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The Gateway into the Middle East - CREALOGIX Acquires Innofis | DUBAI, UAE, January 9, 2018 /PRNewswire/ --
CREALOGIX, the Leader in Digital Banking Solutions acquires 100% of the Barcelona-based Innofis - a well-established digital banking supplier for the Middle East, serving leading banks of the region.
With the acquisition, CREALOGIX will gain an established customer base and initiate its presence in an additional territory with high demand and growth potential for digital banking solutions. The acquisition will complement the current solution portfolio in digital banking and accelerates CREALOGIX's position as a leading global player for digital banking.
The Barcelona based Innofis is a self-financed and privately held company with international focus, founded in 2012 in order to provide customer centric digital solutions to Financial Services organizations. Clients include top tier Middle East banks as NCB (National Commercial Bank), or the Al Rajhi Banking Corporation. Innovation was a key component for its continuous double-digit growth. Innofis is highly profitable and today generates over CHF 10 million of revenue.
Innofis's staff of more than 120 highly qualified engineers and specialists will join CREALOGIX and will continue to be led by the existing management team.
"As a result of the new, joint offering from Innofis and CREALOGIX, we will remain a reliable partner for our clients and will support them in their digitization initiatives, with a broader set of innovative, ready-to-use solutions", says David Moreno, CEO and founder of Innofis, who will become a member of the Executive Group Management of CREALOGIX and will also continue to be responsible for the Middle Eastern market.
There are optimal synergies between the mutually complementary product portfolios due to the shared technology foundations, and many modules can be integrated interchangeably, thanks to the use of modern open architecture based on micro-services and state-of-the-art deployment methods.
This move will allow existing and future customers to benefit from an even broader range of digital offerings from a single source. Due to the acquisition, CREALOGIX Digital Banking Hub will be complemented by a large number of innovative new modules, such as:
Predictive Analytics based on big data and including segmentation according to customer behavior or the calculation of propensity to purchase Advanced online campaign management including features as geo-marketing SaaS based digital loyalty program A comprehensive suite of specific modules for Islamic banking Extensive functionality for business banking (for SME and corporates)
"The acquisition underpins our strategic objectives by strengthening our market-leading digital banking offering, extending our international reach and establishing a material presence in the Middle East," says Thomas Avedik, CEO of the CREALOGIX Group.
About CREALOGIX
The CREALOGIX Group is an independent Swiss software provider and, as one of the Fintech Top 100 companies, it is a market leader in digital banking in Europe. CREALOGIX develops and implements innovative Fintech solutions for the digital banking of tomorrow. Using CREALOGIX solutions, banks can react to evolving customer needs in the area of e-banking, enabling them to hold their own in a very demanding and dynamic market and to remain one step ahead of their competitors. The group, founded in 1996, has around 420 employees worldwide. CREALOGIX Holding AG (CLXN)'s shares are traded on the SIX Swiss Exchange.
About Innofis
Innofis is a global provider of multichannel digital banking platforms. Every day, millions of retail and corporate banking clients are served by the Innofis platforms. The company's clients are top-tier international banks who appreciate the stability, control and innovation that the digital platforms provide. Innofis offers an attractive modular approach to digital technology which allows banks to invest and grow according to their needs.
The above press release contains future-oriented statements, that may be subject to certain unforeseeable risks, uncertainties and changes that are beyond the control of Innofis and CREALOGIX Holding AG. Innofis and CREALOGIX Holding AG can therefore not provide any assurances in relation to the accuracy of these future-oriented statements, their effect on the financial situation of CREALOGIX Holding AG or on the market in which CREALOGIX Holding AG shares and other securities are traded.
SOURCE CREALOGIX | http://www.cnbc.com/2018/01/09/pr-newswire-the-gateway-into-the-middle-east--crealogix-acquires-innofis.html | www.cnbc.com |
European markets: focus on earnings, dollar | Europe finished Monday's session slightly lower, amid a lighter trading day, as stocks paused for breath after two weeks of strong gains.
The pan-European STOXX 600 came off its lows, to finish provisionally down 0.17 percent, while major sectors were mostly lower by the market close.
Symbol Name Price Change %Change Volume FTSE --- DAX --- CAC --- IBEX 35 --- The U.K.'s FTSE 100 slipped 0.12 percent, while France's CAC 40 dipped 0.13 percent and Germany's DAX fell 0.34 percent. In peripheral markets, Italy's FTSE MIB rose 0.49 percent.
Trade has been lighter than usual on Monday, as markets in the U.S. are closed, in light of Martin Luther King, Jr. Day. The dollar was under pressure, with the index down by 0.64 percent around Europe's close, against a basket of foreign currencies.
Carillion enters liquidation One of the major news stories Monday was that U.K. construction firm Carillion had entered into liquidation. The company's shares were suspended from trading, but its rivals rose on the news, with Serco up over 7 percent and Interserve rising 2 percent.
U.K. banking stocks were consequently in focus as HSBC and RBS are seen as some of its top creditors. Both lenders ended trade in the red.
Elsewhere, utilities was the second top-performing sector. Endesa was a top performer, closing up 1.4 percent after Goldman Sachs raised its price target and rating on the stock.
In individual stock news, Finnish miner Metso dropped to the bottom of the European benchmark, tumbling 9.84 percent, after the firm reported lower-than-expected sales and profits.
show chapters Carillion collapse to have small impact on exposed banks: Analyst 8 Hours Ago | 02:44 On the other hand, Azimut soared 12.76 percent, after it announced that it was doubling its dividend. Vivendi was among the top performing stocks too, rising 2.7 percent following a rating upgrade, giving a boost to the media sector.
British engineer GKN popped more than 4 percent after suitor Melrose said it planned on meeting GKN shareholders, after the engineering firm rejected a multi-million acquisition proposal last week, Reuters reported.
Over the weekend, news emerged that BNP Paribas was making plans to benefit from the U.K.'s decision to leave the European Union. The French bank has prepared plans to attract mid-sized British companies, the Financial Times reported.
In Asia, stocks closed mostly higher but Chinese bonds and equities stumbled after the government announced new steps on banking oversight in an "arduous" fight on financial risks, Reuters reported.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | https://www.cnbc.com/2018/01/15/european-markets-focus-on-earnings-dollar.html | www.cnbc.com |
Exiger Names Former FBI International Corruption Squad Head George 'Ren' McEachern Managing Director in Global Investigations Group | NEW YORK and LONDON, Jan. 18, 2018 /PRNewswire/ -- Exiger , the global regulatory, financial crime, risk and compliance company, announced the appointment of George "Ren" McEachern as Managing Director in the company's Global Investigations Group. A decorated investigator widely recognized as one of the world's leading anti-bribery authorities, Mr. McEachern is based in Exiger's Washington, D.C. Metro office.
Mr. McEachern will focus primarily on leading anti-bribery investigations and assisting multinational corporations and financial institutions with regulatory risk management. He joined Exiger from the FBI, where he was a Supervisory Special Agent heading the Washington Field Office International Corruption Squad with a focus on Foreign Corrupt Practices Act (FCPA), international money laundering, kleptocracy and antitrust investigations. Mr. McEachern was one of the architects of the FBI's new global strategy on international corruption, which began in 2015, and included the creation of specialized FBI teams located in New York, Washington, DC, and Los Angeles.
"Ren has been at the epicenter of some of the largest and most complex global FCPA investigations in recent memory, giving him a deep, practical understanding of the lens through which the DOJ and the SEC view bribery and corruption issues and compliance programs," said Richard Plansky, Exiger Americas Regional Leader and Global Head of Investigations. "This unique perspective will be invaluable to our clients, providing them with the expert insight and cutting-edge technology they need to investigate critical anti-bribery issues and develop the sustainable anti-bribery and corruption compliance programs that are critical to navigating today's uncertain regulatory environment."
Throughout his 12-year career with the FBI, Mr. McEachern has worked closely with the banking industry, leveraging suspicious activity reports (SARs) and internal bank investigations to follow complex money movements throughout the global financial system. He has managed international corruption investigations in the Americas, Asia, Europe, Africa, and the Middle East, bringing together law enforcement, compliance professionals, and global financial authorities in a united front to identify and stop sources of corruption.
"Effective compliance is proactive compliance. Exiger understands this and distinguishes itself by pairing proven domain experts with breakthrough artificial intelligence technologies that allow companies to get out in front of potential problems before they can proliferate," said Mr. McEachern. "Exiger is leading the development of real-world investigative solutions that encompass the latest technologies and analytics to address both compliance and business growth imperatives."
Mr. McEachern will leverage this unique experience to provide strategic, technology-enabled investigative and compliance solutions to help Exiger clients manage bribery- and corruption-related risk.
About Exiger
Exiger is a global regulatory and financial crime, risk and compliance company. Exiger arms financial institutions, multinational corporations and governmental agencies with the practical advice and technology solutions they need to prevent compliance breaches, respond to risk, remediate major issues and monitor ongoing business activities. Exiger works with clients worldwide to assist them in effectively managing their critical challenges while developing and implementing the policies, procedures and programs needed to create a sustainable compliance environment. A global authority on regulatory compliance, the company also oversees some of the world's most complex court-appointed and voluntary monitorships in the private and public sectors, including the monitorship of HSBC. Exiger has four principal business units being: Exiger Advisory; Exiger Diligence ; Exiger Government Services; and Exiger Tech, including AI-based automated due diligence solutions DDIQ and Insight 3PM . Exiger operates through offices in New York City, Silver Spring (DC Metro), Miami, Toronto, Vancouver, London, Hong Kong, and Singapore.
Contacts:
U.S.
John Roderick
john@jroderick.com
631-584-2200
Europe
James Rossiter
jrossiter@morganrossiter.com
44 0203 195 3240
View original content with multimedia: http://www.prnewswire.com/news-releases/exiger-names-former-fbi-international-corruption-squad-head-george-ren-mceachern-managing-director-in-global-investigations-group-300584353.html
SOURCE Exiger | http://www.cnbc.com/2018/01/18/pr-newswire-exiger-names-former-fbi-international-corruption-squad-head-george-ren-mceachern-managing-director-in-global-investigations.html | www.cnbc.com |
As Stocks Reach New Highs, Investors Abandon Hedges | After a long stretch of stock market tranquility, more investors are concluding that paying for hedges to protect against any sudden downturn is a waste of money.
Howard Marella, founder of broker Icon Alternatives, is one. He had been a regular buyer of put options on individual stocks and indexes. These contracts are a form of insurance that pay out when stocks fall.
Heading... RELATED VIDEO Dow Hits 25000: Here's Why It Matters The Dow Jones Industrial Average crossed 25000, marking the latest big-number milestone for the index. So why does it matter? WSJ Markets Reporter Akane Otani explains. Photo: Reuters | https://www.wsj.com/articles/as-stocks-reach-new-highs-investors-abandon-hedges-1515421800 | www.wsj.com |
Kuwait's Jazeera Airways load factor rose to 74.5 pct in 2017 - CEO | KUWAIT, Jan 17 (Reuters) - Kuwaiti budget carrier Jazeera Airways filled around 74.5 percent of its available seats in 2017, a year-on-year increase of 5.5 percentage points, its chief executive said on Wednesday.
Jazeera Airways added three new routes last year, including starting flights to Doha, Qatar, shortly after Saudi Arabia, the United Arab Emirates, Bahrain, and Egypt banned direct flights to the country in June.
The budget carrier is targeting to fill close to 80 percent of its available seats this year, Chief Executive Rohit Ramachandran told Reuters at an air show in Kuwait.
Jazeera Airways is adding two jets to its fleet of seven Airbus A320 aircraft by February. Its network expansion this year includes adding flights to Indian cities Ahmedabad, Kochi, and Mumbai.
The airline intends to cut its cost per passenger to 55 euros by the end of 2019, down from 90 euros per passenger today, and 100 euros per passenger in 2016.
Ramachandran said Jazeera Airways was increasingly focusing on improving ancillary revenue, including through food and beverage and baggage charges.
Jazeera Airways will release its 2017 financial results in the coming weeks, Ramachandran said. (Reporting by Alexander Cornwell; Editing by Mark Potter)
| https://www.reuters.com/article/kuwait-airshow-jazeera-airways/kuwaits-jazeera-airways-load-factor-rose-to-74-5-pct-in-2017-ceo-idUSL8N1PC5BB | www.reuters.com |
Rocket Lab’s Still Testing orbital launch succeeds | Rocket Lab blasted off into space on Saturday, taking a major step toward opening low-cost access for a new generation of satellites.
The rocket builder's Electron vehicle reached orbit for the first time, deploying a payload of micro-satellites after launching from the company's complex on New Zealand's Mahia Peninsula.
This was the first time Electron's orbital deployment systems were tested, something CEO Peter Beck said was "the next crucial step" Rocket lab was "eager to test."
"It's not like we're looking to build one or two vehicles this year. We're really looking to kick it into an unprecedented flight rate" after testing is complete, Beck told CNBC.
The mission, titled "Still Testing," deployed three satellites. One was an Earth-imaging Dove satellites built by Planet, and the other were Lemur-2 satellites that monitor weather and track ships, built by Spire.
"This is the first test carrying customer payloads and we'll be monitoring everything closely as we attempt to reach orbit," Beck said. "This is not just about getting to orbit. We're really looking to get all the data we can."
In December, Electron missed its 10-day window after delays from weather and a last second abort. Rocket Lab had counted all the way down to T-minus 2 seconds, when Beck says Electron automatically aborted.
"The engines ignited but a couple engines didn't like the temperature of the liquid oxygen, so it automatically shut down," Beck said.
Rocket Lab had at least one more chance at launching in December, but Beck says "the weather didn't look good enough."
Electron's success comes at a critical time, as Rocket Lab has contracted to launch five rockets for lunar mining company Moon Express as early as next spring.
Rocket Lab said previously that the results of the "Still Testing" launch, if the rocket "performs nominally," may cause the company to accelerate the Electron program into commercial use.
"There's a tremendous number of things in place that enables us to ramp up production that way," Beck said.
This was the second of three planned test launches. In May, the first Electron vehicle failed to reach orbit. CEO Peter Beck said at the time the problems involved "third-party error" and were fixed. No major change was made to Electron's hardware between the tests.
Beck says the company will continue to base launches out of New Zealand, saying "right now we have all the capacity we need." As launches increase, Beck says that talks are ongoing with several spaceports and launch locations around the United States for future Rocket Lab flights.
"We're talking to Cape Canaveral, Kodiak in Alaska, and have a great relationship with Wallops," Beck said.
The launch was also the first to be livestreamed by Rocket Lab, a trend among private companies made popular by Elon Musk's SpaceX over the past decade. | https://www.cnbc.com/2018/01/21/rocket-labs-still-testing-orbital-launch-succeeds.html | www.cnbc.com |
PRESS DIGEST- New York Times business news - Jan 19 | Jan 19 (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.
- The percentage of young adult women who filled prescriptions for drugs used to treat attention deficit disorder has increased more than fivefold since 2003, the Centers for Disease Control and Prevention reported on Thursday. nyti.ms/2mTnskQ
- Lebanon's internal intelligence agency appears to have been caught spying on thousands of people - including journalists and military personnel - in more than 20 countries, according to researchers at the Electronic Frontier Foundation and Lookout, a mobile security company. nyti.ms/2mVjBUx
- Driving a car into the busiest parts of Manhattan could cost $11.52 under a major proposal prepared for Gov. Andrew Cuomo that would make New York the first city in the United States with a pay-to-drive plan. nyti.ms/2mVrl8L
- William Bain Jr., who founded the business consulting firm Bain & Company and was an early mentor to Mitt Romney, died on Tuesday at his home in Naples, Fla. He was 80. nyti.ms/2mUYAJo (Compiled by Bengaluru newsroom)
| https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-jan-19-idUSL3N1PE24Y | www.reuters.com |
Zynex Appoints Two New Independent Board of Directors | LONE TREE, Colo., Jan. 12, 2018 /PRNewswire/ -- Zynex, Inc. (OTCQB: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management, stroke rehabilitation, cardiac monitoring and neurological diagnostics, today announced the appointment of Michael Cress, and Barry Michaels to its Board of Directors and Audit Committee. Barry Michaels will also serve as Audit Committee Chair.
Thomas Sandgaard, Zynex Founder, Chairman and Chief Executive Officer said: "I am very pleased with the appointment of our two new independent board members, their business and healthcare industry experience will provide us the depth and resources required for the company to continue on its growth trajectory as well as complying with the requirements of a senior exchange."
Michael Cress serves as Chairman & Managing Partner of MD Cress Ventures, a national firm that owns, operates and advises companies within the healthcare sector. Michael also serves as Chairman of Rainier Healthcare. Prior to MD Cress Ventures he served as the President and CEO of the Cornerstone Healthcare Group which owns and manages hospitals throughout the country. Mr. Cress also served as Vice President of Business Development for Kindred Healthcare, a publicly traded healthcare company that owns and operates hospitals, nursing homes, rehabilitation, pharmacy and other segments of the healthcare continuum. He served as the CEO of Vencor Hospital of San Diego and was also an Adjunct Professor for the Masters of Healthcare Administration program at the University of Kansas. Mr. Cress serves on several not-for-profit boards to include Rachel's Challenge and co-founded and serves on the board for The Neighborhood. He serves on the boards or advisory boards of several companies to include Linley Capital, BankSNB, Rainier Hospice and Sleep Research.
Barry Michaels has 40 years of financial and general management experience in the medical device and biotechnology industries with industry leaders including Medtronic, Johnson and Johnson, and Baxter Healthcare, as well as having served as President or Chief Financial Officer of seven emerging stage companies. Most recently he served as a consultant to Organovo Holdings, Inc. after retiring therefrom in 2016, where he served as its Chief Financial Officer since 2011. Mr. Michaels received an MBA with a concentration in finance from San Diego State University and is a graduate of the Executive Program at the UCLA Anderson Graduate School of Management.
About Zynex
Zynex, founded in 1996, markets and sells its own design of electrotherapy medical devices used for pain management and rehabilitation; and the company's proprietary NeuroMove device designed to help recovery of stroke and spinal cord injury patients. Zynex is also developing a new blood volume monitor for use in hospitals and surgery centers. For additional information, please visit: Zynex.com .
Safe Harbor Statement
Certain statements in this release are "forward-looking" and as such are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the need to obtain FDA clearance and CE marking of new products, the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources, the need to keep pace with technological changes, our dependence on the reimbursement from insurance companies for products sold or rented to our customers, acceptance of our products by health insurance providers, our dependence on third party manufacturers to produce our goods on time and to our specifications, implementation of our sales strategy including a strong direct sales force our ability to up-list to a larger exchange and other risks described in our filings with the Securities and Exchange Commission including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2016 as well as Forms 10-Q, 8-K and 8-K/A, press releases and the Company's website.
Contact:
Zynex, Inc.
(303) 703-4906
Investor Relations Contact:
Amato And Partners, LLC
Investor Relations Counsel
admin@amatoandpartners.com
View original content with multimedia: http://www.prnewswire.com/news-releases/zynex-appoints-two-new-independent-board-of-directors-300582073.html
SOURCE Zynex | http://www.cnbc.com/2018/01/12/pr-newswire-zynex-appoints-two-new-independent-board-of-directors.html | www.cnbc.com |
Why this homeowner will accept bitcoin for his $45 million mansion | REITs Why this homeowner will accept bitcoin for his $45 million mansion The seller of a 9,000-square-foot Malibu, California, home is willing to accept bitcoin as part of the payment. Buying up brick-and-mortar real estate might take some of the volatility out of a cryptocurrency investment. "I'm not saying it's safe," the seller said. "I'm just willing to take the risk for investment." 4 Hours Ago | 01:39
Dr. Wei Tzuoh Chen is putting his 9,000-square-foot beachfront Malibu home on the market for $45 million.
It's a stunning masterpiece, designed by architect Ed Niles, unlike any other house on the ultra-luxurious strip of California beach. Angles jut out in every direction, most of the walls are windows, and a catwalk crosses the two-story entry foyer connecting the upstairs bedrooms.
Perhaps most unusal, Chen is willing to accept bitcoin as part of the payment from a buyer.
The kidney specialist, who has lived in the United States since the 1970s, says he is fascinated with cryptocurrencies and considers them to be just as legitimate as a dollar, pound or yen.
"I've been interested since it started, and I'm always watching what's going on," said Chen. "It's going to be the future. It just depends which one is going to be stabilized in the current market.
Do his neighbors think he's crazy? CNBC Dr. Wei Tzuoh Chen
"Oh yes!" he laughed.
Chen, who says he has already invested in cryptocurrencies, said he believes banks are on the verge of buying in, which would give more support to the cryptomarket. That, in turn, could push values even higher.
Chen is also quite pragmatic about the benefits of accepting a currency that is largely unregulated.
"According to current situation, if you buy the property with cryptocurrency, it's difficult to identify the cost of the real estate because it fluctuates so much," he said. "The government will have a hard time to tax or put a property value on the house you are going to sell." "I'm not saying it's safe. I'm just willing to take the risk for investment. Just like everybody else." -Dr. Wei Tzuoh Chen, Malibu home seller
And that opens up the potential buyer market for his home. There may not be a ton of $45 million buyers, but there are more now than there were even a year ago, thanks to cryptocurrencies.
New millionaires are now looking for ways to take some of the volatility out of their cryptogains, and brick-and-mortar real estate is the perfect way. CNBC
"The majority of bitcoin purchasers are outside of this country," Chen said. "And for this type of house and this amount, I think we'll attract more international buyers than from our country."
Chen said if he does get bitcoin in the sale, he will keep some of it and change some for dollars. Given the volatility of bitcoin, he could gain or lose money within days, essentially getting more or less for his home than he intended.
And that's why he only wants part of the payment in cryptocurrency.
"I'm not saying it's safe," Chen said. "I'm just willing to take the risk for investment. Just like everybody else." Diana Olick CNBC Real Estate Reporter Playing | https://www.cnbc.com/2018/01/11/why-this-homeowner-will-accept-bitcoin-for-his-45-million-mansion.html | www.cnbc.com |
Young Innovations Announces Acquisition of Mydent International | ALGONQUIN, Ill., Jan. 24, 2018 /PRNewswire/ -- Young Innovations, a leading global manufacturer and distributor of dental supplies and equipment, today announced the acquisition of Mydent International Enterprises Corp. ("Mydent"). Launched in 1985, Mydent is a leading supplier of infection control products, disposables, preventives, impression material systems, rotary instruments and restoratives, including under the DEFEND brand, in over 45 countries.
"We are incredibly proud to lead Mydent through its next phase of growth in partnership with our distributor customers," said Dave Sproat, CEO of Young Innovations. "The DEFEND brand has developed a reputation for high quality at great value that resonates well with clinicians and dental organizations around the world."
"Our acquisition of Mydent complements our robust infection control, preventive and restorative brand and product portfolio and aligns well with our commercial strategy," added Andrew Jones, Vice President of Corporate Development at Young Innovations. "This also demonstrates our commitment to continuing our focused acquisition strategy as an important pillar of our ongoing growth."
"We built Mydent and the DEFEND brand over the last 30 years to provide trusted products to dental professionals at a reasonable price," said Andy Parker, Founder and CEO of Mydent. "I am confident that Young is the best partner to steer Mydent toward continued success and the sustained growth of the DEFEND brand."
Andy Parker will serve in an advisory role for a transitional period. There will be no immediate changes to ordering and service procedures for customers or vendors.
Young Innovations was represented by Greenberg Traurig, LLP and Mydent was represented by Zukerman Gore Brandeis & Crossman, LLP of New York City.
Young Innovations, Inc. is a portfolio company of The Jordan Company.
About Young Innovations, Inc.
Young Innovations is a leading global manufacturer and distributor of supplies and equipment used by dentists, hygienists, dental assistants and consumers. Our portfolio of brands includes products that hold leadership positions in the preventive, restorative, orthodontic, endodontic and diagnostic segments. With its mission of Creating Smiles, Creating Possibilities, Young focuses on delivering innovative, high-quality products and solutions to clinicians and their patients. We seek out opportunities to enhance our portfolio of brands and products through organic growth and acquisitions.
About The Jordan Company
TJC ( www.thejordancompany.com ), founded in 1982, is a middle-market private equity firm with original capital commitments in excess of $8 billion and a 35-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, NY, TJC also has an office in Chicago, IL.
View original content: http://www.prnewswire.com/news-releases/young-innovations-announces-acquisition-of-mydent-international-300587494.html
SOURCE Young Innovations | http://www.cnbc.com/2018/01/24/pr-newswire-young-innovations-announces-acquisition-of-mydent-international.html | www.cnbc.com |
Powerball ticket holder to claim $570 million jackpot | Justin Sullivan | Getty Images A customer holds a handful of Powerball tickets.
It's been a billion-dollar lottery weekend after a lone Powerball ticket sold in New Hampshire matched all six numbers and will claim a $570 million jackpot, one day after another single ticket sold in Florida nabbed a $450 million Mega Millions grand prize .
The winning Powerball numbers drawn Saturday night were 12-29-30-33-61 and Powerball 26.
The Powerball jackpot was the nation's seventh largest.
The Florida Lottery says the winning Mega Millions ticket was bought at a 7-Eleven convenience store in Port Richey. The retailer will receive a $100,000 bonus for selling the winning ticket.
The winning numbers to claim the Mega Millions jackpot were 28-30-39-59-70-10.
The jackpots refer to the annuity options for both games, in which payments are made over 29 years. Most winners opt for cash options, which would be $281 million for Mega Millions and $358.5 million for Powerball.
The odds of winning the Mega Millions jackpot are one in 302.5 million. Powerball odds are one in 292.2 million.
The identity of either winner was not immediately available. However, under Florida law, the Mega Millions winner cannot remain anonymous.
The winner has 180 days from the date of the drawing to claim the prize. However, to elect the one-time, lump-sum cash payment option for $281.2 million the claim must be filed within 60 days, according to lottery officials.
The winner's name, city of residence and details on the winnings can be made public; however, the winner's home address and telephone numbers are to be kept "confidential."
According to the website, only three Mega Millions jackpots have been larger than the most recent grand prize: a jackpot of $656 million in 2012; a jackpot of $648 million in 2013; and $536 million in 2016. | https://www.cnbc.com/2018/01/07/powerball-ticket-holder-to-claim-570-million-jackpot.html | www.cnbc.com |
FACTBOX-A look at past U.S. government shutdowns | Jan 16 (Reuters) - Republicans who control the U.S. Congress are expected to try to pass a temporary spending bill before a Friday deadline, when existing federal funding is set to expire and federal agencies would begin to shut down.
While past shutdowns have done little lasting economic damage, these events can hurt federal workers, rattle markets and shake confidence in the United States abroad.
Since Congress implemented the modern budget process in the mid-1970s, there have been 18 gaps in government funding, according to the Congressional Research Service (CRS), but not all resulted in government shutdowns. In fact, only three of them had a significant impact.
During six funding gaps before 1980, the government continued normal operations. There were nine funding gaps between 1981 and 1994, but they occurred over weekends with minimal government disruption, according to the Committee for a Responsible Federal Budget, a Washington think tank.
Here are the three occasions when funding lapsed and significant government shutdowns occurred.
Nov. 14 to 18, 1995: This was the first of two government shutdowns that occurred after Democratic President Bill Clinton vetoed spending legislation passed by the Republican-controlled Congress. About 800,000 workers were furloughed from Nov. 15 to 19 during the first lapse in government funding, according to a CRS report.
Dec. 16, 1995 to Jan. 5, 1996: Clinton's continued clash with congressional Republicans over funding levels for the Medicare health insurance program for the elderly, education and other issues resulted in a second furlough of about 280,000 workers for 27 days beginning on Dec. 16, 1995, according to the CRS.
Oct. 1 to 16, 2013: During this standoff, about 800,000 federal workers were furloughed, and more than a million more reported to work without knowing when they would be paid, according to media reports. The shutdown occurred after conservative House of Representatives Republicans attempted to use the budget process to delay or defund implementation of Democratic President Barack Obama's Affordable Care Act, known as Obamacare.
The impasse between the House and the Democratic-controlled Senate, along with Obama, ended after both chambers passed a Senate-brokered bill that imposed stricter income verification requirements on people obtaining health insurance through Obamacare. The deal to end the shutdown coincided with a deadline to raise the U.S. debt ceiling, the country's borrowing limit.
(Compiled by Amanda Becker; Additional reporting by Blake Brittain; Editing by Will Dunham) | https://www.cnbc.com/2018/01/16/reuters-america-factbox-a-look-at-past-u-s-government-shutdowns.html | www.cnbc.com |
Spencer Trask & Co. and its Affiliated Investors Close the Sale of ImThera Medical, Inc. | OLD GREENWICH, Conn., Jan. 23, 2018 /PRNewswire/ -- Spencer Trask & Co. , a privately held advanced technology development firm, is pleased to announce the sale of ImThera Medical, Inc. ("ImThera"), a privately owned company focused on neurostimulation for the treatment of obstructive sleep apnea ("OSA"). The company was purchased by LivaNova PLC , a market-leading, medical technology company, as part of a transaction valued at approximately $225 million. Spencer Trask & Co. co-founded ImThera with Marcello Lima in keeping with the company's long tradition of helping develop innovative healthcare solutions that treat important medical conditions.
ImThera designed and developed a non-drug therapy for OSA that cyclically and continuously stimulates six muscles of the tongue via an implantable device. This therapy received its European CE mark in March 2012 and is currently being tested as part of a 141 patient Phase III clinical trial in the U.S. Led by Alan R. Schwartz, MD at Johns Hopkins University, the clinical trial is expected to be completed by March 2018.
"This transaction with LivaNova accelerates the ImThera mission of providing its life-changing therapy to the millions of Americans who are living with obstructive sleep apnea," said Spencer Trask & Co. Chairman Kevin Kimberlin.
The Centers for Disease Control and Prevention identifies insufficient sleep as a "public health epidemic," noting that one third of U.S. adults report that they usually get less than the recommended amount of sleep. Victims of OSA stop breathing during the night, sometimes several hundred times. This often undiagnosed condition is a major contributor to neurocognitive, metabolic and cardiovascular disease and may affect as many as 25 million Americans.
ImThera developed a programmable chip which stimulates the hypoglossal nerve that supplies the muscles of the tongue with signals from the brain. By so doing, the ImThera implant keeps the air passageway open throughout the night.
According to a retrospective study published in the Journal of Thoracic Disease ( Feb. 2016 ), individuals suffering from OSA face between a 35% and 85% higher mortality rate compared to healthy people. Approximately 50% of those with sleep apnea suffer from hypertension, a contributing factor in the approximately 38,000 annual cardiovascular deaths (high blood pressure, hypertension, stroke) attributed to the disease.
Kimberlin added, "This is a prime example of the Spencer Trask & Co. mission in action, transforming the standard of care for conditions that affect millions of people." Spencer Trask & Co. is known for discovering and bringing to market technical solutions that improve the human condition.
About ImThera Medical, Inc.
ImThera Medical is a global leader in neurostimulation for the treatment of obstructive sleep apnea. Headquartered in San Diego, ImThera was founded to improve the lives of patients suffering from the debilitating effects of OSA. ImThera's sleep therapy product is comprised of an implanted small generator and multi-channel electrode lead, along with an external handheld remote control that can start, stop or pause therapy. ImThera collaborates with the world's top scientists and medical experts in sleep medicine, and its product is commercially available in several countries outside the United States.
About LivaNova
LivaNova PLC is a global medical technology company built on nearly five decades of experience and a relentless commitment to improve the lives of patients around the world. LivaNova's advanced technologies and breakthrough treatments provide meaningful solutions for the benefit of patients, healthcare professionals and healthcare systems. Headquartered in London and with a presence in more than 100 countries worldwide, the company employs more than 4,500 employees. LivaNova operates as three business franchises: Cardiac Surgery, Neuromodulation and Cardiac Rhythm Management, with operating headquarters in Mirandola (Italy), Houston (U.S.A.) and Clamart (France), respectively.
About Spencer Trask & Co.
Spencer Trask & Co. is a privately held advanced technology development firm that helps entrepreneurs, CEOs and corporate partners start and grow high impact ventures that are changing the world. The company has been instrumental in helping companies pioneer many technological and scientific advancements in the fields of genomics, healthcare technology, mobile technology, the Internet and Open Innovation. Please visit www.spencertraskco.com for more information.
