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Oil and Gas Investor Continues Its Success - Via Its Succession Plan | HOUSTON, May 10, 2018 /PRNewswire/ -- Hart Energy announced a significant leadership change in its flagship Oil and Gas Investor franchise. Effective with the May 2018 issue, Shelley Lamb begins a new role as senior vice president of digital media -- and Kevin Holmes is promoted to publisher of Oil and Gas Investor.
Lamb has been the publisher of Hart Energy's flagship publication for over 17 years. In her time leading Oil and Gas Investor and its many affiliated custom projects and events, Shelley has elevated the brand to be the premier information franchise of the energy business. Her tireless work ethic and demand for excellence will serve her well in this new venture.
"Shelley is not going anywhere," said Rich Eichler, Hart Energy's CEO. "This is a great time to change leadership, and Kevin is absolutely the right person to take the magazine forward. We're asking Shelley to use her leadership and business experience to further secure Hart Energy's position as the global energy industry's comprehensive digital source for news, data and analysis that inform business and technology decisions."
Eichler continues, "Taking over the reins of Oil and Gas Investor as its new publisher is Kevin Holmes. In his four years at Hart, Kevin has distinguished himself as one of the company's top brand development executives. He truly understands the value of the Investor brand. Kevin is well-respected by his clients and he is constantly thinking of ways to add value to their marketing spend. Kevin will be a new level of energy to the franchise as we look to expand our reach to the future leaders of the industry."
About Hart Energy
Since 1973, Hart Energy has provided timely and targeted information to a worldwide audience that includes E&P companies, pipeline operators, refiners and finished fuel producers, service companies, the financial and investment community, engineering and automotive industries, utilities, leading NGOs and the world's major governments. For information, visit hartenergy.com .
Contact:
Kate Clark
713.260.4657
View original content with multimedia: http://www.prnewswire.com/news-releases/oil-and-gas-investor-continues-its-success---via-its-succession-plan-300646133.html
SOURCE Hart Energy | http://www.cnbc.com/2018/05/10/pr-newswire-oil-and-gas-investor-continues-its-success--via-its-succession-plan.html | www.cnbc.com |
US STOCKS-Wall St gains on Macy's boost, Russell 2000 hits record | * Macy's hits yr-high after results, lifts other retailers
* Micron, AMD rise after brokerage actions
* 3M slips, weighs on Dow, after brokerage downgrade
* 10-yr Treasury yields hold near 7-yr peak
* Indexes up: Dow 0.30 pct, S&P 0.52 pct, Nasdaq 0.75 pct (Updates to early afternoon)
May 16 (Reuters) - Wall Street rose on Wednesday, with the small cap Russell 2000 index hitting a record, as Macy's strong results lit up the retail sector and Micron led gains in the technology sector.
Macy's shares surged 10.5 percent, hitting a 52-week high, after the department store operator reported strong results and raised its profit forecast.
The report help boost the consumer discretionary sector , which rose 0.92 percent, while the consumer staples index gained 0.72 percent.
Walmart and Nike, both components of the Dow Jones Industrial Average, and Target were up between 1.4 and 3.2 percent.
"You had pretty solid numbers from Macy's and it has been an early trigger for outperformance in the retail space today," said Michael James, managing director of institutional equity trading at Wedbush Securities in Los Angeles.
Macy's results come a day after strong April retail sales data showed consumer spending was picking up, stoking inflation worries and sending U.S. government bond yields higher.
Yields on the U.S. 10-year Treasury notes were holding at seven-year highs on Wednesday, raising concerns of faster interest rate hikes this year.
"Higher rates are going to present headwind to equity markets. Even with strong economic data, strong earnings, the markets are still flat year to date," said James.
"The question remains what multiples are people willing to pay for equities in this higher rate environment."
At 13:01 a.m. EDT the Dow Jones Industrial Average was up 74.22 points, or 0.30 percent, at 24,780.63, the S&P 500 was up 14.08 points, or 0.52 percent, at 2,725.53 and the Nasdaq Composite was up 55.29 points, or 0.75 percent, at 7,406.92.
Nine of the 11 major S&P sectors were higher, with only the rate-sensitive utilities and real estate sectors in the red.
The technology index was up 0.5 percent, with chipmakers the biggest gainers.
Micron jumped 4.4 percent after RBC Capital Markets rated the stock "outperform," while AMD gained 3.2 percent on a Susquehanna upgrade to "neutral".
The two stocks helped the Philadelphia SE semiconductor index gain 1.24 percent.
Among the laggards was 3M Co, which slipped 1 percent and weighed on the Dow after Jefferies cut its rating on the stock to "hold".
IQVIA dropped 4.4 percent, the most on the S&P, after the FDA found some inaccuracies on sales data regarding some opioid drug products.
Advancing issues outnumbered decliners by a 2.06-to-1 ratio on the NYSE and by a 2.53-to-1 ratio on the Nasdaq.
