customer, to verify the perceived situation with a co-worker and to dial 911 if the situation becomes unsafe.
Starbucks did not comment on future training plans. It has said it intends to eventually share its training program with other companies.
Corporate America began to embrace anti-bias training after the 2014 killing of Michael Brown, an unarmed black teenager, by a white police officer in Ferguson, Missouri.
Most anti-bias programs involve education on what unconscious bias is, why humans have it, its impact on social interactions and society and mitigation tools.
"Most people want to think of themselves as being fair ... if you give them the tools to do that, their better angels take over," said Howard Ross, author of "Everyday Bias" and founding partner of Cook Ross, which offers training on unconscious bias and gave Starbucks input on its program.
(Reporting by Lisa Baertlein in Los Angeles; editing by Peter Henderson and Cynthia Osterman) | https://www.cnbc.com/2018/05/29/reuters-america-corrected-civil-rights-advisers-hope-starbucks-anti-bias-training-sets-example.html | www.cnbc.com |
Xinyuan Real Estate Co., Ltd. Announces Changes to Board of Directors | BEIJING, May 15, 2018 /PRNewswire/ -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or "the Company") (NYSE: XIN), an NYSE-listed real estate developer and property manager primarily in China and in other countries, today announced changes to its Board of Directors of the Company (the "Board").
The Board welcomes the appointments of Mr. Samuel Shen and Dr. Hao Gao as independent directors. Mr. Shen will be on the Compensation Committee and Investment Committee. Dr. Gao will serve as a member of the Nominating and Corporate Governance Committee and Audit Committee. Dr. Huai Chen and Mr. Steve Sun will resign as directors of the Board.
Mr. Samuel Shen is president of JD Cloud, the cloud business unit under JD.com, China's largest online retailer. Reporting directly to Richard Liu, JD.com CEO and chairman, Mr. Shen leads the efforts of JD Cloud to extend its offerings of tailored service solutions to a wide range of vertical industries. Mr. Shen previously held various senior positions at Microsoft, including chairman of the Microsoft Asia-Pacific Technology Company, COO of the Microsoft Asia-Pacific R&D Group, and general manager of Microsoft Cloud and Enterprise China. Before Microsoft, he worked at IDT in California. Mr. Shen holds a Master's Degree in Computer Science from the University of California, Santa Barbara.
Dr. Hao Gao is the director of the Global Family Business Research Center and the director of Strategic Partnership and Development Office at Tsinghua University PBC School of Finance, as well as the chief editor of the Family Business Series and Family Wealth Series published by the People's Publishing House/Oriental Press. He is also an independent director of Modern Media Holdings Limited (HKEX: 00072). Dr. Gao obtained a Bachelor's Degree in Automation Engineering from Tsinghua University, a Bachelor's Degree in Economics from Peking University, and a Ph.D. Degree in Management Science and Engineering from Tsinghua University. He has completed the Corporate Boards Program, the Audit Committees Program, and the Compensation Committees Program at Harvard Business School, as well as the Mergers and Acquisitions Program and the People, Culture, and Performance Program at the Graduate School of Business of Stanford University.
Mr. Yong Zhang, Xinyuan's Chairman, commented, "On behalf of the board, I would like to thank Dr. Chen and Mr. Sun for their services to Xinyuan. Their expertise and counsel have contributed to our success, and we wish both of them the best in their future endeavors. Meanwhile, I would like to welcome Mr. Shen and Dr. Gao as our new board members. We believe Mr. Shen's intimate knowledge of the practical applications of today's leading technologies will provide us with valuable insight and guidance in our pursuit of our strategic, long-term growth goals. Dr. Gao's extensive knowledge and experience in finance and management will add to our strategic building and corporate governance initiatives."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real estate developer and property manager primarily in China and in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Zhengzhou, Jinan, Xi'an, Suzhou, among others. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com .
Forward Looking Statements
Certain statements in this press release constitute "forward-looking statements". These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements includes statements about estimated financial performance and sales performance and activity, among others, and can generally be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements. Statements that are not historical statements are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to continue to implement our business model successfully; our ability to secure adequate financing for our project development; our ability to successfully sell or complete our property projects under construction and planning; our ability to enter successfully into new geographic markets and new business lines and expand our operations; the marketing and sales ability of our third-party sales agents; the performance of our third-party contractors; the impact of laws, regulations and policies relating to real estate developers and the real estate industry in the countries in which we operate; our ability to obtain permits and licenses to carry on our business in compliance with applicable laws and regulations; competition from other real estate developers; the growth of the real estate industry in the markets in which we operate; fluctuations in general economic and business conditions in the markets in which we operate; and other risks outlined in our public filings with the Securities and Exchange Commission, including our annual report on Form 20-F for the year ended December 31, 2017. Except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statement is made.
For more information, please contact:
In China:
Xinyuan Real Estate Co., Ltd.
Mr. Charles Wang
Investor Relations Director
Tel: +86 (10) 8588-9314
Email: irteam@xyre.com
ICR, LLC
Mr. William Zima
In U.S.: +1-646-308-1472
In China: +86 (10) 6583-7511
Email: William.zima@icrinc.com
Media:
Mr. Edmond Lococo
In China: +86 (10) 6583-7510
Email: Edmond.Lococo@icrinc.com
View original content: http://www.prnewswire.com/news-releases/xinyuan-real-estate-co-ltd-announces-changes-to-board-of-directors-300648436.html
SOURCE Xinyuan Real Estate Co., Ltd. | http://www.cnbc.com/2018/05/15/pr-newswire-xinyuan-real-estate-co-ltd-announces-changes-to-board-of-directors.html | www.cnbc.com |
The real reason why so many people are working 'side hustles' | The "side hustle" is often framed as a way for people to embrace a hobby beyond their 9-to-5 job or to ride their way to becoming a millionaire .
In reality, most people pick up multiple jobs because they can't make ends meet.