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SOURCE Spencer Trask & Co. | http://www.cnbc.com/2018/01/23/pr-newswire-spencer-trask-co-and-its-affiliated-investors-close-the-sale-of-imthera-medical-inc.html | www.cnbc.com |
U.S. fund investors end 2017 cautious on domestic stocks -ICI | NEW YORK, Jan 3 (Reuters) - U.S. fund investors closed out 2017 in the same cautious stance where they started the year, favoring bonds and world stocks over equities in their home market, Investment Company Institute (ICI) data showed on Wednesday. Stock funds attracted $4.1 billion during the week ended Dec. 27, the trade group said, with about 70 percent of that moving into funds focused on stocks abroad and the remainder into domestic-oriented products. Bond funds also attracted $4.1 billion. The holiday week marked the 56th in a row of inflows for taxable-bond and world stock funds. Investors have preferred those funds out of a belief that they can grow their investments and harvest income without over-committing to a U.S. stock market that has recorded nearly a decade of gains. The ICI data covers mutual funds and exchange-traded funds (ETFs) based in the United States. The S&P 500 index gained more than 19 percent in 2017, or nearly 22 percent if you count dividends, yet domestic equity funds posted outflows for the third straight year in 2017, according to preliminary data from Thomson Reuters' Lipper unit. Debt and non-domestic stock funds were strongly positive on the year. The following table shows estimated ICI flows for mutual funds and ETFs (all figures in million of dollars): 12/27 12/20 12/13 12/6 11/29/2017 Equity 4,106 -1,573 6,838 8,621 3,141 Domestic 1,208 -9,544 5,347 5,962 -640 World 2,898 7,971 1,491 2,659 3,782 Hybrid -940 -2,122 -1,419 -2,139 -651 Bond 4,104 1,608 5,015 6,161 6,533 Taxable 4,484 1,521 4,943 6,471 6,361 Municipal -381 87 72 -311 172 Commodity -296 -434 5 421 -295 Total 6,974 -2,522 10,438 13,064 8,728 (Reporting by Trevor Hunnicutt; Editing by Phil Berlowitz)
| https://www.reuters.com/article/usa-mutualfunds-ici/u-s-fund-investors-end-2017-cautious-on-domestic-stocks-ici-idUSL1N1OX1GJ | www.reuters.com |
Kelly Scovanner joins Fairway Wholesale Lending | CINCINNATI, Jan. 18, 2018 /PRNewswire/ -- As part of its continued national expansion, Fairway Wholesale Lending (a division of Fairway Independent Mortgage Corporation) is excited to welcome Kelly Scovanner as Regional Vice President of Sales for the Northeast Region . With over 30 years' experience recruiting, developing and mentoring billion dollar sales teams, Kelly will further Fairway's success in third party originations throughout the Mid-Atlantic and Northeast states . It is the culture and operational support that separates Fairway Wholesale Lending from its competition. Kelly's ability to train and coach team members makes her a valued addition to the Fairway family.
Kelly is looking for experienced Account Executives in several markets throughout her region, so please email Kelly or contact her at (513) 884.6618). Why Not Fairway?
For more information, please visit the Fairway website at www.FairwayIndependentMC.com .
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BGL Announces the Merger of Simonds International and Burton Saw and Supply | CLEVELAND, Jan. 10, 2018 /PRNewswire/ -- Brown Gibbons Lang & Company (BGL) is pleased to announce the merger of Simonds International (Simonds), a portfolio company of Ironwood Manufacturing Fund and Nautic Partners, with Burton Saw and Supply (Burton), a portfolio company of Pfingsten Partners. BGL also assisted in a capital raise to support a recapitalization of the combined company. BGL's Industrials & Building Products team served as the exclusive financial advisor. Terms of the transaction were not disclosed.
The transaction creates the leading producer and marketer of cutting tools and related equipment for the wood processing industry. The combined entity will continue to leverage the Simonds, Burton, Cut Technologies, BGR, Armstrong, Wright, and Global Tooling brands and operate in the United States and Canada with 12 facilities strategically located in the major wood processing regions of North America.
Ray Martino, President and Chief Executive Officer of Simonds said: "BGL did an outstanding job bringing the companies together and supporting the merger. We are excited to partner with Burton to pursue the next stage of growth for our collective customers and employees."
Craig Tompkins, President and CEO of Burton said: "The merger brings together the strengths of two great companies with a common goal, efficient and innovative solutions to the industry we serve. We thank BGL for its efforts in this pivotal transaction."
To learn more about BGL's Industrials & Building Products Group , please visit: www.bglco.com/industrials
About Simonds International
Founded in 1832, Simonds International is a leading supplier and marketer of cutting tools and related products to the wood, pulp, paper, and tree care industries. Simonds merged with B.G.R. Saws in May 2017, expanding its offering to provide customers with a complete solution through products, services, and equipment. For more information, visit www.simondsint.com .
About Burton Saw and Supply
Burton Saw and Supply was founded in 1903 and is based in Eugene, Oregon. From its origins as a supplier of saw manufacturer supplies in Western Canada, the company transformed itself into a leading provider of products, equipment, and technical solutions to saw mills and wood product manufacturers throughout North America. For more information, visit www.burtonsaw.com .
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Business Services, Consumer & Retail, Environmental & Industrial Services, Healthcare & Life Sciences, Industrials, and Real Estate. BGL has offices in Chicago, Cleveland, Philadelphia, San Antonio, and San Diego in addition to Global M&A partner offices in more than 50 countries across 5 continents. BGL is able to deliver to our clients unparalleled access to strategic relationships, investors, and opportunities globally. For more information, please visit www.bglco.com .
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SOURCE Brown Gibbons Lang & Company | http://www.cnbc.com/2018/01/10/pr-newswire-bgl-announces-the-merger-of-simonds-international-and-burton-saw-and-supply.html | www.cnbc.com |
Ankura Announces Strategic Combination With Aegis Compliance & Ethics Center LLP | WASHINGTON, Jan. 22, 2018 /PRNewswire/ -- Ankura announced today the completion of a strategic combination with Aegis Compliance & Ethics Center LLP , a pre-eminent US healthcare compliance services firm widely recognized for providing leading industrywide compliance and privacy-related services and for its strength in the clinical research arena.
Since 2002, Aegis has assisted over 300 organizations with compliance-related services. Aegis has worked with 20 percent of all US hospitals and provided services to more than half of existing US medical schools. Joining Ankura as senior managing directors are Brian D. Annulis , Julie Colasacco , Ryan D. Meade , Steven W. Ortquist , Michael C. Roach , and Debbie Troklus . Dwight Claustre , Lea Fourkiller , K. Jane Hohn , and Gregory Kerr also join Ankura as managing directors along with 47 other highly qualified professionals.
In addition to the team's healthcare and clinical research compliance expertise, Aegis brings a range of cross-industry compliance-related capabilities covering the spectrum of enterprise risk management, compliance and ethics, and monitoring and independent oversight services. The team, combined with Ankura's existing healthcare compliance services led by F. Lisa Murtha , gives Ankura the market-leading team to assist healthcare clients.
Ankura Chief Executive Officer Roger Carlile said, "This combination is another important step in Ankura's journey to build a unique business advisory firm, based on a collaborative culture and known for how we solve challenges. The Aegis team holds these same ideals and we are very pleased to have them join the growing Ankura community. Bringing this group of recognized experts together with our own healthcare compliance leaders expands Ankura's ability to serve clients as well as continue to build market-leading teams by attracting, developing, and retaining the very best talent."
Ms. Murtha stated, "Since first meeting Ryan Meade, I have watched Aegis develop into the strongest healthcare research compliance team in the industry. These subject-matter experts are also thought leaders who work closely with the Health Care Compliance Association and the Society of Corporate Compliance and Ethics, and many of them also actively participate as faculty at Loyola, Drexel and other major academic centers and law schools."
Mr. Meade added, "The future of healthcare is research and science. Helping our clients succeed in that future reality requires the addition of the broad range of skills found at Ankura. Integrating Aegis' expertise in healthcare with Ankura's, including its rich data analytics expertise, makes for a new capability never seen before in the market."
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SOURCE Ankura | http://www.cnbc.com/2018/01/22/pr-newswire-ankura-announces-strategic-combination-with-aegis-compliance-ethics-center-llp.html | www.cnbc.com |
CVS bans photo manipulation for store beauty brands and will place alert label on others | CVS Health Monday said it will ban photo manipulation in its store-brand makeup marketing and promotional displays, a move that acknowledges growing awareness of the harmful nature of touched-up images.
The nation's largest drugstore chain will also require other makeup and beauty brands that sell products in its aisles to commit to a photo-manipulation ban by 2020, or face having an alert label placed on the images.
With some 9,600 stores nationwide, CVS is one of the nation's largest sellers of beauty products, giving the company significant influence over makeup marketing.
CVS Pharmacy President Helena Foulkes, who made the official announcement at the National Retail Federation's convention in New York, said the decision reflects an acknowledgment that "unrealistic body images" are "a significant driver of health issues," especially among women. About 80% of the chain's customers are women.
"We're all consuming massive amounts of media every day and we're not necessarily looking at imagery that is real and true," Foulkes said in an interview. "To try to hold ourselves up to be like those women is impossible because even those women don't look like how they appear in those photographs."
The company's ban on image editing in its own beauty marketing, including store aisle displays and social media posts, is scheduled to take full effect by April 2019.
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For other suppliers, the retailer will place an icon with a "digitally modified" warning message on any marketing materials that don't comply with CVS' new standard by 2020. The company's largest beauty product suppliers include Procter & Gamble , Johnson & Johnson , Unilever, L'Oreal , Maybelline and CoverGirl owner Coty .
CVS says its $69-billion acquisition of the health insurer Aetna will help create a customer "front door" to health care through the chain's network stores. Some analysts see the move as CVS trying to get ahead of potential move by Amazon into the pharmaceutical market.
Images and products that haven't been changed will get a new label called the CVS Beauty Mark.
"If someone decides they still need to digitally modify a photograph, what we want is for girls and women in our stores to know that," Foulkes said.
The move puts pressure on major CVS store makeup sellers to follow suit. Early indications suggest that makeup manufacturers may do so.
"Revlon and all of the brands in our company's portfolio support CVS' mission to present positive and authentic images of women that reflect their individual characteristics and personal distinction," Revlon North America President John Collier said in an email.
Editing photos to improve women's appearance in beauty product marketing is "rampant" and "plagues our culture," said Jennifer Berger, executive director of San Francisco-based women's empowerment group About-Face.
"Look at any mascara ad and they'll show a super-duper close-up of a woman's face. No woman's face looks like that," she said.
Foulkes said the company's suppliers had an "inspiring" response to the company's decision.
"I think they're thinking about it too because the world is changing fast, social media is changing things and there's a sense of empowerment among young girls that didn't exist when I was growing up," she said.
Here's how Foulkes said CVS is defining its commitment not to "materially" touch up any images: "We will not digitally alter or change a person's shape, size, proportion, skin or eye color, or enhance or alter their lines or wrinkles or other individual characteristics."
Body-image issues resulting from misleading imagery contributes to a health crisis of eating disorders among young women, Berger said.
Some 20 million women and 10 million men in the U.S. will have an eating disorder at some point, according to the National Eating Disorders Association.
"The culture has been just totally awash in these idealized images of women," Berger said. "It makes us ashamed of our appearance so companies can sell their products."
To be sure, there may also be a pragmatic element to the move by CVS.
Foulkes acknowledged that the company's makeup sales have been weak. In contrast, upstart makeup brands that have bet on natural ingredients and imagery are surging.
Those competitor brands have shown that authenticity in a world overwhelmed by false imagery is especially appealing to consumers.
"Partly we were reflecting on why are these indie brands doing so well," Foulkes said. | https://www.cnbc.com/2018/01/15/cvs-bans-photo-manipulation-for-store-beauty-brands-and-will-place-alert-label-on-others.html | www.cnbc.com |
Delta Air Lines reported earnings per share of 96 cents, vs 88 cents EPS expected | 8 Hours Ago | 01:35
Delta Air Lines on Thursday posted fourth-quarter earnings that beat Wall Street's expectations, and it raised its 2018 guidance about 20 percent.
Fueling Delta's upbeat forecast was its ability to increase how much it generates from each seat it flies per mile, a key revenue metric. This rose 4 percent in the three months ended in December from a year earlier.
Passenger revenue increased in every region, though trans-Atlantic travel was a standout in the quarter with 9 percent growth on the year. Cargo revenue also surged, as consumer demand grew for speedy deliveries.
Delta's shares surged after the report and outlook from the airline's executives. Shares were trading 5 percent in afternoon trading.
For the quarter ended Dec. 31, the second-largest U.S. airline posted net income of $572 million, or 80 cents per share, a decline of 8 percent from the year-earlier period.
On an adjusted basis, Delta earned 96 cents per share on revenue of $10.25 billion. Analysts polled by Thomson Reuters expected earnings of 88 cents a share on revenue of $10.13 billion. Getty Images With the U.S. Capitol dome in the distance, a Delta airplane takes off from Ronald Reagan National Airport in Washington, DC.
Delta adjusted its earnings to include items such as its minority stakes in Virgin Atlantic and Aeromexico, as well as one-time charge of $150 million due to the tax law, which revalues its deferred tax assets. Delta, like some of its competitors, doesn't pay federal taxes due to previous years of losses. The lower corporate tax rate revalues those tax assets, which are used to offset owed taxes.
Delta raised its full-year estimates for 2018 from $6.35 a share to $6.70 a share because of benefits from the new tax law, the airline's CEO Ed Bastian said in a release. During an investor day last month, the airline forecast earnings per share for 2018 of $5.35 to $5.70 for 2018.
The new tax law will help the company offset some of the impact from higher fuel costs, Delta said. The airline said its fuel expenses rose more than 20 percent in the quarter.
On a call later Thursday, Delta executives will likely address the impact from a powerful winter storm and resulting travel chaos at New York's John F. Kennedy International Airport, a major hub for Delta, as well as an ongoing trade dispute between Delta suppliers Boeing and Canada's Bombardier.
Airline stocks had surged on Wednesday after Delta's rivals United Airlines and American Airlines , which report later this month, issued better-than-expected outlooks for passenger revenue. Leslie Josephs Airline Reporter for CNBC.com Related Securities | https://www.cnbc.com/2018/01/11/delta-air-lines-reported-earnings-per-share-of-96-cents-vs-88-cents-eps-expected.html | www.cnbc.com |
Cramer's lightning round: Buy Becton Dickinson's stock hand over fist | Becton Dickinson : "I think it's a strong buy. It's one of my absolute favorites and it's a local company. I would pick it up hand over fist through this weakness."
Hain Celestial : "It had some financial irregularities. They are now behind. The problem is a lot of people feel it's a takeover [target], and I don't think that Irwin Simon, who runs it, feels that way. So I would say, you know what? There are better fish to fry right now, but it's not as bad as when it had those financial problems."
Carnival Corp. : "The answer is buy, buy, buy! I'll tell you, they delivered an amazing quarter and didn't get enough credit."
Watch the full lightning round here: show chapters Cramer's lightning round: Buy Becton Dickinson's stock hand over fist 20 Hours Ago | 02:58 | https://www.cnbc.com/2018/01/02/cramers-lightning-round-buy-becton-dickinsons-stock-hand-over-fist.html | www.cnbc.com |
Nitto Avecia Pharma Services Appoints Raymond Kaczmarek as President | IRVINE, Calif., Jan. 15, 2018 /PRNewswire/ -- Nitto Avecia Pharma Services, Inc. (Avecia Pharma), a leading CGMP contract development and manufacturing organization (CDMO), announced today that it has appointed Raymond Kaczmarek to the position of President. Mr. Kaczmarek will have full P&L responsibility for the entire organization.
Detlef Rethage, President of parent company, Nitto Denko Avecia, Inc., stated, "We are excited to welcome Ray to Avecia Pharma. We are confident that with his proven leadership, knowledge and experience in a broad spectrum of drug development activities, Ray will continue to further strengthen and grow the business and meet the needs of our clients."
Mr. Kaczmarek joins the organization with nearly 20 years of extensive experience in operations management within the pharmaceutical and biopharmaceutical industries. He most recently served as Vice President, Commercial Manufacturing and Supply Operations at Pacira Pharmaceuticals, Inc., located in San Diego, California. His proven leadership in strategic manufacturing management, for both clinical and commercial manufacturing, makes him perfectly suited to contribute to the future success of the company. In addition to working for Pacira, Mr. Kaczmarek has held management positions in such companies as Bayer Biologics, Abbott Laboratories, Boehringer-Ingelheim, Covidien, Athersys, and Wyeth Biotech.
Mr. Kaczmarek explained, "It is truly a privilege to lead this wonderful team at Avecia Pharma as we continue to enhance its capabilities as a full service CDMO. I look forward to our future development of the Irvine campus, strengthening our service capabilities, and above all, providing outstanding outcomes for our clients."
Mr. Kaczmarek earned a Bachelor of Science degree in Biology from Virginia Polytechnic Institute and State University (Virginia Tech). He is also a proud veteran who served our country as a combat engineering officer in the US ARMY Corps of Engineers.
ABOUT NITTO AVECIA PHARMA SERVICES INC.
Nitto Avecia Pharma Services is your single solution for premier contract development and manufacturing services. Nitto Avecia Pharma Services supports the pharmaceutical, biopharmaceutical, and medical device industries with a complete package of CGMP services including pre-formulation/formulation, parenteral manufacturing, analytical development, biopharmaceutical development, structural chemistry, analytical chemistry, microbiology, stability storage and drug delivery device testing. With three state-of-the-art facilities located on one campus in Irvine, CA. Learn more at www.aveciapharma.com
ABOUT NITTO DENKO AVECIA INC.
Nitto Denko Avecia Inc. is a recognized leader in manufacturing and development services of oligonucleotide therapeutic with facilities located in Milford, MA.; Marlboro, MA.; and Cincinnati OH offering services for DNA, RNA and other oligonucleotides based therapeutics from milligram scale at pre-clinical stage to 1000kg + post commercial launch. More information: www.Avecia.com . Nitto Denko Avecia is proud member of Nitto Group. More information: www.Nitto.com
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Goldman Sachs posts EPS of $5.68 vs. est. of $4.91 | 7 Hours Ago | 02:20
Goldman Sachs on Wednesday reported fourth-quarter earnings of $5.68 a share that topped Wall Street estimates. The company posted a net loss when factoring in a tax hit, largely because of a one-time charge for bringing overseas profits back to the U.S.
The investment bank titan also beat on revenue, reporting $7.83 billion against estimates of $7.61 billion.
However, trading revenues in the critical fixed income, currencies and commodities space plunged, falling 50 percent from a year ago. Trading revenue overall was down 34 percent.
The numbers come as Goldman looks to transition out of its long-time perch atop the trading business into other lines. Mergers and acquisitions continues to be a mainstay for the firm as it held its No.1 ranking on Wall Street, but the move away from the core business is coming with a cost.
Shares fell more than 2 percent on Wednesday as investors reacted to the poor trading results, as well as an update on the bank's tax rate this year. Goldman executives said on conference call that its effective tax rate will be 24 percent, higher than some on Wall Street had assumed would be the case in the wake of the tax reform bill.
The stock is up just 5.8 percent over the past year, during a time when the S&P 500 surged 22 percent as investors have been slow to warm to the new Goldman business model.
"That FICC trading number was shocking," Gerard Cassidy, managing director at RBC Capital Markets, told CNBC. "Their FICC trading numbers are so much weaker than their competitors."
In a news release, Goldman said trading was "a challenging environment characterized by low levels of volatility and low client activity." Equities revenue also fell by 14 percent.
"Last year, we delivered higher revenue and stronger pre-tax margins despite a challenging environment for our market-making businesses," Lloyd C. Blankfein, Goldman's chairman and CEO, said in a statement.
"With the global economy poised to accelerate, new U.S. tax legislation providing tailwinds and a leading franchise across our businesses, we are well positioned to serve our clients and make significant progress on the growth plan we outlined in September," he added.
Like its peers on Wall Street, Goldman had to take a paper writedown due to the tax reform legislation Congress passed in December. Including its $4.4 billion tax hit, the firm suffered a loss of $5.51 a share.
Goldman did see a stellar quarter in its investment banking operations, which saw $2.14 billion in net revenues for the quarter and $7.37 billion for a year, its second best ever.
Investment management also continued to be strong, producing $1.66 billion for the quarter, a 4 percent gain from 2016, with the full-year total of $6.22 billion reflecting a 7 percent increase. | https://www.cnbc.com/2018/01/17/goldman-sachs-posts-eps-of-5-point-60-vs-est-of-4-point-91.html | www.cnbc.com |
CANADA FX DEBT-C$ adds to this week's losses even as oil climbs | * Canadian dollar at C$1.2488, or 80.08 U.S. cents * Bond prices lower across much of a steeper yield curve TORONTO, Jan 10 (Reuters) - The Canadian dollar edged lower against its U.S. counterpart on Wednesday, as investors continued to take profit after recent gains even as the greenback broadly fell and oil prices rose. At 9:33 a.m. EST (1433 GMT), the Canadian dollar was trading at C$1.2488 to the greenback, or 80.08 U.S. cents, down 0.2 percent. The currency traded in a range of C$1.2428 to C$1.2494. The loonie has retreated after hitting its strongest in three months on Friday at C$1.2355 as investors await a Bank of Canada interest rate decision next week. Stronger-than-expected domestic jobs data on Friday and a business survey on Monday that showed optimism have helped lift the chances of a rate hike on Jan. 17 to about 80 percent. Losses for the loonie come amid increased worries that the North American Free Trade Agreement could be scrapped. Canada sends about 75 percent of its exports to the United States. The price of oil, one of Canada's major exports, reached new multi-year highs as OPEC-led production cuts and healthy demand helped balance the market. U.S. crude prices were up 0.7 percent at $63.38 a barrel. The U.S. dollar slumped after a report that China was ready to slow or halt its U.S. Treasury purchases, with the greenback posting its biggest single-day drop against the Japanese yen in nearly eight months. The value of Canadian building permits fell by 7.7 percent in November from October, Statistics Canada said. Analysts surveyed by Reuters had expected a decrease of 0.3 percent. Canadian government bond prices were lower across much of a steeper yield curve in sympathy with U.S. Treasuries. The 10-year , which fell 13 Canadian cents to yield 2.222 percent, touched its highest intraday yield since September 2014 at 2.231 percent. (Reporting by Fergal Smith; Editing by Meredith Mazzilli)
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-adds-to-this-weeks-losses-even-as-oil-climbs-idUSL1N1P50V3 | www.reuters.com |
Mundy Promoted to Chief Operating Officer of Lockton's Pacific Operations in US | LOS ANGELES, Jan. 16, 2018 /PRNewswire/ -- Lockton, the world's largest privately held independent insurance broker, has promoted Nate Mundy to senior vice president and chief operating officer of its Pacific operations in the US. Mundy succeeds Gary Petrosino, a 40-year industry veteran who is retiring.
"Nate is a respected leader and innovator who has a keen understanding of Lockton's value to clients," said Tim Noonan, CEO of Lockton's Pacific operations. "He embodies our values and culture, including our entrepreneurial mindset and performance-driven approach, which will help us drive continued growth in the Pacific Series."
Mundy has more than 13 years of experience with Lockton and most recently held the position of senior vice president of operations of the Pacific Series. He has served in various client service and business development support roles at Lockton, including as a member of the merger and acquisition team (PECAP) in New York. Mundy started his insurance career as a trainee with Jardine Lloyd Thompson (JLT) in London. He is a graduate of the University of Kansas.
"Gary Petrosino is a tremendous leader and an industry icon," adds Noonan. "He has served Lockton, our clients and the industry with integrity and distinction. We wish him and his wife Judy all the best as they begin their next chapter."
Petrosino joined Lockton as COO of the Pacific Series in 2016 after serving more than 35 years in underwriting and leadership roles at Chubb. He was executive vice president and western US field operations officer for Chubb when he joined Lockton.
Lockton's Pacific operation includes offices in Los Angeles, San Diego, Orange County, San Fernando Valley, San Francisco, Sacramento, Seattle and Portland. Lockton's 600 Pacific Associates serve a wide array of clients with advice and support on commercial insurance, employee benefits and retirement services.
About Lockton
Lockton is a global professional services firm with 6,500 Associates who advise clients on protecting their people, property and reputations. Lockton has grown to become the world's largest privately held, independent insurance broker by helping clients achieve their business objectives.
For nine consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance."
View original content with multimedia: http://www.prnewswire.com/news-releases/mundy-promoted-to-chief-operating-officer-of-locktons-pacific-operations-in-us-300582836.html
SOURCE Lockton | http://www.cnbc.com/2018/01/16/pr-newswire-mundy-promoted-to-chief-operating-officer-of-locktons-pacific-operations-in-us.html | www.cnbc.com |
UPDATE 3-Alaska mine developer's shares fall 20 pct; partner pressured | (Recasts with letter from U.S. public pension funds trustee, adds closing share prices, other details)
VANCOUVER, Jan 29 (Reuters) - Shares of mine developer Northern Dynasty Minerals Ltd fell more than 20 percent on Monday, the first trading day after a U.S. regulator's surprise move to keep restrictions on the company's big copper and gold mine project in Alaska.
The U.S. Environmental Protection Agency reversed itself on Friday by maintaining restrictions on the proposed Pebble copper and gold mine in southwest Alaska's Bristol Bay region, saying it needed more time to assess the project's impact on the environment and area fisheries.
Pebble holds one of the world's largest undeveloped copper and gold deposits. Its development, near one of the biggest sockeye salmon fisheries on earth, has been fiercely opposed by environmentalists, native groups and fisherman for years.
Also on Monday, pressure mounted on First Quantum Minerals , a potential partner on Pebble, to cut its ties with the project. First Quantum shares closed 2.5 percent lower at C$18.40 in Toronto trading.
Both Northern Dynasty and EPA Administrator Scott Pruitt said on Friday the move would not derail the Pebble mine's permit application process. But it was the first sign the project's path may not be as smooth under the mining-friendly Trump administration as some analysts and the company had predicted.
John Chiang, a trustee of the California Public Employees' Retirement System and the California State Teachers' Retirement System, on Monday sent a letter to First Quantum requesting it to cut ties with Northern Dynasty and Pebble.
The two large U.S. public pension funds are shareholders of First Quantum, a Canadian miner which last month agreed to consider becoming a partner in Pebble to help fund the multibillion-dollar project.
"I am concerned that the Pebble Mine operation will trigger unavoidable significant environmental and social damage, infringe on the rights of indigenous peoples and raise a host of regulatory, operational, legal, and reputational risks for any company that pursues the endeavor," Chiang said in the letter, a copy of which was seen by Reuters.
First Quantum did not respond to a request for comment.
Northern Dynasty's U.S.-listed shares closed down nearly 22 percent at $1.20. In Toronto, the stock fell 20 percent to C$1.50 after dropping as low as C$1.39.
EPA REVERSAL
Northern Dynasty shares had quadrupled in the months after Donald Trump won the 2016 U.S. presidential election on expectations the long-stalled project would face an easier road under an administration keen to reduce environmental regulations to benefit business.
That view gathered steam when in May 2017 the EPA agreed that Pebble's permitting process would be reviewed in a "fair, transparent" way.
Under former President Barack Obama, the EPA in 2014 unveiled proposals to limit large-scale mining in the Bristol Bay area, even before Northern Dynasty had started the permitting process, citing environmental concerns.
Last July, new EPA head and Trump-appointee Pruitt began a process to withdraw the restrictions. But on Friday, Pruitt said he was suspending that process. "It is my judgment at this time that any mining projects in the region likely pose a risk to the abundant natural resources that exist there," he said.
Environmental groups applauded the move but Northern Dynasty Chief Executive Officer Ron Thiessen downplayed Pruitt's about-face, saying the May 2017 EPA agreement is what "drives everything.
"From my perspective this has done nothing to us ... This in no way impairs or jeopardizes the (permit) process," he said in an interview late on Saturday.
Northern Dynasty last month started the permitting process for Pebble and is studying a smaller mine design than before.
Chris Mancini, research analyst at Gabelli Funds, which owns Northern Dynasty shares, said he was "hopeful" that the Pebble project "can be built in such a way that the fishery will not be negatively impacted." ($1 = C$1.23) (Reporting by Nicole Mordant in Vancouver; additional reporting by Yereth Rosen in Anchorage; Editing by Jeffrey Benkoe and Matthew Lewis) | https://www.cnbc.com/2018/01/29/reuters-america-update-3-alaska-mine-developers-shares-fall-20-pct-partner-pressured.html | www.cnbc.com |
S&P Global Schedules 4th Quarter & Full-Year 2017 Earnings Announcement/Conference Call for Tuesday, February 6, 2018 | NEW YORK, S&P Global's (NYSE: SPGI) fourth quarter and full-year 2017 results will be issued on Tuesday, February 6, 2018, via news release at approximately 7:15 a.m. Eastern Time. The news release will be available at www.spglobal.com .
Douglas L. Peterson, President and CEO; Ewout Steenbergen, Executive Vice President and CFO; and Chip Merritt, Vice President, Investor Relations, will host a conference call/webcast at 8:30 a.m. Eastern Time on February 6, 2018, to discuss the Company's fourth quarter and full-year 2017 results. The presentation is open to all interested parties and may include forward-looking information.
Webcast Instructions: Live and Replay
The webcast will be available live and as an archived replay through the Company's Investor Relations website at http://investor.spglobal.com/Quarterly-Earnings (please copy and paste URL into web browser). The archived replay will be available beginning two hours after the conclusion of the live call and will remain available for one year.
Telephone Access: Live and Replay
The call begins at 8:30 a.m. Eastern Time. Please dial in by 8:20 a.m.
- For callers in the U.S.: (888) 391-6568
- For callers outside the U.S.: +1 (415) 228-4733 (long distance charges will apply)
- The conference passcode is "S&P Global"
The recorded telephone replay will be available beginning two hours after the conclusion of the call and will remain available until March 5, 2018.
- For callers in the U.S.: (866) 429-0569
- For callers outside the U.S.: +1 (203) 369-0911 (long distance charges will apply)
Presenters' Slides & Remarks
The presenters' slides will be made available for downloading at the conclusion of the call. The final remarks will be available for downloading the following day. For these documents and any additional information provided during the presentation, go to http://investor.spglobal.com/Quarterly-Earnings .
About S&P Global
S&P Global is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The Company's divisions include S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices and S&P Global Platts. S&P Global has approximately 20,000 employees in 31 countries. For more information visit www.spglobal.com .
Investor Relations: http://investor.spglobal.com
Get news direct via RSS:
http://investor.spglobal.com/RSS-Feeds/Index?keyGenPage=1073751617
CONTACTS
Investor Relations:
Chip Merritt
Vice President, Investor Relations
(212) 438-4321 (office)
chip.merritt@spglobal.com
For questions regarding call access:
Celeste M. Hughes
Senior Manager, Communications and Shareholder Relations
(212) 438-2192 (office)
celeste.hughes@spglobal.com
News Media:
Jason Feuchtwanger
Director, Corporate Media Relations
(212) 438-1247 (office)
(347) 419-4169 (mobile)
jason.feuchtwanger@spglobal.com
: releases/sp-global-schedules-4th-quarter--full-year-2017-earnings-announcementconference-call-for-tuesday-february-6-2018-300583414.html
SOURCE S&P Global | http://www.cnbc.com/2018/01/16/pr-newswire-sp-global-schedules-4th-quarter-full-year-2017-earnings-announcementconference-call-for-tuesday-february-6-2018.html | www.cnbc.com |
Old hands in South Korea bitcoin market unfazed by threats of ban | Threats of a potential cryptocurrency trading ban in South Korea have scared many investors away, but some veterans of the young market are defiant, saying restrictions would be relatively easy to circumvent.
Although the cryptocurrency market lost about $200 billion this week, or a third of its value, these investors - known within the community as "hodlers" after a misspelled meme that went viral during Bitcoin's early days - are used to rollercoaster rides.
China's shutdown of local exchanges in September, for instance, caused a 50 percent drop in Bitcoin, but prices rebounded eight-fold to almost $20,000. Currently valued around $10,000, Bitcoin could be poised for a similar whirlwind this time around, some say.
"In case the government shuts down all local exchanges,investors can always go abroad and open an account there," said a South Korean student who declined to be named because of legal risks. "I can ask my friends who study abroad or travel there myself. It's not that big of a problem."
Cryptocurrency experts say the student probably has good reason to be relaxed. A ban could discourage new market entrants, but the anonymity of buyers and sellers and the ability to move digital assets anywhere in the world with a click makes it hard to impose restrictions on existing participants without a global consensus.
Places like Singapore and Hong Kong maintain light regulations, while neighboring Japan has encouraged a vast ecosystem of companies and investors around digital assets by pioneering a set of rules for the industry. Germany has said national restrictions may be useless.
VPNs, offline wallets According to industry experts, the first step to circumventing a ban is hiding IP addresses from authorities via virtual private networks (VPNs).
Traders can then continue business as usual. Decentralized exchanges, such as Shapeshift or Stellar Dex, do not require identification and can be accessed from anywhere.