The S&P index recorded 13 new 52-week highs and three new lows, while the Nasdaq recorded 108 new highs and 39 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva) | https://www.cnbc.com/2018/05/16/reuters-america-us-stocks-wall-st-gains-on-macys-boost-russell-2000-hits-record.html | www.cnbc.com |
Energy MLPs fight against sentiment after U.S. watchdog ruling | NEW YORK, May 4 (Reuters) - A recent U.S. agency ruling limiting certain tax benefits for energy master limited partnerships (MLPs) dealt a blow to a security class investors had loved for their income but now look likely to steer clear of even though they look cheap.
MLPs are tax-exempt corporate structures that pay out profit to investors in dividend-style distributions, many of which are oil and natural gas pipeline companies.
The Alerian MLP index plunged 4.6 percent after the Federal Energy Regulatory Commission said in March they will no longer be allowed to recover an income tax allowance as part of the fees they charge to shippers under a "cost of service" rate structure.
A U.S. Appeals Court in 2016 ruled that energy regulators were allowing them to benefit from a "double recovery" of taxes, leading to the FERC ruling.
The index is down nearly 8 percent for the year, after a drop of almost 13 percent in 2017, as expectations of higher interest rates, depressed commodity prices and the recent ruling have combined to keep investors wary.
"The sentiment around MLPs at this point is just so negative it doesnt matter what pops up," said John LaForge, head of Real Asset Strategy at Wells Fargo Investment Institute in Sarasota Florida.
"Maybe you wouldve expected even after the FERC decision you would get the initial reaction of the negative and then the value guys step up and say 'this is crazy,' but they didnt do it. You dont even have the value guys interested at this point."
High dividend yields are a hallmark of MLPs, leading many investors to use them as sources of income. While the dividend yield of the Alerian index was at 8.14 percent at the end of April, it has been on a downward slope since hitting a two-year high of 8.92 percent on March 28.
The MLP index reached a record high in September 2014, as oil prices hovered near $100 a barrel and their high dividends made them attractive to investors in a low interest rate environment.
Bond yields are rising, undermining the interest rate premium of MLPs and reducing demand, and the U.S. Federal Reserve has shown no signs of deviating from its path of tightening.
U.S. benchmark 10-year notes hit a four-year high yield just over 3 percent in April while U.S. two-year yields recently crossed the 2.5 percent mark for the first time in nearly a decade.
"For the last decade or so easy monetary policy has led a lot of money to income substitutes and bond proxies," said Michael Arone, Chief Investment Strategist at State Street Global Advisors in Boston.
"As rates have been moving up, particularly on the short end, you are seeing a lot of the kind of weak money leave pretty quickly."
Still, Jeremy Held, director of research at ALPS Portfolio Solutions in Denver, which is the issuer of the Alerian MLP ETF , notes there was a weak correlation between MLPs and interest rates over the 10-year period between 2006 and 2016.
When rates rise, "initially they sort of sell off any rate-sensitive asset class utilities, bonds, MLPs, telecoms," said Held.
"Then when the dust settles people actually look and say it matters if you can grow your (dividend) distribution faster than rates are rising, or is there still a spread."
MLPs have shown some signs of life recently. After selling off on the FERC ruling, the Alerian index was up 3.1 percent through Thursday since March, compared with a 4.3 percent drop in the S&P 500.
Oil prices have also continued to climb, with WTI up more than 11 percent and Brent crude up more than 13 percent since the announcement. As MLPs generally track closely or above oil prices, they could be poised to regain their cachet.
"If you look at the demand numbers out there, demand is very good," said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco. "There is some catching up to do, these things are dirt cheap."
(Reporting by Chuck Mikolajczak; Editing by Alden Bentley and Susan Thomas) | https://www.cnbc.com/2018/05/04/reuters-america-energy-mlps-fight-against-sentiment-after-u-s-watchdog-ruling.html | www.cnbc.com |
Futures Now trades for Tuesday, May 29 | 19 Hours Ago | 19:44
Political turmoil in Italy sent stocks around the globe sinking on Tuesday. The "Futures Now" traders shared their trades as geopolitical concerns rocked stocks, bonds and crude market.
Scott Nations is buying the Dow e-mini at 24,350 and targeting a move up to 24,500 with a stop at 24,250. The Dow plunged more than 400 points at its lows on Tuesday.
Brian Stutland is buying the 10-year note futures at 120'10, targeting a move up to 121'14. His stop is at 119'26.
Crude tumbled to April 17 lows. Scott Nations is buying the August monthly 70-strike calls in the crude oil futures July contract for $1.05, or $105 per options contract. The breakeven for this trade is $71.05.
Trader disclosures: Scott is long the S&P e-mini and the VIX, he has no position in crude or the 10-year Treasury futures. Brian is long the S&P e-mini using options. He is also long the VIX, and has no position in crude or the 10-year Treasury futures. | https://www.cnbc.com/2018/05/29/futures-now-trades-for-tuesday-may-29.html | www.cnbc.com |
UPDATE 3-Oil prices fall as Russia floats gradual production increase | * Russia has been withholding supply with OPEC since 2017
* OPEC, non-OPEC producers to meet in June to discuss production
* Russia says supply restrictions could be eased "softly"
* OPEC, Russia are losing market share to other producers (Adds Jefferies bank comment, updates prices)
SINGAPORE, May 25 (Reuters) - Oil prices fell on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017.