Nearly 70 percent of people who become "side hustlers" are doing so for financial reasons, according to a new report by automated investing platform Betterment. The study was based on surveys with 1,000 people aged 25 and older who work in the "gig economy," in which people make money on projects like digital apps and work on their own schedules.
"This is something being forced on people. " -Kate Bronfenbrenner, director of labor education research at Cornell University "A lot of people hit on the freedom or flexibility of it, but for most of the people I speak with it's a means of income for them," said Nick Holeman, a senior financial planner at Betterment.
show chapters The highest-paying side hustles on Fiverr 10:55 AM ET Tue, 1 May 2018 | 01:00 A shortage in retirement savings is what drives 1 in 3 people to work more than one job, the survey found. Nearly a quarter of people who pick up side hustles on top of their full-time job say they have less than $1,000 saved for their golden years.
And as people age, those additional jobs become all the more crucial.
More than 75 percent of people over age 55 in the gig economy are leaning on their side jobs to save for old age, the findings reveal.
Fanatic Studio | Getty Images Even with working more than one job, 70 percent of people who work full-time in the gig economy say they're unprepared to maintain their current lifestyle in their later decades. In fact, 20 percent say they'll need to still put in some amount of work in their "retirement."
Debt is another major reason people clock into multiple jobs.
Over 70 percent of side hustlers are working to pay off debt, and more than 15 percent of them are more than $50,000 in arrears, excluding mortgages, Betterment found.
More than 40 percent of people take on second or third jobs to pay off their credit card debt and more than a third do so to repay their education.
Other people report needing to look for more than one paycheck because of their bills.
Holeman said it was positive that people were "leveraging" side hustles to meet their financial goals.
"Maybe picking up a side hustle in your spare time is easier than reducing your lifestyle or expenses," he said.
Kate Bronfenbrenner, director of labor education research at Cornell University, was less sanguine.
"This is not a choice," she said. "This is something being forced on people."
More from Personal Finance:
These gig jobs could boost your bottom line in retirement
The gig economy is lacking in this one important respect
Here's what you lose if you join the gig economy | https://www.cnbc.com/2018/05/17/the-real-reason-so-many-people-are-working-side-hustles.html | www.cnbc.com |
TransCanada to start work on Keystone XL in Montana in fall 2018 -letter | WASHINGTON/CALGARY, Alberta, May 3 (Reuters) - TransCanada Corp plans to start preliminary work on its Keystone XL pipeline project in Montana in the fall of 2018 ahead of full construction in 2019, according to a letter from the U.S. State Department to Native American tribes.
The letter, dated April 10, and seen by Reuters, states that the Assiniboine and Sioux tribes were being notified of the upcoming work as part of government consultation aimed at minimizing any adverse effect on their historic territory in northeast Montana.
The 1,180-mile (1,899 km) Keystone XL pipeline project has been a lightning rod of controversy for a decade, hotly contested by environmentalists but desperately needed by Canadian oil producers who face steeper-than-normal crude price discounts due to transportation bottlenecks.
"As you may be aware, TransCanada Keystone Pipeline, L.P. (Keystone) intends to begin vegetative clearing in preparation for the construction of the Keystone XL Pipeline (Project) this fall," the State Department letter said. TransCanada Keystone Pipeline, L.P. is a subsidiary of Calgary-based TransCanada.
Sent from the Bureau of Oceans and International Environmental and Scientific Affairs within the State Department, the letter added that the work would involve "clearing vegetation to build the construction camps and pipe yards this fall (2018) with pipeline construction to begin next year (2019)."
TransCanada has not yet made an official investment decision on the $8 billion pipeline, which would extend from Hardisty, Alberta, to Steele City, Nebraska, though the company has said previously that it expects to start construction in 2019.
When asked about the letter on Thursday, TransCanada said: "We are progressing towards a final investment decision. We expect construction to begin in 2019 and we are doing the necessary work to prepare for those activities."
The State Department did not immediately respond to a request for comment on the letter, which also notifies the Montana tribes that they will be consulted on new survey work to be done in the spring and summer of 2018, due to a route change in Nebraska.
U.S. President Donald Trump handed TransCanada a federal permit for the pipeline in March, reversing a 2015 refusal by former President Barack Obama. But the line has run into hurdles in Nebraska, where it was approved but not along TransCanada's preferred route, and the approval is now being appealed.
"The question is will they build a pipeline to nowhere?" said Brian Jorde, a lawyer who represents Nebraska landowners fighting the pipeline. "This is an investment risk analysis TransCanada must perform." (Reporting by Valerie Volcovici in Washington and Julie Gordon in Calgary; Editing by Tom Brown) | https://www.cnbc.com/2018/05/03/reuters-america-transcanada-to-start-work-on-keystone-xl-in-montana-in-fall-2018-letter.html | www.cnbc.com |
Silgan Declares Quarterly Dividend | STAMFORD, Conn.--(BUSINESS WIRE)-- Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid packaging for consumer goods products, announced today that its Board of Directors has declared a quarterly cash dividend on its common stock. The Board of Directors approved a $0.10 per share quarterly cash dividend, payable on June 15, 2018 to the holders of record of common stock of the Company on June 1, 2018.
Silgan is a leading supplier of rigid packaging for consumer goods products with annual net sales of approximately $4.1 billion in 2017. Silgan operates 99 manufacturing facilities in North and South America, Europe and Asia. The Company is a leading supplier of metal containers in North America and Europe for food and general line products. The Company is also a leading worldwide supplier of metal and plastic closures and dispensing systems for food, beverage, health care, garden, personal care, home and beauty products. In addition, the Company is a leading supplier of plastic containers for shelf-stable food and personal care products in North America.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005289/en/
Silgan Holdings Inc.