Cryptocurrency wallets such as Exodus and Jaxx are linked to such exchanges, so trading and storing the assets can still be anonymous. Authorities in countries with strong legal protections may need a warrant to check computers or smartphones for proof of such activity.
show chapters Bitcoin expert: More regulations will help legitimize digital currencies 17 Hours Ago | 05:39 Even then, unless caught in the act, the holder can claim no trading has taken place since the legislation was approved and has forgotten the password for the wallet.
Some decentralized exchanges offer derivative products that allow betting on the price of a cryptocurrency against a fiat currency, including the Korean won and Chinese yuan. But cashing out in fiat is not possible on such exchanges.
An option in that case is to trade all cryptocurrencies for a top one such as Bitcoin, Ethereum or Litecoin, and sell it at one the 2,064 crypto ATMs in 61 countries, although the transaction fees can exceed 10 percent. If need be, coins can be stored on offline "wallets" the size of a USB stick.
Alternatively, holders can open bank accounts in countries that have not banned Bitcoin, then join a local centralized exchange where they can trade cryptocurrencies for fiat.
"I hold everything in a hard wallet the size of my thumb. I have copies of my private keys in a safe. I have accounts on four exchanges on three continents. If any government wants my money, good luck to them," said a Hong Kong-based investor who claims to hold "about $1 million" in various cryptocurrencies.
Crossing borders A 30-year-old nurse in Seoul said she had already switched to Hong Kong-based exchange Binance before the government's warnings hit the market. Company officers at Seoul-based exchanges say, anecdotally, such moves have accelerated.
"All this could lead to serious money outflow and only the government is not aware of it," one officer said, requesting anonymity.
South Korea accounts for between 5 and 15 percent of daily Bitcoin trading. The value of all Bitcoins is around $200 billion.
If opening accounts overseas proves difficult, friends,family or the local Bitcoin community can help. Another option is to find someone with access to an exchange - preferably using encrypted social media apps such as Whatsapp or Telegram - and sell to them at a discount. But fraud is a risk.
"There could be a black market where people who can cash out offshore can pay you in won for your Bitcoins," said Aurelian Menant, chief executive of Hong-Kong based exchange Gatecoin.
But that leaves the door open to "dodgy stuff," Menant said, adding that the fear of scams in the aftermath of a ban may deter new investors, potentially shrinking Korean trading volumes "from billions to millions."
show chapters Coindesk's research head breaks down crypto investing trends 1:42 PM ET Wed, 17 Jan 2018 | 04:48 | https://www.cnbc.com/2018/01/18/old-hands-in-south-korea-bitcoin-market-unfazed-by-threats-of-ban.html | www.cnbc.com |
CDK Global to Announce Second Quarter Fiscal 2018 Financial Results on January 30, 2018 | HOFFMAN ESTATES, Ill., Jan. 16, 2018 (GLOBE NEWSWIRE) -- CDK Global, Inc. (Nasdaq:CDK) is scheduled to release its financial results for the fiscal second quarter ending December 31, 2017 before the opening of the Nasdaq on Tuesday, January 30, 2018.
CDK will also be hosting a conference call at 7:30 a.m. CT on January 30, 2018 to discuss the results for the fiscal quarter. Brian MacDonald, President and Chief Executive Officer, Joe Tautges, Chief Financial Officer, and Katie Coleman, Senior Director Investor Relations, will be participating on the call.
Investors and interested participants are invited to listen to the conference call and view the accompanying slide presentation via live webcast which can be accessed through CDK's Investor Relations home page, http://investors.cdkglobal.com . The slide presentation will be available approximately 60 minutes before the webcast at CDK's Investor Relations home page. A replay of the webcast will be available on the Events & Presentations section of CDK's Investor Relations home page.
About CDK Global
With more than $2 billion in revenues, CDK Global (Nasdaq:CDK) is a leading global provider of integrated information technology and digital marketing solutions to the automotive retail and adjacent industries. Focused on enabling end-to-end automotive commerce, CDK Global provides solutions to dealers in more than 100 countries around the world, serving approximately 28,000 retail locations and most automotive manufacturers. CDK solutions automate and integrate all parts of the dealership and buying process from targeted digital advertising and marketing campaigns to the sale, financing, insuring, parts supply, repair and maintenance of vehicles. Visit www.cdkglobal.com .
Investor Relations Contact:
investor.mail@cdk.com
847.485.4000
Source:CDK Global, Inc. | http://www.cnbc.com/2018/01/16/globe-newswire-cdk-global-to-announce-second-quarter-fiscal-2018-financial-results-on-january-30-2018.html | www.cnbc.com |
Quintana Energy Services Inc. Announces Launch of Initial Public Offering | HOUSTON, Jan. 29, 2018 /PRNewswire/ -- Quintana Energy Services Inc. (NYSE: QES) ("QES" or the "Company") announced today that it has launched an initial public offering of its common stock (the "Offering") pursuant to a registration statement on Form S-1 filed previously with the Securities and Exchange Commission (the "SEC"). The Offering consists of 9,259,259 shares of common stock being offered by QES. In addition, certain selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 1,388,889 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The current expected initial offering price is between $12.00 and $15.00 per share. The shares have been authorized for listing on the New York Stock Exchange under the ticker symbol "QES," subject to official notice of issuance.
BofA Merrill Lynch and Simmons & Company International, Energy Specialists of Piper Jaffray are acting as joint book-running managers and representatives of the underwriters for the Offering. Citigroup, Barclays, Tudor, Pickering, Holt & Co. and Evercore ISI are also acting as bookrunners for the Offering. Stephens Inc. and Capital One Securities are acting as co-managers for the Offering. The Offering will be made only by means of a prospectus that meets the requirements of Section 10 of the Securities Act of 1933. A copy of the preliminary prospectus may be obtained from:
BofA Merrill Lynch
NC1-004-03-43, 200
200 North College Street, 3rd Floor
Charlotte, NC 28255-0001
Attention: Prospectus Department
dg.prospectus_requests@baml.com
Piper Jaffray & Co.
800 Nicollet Mall, Suite 800
Minneapolis, MN 55402
Attention: Prospectus Department
(800) 747-3924
www.prospectuspjc.com
About Quintana Energy Services Inc.
QES is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the U.S. QES's primary services include: directional drilling, pressure pumping, pressure control and wireline services. The Company offers a complementary suite of products and services to a broad customer base that is supported by in-house manufacturing, repair and maintenance capabilities.
Important Information
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC's website at www.sec.gov under "Quintana Energy Services Inc." This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the size, timing or results of the Offering, represent QES's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of QES's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, QES does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for QES to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with the Offering. The risk factors and other factors noted in QES's prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.
Contacts:
Quintana Energy Services
Keefer M. Lehner
EVP, Chief Financial Officer
832-518-4094
ir@quintanaenergyservices.com
Dennard Lascar Investor Relations
Ken Dennard / Natalie Hairston
713-529-6600
QES@dennardlascar.com
View original content: http://www.prnewswire.com/news-releases/quintana-energy-services-inc-announces-launch-of-initial-public-offering-300589522.html
SOURCE Quintana Energy Services Inc. | http://www.cnbc.com/2018/01/29/pr-newswire-quintana-energy-services-inc-announces-launch-of-initial-public-offering.html | www.cnbc.com |
Panhandle Oil and Gas Inc. Announces Fiscal 2018 First Quarter Financial Results Release Date | OKLAHOMA CITY, Jan. 30, 2018 /PRNewswire/ -- PANHANDLE OIL AND GAS INC. (NYSE: PHX) announced today that it plans to release results for its fiscal 2018 first quarter ended Dec. 31, 2017, on Thursday, Feb. 8, 2018.
Panhandle Oil and Gas Inc. (NYSE: PHX) is engaged in the exploration for and production of natural gas and oil. Additional information on the Company can be found on the Internet at www.panhandleoilandgas.com .
View original content: http://www.prnewswire.com/news-releases/panhandle-oil-and-gas-inc-announces-fiscal-2018-first-quarter-financial-results-release-date-300590379.html
SOURCE PANHANDLE OIL AND GAS INC. | http://www.cnbc.com/2018/01/30/pr-newswire-panhandle-oil-and-gas-inc-announces-fiscal-2018-first-quarter-financial-results-release-date.html | www.cnbc.com |
Microsoft says Meltdown and Spectre fixes will slow some PCs down significantly | Tech Guide Microsoft says Meltdown and Spectre fixes will slow some PCs down significantly Microsoft said most Windows 7 and Windows 8 users relying on older chips will notice the performance impact of updates to protect against Meltdown and Spectre. The company also said Windows Server performance will be degraded if customers choose to install updates that are meant to protect against untrusted code. SHARES Getty Images
Microsoft on Tuesday provided new details on the performance impact of updates to protect against recently disclosed security vulnerabilities. In certain cases, performance on Windows will be significantly slowed by patches for the Meltdown and Spectre vulnerabilities .
Some people have found that their servers and PCs are performing differently after installing updates, so the news shouldn't come as a big surprise. Still, the new information doesn't line up perfectly well with what Intel said last week when the vulnerabilities were first officially announced. "Any performance impacts are workload-dependent, and, for the average computer user, should not be significant," the chipmaker said .
Microsoft expects most people using Windows 7 and Windows 8 on chips that are from 2015 or older will notice performance degradations, Terry Myerson, executive vice president for Microsoft's Windows and Devices Group, wrote in a blog post . The company did not publish specific performance benchmarks to back up the claims.
Some people using Windows 10 with Intel Haswell chips or anything older will notice performance impacts, Myerson wrote. But those people running Windows 10 on Skylake, Kaby Lake or newer Intel chips probably won't notice performance issues, although internally run benchmarks show single-digit slowdowns, Myerson wrote.
The case is different for Windows Server, Microsoft's operating system for servers. Should customers choose to install updates to protect against issues stemming from untrusted code running on those machines, there will be a more significant performance impact, Myerson wrote. "This is why you want to be careful to evaluate the risk of untrusted code for each Windows Server instance, and balance the security versus performance tradeoff for your environment," he wrote.
At this point, Microsoft has provided Meltdown and Spectre patches for 41 of the 45 versions of Windows through Windows Update, Myerson wrote.
Intel stock went down after Microsoft released the news. It traded as low as $43.75, about 2 percent lower than opening price, falling from about $44.34 per share immediately after the announcement. Microsoft stock initially faltered but then reversed its decline.
Later on Tuesday Intel offered new details on PC performance impacts because of security updates.
"Based on our most recent PC benchmarking, we continue to expect that the performance impact should not be significant for average computer users. This means the typical home and business PC user should not see significant slowdowns in common tasks such as reading email, writing a document or accessing digital photos," Intel said in a statement . The testing on PCs with the latest Intel silicon found an impact of 6 percent or less, the company said.
Intel said it's still trying to get a sense of performance changes for chips used in data centers. Jordan Novet Technology Reporter for CNBC.com Related Securities | https://www.cnbc.com/2018/01/09/microsoft-says-meltdown-and-spectre-fixes-will-slow-some-pcs-down-significantly.html | www.cnbc.com |
California Association of Marriage and Family Therapists Names Nabil El-Ghoroury as Executive Director | SAN DIEGO, Jan. 29, 2018 /PRNewswire-USNewswire/ --The California Association of Marriage and Family Therapists (CAMFT) has named Nabil El-Ghoroury, PhD, CAE, as its new Executive Director, effective January 22, 2018.
"Nabil brings a terrific mix of association expertise, advocacy and a background in mental health to CAMFT," said CAMFT Board President Bob Casanova, LMFT. "We are looking forward to his leadership as we chart CAMFT's future and fulfill our mission."
"I am excited to be returning home to California, and working to ensure that all Californians recognize and have access to proper mental health care and an understanding of the full breadth of services that Marriage and Family Therapists provide," El-Ghoroury said.
El-Ghoroury comes from the American Psychological Association, where he served as Associate Executive Director of the American Psychological Association of Graduate Students (APAGS). He was with APAGS, a 25,000-member organization, for eight years, providing leadership, management, evaluation and implementation of all programs, projects and activities. Nabil has been recognized as an "emerging association leader" in the Diversity Executive Leadership Program, a program of the American Society of Association Executives.
About California Association of Marriage and Family Therapists (CAMFT)
CAMFT is an independent professional organization representing the interests of over 32,000 Marriage and Family Therapists. It is dedicated to advancing the profession, maintaining high standards of professional ethics, upholding the qualifications and expanding awareness for the profession.
View original content: http://www.prnewswire.com/news-releases/california-association-of-marriage-and-family-therapists-names-nabil-el-ghoroury-as-executive-director-300589709.html
SOURCE California Association of Marriage and Family Therapists | http://www.cnbc.com/2018/01/29/pr-newswire-california-association-of-marriage-and-family-therapists-names-nabil-el-ghoroury-as-executive-director.html | www.cnbc.com |
Vinita Bali to Join Bunge Limited Board of Directors | WHITE PLAINS, N.Y., Jan. 3, 2018 /PRNewswire/ -- Bunge Limited (NYSE: BG) today announced that Vinita Bali has been appointed to its Board of Directors, effective immediately.
Ms. Bali, 62, served as Chief Executive Officer of Britannia Industries, a publicly listed food company in India, from 2005 to 2014. Prior to that, she was Head of the Business Strategy practice in the U.S. at the Zyman Group, a consulting firm. She started her career in India at a Tata Group company in 1977, and joined Cadbury India in 1980, subsequently working for Cadbury in the United Kingdom, Nigeria and South Africa until 1994. From 1994 to 2003, she held senior positions in marketing and general management at The Coca-Cola Company in the U.S. and Latin America, becoming Global Head of Corporate Strategy in 2001.
Currently, Ms. Bali serves as an advisory board member of PwC India, and is a non-executive director on the boards of Smith & Nephew plc, as well as several Indian companies, including CRISIL Ltd., Titan Industries Ltd. and Syngene International Limited. She is a former non-executive director of Syngenta International AG. She also chairs the Board of the Global Alliance for Improved Nutrition (GAIN).
"Vinita is an accomplished former CEO in the food and ingredients industry who brings directly relevant experience to our Board of Directors," said L. Patrick Lupo, Chairman, Bunge Limited. "We will greatly benefit from her depth of industry knowledge and emerging markets experience as we continue to grow our Food & Ingredients business."
Ms. Bali holds an MBA from the Jamnalal Bajaj Institute of Management Studies at the University of Mumbai, and a BA in Economics from the University of Delhi.
Website Information
We routinely post important information for investors on our website, www.bunge.com , in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
About Bunge Limited
Bunge Limited ( www.bunge.com , NYSE: BG) is a leading global agribusiness and food company operating in over 40 countries with approximately 32,000 employees. Bunge buys, sells, stores and transports oilseeds and grains to serve customers worldwide; processes oilseeds to make protein meal for animal feed and edible oil products for commercial customers and consumers; produces sugar and ethanol from sugarcane; mills wheat, corn and rice to make ingredients used by food companies; and sells fertilizer in South America. Founded in 1818, the company is headquartered in White Plains, New York.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, 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. These forward-looking statements are not based on historical facts, but rather reflect our current expectations and projections about our future results, performance, prospects and opportunities. We have tried to identify these forward-looking statements by using words including "may," "will," "should," "could," "expect," "anticipate," "believe," "plan," "intend," "estimate," "continue" and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. The following important factors, among others, could affect our business and financial performance: industry conditions, including fluctuations in supply, demand and prices for agricultural commodities and other raw materials and products used in our business; fluctuations in energy and freight costs and competitive developments in our industries; the effects of weather conditions and the outbreak of crop and animal disease on our business; global and regional agricultural, economic, financial and commodities market, political, social and health conditions; the outcome of pending regulatory and legal proceedings; our ability to complete, integrate and benefit from acquisitions, dispositions, joint ventures and strategic alliances; our ability to achieve the efficiencies, savings and other benefits anticipated from our cost reduction, margin improvement and other business optimization initiatives; changes in government policies, laws and regulations affecting our business, including agricultural and trade policies, tax regulations and biofuels legislation; and other factors affecting our business generally. The forward-looking statements included in this release are made only as of the date of this release, and except as otherwise required by federal securities law, we do not have any obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances.
View original content: http://www.prnewswire.com/news-releases/vinita-bali-to-join-bunge-limited-board-of-directors-300577080.html
SOURCE Bunge Limited | http://www.cnbc.com/2018/01/03/pr-newswire-vinita-bali-to-join-bunge-limited-board-of-directors.html | www.cnbc.com |
COLUMN-OPEC's output restraint tightens oil inventories and spreads: Kemp | (John Kemp is a Reuters market analyst. The views expressed are his own)
* Chartbook: http://tmsnrt.rs/2E9y6v5
LONDON, Jan 25 (Reuters) - OPEC and its allies insist more needs to be done to reduce global oil inventories but the market already shows unmistakeable signs of becoming very tight.
Brent futures have moved into the largest and most sustained backwardation since June and July 2014, before the slump began and when the spot price was still trading above $100 per barrel.
The six-month calendar spread closed in a backwardation of $2.50 per barrel on Jan. 24, up from a contango of $1.85 twelve months ago (http://tmsnrt.rs/2E9y6v5).
Brent spreads regularly cycle between contango and backwardation as the global oil market alternates between periods of over- and under-supply.
Contango is associated with periods of high and rising stocks while backwardation is associated with low and falling inventories.
The current six-month spread is already in the 83rd percentile of the entire distribution from 1990 through 2018, a sign traders think stocks are tight and will tighten further.
Until recently, spreads in U.S. crude (WTI) lagged behind Brent, reflecting the high levels of stocks around the WTI contract's delivery point at Cushing in Oklahoma.
But stocks at Cushing have drawn down sharply over the last two and a half months, from more than 64 million barrels to just 39 million barrels.
Cushing crude stocks are now 26 million barrels below the same point in 2017, according to an analysis of data from the U.S. Energy Information Administration (EIA).
Cushing stocks are less than 2 million barrels above the 10-year average, down from almost 30 million barrels over the seasonal average at the start of November.
Over the same period, the six-month WTI calendar spread has swung into a backwardation of more than $2.50, from a small contango 12 weeks ago, catching up with Brent.
Tightening stocks and spreads on U.S. crude have narrowed the discount between WTI and Brent spot prices to less than $5 per barrel from more than $7 late last year.
MARKET TIGHTENS
The drawdown in crude stocks at Cushing reflects a broader reduction in crude and products inventories across the OECD.
Commercial oil stocks remain more than 100 million barrels above the five-year average, which is still OPEC's official target.
But given the growth in global consumption since 2013, the five-year average is almost certainly too low and would leave the market feeling exceptionally tight.
Global liquid fuels consumption is forecast to average more than 100 million barrels per day (bpd) in 2018, up from just 92 million bpd in 2013, according to the U.S. EIA.
OPEC ministers have signalled they want to draw down stock levels even further and intend to keep current production curbs in place through at least the end of 2018.
But the market already feels tight and if OPEC sticks to its current course is likely to tighten further, pushing spot prices and calendar spreads even higher.
Experience suggests OPEC normally tightens the market too much after a price slump and that spot prices and spreads will overshoot first before correcting later.
OPEC's strategy and the movement in spot prices and spreads bears striking similarities with earlier episodes in 2000 and 2011 when prices shot well above the organisation's initial targets.
Global oil consumption is growing strongly owing to synchronised growth in the major consuming economies and a cyclical acceleration in global industrial activity and freight movements.
If OPEC sticks to its current output levels, global crude and products stocks will feel very tight by the second half of 2018.
The market will respond by driving spot prices and spreads higher to encourage more production from shale producers and moderate demand growth.
Related columns:
"OPEC's focus on stocks risks prices overshooting", Reuters, Jan. 3
"Oil market set to move from rebalancing to tightening", Reuters, Oct. 30
"OPEC must think about exit strategy," Reuters, Oct. 25
(Editing by David Evans) | https://www.cnbc.com/2018/01/25/reuters-america-column-opecs-output-restraint-tightens-oil-inventories-and-spreads-kemp.html | www.cnbc.com |
Chinese brokerage Gelin Dahua slashes April Shanghai copper position -data | BEIJING, Jan 17 (Reuters) -
* Chinese brokerage Gelin Dahua has cut long position on April Shanghai copper contract by 75 percent over past two days, according to Reuters calculations based on Shanghai Futures Exchange (ShFE) data
* Brokerage, owned by Shanxi Securities Co, now only 4th-biggest position holder among futures brokerages for April, but remains top for May and June
* Gelin Dahua offloaded 4,835 lots on Wednesday, on top of 4,160 lots it cut from its position on Tuesday, ShFE data shows
* Now has just 2,968 lots on April contract, versus 11,963 lots at the end of Monday, according to ShFE data
* Gelin Dahua has held the biggest long position on forward contracts on the exchange since at least October, placing bullish bets on behalf of a coal mining investor, according to a person familiar with the matter
* Shanghai copper prices ended down 1.9 pct on 53,580 yuan ($8,323.75) a tonne on Wednesday, the lowest close since Dec. 15
* Company did not immediately answer call seeking comment ($1 = 6.4370 Chinese yuan renminbi) (Reporting by Tom Daly; Editing by Kenneth Maxwell)
| https://www.reuters.com/article/china-metals-copper/chinese-brokerage-gelin-dahua-slashes-april-shanghai-copper-position-data-idUSL3N1PC2RN | www.reuters.com |
With eye on Brexit talks, May offers France money for border security | Taxes With eye on Brexit talks, May offers France money for border security At talks with French President Emmanuel Macron at Sandhurst, May wants to show that Britain still has plenty to offer France and other EU members. May has long seen defence and security as one of its strongest arguments to gain leverage in talks to unravel more than 40 years of union. Britain and France are expected to commit to joint military operations including a combined expeditionary force. Published 3 Hours Ago SHARES Dan Kitwood | Getty Images British Prime Minister Theresa May arrives for the European Union leaders summit at the European Council on December 14, 2017 in Brussels.
British Prime Minister Theresa May will offer France on Thursday 44.5 million pounds to bolster security at French border controls, part of measures to deepen cooperation that she hopes will foster goodwill in Brexit talks.
At talks with French President Emmanuel Macron at Sandhurst, Britain's army officer training academy, May wants to show that Britain still has plenty to offer France and other members of the European Union as she negotiates her country's departure.
But after a choreographed drumbeat of new agreements to be signed at what aides said was the 35th Anglo-French summit, the overtures, including the loan of the 11th century Bayeux Tapestry, fell flat in Britain's eurosceptic media.
"What a stitch up! Did borrowing the Bayeux Tapestry cost Britain 45 million pounds more to stop migrants at Calais," the Daily Mail asked, while the Sun mocked up the depiction of how William the Conqueror invaded England in 1066 as a tale of the EU trying to stop Britain leaving the bloc.
May has long seen defence and security as one of its strongest arguments to gain leverage in talks to unravel more than 40 years of union. But France and other member states have been cool on allowing Britain to bypass Brussels.
After lobbying from Macron for Britain to help with security at Channel ports which have become a focus for migrants, London said an additional 44.5 million pounds ($62 million) would be sent to France to help improve fencing, CCTV and technology.
"This is about investing in and enhancing the security of the UK border," a government spokesman said.
"Just as we invest in our borders around the rest of the UK, it is only right that we constantly monitor whether there is more we can be doing at the UK border controls in France and Belgium to ensure they are as secure as possible." Cooperation
The move comes alongside a raft of cooperation agreements at a summit where both leaders want to discuss "shared interests and priorities" rather than Brexit, especially after the EU has stepped up calls for Britain to change its mind.
"While this summit takes place as the UK prepares to leave the EU, this does not mean that the UK is leaving Europe...A strong relationship between our two countries is in the UK, France and Europe's interests, both now and into the future," May said in a statement.
May's spokesman said militant attacks in Britain and France underlined the need for cooperation, including Thursday's first meeting of the five heads of British and French intelligence agencies. show chapters 9 Hours Ago | 03:09
The two are expected to commit to joint military operations including a combined expeditionary force.
Britain will pledge to send three Chinook helicopters to Mali to provide logistical support for a French counter-terrorism operation and to participate in a new European defence initiative, the European Intervention Initiative.
France, in turn, has committed to contribute troops to British-led NATO forces in Estonia in 2019.
Overall, aides on both sides hope the summit will show the strength of ties between the two countries, something one French official said had become more important after the election of U.S. President Donald Trump.
"We all share a slight concern about what's going on in the United States, and in these times you feel the need to turn to people close to you to keep warm," a French presidential aide said. Playing | https://www.cnbc.com/2018/01/18/with-eye-on-brexit-talks-may-offers-france-money-for-border-security.html | www.cnbc.com |
VMWare could buy Dell in what could be tech's biggest deal ever -- a reverse merger that would bring Dell back to public markets | 1 Hour Ago | 02:40
Dell Technologies could emerge as a public company through a reverse-merger with VMware , the $60 billion cloud computing company it already controls, according to people familiar with the matter.
The reverse merger, whereby VMware would actually buy the larger Dell, would then allow Dell to be traded publicly without going through a formal listing. It would also likely be the biggest deal in tech industry history, giving investors who backed Dell's move to go private in 2013 a way to monetize their deal, while helping Dell pay down some of its approximately $50 billion debt.
VMware's stock fell sharply on the news. At midday, it was down 8.5 percent.
While Dell may also pursue a more traditional initial public offering, said the people, a reverse merger would allow the company to avoid a new public offering. Dell hasn't decided on a strategic option and is also considering several other paths forward, including other acquisitions or buying the remaining stake of VMware it doesn't own, as has been previously reported . Dell is unlikely to sell the company outright or sell its stake in VMware, one of the people said.
VMware was seen as the crown jewel in 2015 when Dell acquired EMC for $67 billion. That gave Dell 80 percent of VMware, which was an early pioneer in a technology called virtualization. That process gave companies a way to run the large computers in their data centers more efficiently by packing multiple "virtual" computers on a single piece of hardware.
While the technique is still widely used, VMware's growth prospects have been tempered as companies have moved more of their infrastructure from their own data centers to large cloud providers like Amazon and Microsoft . In 2016, the company agreed to let customers run its software on arch-rival Amazon's cloud service, an admission that the cloud model is taking precedence.
The reverse-merger is one of the more audacious strategic initiatives being looked at by Dell and its advisers, said the people, who asked not to be named because the discussions are private. Dell's board of directors will meet next month to consider a slew of options, many of which are still in the early stages of examination, including the reverse merger.
If VMware were to buy Dell, VMware would issue shares to Michael Dell and Silver Lake, the private owners of Dell. The owners could then sell shares on the public market as a way of monetizing their investment in Dell, the people said.
The exact valuation of Dell isn't known because the company is private. Dell took itself private in a $24.4 billion deal in 2013. It then acquired EMC for $67 billion in 2015, a deal that still stands as the largest technology acquisition of all time. Ralph Orlowski | Getty Images
Theoretically, a VMware acquisition for Dell would top that, making it the largest technology deal ever. Dell acquired more than 80 percent of VMware when it completed its deal for EMC in 2016. VMware's platform virtualization software was a key reason Dell pursued EMC two years ago.
While VMware's revenue has consistently grown each year, that has slowed. Annual sales rose 6.7 percent in 2016 from 2015 after six consecutive years of double-digit percentage growth. Still, net income of $1.2 billion was an all-time high for the company for 2016, and 2017 full-year estimates suggest the company will top that mark.
Spokespeople for Dell and VMware declined to comment. Alex Sherman Technology Reporter for CNBC.com Related Securities | https://www.cnbc.com/2018/01/29/vmware-could-buy-dell-in-what-could-be-techs-biggest-deal-ever--a-reverse-merger-that-would-bring-dell-back-to-public-markets.html | www.cnbc.com |
Qstream Appoints Richard Lanchantin as Chief Executive Officer | BURLINGTON, Mass., Jan. 3, 2018 /PRNewswire/ -- Qstream, makers of software that uses science, data, and mobile technology to ignite sales performance, today announced the appointment of Richard Lanchantin as Chief Executive Officer. Mr. Lanchantin succeeds co-founder and CEO Duncan Lennox, who will transition to a new role as Chairman of the Board.
"We're sincerely grateful for Duncan's leadership during the company's crucial early growth phase," said Gary Swart of Polaris Partners, "and we welcome his continued support as Chairman. The sales enablement market is poised to expand even further in 2018 as companies move beyond simple productivity tools in favor of solutions focused on developing sales competency and proficiency. No company is better positioned than Qstream to exploit this opportunity, and Rich's unique blend of education and technology experience make him a natural fit to take this business to the next level."
With roots in science education, Rich Lanchantin is a senior executive with more than 30 years' experience leading global sales, services, and customer success organizations for life sciences and software firms, including Abbott Diagnostics, Thermo Fisher Scientific, Rational Software and IBM.
"The sales enablement technology market grew significantly in 2017 and all signs point to continued expansion in the coming year," said Lanchantin, CEO of Qstream. "Qstream was a pioneer in this category, and continues to be the only solution clinically proven to change behavior and drive proficiency at scale. I'm thrilled to join this passionate team of professionals and look forward to building upon Qstream's marquee customer list and award-winning technology platform in the days ahead."
In 2017, Qstream's SaaS platform continued its growth trajectory as market leaders such as Mastercard, HubSpot, Nuance Communications, and Olympus Medical Systems committed to new or significantly expanded relationships with the company. Qstream also released new platform features, including the addition of video coaching to its award-winning Coaching Hub, and integration to Veeva CRM.
About Qstream
Qstream is focused on making salespeople great at what they do, in just minutes a day, by combining performance insights, coaching support, and knowledge and skills reinforcement in one convenient mobile app. Our clinically proven approach helps sales leaders align team capabilities to their unique sales process, KPIs, and customer path to purchase, while identifying gaps that put performance goals at risk. The Qstream platform is used by hundreds of leading brands in life sciences, technology, financial services and healthcare, and supported by a network of more than 50 global partners. To learn more, visit Qstream.com , or connect with us on Twitter and LinkedIn .
Media Contact:
Deidre Moore
dmoore@qstream.com
+1 781 214 4541
View original content with multimedia: http://www.prnewswire.com/news-releases/qstream-appoints-richard-lanchantin-as-chief-executive-officer-300576772.html
SOURCE Qstream | http://www.cnbc.com/2018/01/03/pr-newswire-qstream-appoints-richard-lanchantin-as-chief-executive-officer.html | www.cnbc.com |
Big first half leads No. 5 Kansas past Texas A&M in Big 12/SEC Challenge | Senior guard Sviatoslav Mykhailiuk erupted for 24 points Saturday, including 17 during a sizzling first half, as No. 5 Kansas tripped Texas A&M 79-68 at the Allen Fieldhouse in Lawrence, Kan.
The Jayhawks (17-4) led by 18 at the break and then cruised throughout the second half while recovering from a loss at Oklahoma earlier in the week.
Texas A&M (13-8) crawled within nine inside the final media timeout of the second half, but could get no closer despite 18 points and nine rebounds from junior center Tyler Davis.
Sophomore guard Malik Newman added 15 points and a team-high seven rebounds for the Jayhawks, who lost two nonconference games earlier in the season against Washington and Arizona State. The game against Texas A&M, a former Big 12 rival, was part of the Big 12/SEC Challenge.
The loss was the seventh in nine games for the Aggies, who also got 11 points and nine rebounds from sophomore forward Robert Williams. Texas A&M managed a 40-33 advantage on the boards, but was outscored 15-2 on fast-break points.
Kansas used an 18-3 run, which included 9-for-13 shooting from 3-point range, to gain a 38-21 margin in the first 15 minutes. The Jayhawks went on to grab their biggest lead of the half, 45-27, on a 3-pointer by Mitch Lightfoot just 3 seconds before the break.
Mykhailiuk netted 17 first-half points as one of five Jayhawks to drain 3-pointers. Kansas hit 10 of 19 from that distance for the half while holding Texas A&M to 36.4 percent shooting.
The victory was the 200th at home for Kansas against nonconference opponents in 15 seasons under coach Bill Self. The Jayhawks have lost just nine nonconference home games during that stretch.
Kansas stands 4-1 all-time in the Big 12/SEC Challenge. The Jayhawks sit atop the Big 12 with a 6-2 record and take a one-game lead into a Monday matchup at Kansas State, which has won four straight and sits in a four-way tie for second at 5-3. Kansas claimed a 73-72 home win over Kansas State in the first meeting on Jan. 13.
--Field Level Media
| https://www.reuters.com/article/basketball-ncaa-kan-tam-recap/big-first-half-leads-no-5-kansas-past-texas-am-in-big-12-sec-challenge-idUSMTZEE1R8N1UG8 | www.reuters.com |
U.S. resumes DACA applications after judge blocks end to program | Jan 14 (Reuters) - U.S. immigration authorities said on Saturday that it will resume accepting requests under a program that shields young people brought to the United States illegally from deportation after a court order blocked a government decision to end the program.
The U.S. Citizenship and Immigration Services said on its website that people who previously received a grant of protection under the Deferred Action of Childhood Arrivals (DACA) may apply for a renewal under the terms in place before it was rescinded in September.