Brent crude futures were at $78.43 per barrel at 0657 GMT, down 36 cents, or 0.5 percent, from their last close, and 2.6 percent below the $80.50 multi-year high they reached on May 17. Brent broke through $80 for the first time in more than three years earlier in May.
U.S. West Texas Intermediate (WTI) crude futures were at $70.44 a barrel, down 27, or 0.4 percent, cents from their last settlement.
"Oil prices are now starting to drift a little," said Greg McKenna, chief market strategist at futures brokerage AxiTrader, adding that this was due to OPEC's and Russia's "moves toward an increase in production" at a meeting scheduled for next month.
The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by Russia started withholding output in 2017 to tighten the market and prop up prices.
But Russia, in particular, has been floating a potential end to the production cuts, with energy minister Alexander Novak saying on Thursday that restrictions on oil production could be eased "softly" if OPEC and non-OPEC countries see the oil market balancing in June.
"The Russians have always struck me as production cut tourists keen to get off the boat and crank up production as soon as inventories were stabilised and prices once again elevated ... That possibility is top of the mind for traders and as a result oil prices are slipping," McKenna said.
U.S. investment bank Jefferies said that increased barrels by Russia and OPEC "may be necessary to keep the market supplied", especially if U.S. sanctions lead to a fall of Iranian exports later this year.
HIGHER PRICES COME AT A COST
While Russia and OPEC benefit from higher oil prices, which have risen by almost 20 percent since the end of last year, their voluntary output cuts have opened the door to other producers to ramp up output and gain market share.
U.S. crude oil production <C-OUT-T-EIA> has risen by more than a quarter in the last two years, to 10.73 million barrels per day (bpd). Only Russia produces more, at around 11 million bpd.
Output by producers like the United States, Canada or Brazil which are not bound by the OPEC/Russian led agreement to cut, will likely rise further as higher crude prices improve their profitability.
"With oil prices rising more than costs, average industry profitability has turned positive this year," Bernstein Energy said in a note this week, adding that the 50 largest listed oil companies globally "need $47 per barrel oil prices to break even in aggregate".
(Additional reporting by Roslan Khasawneh Editing by Joseph Radford and Richard Pullin) | https://www.cnbc.com/2018/05/25/reuters-america-update-3-oil-prices-fall-as-russia-floats-gradual-production-increase.html | www.cnbc.com |
BRIEF-New Senior Investment Group Reports Q1 Adjusted FFO Per Share Of $0.20 | May 10, 2018 / 10:48 AM / Updated 6 minutes ago BRIEF-New Senior Investment Group Reports Q1 Adjusted FFO Per Share Of $0.20 Reuters Staff
May 10 (Reuters) - New Senior Investment Group Inc: * Q1 ADJUSTED FFO PER SHARE $0.20
* NEW SENIOR INVESTMENT - QTRLY TOTAL NOI OF $47.1 MILLION * QTRLY AFFO $0.20 PER BASIC AND DILUTED SHARE
* NEW SENIOR INVESTMENT - QTRLY NORMALIZED FFO OF $17.6 MILLION, OR $0.21 PER SHARE * QTRLY TOTAL SAME STORE CASH NOI DECREASED 1.0%
* CO ENTERED INTO AGREEMENT TO TERMINATE ITS TRIPLE NET LEASES WITH AFFILIATES OF HOLIDAY RETIREMENT
* NEW SENIOR INVESTMENT- IN EXCHANGE TERMINATION OF TRIPLE NET LEASES WITH AFFILIATES OF HOLIDAY RETIREMENT, CO WILL RECEIVE $116 MILLION
* NEW SENIOR INVESTMENT - EXPECTS TO REFINANCE EXISTING DEBT WITH 1-YEAR $720 MILLION SECURED LOAN BEARING INTEREST AT LIBOR PLUS 4.0% FOR FIRST 6 MONTHS
* NEW SENIOR - IN LIGHT OF STRATEGIC REVIEW, QTRLY DIVIDEND MAY BE LESS THAN DIVIDENDS DECLARED IN PRIOR QUARTERS, SUCH DIFFERENCE COULD BE MATERIAL Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-new-senior-investment-group-report/brief-new-senior-investment-group-reports-q1-adjusted-ffo-per-share-of-0-20-idUSASC0A1BX | www.reuters.com |
Trump wrote his own doctor's health letter claim made | President Trump's former doctor who stated his client would be the "healthiest individual ever elected to presidency" has now said the words weren't his.
A year before the presidential election in 2016, Harold Bornstein wrote that Trump had "extraordinary" physical strength and stamina, as well as "astonishingly excellent" blood pressure.