Robert B. Lewis, 203-406-3160
Source: Silgan Holdings Inc. | http://www.cnbc.com/2018/05/03/business-wire-silgan-declares-quarterly-dividend.html | www.cnbc.com |
CRG Announces $57 million Sale of Build-to-Suit for Shaw Industries Group in Savannah | SAVANNAH, Ga., May 14, 2018 /PRNewswire/ -- Today, CRG announced the sale of its 1 million square foot build-to-suit facility in Savannah, Georgia for Shaw Industries Group, Inc., a Berkshire Hathaway Company to Griffin Capital Company, LLC for $57 million.
The new facility will allow Shaw to expand its distribution and warehouse capacity in the area. The new cross dock facility sits on 70-acres and will provide access to Shaw's current operations adjacent to the site.
"We are seeing unprecedented industrial demand in the Savannah industrial market," CRG Southeast Partner Mike Demperio said. "In working with our capital market experts, it became evident to us that the deepening of the Port, the reopening of the Panama Canal, the larger Panamax ships combined with what we perceived as demand for space were the ingredients that would make us successful."
Clayco was the design-builder on the project and its subsidiary BatesForum was the architect. The building was completed in April 2018.
Esmael Hill of The Net Lease Group (NLG) represented the seller in the transaction. NLG also arranged equity to finance the construction of the facility, which CRG originally developed on a speculative basis.
Also, in the Southeast region, CRG developed an 832,000 square feet building for Shaw Industries adjacent from the site referenced above. Additionally, CRG has the following projects under development in the region:
The Cubes at Inland 85 A 324-acre site in Spartanburg County, South Carolina. Building 1 is a 500,000-square foot speculative warehouse building. The Cubes at Locust Grove A 1,000,993-square foot speculative building available for lease in the I-75 corridor of Atlanta, Georgia. The Cubes at Bridgeport A 560-acre industrial mega site with 8.5 million square feet of potential warehouse space located in the southwest I-85 corridor of Atlanta, Georgia. Currently, another 1,002,150-square foot building is now under construction.
E-commerce is driving business at CRG, along with an evolution in the technology and quality of buildings. As the industry begins to measure cubic feet and maximize racking space, CRG's "The Cubes" industrial brand is part of its leadership effort to meet this tremendous demand in the speculative warehouse market. In addition to The Cubes, CRG plans to build a minimum of 10,000,000 square feet on an annual basis worth about $650 million of its Class A industrial product per year.
About CRG
CRG is Clayco, Inc.'s private real estate development firm that acquires, develops, and operates real estate assets. Headquartered in St. Louis, Missouri with offices in Chicago, Sacramento, Atlanta, Pittsburgh and northern New Jersey, the CRG team has developed more than 5,000 acres of land and delivered over 160 million square feet of commercial, industrial, and multi-family assets exceeding $9 billion in value. For more information visit www.realcrg.com .
About The Cubes
The Cubes is a North American industrial brand owned and developed by CRG. The Cubes represents CRG's philosophy of developing for the future and anticipating the enhanced needs of next generation industrial users. The Cubes are designed with an emphasis on sustainability, and implement state-of-the-art specifications, including maximum clear heights, dock doors and trailer storage to keep pace with the shift to consumer centric logistic strategies. The Cubes are located on advantageous sites that take into consideration both logistics and labor supply, always with the end user in mind.
About Clayco
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering and construction firm that delivers clients around the world the highest quality solutions on time, on budget, and above and beyond expectations. With over $2 billion in revenue for 2017, Clayco specializes in the "art and science of building," providing fast track, efficient solutions globally for commercial, institutional and residential related building projects. For more information visit www.claycorp.com .
CONTACT
Brittany Burke, CRG
314-239-5779
burkebr@realcrg.com
View original content: http://www.prnewswire.com/news-releases/crg-announces-57-million-sale-of-build-to-suit-for-shaw-industries-group-in-savannah-300647774.html
SOURCE CRG | http://www.cnbc.com/2018/05/14/pr-newswire-crg-announces-57-million-sale-of-build-to-suit-for-shaw-industries-group-in-savannah.html | www.cnbc.com |
UPDATE 1-Oil prices fall as top 3 producers look to boost supplies | * Saudi Arabia, Russia set to raise supplies by 1 million bpd
* U.S. output has surged by over 27 pct in two years
* But climbing supply from top producers comes amid record demand (Releads with lower prices, adds Shanghai crude futures, comment)
SINGAPORE, May 28 (Reuters) - Oil prices fell on Monday, extending a steep decline in the previous session, as the market eyed an increase in output from the world's three top crude producers, Russia, the United States and Saudi Arabia.
Brent crude futures were at $75.34 per barrel at 0124 GMT, down $1.10, or 1.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $66.31 a barrel, down $1.57, or 2.3 percent.
Brent and WTI have fallen by 6.4 percent and nearly 9 percent respectively from peaks reached earlier in May.
In China, Shanghai crude oil futures tumbled by 4.5 percent to 459 yuan ($71.83) 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 a more than a decade low of under $30 per barrel.
But prices have soared since the start of the cuts, with Brent breaking through $80 per barrel earlier in May, triggering consumer concerns that high prices would crimp economic growth and stoke inflation.
"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 ending May 25, bringing the rig-count to 859, the highest level since 2015, in a strong indicator that American crude production will continue to rise.
U.S. crude production <C-OUT-T-EIA> has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to that of Russia, which pumps around 11 million bpd.
($1 = 6.3903 Chinese yuan renminbi)
(Reporting by Henning Gloystein Editing by Joseph Radford and Richard Pullin) | https://www.cnbc.com/2018/05/27/reuters-america-update-1-oil-prices-fall-as-top-3-producers-look-to-boost-supplies.html | www.cnbc.com |
Isabella Bank Corporation Announces Second Quarter 2018 Dividend | MT. PLEASANT, Mich., May 30, 2018 /PRNewswire/ -- Isabella Bank Corporation (OTCQX:ISBA), announced today that the Board of Directors of the Corporation declared a second quarter cash dividend of $0.26 per common share at its regular meeting held on May 23, 2018. The dividend will be payable on June 29, 2018 to shareholders of record as of June 27, 2018. Based on ISBA's closing stock price of $27.00 per share as of April 30, 2018, the annual dividend yield is 3.85%.