The announcement comes after a U.S. judge on Thursday temporarily blocked a decision by President Donald Trump to end DACA later this year. Congress is debating whether or not to write new legislation that would grant legal status to these immigrants that were brought to the U.S. as children and remain illegally.
Former President Barack Obama enacted DACA to keep the undocumented immigrants, known as dreamers, from being deported.
The immigration office said that deferments under DACA do not confer legal residency but gives prosecutors discretion on enforcing immigration laws. (Reporting by Rich McKay; Editing by Christian Schmollinger) | https://www.cnbc.com/2018/01/14/reuters-america-u-s-resumes-daca-applications-after-judge-blocks-end-to-program.html | www.cnbc.com |
Oil markets near three-year highs, supported by healthy demand | SINGAPORE, Jan 16 (Reuters) - Brent crude prices were on Tuesday settling in around $70 per barrel, levels last seen before the start of an oil market slump in late 2014.
Prices have been driven up by production curbs in OPEC nations and Russia, as well as by robust demand on the back of healthy global economic growth.
Brent crude futures, the international benchmark for oil prices, had dipped 22 cents to $70.04 per barrel by 0213 GMT on Tuesday from the previous day's close. But traders said Brent was well supported overall around this level.
Brent hit $70.37 a barrel on Monday, its strongest since December, 2014, which was at the beginning of a three year oil price slump.
U.S. West futures were at $64.53 a barrel, up 23 cents, or 0.36 percent from their last settlement. WTI hit a December-2014 peak of $64.89 a barrel in early trading.
"We have updated our supply/demand balances to reflect a faster-than-expected tightening in the global oil market due to improving cyclical conditions, cold winter weather, and higher than expected OPEC compliance," Bank of America Merrill Lynch said.
In an effort to tighten markets and prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) and Russia started to withhold production in January last year, and the cuts are set to last through 2018.
This restraint has coincided with healthy oil demand and economic growth, pushing up crude prices by more than 13 percent since early December.
"We now see a deficit of 430,000 barrels per day (bpd) in 2018 compared to 100,000 bpd prior, and thus see Brent crude oil prices averaging $64 per barrel in 2018 compared to $56 prior. Our WTI projection also moves up from $52 per barrel to $60 per barrel for the same reasons," Bank of America Merrill Lynch said.
Crude futures have also been supported by a weak dollar, which fell to its lowest level in three years late on Monday against a basket of other leading currencies.
A weakening dollar often triggers investment into liquid commodity futures like gold and crude oil.
The major factor that in late 2017 held back crude prices, the surge in U.S. production, has stalled at least temporarily as icy winter weather in North America has shut down some facilities.
Instead of hitting 10 million bpd this month, as widely expected, U.S. production <C-OUT-T-EIA> fell from 9.8 million bpd in December to 9.5 million bpd currently.
Despite this, most analysts still expect U.S. production to break through 10 million bpd soon.
(Reporting by Henning Gloystein; Editing by Joseph Radford) | https://www.cnbc.com/2018/01/15/reuters-america-oil-markets-near-three-year-highs-supported-by-healthy-demand.html | www.cnbc.com |
The top 10 cities for finding a job in 2018 | If one of your top goals for the year is to find a new job then you're not alone.
Last year, career resource site Monster found January to be one of the busiest job searching months, with January 4 being the busiest day of the year among people looking for new career opportunities.
To help job seekers narrow down their search, job search platform ZipRecruiter used data around job availability, industry diversity, unemployment and earnings to compile a list of the top job markets in 2018.
Take a look below to see what cities you should consider during your job hunt this year.
DenisTangneyJr | Getty Images Fargo, North Dakota 1. Fargo, North Dakota Top five industries: physical therapy, construction, human resources, finance and insurance, healthcare
What makes the job market good: According to ZipRecruiter, Fargo, North Dakota has a low unemployment rate of 1.6 percent and offers many well-paying job opportunities that don't require a four-year degree.
2. Columbia, Missouri Top five industries: sales, business, desktop support, government, technology
What makes the job market good: ZipRecruiter reports Columbia, Missouri as having steady job growth over the past few years and being one of the few cities on the list with a significant rise in technology opportunities.
3. Oshkosh, Wisconsin Top five industries: truck driving, transportation and storage, healthcare, nursing, business
What makes the job market good: ZipRecruiter reports low cost of living and a stress-free work commute as two compelling factors in Oshkosh, Wisconsin.
Colin Anderson | Getty Images 4. Honolulu, Hawaii Top five industries: real estate, attorney, construction, facilities maintenance, education
What makes the job market good: In addition to its beautiful location, ZipRecruiter reports Honolulu, Hawaii as a place with significant job growth in well-paying industries like real estate, law and construction.
5. Ames, Iowa Top five industries: software, transportation and storage, business, truck driving, healthcare
What makes the job market good: According to ZipRecruiter, successful startup companies like Workiva Inc. are founded in Ames, Iowa in order to capitalize on talent from nearby Iowa State.
6. Lincoln, Nebraska Top five industries: construction, insurance, real estate, information technology, desktop support
What makes the job market good: According to ZipRecruiter, Lincoln, Nebraska is known for having a great job market for younger employees and for having a great entrepreneur community.
Chris L Smith/Getty Images The city of Wallace, Idaho. 7. Lewiston, Idaho Top five industries: healthcare, truck driving, nursing, transportation and storage, business
What makes the job market good: ZipRecruiter reports Lewiston, Idaho as employing approximately 1.7 million people in the state thanks in part to a strong demand for jobs in healthcare, nursing and truck driving.
8. Des Moines, Iowa Top five industries: human resources, construction, real estate, information technology, healthcare
What makes the job market good: Making the list each year for top job markets, ZipRecruiter says Des Moines, Iowa has promising job growth for a diverse set of industries.
9. Wausau, Wisconsin Top five industries: accounting, healthcare, technology, sales, transportation and storage
What makes the job market good: According to ZipRecruiter, Wausau, Wisconsin not only has job growth potential in numerous industries, but it also has a lower than average cost of living and commute times.
10. Minneapolis, Minnesota Top five industries: nutrition, travel, e-commerce, construction, nursing
What makes the job market good: ZipRecruiter places Minneapolis, Minnesota on the list for its large job market and low rate of job competition.
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show chapters Here are the 10 best cities to start your career 6:00 PM ET Tue, 30 May 2017 | 00:51 | https://www.cnbc.com/2018/01/05/top-10-cities-for-finding-a-job-in-2018.html | www.cnbc.com |
UPDATE 1-Nigerian inflation slowed for 11th month in Dec, stats chief says | (Adds details, background)
ABUJA, Jan 16 (Reuters) - Annual inflation in Nigeria slowed for the 11th month in a row in December, to 15.37 percent from 15.90 percent a month before, the head of the National Bureau of Statistics (NBS) said in a tweet on Tuesday.
Yemi Kale also said on his personal Twitter account that a separate food price index showed inflation at 19.42 percent in December, down from 20.30 percent in November.
In October, Central Bank Governor Godwin Emefiele said he expected inflation rates to fall at a faster pace and reach the high single-digits by the middle of 2018.
The bank has kept its main interest rate at 14 percent for over a year now as it battles inflation and seeks to attract foreign investors to support the naira currency.
The government wants to see rates come down to lower its borrowing costs and stimulate the economy.
The West African nation emerged from its first recession in 25 years in the second quarter of 2017 as oil revenues rose, although the slow pace of growth suggests the recovery remains fragile. (Reporting by Paul Carsten; Editing by Catherine Evans)
| https://www.reuters.com/article/nigeria-inflation/update-1-nigerian-inflation-slowed-for-11th-month-in-dec-stats-chief-says-idUSL8N1PB1JT | www.reuters.com |
UK Stocks-Factors to watch on Jan 17 | Jan 17 (Reuters) - Britain's FTSE 100 index is seen opening down 21 points at 7,735.3 on Wednesday, according to financial bookmakers. * RIO TINTO: Rio Tinto Plc on Tuesday said a U.S. regulator's lawsuit accusing the big Anglo-Australian mining company of fraud for overstating the value of Mozambique coal assets it had bought in 2011 should be dismissed. * INFORMA-UBM: Britain's Informa is in talks about a deal to buy events organiser UBM for more than 3 billion pounds ($4.14 billion), rekindling plans from almost a decade ago to create a major business media and conventions group. * GKN-MELROSE: Any potential buyer of British engineering company GKN should be aware of its billion pound-plus pension deficit, its pension trustees said on Tuesday, a day after Melrose appealed directly to GKN investors to back its 7 billion pound takeover offer. * CARILLION: Carillion collapsed only days after Royal Bank of Scotland RBS), one of the British group's main lenders, tightened the terms of its funding, court documents show. * GOLD: Gold prices edged up on Wednesday, as the U.S. dollar slumped to three-year lows against a basket of currencies. * OIL: Oil prices gave away earlier gains on Wednesday as analysts warned of a downward correction after prices have gained more than 13 percent over the past month. * The UK blue chip FTSE 100 index closed down 0.28 percent at 7,747.18 points on Tuesday, as oil and mining companies dragged the index, tracking energy and metals prices lower, after gaining earlier in the session on a fall in sterling. * For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets * UK CORPORATE DIARY: Pearson PLC Trading Statement Release Burberry Group Q3 2018 Trading Statement Release Hochschild Mining Q4 2017 Production Results 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 Siju Varghese)
| https://www.reuters.com/article/britain-stocks-factors/uk-stocks-factors-to-watch-on-jan-17-idUSL3N1PC22V | www.reuters.com |
Water Meter Market in Asia-Pacific, Forecast to 2022 | NEW YORK, Jan. 11, 2018 /PRNewswire/ -- Read the full report: https://www.reportlinker.com/p05281643
The Asia-Pacific (APAC) water meter market, comprising basic water meters, automated meter reading (AMR), and advanced metering infrastructure (AMI) technologies is growing steadily due to the region-wide focus on improving metering penetration and reducing non-revenue water (NRW) losses.
The market is likely to grow at a modest Compound Annual Growth Rate (CAGR) of 3.5% between 2016 and 2022, propelled by the growing rate of metering in the region and the adoption of smart water metering in key developed nations. In addition to the analysis of market growth factors, this study offers insights into the broader trends influencing the water meter market and its participants.
Utilities have realized the importance of increasing cost recovery in ensuring the financial and environment sustainability of water supply. Strong private sector investment is also expected in the market due to a shift in the investment focus from China and India toward emerging markets. This environment of change has proved beneficial to the water meter market, with the region witnessing an increase in the pace of project implementation and a leapfrogging in adoption of smart metering systems.
The water meter market in APAC is still nascent with a highly fragmented market. Water meter market leaders from Japan and Europe have already begun capitalizing on the largely underdeveloped Southeast Asian meter market.
Key companies in the region include Itron, Elster, Aichi Tokei Denki, Sensus, Arad, and K-Water. While Japan and Australia are currently the markets with the most activity, developing markets such as Indonesia, Singapore, and South Korea are expected to offer strong growth opportunity in the coming years. Frontier markets such as the Philippines and Vietnam will be fail-safe long-term bets. In terms of market segment performance, the market share of basic meters will gradually be eroded by smart metering technologies due to the need for better demand management and increased cost recovery from customers.
Read the full report: https://www.reportlinker.com/p05281643
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. | http://www.cnbc.com/2018/01/11/pr-newswire-water-meter-market-in-asia-pacific-forecast-to-2022.html | www.cnbc.com |
TransDigm Group Incorporated Appoints James Skulina Interim CFO | CLEVELAND, Jan. 2, 2018 /PRNewswire/ -- TransDigm Group Incorporated (NYSE: TDG), a leading global designer, producer and supplier of highly engineered aircraft components, today announced that James Skulina, an Executive Vice President of the Company, has been appointed Interim Chief Financial Officer, effective immediately. Mr. Skulina replaces Terrance Paradie, who resigned for personal reasons. Mr. Paradie will remain an employee of the Company until April 2, 2018 and will be available to assist Mr. Skulina during the transition as needed. Mr. Paradie's departure is unrelated to the Company's financial condition, financial disclosure or strategic direction. The Company will initiate a search process to identify a permanent Chief Financial Officer.
"Jim has been a key member of the TransDigm management team and closely involved in many of the significant developments at TDG for over 20 years. He has substantial experience as a financial and operating executive and we are pleased he has agreed to step in as our interim CFO," said W. Nicholas Howley, TransDigm Group's Chairman and CEO. "Our financial performance and outlook remain strong, and I am confident Jim will help guide us through a seamless transition as we search for a permanent successor."
Mr. Skulina has been with the Company since 1994. For the last six years, Mr. Skulina has been an Executive Vice President responsible for many of TransDigm's existing businesses and new acquisitions. He has also served the Company in financial roles, including Corporate Controller and Controller for the Company's AeroControlex business unit, and in other roles, including President of the Company's AeroFluid Products business. Mr. Skulina has an MBA from Cleveland State University and Bachelor of Accounting degree from Bowling Green State University.
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, NiCad batteries and chargers, engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, databus and power controls, cockpit security components and systems, specialized cockpit displays, aircraft audio systems, specialized lavatory components, seatbelts and safety restraints, engineered interior surfaces and related components, lighting and control technology, military personnel parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems.
Contact:
Liza Sabol
Investor Relations
(216) 706-2945
ir@transdigm.com
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SOURCE TransDigm Group Incorporated | http://www.cnbc.com/2018/01/02/pr-newswire-transdigm-group-incorporated-appoints-james-skulina-interim-cfo.html | www.cnbc.com |
LeBaronBrown Industries LLC Acquires American International Chemical, Inc. | NEW YORK, Jan. 9, 2018 /PRNewswire/ -- LeBaronBrown Industries LLC ("LeBaronBrown") announced today that it has acquired a majority interest in American International Chemical, Inc. ("AIC"), a leading specialty chemical and ingredients distributor based in Framingham, Massachusetts. AIC's management team, led by its President and Founder Mike Schrage, will continue to manage the business.
Terms of the transaction were not disclosed. As part of the agreement, AIC has changed its legal status from American International Chemical Corporation to American International Chemical LLC.
LeBaronBrown is a private investment firm with a multi-decade orientation and a strategy to bring capital and resources to company management teams to enable growth over a multi-decade period. AIC joins Charkit Chemical Company LLC, acquired in June of 2017, under the same parent company.
AIC is entering its 46th year of operations and undertook this transaction to position the company for long-term, continued growth. "The investment puts AIC in the best position for future growth, building upon the success of our dedicated AIC team," commented Mike Schrage, President of AIC. "We are excited about our future and the partnership with LeBaronBrown."
Simon Brown and Matt LeBaron, co-founders of LeBaronBrown, stated "We are thrilled by the addition of AIC to the LeBaronBrown platform. The company's high-quality, multi-decade performance history and reputation as a premier specialty chemical and ingredients provider made it an ideal choice. We look forward to the opportunity to provide resources and support to the existing management team to fuel continued growth."
For more information about LeBaronBrown, please contact Simon Brown or Matt LeBaron at 212.841.8500.
About American International Chemical
Founded in 1972, American International Chemical LLC is an ISO Certified specialty chemical, raw materials, and ingredient supplier servicing the food, pharmaceutical, nutrition, personal care, biotech, and industrial markets of North America. Through a team of 30 sales representatives and 19 strategically located warehouses, AIC offers a wide range of globally sourced products and ensures both quality and adherence to regulatory requirements. To meet the changing requirements of its customers, AIC also offers a range of custom manufacturing capabilities to the North American market.
About LeBaronBrown Industries
LeBaronBrown Industries LLC is a private investment firm with a multi-decade investment horizon. LeBaronBrown's objective is to support the creation of long term equity value and compounding of performance. LeBaronBrown's capital and resources will be dedicated to supporting the growth of its operating companies over the long term, including by actively seeking complementary acquisitions.
LeBaronBrown Industries LLC
400 Park Avenue, 21st Floor
New York, NY 10022
www.lebaronbrown.com
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SOURCE LeBaronBrown Industries | http://www.cnbc.com/2018/01/09/pr-newswire-lebaronbrown-industries-llc-acquires-american-international-chemical-inc.html | www.cnbc.com |
Five Oaks Investment Corp. Announces First 2018 Common Stock Dividend Rate of $0.0333 Per Share for January, February and March 2018 and Preferred Stock Dividend | NEW YORK, Jan. 5, 2018 /PRNewswire/ -- Five Oaks Investment Corp. (NYSE: OAKS) (the "Company") today announced that its board of directors has declared monthly cash dividend rates for the first quarter of 2018 of $0.0333 per share of common stock for the months of January, February and March.
First Quarter 2018 Common Stock Dividends
Month
Dividend
Record Date
Payment Date
January 2018
$0.0333
January 16, 2018
January 30, 2018
February 2018
$0.0333
February 15, 2018
February 27, 2018
March 2018
$0.0333
March 15, 2018
March 29, 2018
In accordance with the terms of the 8.75% Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") of the Company, the board of directors has also declared monthly cash dividend rates for the first quarter of 2018 of $0.1823 per share of Series A Preferred Stock:
First Quarter 2018 Series A Preferred Stock Dividends
Month
Dividend
Record Date
Payment Date
January 2018
$0.1823
January 16, 2018
January 26, 2018
February 2018
$0.1823
February 15, 2018
February 27, 2018
March 2018
$0.1823
March 15, 2018
March 27, 2018
Five Oaks Investment Corp.
Five Oaks Investment Corp. is a real estate investment trust focused with its subsidiaries on investing on a leveraged basis in mortgage and other real estate-related assets, particularly mortgage-backed securities and mortgage servicing rights. The Company's objective is to deliver attractive cash flow returns over time to its investors, primarily through dividends and secondarily through capital appreciation.
Five Oaks Investment Corp. is externally managed and advised by Oak Circle Capital Partners LLC.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the U.S. securities laws that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. You can identify forward-looking statements by use of words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions or other comparable terms, or by discussions of strategy, plans or intentions. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Forward-looking statements are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward looking statements as predictions of future events. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. Additional information concerning these and other risk factors are contained in the Company's most recent filings with the Securities and Exchange Commission, which are available on the Securities and Exchange Commission's website at www.sec.gov .
All subsequent written and oral forward-looking statements that the Company makes, or that are attributable to the Company, are expressly qualified in their entirety by this cautionary notice. Any forward-looking statement speaks only as of the date on which it is made. Except as required by law, the Company is not obligated to, and does not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information and Where to Find It
Investors, security holders and other interested persons may find additional information regarding the Company at the SEC's Internet site at http://www.sec.gov/ or the Company website www.fiveoaksinvestment.com or by directing requests to: Five Oaks Investment Corp., 540 Madison Avenue, 19 th Floor, New York, NY 10022, Attention: Investor Relations.
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SOURCE Five Oaks Investment Corp. | http://www.cnbc.com/2018/01/05/pr-newswire-five-oaks-investment-corp-announces-first-quarter-2018-common-stock-dividend-rate-of-0-point-0333-per-share-for-january.html | www.cnbc.com |
Ultragenyx Announces Pricing of Public Offering of Common Stock | NOVATO, Calif., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE), a biopharmaceutical company focused on the development of novel products for rare and ultra-rare diseases, today announced the pricing of its underwritten public offering of 4,385,965 shares of its common stock at a price to the public of $57.00 per share, resulting in gross proceeds of $250 million before underwriting discounts. In addition, the company has granted the underwriters of the offering an option for a period of 30 days to purchase up to an additional 657,895 shares of the company's common stock at the public offering price, less the underwriting discount.
The offering is expected to close on or about January 26, 2018, subject to satisfaction of customary closing conditions.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Goldman Sachs & Co. LLC and Cowen are acting as joint book-running managers for the offering.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and became automatically effective on February 3, 2015. This offering is being made solely by means of prospectus supplement and accompanying prospectus. When available, copies of the final prospectus supplement and the accompanying prospectus related to the offering may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 866-803-9204, or by email at prospectus-eq_fi@jpmchase.com ; BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@baml.com ; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com ; and Cowen, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, United States, Attn.: Prospectus Department or by telephone 1-631-274-2806.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ultragenyx
Ultragenyx is a biopharmaceutical company committed to bringing to market novel products for the treatment of rare and ultra-rare diseases, with a focus on serious, debilitating genetic diseases. The Company has rapidly built and advanced a diverse portfolio of product candidates with the potential to address diseases for which the unmet medical need is high, the biology for treatment is clear, and for which there are no approved therapies.
The Company is led by a management team experienced in the development and commercialization of rare disease therapeutics. Ultragenyx's strategy is predicated upon time and cost-efficient drug development, with the goal of delivering safe and effective therapies to patients with the utmost urgency.
Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding the expected closing of the public offering, are within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such involve substantial risks and uncertainties that could cause our clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the . Such risks and uncertainties include, among others, the uncertainties related to market conditions and the completion of the public offering on the terms to which the company has agreed or at all, the uncertainties inherent in the clinical drug development process, such as the regulatory approval process, the timing of regulatory filings, and other matters that could affect sufficiency of existing cash, cash equivalents and short-term investments to fund operations and the availability or commercial potential of our drug candidates. Ultragenyx undertakes no obligation to update or revise any . For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these , as well as risks relating to the business of Ultragenyx in general, see Ultragenyx's Registration Statement on Form S-3 filed with the Securities and Exchange Commission on February 3, 2015, as may be amended from time to time, together with its preliminary prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission on January 23, 2018 and, when available, its final prospectus supplement and accompanying prospectus, and the documents incorporated by reference therein, including its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2017, and its subsequent periodic reports filed with the Securities and Exchange Commission.
Contact Ultragenyx Pharmaceutical Inc.
Investors & Media
Danielle Keatley
415-475-6876
Source:Ultragenyx Pharmaceutical Inc. | http://www.cnbc.com/2018/01/23/globe-newswire-ultragenyx-announces-pricing-of-public-offering-of-common-stock.html | www.cnbc.com |
UPDATE 3-Oil dips as U.S. output rises, still set for strongest January in five years | five years@
* U.S. production to hit 10 million bpd soon
Canadian output is also rising
* But overall oil markets remain supported by OPEC-led cuts
* Weakening dollar has also supported crude futures (Updates throughout with comment, refreshes prices; changes dateline from SINGAPORE)
By Amanda Cooper
LONDON, Jan 29 (Reuters) - Oil dipped on Monday as soaring North American production was seen undermining efforts led by OPEC and Russia to tighten supplies, but prices were still on track for their strongest start to the year in five years.
Brent crude futures held above $70 per barrel, but eased 23 cents on the day to $70.29 a barrel by 0943 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $66.24 a barrel, up 10 cents.
So far this month, the Brent crude price has risen by 6.3 percent, making this its largest rise in January since 2013.
One of the key drivers has been the dollar, which has lost 3.2 percent against a basket of major currencies so far this year, a decline that was exacerbated last week when U.S. Treasury Secretary Steven Mnuchin suggested President Donald Trump's administration favored a weaker currency.
A falling dollar tends to help support the price of oil and coupled with a large premium in the front-month Brent oil contract over those for future delivery, investment in crude futures and options reached a new record high last week.
"The market is bullish. One side that could correct significantly could come from the strength in the U.S. dollar," PVM Oil Associates strategist Tamas Varga said.
"Undoubtedly, whatever the strategy is of Donald Trump and his finance ministry, they managed to support oil prices in the last week by talking the dollar down, so if we see a big (upward) correction in the dollar then we'll probably see a (downward) correction in oil."
In the last couple of months, oil has tended to move inversely to the dollar, as weakness in the currency makes it cheaper for non-U.S. investors in crude to buy and vice versa.
However, despite generally bullish sentiment, analysts said the market had been dented by rising output in North America.
U.S. crude production <C-OUT-T-EIA> has grown by over 17 percent since mid-2016 to 9.88 million barrels per day (bpd) in mid-January.
Output is expected to break through 10 million bpd soon. U.S. energy companies added 12 oil rigs drilling for new production last week, taking the total to 759, General Electric Baker Hughes energy services firm said on Friday.
U.S. production is already on par with top exporter and OPEC kingpin Saudi Arabia. Only Russia produces more, averaging 10.98 million bpd in 2017.
U.S. bank JP Morgan said it had increased its 2018 average price forecast by $10 per barrel to $70 per barrel for Brent and by $10.70 per barrel for WTI to $65.63.
"We expect Brent to touch close to $78 per barrel towards end of Q1 2018 or early Q2 2018," it added.
(Additional reporting by Henning Gloystein; Editing by Alison Williams) | https://www.cnbc.com/2018/01/29/reuters-america-update-3-oil-dips-as-u-s-output-rises-still-set-for-strongest-january-in-five-years.html | www.cnbc.com |
CEE MARKETS-Fx, bonds firm, Romanian auction seen drawing good demand | * Bond yields drop as China dismisses report on U.S. debt buying * Serbian central bank seen keeping rates on hold By Sandor Peto BUDAPEST, Jan 11 (Reuters) - Central European currencies and government bonds mostly firmed on Thursday as appetite increased after Chinese regulators dismissed a media report the government is halting or reducing its purchases of U.S. debt. The region's government bond yields mostly dropped by a few basis points, after mostly rising on Wednesday tracking a rise in the 10-year U.S. Treasuries yield to a 10-month high. The dinar led a rise of regional currencies, firming 0.13 percent to 118.64 against the euro by 0935 GMT ahead of a meeting of the Serbian central bank. The bank, which sold euros in the market on Wednesday to support the dinar, is expected to keep its 3.5 percent benchmark rate on hold. With inflation running below its 3 percent target, the bank does not need higher rates, while it is also unlikely to cut the region's highest benchmark rate as U.S. interest rates are expected to rise this year, analysts have said. The Polish and the Hungarian central banks are not worried over inflation either. The Polish bank retained its loose policy stance on Wednesday. Hungary's forint firmed 0.12 percent to 309.05 against the euro. "The Chinese scare is over, and the Hungarian central bank (NBH) has not said anything rough either (to weaken the forint), so the markets (in the region) are back to normal," one Budapest-based fixed income trader said. NBH governor Gyorgy Matolcsy told weekly Figyelo that the bank's benchmark base rate must stay at a record low of 0.9 percent and interbank rates around zero for inflation to reach the 3 percent target by mid-2019 in a sustainable way. With economic growth roaring ahead in the region, partly driven by surging wages, the Czech central bank started to raise its interest rates last year and Romania's bank on Monday. Romania's 10-year bond yield dropped a tad to 4.18 percent on Thursday, joining the regional trend, and an auction of four-year papers is expected to draw healthy demand. "(The auction) should see good demand given the money market liquidity backdrop and print a cut-off yield near yesterday closing mid of 3.82 percent," ING analyst Ciprian Dascalu said in a note. Most Czech government bond yields also dropped, except for 2-year papers which were bid at 0.62 percent, up 9 basis points. Czech lawmakers postponed a confidence vote on Prime Minister Andrej Babis's minority government on Wednesday. Political developments rarely influence Czech markets. The crown traded 0.08 percent firmer, at 25.534 versus the euro. CEE SNAPSHO AT MARKETS T 1035 CET CURRENC IES Latest Previou Daily Change s bid close change in 2018 Czech <EURCZK 25.5340 25.5550 +0.08% +0.03% crown => Hungary <EURHUF 309.050 309.420 +0.12% +0.60% forint => 0 0 Polish <EURPLN 4.1745 4.1760 +0.04% +0.04% zloty => Romanian <EURRON 4.6369 4.6410 +0.09% +0.92% leu => Croatian <EURHRK 7.4480 7.4485 +0.01% -0.24% kuna => Serbian <EURRSD 118.640 118.800 +0.13% -0.12% dinar => 0 0 Note: calculated from 1800 daily CET change Latest Previou Daily Change s close change in 2018 Prague 1102.06 1101.73 +0.03% +2.22% 00 Budapest 39595.3 39651.2 -0.14% +0.55% 7 3 Warsaw <.WIG20 2507.38 2511.27 -0.15% +1.88% > Buchares 8088.68 8034.85 +0.67% +4.32% t Ljubljan <.SBITO 816.44 818.42 -0.24% +1.25% a P> Zagreb <.CRBEX 1857.16 1857.69 -0.03% +0.78% > Belgrade <.BELEX 768.29 767.53 +0.10% +1.12% 15> Sofia <.SOFIX 705.70 697.93 +1.11% +4.17% > BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT= 0.6200 0.0900 +124bp +9bps RR> s 5-year <CZ5YT= 0.9270 -0.0060 +114bp +1bps RR> s <CZ10YT 1.6750 -0.0340 +122bp -1bps 10-year =RR> s Poland 2-year <PL2YT= 1.6110 -0.0150 +223bp -1bps RR> s 5-year <PL5YT= 2.5470 -0.0400 +276bp -2bps RR> s <PL10YT 3.2900 -0.0430 +284bp -2bps 10-year =RR> s FORWARD RATE AGREEME NT 3x6 6x9 9x12 3M interba nk Czech <CZKFRA 1.03 1.20 1.33 Rep ><PRIBO R=> Hungary <HUFFRA 0.09 0.06 0.10 0.03 ><BUBOR => Poland <PLNFRA 1.75 1.78 1.88 1.72 ><WIBOR => Note: are for ask FRA prices Quote: s | https://www.reuters.com/article/easteurope-markets/cee-markets-fx-bonds-firm-romanian-auction-seen-drawing-good-demand-idUSL8N1P62A2 | www.reuters.com |
Bluerock Value Exchange Sells Chace Lake DST (1031-Exchange) Investment Property | NEW YORK, Jan. 22, 2018 /PRNewswire/ -- Bluerock Value Exchange (BVEX) announced the sale of Chace Lake Villas, a 264-unit apartment community located in in Birmingham, Alabama. BVEX acquired the asset for $21.5 million in September 2012 and sold it for $28.3 million in December 2017 following a successful implementation of capital improvements that increased the property's net operating income (NOI) and resale value.
The property was acquired by BR Chace Lake, DST, a Delaware Statuary Trust (DST) structured for 1031 like-kind exchanges for accredited investors. The full-cycle investment provided an 8.1% internal rate of return (IRR), including cash flow, over the approximate 5-year hold period.
"The sale of Chace Lake within a very short hold period for our real estate savvy investors upholds our core mission: acquiring investment properties that present excellent value-add opportunities in attractive growth markets that can also deliver at-or-above market yields," said Josh Hoffman, President of BVEX.
Bordering the affluent Riverchase Planned Community and thriving Hoover submarket, Chace Lake Villas is a three-story garden-style apartment community built in 1994-1996 that caters to the market's young and upwardly mobile demographic. The property features resort-style amenities as well as 2.5 million square feet of luxury retail within walking distance. An additional 2 million square feet of high-end office space, housing many of Birmingham's major employers, is within easy commuting distance.
The BVEX capital improvement program included significant upgrades to flooring, countertops, appliances, fixtures, and window treatments aimed at increasing retention rates and driving rental rate increases.
About Bluerock Value Exchange
Bluerock Value Exchange is a leading, national sponsor of syndicated 1031 Exchange offerings with a focus on Class A assets that can deliver stable cash flows and with the potential for value creation. BVEX has structured 1031 Exchanges on nearly $1 billion in total property value and nearly 7.0 million square feet of property. With capacity across nearly all real estate sectors and the ability customize transactions for individual investors, Bluerock Value Exchange is available to create programs to accommodate a wide range of tax requirements. To learn more, please visit Bluerock Value Exchange website at www.bluerockexchange.com .
BR Chace Lake DST is a closed investment program; not open to new investment.
2018 BLUEROCK REAL ESTATE, LLC. ALL RIGHTS RESERVED. V-18-3
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SOURCE Bluerock Value Exchange | http://www.cnbc.com/2018/01/22/pr-newswire-bluerock-value-exchange-sells-chace-lake-dst-1031-exchange-investment-property.html | www.cnbc.com |
Citizens Pursues Board Diversity As Steve Shelton Announces Intention Not To Stand For Board Re-Election | AUSTIN, Texas, Jan. 26, 2018 /PRNewswire/ -- Citizens, Inc. (NYSE: CIA) today announced its intention to pursue Board diversity. It further announced that Steve Shelton, age 62, independent director and member of the Nominating and Corporate Governance Committee, notified the Company of his intention not to stand for re-election as a director at the completion of his current one-year term, which will expire at the Company's 2018 Annual Meeting of Shareholders. Mr. Shelton will continue to serve on the Company's Board of Directors and the Nominating and Corporate Governance Committee until that time.
Mr. Shelton's service with the Citizens' Board began in 1987, making him the Board's longest serving director with 31 years of service. As a member of the Nominating and Corporate Governance Committee, Mr. Shelton has played an active role in the Committee's best practices review for continued Board service that has focused on areas such as Board expertise, diversity and tenure. In light of his long standing tenure, Mr. Shelton indicated his intention not to stand for re-election.