"He (Trump) dictated that whole letter. I didn't write that letter," said Bornstein in an interview with CNN Tuesday.
The doctor added that the claims over Trump's health were not based on his physical examination and were instead agreed with Trump over a phone call.
"I just made it up as I went along."
The White House has not yet responded to CNBC's request for a response to Bornstein's claims. In an earlier interview with NBC News, Bornstein said he felt "raped, frightened and sad" after Trump's personal bodyguard Keith Schiller visited his New York City surgery in early 2017.
The visit by Schiller, the Trump Organization's Chief Legal Officer Alan Garten and another unidentified man happened just two days after Bornstein told The New York Times that he had prescribed the hair-growth medicine Propecia to Trump for many years.
The doctor, who had been Trump's physician since 1980, was also quoted as saying that Trump severed contact with him after the Times story.
"I couldn't believe anybody was making a big deal out of a drug to grow his hair that seemed to be so important," Bornstein said. The White House denied the visit was in any way, unusual.
"As is standard operating procedure for a new president, the White House Medical Unit took possession of the president's medical records," said White House Press Secretary Sarah Huckabee Sanders, Tuesday.
Read the full CNN story here . | https://www.cnbc.com/2018/05/02/trump-wrote-his-own-doctors-health-letter-claim-made.html | www.cnbc.com |
Florida city looks for answers after a 'zombie alert' was sent to residents | Officials say they still don't who sent a "zombie alert" to residents of a Florida city following a power outage.
Lake Worth spokesman Ben Kerr says an independent investigation is underway to determine who was behind the message sent to some 7,880 customers during a 27-minute power outage Sunday.
During the city's own investigation, Kerr says officials determined that no current or former employees edited the pre-prepared message to include the warning of a zombie invasion.
He tells the Palm Beach Post that "no one was fired for it."
Palm Beach Post tweet
Kerr said a hacking issue came up during Hurricane Irma last September. But that issue was dealt with quickly. He added that officials thought they got to all the messages, "but it turns out there was one hiding in the system." | https://www.cnbc.com/2018/05/23/florida-city-looks-for-answers-after-a-zombie-alert-was-sent-to-residents.html | www.cnbc.com |
CORRECTED-GRAINS-Corn hits 6-day high as forecast rain expected to delay sowing | CORRECTED-GRAINS-Corn hits 6-day high as forecast rain expected to delay sowing Published 10 Hours Ago Reuters
sowing@ (Corrects headline to show that rain is forecast, not that it has already started to fall) SYDNEY, corn futures edged higher on Wednesday as forecasts for rains stoked concerns of planting delays, pushing prices to a six-day high.
FUNDAMENTALS
* The most active corn futures on the Chicago Board Of Trade were up 0.1 percent to $4.02-3/4 a bushel by 0140 GMT, near the session high of $4.03-1/4 a bushel - the highest since May 10. Corn gained 1.5 percent in the previous session.
* The most active soybean futures were down 0.4 percent to $10.14-1/4 a bushel, having firmed 0.1 percent on Tuesday.
* The most active wheat futures were up 0.2 percent to $4.92-1/4 a bushel, having closed up 0.5 percent on Wednesday.
* The U.S. Agriculture Department on Monday afternoon said the U.S. winter wheat crop was rated 36 percent good to excellent as of May 14, up 2 percentage points from a week earlier.
* USDA pegged corn planting progress at 62 percent, up from 39 percent a week earlier. The five-year average for mid-May is 63 percent.
* Forecasts call for rains across the U.S. Midwest, threatening sowing pace.
* The U.S. soybean crush in April jumped by almost 16 percent from the same month a year ago as soybean plants processed their largest-ever volume of beans for the month of April, the National Oilseed Processors Association said.
MARKET NEWS
* The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week.
* 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.
* A surge in U.S. government bond yields to their highest level in almost seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.
DATA AHEAD (GMT)
0130 China House prices Apr 1230 U.S. Housing starts Apr 1230 U.S. Building permits Apr 1315 U.S. Industrial production Apr
Grains prices at 0140 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 494.25 0.75 +0.15% +0.61% 498.98 45 CBOT corn 402.75 0.50 +0.12% +1.58% 397.85 67 CBOT soy 1014.25 -4.50 -0.44% -0.34% 1040.58 47 CBOT rice 12.51 $0.03 +0.20% +0.04% $12.98 50 WTI crude 70.98 -$0.33 -0.46% +0.03% $68.08 64
Currencies
Euro/dlr $1.183 -$0.001 -0.10% -0.84% USD/AUD 0.7457 -0.001 -0.19% -0.90%
Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
(Reporting by Colin Packham Editing by Vyas Mohan) | https://www.cnbc.com/2018/05/15/reuters-america-corrected-grains-corn-hits-6-day-high-as-forecast-rain-expected-to-delay-sowing.html | www.cnbc.com |
Russia quietly conducted the world's longest surface-to-air missile test | Taxes Russia quietly conducted the world's longest surface-to-air missile test Russia quietly conducted the world's longest surface-to-air missile test, according to sources with direct knowledge of U.S. intelligence about the weapons program. The S-500 surface-to-air missile system successfully struck a target 299 miles away. Russia claims that the ground-based missile system is capable of intercepting hypersonic missiles, drones, aircraft as well as stealth warplanes like the F-22 and the F-35. CNBC.com Alexander Zemlianichenko | Reuters Russian President Vladimir Putin listens to Defence Minister Sergei Shoigu as they attend the Navy Day parade in St. Petersburg, Russia, July 30, 2017. Picture taken July 30, 2017.