"I am pleased to announce our second quarter dividend of $0.26 per share which represents a 4.00% increase over the cash dividend paid for the second quarter of 2017. The Corporation continues to experience strong deposit and loan growth which is essential to our continued success and ability to increase shareholder value," commented Jae A. Evans, President and Chief Executive Officer of Isabella Bank Corporation.
Isabella Bank Corporation is headquartered in Mt. Pleasant, Michigan with total assets of $1.8 billion as of March 31, 2018. Isabella Bank, the banking subsidiary of Isabella Bank Corporation, was established in 1903 and has been committed to serving the local banking needs of its customers and communities for 115 years. Isabella Bank has 29 banking locations and a loan production office throughout seven Mid-Michigan counties, including Clare, Gratiot, Isabella, Mecosta, Midland, Montcalm, and Saginaw and has been recognized on the Detroit Free Press list of "Top Workplaces" for the past five years.
For more information about Isabella Bank Corporation, visit the Investors link at www.isabellabank.com . Isabella Bank Corporation common stock is Quote: d on the OTCQX tier of the OTC Markets Group, Inc.'s electronic quotation system ( www.otcmarkets.com ) under the symbol "ISBA." The Corporation's market maker is Boenning & Scattergood, Inc. ( www.boenninginc.com ).
Forward-Looking Statements
This press release includes forward-looking statements. To the extent that the foregoing information refers to matters that may occur in the future, please be aware that such forward-looking statements may actual results. Additional information concerning some of the factors that could cause materially different results is included in the sections entitled "Risk Factors" and "Forward-Looking Statements" set forth in Isabella Bank Corporation's filings with the Securities and Exchange Commission, which are available from the Securities and Exchange Commission's Public Reference facilities and from its website at www.sec.gov .
View original content: http://www.prnewswire.com/news-releases/isabella-bank-corporation-announces-second-quarter-2018-dividend-300656860.html
SOURCE Isabella Bank Corporation | http://www.cnbc.com/2018/05/30/pr-newswire-isabella-bank-corporation-announces-second-quarter-2018-dividend.html | www.cnbc.com |
Meet Kristen Gibbons Feden, the 35-year-old who prosecuted Bill Cosby | Pool | Getty Images Kristen Gibbons Feden
On April 26, Bill Cosby was found guilty of three counts of aggravated indecent assault for drugging and sexually assaulting former Temple University employee Andrea Constand.
The verdict was the first legal victory of the #MeToo movement , considered by many to be a watershed moment for survivors of sexual assault, and the woman responsible was 35-year-old prosecutor Kristen Gibbons Feden.
Feden, who worked on many sex crime trials as an assistant district attorney in Montgomery County, Pennsylvania, delivered a closing argument that The New York Times argues would have become a "viral moment" had cameras been permitted in the courtroom. Photo courtesy of Getty Prosecutor Kristen Gibbons Feden
Looking at 80-year-old Cosby from across the courtroom, Feden called the entertainer a "con artist" and shamed his lawyer, Kathleen Bliss, for her characterizations of the women testifying against Cosby as fame-seeking, promiscuous party girls.
"I'm a very loud person, and I don't like seeing people get picked on," Feden told The New York Times. "I'm also a very emotional person. That can be a flaw, but it can also be used as a tool."
Feden grew up in Willingboro, New Jersey, and attended law school at Temple University after working for two years as a financial analyst at Bloomberg in New York. While at Temple, she was a member of the Temple National Trial team and an editor for the Temple Political and Civil Rights Law Review.
After graduating in 2009, Feden started her legal career as a clerk for Hon. Garrett D. Page, a Montgomery County Court of Common Pleas judge. In 2012, she joined the office of the Montgomery County district attorney, where she focused on sex crimes and elder abuse cases.
It was in this role that she was assigned to work with District Attorney Kevin R. Steele on the case, which alleged that Cosby had sexually assaulted Constand in his home in 2004.
The case first went to trial in June 2017. Feden delivered the opening statement, and the trail ended with a deadlocked jury and a mistrial. Three months later, Feden left the district attorney's office to join Philadelphia law firm Stradley Ronon , but took a leave from the firm to serve as a prosecutor in Cosby's retrial. Bill Sasso, chairman of the law firm, says he recruited Feden after she was featured on Philadelphia Business Journal's "40 Under 40" list. Gilbert Carrasquillo | Getty Images Comedian/actor Bill Cosby arrives at Montgomery County Courthouse on July 7, 2016 in Norristown, Pennsylvania
Cosby's case is Feden's most notable one to date, and she says she hopes people who have followed the trial will understand that "as much as people like to judge and blame the victims, the victim is already judging and blaming herself."
After the mistrial in 2017, Feden says was determined to do all she could to ensure a guilt verdict at Cosby's retrial. She tells The New York Times that as she prepared to deliver her closing argument, she went back and made additional notes to her original statement after hearing Bliss speak.
"What I tried to do was contrast her character assassination with these very humane, very human emotions that had been flowing from the witness box," she said.
After Thursday's verdict, District Attorney Steele credited Feden with helping the jury reach its final decision.
"She was adamant, adamant about what to do," he said .
The morning after the verdict was announced, Constand took to Twitter to thank Feden and everyone else who worked tirelessly to bring Cosby to justice. | https://www.cnbc.com/2018/05/03/meet-kristen-gibbons-feden-the-35-year-old-who-prosecuted-bill-cosby.html | www.cnbc.com |
Carnival Corp CEO: China to be the largest cruise market in the world | From the deck of the Carnival Horizon, docked at New York City's Pier 88, Carnival Corp. CEO Arnold Donald told CNBC that, eventually, his cruise line's U.S. business would shy in comparison to China.