"We, as a Board and Company, have made great progress, especially over the last two years," Shelton said. "It has certainly been an honor and privilege to serve with the Board and executive team, and I value the professional relationships we have developed. For that, I will forever be grateful."
"On behalf of the Board of Directors and the Company, I want to express our sincere appreciation to Steve for his strength of character and wisdom, exercised over a 30-year tenure as a director of Citizens," said Dr. Robert Sloan, Chairman of Citizens. "You've been with the company through much change, and all of us express our heartfelt gratitude to you."
"Steve has been a reliable and selfless Board member, and I appreciate his many contributions to Citizens," said Geoff Kolander, chief executive officer of Citizens. "I look forward to working with the Board to address diversity, identify a new director candidate and continue advancing the Company's strategic objectives," concluded Kolander.
The Company expects to hold its 2018 Annual Meeting of Shareholders on June 4, 2018.
About Citizens Inc.
Citizens, Inc. is a financial services company listed on the New York Stock Exchange under the symbol CIA. The Company utilizes a three-pronged strategy for growth based upon worldwide sales of U.S. Dollar-denominated whole life cash value insurance policies, life insurance product sales in the U.S. and the acquisition of other U.S.-based life insurance companies.
Information herein contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "will," "expect," "anticipate", "intends," "continue" or comparable words. In addition, all statements other than statements of historical facts that address activities that the Company expects or anticipates will or may occur in the future are forward-looking statements. Examples of forward-looking statements may include, without limitation, statements regarding Mr. Shelton's intention not to stand for re-election at the end of his current term and the Board's intention to identify a qualified, diverse independent director to join the Board. Readers are encouraged to read the SEC reports of the Company, particularly its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, its quarterly reports on Form 10-Q and its current reports on Form 8-K, for "Risk Factors" and other meaningful cautionary language disclosing why actual results may vary materially from those expected or implied by the forward-looking statements. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in the Company's expectations. Accordingly, you should not unduly rely on these forward-looking statements. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.
For further information contact:
Investor Relations
PR@citizensinc.com
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SOURCE Citizens, Inc. | http://www.cnbc.com/2018/01/26/pr-newswire-citizens-pursues-board-diversity-as-steve-shelton-announces-intention-not-to-stand-for-board-re-election.html | www.cnbc.com |
Editors Choice Pictures | Pictures | Tue Jan 16, 2018 | 8:02am EST Editors Choice Pictures
Reddish glow of lava drifting towards southwest part of Mayon volcano in Camalig town, Albay province, south of Manila, Philippines. REUTERS/Stringer Reuters / Monday, January 15, 2018 Reddish glow of lava drifting towards southwest part of Mayon volcano in Camalig town, Albay province, south of Manila, Philippines. REUTERS/Stringer Close 1 / 24
Devotees offer prayers before taking a holy bath in the Bagmati River at Pashupatinath Temple during the Swasthani Brata Katha festival in Kathmandu, Nepal. REUTERS/Navesh Chitrakar Reuters / Tuesday, January 16, 2018 Devotees offer prayers before taking a holy bath in the Bagmati River at Pashupatinath Temple during the Swasthani Brata Katha festival in Kathmandu, Nepal. REUTERS/Navesh Chitrakar Close 2 / 24
Tracee Ellis Ross reacts after winning the award for Outstanding Actress in a Comedy Series for black-ish at the NAACP Image Awards. REUTERS/Mario Anzuoni Reuters / Monday, January 15, 2018 Tracee Ellis Ross reacts after winning the award for Outstanding Actress in a Comedy Series for black-ish at the NAACP Image Awards. REUTERS/Mario Anzuoni Close 3 / 24
Pope Francis boards for his trip to Chile and Peru at Fiumicino International Airport in Rome. REUTERS/Max Rossi Reuters / Monday, January 15, 2018 Pope Francis boards for his trip to Chile and Peru at Fiumicino International Airport in Rome. REUTERS/Max Rossi Close 4 / 24
Ana Ashury, a mixed-media artist, stores away her artwork on her rooftop in Ramat Gan, a suburb of Tel Aviv, Israel. While she works as a video artist most of her time, Ana has recently started to use her rooftop work space as a workshop for collage... more Reuters / Monday, January 15, 2018 Ana Ashury, a mixed-media artist, stores away her artwork on her rooftop in Ramat Gan, a suburb of Tel Aviv, Israel. While she works as a video artist most of her time, Ana has recently started to use her rooftop work space as a workshop for collage creations. REUTERS/Corinna Kern Close 5 / 24
Protesters shout slogans outside the parliament building during a demonstration against planned government reforms that will restrict workers rights to strike in Athens, Greece. REUTERS/Costas Baltas Reuters / Monday, January 15, 2018 Protesters shout slogans outside the parliament building during a demonstration against planned government reforms that will restrict workers rights to strike in Athens, Greece. REUTERS/Costas Baltas Close 6 / 24
Palestinian children play at their family's house in Al-Shati refugee camp in Gaza City. REUTERS/Mohammed Salem Reuters / Monday, January 15, 2018 Palestinian children play at their family's house in Al-Shati refugee camp in Gaza City. REUTERS/Mohammed Salem Close 7 / 24
Simona Halep of Romania serves against Destanee Aiava of Australia at the Australian Open. REUTERS/Thomas Peter Reuters / Tuesday, January 16, 2018 Simona Halep of Romania serves against Destanee Aiava of Australia at the Australian Open. REUTERS/Thomas Peter Close 8 / 24
A military policeman is silhouetted against burning tires set alight by opposition supporters during a protest against the re-election of Honduras' President Juan Orlando Hernandez, outside the Soto Cano Air Base in Comayagua, Honduras.... more Reuters / Sunday, January 14, 2018 A military policeman is silhouetted against burning tires set alight by opposition supporters during a protest against the re-election of Honduras' President Juan Orlando Hernandez, outside the Soto Cano Air Base in Comayagua, Honduras. REUTERS/Jorge Cabrera Close 9 / 24
View of a bridge under construction that collapsed leaving dead and injured workers in Chirajara near Bogota, Colombia. REUTERS/Jaime Saldarriaga Reuters / Monday, January 15, 2018 View of a bridge under construction that collapsed leaving dead and injured workers in Chirajara near Bogota, Colombia. REUTERS/Jaime Saldarriaga Close 10 / 24
Student artist Lea Porre from Central St. Martins college, demonstrates her work, "101 Archeology" at the Tate Exchange programme at Tate Modern in London. REUTERS/Peter Nicholls Reuters / Monday, January 15, 2018 Student artist Lea Porre from Central St. Martins college, demonstrates her work, "101 Archeology" at the Tate Exchange programme at Tate Modern in London. REUTERS/Peter Nicholls Close 11 / 24
A member of a rescue team carries a migrant baby after being rescued by Libyan coast guards in the Mediterranean Sea off the coast of Libya. REUTERS/Hani Amara Reuters / Tuesday, January 16, 2018 A member of a rescue team carries a migrant baby after being rescued by Libyan coast guards in the Mediterranean Sea off the coast of Libya. REUTERS/Hani Amara Close 12 / 24
Police officers detain a protester during a march against social inequality prior to the arrival of Pope Francis in Concepcion, Chile. REUTERS/Jose Luis Saavedra Reuters / Tuesday, January 16, 2018 Police officers detain a protester during a march against social inequality prior to the arrival of Pope Francis in Concepcion, Chile. REUTERS/Jose Luis Saavedra Close 13 / 24
A car dangles off the second floor of a building after speeding into a median and going airborne, according to local media, in Santa Ana, California. OCFA PIO/via REUTERS Reuters / Monday, January 15, 2018 A car dangles off the second floor of a building after speeding into a median and going airborne, according to local media, in Santa Ana, California. OCFA PIO/via REUTERS Close
Manchester United's Juan Mata shoots wide against Stoke City. REUTERS/Andrew Yates Reuters / Monday, January 15, 2018 Manchester United's Juan Mata shoots wide against Stoke City. REUTERS/Andrew Yates Close 15 / 24
Rodrigo Huilpang, 34, a Mapuche indigenous, poses for a photo at Santiago Linconir village, near where Pope Francis will hold a mass in Chile's Araucania region. REUTERS/Edgard Garrido Reuters / Tuesday, January 16, 2018 Rodrigo Huilpang, 34, a Mapuche indigenous, poses for a photo at Santiago Linconir village, near where Pope Francis will hold a mass in Chile's Araucania region. REUTERS/Edgard Garrido Close 16 / 24
An overcrowded train leaves Tongi rail station after the final prayer of "Bishwa Ijtema", the world congregation of Muslims, on the banks of the Turag river in Tongi near Dhaka, Bangladesh. REUTERS/Mohammad Ponir Hossain Reuters / Sunday, January 14, 2018 An overcrowded train leaves Tongi rail station after the final prayer of "Bishwa Ijtema", the world congregation of Muslims, on the banks of the Turag river in Tongi near Dhaka, Bangladesh. REUTERS/Mohammad Ponir Hossain Close
Children are seen inside the first Saudi Arabia cinema in Jeddah, Saudi Arabia. REUTERS/Reem Baeshen Reuters / Monday, January 15, 2018 Children are seen inside the first Saudi Arabia cinema in Jeddah, Saudi Arabia. REUTERS/Reem Baeshen Close 18 / 24
People protest against President Trump's recent comments and tough stand on immigration near the Southern Boulevard bridge to Palm Beach near Mar-a-Lago, Florida. REUTERS/Andrew Innerarity Reuters / Monday, January 15, 2018 People protest against President Trump's recent comments and tough stand on immigration near the Southern Boulevard bridge to Palm Beach near Mar-a-Lago, Florida. REUTERS/Andrew Innerarity Clo | https://www.reuters.com/news/picture/editors-choice-pictures-idUSRTX4CFS0 | www.reuters.com |
NextEra Energy announces date for release of fourth-quarter and full-year 2017 financial results | JUNO BEACH, Fla., NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report fourth-quarter and full-year 2017 financial results before the opening of the New York Stock Exchange on Friday, Jan. 26, 2018, in a news release to be posted on the company's website at www.NextEraEnergy.com/investors . The company will issue an advisory news release over PR Newswire the morning of Jan. 26, with a link to the financial results news release on the company's website. As previously communicated, the company will make available its financial results only on its website.
Jim Robo, chairman and chief executive officer of NextEra Energy, John Ketchum, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company's senior management team will discuss the company's fourth-quarter and full-year 2017 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on Jan. 26. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.
The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/investors . The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/investors , beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $16.2 billion, approximately 45,900 megawatts of generating capacity, which includes megawatts associated with noncontrolling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 14,700 employees in 30 states and Canada as of year-end 2016. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2017 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com , www.FPL.com , www.NextEraEnergyResources.com .
releases/nextera-energy-announces-date-for-release-of-fourth-quarter-and-full-year-2017-financial-results-300581922.html
SOURCE NextEra Energy, Inc. | http://www.cnbc.com/2018/01/12/pr-newswire-nextera-energy-announces-date-for-release-of-fourth-quarter-and-full-year-2017-financial-results.html | www.cnbc.com |
McDonald's Reports Fourth Quarter And Full Year 2017 Results And First Quarter 2018 Cash Dividend | OAK BROOK, Ill., Jan. 30, 2018 /PRNewswire/ -- McDonald's Corporation today announced results for the fourth quarter and year ended December 31, 2017.
"2017 was a strong year for McDonald's as customers responded to the many ways we are making their experience more convenient and enjoyable," said McDonald's President and Chief Executive Officer Steve Easterbrook. "We served more customers more often, achieved our best comparable sales performance in six years, gained share in markets around the world and made tremendous progress with growth platforms such as delivery, mobile order and pay and Experience of the Future."
Fourth quarter highlights:
Global comparable sales increased 5.5%, reflecting positive guest counts in all segments Due to the impact of the Company's strategic refranchising initiative, consolidated revenues decreased 11% (15% in constant currencies) Systemwide sales increased 8% in constant currencies Consolidated operating income increased 9% (6% in constant currencies) Diluted earnings per share of $0.87 decreased 40% (42% in constant currencies), reflecting a net tax cost associated with the Tax Cuts and Jobs Act of 2017 ("Tax Act"), which totaled $0.84 per share. Excluding the impact of the Tax Act, diluted earnings per share was $1.71, an increase of 19% (16% in constant currencies)
Full year highlights:
Global comparable sales increased 5.3%, reflecting positive guest counts in all segments Due to the impact of the Company's strategic refranchising initiative, consolidated revenues decreased 7% (8% in constant currencies) Systemwide sales increased 7% in constant currencies Consolidated operating income increased 23% (23% in constant currencies), which benefited from a gain of approximately $850 million on the sale of the Company's businesses in China and Hong Kong. Excluding the impact of the gain, as well as current and prior year impairment and strategic charges, consolidated operating income increased 9% (9% in constant currencies) Diluted earnings per share increased 17% (17% in constant currencies) Returned $7.7 billion to shareholders through share repurchases and dividends. In addition, the Company announced a 7% increase in its quarterly dividend to $1.01 beginning in the fourth quarter, demonstrating management's continued confidence in the Company's performance
On January 25, 2018, McDonald's Board of Directors declared a quarterly cash dividend of $1.01 per share of common stock payable on March 15, 2018 to shareholders of record at the close of business on March 1, 2018.
In the U.S., fourth quarter comparable sales increased 4.5% as a result of strong performance of core menu items featured under the McPick 2 platform and beverage value, as well as strong consumer response to the new Buttermilk Crispy Tenders and delivery. Operating income for the quarter increased 4%, reflecting higher franchised margin dollars and G&A savings, partly offset by lower Company-operated margin dollars.
Comparable sales for the International Lead segment increased 6.0% for the quarter, led by continued momentum in the U.K. and Canada, as well as positive results across all other markets. The segment's operating income increased 14% (7% in constant currencies), fueled by sales-driven improvements in franchised margin dollars.
In the High Growth segment, fourth quarter comparable sales increased 4.0%, led by strong performance in China and positive results across the majority of the segment, partly offset by continued challenges in South Korea.
In the Foundational markets, fourth quarter comparable sales rose 8.0%, reflecting positive sales performance across all geographic regions.
"For 2018, we plan to invest about $2.4 billion of capital, the majority of which will be dedicated to reinvesting in our existing locations through accelerated deployment of Experience of the Future in the U.S.," said McDonald's Chief Financial Officer Kevin Ozan. "Our development plans also include the opening of about 1,000 new McDonald's restaurants, 75% of which will be funded by our expanded network of developmental licensees and affiliates around the world. At the same time, we plan to continue making meaningful investments in technology to modernize the customer experience and redefine convenience. I'm confident that now is the opportune time to strategically invest in our business and our restaurants to drive profitable growth and become an even better McDonald's."
Steve Easterbrook concluded, "Our Velocity Growth Plan is working and we're focused on aggressive execution in 2018 to achieve the even greater ambitions we have for our business and brand in the years ahead. With the commitment the McDonald's system has to running great restaurants and maximizing our growth initiatives, we are confident that we will accelerate our momentum by capitalizing on our strong business model and distinct brand advantages in convenience, menu variety and value."
KEY HIGHLIGHTS - CONSOLIDATED
Dollars in millions, except per share data
Quarters Ended December 31,
Years Ended December 31,
2017
2016
Inc/
(Dec)
Inc/ (Dec)
Excluding
Currency
Translation
2017
2016
Inc/
(Dec)
Inc/ (Dec)
Excluding
Currency
Translation
Revenues
$
5,340.2
$
6,028.9
(11)%
(15)%
$
22,820.4
$
24,621.9
(7)%
(8)%
Operating income
2,144.2
1,969.0
9
6
9,552.7
7,744.5
23
23
Net income
698.7
1,193.4
(41)
(44)
5,192.3
4,686.5
11
11
Earnings per share-diluted
$
0.87
$
1.44
(40)%
(42)%
$
6.37
$
5.44
17%
17%
Results for the quarter and year reflected stronger operating performance, G&A savings and improved performance in Japan, which enabled the reversal of a valuation allowance on a deferred tax asset in Japan.
Foreign currency translation had a positive impact of $0.04 for the quarter and no impact for the year on diluted earnings per share.
In December 2017, the U.S. government enacted the Tax Act, which makes broad and complex changes to the U.S. tax code, including a transition to a new territorial tax system for U.S. corporate taxpayers. As such, the Company incurred a deemed repatriation tax on its undistributed foreign earnings. In addition, the Tax Act provided for a reduction of the U.S. corporate tax rate from 35% to 21%, which resulted in the revaluation of the Company's deferred tax assets and liabilities. The Company's 2017 results include estimates based on these changes, which may be refined and adjusted throughout the measurement period ending on December 22, 2018.
Outlined below is additional information for the quarter and full year:
Fourth Quarter
Fourth quarter diluted earnings per share of $0.87 decreased 40% (42% in constant currencies). Included in the quarter results is: approximately $700 million, or $0.84 per share, of net tax cost as a result of the Tax Act, consisting primarily of $1.2 billion of tax cost on deemed repatriation of foreign earnings, partly offset by a benefit of $500 million due to revaluing deferred tax assets and liabilities to the lower enacted U.S. corporate tax rate. This net incremental tax cost for the quarter increased the tax rate by 35.5 percentage points to 62.9%. Excluding the above, fourth quarter net income was $1.4 billion, an increase of 15% (12% in constant currencies), diluted earnings per share was $1.71, an increase of 19% (16% in constant currencies), and the fourth quarter tax rate was 27.4%. The lower tax rate for the quarter compared with the prior year was primarily due to foreign tax law changes.
Full Year
Full-year diluted earnings per share of $6.37 increased 17% (17% in constant currencies). Included in full-year results are: approximately $700 million, or $0.82 per share, of net tax cost associated with the Tax Act; and a pre-tax gain of approximately $850 million on the sale of the Company's businesses in China and Hong Kong, offset in part by $150 million of current year restructuring and impairment charges in connection with the Company's global G&A and refranchising initiatives, for a net benefit of $0.53 per share. Excluding the above items, as well as the $342 million or $0.28 per share of prior year strategic charges, full year net income was $5.4 billion, an increase of 10% (10% in constant currencies), and diluted earnings per share was $6.66, an increase of 16% (16% in constant currencies).
THE FOLLOWING DEFINITIONS APPLY TO THESE TERMS AS USED THROUGHOUT THIS RELEASE
Comparable sales represent sales at all restaurants and comparable guest counts represent the number of transactions at all restaurants, whether operated by the Company or by franchisees, in operation at least thirteen months including those temporarily closed. Some of the reasons restaurants may be temporarily closed include reimaging or remodeling, rebuilding, road construction and natural disasters. Comparable sales exclude the impact of currency translation, and beginning in the fourth quarter of 2017, also exclude sales from Venezuela due to its hyper-inflation. Management generally identifies hyper-inflationary markets as those markets whose cumulative inflation rate over a three-year period exceeds 100%. Management believes that these exclusions more accurately reflect the underlying business trends (see Exhibit 99.2 in the Company's Form 8-K filing for information regarding the impact of excluding Venezuela). Comparable sales are driven by changes in guest counts and average check, which is affected by changes in pricing and product mix. Typically, pricing has a greater impact on average check than product mix. Management reviews the increase or decrease in comparable sales and comparable guest counts compared with the same period in the prior year to assess business trends.
Systemwide sales include sales at all restaurants, whether operated by the Company or by franchisees. While franchised sales are not recorded as revenues by the Company, management believes the information is important in understanding the Company's financial performance, because these sales are the basis on which the Company calculates and records franchised revenues and are indicative of the financial health of the franchisee base.
Information in constant currency is calculated by translating current year results at prior year average exchange rates. Management reviews and analyzes business results excluding the effect of foreign currency translation, impairment and other strategic charges and gains, as well as the effects from the recently enacted Tax Act, and bases incentive compensation plans on these results, because the Company believes this better represents underlying business trends.
RELATED COMMUNICATIONS
This press release should be read in conjunction with Exhibit 99.2 in the Company's Form 8-K filing for supplemental information related to the Company's results for the quarter and year ended December 31, 2017.
McDonald's Corporation will broadcast its investor earnings conference call live over the Internet at 10:00 a.m. (Central Time) on January 30, 2018. A link to the live webcast will be available at www.investor.mcdonalds.com . There will also be an archived webcast available for a limited time thereafter.
Kevin Ozan, McDonald's Chief Financial Officer, will participate in the Bank of America Merrill Lynch Consumer & Retail Technology Conference at 8:00 a.m. (Eastern Time) on March 14, 2018. This presentation will be webcast live and available for replay for a limited time thereafter at www.investor.mcdonalds.com .
McDonald's plans to release first quarter results before the market opens on April 30, 2018 and will host an investor webcast. This webcast will be broadcast live and available for replay for a limited time thereafter at www.investor.mcdonalds.com .
ABOUT McDONALD'S
McDonald's is the world's leading global foodservice retailer with approximately 37,000 locations in over 100 countries. Over 90% of McDonald's restaurants worldwide are owned and operated by independent local business men and women.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in the Company's filings with the Securities and Exchange Commission, including the risk factors discussed in Exhibit 99.2 in the Company's Form 8-K filing on January 30, 2018. The Company undertakes no obligation to update such forward-looking statements, except as may otherwise be required by law.
McDONALD'S CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Dollars and shares in millions, except per share data
Quarters Ended December 31,
2017
2016
Inc/ (Dec)
Revenues
Sales by Company-operated restaurants
$
2,673.1
$
3,652.8
$
(979.7)
(27)%
Revenues from franchised restaurants
2,667.1
2,376.1
291.0
12
TOTAL REVENUES
5,340.2
6,028.9
(688.7)
(11)
Operating costs and expenses
Company-operated restaurant expenses
2,210.1
3,035.9
(825.8)
(27)
Franchised restaurants-occupancy expenses
464.6
434.8
29.8
7
Selling, general & administrative expenses
617.6
627.5
(9.9)
(2)
Other operating (income) expense, net
(96.3)
(38.3)
(58.0)
n/m
Total operating costs and expenses
3,196.0
4,059.9
(863.9)
(21)
OPERATING INCOME
2,144.2
1,969.0
175.2
9
Interest expense
235.1
221.2
13.9
6
Nonoperating (income) expense, net
24.0
12.9
11.1
86
Income before provision for income taxes
1,885.1
1,734.9
150.2
9
Provision for income taxes
1,186.4
541.5
644.9
n/m
NET INCOME
$
698.7
$
1,193.4
$
(494.7)
(41)%
EARNINGS PER SHARE-DILUTED
$
0.87
$
1.44
$
(0.57)
(40)%
Weighted average shares outstanding-diluted
803.0
829.7
(26.7)
(3)%
n/m Not meaningful
McDONALD'S CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Dollars and shares in millions, except per share data
Years Ended December 31,
2017
2016
Inc/ (Dec)
Revenues
Sales by Company-operated restaurants
$
12,718.9
$
15,295.0
$
(2,576.1)
(17)%
Revenues from franchised restaurants
10,101.5
9,326.9
774.6
8
TOTAL REVENUES
22,820.4
24,621.9
(1,801.5)
(7)
Operating costs and expenses
Company-operated restaurant expenses
10,409.6
12,698.8
(2,289.2)
(18)
Franchised restaurants-occupancy expenses
1,790.0
1,718.4
71.6
4
Selling, general & administrative expenses
2,231.3
2,384.5
(153.2)
(6)
Other operating (income) expense, net
(1,163.2)
75.7
(1,238.9)
n/m
Total operating costs and expenses
13,267.7
16,877.4
(3,609.7)
(21)
OPERATING INCOME
9,552.7
7,744.5
1,808.2
23
Interest expense
921.3
884.8
36.5
4
Nonoperating (income) expense, net
57.9
(6.3)
64.2
n/m
Income before provision for income taxes
8,573.5
6,866.0
1,707.5
25
Provision for income taxes
3,381.2
2,179.5
1,201.7
55
NET INCOME
$
5,192.3
$
4,686.5
$
505.8
11%
EARNINGS PER SHARE-DILUTED
$
6.37
$
5.44
$
0.93
17%
Weighted average shares outstanding-diluted
815.5
861.2
(45.7)
(5)%
n/m Not meaningful
View original content: http://www.prnewswire.com/news-releases/mcdonalds-reports-fourth-quarter-and-full-year-2017-results-and-first-quarter-2018-cash-dividend-300589866.html
SOURCE McDonald's Corporation | http://www.cnbc.com/2018/01/30/pr-newswire-mcdonalds-reports-fourth-quarter-and-full-year-2017-results-and-first-quarter-2018-cash-dividend.html | www.cnbc.com |
You may soon see a new type of tobacco product that claims to be less risky than cigarettes | Philip Morris International is seeking approval from the Food and Drug Administration to sell iQOS, a heat-not-burn tobacco product.
An independent advisory committee is voting Thursday on whether evidence supports PMI's claims, such as that it cuts the risk for tobacco-related disease. The meeting is part of a process to market iQOS as being less risky than cigarettes.
If this all sounds like a foreign language, here are the basics.
What are heat-not-burn tobacco products? As the name suggests, they heat tobacco but don't burn them. Igniting tobacco causes it to undergo a chemical process that emits toxins in cigarettes.
Unlike e-cigarettes, which use nicotine-laced liquid, heat-not-burn products use real tobacco. They warm tobacco sticks to a temperature that's high enough to release an aerosol but not enough to cause combustion.They may significantly reduce risk while satisfying users' nicotine cravings.
Philip Morris has already launched iQOS in more than 30 markets. Rival British American Tobacco 's version, glo, is available in six markets. The company plans to file a substantial equivalence application, a less onerous process, for glo to the FDA this year.
How does iQOS work? The iQOS tobacco heating system contains three parts: a holder, tobacco stick and a charger.
The pen-like device contains a ceramic and gold plate that heats Philip Morris-branded tobacco sticks up to 350 degrees Celsius. Tobacco in cigarettes burns at temperatures at or greater than 600 degrees Celsius.
The tobacco sticks are designed specifically for the device. In the U.S., PMI wants to offer Marlboro, Marlboro Smooth Menthol and Marlboro Fresh Menthol HeatSticks.
PMI says the product is a closer experience to smoking cigarettes than other alternatives, such as e-cigarettes, because it uses actual tobacco. The company says that could convince adult smokers to switch exclusively to iQOS.
Critics point to e-cigarettes being used in addition to and perhaps even leading users into conventional cigarettes. PMI is quick to note iQOS is not an e-cigarette, and the presence of tobacco may not have the same appeal as fruity, sweet nicotine-laced liquid.
Is iQOS safe? PMI says iQOS is not risk-free, rather it's less risky than conventional cigarettes.
The company stresses quitting smoking is the best way to reduce risk and that iQOS is meant for adult smokers who want to continue using tobacco, not kids or non-smokers. PMI has found exclusively using iQOS significantly lowers users' risk of harm than if they were to continue smoking cigarettes.
The FDA's review of iQOS identified lower levels of toxic chemicals than cigarettes. It could not say that using the device led to a decreased risk of illnesses associated with smoking because doing so would require a longer study.
The FDA will decide whether iQOS can be marketed as being safer than cigarettes.
When might I see iQOS on shelves? Philip Morris is outlining its findings this week to an independent committee that will make a recommendation to the FDA on whether to approve the company's reduced-risk marketing claims.
The committee's decision is only a suggestion, meaning the FDA is not required to follow it. The timing of the agency's ultimate decision is unclear. Some have suggested May, which would mark one year since the FDA said it would review the application.
Even if the FDA rejects PMI's modified-risk application, going through the process may help its application to sell the device. The Tobacco Control Act calls for the FDA to respond to premarket tobacco applications within 180 days. The agency began reviewing PMI's in August, so it could give an answer in February. | https://www.cnbc.com/2018/01/24/philip-morris-heat-not-burn-tobacco-product-iqos-undergoes-review.html | www.cnbc.com |
UPDATE 1-Check those tickets, Mega Millions numbers drawn, Powerball Saturday | (Updates with numbers drawn)
CHICAGO, Jan 5 (Reuters) - Numbers were drawn on Friday in the Mega Millions lottery, with a jackpot of an estimated $450 million, the fourth largest in the game's history, up for grabs.
The numbers drawn were 28, 30, 39, 59, 70 and 10.
It was not immediately clear if there were any winners. The Mega Millions drawing has a $281-million payout if the winner or winners select a lump-sum payment.
U.S. lottery players will get another shot at becoming super rich on Saturday night, when numbers are drawn for the Powerball jackpot of an estimated $570 million, the fifth largest in the game's history.
The two jackpots together topped $1 billion after going months without a winner.
Saturday's 10:59 p.m. EST Powerball drawing has an estimated $358.5-million lump-sum payment, according to organizers.
The total of the two lotteries is the third largest in the history of the games.
Long odds have not halted the spread of "lottery fever," with people lining up to buy the $2-tickets at retailers, said Jeff Lenard, spokesman for the National Association of Convenience Stores, whose members sell about 60 percent of the nation's lottery tickets.
"There's definitely more traffic," Lenard said.
Americans spent $80.5 billion on lottery games last year, according to the North American Association of State and Provincial Lotteries.
Powerball tickets are sold in 44 states, and Washington, D.C., Puerto Rico and the U.S. Virgin Islands. Mega Millions tickets are offered in the same locations, excluding Puerto Rico.
The largest Powerball jackpot was a $1.6-billion payout split among winners in California, Florida and Tennessee in January 2016, the association said. The largest Mega Millions jackpot of $656 million was won in 2012.
The totals have ballooned as no one has hit either jackpot since October. On Wednesday, there was no winner of the Powerball jackpot, worth an estimated $460 million. A day earlier, no one had matched all six numbers in a Mega Millions drawing, lottery officials said.
The estimated totals are before tax.
The odds of a single ticket hitting all six numbers in the Powerball are 292 million to 1, the Multi-State Lottery Association says. The odds of picking the right six numbers for the Mega Millions jackpot are 303 million to 1, the game said.
"When the jackpots reach these levels, everyone starts to daydream about what they would do if they won," Gordon Medenica, Mega Millions lead director, said in a statement. (Reporting by Chris Kenning in Chicago; Additional reporting by Rich McKay in Atlanta; Editing by Lisa Shumaker and Clarence Fernandez) | https://www.cnbc.com/2018/01/06/reuters-america-update-1-check-those-tickets-mega-millions-numbers-drawn-powerball-saturday.html | www.cnbc.com |
US companies that have announced bonuses, investments after tax cut | Aflac AFL Increase 401(k) match from 50% to 100% on first 4% of employee contribution; one-time contribution of $500 to every employee's 401(k) plan; offer certain hospital and accident insurance products to employees free of charge; increase overall U.S. investment by $250 million over 3 - 5 years. Alaska Air One-time bonus of $1,000 for 23,000 employees and $118 million in incentive bonuses American Airlines One-time bonus of $1,000 to around 130,000 employees Apple $2,500 in restricted stock units to most employees AT&T T One-time $1,000 bonus to more than 200,000 U.S. employees; invest additional $1 billion in the U.S. in 2018. Bancorp South $10 million investment in employees, including pay increases and one-time bonuses Bank of America One-time $1,000 bonus for U.S. employees earning up to $150,000 per year, about 145,000 teammates" BB&T BBT One-time $1,200 bonus for about 27,000 employees; raise minimum wage from $12/hour to $15/hour; donate $100 million to philanthropic fund. Boeing $300 million committed to charitable giving, workforce development and workplace facility enhancements Charles Schwab SCHW $1,000 bonus to around 9,000 non-executive employees last year, anticipating the tax law change and in response to the company's strong financial performance." Citizens Financial Group One-time $1,000 bonus to around 12,500 employees. Comcast Corp $1,000 bonuses for more than 100,000 workers Comerica One-time $1,000 bonus to 4,500 non-officer employees; raise minimum wage to $15/hour. Discover One-time $1,000 bonus to more than 15,000 non-executive employees. Disney One-time $1,000 cash bonus for more than 125,000 employees; intital $50 educational investment FedEx FDX Invest over $200 million in pay raises, about two-thirds of which will go to hourly team members; contribute $1.5 billion to pension plan" Fifth Third One-time $1,000 bonus to 13,500 employees, raise minimum wage to $15/hour. Home Depot HD One-time cash bonus up to $1,000 for U.S. hourly associates in the fourth quarter of fiscal 2017 Honeywell Increase 401(k) match for employees in the U.S., Canada and Puerto Rico. JPMorgan Chase JPM Hire 4,000 employees and open up to 400 new Chase branches, increase minimum wage to $15 to $18/hour for 22,000 employees. Kansas City Southern One-time $1,000 bonus to qualified, non-executive employees in the U.S. and Mexico. M&T Bank Increase minimum wage to $14 to $16/hour, depending on geography. PNC Financial PNC $1,000 bonuses for about 47,500 employees in first quarter of 2018; raise minimum wage to $15/hour by year end; additional $1,500 to pension accounts for employees in the defined benefit pension plan Regions Financial RF Increase minimum wage to $15/hour, affecting around 25% of workforce; contribute $40 million to foundation; increase capex budget by $100 million for 2018 Southwest $1,000 cash bonus to all fulltime and part-time employees; incremental $5 million in chartible giving Starbucks SBUX Wage increase for all U.S. hourly and salaried partners totalling around $120 million; "partner and family sick time" benefit for all U.S. employees; 2018 stock grant with one-year vest Travelers Cos TRV $1,000 bonus to 14,000 employees with base salary less than $75,000; increase minimum wage to $15/hour U.S. Bank One-time $1,000 bonus to nearly 60,000 employees; raise minimum wage to $15/hour Verizon Employees other than top management to receive 50 shares of restricted stock. Visa Increase 401(k) contribution to 10 percent of base salary Walmart WMT One-time cash bonus of up to $1,000 to eligible employees; raise starting wage to $11/hour in the U.S.; expand maternity and parental leave benefits Washington Federal WAFD Employees "in good standing" and earning less than $100k will get 5% increase on top of normal merit increase; unspecified investments in training and development Waste Management WM One-time $2,000 to every North American employee not in a bonus or sales-incentive plan, around 34,000 employees Wells Fargo Raise minimum wage to $15/hour, target $400 million in 2018 philanthropic contributions. Zions ZION Increase compensation of more than 40% of employees; $1,000 bonuses to nearly 80% of employees this year; contribute $12 million to charitable foundation
( Disclosure: Comcast is parent of NBCUniversal and CNBC. ) | https://www.cnbc.com/2018/01/26/us-companies-that-have-announced-bonuses-investments-after-tax-cut.html | www.cnbc.com |
Hoda Kotb joins Savannah Guthrie as first female co-anchors of ‘TODAY’ | Hoda Kotb made her official debut as a co-anchor for NBC's "TODAY" this Tuesday. Kotb, 53, sat alongside Savannah Guthrie, who has co-anchored the show since 2012, during the first two hours of the morning news show.