Russia quietly conducted the world's longest surface-to-air missile test, according to sources with direct knowledge of U.S. intelligence concerning the weapons program.
The S-500 surface-to-air missile system successfully struck a target 299 miles away, which the U.S. assessed is 50 miles further than any known test, said the sources, who spoke to CNBC on the condition of anonymity.
Russia claims that the ground-based missile system is capable of intercepting hypersonic missiles, drones, aircraft as well as stealth warplanes like the F-22 and the F-35. The S-500 system would expand the Kremlin's capabilities to engage multiple targets with precision strikes.
Russia also claims the system has a range capable of destroying objects flying at near-space ranges or 62 miles above the Earth's surface.
The developments about the new missile system emerge as investigators claim that a Russian-owned surface-to-air missile blew up Malaysia Airlines Flight 17 in 2014 over eastern Ukraine. Russia has denied involvement in the incident. On Thursday, Moscow's defense ministry said none of the country's air-defense missile systems crossed the Russia-Ukraine border.
A medium-range Buk surface-to-air missile system was reportedly used to down the plane, resulting in the deaths of nearly 300 people. The Buk system is from a different family of missile systems as the new S-500 and its predecessor, the S-300V4, which has been operational since the late 1970s. Sergei Bobylev | TASS | Getty Images Loading surface-to-air missiles for an S-300 anti-aircraft system at the Key to the Skies contest as part of the 2017 International Army Games held by Russias Defence Ministry at Ashuluk Firing Range.
The test of the new system used a modified variant of the missile used in the S-300V4 surface-to-air system.
The latest revelation comes one week after CNBC learned that multiple U.S. intelligence reports assess that Russia will be capable of fielding a hypersonic glide vehicle called Avangard, a weapon that no country can defend against, by 2020.
The hypersonic weapon is capable of carrying a nuclear warhead, is designed to sit atop an intercontinental ballistic missile. Once launched, it uses aerodynamic forces to sail on top of the atmosphere.
Sources, who spoke to CNBC on the condition of anonymity, said Russia successfully tested the weapon twice in 2016 . The third known test of the device was carried out in October 2017 and resulted in a failure when the platform crashed seconds before striking its target.
Meanwhile, Russia is expected to test their hypersonic glide vehicle again this summer. show chapters | https://www.cnbc.com/2018/05/24/russia-quietly-conducted-the-worlds-longest-surface-to-air-missile-test.html | www.cnbc.com |
Metal to Acquire Crumbs Technologies Inc. | SAN FRANCISCO, May 30, 2018 /PRNewswire/ -- Metal today announced it has entered into a definitive agreement to acquire Crumbs (Crumbs Technologies Inc.), an innovative micro investing app that allows users to invest in digital assets. The addition of Crumbs will seamlessly integrate into the ecosystem of Metal, delivering a single platform that not only rewards people for P2P transactions within Metal Pay, but also helps them invest in several types of digital assets with the Crumbs app.
In a world where many people are interested in digital assets, but only a few are able to invest comfortably, Crumbs allows its users to set aside spare change from daily purchases and use it to create their very own digital assets portfolio. Crumbs offers a user-friendly way to keep up with and invest in digital asset markets.
Metal is leading the way in designing and delivering a platform that makes digital assets accessible for the entire world. At the center of this platform is the belief that money should work for people and people shouldn't work for money. To this end, Metal reimagines money for those who want to create a better world.
Touching on Metal's vision for the future, CEO of Metal, Marshall Hayner said, "The current financial system excludes people from really exciting opportunities and that's why I am so excited about the Crumbs acquisition. We are eager to put this opportunity in every person's hands and allow anyone to be involved in this new financial system... and have a seat at the table."
"We are thrilled to join forces with Metal and provide retail investors with the ultimate on-ramp into the new financial world of digital assets and investments," said Patrick Mrozowski, CEO of Crumbs. "Together, Metal and Crumbs will build a suite of products to attract more newcomers into blockchain."
Crumbs will continue to operate independently within Metal and will co-launch with Metal's flagship product Metal Pay in the summer.
About Crumbs Technologies Inc.
Crumbs Technologies Inc. combines the power of micro-investing with the performance of digital assets in their app, Crumbs. Crumbs lets users invest in digital assets with their spare change from credit and debit cards. This game-changing app allows users to set aside spare change from daily purchases into their own customizable indexes of digital assets. Learn more at crumbsapp.io .