"China, someday, will be the largest cruise market in the world," the CEO told "Mad Money" host Jim Cramer on Wednesday. "It's in their five-year plan, so if cruising is in their five-year plan, ... they're going to make it happen."
Passenger volume from China has been increasing sharply over the last five years, with cruise capacity increasing across all metrics, according to a 2017 report from Cruise Lines International Association and Chart Management Consultants.
The same report pegged China as the "main driver of passenger growth in Asia," with Chinese customers accounting for two-thirds of the region's passenger volume in 2016.
"We just want to be a part of that," Donald said about China's anticipated growth. "We partnered ... with [the China State Shipbuilding Corporation] and the sovereign front, [China Investment Corporation], to establish a domestic cruise line there and to build the first ship in a Chinese ship yard, so that's in 2023."
The non-binding agreement establishes a joint venture between Carnival, CSSC and CIC to help build two new cruise ships in China, with the option of building two additional ships.
"Meanwhile, we have a number of ships home-ported there, and our ships are doing well. It's a challenging market, but it's embryonic," Donald told Cramer on Wednesday. "We are teeny-tiny in terms of accessing the total number of travelers that are from China."
Conservative estimates from a 2017 report by Cruise Industry News, an independent news and research organization, predicted that China would deliver more than 5.6 million domestic cruise passengers by 2024.
For context, Cruise Lines International Association estimates that 27.2 million passengers around the globe will go on a cruise in 2018.
"Every market in the world, Jim, is underpenetrated, including the United States," Donald said, adding that all of the ship cabins in the world add up to less than 2 percent of total hotel rooms.
"One of every two people who cruise cruise on one of our nine world-leading cruise line brands, so our competition ... is actually land-based vacations," he continued. "It's not other cruise lines. Because we're chasing the other 98 percent, not the 1 percent we don't have of the 2 percent penetration."
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Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com | https://www.cnbc.com/2018/05/23/carnival-corp-ceo-china-to-be-the-largest-cruise-market-in-the-world.html | www.cnbc.com |
UPDATE 5-North Korea details plans to dismantle nuclear bomb test site | * North says tunnels will be collapsed for dismantlement
* Journalists to be invited to event -KCNA
* North Korea-U.S. summit scheduled for June 12
* S.Korea official to visit UN nuclear watchdog this week (Updates with S.Korea presidential official, analyst comments)
SEOUL/WASHINGTON, May 14 (Reuters) - North Korea has scheduled the dismantlement of its nuclear bomb test site for sometime between May 23 and 25 in order to uphold its pledge to discontinue nuclear tests, the country's state media reported on Saturday a month ahead of a historic summit.
The official Korean Central New Agency said dismantlement of the Punggye-ri nuclear test ground would involve collapsing all of its tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.
"The Nuclear Weapon Institute and other concerned institutions are taking technical measures for dismantling the northern nuclear test ground ... in order to ensure transparency of discontinuance of the nuclear test," KCNA said.
U.S. President Donald Trump and North Korean leader Kim Jong Un will hold talks in Singapore on June 12, the first-ever meeting between a sitting U.S. president and a North Korean leader.
Trump's Secretary of State Mike Pompeo said on Friday that North Korea can look forward to "a future brimming with peace and prosperity" if it agrees to quickly give up its nuclear weapons.
Trump welcomed the North Korean announcement.
"North Korea has announced that they will dismantle Nuclear Test Site this month, ahead of the big Summit Meeting on June 12th," he tweeted. "Thank you, a very smart and gracious gesture! Thank you, a very smart and gracious gesture!"
South Korea's presidential office echoed the sentiment on Sunday, saying it shows Pyongyang's willingness to denuclearise through actions beyond words.
However, in spite of its pledge to stop testing, North Korea has given no indication it is willing to go beyond statements of broad conceptual support for denuclearization by unilaterally abandoning a nuclear weapons program its ruling family has seen as crucial to its survival.
In announcing the plan to shut Punggye-ri last month, Kim said North Korea no longer needed to conduct tests because it had completed its goal of developing nuclear weapons.
KCNA said journalists, including from the United States and South Korea, would be invited to cover the event, to "show in a transparent manner the dismantlement of the northern nuclear test ground to be carried out". The exact date of the closure will depend on weather conditions, the agency said.
To accommodate the travelling journalists, North Korea said various measures would be taken including "opening territorial air space".
NO MENTION OF EXPERTS
South Korean officials said in April that North Korea also planned to invite experts from the United States and South Korea for the Punggye-ri shutdown, but KCNA made no mention of this.
Last month, South Korean President Moon Jae-in had asked the United Nations to help verify the shutdown.
South Korea's deputy nuclear envoy Jeong Yeon-doo will visit the International Atomic Energy Agency (IAEA) in Vienna this week to discuss the "complete denuclearisation of North Korea" the foreign ministry said on Sunday.
All of North Korea's six known nuclear bomb tests have taken place at Punggye-ri, in the northeastern of North Korea where a system of tunnels have been dug under Mount Mantap.
North Korea has a total of four tunnels and while two were shut down following previous nuclear tests, one remained usable and the other was under construction until recently, a South Korean presidential official told reporters on Sunday under condition of anonymity.
According to Chinese academic reports, North Korea's most recent nuclear test in September of what Pyongyang said was a hydrogen bomb, was so large it triggered a collapse inside the mountain, rendering the entire site unusable for future tests.
But U.S. intelligence officials have said it remains usable and could be reactivated "in a relatively short period of time" if it was closed.
"I think theyre done testing. They have what they need so the way in which they collapse the tunnels is just show," said Melissa Hanham, senior research associate at the James Martin Center for Nonproliferation Studies.
Jeffrey Lewis, director of the East Asia Nonproliferation Program at California's Middlebury Institute of International Studies, said in a blog post this week that recent satellite images had shown the removal of some buildings from the site.