They are the first all-woman pair to anchor the NBC news program. However, they are not the first all-female morning show duo: ABC News' Diane Sawyer and Robin Roberts co-anchored from 2006-2009, according to Today.com.
In an email announcing Kotb's new role, NBC News Chairman Andrew Lack stated that Kotb has "seamlessly stepped" into the co-anchor position, which she filled temporarily after Matt Lauer was fired in November amid accusations of inappropriate sexual behavior.
"They have an undeniable connection with each other and most importantly, with viewers, a hallmark of TODAY," Lack said in a statement.
On Tuesday, Guthrie, 46, told viewers, "This has to be the most popular decision that NBC News has ever made and I am so thrilled."
"I am pinching myself," Kotb, who said she was offered the role over the holidays, replied. She joked that someone should check on her mother who had likely fainted after hearing the news that she is now co-anchor.
Kotb joined "TODAY" in 2008 as a co-host of the show's fourth hour, a role that she will continue to fill, and has been a frequent substitute in the program's anchor chair for a number of years. She also hosts "The Hoda Show on SiriusXM."
In an interview with People magazine , Guthrie relayed her excitement about co-anchoring with a woman and said that the two are "grateful to NBC for not having some old-fashioned notion" about what an anchoring team should look like
"I think they looked at it and said, 'Why would you change this? This is working, it feels good,'" she said.
"When you click with someone, man, woman, it doesn't matter. If it works, it works," Kotb told the magazine. "We're sort of like sisters."
During Tuesday's early morning broadcast, Guthrie once again expressed her enthusiasm for working with Kotb. "Hoda, you are a partner, and a friend, and a sister and I am so happy to be doing this," she said.
Kotb replied, "There's no one I'd rather be sitting next to in 2018 than you."
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Barack Obama: 2017 has been a tough year, but here's what to look forward to in 2018
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show chapters A 'work spouse' could be the secret to your success 12:22 PM ET Tue, 21 Nov 2017 | 00:59 Disclosure: NBC and CNBC are owned by Comcast's NBCUniversal unit. | https://www.cnbc.com/2018/01/02/hoda-kotb-joins-savannah-guthrie-as-first-female-co-anchors-of-today.html | www.cnbc.com |
Dick's Sporting Goods could be a 'survivor' like Best Buy | The sporting goods sector in retail isn't shaping up to be all doom and gloom in 2018, despite some nasty headlines last year.
Wells Fargo on Wednesday upgraded Dick's Sporting Goods to outperform, also raising the firm's price target on shares to $35 apiece, up from $26. The stock closed Tuesday at $29.49, having fallen about 43 percent over the past 12 months.
Wednesday morning, though, shares of Dick's Sporting Goods were up more than 5 percent.
Wells Fargo analyst Ike Boruchow wrote in a note to clients that the outlook for the sporting goods retailer is only "improving" from here, as industry trends from a higher level appear to be "stabilizing" after a rough few months. And that would be a good thing for Dick's Sporting Goods, the largest retailer in the space, Boruchow explained.
"With the consolidation occurring in the sporting goods industry (note recent bankruptcies of Sports Authority, Gander Mountain, etc.), DKS can continue to gobble up market share from struggling brick-and-mortar competitors and be the 'survivor' of the industry's consolidation (bringing to mind Best Buy in the electronics space)," he added.
It's true that, similar to how the consumer electronics space has slimmed down in recent years (with names such as RadioShack and Circuit City going bankrupt), retailers that sell athletic apparel and accessories are now being forced to rethink their strategies, as more brands (such as Nike ) opt to sell directly to consumers, bypassing third-party retailers completely.
That's exactly why retailers including Finish Line , Hibbett Sports and Foot Locker were hit so hard in 2017, with Wall Street questioning their ability to survive as brands pull back.
There's also the threat of Amazon , which is quietly rolling out more of its own athletic apparel lines and is trying to become more of an online destination for such goods.
Dick's Sporting Goods CEO Edward Stack went as far as saying his sector was in "panic mode" toward the end of 2017. "We are intentionally joining the [retail] battle, and we will aggressively be promoting our business to drive market share to our stores and online," Stack told analysts and investors at the time.
Nonetheless, Boruchow, along with a handful of other analysts, is confident Dick's Sporting Goods could be the so-called last man standing, especially as some of the company's longer-term investments take hold. This includes investments in e-commerce and the private-label business, management said on a recent conference call.
"We continue to think that DKS will prove to be one of the few retailers to emerge from the digital disintermediation superstorm currently roiling the athletic retail sector, but that 'future DKS' will likely have a lower margin profile and earnings base as the company competes in a much more price transparent world with much higher expectations around consumer experience," Evercore ISI analyst Omar Saad wrote in November.
"Management is clearly pulling all the levers it deems necessary to secure the long-term viability of the Dick's Sporting Goods franchise," Saad added. | https://www.cnbc.com/2018/01/03/dicks-sporting-goods-could-be-a-survivor-like-best-buy.html | www.cnbc.com |
Bonds and fixed income: Data, geopolitics on the agenda for investors | U.S. government debt yields held lower Wednesday after the Federal Open Market Committee minutes revealed that Republican tax cuts pushed the Federal Reserve to raise its economic outlook.
The yield on the benchmark 10-year Treasury note traded lower at 2.451 percent at 2:31 p.m. ET, while the yield on the 30-year Treasury bond was down at 2.789 percent. Bond yields move inversely to prices.
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- Central to trading Wednesday was the release of the FOMC minutes. The document showed that the central bank decided to adjust its economic outlook higher in light of the Republican effort to lower the corporate tax rate. Officials expect the tax relief to bump consumer and firm expenditure.
Committee members increased their expectations for 2018 GDP growth to 2.5 percent.
Last month, the Federal Reserve raised interest rates by a quarter point and hiked its growth outlook for the U.S. economy. The FOMC is the Fed's monetary policymaking arm. The minutes largely reflected the central bank's belief in a stronger economy, improved industrial production and healthy employment.
"Obviously the Fed is a little puzzled why inflation hasn't picked up," said Charlie Ripley, senior investment strategist for Allianz Investment Management. "They did talk about taking a look at alternative methods at looking at inflation ... It feels like the Fed is looking for reasons to raise rates."
For his part, Ripley believes the central bank is likely to raise rates two to three times in 2018 despite a current lack of inflation.
On the data front, yields briefly perked up after the Institute for Supply Management's (ISM) manufacturing index came in higher than expected for December. The index increased to 59.7, topping economist expectations of 58.2 according to a Reuters poll and marking the 103rd consecutive month of growth for the industry.
A reading above 50 for the index indicates expansion in the service sector.
On Tuesday, the first trading day of 2018, U.S. markets finished trade higher with the Dow Jones Industrial Average closing up above 100 points.
U.S. government debt yields started the year higher on Tuesday.
Geopolitics continues to shake up global markets. On Tuesday evening, President Donald Trump tweeted that that his "nuclear button" was " much bigger and more powerful " than the one controlled by North Korea's leader Kim Jong-un.
The U.S. incumbent's tweet comes after a New Year's Day address from Jong-un, who said that the isolated state's nuclear weapons could reach anywhere in the U.S.
Despite the rising geopolitical tensions, indexes in Asia and Europe traded higher on Wednesday. U.S. futures also traded higher. | https://www.cnbc.com/2018/01/03/bonds-and-fixed-income-data-geopolitics-on-the-agenda-for-investors.html | www.cnbc.com |
Cox Enterprises Promotes Andre Reese to Vice President of Information Systems Operations | ATLANTA, Jan. 29, 2018 /PRNewswire/ -- Cox Enterprises today announced the promotion of Andre Reese to Vice President of Information Systems Operations.
Reese is responsible for ensuring the integrity, quality of service and cost effectiveness of the production systems that support the company's operations and adapt to meet new and evolving business requirements.
Reese oversees a variety of organizational functions, including Production Operations, Application and Database Support, IT Service Management, Desktop and Telephone Support, the Network Operations Center as well as the Customer Support Center.
"Information systems and technology is a world that is constantly evolving and requires the forward-thinking abilities of experts like Andre Reese," said Greg Morrison, Senior Vice President of Corporate Information Services. "Andre is an outstanding leader, and I look forward to seeing how he will continue to influence the innovation and growth of Cox Enterprises' information system's department."
Prior to joining Cox in 2004, Reese held a variety of IT system and agency support roles at Prudential, leading large systems development and modernization efforts, as well as technology deployments to sales agents nationwide.
"I am extremely fortunate to work for a company that makes delivering high-quality information technology services a priority," said Reese. "I look forward to continuing to work with partners from across the company's divisions to provide enterprise-shared services such as Oracle Financials and PeopleSoft."
Reese earned a bachelor's degree in Business Administration and Computer Science from the University of Florida. He is a member of the IT Senior Management Forum, the Society for Information Management and previously served on the board of the Auditory Verbal Center.
About Cox Enterprises:
Cox Enterprises is a leading communications, media and automotive services company. With revenues exceeding $21 billion and approximately 60,000 employees, the company's major operating subsidiaries include Cox Communications (cable television distribution, high-speed internet access, telephone, home security and automation, commercial telecommunications and advertising solutions); Cox Automotive (automotive-related auctions, financial services, media and software solutions); and Cox Media Group (television and radio stations, digital media, newspapers and advertising sales rep firms).
The company's major national brands include Autotrader, Kelley Blue Book and Manheim. Through Cox Automotive, the company's international operations stretch across Asia, Australia, Europe and Latin America. To learn more about Cox's commitment to people, sustainability and our communities, please visit www.CoxCSRReport.com .
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SOURCE Cox Enterprises | http://www.cnbc.com/2018/01/29/pr-newswire-cox-enterprises-promotes-andre-reese-to-vice-president-of-information-systems-operations.html | www.cnbc.com |
Allant Group Names Marty Shepard as SVP of Sales | CHICAGO, Jan. 17, 2018 /PRNewswire/ -- Allant Group, a nationally recognized marketing technology services provider, announced the recent appointment of Marty Shepard to Senior Vice President of Sales. In this role, Shepard assumes responsibility for all aspects of Allant Group's sales and business development strategy.
"I am thrilled and honored to join the Allant Group team," said Shepard. "This is a once-in-a-lifetime opportunity to work with an exceptional team that is all working toward a common goal of providing leading-edge solutions for marketers."
"Job number one is to keep our focus on customer success," said Shepard. "I look forward to taking Allant to a new level as we expand our customer base in established and emerging verticals."
An accomplished sales executive with over 25 years of experience delivering solid, scalable revenue growth, Shepard is known for building high-performing teams that focus on consultative customer relationships. He has also built strong partnerships with agencies and marketing services providers by bringing unique skills and creativity that add value to their solutions.
Prior to joining Allant, Shepard served as SVP of Sales and Business Development at Alterian, a leading provider of cross-channel campaign and real-time interaction management software. He previously was AVP Sales at Teradata, a billion-dollar international provider of analytic data platforms and marketing applications. Shepard also held sales leadership roles at Quantivo, Protagona (now part of Doubleclick) and Interelate. Shepard received a BS/MIS degree from the University of Arizona.
"I'm delighted that Marty has joined our executive team," said Gaurav Issar, Chief Executive Officer, Allant Group. "We have built a solid track record over the years of partnering with our customers to help them achieve or surpass their marketing goals. Marty's experience building world-class sales organizations will be a great asset to Allant as we focus on growth based and our commitment to being a leading marketing technology firm that delivers faster, better solutions to our customers."
About Allant Group
Allant is a marketing technology services provider that delivers end-to-end omni-channel marketing services. Allant's expertise and market knowledge enables the delivery through faster customer and 3rd party data integration, improved analytical insights, easy to understand data visualizations, and effective campaign management execution to enable personalized communication by marketers to acquire, retain and win back customers. Allant is a privately held company headquartered in the Chicago area. For more information, call 800.367.7311 or visit www.allantgroup.com .
CONTACT:
Tim Finnigan
1-630-778-2758
tfinnigan@allantgroup.com
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SOURCE Allant Group | http://www.cnbc.com/2018/01/17/pr-newswire-allant-group-names-marty-shepard-as-svp-of-sales.html | www.cnbc.com |
PRESS DIGEST- British Business - Jan 23 | Jan 23 (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
- Bankers are scrambling to attract an $18 billion telecoms flotation to London amid hopes that the deal could generate a bonanza in advisory fees. bit.ly/2n3E3BM
- The engineering group GKN Plc sought to bolster its defences against a hostile assault by Melrose Industries yesterday by highlighting the growing value of its automotive business on the back of record orders for its electric car technology. bit.ly/2DCJlhM
The Guardian
- Business leaders are privately pushing for a new campaign to reverse Brexit as concerns mount about the viability of government plans to prevent a collapse in exports to Europe. bit.ly/2rwxfSr
- The head of the UK's National Cyber Security Centre has warned that a major cyber-attack on the UK is a matter of "when, not if", raising the prospect of devastating disruption to British elections and critical infrastructure. bit.ly/2DYC4qg
The Telegraph
- A major new trade body representing the UK's 130 billion pounds ($181.77 billion) hospitality sector is being proposed in a bid to get the sector's voice better heard by Government. bit.ly/2n0Fm50
- In the London headquarters of high street bank Lloyds a barrier is being built to physically separate two groups of workers. bit.ly/2n24SqH
Sky News
- Tesco Plc has announced plans to "simplify" its operational structures - placing 1,700 roles at risk as it looks to make further savings in the business. bit.ly/2DYyqNh
- Jaguar Land Rover has announced its intention to trim Range Rover Evoque and Discovery Sport production, citing challenges facing the auto industry, including Brexit. bit.ly/2DvXIFz
The Independent
- The UK has already "agreed in principle" to a Norway-style Brexit transition period in which it accepts all EU rules with no power to shape them, a senior figure in Brussels has told The Independent. ind.pn/2BkgxWc
- Labour has unveiled tougher rules to strip outsourced contracts from "rogue suppliers" following the Carillion Plc scandal, if Jeremy Corbyn wins power. ind.pn/2G8JXKH
$1 = 0.7152 pounds Compiled by Bengaluru newsroom; Editing by Peter Cooney
| https://www.reuters.com/article/britain-press-business/press-digest-british-business-jan-23-idUSL4N1PI01T | www.reuters.com |
Tantech Acquires Interest in a Marble Mining Operation | LISHUI, China, Jan. 10, 2018 /PRNewswire/ -- Tantech Holdings Ltd. (NASDAQ: TANH) ("Tantech" or the "Company"), a clean energy company in China, announced today that the Company has signed a share purchase agreement (the "Agreement") with Shanghai Shicai Minerals Co., Ltd. ("Shanghai Shicai") to acquire all of the shares of Lishui Xincai Industrial Co., Ltd. ("Lishui XinCai"), a wholly-owned subsidiary of Shanghai Shicai, at a price of RMB120 million, or $18.2 million. Lishui Xincai owns 18% of the equity interest in Libo Haokun Stone Co., Ltd. ("Libo Haokun"). Following the completion of the acquisition, the Company would indirectly hold a 18% stake in Libo Haokun.
Libo Haokun holds a government-issued permit and has the exclusive right to mine a 0.11-square-kilometer marble quarry in the southwestern province of Guizhou, China. According to a geological report issued by Liaoning Nuclear Geological Survey Institute in June 2016, the quarry had estimated reserves of approximately 4.02 million cubic meters of ores. As of the date of the valuation conducted in December 2016, the quarry had estimated reserves of approximately 3.74 million cubic meters of ores and the corresponding mining right was valued at RMB664.74 million. Libo Haokun obtained the permit to mine the quarry from the local government in September 2016. The current mining permit has a term of two years and eight months valid from September 2016 to May 2019. The mining permit may be renewed for consecutive additional three-year terms, subject to certain conditions, such as filing renewal applications, paying license fees, and the satisfaction of environmental protection standards, among other things.
Ms. Weina Qu, Legal Representative of Shanghai Shicai, said that the acquisition of the mining interest by Tantech could help Libo Haokun improve shareholder structure and increase revenue by capitalizing on Tantech's sales network.
Mr. Zhengyu Wang, Chairman and Chief Executive Officer of Tantech, commented, since its establishment, Tantech has accumulated rich customer resources and built a strong brand image in home decoration and indoor air purification. With China's growing economy and rising household income, marble has become a favored choice for commercial construction and home decoration uses because of its endurance and environmentally friendly fabrication process. Marble has been widely used in iconic landmarks in China, such as the Great Hall of the People, as well as major urban construction projects, such as hospitals, premium hotels and buildings, airports and subways. As Tantech is transitioning its business towards the development and manufacturing of diversified sustainable energy and environmentally friendly products, the investment is aligned with its commitment to contributing to a greener world.
Pursuant to the Agreement, Tantech agrees to acquire all issued and outstanding common shares of Lishui Xincai for a total consideration of RMB120 million in cash to be paid in two installments. The first installment of RMB25 million will be paid within five business days following the execution of the Agreement. The second and final installment of RMB95 million will be paid within thirty days after the signing of the Agreement. Shanghai Shicai agrees to complete the registration process with the industrial and commerce administration of the local government before January 31, 2018, for transfer of the share ownership of Lishui Xincai to Tantech. Tantech will be legally recognized as the shareholder of Lishui Xincai upon the completion of the share ownership transfer registration.
The acquisition will be funded from Tantech's existing cash resources and cash to be received on its accounts receivable.
About Tantech Holdings Ltd.
Established in 2001 and headquartered in Lishui City, Zhejiang Province, China, Tantech Holdings Ltd., together with its subsidiaries, develops and manufactures bamboo-based charcoal products, including a variety of branded consumer products and electric double-layer capacitor ("EDLC") carbon products for industrial energy applications. The Company aims to transform itself from a bamboo-based charcoal products producer to a vertically integrated company with a focus on diversified sustainable energy products including new energy vehicles. As part of the transition, the Company is in the process of divesting its EDLC carbon business. For more information please visit: http://www.tantechholdings.com .
About Suzhou E Motors Co., Ltd.
Established in April 2011 Suzhou E Motors Co., Ltd. ("Suzhou E Motors") is an innovative leader in the design, manufacture and distribution of electric vehicles ("EVs"). With outstanding quality and reliable battery production, our system enables to effectively integrate renewable and conventional energy sources across all our product lines. Suzhou E Motors offers a wide range of EVs, including urban sanitary vehicles, electric logistics vehicles and mini tourist buses with current annual capacity of approximately 5,000 EVs. For more information please visit: http://www.emotorsbus.com .
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
For more information please contact:
Tantech Holdings Ltd.
Ms. Ye Ren
IR Manager
+86-578-261-2869
ir@tantech.cn
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SOURCE Tantech Holdings Ltd. | http://www.cnbc.com/2018/01/10/pr-newswire-tantech-acquires-interest-in-a-marble-mining-operation.html | www.cnbc.com |
One Equity Partners Acquires Majority Share in Ericsson Media Solutions | NEW YORK, Jan. 31, 2018 /PRNewswire/ -- One Equity Partners, a leading middle market private equity firm, today announced that it has signed an agreement to acquire a majority stake in Media Solutions, a global provider of media processing, delivery and TV service platforms, from Ericsson (NASDAQ:ERIC). Ericsson will continue to own a 49% stake in the Company. Additional terms of the private transaction were not disclosed.
Over the last several years, Ericsson has transformed Media Solutions' products with a cloud-enabled, standards-based, integrated end-to-end roadmap. The overall mission has been to advance video service delivery with state-of-the-art infrastructure and software. At the same time, all products and operations have been upgraded to match Ericsson's carrier-grade standards for reliable telecommunications operations and services.
Upon completion of this transaction, Media Solutions will be positioned as a premier independent pure-play video software technology vendor. Today, all of Media Solutions' next-generation software products, platforms and services have been reengineered to support rapidly evolving media consumption patterns with microservices-based software and managed services that can be deployed flexibly in both public and private cloud infrastructures. Media Solutions delivers these products and services at scale to:
9 of the top 10 global telecommunications companies 9 of the top 10 global cable companies 9 of the top 10 global satellite operators 8 of the top 10 broadcast/media companies TV platform used every day by over 18 million pay-TV subscribers in 26 countries and regulatory environments Enabling the delivery of class-leading digital media services to over 1bn homes globally Recording 3m video assets daily, with over 200 petabytes of time-shifted video storage deployed More than 100,000 events per second tracked by its combined analytics data warehouse 6 Technology and Engineering Emmys for our industry-leading technology
Angel Ruiz, who will continue to lead Media Solutions as the CEO, says: "The work we have done to integrate and advance our end-to-end roadmap is paying off in strong customer engagement. One Equity Partners brings valuable experience in the media and telecom sectors, and we're confident that we have found the right partner to further develop and grow the business."
Andrew Dunn, Managing Director of One Equity Partners, says: "We are thrilled to partner with Ericsson to grow Media Solutions. We look forward to supporting the customers of Media Solutions with continuing investment in strategic technology innovation."
Jamie Koven, Senior Managing Director of One Equity Partners, says: "Angel and his team have done a great job with Media Solutions. The technology is industry-leading, the customers are world class, and we are excited by the prospect of working with this team on the opportunity ahead."
Media Solutions employees and contractors, as well as specified assets and liabilities, will transfer to a newly formed company upon closing. Ericsson and One Equity Partners are committed to a seamless transition for employees, customers, partners and suppliers.
OEP has a strong track record investing in and growing market-leading technology businesses, including European IT system and integration provider Lutech, and Zodiac, a supplier of cloud and embedded software solutions to multichannel video programming distributors.
The transaction is subject to customary closing conditions, including regulatory approval.
About One Equity Partners
OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 150 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit www.oneequity.com .
About Media Solutions
Ericsson Media Solutions has a longstanding and broad customer base in cable, satellite, and telecom service providers, as well as major broadcasters. Globally, Ericsson Media Solutions serves over 900 operators, service providers, broadcasters, content providers and aggregators. The wide-ranging media portfolio of end-to-end offerings includes Emmy award-winning hardware and software video compression solutions for Contribution and Direct-to-Consumer video service distribution, advertising and content personalization solutions, high efficiency Cloud DVR, and TV and video delivery platforms. Ericsson Media Solutions has approximately 1,600 employees operating out of multiple locations across the globe.
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SOURCE One Equity Partners | http://www.cnbc.com/2018/01/31/pr-newswire-one-equity-partners-acquires-majority-share-in-ericsson-media-solutions.html | www.cnbc.com |
New health insurance rule aims to deliver on Trump promise | Striving to fulfill a campaign promise, the Trump administration on Thursday proposed regulations to facilitate the interstate sale of health insurance policies that cost less but may not cover as much.
The complex proposal from the Labor Department aims to deliver on President Donald Trump's long-standing pledge to increase competition and lower costs by promoting the sale of health plans across state lines. Yet its success depends on the actions of insurers, state consumer protection regulators, plan sponsors and customers themselves. Some already have concerns.
Frustrated in its efforts to repeal the Obama-era Affordable Care Act, the administration is pursuing regulations to change the insurance marketplace.
The new rule would make it easier for groups, or associations, to sponsor health plans that don't have to meet all consumer protection and benefit requirements of the Obama law. Those requirements improve coverage, but also raise premiums.
Because health insurance, like real estate, reflects wide variation in local prices, it's not immediately clear whether an insurer could charge Texas premiums for policies sold to people in Manhattan.
Insurance industry groups are skeptical of Trump's idea. Patient groups are concerned about losing protections. Some state regulators object to federal interference. Some experts foresee potential legal challenges.
In a recent interview, Trump predicted that insurance markets would be transformed by the combination of this expected proposal, often referred to as "association health plans," and the GOP's recent repeal of the health law's requirement that most people get health insurance or risk fines.
"So now I have associations," Trump told The New York Times last week. "I have private insurance companies coming and will sell private health care plans to people through associations. That's gonna be millions and millions of people. People have no idea how big that is. And by the way, and for that, we've ended 'across state lines.' So we have competition."
Trump appeared to be referring to current obstacles that deter a health insurance company in one state from marketing to individual customers in another state. Some of those barriers have to do with state regulations that differ in the kinds of benefits that insurers must cover. For example, one state may require robust coverage for children with autism, while another may not.
Under the administration's proposal, health plans sponsored by associations would gain enhanced status under a federal law that generally exempts large employer plans from state regulation. Experts are poring over the proposal to determine precisely to what degree such exemptions would apply to the new plans.
"The goal of the rule-making is to expand access to affordable health coverage, especially among small employers and self-employed individuals, by removing undue restrictions on the establishment and maintenance of association health plans" under federal law, the proposal said.
The Labor Department said up to 11 million people who are self-employed or work for small businesses could benefit. Association plans, called "Small Business Health Plans" in the proposal, would be open to small employers and sole proprietors and their families. They could be organized on the lines of a geographic area or an industry.
The department said such plans would not be able to charge individuals higher premiums because of health issues or turn down applicants with medical problems. Interested parties will have 60 days to comment on the proposal.
The main insurance industry groups, along with organizations representing patients and consumers, worry that the administration's approach could siphon healthy people away from the health law's insurance markets, creating a spiral of rising premiums for people who need comprehensive benefits.
"We are concerned that this could create or expand alternative, parallel markets for health coverage, which would lead to higher premiums for consumers, particularly those with pre-existing conditions," according to a letter last month to state regulators, signed by America's Health Insurance Plans and the Blue Cross Blue Shield Association. "Further, these actions destabilize the health insurance markets that guarantee access to comprehensive health coverage regardless of health status."
Even before Thursday's development, Pennsylvania's acting insurance commissioner, Jessica Altman, had her own concerns. "Generally speaking, these types of plans are exempt from state law and outside my jurisdiction," the Democratic appointee said in an interview. "That means any issues that consumers have, I won't be able to help them. More and more people would fall under the jurisdiction of the federal government, and I think state regulators would say we really do it better." | https://www.cnbc.com/2018/01/04/new-health-insurance-rule-aims-to-deliver-on-trump-promise.html | www.cnbc.com |
UBS, Deutsche Bank and HSBC to pay millions in spoofing settlement, CFTC says | Until now, an illegal trading technique called "spoofing" has been associated with two-bit commodities outfits and lone wolf traders operating in the shadows of the markets.
But prosecutors revealed on Monday that their investigations have hit the big time.
Deutsche Bank , UBS and HSBC will collectively pay nearly $47 million to settle civil regulatory charges some of their traders engaged in spoofing in precious metals. Deutsche Bank will pay $30 million and UBS $15 million of that total in a wide-reaching investigation by the Commodity Futures Trading Commission that also names six individuals. HSBC will pay $1.6 million. All three banks cooperated with the investigation.
In addition, the Justice Department said Monday it has charged eight individuals with crimes related to deceptive trading, including seven who have been charged with spoofing. Five of these people were employees of global financial institutions, two were traders at large commodities trading firms and one owned a technology consulting firm.
Spoofing involves placing buy and sell orders with the intent to cancel them before completing the transactions. The orders create the illusion of demand, which distorts prices in a way that benefits the trader's positions. So-called high frequency trading, in which traders use computers to rapidly trade in and out of positions, has been a focus of investigators.
The traders named individually, ranging in age from 30 to 55, face accusations they manipulated various futures markets, including S&P index and precious metals, by placing hundreds, in some cases thousands, of "spoof" orders to induce other market participants to trade at prices, quantities or times they otherwise would not have traded, the Justice Department said.
They traded from their workplaces scattered around the world, from Chicago, New York, London, Zurich, Sydney and Singapore. Six of the individuals were named in both the CFTC and criminal charges. Two others were named in a criminal case.
"Spoofing is a particularly pernicious example of bad actors seeking to manipulate the market through the abuse of technology," said James McDonald, the CFTC's enforcement director. "The technological developments that enabled electronic and algorithmic trading have created new opportunities in our markets."
In a separate statement, John Cronan of the criminal division of the Justice Department said, "Conduct like this pose significant risk of eroding confidence in U.S. markets and creates an uneven playing field for legitimate traders and investors."
High frequency trading, which gained steam as a strategy more than a decade ago with the popularity of electronic and computer-driven trading, brought with it a modern twist on trading abuses that have long affected financial markets. Though traders in past eras faced similar accusations of price manipulation, high speed trading made it possible to carry out a scheme on a grander level.
Anti-spoofing rules were spelled out in the 2010 Dodd Frank financial reforms, designed to clean up Wall Street after the financial crisis. Prosecutors and the CFTC set out to find cases but until now had only named traders working for smaller outfits or for themselves.
Michael Coscia, a New Jersey-based trader, was the first person to be tried. He was sentenced to three years in prison in 2016 for spoofing and commodities fraud, and his conviction was upheld on appeal last year. Prosecutors said Coscia made more than $1 million manipulating the prices of gold and other commodity futures using computer-generated trading strategies. | https://www.cnbc.com/2018/01/29/ubs-deutsche-bank-and-hsbc-to-pay-millions-in-spoofing-settlement.html | www.cnbc.com |
CNBC Interview with Barclays CEO Jes Staley from the World Economic Forum 2018 | Following are excerpts from a CNBC interview with Jes Staley, Barclays CEO and CNBC's Steve Sedgwick and Geoff Cutmore from the World Economic Forum 2018.
GC: Well, let's see if we can round out that conversation about the changes in US tax law. Jes Staley has joined us, Jes, of course, is the CEO of Barclays. Good morning, Jes. Welcome.
JS: Good morning, Geoff.
GC: So, let's just get you to throw your tuppence in on this. Are we heading in the right direction, now, on tax policy?
JS: You know, I think the tax policy means a lot of things for a lot of different people, but on one level, it has clearly changed, or will change the dialogue, around how countries are coordinating globally, both in terms of how to deal with business, as a function of regulation and tax. You know, Barclays, about 45% of our business is in the United States, as a transatlantic bank, and right now, 45% of our business is in one of the lowest tax jurisdictions in the world. What does that mean for Europe? What does that mean for the UK? You know, rather than the G20 steering towards equivalency around the world, the USS [sic] the USA has clearly embarked on a strategy to be very business friendly, as a regulatory matter, and now as a tax matter, and the question is, how will the rest of the world respond to what the US is doing? But for Barclays, it's a very big deal.
GC: Do you think the response, so far, from continental Europe, has been inadequate?
JS: I-, you know, it's going to be a very interesting dynamic. You know, in many ways, we went in to a-, or we walked in to a financial crisis because of the lack of regulation, and there was an appropriate regulatory response, globally, and the G20, sort of, held the regulatory regime, equivalent around the world, as it was reregulated. So, this is a dramatic break from-, from what we've done since the financial crisis, and how regulators deal with, you know, stability and security, versus competitiveness, is a big deal. You know, government fiscal policy, you know, how aggressive do you want to be? And do you have to take in to account now that the-, you know, the largest economy in the world has just embarked on having some of the lowest corporate taxations in the world?