About Metal
Metal is reimagining money by putting digital assets in the hands of every person in the world. By creating an ecosystem of products, Metal meets the needs of all types of users. Whether you are completely new to digital assets, or are a seasoned investor, Metal's portfolio of products makes it simple, enjoyable and rewarding to participate in the new financial system. For more information, visit metalpay.com .
Contact:
Metal
Email: hello@metalpay.com
View original content: http://www.prnewswire.com/news-releases/metal-to-acquire-crumbs-technologies-inc-300656803.html
SOURCE Metallicus, Inc. | http://www.cnbc.com/2018/05/30/pr-newswire-metal-to-acquire-crumbs-technologies-inc.html | www.cnbc.com |
US-China trade: Focus on structural changes, not deficit | President Donald Trump's administration should focus on pushing for structural changes in China , rather than on the massive trade imbalance between the world's two largest economies, a former U.S. government official said Monday.
"I'd say focus more on structural changes, getting market opening, fair treatment, level playing field, IP (intellectual property) issues, investment protection. Focus on those kind of issues that will allow you to sell on market terms," said Frank Lavin, who was formerly U.S. Under Secretary of Commerce for international trade.
Lavin said the U.S. administration should be wary of getting a deal from Beijing that would only be a short-term solution.
"If they give you a check, watch out. They're sort of buying you off and getting you just to go away for that money, so be careful of that," Lavin said.
Lavin's comments came after U.S. Treasury Secretary Steven Mnuchin said on Sunday that the world's two largest economies agreed to drop their tariff threats while they work on a wider trade agreement.
On Saturday, Beijing and Washington said they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to close its trade deficit with the U.S., which was $375 billion in 2017 .
During an initial round of talks this month in Beijing, Washington demanded that China reduce its trade surplus by $200 billion, Reuters reported. No dollar figure was cited in the countries' joint statement on Saturday.
show chapters US doesn't know what it wants from trade war with China: Moody's Analytics 11 Hours Ago | 03:52 Trump "made a mistake anchoring negotiations on that number," said Lavin, who is currently the chairman of Export Now, a business consultancy. He was formerly also U.S. ambassador to Singapore under the George W. Bush administration.
"Because demand in China for U.S. food isn't going to double in a year, demand for Boeings isn't going to double in a year, and U.S. productive capacity can't double in a year either," Lavin told CNBC's "Street Signs."
The top U.S. trade official, Robert Lighthizer, said that getting China to open its market to more U.S. exports was significant, but that it was far more important for the United States to resolve issues with China, such as forced technology transfers and cyber theft.
"Real structural change is necessary. Nothing less than the future of tens of millions of American jobs is at stake," U.S. Trade Representative Lighthizer said in a statement on Sunday.
Many of Trump's complaints about China are valid, Lavin added.
Even though the Chinese economy has been gradually opening up over the past two decades, "the openings in China have not kept pace with the economic growth of China and with the benefits China has gotten from the rest of the world being more open," he said.
'Baby steps' more likely than North Korea denuclearization Amid uncertainties over whether a high-profile meeting between Trump and North Korean leader Kim Jong Un will eventually take place in Singapore, Lavin said it is likely to happen.
show chapters Trump-Kim summit likely to yield 'baby steps': Former US ambassador 12 Hours Ago | 02:27 But the outcome of an outright agreement of denuclearization from Pyongyang would be unlikely, he said.
"I'd be more positive about this process if some baby steps emerge, meaning I don't think we are likely to get a universal agreement to denuclearize North Korea, allow for inspections. I think that's unlikely and I think overly ambitious for a first meeting," said Lavin.
However, some "measurable baby steps" will help reassure the world that Kim is changing and that "it is a new North Korea," added Lavin. That could come in the form of family reunions, phone calls between North and South Korea and some steps toward currency convertibility, he said.
Pyongyang has in the past promised to back off its nuclear weapon development program, only to repeatedly backtrack.
South Korean President Moon Jae-in and Trump are set to meet on Tuesday in Washington before Kim meets with Trump on June 12 in Singapore.
Kim, on his part, will keep raising the price for denuclearization, such as bargaining for the unwinding of economic sanctions and some sort of military commitment from the U.S., like troop withdrawal from the region, Lavin predicted.
Reuters contributed to this story. | https://www.cnbc.com/2018/05/21/us-china-trade-focus-on-structural-changes-not-deficit.html | www.cnbc.com |
Harry Potter publisher Bloomsbury's revenue, shares hit 10-yr high | Harry Potter publisher Bloomsbury's revenue, shares hit 10-yr high 8:40am EDT - 00:53
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand.