On Saturday, he told Reuters that closure of Punggye-ri did not mean much in terms of disarmament, given that the United States, for example, stopped nuclear testing in 1992.
"It would, however, require North Korea to clear out the test tunnels and rebuild any infrastructure that might be removed or dig new tunnels at the site or elsewhere. So, its a good confidence building measure, but not necessarily a sign of irreversible disarmament."
Siegfried Hecker, a former director of the Los Alamos National Laboratory in the United States and a leading expert on North Korea's nuclear program, said collapsing the Punggye-ri tunnels would be "a big and positive step," given his belief that North Korea still required more nuclear and missile tests to reach the U.S. mainland with a nuclear-tipped missile.
However, he said the other crucial steps North Korea needed to take to demilitarize its nuclear program were to shut its plutonium production reactor, and open its uranium processing to inspection.
(Reporting by Christine Kim and David Brunnstrom Additional reporting by Lucia Mutikani in WASHINGTON, Joori Roh and Josh Smith in SEOUL Editing by Alistair Bell & Simon Cameron-Moore) | https://www.cnbc.com/2018/05/13/reuters-america-update-5-north-korea-details-plans-to-dismantle-nuclear-bomb-test-site.html | www.cnbc.com |
RF Industries to Release Second Quarter Fiscal 2018 Results Monday, June 11, 2018 at Approximately 8:30 a.m. EDT Conference Call and Webcast Scheduled for 11:30 a.m. EDT | SAN DIEGO, May 29, 2018 /PRNewswire/ -- RF Industries, Ltd. (NASDAQ: RFIL) today announced that it will release financial results for the second quarter ended April 30, 2018 on Monday, June 11, 2018 at approximately 8:30 a.m. EDT. RFI has scheduled a conference call that morning at 11:30 a.m. EDT to discuss its results for the quarter. The dial in numbers to participate in the conference call are (800) 239-9838 or (323) 994-2093. The conference ID is #2892918.
A simultaneous webcast of the conference call can be accessed from the Investor Information page at www.rfindustries.com . A replay of the call will be available after 1:00 p.m. EDT at this same Internet address. For a telephone replay, dial (844) 512-2921 or (412) 317-6671, replay pin #2892918, after 1:30 p.m. EDT.
About RF Industries
RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets including wireless/wireline telecom, data communications and industrial. The Company's products include RF connectors , coaxial cables, wire harnesses , fiber optic cables, custom cabling and data center equipment . The Company is headquartered in San Diego, California with operations in New York, Connecticut and New Jersey. Please visit the RF Industries website at www.rfindustries.com .
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SOURCE RF Industries, Ltd. | http://www.cnbc.com/2018/05/29/pr-newswire-rf-industries-to-release-second-quarter-fiscal-2018-results-monday-june-11-2018-at-approximately-830-a-m-edt-conference-call.html | www.cnbc.com |
Chesapeake Granite Wash Trust Announces Distribution Of $0.0469 Per Common Unit | HOUSTON, May 4, 2018 /PRNewswire/ -- Chesapeake Granite Wash Trust (NYSE:CHKR) (the "Trust") today announced that its common unit distribution for the quarter ended March 31, 2018 (which primarily relates to production attributable to the Trust's royalty interests from December 1, 2017 through February 28, 2018) will be $0.0469 per common unit. The distribution will be paid on May 31, 2018 to common unitholders of record at the close of business on May 21, 2018.
During the three-month production period ended February 28, 2018, sales volumes and realized prices were both lower than initial Trust estimates.
The following table provides supporting documentation, as provided by Chesapeake Energy Corporation ("Chesapeake") to the Trust, for the calculation of distributable income available to unitholders for the production period from December 1, 2017 through February 28, 2018.
Sales volumes:
Oil (mbbl)
24
Natural gas (mmcf)
608
Natural gas liquids (mbbl)
63
Total oil equivalent volumes (mboe)
189
Average price received per production unit: (1)
Oil
$
59.96
Natural gas
$
1.08
Natural gas liquids
$
21.22
Distributable income calculation (in thousands except per unit income):
Revenue less production taxes (1)
$
3,154
Trust administrative expenses
(961)
Distributable income available to unitholders
$
2,193
Calculated distributable income per unit (2)
$
0.0469
(1)
Includes the effect of certain marketing, gathering and transportation deductions.
(2)
Based on 46,750,000 common units issued and outstanding.
Due to the timing of the payment of production proceeds to the Trust, quarterly distributions generally include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.
The Trust was formed by Chesapeake Energy Corporation in June 2011 and owns royalty interests in certain oil and natural gas properties in the Colony Granite Wash play in Washita County, Oklahoma. The Trust is entitled to receive proceeds from the sale of production attributable to the royalty interests. As described in the Trust's filings with the Securities and Exchange Commission (the "SEC"), the amount of Trust revenues and the quarterly distributions to Trust unitholders will fluctuate from quarter to quarter, depending on the sales volume of oil, natural gas liquids and natural gas attributable to the Trust's royalty interests and the prices received for such sales and the amount of the Trust's administrative expenses, among other factors.
For additional information regarding the Trust and its results of operations and financial condition, please refer to the Trust's SEC filings.
ABOUT CHESAPEAKE GRANITE WASH TRUST:
Chesapeake Granite Wash Trust (NYSE:CHKR) is a Delaware statutory trust formed by Chesapeake to own certain royalty interests in oil, natural gas liquids and natural gas wells in Washita County, Oklahoma producing from the Colony Granite Wash play within the broader Granite Wash formation of the Anadarko Basin. The common units do not represent interests in and are not obligations of Chesapeake. The common units are listed on the New York Stock Exchange under the symbol CHKR. Further information is available at www.chkgranitewashtrust.com where the Trust routinely posts announcements, updates, investor information and news releases.