SS: So, huge responsibility on the US, well, perhaps on that front, as well, but on the UK, as well, look, Jes, I'm going to say it how it is. I've spoken to one or two big, big CEOs, like yourself, in the UK, who are appalled by the performance of the British government, appalled at them not looking after key British industries, including the city and the financial sector. Mark Wilson, and you, and others, were at a meeting with the Prime Minister quite recently. Mark told us he was actually quite encouraged by the government finally getting it, and he almost implicitly said, it's only now that they're finally getting the importance of the financial sector. Are you as encouraged, or not?
JS: I would take a very different take than some of the people talking to you, Steve. I-, you know, the level of engagement we've had with the British government since the Brexit vote has been very high-,
SS: Okay.
JS: I've met, a number of times, with the Prime Minister, and with-, and with the Chancellor. This is obviously a very complicated issue, it's going to take a long time to get negotiated. I believe Barclays, in our view, has been heard by the British government. There are a lot of encouraging signs we've gotten from the Bank of England. A long way to go, but no, I don't believe the British government has been blind to the importance of London, and to the importance of a bank like Barclays.
SS: You're Quote: d saying that there is such burdensome regulation, perhaps, that needs to be sorted out in the United Kingdom. Where exactly do you mean? Because, previously, you've spoken to us about not unrolling a lot of the regulation stateside, we talked about Dodd-Frank and everything. So, where, in the UK, do you not like the regulation?
JS: Yeah, no, you know, what I was saying before is-, is, I think that the United Kingdom should negotiate a regulatory regime which is roughly equivalent to Europe, to keep us having access to that single market. But now that the United States has basically said, 'We're going to take a different regulatory tack,' maintaining the regulatory flexibility in the United Kingdom, to keep London competitive with New York, is another dimension to this debate. And so it's complicated, I think, the Brexit negotiations, but our dialogue with the Bank of England, with the regulators, with Her Majesty's Treasury, has been very constructive, and-, and we think there's a keen interest by the British government to keep London competitive, and to keep Barclays competitive.
GC: Apparently, there is a Treasury position paper on how they see the financial services sector unfolding. As yet, we, the public, haven't seen it. Have you seen it?
JS: No. But, you know-,
GC: Wouldn't that be helpful, if you saw it? Given that you're a major employer in the UK, and one of the biggest banks?
JS: Well, I'm not a politician, so how the political bodies negotiate this between-, you know, between Europe and the UK, is something I'll leave to people far more experienced in that. What I think is important is that we are listened to, and that we have a voice in the discussions with the Chancellor, and with the Prime Minister, and we have that. So-, so, let's see what happens over the next year.
GC: Let's move you on here. We feel nothing but unbounded enthusiasm about the direction of markets and economies here at this World Economic Forum, and very few voices that are actually saying, 'Hang on a second.' You know, 'When it's this good, you need to be worried about the other side of the story.' How do you feel about where we are on market levels, and the melt up we've experienced?
JS: So, I said the other day, you know, this feels a little bit like 2006. I mean, there are lots of reasons to be very optimistic. Global economic growth, sort of, across-, across the board, is doing great, at roughly 4%. Unemployment rates, in the UK, and in the US, are at almost record lows. All that feels great. Balance it with the monetary policy right now, which has been incredibly accommodating, in order to try to take the economy out of the financial crisis, we're at real interest rates today which would argue that we're almost still in a recession. So, the balance between where global economic growth is, where monetary policy is right now, there is a-, you know, that has to be rebalanced. And, all of a sudden, with the largest economy, we've put an incredibly simulative fiscal package on the table. So, that's got to be built in to everybody's equation. What gave me a little bit of cause for concern the other day is, asset values, such the stock market, are-, are at all-time highs. Every major industry around the world last year grew by more than 20%, volatility is at an historic low. And-, and almost even more concerning than that, a lot of what is driving that low in volatility is people are selling short volatility. So, if you've got a lot of short positions, at an all-time low level, and something snaps, the velocity of recovery could be-, could be quite something to watch. Given the level of debt levels across the world, you know, the emerging markets, its dollar debt has grown dramatically since the financial market. If interest rates were to move quickly, if volatility was to move quickly, it could be an-, interesting financial markets for the next couple of years.
SS: But that's amazing, because, being a former options trader, myself, it depends where that volatility is. If it's on the upside, that's fine, it will just disappear. If it's on the downside, it's going to exacerbate the long position, and maybe create a snowball. But, add to that the fact that you're, I think, pretty much saying Mark Carney needs to be, maybe, slightly more aggressive, maybe the Bank of England needs to be more aggressive, given the fact we're not in recession-like circumstances, you've got enormous tension here, haven't we?
JS: Yes. I think it's a fascinating issue that-,
SS: So Carney needs to move more aggressively?
JS: I'm not saying that, but I'm saying, I think that the central banks are going to be in a particularly challenging position over the next year or so, if the economies continue to accelerate as much as they are, and-, and let alone, if we start seeing real inflation, like the inflation rate recently in the United Kingdom, pass 3%, if that starts to-, to have legs to it, and we see inflation here, and wage pressure, in-, in-, in the US, given economic growth, monetary policy, if inflation starts to move, it's going to be a challenge for the central banks.
SS: But just one more on that, though, I mean, if the central banks do move more aggressively on rates-, is this a plea for greater NIMs from you, though? You-, because your NIMs are okay anyway, if I remember correctly. I mean, they're still pretty-,
JS: Absolutely. 360 Basel points.
SS: Exactly. And I remember a 345 figure a while back now, 360, as well. There's nothing wrong with your NIMs, despite the low rates.
JS: No, I mean, to me, what this underscores, which has been the strategy we laid out for Barclays, since March of 2016, is we want to be diversified. We're a transcontinental bank, we have a wholesale business, which we like a lot. We have a consumer business which we like a lot. We don't want to be overly concentrated in unsecured credit in the UK. We don't want to be overly concentrated in the markets business in investment banking. So, we have a good balance, because if we are-, are going to go in to a period of greater volatility and less financial certainty, you want to have a diversified business model to go in to that.
GC: Is there any evidence that we're going to see a pickup in some of the-, the trading activity this year? I mean, we've watched the US banks report, and the European banks begin reporting, and it's quite obvious that this is having an impact on the investment banking business, and the markets business.
JS: I-, I think that we will, yes. We're not betting on it, but I think the low levels of volatility, as I've said before, are just not sustainable, and as those volatilities change, and-, and-, and the large capital markets have to begin to rebalance their portfolios, that'll be very-, very constructive for our-, for our-, our business model. But, as you've said, right now, our net interest margins are great, we very much like our-, our underwriting standards, in terms of our credit extension to the UK consumer, and to the US consumer. Our impairment numbers are very encouraging. So, it is, sort of, all calm right now, on the front, but I just want to make sure the bank is prepared and diversified to take whatever comes our way.
SS: So, this isn't great TV for the viewers, but I can show you your-, your shares over the last 12 months. The viewers are going to get that, as well, I'm sure. Why is Barclays there, when the market is there? I.e. you talked about 20% plus on it-, what is the missing ingredient in your share price at the moment? I mean, Tiger like it, for a start-,
[Laughter].
JS: Uh, and we very much appreciate Chase's vote of confidence in Barclays, and also, I think he's done quite well. You know, we completed, last year, a massive restructuring. We reduced the headcount of Barclays, over the last two years, by 60,000 people. If you view the complexity of a bank as-, as its individuals, we reduced the complexity of Barclays by 40% in under two years. So, we closed non-core, in doing that, we reduced the balance sheet by over a third. We have absorbed the costs, and taken the hit, so that, at the end of 2017, we had the highest level of absolute capital in the history of this bank. We have the highest amount of capital relative to risks in the modern history of-, of Barclays. What we have disappointed on is profitability-,
SS: Mm.
JS : But now that we've got the capital issue behind ourselves, we can focus on generating excess capital, and returning those excesses to our-, to our shareholders. We're going to talk about our dividend policy at the yearend results. We've got to generate excess capital, return it to our shareholders, and improve profitability, and that'll get the stock to where it needs to be.
GC: I mean, part of your strategy seems to be, very much, to focus on the-, the UK as a consumer banking operation here, but we, as you pointed out, have consumers who have taken on a lot of credit since the financial crisis. Plus, we're not quite sure whether we're getting inflation, or we're not getting inflation, the latest print suggests maybe-,
JS: Yes.
GC: That a stronger pound is starting to abate some of the inflationary influences. But, do you think that the UK can actually outperform expectations this year? Because there are a lot of people with red pens who are writing down growth forecasts.
JS: We certainly hope so. We are keeping our eye on the unsecured consumer credit market in the UK. We're one of the largest participants. We have tightened our underwriting standards over the last year, so we're one of the largest participants. We have tightened our underwriting standards over the last year, so we've been anticipating this. Our current impairment numbers are-, you know, show no real sign of-, of stress. Small businesses seem quite healthy, corporate lending seems to be quite good. You know, I think the Bank of England has done quite a good job of navigating, thus far, post-Brexit, but there is a new competitive environment out there, and we've got Brexit coming up, so, the UK has got challenges, it's gone from the fastest growing G7 economy to the slowest growing, but we believe in the UK, and believe in the ultimate prospects of Great Britain.
GC: Jes, it's been a pleasure, thanks so much for coming and joining us. Jes Staley-,
JS: Thanks, Geoff.
GC: The CEO of Barclays.
ENDS | http://www.cnbc.com/2018/01/25/cnbc-interview-with-barclays-ceo-jes-staley-from-the-world-economic-forum-2018.html | www.cnbc.com |
PRESS DIGEST-Canada- Jan 22 | January 22, 2018 / 11:05 AM / Updated 7 minutes ago PRESS DIGEST-Canada- Jan 22 Reuters Staff 2 Min Read
Jan 22 (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
** Bombardier Inc and union leaders representing its aerospace employees in Toronto will start talks on a new work contract earlier than normal as labour seeks to learn more about the company's plans for its Downsview operations in Canada's biggest city. tgam.ca/2BkSaHS
** Canadian Prime Minister Justin Trudeau intends to play down U.S. President Donald Trump's threat to abrogate NAFTA in meetings with corporate executives at the World Economic Forum. tgam.ca/2n0fRB7
** Fairfax Financial Holdings Ltd's latest $250 million debt and warrants investment in Seaspan Corp has more to offer than just profits, the company says. It could create new opportunities in the United States, where Fairfax's strategy of taking stakes in undervalued companies has yet to be built out. tgam.ca/2n1FLUU NATIONAL POST
** The prime minister of Canada Justin Trudeau, who is attending the World Economic Forum in Davos for the second time since his mandate began, plans to send a message that Canada's doors are open for business and that now is the ideal time to invest. bit.ly/2n0nEyF (Compiled by Bengaluru newsroom) | https://www.reuters.com/article/press-digest-canada/press-digest-canada-jan-22-idUSL4N1PH3RT | www.reuters.com |
BRIEF-Boeing Q4 Non-GAAP Core EPS $5.18 | January 31, 2018 / 12:49 PM / Updated 8 minutes ago BRIEF-Boeing Q4 Non-GAAP Core EPS $5.18 Reuters Staff
Jan 31 (Reuters) - Boeing Co:
* BOEING REPORTS RECORD 2017 RESULTS AND PROVIDES 2018 GUIDANCE * Q4 NON-GAAP CORE EARNINGS PER SHARE $4.80 * Q4 REVENUE $25.37 BILLION * Q4 GAAP EARNINGS PER SHARE $5.18
* Q4 EARNINGS PER SHARE VIEW $2.89, REVENUE VIEW $24.69 BILLION -- THOMSON REUTERS I/B/E/S
* SEES 2018 GAAP EPS OF BETWEEN $15.90 AND $16.10; CORE EPS OF BETWEEN $13.80 AND $14.00
* TOTAL COMPANY BACKLOG AT QUARTER-END WAS $488 BILLION, UP FROM $474 BILLION AT BEGINNING OF QUARTER
* QTRLY FREE CASH FLOW $2,469 MILLION VERSUS $2,233 MILLION
* SEES 2018 REVENUE OF BETWEEN $96.0 AND $98.0 BILLION REFLECTS COMMERCIAL DELIVERIES OF BETWEEN 810 AND 815
* SEES 2018 OPERATING CASH FLOW EXPECTED TO INCREASE TO APPROXIMATELY $15.0 BILLION
* FY2018 EARNINGS PER SHARE VIEW $11.96, REVENUE VIEW $93.45 BILLION -- THOMSON REUTERS I/B/E/S * NET ORDERS FOR QUARTER OF $40 BILLION
* QTRLY COMMERCIAL AIRPLANES REVENUE $15,466 MILLION VERSUS $14,382 MILLION
* DEVELOPMENT ON 777X IS ON TRACK AS PRODUCTION BEGAN ON FIRST 777X FLIGHT TEST AIRPLANE THIS QUARTER
* SEES 2018 COMMERCIAL AIRPLANES REVENUE $59.5 BILLION - $60.5 BILLION
* U.S. TAX REFORM REDUCED INCOME TAX EXPENSE IN QUARTER BY $1,051 MILLION AND INCREASED Q4 EARNINGS PER SHARE BY $1.74
* SEES 2018 COMMERCIAL AIRPLANES DELIVERIES 810 - 815 UNITS
* ABOUT $1.4 BILLION OF PENSION EXPENSE IS EXPECTED TO BE ALLOCATED TO THE BUSINESS SEGMENTS IN 2018
* SEES 2018 CAPITAL EXPENDITURES ABOUT $2.2 BILLION Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-boeing-q4-non-gaap-core-eps-518/brief-boeing-q4-non-gaap-core-eps-5-18-idUSL8N1PQ4S8 | www.reuters.com |
DIARY-Top Economic Events to Feb 27 | Jan 9 (Reuters) - For other diaries, please see:
U.S. Federal Reserve
Polling Unit Diary
Today in Washington
Political and General News
This Diary is filed daily.
** Indicates new events
TUESDAY, JANUARY 9 BRUSSELS - The European Commission holds a conference, with speakers including EU Commission head Jean-Claude Juncker, German Foreign Affairs Minister Sigmar Gabriel, Italian Finance Minister Pier-Carlo Padoan, German Secretary for Finances Jens Spahn and the chairman of euro zone finance ministers Mario Centeno (Final Day).
WAYZATA, Minnesota - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a moderated question-and-answer session hosted by Cargill - 1500 GMT. FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
WEDNESDAY, JANUARY 10
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated discussion on Weitzman Annual Retail Forecast 1410 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan participates in moderated discussion at the Urban Land Institute Emerging Trends Breakfast 1515 GMT.
LAKE FOREST, Illinois - Federal Reserve Bank of Chicago President Charles Evans participates in moderated discussion on current economic conditions and monetary policy before the Lake Forest-Lake Bluff Rotary Club 2018 Economic Breakfast 1400 GMT.
ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy, in St. Louis. - 1830 GMT. STOCKHOLM - Swedish Central Bank to publish the minutes of its monetary policy meeting 0830 GMT.
THURSDAY, JANUARY 11
LONDON - Eurogroup President Jeroen Dijsselbloem speaks about the future of the euro zone at LSE 1830 GMT.
NEW YORK - Federal Reserve Bank of New York President William Dudley gives a keynote speech before the event "U.S. Economic Outlook: What's In Store For 2018," organized by the Securities Industry and Financial Markets Association 2030 GMT.
FRIDAY, JANUARY 12 STOCKHOLM - Swedish Central Bank Deputy Governor Cecilia Skingsley will discuss the economic situation and current monetary policy at the Skagen Fonder's new year conference 0825 GMT.
SAN DIEGO - Federal Reserve Bank of Boston President Eric Rosengren speaks on the economic outlook and receives the GIC Frederick Heldring Award for Global Leadership at an event hosted by the Global Interdependence Center - 2115 GMT.
MONDAY, JANUARY 15 LONDON - Bank of England Economist Silvana Tenreyro speaks on "The Fall in Productivity Growth: Causes and Implications" at the 2018 Peston Lecture at Queen Mary University 1815 GMT.
TUESDAY, JANUARY 16
ZURICH - Swiss National Bank Chairman Thomas Jordan speaks at Zurich University of Education - 1700 GMT.
WEDNESDAY, JANUARY 17
NEW BRUNSWICK, NEW JERSEY - Federal Reserve Bank of Cleveland President Loretta Mester gives a lecture on monetary policy communications 2130 GMT.
PALM BEACH - Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in a moderated discussion on current economic conditions and monetary policy before the American Council of Life Insurers Executive Roundtable - 2000 GMT. OTTAWA - The Bank of Canada issues its monetary policy report 1500 GMT. OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the monetary policy report 1615 GMT.
MONDAY, JANUARY 22
BRUSSELS - Eurogroup finance ministers' meeting.
TOKYO - Bank of Japan monetary policy meeting (to Jan. 23).
TUESDAY, JANUARY 23 BRUSSELS - EU Economic and Financial Affairs Council meeting.
THURSDAY, JANUARY 25 FRANKFURT - ECB Governing Council meeting, followed by an interest rate announcement and a press conference by President Mario Draghi. OSLO - Norway Central Bank interest rate decision 0900 GMT.
TOKYO - Bank of Japan releases the minutes of its Dec. 20-21 monetary policy meeting - 2350 GMT.
FRIDAY, JANUARY 26 LONDON - Bundesbank Vice President Claudia Buch speaks at the Imperial College 1530 GMT.
STOCKHOLM - Riksbank executive board meeting 0800 GMT.
TUESDAY, JANUARY 30
WASHINGTON - U.S. Federal Reserve's Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to Jan. 31).
TOKYO - Bank of Japan to release a summary of opinions from board members at its Jan. 22-23 policy meeting 2350 GMT.
WEDNESDAY, JANUARY 31
** OITA, Japan - Bank of Japan Deputy Governor Kikuo Iwata speaks to business leaders - 0130 GMT. WASHINGTON - U.S. Federal Reserve's Federal Open Market Committee (FOMC) announces its decision on interest rates, followed by statement 1900 GMT.
FRIDAY, FEBRUARY 2 FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
MONDAY, FEBRUARY 5 LONDON - OMFIF lunch discussion with Cecilia Skingsley, deputy governor of the Swedish central bank and co-chair of the World Economic Forum's working group, examining the prospects for central bank-issued digital currencies - 1200 GMT
WEDNESDAY, FEBRUARY 7 STOCKHOLM - Riksbank executive board meeting 0800 GMT. THURSDAY, FEBRUARY 8
** OTTAWA Speech by Carolyn Wilkins, Senior Deputy Governor at Bank of Canada 1800 GMT. LONDON - European Central Bank executive board member Yves Mersch gives a lecture.
LONDON - Bank of England releases its inflation report.
LONDON - Bank of England announces its rate decision and publishes the minutes of the meeting 1200 GMT. WELLINGTON - Reserve Bank of New Zealand's Official Cash Rate (OCR) and Monetary Policy Statement.
FRIDAY, FEBRUARY 9 STOCKHOLM - Riksbank general council meeting - 1200 GMT.
TUESDAY, FEBRUARY 13 STOCKHOLM - Riksbank monetary policy meeting 0800 GMT.
WEDNESDAY, FEBRUARY 14
STOCKHOLM - Swedish Central Bank interest rate decision and monetary policy report - 0830 GMT.
THURSDAY, FEBRUARY 15
** WINNIPEG, Canada - Speech by Lawrence Schembri, Deputy Governor at Manitoba Association for Business Economics 1845 GMT. STOCKHOLM - Riksbank executive board meeting 0800 GMT.
FRIDAY, FEBRUARY 16 STOCKHOLM - Riksbank general council meeting - 1200 GMT. MONDAY, FEBRUARY 19 BRUSSELS - Eurogroup meeting.
WEDNESDAY, FEBRUARY 21
WASHINGTON - Federal Open Market Committee will release the minutes from its January policy meeting. FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
WEDNESDAY, FEBRUARY 27 STOCKHOLM - Swedish Central Bank minutes of its monetary policy meeting will be published 0830 GMT. | https://www.cnbc.com/2018/01/08/reuters-america-diary-top-economic-events-to-feb-27.html | www.cnbc.com |
SpaceX launches secret US government spacecraft Zuma on Falcon 9 | 1 Hour Ago | 00:47
SpaceX successfully launched a secret U.S. government payload called Zuma on Sunday and landed its rocket back on Earth, in the company's first mission of 2018.
The Zuma spacecraft was attached to one of SpaceX's Falcon 9 rockets. It was launched into orbit from the Cape Canaveral Air Force Station in Florida. The Falcon 9 successfully landed back to base.
Landing and reusing rockets is the main aim of SpaceX scientists, who argue that it reduces the cost of launches and allows it to perform more missions.
SpaceX did not reveal the purpose of Zuma because it is classified, but the mission marked Elon Musk's company's first in 2018. TWEET
Last year, SpaceX carried out 18 successful launches, the highest in any calendar year. The firm is aiming to carry out one launch every two weeks.
SpaceX is now looking towards its next challenge, launching the Falcon Heavy, its largest rocket to date. Musk announced on social media last week that the Falcon Heavy would be launched at the end of the month , after several delays.
For the test flight, the rocket will not carry a customer's payload. Instead, Musk will launch an original Tesla Roadster playing David Bowie's "Space Oddity" into "a billion year elliptic Mars orbit." | https://www.cnbc.com/2018/01/08/spacex-zuma-launch-falcon-9.html | www.cnbc.com |
Asia looks set to open in positive territory after S&P 500 cracks 2,700 | Major Asian markets closed mostly higher on Thursday, on the back of the stronger lead from Wall Street following positive economic data. Markets in Japan finished their first day of trade in the new year with strong gains while South Korean stocks were weaker than their regional peers.
Japan's Nikkei 225 hit levels not seen in 26 years, jumping 3.26 percent, or 741.39 points, to close at 23,506.33 on its first day of trade after a long New Year weekend. Most sectors were in positive territory, with financials, technology and automakers higher across the board. Toyota rose 2.77 percent and Honda climbed 3.21 percent by the end of the day. Heavyweight SoftBank Group closed higher by 4.28 percent.
Symbol Name Price Change %Change NIKKEI --- HSI --- ASX 200 --- SHANGHAI --- KOSPI --- CNBC 100 --- Meanwhile, the Kospi slid into negative territory, with the index sliding 0.8 percent to finish the session at 2,466.46 after trading higher at the open. Technology names closed mostly lower, with Samsung Electronics losing 1.05 percent and chipmaker SK Hynix giving up early gains to close down 0.77 percent.
Automakers saw declines, with Hyundai Motor falling 2.66 percent and affiliate Kia Motors losing 3.22 percent by the end of the session.
Shipbuilders, which had rallied in the new year due to optimism in the outlook for the sector, were mixed. Hyundai Heavy Industries closed 6.41 percent higher and Daewoo Shipbuilding was off by 4.07 percent.
In Sydney, the S&P/ASX 200 edged up by 0.11 percent to close at 6,077.1, with the energy sub-index the top-performer of the day as oil prices touched their highest levels in two and a half years. Oil and gas producers mostly notched gains, with Oil Search rising 3.6 percent and Woodside climbing 2.68 percent by the end of the day.
Greater China markets extended gains. Hong Kong's Hang Seng Index rose 0.58 percent by 3:05 p.m. HK/SIN, with investors eyeing an eighth straight day of gains. Energy-related plays were higher following oil's overnight gains, with the tech sector also recording sizable gains: CNOOC was up 3.61 percent and Tencent advanced 2.13 percent at 3:10 p.m. HK/SIN.
On the mainland, markets saw moderate gains. The Shanghai Composite added 0.52 percent to end at 3,386.5 and the Shenzhen Composite advanced 0.36 percent to close at 1,940.96. The energy sector outperformed its peers on the blue-chip CSI 300 index, which tracks large companies listed in both Shanghai and Shenzhen.
A survey released Thursday showed the services sector in the country grew at its fastest rate in more than three months in December. The Caixin services PMI came in at 53.9 last month, compared to the 51.9 seen in November. That was the highest level recorded since August 2014, according to Reuters.
The positive read followed the release of expectation-topping Caixin manufacturing PMI data earlier this week. Official PMI for December had been in line with estimates.
Strong lead from Wall Street U.S. stocks closed higher in the last session, with the S&P 500 closing above 2,700 for the first time as technology stocks notched more gains. Semiconductor names led the sector higher, with AMD jumping 5.19 percent and Nvidia soaring 6.58 percent on the day.
The Dow Jones industrial average advanced 0.4 percent, or 98.67 points, to close at 24,922.68 and the S&P 500 gained 0.64 percent to finish at 2,713.06.
On the data front, manufacturing activity stateside topped expectations, with the ISM manufacturing index for December released Wednesday coming in at 59.7.
Investors also digested minutes from the Federal Reserve's meeting in December, which showed that most members thought upcoming changes in taxes would lead to higher real GDP growth. The minutes also showed members of the Federal Open Market Committee were somewhat at odds over meeting the central bank's inflation target of 2 percent.
Elsewhere, European markets ended higher as new financial sector rules under Mifid ll came into effect, with the pan-European Stoxxx 600 closing nearly 0.5 percent higher.
Dollar loses steam The dollar lost steam late in Asian trade after firming on the back of optimistic releases stateside. The dollar index , which tracks the U.S. currency against a basket of six peers, traded at 92.083 at 2:58 p.m. HK/SIN, after rising as high as 92.261 during the session.
The greenback , however, held onto gains made against the yen to fetch 112.53, after beginning the week at the 112.3 handle.
Meanwhile the Korean won pared losses against the dollar after softening overnight. The currency had traded at its highest levels in more than three years earlier this week. At 3:02 p.m. HK/SIN, the won traded at 1,061.05 to the dollar.
"Support for the dollar should provide some relief in Asia over strong exchange rates," said DBS Group strategists Eugene Leow and Philip Wee in a morning note, highlighting South Korea's concerns over recent strength in the won.
The commodities trade Oil prices extended gains after touching their highest levels in two and a half years on Wednesday on the back of a wider market rally. The move higher in prices also came as protests continued in Iran, although analysts said those were unlikely to negatively impact oil production in the country.
U.S. West Texas Intermediate advanced 0.76 percent to trade at $62.10 per barrel after rising 2.1 percent in the last session. Brent crude futures tacked on 0.4 percent to trade at $68.11.
Corporate news Shares of Japanese videogame maker Nintendo closed up 4.9 percent following news that its hit "Pokemon Go" game was headed to China. The Financial Times reported earlier this week that U.S.-based developer Niantic was partnering with NetEase to launch the game on the mainland.
Dalian Wanda Commercial Property was downgraded from "BBB" to "BB+" by Fitch Ratings on Wednesday, a two-notch downward revision. Fitch said the downgrade reflected the company's "inability to access offshore funding channels to boost its offshore liquidity in a timely manner." | https://www.cnbc.com/2018/01/03/asia-markets-dollar-rise-oil-prices-and-china-data-in-focus.html | www.cnbc.com |
UPDATE 1-Toys "R" Us says to shut a fifth of its U.S. stores | UPDATE 1-Toys "R" Us says to shut a fifth of its U.S. stores Published 12:06 AM ET Wed, 24 Jan 2018 Reuters
(Adds details on closure timing, background)
Jan 23 (Reuters) - Toys "R" Us Inc said on Tuesday it will shut about one-fifth of its stores in the United States in the coming months, as the toy store chain tries to emerge from one of the largest ever bankruptcies by a specialty retailer.
The closure of about 180 U.S. stores will begin in early February and continue until mid-April, Chief Executive David Brandon said in a letter on its website. http://bit.ly/2n5O1mR
The company filed for bankruptcy protection just ahead of the crucial holiday season in the U.S. and Canada to restructure $5 billion of long-term debt, casting doubt over the future of its 64,000 employees and nearly 1,600 stores.
All 83 Toys "R" Us stores in Canada will remain open, said president of the Canadian unit, Melanie Teed-Murch, in a letter to customers. http://bit.ly/2n7ztCp
Toys 'R' Us, which like other traditional brick-and-mortar retailers has struggled as more and more consumers shop online, is taking steps to try and entice customers to its stores.
The retailer planned to close unprofitable locations and improve its website and loyalty programs while investing in its stores, according to bankruptcy court papers.
Toys "R" Us, which also operates the Babies 'R' Us chain, has set aside more than $400 million out of its$3.1 billion in bankruptcy loans for sprucing up about 900 stores over the next three years with more experiences and better-paid staff.
As the Wayne, New Jersey-based company aims to exit bankruptcy in 2018, its efforts to reinvent its stores will shape how other retailers look to experiential shopping to tackle e-commerce. (Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar Warrier) | https://www.cnbc.com/2018/01/24/reuters-america-update-1-toys-r-us-says-to-shut-a-fifth-of-its-u-s-stores.html | www.cnbc.com |
Sigma Agriscience acquires agricultural solutions company AM-AG | HOUSTON, Sigma Agriscience, a manufacturer of granular biofertilizers and biostimulants, today announced the company has acquired a controlling interest in AM-AG, an international marketer and distributor of agriculture products with operations in Latin America and the U.S.
Houston based Sigma Agriscience provides innovative products and solutions to agriculture, nursery, orchard, turf, and landscape markets from all over the U.S. to Mexico, Central and South America, Europe and Asia. AM-AG will operate as a Sigma Agriscience subsidiary under its present name. Significant to the deal is AM-AG's exclusive distribution rights to a unique granular product line of all-natural high analysis secondary and micronutrient plant nutrition.
"We are very excited about this announcement. This is a highly strategic and complementary acquisition with many parts," said Alan Warren, President and CEO of Sigma Agriscience. "We have a long history of working with AM-AG and this investment strengthens our core competencies and will enable us to deliver unique value for not only organic but conventional growers."
"Both companies aim to create a smarter way for conventional growers to improve soil health and increase their existing yield and profitability," said AM-AG partners, Don Barry and J. Robert Gonzales. Branded as "Sigma Biosphere" the go-to-marketing strategy is a program that complements conventional growing practices by supercharging standard NPK fertility with secondary and micronutrient plant nutrition plus biostimulants. "This technology has very positive implications for agricultural crop production," said Julian Smith, PhD, lead agronomist of AM-AG.
Modern crop production is reliant upon a multitude of factors and nutrition is a major element of economic yields across a multitude of soil types. More importantly, matching genetics with an increasing attention to detail over and above conventional NPK fertility programs has paid dividends for many producers. Typically, NPK programs are now supplemented with greater attention to secondary and micro-nutrient inclusion.
In many areas, major improvements to plant nutrition have been achieved through complimenting recommended NPK applications with magnesium, sulfur and calcium. By doing so, maximum NPK efficiency is realized plus applying essential supplemental nutrition for high yield environments. Across many soils in the US, not least those that have been exhausted after years of farming, NPK is essential but simply not enough to sustain economic production. Magnesium, sulfur and calcium (not just liming) supplemental nutrition is vital. Similarly, the impact of essential micronutrients such as zinc, boron, copper and manganese cannot be underestimated.
Sigma Biosphere products utilize a range of soil and crop appropriate combinations of magnesium, calcium, sulfur and micronutrients in season-long form to augment NPK blends to maximize crop production across a variety of growing environments and crop rotations.
In a significant departure from other supplemental nutrient programs, The Sigma Biosphere program includes a biological package comprising a unique combination of microbes with an outstanding research pedigree. This is not the "bugs in a jug" shotgun approach, rather a carefully researched and selected group of micro-organisms with a proven track record in crop production and soil productivity improvement.
Sigma Biosphere utilizes three specific bug groups, chosen for efficacy and importantly, their competitive ability in a soil environment. Adding a few bugs to a soil environment usually fails as the soil has billions of native microbes, all competing for food. Sigma Biosphere microbials are capable of out-competing native bugs and provide very specific services for crops via the root system. Such advantages include outcompeting pathogens, stimulating root growth and other essential growth functions, not least nutrient availability.
Sigma Biosphere combines essential nutrition for crops and soils combined with a proven biological package that will elevate all crop nutrient programs!
For more information, visit www.SigmaAgriscience.com and www.AM-AG.com
Contact:
Alan Warren
alan.warren@sigma-agri.com
with multimedia: releases/sigma-agriscience-acquires-agricultural-solutions-company-am-ag-300585507.html
SOURCE Sigma Agriscience | http://www.cnbc.com/2018/01/19/pr-newswire-sigma-agriscience-acquires-agricultural-solutions-company-am-ag.html | www.cnbc.com |
Intel’s the worst performing Dow stock Wednesday, but technician says buy the dip | Shares of Intel fell 5 percent on Wednesday following reports that a security bug was present in the chip maker's processors. According to one technician, who has been bullish Intel, the move presents the perfect opportunity for investors to buy the chip dip.
"Shares are still above rising 50 and 200-day moving averages," Piper Jaffray chief market technician Craig Johnson wrote in an email to CNBC on Wednesday. "[Intel] would need to close below the December lows of $43 for the technical picture to change."
With Intel trading at around $45.73 on Wednesday, the stock would have to fall another 5 or 6 percent in order for Johnson to get nervous.