Harry Potter publisher Bloomsbury has reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high. As Sonia Legg reports, nearly 21 years after its debut, the Harry Potter series continued to drive sales for Bloomsbury, with special editions of the boy wizard's adventures boosting demand. //reut.rs/2KN4ztw | https://www.reuters.com/video/2018/05/22/harry-potter-publisher-bloomsburys-reven?videoId=429307946 | www.reuters.com |
PRESS DIGEST- Canada-May 8 | May 8 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
THE GLOBE AND MAIL ** The Ontario Liberal government is reversing a contentious piece of its new employment legislation around calculating public holiday pay, which business owners argued was both costly and flawed. tgam.ca/2jHi4z8
** Valeant Pharmaceuticals International Inc plans to change its name to Bausch Health Cos, as management takes another step toward remaking the company and distancing it from past controversies. tgam.ca/2rtkbe8
NATIONAL POST ** A Toronto-area police force is investigating an apparent leak after confidential police documents about an aborted drug arrest were used to try to discredit a man vying to be a candidate for the Ontario Progressive Conservatives. bit.ly/2wkgQDm
** The Canadian Radio-television and Telecommunications Commission has concluded that payphone lines are not an essential service in a country where most people own cellphones. bit.ly/2I639t8 (Compiled by Bengaluru newsroom)
| https://www.reuters.com/article/press-digest-canada/press-digest-canada-may-8-idUSL3N1SF484 | www.reuters.com |
JMU Limited Reports Unaudited First Quarter 2018 Financial Results | SHANGHAI, May 31, 2018 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced its financial results for the three months ended March 31, 2018.
First Quarter 2018 Highlights
Revenues in the first quarter of 2018 were $29.5 million, representing an increase of 50.1% from $19.7 million in the first quarter of 2017. Gross profit was $225 thousand in the first quarter of 2018, improved from $106 thousand in the first quarter of 2017. B2B online platform recorded gross billing of RMB2.2 billion (US$344.2 million) in the first quarter of 2018, measured in terms of gross merchandise value ("GMV"), increasing 5.2% from gross billing of RMB2.1 billion (US$298.1 million) in the first quarter of 2017. Active customer accounts were 33,025 as of March 31, 2018, decreasing 1.6% from 33,559 as of March 31, 2017. Third-party sellers on the Company's online marketplace decreased to 15,710 compared to 16,789 as of March 31, 2017.
Ms. Xiaoxia Zhu, Chairperson and Chief Executive Officer commented, "We are pleased to deliver revenue and gross profit growth in the first quarter of 2018 compared to the same period of 2017. This demonstrates solid execution of our business, which aims to maintain strength in our existing market while also capturing new market opportunities that can contribute to our development."
"Through our strategic partnerships and development of Ready-to-Cook and Ready-to-Eat products, we are able to expand our portfolio of products and services that fulfill a wide range of customer demands. We look forward to continuing to build our company's market position and maintaining operational efficiency as we scale the business." Ms. Zhu concluded.
First Quarter 2018 Financial Performance
Revenues were $29.5 million for the first quarter of 2018, representing an increase of 50.1% from $19.7 million in the first quarter of 2017. The growth of revenue in the first quarter of 2018 was mainly due to the increase in order volumes.
Cost of revenues was $29.3 million for the first quarter of 2018, increasing 49.8% from $19.6 million in the first quarter of 2017, which was generally in line with the growth of the Company's revenues.
Gross profit for the first quarter of 2018 was $225.0 thousand, representing a 112.3% increase from $105.9 thousand in the first quarter of 2017.
Selling and marketing expenses in the first quarter of 2018 decreased 58.0% to $1.6 million from $3.9 million in the first quarter of 2017. As a percentage of total revenue, selling and marketing expense was 5.5% and 19.7% in the first quarter of 2018 and the same period of 2017, respectively.
General and administrative expenses in the first quarter of 2018 were $1.2 million, representing a decrease of 32.8% compared to $1.8 million in the first quarter of 2017. As a percentage of total revenues, general and administrative expenses were 4.2% and 9.3% in the first quarter of 2018 and the same period 2017, respectively. The decrease was primarily a result of the Company's improvement in management and operational efficiency.
Loss from operations in the first quarter of 2018 was $2.6 million, a 53.0% decrease from a loss from operations of $5.6 million in the first quarter of 2017.
Net loss attributable to the Company in the first quarter of 2018 was $2.7 million, representing a decrease of 46.3% compared to $5.1 million in the first quarter of 2017. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment loss, share-based compensation, and related provision for income tax benefits, was $2.3 million in the first quarter of 2018 compared to $3.0 million in the same period of 2017. For the quarters ended March 31, 2018 and March 31, 2017, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,257,423 and 1,475,946,602, respectively.
As of March 31, 2018, the Company's cash and cash equivalents were $1.5 million, decreasing 68.5% compared to $4.9 million as of December 31, 2017. Total shareholders' equity was $104.8 million as compared to $103.6 million as of December 31, 2017.
Non-GAAP Measures
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment loss, share-based compensation and related provision for income tax benefits.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, our calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP loss from operations and net loss attributable to the Company) which is adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment loss , share-based compensation and income tax benefits. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment loss , share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release.