Pursuant to IRC Section 1446, withholding tax on income effectively connected to a U.S. trade or business allocated to foreign partners should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from U.S. sources allocated to foreign partners should be made at 30% of gross income unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by the Trust, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to foreign partners, nominees and brokers should withhold at the highest effective tax rate.
This news release contains statements that are " " 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. All statements contained in this news release, other than statements of historical facts, are " " for purposes of these provisions. The anticipated distribution discussed herein is based, in part, on the amount of cash received or expected to be received by the Trust from Chesapeake with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses. Neither Chesapeake nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this news release. An investment in common units issued by the Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2017, as well as other risks identified in the Trust's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. The Trust's annual, quarterly and other filed reports are or will be available at the SEC's website at www.sec.gov . The Trust does not intend, and assumes no obligations, to update any of the statements included in this news release.
TRUSTEE CONTACT INFORMATION:
Bank of New York Mellon Trust Company, N.A.
Sarah Newell
512-236-6555
sarah.newell@bnymellon.com
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SOURCE Chesapeake Granite Wash Trust | http://www.cnbc.com/2018/05/04/pr-newswire-chesapeake-granite-wash-trust-announces-distribution-of-0-point-0469-per-common-unit.html | www.cnbc.com |
Comedian Samantha Bee used a vulgar insult to describe Ivanka Trump – and now she's apologizing | Comedian Samantha Bee apologized Thursday for using vulgar language to describe Ivanka Trump , President Donald Trump 's elder daughter and a top White House aide.
In a tweet, Bee said she "crossed a line" when she used the expletive on her TBS comedy show, "Full Frontal," calling it "inappropriate and inexcusable."
@iamsambee: I would like to sincerely apologize to Ivanka Trump and to my viewers for using an expletive on my show to describe her last night. It was inappropriate and inexcusable. I crossed a line, and I deeply regret it.
The incident comes on the heels of ABC canceling "Roseanne," after Roseanne Barr compared black Obama aide Valerie Jarrett to an ape. While the actress later apologized for her remarks , Barr also retweeted messages supporting her tweet that led to the cancellation of her show.
On Wednesday night, Bee called the president's daughter a "feckless c---" during her show. The comedian used the slur as she urged Ivanka Trump to talk to her father about immigration policies that separate children from their parents .
"Let me just say, one mother to another, do something about your dad's immigration practices, you feckless c---! He listens to you," Bee said. "Put on something tight and low cut and tell your father to f---ing stop it. Tell him it was an Obama thing and see how it goes, OK?"
TBS said in a statement that it regrets airing that language.
In the fallout, AutoTrader.com said it was suspending its sponsorship of "Full Frontal" after Bee's use of "offensive and unacceptable language."
@AutoTrader_com: Thank you to those who reached out regarding our sponsorship of Full Frontal. The comments expressed by Samantha Bee were offensive and unacceptable and do not reflect the views of our company. As a result, we have suspended our sponsorship of Full Frontal with Samantha Bee.
First lady Melania Trump also ripped the media, accusing the press of an "astounding" double standard.
"Time and again the Trump family and members of this Administration are subjected to false reporting, hateful rhetoric and outrageous lies all in the name of freedom of speech or comedy, yet the main stream media stays silent," she said in a statement.
Over the years, Donald Trump has rarely apologized for his use of derogatory and crude remarks in describing women. Trump said then-Fox News host Megyn Kelly had "blood coming out of her whatever" when she challenged his language toward women during the first Republican primary debate.
He did apologize, however, for crude comments he made in 2005 to Billy Bush about groping women after a tape of the conversation was made public during the final stretch of the 2016 campaign.
White House press secretary Sarah Huckabee Sanders said Bee's language was "vile and vicious."
"The collective silence by the left and its media allies is appalling. Her disgusting comments and show are not fit for broadcast, and executives at Time Warner and TBS must demonstrate that such explicit profanity about female members of this administration will not be condoned on its network," Sanders said in a statement. | https://www.cnbc.com/2018/05/31/samantha-bee-apologizes-for-using-vulgar-insult-to-describe-ivanka-trump.html | www.cnbc.com |
BMO Financial Group Increases Common Share Dividend by 3 cents from the prior quarter, up 7 per cent from the prior year | TORONTO, May 30, 2018 /PRNewswire/ - Bank of Montreal (TSX:BMO) (NYSE:BMO) today announced that its Board of Directors declared a quarterly dividend of $0.96 per share on paid-up common shares of Bank of Montreal for the third quarter of fiscal year 2018 ("Q3 2018 Dividend"), a 3 cent increase from the previous quarter and up 7 per cent from a year ago.
The Board of Directors also declared dividends of:
$0.211875 per share on paid-up Class B Preferred Shares Series 16; $0.179589 per share on paid-up Class B Preferred Shares Series 17; $0.112813 per share on paid-up Class B Preferred Shares Series 25; $0.148082 per share on paid-up Class B Preferred Shares Series 26; $0.25 per share on paid-up Class B Preferred Shares Series 27; $0.24375 per share on paid-up Class B Preferred Shares Series 29; $0.2375 per share on paid-up Class B Preferred Shares Series 31; $0.2375 per share on paid-up Class B Preferred Shares Series 33; $0.3125 per share on paid-up Class B Preferred Shares Series 35; $14.625 per share on paid-up Class B Preferred Shares Series 36 (1) ; $0.303125 per share on paid-up Class B Preferred Shares Series 38; $0.28125 per share on paid-up Class B Preferred Shares Series 40; and $0.275 per share on paid-up Class B Preferred Shares Series 42.
The dividend on the common shares is payable on August 28, 2018, to shareholders of record on August 1, 2018. The dividends on the preferred shares are payable on August 27, 2018, to shareholders of record on August 1, 2018.
The above-mentioned dividends on the common and preferred shares are designated as "eligible" dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
Common shareholders may elect to have their cash dividends reinvested in common shares of the Bank in accordance with the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan (the "Plan"). For the Q3 2018 Dividend declared today and subsequently until further notice, common shares under the Plan will be purchased on the open market.
For registered shareholders who wish to participate in the Plan, Enrolment Forms must be received by the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on August 3, 2018. Beneficial or non-registered holders must contact their financial institution or broker well in advance of the above date for instructions on how to participate.
More information about the Plan and how to enroll can be found at:
http://www.bmo.com/home/about/banking/investor-relations/shareholder-information/dividend-reinvestment-plan
(1)
The Class B Preferred Shares Series 36 was issued by way of private placement and is not listed on any stock exchanges.
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SOURCE BMO Financial Group | http://www.cnbc.com/2018/05/30/pr-newswire-bmo-financial-group-increases-common-share-dividend-by-3-cents-from-the-prior-quarter-up-7-per-cent-from-the-prior-year.html | www.cnbc.com |
Blackstone is expanding its investment in subprime car loans | Bill Pugliano | Getty Images Blackstone is expanding its presence in the nearly $300bn market for US subprime car loans, while some of its competitors are showing signs of throttling back.
The world's biggest private equity firm pushed into car loans in 2011, buying a majority stake in Exeter Finance, a subprime specialist based in Irving, Texas. Blackstone has since injected more than $400m into the company and poached its senior management team from Santander Consumer , the biggest US subprime auto lender.
The company's loan portfolio expanded about 10 per cent to $3.4bn in 2017. This year, Exeter has jumped four places in the ranks of the top issuers of securities backed by subprime car loans, according to S&P Global. Exeter has already issued $1.1bn of such securities this year, not far from its 2017 total of $1.4bn, putting it second only to Santander's $3bn.
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"Exeter has grown its portfolio and is going to grow it even more this year, given its strong performance," said Martin Brand, a senior managing director at Blackstone, who oversees the firm's investment in Exeter and other financial institutions.
Private-equity firms moved into subprime car loans in the years after the financial crisis, as big banks pulled back under tighter supervisory standards and tougher rules on capital. Perella Weinberg, for example, bought a majority stake in Flagship Credit Acceptance in 2010 while Lee Equity Partners bought out Skopos Financial a year later.
But some of these subprime lenders have run into trouble, hurt by losses on loans and the higher cost of funds. Recent closures of private equity-backed lenders include Pelican Auto Finance, shut down by its sponsor, Flexpoint Ford. Flagship, meanwhile, reduced its portfolio by 8.5 per cent through 2017, with losses on recent deals running higher than expected, according to S&P.
Flexpoint, Flagship and Perella declined to comment.
"Some companies funded by private equity are decreasing their origination volumes year over year," said Amy Martin, head of subprime auto ratings at S&P. "We think that is a sign of equity not supporting the company with respect to their growth goals but it could also be an indication that they are trying to improve credit quality and tightening lending standards."
Data on pools of subprime loans originated by Exeter show cumulative net losses of about 20 per cent. That compares with average annualised losses of 8.3 per cent in 2017 across all subprime car loans, according to S&P.
According to the New York Fed there were $282bn of subprime loans outstanding at the end of the third quarter last year. The Fed defines subprime as borrowers with credit scores of less than 620 on the commonly used FICO scale.
"I think [subprime lending] provides an important service because it is often the only way these consumers can get a car and travel to their jobs," said Mr Brand of Blackstone. "Our credit performance is improving year over year, our profitability is improving and our position in the market is improving."
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Blackstone's Japan move highlights governance fight | https://www.cnbc.com/2018/05/01/blackstone-is-expanding-its-investment-in-subprime-car-loans.html | www.cnbc.com |
European markets seen lower amid political turmoil in Italy | Italy stocks close 2.6% lower on political turmoil as European markets slump Investors are fearful of the looming prospect of fresh elections in Italy this year. Spanish Prime Minister Mariano Rajoy is due to face a confidence vote over his leadership on Friday. Dixons Carphone tumbled to the bottom of the European benchmark after it issued a profit warning. Updated 3 Hours Ago CNBC.com
European stocks closed lower Tuesday amid renewed fears of a euro zone break-up risk in Italy and political turmoil in Spain. Symbol IBEX 35 ---
The pan-European Stoxx 600 closed 1.37 percent lower provisionally, with all major bourses and every sector apart from oil in negative territory.
Among national indexes, Italy's FTSE MIB fell 2.65 percent, amid renewed political pain. The euro zone's third-largest economy has been without a government since an inconclusive vote in early March, with anti-establishment political groups abandoning their efforts to form a coalition over the weekend amid a dispute with the country's head of state.
Meanwhile, Spain's IBEX 35 was also off by almost 2.5 percent following news the country's Prime Minister, Mariano Rajoy, is due to face a confidence vote over his leadership on Friday. The announcement compounded political volatility in southern Europe.
Europe's banking index led the losses Tuesday, off almost 3.2 percent, on pace for its worst day since August 2, 2016. Spanish lenders Banco Santander and Caixabank and Italian lender Unicredit were among the worst performers in the sector.
Looking at individual stocks, Dixons Carphone tumbled to the bottom of the European benchmark after it issued a profit warning. The British retailer said profit would fall by 21 percent in the current year, with 92 standalone stores also set to close. Its shares were more than 20.7 percent lower on the news. Oil prices mixed
On Wall Street, stocks traded lower on fears that instability could return to the euro zone. The single currency was seen trading at $1.1555, down 0.58 percent.
On the data front, Italian consumer confidence fell in May to 113.7 points, down from 116.9 the previous month, while French consumer confidence stood at 100 points, unchanged from the April level.
Elsewhere, oil prices fell Tuesday, amid rising expectations that major producers could soon reverse some of their ongoing production cuts. Brent crude traded at around $74.94, down almost half a percent while U.S. WTI stood at $66.34, down more than 2 percent. | https://www.cnbc.com/2018/05/29/european-stocks-political-turmoil-in-italy-unsettles-markets.html | www.cnbc.com |