About JMU Limited
JMU Limited currently operates China's leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the catering industry. With the help of Internet and cloud technologies, JMU has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. JMU is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.
Through cooperation with national and local industry associations and reputable restaurant groups across China, JMU has formed a leading industrial alliance and has great resource leverage in China's catering industry. JMU works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services. For more information, please visit: http://ir.ccjmu.com .
Safe Harbor Statement
This announcement contains 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 can be identified by terminology such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "ought to", "plan", "project", "potential", "seek", "may", "might", "can", "could", "will", "would", "shall", "should", "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JMU's strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JMU's plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JMU might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contact:
Freda Feng, IR Director
JMU Limited
fengxiaohong@ccjmu.com
Tel: +86-21-6015-1166 ext.8904
Bill Zima
ICR Inc.
bill.zima@icrinc.com
Tel: +1(203)-682-8200
JMU LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(US dollars in thousands, except for number of shares and per share (or ADS) data)
Three Months Ended
March 31,
2017
March 31,
2018
Related parties
3,142
3,648
Third parties
16,540
25,899
Total Revenues
19,682
29,547
Cost of revenues
(19,576)
(29,322)
Gross profit
106
225
Operating expenses:
Selling and marketing
(3,868)
(1,626)
General and administrative
(1,833)
(1,232)
Impairment loss
-
-
Total operating expenses
(5,701)
(2,858)
Loss from operations
(5,595)
(2,633)
Interest expense
(17)
(221)
Other income, net
35
61
Loss before provision for income taxes
(5,577)
(2,793)
Income tax benefits
497
64
Net loss
(5,080)
(2,729)
Net loss per ordinary share
Basic
(0.00)
(0.00)
Diluted
(0.00)
(0.00)
Weighted average shares used in calculating net loss per
ordinary share
Basic
1,475,946,602
1,476,257,423
Diluted
1,475,946,602
1,476,257,423
JMU LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(US dollars in thousands)
Three Months Ended
March 31,
2017
March 31,
2018
Net loss
(5,080)
(2,729)
Other comprehensive income, net of tax of $nil:
Change in cumulative foreign currency translation adjustment
2,150
3,887
Comprehensive (loss)/income
(2,930)
1,158
JMU LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS
(US dollars in thousands)
December 31,
2017
March 31,
2018
ASSETS:
Current assets:
Cash and cash equivalents
4,912
1,545
Accounts receivable, net
3,296
8,376
Inventories
539
589
Prepaid expenses and other current assets, net
2,246
2,092
Amounts due from related parties
3,063
6,641
Total current assets
14,056
19,243
Non-current assets:
Property and equipment, net
1,795
1,741
Acquired intangible assets, net
10,264
10,319
Investment
768
797
Goodwill
108,940
112,999
Deferred tax assets
157
146
Other non-current assets
162
152
Total non-current assets
122,086
126,154
TOTAL ASSETS
136,142
145,397
LIABILITIES AND SHAREHOLDER'S EQUITY:
Current liabilities:
Short-term bank borrowings
7,685
7,971
Accounts and notes payable
3,981
9,127
Accrued expenses and other current liabilities
9,292
7,756
Advance from customers
1,244
933
Amounts due to related parties
604
2,253
Total current liabilities
22,806
28,040
Non-current liabilities:
Other non-current liabilities
1,534
1,619
Deferred tax liabilities
2,565
2,580
Amount due to related parties
5,686
8,322
Total non-current liabilities
9,785
12,521
TOTAL LIABILITIES
32,591
40,561
Commitments and contingencies
Shareholders' equity:
Ordinary shares
15
15
Additional paid-in capital
634,071
634,198
Accumulated deficit
(513,903)
(516,632)
Accumulated other comprehensive loss
(16,632)
(12,745)
Total shareholders' equity
103,551
104,836
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
136,142
145,397
JMU LIMITED
Reconciliation of Non-GAAP financial measures
to comparable GAAP measures
(US dollars in thousands)
Three Months Ended
March 31,
2017
March 31,
2018
Loss from operations
5,595
2,633
Net loss attributable to JMU Ltd.
5,080
2,729
Amortization of acquired intangible assets
a
2,050
324
Provision for income tax benefits
b
(497)
(64)
Share-based compensation
c
534
125
Impairment loss
d
-
-
Non-GAAP loss from operation (a)(c)(d)
3,011
2,184
Non-GAAP net loss attributable to JMU Ltd. (a)(b)(c)(d)
2,993
2,344
Note:
(a) Adjustment to exclude amortization of acquired intangible assets
(b) Adjustment to exclude income tax benefits
(c) Adjustment to exclude share-based compensation
(d) Adjustment to exclude impairment loss
View original content: http://www.prnewswire.com/news-releases/jmu-limited-reports-unaudited-first-quarter-2018-financial-results-300657193.html
SOURCE JMU Ltd | http://www.cnbc.com/2018/05/31/pr-newswire-jmu-limited-reports-unaudited-first-quarter-2018-financial-results.html | www.cnbc.com |