"This stock has broken out of a huge base," he said Tuesday in a "Trading Nation" segment on CNBC's "Power Lunch." "It looks a little bit extended ... but I think we can continue to see this stock push a little bit higher, about another 9 percent or so."
Additionally, Johnson also believes that the chip makers as a group are set for an even bigger rally. The semiconductor ETF ( SMH) has started the year off strong, rallying more than 3 percent since Tuesday and bouncing back to levels unseen since the end of November.
Given the move, Johnson believes that SMH will have to break the $101 region around which the 50-day moving average sits for the recent jump to be meaningful.
"For now, you have to stick with this SMH trade to the long side, but you have to be watching that 50-day moving average," he said.
On Wednesday, SMH was trading at $101.30, slightly above the 50-day moving average that Johnson said was key.
Chad Morganlander, a portfolio manager at Washington Crossing Advisors, remains overall bullish on the space and sees more upside ahead. He does, however, caution that there are fundamental factors that could derail the chip rally.
"In the long run, this ... is hypersensitive to global growth, so if you start to see any kind of deceleration of investment spending, you have to not be quite complacent with this one," he said on "Power Lunch." "But we think in [the first quarter], you're going to see an outperformance in relationship to the S&P 500."
While Intel is one of the biggest components of SMH, the group as a whole continued to move higher on Wednesday as other names surged on the back of Intel's processor issues.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding. | https://www.cnbc.com/2018/01/03/intels-the-worst-performing-dow-stock-wednesday-but-technician-says-buy-the-dip.html | www.cnbc.com |
Polar blast from 'bomb cyclone' should boost natural gas prices | Natural gas futures, dipping on a warmer long term forecast, are likely to spike again after freezing weather takes another big bite out of gas supplies later this week.
The normally very abundant supply of U.S. natural gas could be put to the test this season and could actually see some spot shortages by the end of winter, according to analysts. An unexpectedly harsh cold snap across North America resulted in record gas demand New Year's Day, while at the same time natural gas producers from Pennsylvania to North Dakota are being forced to shut in some production at the well head due to the cold temperatures.
"We could consume upwards of a quarter of the stored natural gas just this month," said John Kilduff, energy analyst with Again Capital. The Energy Information Administration releases weekly data Thursday, and Kilduff said he's looking for a draw down of 225 billion cubic feet, more than double the normal level for this time of year.
"Things could start to get tight for sure. Even if we have a normally cold winter, things get tight," he said. "These are big demand numbers we're seeing. Monday was a record. I think Saturday could eclipse Monday's record." Analysts said about 143 billion cubic feet of gas was consumed Monday, the largest on any one day in four years.
The U.S. is the biggest natural gas producer in the world, and analysts see no chance that supplies will run out or be unavailable but a shortage could mean prices will be higher.
The unexpected cold spell across North America is now being compounded by a massive winter storm, dubbed a bomb cyclone, that is expected to create blizzard conditions in parts of New England, and potentially dump more than a foot of snow.
The storm is expected to run up the east coast, creating huge surf and high winds and bringing an even colder wave of frigid temperatures to a third of the eastern half of the U.S. by the weekend. Freezing rain or snow is expected from Florida to Canada.
Natural gas futures Wednesday were down 2.2 percent to $2.98 per million British Thermal Units, off a high of $3.10 per mBtus Tuesday.
"Overnight we saw warming trends in the 12-to-15 day forecast and the 16-to-21 day," said Bespoke Weather chief weather analyst Jacob Meisel. "We're still expecting what could be a record drawdown next Thursday by the EIA for the week ending this Friday. That would include the three day holiday weekend for New Year's."
Meisel said the futures market is now expecting natural gas storage to be 1.265 trillion cubic feet by the end of winter, compared to the five-year average of 1.7 trillion cubic feet.
"What the market is focusing on right now is the comparison to the five year average, and we're going to walk into the spring season with stockpiles below the five year average. The question is whether we're able to produce our way out of the problem," he said. "I'm confident in saying we're basically walking into spring, 2018 with a shortage of gas."
That means gas prices could be higher. In the cash market Wednesday, prices have been volatile, and Meisel said Henry Hub cash have been volatile and hit a high over $7 Wednesday.
"If there was some sustained cold through the winter, we could see draw downs as low as 1,000 bcfs," Meisel said. "Right now we're just trying to figure out this warm up. We are having one more cold shot that will be focused Jan. 12 to 14, that spooked the market a little bit [Tuesday'. There are concerns cold could stick around a little longer than anticipated. That's what would get the market going if the warmer weather we're expecting isn't ending up verifying."
S&P Global Platts analysts said they believe the potential for supply shortages is in fact, limited by the rapid production. "Indeed the notion of "just in time" shale production is going to change the way market prices during the peak period for winter demand," they noted, adding that New England is a market where consumers high prices due to insiffucient investment in midstream delivery and therefore pay high prices during peak demand.
Meisel said it's possible colder weather could return by the end of January or early February . "The forecast at this point is highly uncertain," he said.
Even so, the weather has already been historic. The city of Boston tied its own 100-year-old record on Tuesday when it experienced seven consecutive days of temperatures that did not top 20 degrees Fahrenheit. Temperatures were expected to be in the mid 20s degress Fahrenheit Wednesday. | https://www.cnbc.com/2018/01/03/polar-blast-from-bomb-cyclone-should-boost-natural-gas-prices.html | www.cnbc.com |
Lozano Smith Names Three New Equity Partners | FRESNO, Calif., Jan. 11, 2018 /PRNewswire/ -- Lozano Smith, LLP , a leading California education and public agency law firm, is pleased to announce that Trevin Sims , Edward Sklar and Sloan Simmons have been promoted to Lozano Smith's equity partnership.
"Trevin, Ed and Sloan are distinguished and talented attorneys who have dedicated their careers to public agencies and to the students and communities that our clients serve," said Karen Rezendes , Managing Partner of Lozano Smith. "In addition to their remarkable achievements as attorneys, all have served in leadership roles within the firm helping to generate incredible success and growth for our firm. Our clients have been enriched by each attorney's depth of expertise and quality of legal services."
Trevin Sims first joined Lozano Smith in 1996 and later became an office-managing non-equity partner in 2007. Throughout his career, Mr. Sims' practice has focused on virtually every area of public education law, including facilities and business, board governance, municipal finance, special education, student discipline, classified and certificated employee discipline, and school district reorganization. Trevin also leads Lozano Smith's Public Safety Practice Group , and trains public agency leaders throughout the state.
Edward Sklar began his career with Lozano Smith in 2001 and later became a non-equity partner in January 2007. Mr. Sklar has held various leadership positions, including serving as the Charter School Practice Group co-chair since 2008 as well as the Walnut Creek office managing partner for the past eight years. Ed is an expert on charter school issues and provides statewide trainings for public entities.
Sloan Simmons' career began at Lozano Smith in 2002. He was the Student Practice Group co-chair from 2009 until 2013 when he became co-chair of the firm's Litigation Practice Group . His practice focuses on all aspects of public entity litigation, with a record of success in litigation on complex and wide impact cases, and the student arena including constitutional and other statutory student rights and requirements, student discipline, student records, and all other aspects of student-school related issues. Sloan is a regular contributor and sought-after speaker for the National School Boards Association, the California School Boards Association, the Association of California School Administrators, and other California education associations.
Get to Know Lozano Smith
Lozano Smith is a full-service education and public agency law firm serving hundreds of California's K-12 school districts, community college districts, and numerous cities, counties, and special districts. The firm's expertise includes, but is not limited to, personnel matters, labor relations, technology, real property and construction matters, constitutional issues, special education, student discipline, school funding, charter schools, bond elections, governance, and litigation in all areas of representation. Lozano Smith has offices in 8 California locations: Bakersfield, Fresno, Los Angeles, Mission Viejo, Monterey, Sacramento, San Diego and Walnut Creek. For more information about Lozano Smith or to see full attorney bios, visit www.LozanoSmith.com or find us on Facebook or Twitter . You can also download the Lozano Smith App .
Contact: Andy Garcia
Executive Director
559.431.5600
agarcia@lozanosmith.com
View original content: http://www.prnewswire.com/news-releases/lozano-smith-names-three-new-equity-partners-300581494.html
SOURCE Lozano Smith | http://www.cnbc.com/2018/01/11/pr-newswire-lozano-smith-names-three-new-equity-partners.html | www.cnbc.com |
PRECIOUS-Gold firm on weaker dollar, trade war concerns | * U.S. dollar touches fresh 3-year low * Spot gold biased to rise towards $1,357.54/oz -Technicals * Asian stocks up 5 pct-10 pct since start of year (Updates with comments, latest prices) By Nithin ThomasPrasad Jan 24 (Reuters) - Gold held steady near a four-month high on Wednesday, as the U.S. dollar sank to a fresh three-year low, while worries of potential trade wars led to some risk-aversion trade as well. Spot gold was nearly flat at $1,340.90 per ounce at 0439 GMT, while U.S. gold futures for February delivery rose 0.28 percent to $1,340.40 per ounce. "Gold could move higher as we are still in the early stages of a broader USD sell-off, with all eyes focused on 110 USD-JPY," said Stephen Innes, APAC head of trading at OANDA. The dollar touched a four-month low against the yen on simmering concerns that the U.S. currency's yield advantage will start to erode as major central banks head toward unwinding their massive stimulus. It slipped to as low as 110.06 yen , the lowest since Sept. 15, and was last down 0.1 percent at 110.16 yen. The dollar index fell to its lowest since Dec. 31, 2014, on a fresh burst of speculative selling. A weaker dollar makes bullion more attractive for holders of other currencies. "Global investors are also concerned about potential trade wars... which is stirring up some risk-aversion trade, so that, in turn, is supporting gold," said Richard Xu, a fund manager at China's biggest gold exchange-traded fund, HuaAn Gold. On Tuesday, U.S. President Donald Trump imposed import tariffs on washing machines and solar panels, putting a cloud over global trade at a time when its revival has fuelled hopes for a stronger world economy. "I think gold prices will continue to trend higher along with other commodities, so $1,400 (an ounce) is our near-term target," Xu said. Markets also expect an U.S. interest rate hike in March. Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion while boosting the greenback. Meanwhile, recent strong gains in equities weighed on the precious metal. Most Asian stock indexes are up anywhere from 5 to 10 percent since the start of the year with many at all-time highs. Spot gold is biased to break a resistance at $1,341 per ounce and rise towards the Sept. 8, 2017 high of $1,357.54, according to Reuters technical analyst Wang Tao. In other precious metals, silver was nearly flat at $17.04 per ounce after touching a 3-1/2-week low of $16.73 in the previous session. Platinum fell 0.5 percent to $1,001.49 per ounce, while palladium rose 0.1 percent to $1,092.99 per ounce. (Reporting by Nithin Prasad in Bengaluru; editing by Richard Pullin and Subhranshu Sahu)
| https://www.reuters.com/article/global-precious/precious-gold-firm-on-weaker-dollar-trade-war-concerns-idUSL4N1PJ1PJ | www.reuters.com |
Warren Buffett says 'huge' corporate tax cut is 'not baked in' stock market | Warren Buffett says 'huge' corporate tax cut is 'not baked in' stock market Warren Buffett believes the corporate tax reform bill is very bullish for stockholders. He said the size of the tax cut is "not baked in" to the stock market. Warren Buffett, Chairman and CEO of Berkshire Hathaway.
Warren Buffett believes the corporate tax reform bill is very bullish for stockholders.
The tax overhaul, which President Donald Trump signed into law last month, lowers the corporate tax rate to 21 percent from 35 percent.
"The tax act is a huge factor in valuation," he said on CNBC's "Squawk Box" on Wednesday. "You had this major change in the silent stock holder in American business who has been content with 35 percent ... and now instead of getting 35 percent interest in the earnings they get a 21 percent and that makes the remaining stock more valuable."
The billionaire chairman and CEO of Berkshire Hathaway also explained the magnitude of the tax cut is not reflected in the stock market yet.
"I think 21 percent was not baked in. That's a huge reduction," he added.
Buffett was interviewed by CNBC in Omaha, Nebraska. | https://www.cnbc.com/2018/01/10/warren-buffett-says-huge-corporate-tax-cut-is-not-baked-in-stock-market.html | www.cnbc.com |
Amazon's exploratory pharmacy team has ballooned to more than 30 people, says research firm | A new report from the financial research firm Leerink, which has been closely covering Amazon's moves in health care, says Amazon is expanding the team that's exploring a move into the pharmacy business.
Researchers at Leerink interviewed an anonymous former senior Amazon employee, who described an exploratory team at Amazon that was once 7 to 8 people, and is now 30 to 40.
The goal appears to be to ensure its customers stay loyal and that all their needs, including health and medical, are serviced on Amazon.com.
Amazon's entry into the pharmaceutical business seems inevitable to many in the health sector, particularly in light of the $3 billion market opportunity, and Leerink thinks it's a matter of "when," not "if."
"Ultimately, Amazon is looking to bolster its Prime membership program, which by signing up for a subscription provides customers with benefits including free shipping, expedited delivery, and other perks," the report states.
"Amazon saw the inclusion of pharmaceutical drugs as a natural add-on to its existing product offerings."
Amazon CEO Jeff Bezos has eyed the pharmacy business for years, dating back to an investment in the startup Drugstore.com in the 1990s. That business was eventually acquired by Walgreens, and later shuttered.
"The specialist indicated that Amazon's decision to enter pharmacy has been in the works for some time," the report reads.
As CNBC has reported, Amazon has been busy in the last year meeting with folks across the industry, including generic drug makers, to figure out how it can break into the space.
The consumables team, led by Eric French, initially kicked off the research process. That team also includes the company's groceries product. In May, the company started interviewing for a pharmacy general manager to lead the team, and it has been looking to recruit health experts for months -- most recently, a health privacy lead. Amazon held exploratory talks in November with generic-drug makers like Sandoz and Mylan.
Amazon's latest high-profile health care hire is Martin Levine , a doctor who specializes in new models of patient care.
Matching prices, not beating them
Some have speculated that Amazon could be a key player in bringing down drug prices.
But Leerink's analysts said the former member of Bezos' senior executive team suggested that Amazon will aim to match the lowest prices on the market, rather than beating them.
The note also says that Amazon will probably sell drugs directly to consumers, and build a platform open to all suppliers, similar to its Marketplace model. That could further spur price competition among drug makers.
Overall, Amazon's move into the pharmacy business may seem like a foregone conclusion, but don't expect it to happen tomorrow. Some drug supply chain experts say that Amazon has lower-hanging fruit to explore first in the health care space, like selling cash-pay generic drugs and medical supplies.
"Its first and best opportunity remains in the cash-pay market for generic prescriptions," said Adam Fein, president of Pembroke Consulting. | https://www.cnbc.com/2018/01/24/amazon-pharmacy-team-expanded-to-more-than-30-leerink.html | www.cnbc.com |
LIVE MARKETS-What you need to know before Europe opens | * European shares seen little changed * STOXX hit 1-week low in previous session * Trump says wants a strong dollar Jan 26 (Reuters) - Welcome to the home for real time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: danilo.masoni.thomsonreuters.com@reuters.net WHAT YOU NEED TO KNOW BEFORE EUROPE OPENS (0744 GMT) European shares are expected to bounce back on Friday with main stock index futures pointing to gains of around 0.3 percent. Such gains however would not be enough to prevent the STOXX 600 from scoring its first weekly loss this year. Luxury goods makers will be in focus after LVMH said it had made a favourable start to 2018 after a revival in Chinese demand boosted sales last year and spurred on some of its major brands like Louis Vuitton. Its Q4 like-for-like sales were higher than forecast. There were strong results and a bullish forecast from Intel, which could help ease market jitters about semiconductor demand, while Commerzbank could be supported after Handelsblatt reported that Goldman, Barclays and SocGen are interested in buying its EMC division. Eyes also on Zalando and Ocado after big price target increases by RBC. Other stock movers: Telecom Italia deputy chairman gives up operational powers - sources Nestle to cut 400 jobs in France CFM says LEAP engine output 4-5 weeks behind schedule Telia Q4 core profit matches forecasts SSAB Q4 operating profit lags forecast, proposes first dividend since 2012 Givaudan confirms targets after double-digit profit rise BRIEF-Autoliv announces goodwill impairment in Autoliv Nissin Brake (Danilo Masoni and Tom Pfeiffer) EUROPE STOCK FUTURES EDGE UP (0715 GMT) The euro is rising again this morning but remains below the fresh three-year peak of $1.25 hit yesterday, with the dollar recovering following U.S. President Donald Trump's Davos forex "coup de theatre". Just one day after his Treasury Secretary Steve Mnuchin sent the dollar plunging, Trump surprised markets by saying in a CNBC interview he "ultimately" wanted a strong dollar. You can watch the interview here: goo.gl/iyNhLt The euro pull-back is set to help European shares this morning, with futures on main regional benchmarks all rising around 0.3 percent. (Danilo Masoni) LUXURY GOODS MAKERS IN FOCUS AS LVMH SOUNDS UPBEAT (0643 GMT) Luxury goods makers could be among the stocks to watch today after LVMH said it had made a favourable start to 2018 after a revival in Chinese demand boosted sales last year and spurred on some of its major brands like Louis Vuitton. Here in bullets the key highlights from results at the world's biggest luxury goods maker. * Operating profit up 18 pct in 2017, as expected * Q4 like-for-like sales higher than forecast * Chinese demand continues to boost luxury goods market (Danilo Masoni) | https://www.reuters.com/article/europe-stocks/live-markets-what-you-need-to-know-before-europe-opens-idUSL8N1PL19J | www.reuters.com |
Bamboo Equity Partners Purchases 93,000 SF Westport Office Building in Maryland Heights, MO | ST. LOUIS, Jan. 12, 2018 /PRNewswire/ -- Bamboo Equity Partners, a leading real estate investor of office and industrial properties based in St. Louis, announced today the latest acquisition by the Bamboo Micro Opportunity Fund I, L.P. The fund will acquire 11960 Westline Industrial Drive, an office property located near Westport Plaza in Maryland Heights, MO. Bamboo plans to attract strategic tenants to increase the 72% occupancy rate and update the property for energy efficiency. Current building tenants include Lindenwood University, professional staffing service YOH, and Kantar Health.
"Bamboo is very excited about this acquisition in the Westport Plaza area," said Principal Dan Dokovic in a recent interview. "With its proximity to highways and the airport, and considering the surge in investment we've seen in Maryland Heights, the building on Westline represents a great opportunity for our fund and for potential tenants."
While 11960 Westline will be the first acquisition in Maryland Heights for Bamboo Micro Opportunity Fund I, L.P, Bamboo Equity Partners has made numerous Westport acquisitions over the last ten years. The 93,000 square foot, three-story office building was built in 1971. It enjoys close proximity to major highways I-270, I-70 and the Page Extension, as well as Highway 141 and Lindbergh Blvd. Visibility to Page Avenue exposes the building to traffic estimated at 67,651 vehicles per day. Westport Plaza, formerly a restaurant and entertainment spot in St. Louis County, has been revitalized as a focus of corporate activity including a new $75 million World Wide Technology headquarters.
As a city, Maryland Heights has made nearly a $100 million investment in infrastructure in recent years, and the corporate real estate market has responded. Worldwide Technology completed its new global headquarters in 2017 and Edward Jones continues to expand its flagship campus. According to the most recent Co-Star Quarterly Report, office vacancy in the Maryland Heights/I-270 market is 4.4%.
"The fundamentals of the area are strong, especially for a regional headquarters. The St. Louis area has a large and qualified workforce available for a variety of industries," said Dokovic.
A third acquisition in the Micro Opportunity Fund is expected next month. Last year, the fund acquired 10777 Sunset Office Dr., a medical office building with prestige healthcare tenants in Sunset Hills, MO. Bamboo Equity Partners is a team of real estate professionals positioned to acquire undervalued multi-tenant office, and industrial assets. The return objective for Bamboo is a risk-adjusted return in the mid-teens to mid-twenties. Find out more at www.bambooequity.com .
Contact: Alice Benner, Managing Director T: 314.744.8998
View original content: http://www.prnewswire.com/news-releases/bamboo-equity-partners-purchases-93000-sf-westport-office-building-in-maryland-heights-mo-300581693.html
SOURCE Bamboo Equity Partners | http://www.cnbc.com/2018/01/12/pr-newswire-bamboo-equity-partners-purchases-93000-sf-westport-office-building-in-maryland-heights-mo.html | www.cnbc.com |
American Energy Revises LOI and Provides Guidance on Proposed Acquisition | ALLENTOWN, Pennsylvania, January 23, 2018 /PRNewswire/ --
American Energy Partners, Inc. (OTC: AEPT) (the "Company", "American Energy" or "AEPT"), a diversified energy company, today announces that it has agreed to proceed directly to a 45-day due diligence period with the growing industrial painting, pressure testing and roustabout company that it had previously entered into a letter of intent with at the end of 2017.
The letter of intent has been revised as of January 17 th and remains in full force and effect. American Energy anticipates the acquisition to be completed by March 30, 2018 and includes the purchase of real estate, subject to satisfactory due diligence findings.
The Company presently expects to close this transaction subject to the satisfaction or waiver of customary closing conditions. The transaction is not subject to any financing condition.
"We are actively engaged with the Service Company and remain dedicated to American Energy's proposed acquisition of them," said Mr. Brad Domitrovitsch, Chairman & CEO of American Energy. "We continue to work diligently and cooperatively with the Service Company to close the transaction as soon as possible. We are fully committed to the acquisition and are working closely with the Service Company to complete this transaction.
American Energy Partners , Inc. ( AEPT )
AEPT and its group of companies focus on providing solutions in markets where energy production and water meet technology. Collectively, the subsidiaries are engaged in the energy sector as well as the design, construction and operation of regional water treatment facilities that serve the industrial, energy and government sectors.
For additional information, visit: American Energy Partners, Inc.
Safe Harbor
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of AEPT, statements relating to goals, plans and projections regarding AEPT's financial position and business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think", "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. AEPT cautions readers not to place undue reliance on such statements. AEPT does not undertake, and AEPT specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from AEPT's expectations and estimates.
Company Contact:
contact@americanenergy-inc.com
+1-610-217-3275
SOURCE American Energy Partners, Inc. | http://www.cnbc.com/2018/01/23/pr-newswire-american-energy-revises-loi-and-provides-guidance-on-proposed-acquisition.html | www.cnbc.com |
CNBC Interview with Richard Edelman, Edelman PR CEO, from the World Economic Forum 2018 | Following are excerpts from a CNBC interview with Richard Edelman, CEO of Edelman, and CNBC's Akiko Fujita from the World Economic Forum 2018.
AF: Welcome back to Cap Con. We are live here in Davos, Switzerland, for the World Economic Forum, a very snowy Davos, we should say. The theme this year is creating a shared future in a fractured world. World and business leaders, all gathering here to tackle the issues of climate change, inequality, trade, all of the above. And we're joined by somebody who is a veteran here at Davos, Richard Edelman, who is the CEO and President of Edelman. It's great to have you on today.
RE: Thank you.
AF: You've just come out with a study, the Trust Barometer, which is something that you have every year, and one of the things that struck me is just how the US suffered the largest record drop in trust in the survey. What's behind that?
RE: Well, it was led down by government. Government dropped 30 points for the opinion leaders, 14 points for the mass population. People don't have a sense of confidence in what's being said. Not just the policies. There's a, sort of, instability in a world without facts, and it's all opinion, and it's moving quite quickly, and it's disturbing people.
AF: So, there's no question, it sounds like the Trump administration, at least, the rhetoric that has come out of it has-, has, at least according to this study, really hurt the US standing, the trust, as you point out. President Trump expected to come in here on Friday. How does he play to the group here at the World Economic Forum? It seems that the It seems that the America First policy runs a bit counter to what many of the global leaders here believe should be the policy, moving forward.
RE: I think that America has to do more than just have an opinion. It has to lead. And I think what we've found in the data is a real hunger for knowledge and expertise. That a person like yourself is going down, that technical experts, academics, CEOs are going up. We want to have people we can trust giving us information. And it's also shocking that-, the decline of trust in search and social. That's driving all media down. Interestingly, a rise for journalists, like you, and a big jump for mainstream journalism.
AF: Mm. So, a big jump for mainstream media, as you say, but the broader scope here, when you look at media, in general, there is a huge distrust there. How do you think people distinguish between what is on social, and what's on some of the bigger outlets? Is there a distinction there, in terms of what they trust?
RE: 70% of people tell us that they can't distinguish between a real story and 'fake news', and they also believe that media is somewhat politicized, elitist. Half the people have now signed off of mainstream media altogether, so they're getting their news exclusively from search and social.
AF: Mm.
RE: So, I think it's urgent for companies, and media companies, especially, to try to bring the discussion back to informing, as opposed to opining.
AF: So, how do they do that? I mean, given that the general consumption of news right now isn't just through your traditional means, it is on social, it is online. How do mainstream outlets try to distinguish those two?
RE: I believe that media's big job is to take on the responsibility for having the populace educated. And, in the moment, more than half the people say they can't judge whether a government official's doing well, or whether a brand is doing well, and that's a bad place to be. I think companies have to use their privileged position. Actually, 70% of people trust their own employer, so, talk first to your employees, let them talk broadly, but also, business has to not just have CEOs stand up, but take on issues of the future. For example, in the States, we're going to have 3 million truck drivers, with autonomous vehicles, they're not going to have a job. So, how are we going to retrain these people, so that they actually feel good, instead of having fears about immigration, or about lower social mobility, or about their future of their kids?
AF: Mm. Let me bring the conversation back to your field, which is-,
RE: Sure.
AF: Public relations, because, last year, we saw your biggest competitor, Bell Pottinger, fall, on the back of an epic scandal-,
RE: Mm.
AF: And you have called for the PR industry to adopt new ethics principles. What does that guideline look like?
RE: Well, basically, you shouldn't take every client. You should also have a style that recognizes your job as helping the media to find quality information. I think the whole PR industry, and I'm going to work like, hard on this, this year, should move from a position of advocacy and lobbying, towards one that is informing. Tell both sides of the story. Even if you're being paid by the company, your job is, oftentimes, to go direct to the end user of information, and, in the moment, silence is a tax on truth. And we've got to get companies to speak up, but speak up in a way that is educating, as opposed to just lobbying.
AF: Okay, we'll have to leave it on that note. It's great to have you on, very early here-,
RE: Thanks.
AF: In Davos, Switzerland. Richard Edelman, there, joining us, from Edelman. We have-, we will have much more coverage from here in Switzerland that's coming up on the other side of the break.
ENDS | http://www.cnbc.com/2018/01/23/cnbc-interview-with-richard-edelman-edelman-pr-ceo-from-the-world-economic-forum-2018.html | www.cnbc.com |
Nebula Acquisition Corporation, Sponsored by True Wind Capital, Announces Closing of Initial Public Offering | NEW YORK, Jan. 16, 2018 /PRNewswire/ -- Nebula Acquisition Corporation (NASDAQ:NEBU.U) (the "Company") announced today that on January 12, 2018 it closed its initial public offering of 27,500,000 units, including 2,500,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $275,000,000. The Company, sponsored by True Wind Capital and led by Adam H. Clammer and James H. Greene, Jr., is a newly organized blank check company formed for the purpose of effecting a merger or other business combination with a target company in the technology industry. The proceeds of the offering will be used to fund such business combination.
The Company's units began trading on the NASDAQ Capital Market under the ticker symbol "NEBU.U" on January 10, 2018. Each unit consists of one share of the Company's Class A common stock and one-third of one warrant. Each whole warrant will entitle the holder thereof to purchase one whole share of the Company's Class A common stock at $11.50 per share. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on the NASDAQ Capital Market under the ticker symbols "NEBU" and "NEBU.W", respectively.
Deutsche Bank Securities and Goldman Sachs & Co. LLC served as joint book runners for the offering.
The offering was made only by means of a prospectus, copies of which may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005, by telephone at 1-800-503-4611 or by email at prospectus.CPDG@db.com ; and Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone toll-free at 1-866-471-2526 or by email at prospectus-ny@ny.email.gs.com .
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission on January 9, 2018.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contact:
True Wind Capital
Kevin Sullivan
415.780.9987
nebula@truewindcapital.com
View original content: http://www.prnewswire.com/news-releases/nebula-acquisition-corporation-sponsored-by-true-wind-capital-announces-closing-of-initial-public-offering-300582397.html
SOURCE True Wind Capital | http://www.cnbc.com/2018/01/16/pr-newswire-nebula-acquisition-corporation-sponsored-by-true-wind-capital-announces-closing-of-initial-public-offering.html | www.cnbc.com |
Despite rising oil prices, one OPEC producer has announced new measures to protect foreign reserves | Angola, OPEC producer and one of sub-Saharan Africa's largest economies, unveiled two economic overhauls this week.
Central bank Governor Jose Massano and Finance Minister Archer Mangueira announced Wednesday that the country was to scrap its currency peg to the U.S. dollar, and instead allow the Angolan kwanza to trade within a band against the U.S. currency. The limits of the band are yet to be defined.
This decision was made due to the "macroeconomic fundamentals of the Angolan economy, and particularly the decreasing trend of international reserves," it emerged in a central bank statement Thursday, as reported by Reuters.
It was also announced that Angola is to refinance its external debt, which stands at $38 billion, according to Reuters.
The falling price of oil in recent years has been blamed for Angola's depleted foreign reserves. Oil accounts for roughly 90 percent of government revenue.
While oil prices are now moving upwards, there has been "little evidence of the pressure on reserves subsiding," Cobus de Hart, senior economist at South Africa-based research firm NKC African Economics, told CNBC.
He added that the exact reason for this was unclear, but suggested that "factors such as debt repayments and the partial clearance of FX backlogs may be playing a role."
"Tighter FX liquidity was a key contributor to rising inflation during the September to October period as it led to increased domestic product shortages," de Hart wrote in a note Thursday. This week, the Angolan central bank opted to hold interest rates at 18 percent.
Angola elected its first new president in 38 years last August , with Joao Lourenco named successor to Jose Eduardo dos Santos. But the dos Santos family still retains some influence over the country's economy, with the former president's son Jose Filomeno chairman of the country's sovereign wealth fund.
Although the kwanza policy shift could concern investors over the short-term, Jane Foley, head of FX strategy at Rabobank, told CNBC: "If the new president's efforts at reforming the economy prove to be successful, investors could be reassured and the currency would be more likely to find its feet." | https://www.cnbc.com/2018/01/05/opec-producer-angola-scraps-kwanza-dollar-peg.html | www.cnbc.com |
EMERGING MARKETS-Brazil stocks brush off S&P downgrade; Mexican peso recovers | (Updates prices, adds details on Mexican peso) By Bruno and Federowski SAO PAULO, Jan 12 (Reuters) - Brazil's benchmark index remained flat on Friday to hew close to its recent record high, shrugging off a sovereign ratings downgrade by Standard & Poor's, while Mexico's peso gained on market optimism that key trade talks will continue. S&P on Thursday cut Brazil's credit rating deeper into junk territory as doubts grew about a presidential election in October and a push to trim its costly pension system. The move was widely expected after lawmakers last December pushed a key vote on the unpopular pension bill to February. Investors see the pension overhaul, a landmark proposal of President Michel Temer, as crucial to curtailing public debt and safeguarding long-term economic growth. Some said the downgrade could help Temer pressure lawmakers into approving the plan to avoid further damage. "The government will certainly use this downgrade to pressure Congress, though it is still highly uncertain whether it will be successful in doing so," analysts at Coinvalores brokerage wrote in a client note. Equities in real estate and utilities were among the decliners on Brazil's benchmark Bovespa stock index while the real remained flat. The Mexican peso strengthened 1.13 percent, helped by comments from U.S. President Donald Trump published Thursday that he would be "flexible" on his threat to withdraw from the North American Free Trade Agreement (NAFTA) because Mexico faces a presidential election in July. "Trump's statements helped the Mexican currency to cut losses and reach its best level yet in 2018. Investors now believe that the NAFTA renegotiation process will continue," CI Bank said in a report. The next round of negotiations will take place later this month. Mexico's benchmark IPC index gained slightly, partially pushed by bank Grupo Financiero Banorte, whose shares rose 2.74 percent. Key Latin American stock indexes and currencies at 2050 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,209.71 1.06 3.33 MSCI LatAm 2,990.31 0.96 4.73 Brazil Bovespa 79,349.12 -0.02 3.86 Mexico IPC 49,141.69 0.7 -0.43 Chile IPSA 5,733.35 0.27 3.03 Chile IGPA 28,829.85 0.26 3.03 Argentina MerVal 32,762.66 2.13 8.97 Colombia IGBC 11,623.57 -0.22 2.22 Venezuela IBC 1,649.36 18.57 30.58 Currencies Latest Daily YTD pct pct change change Brazil real 3.2058 -0.03 3.35 Mexico peso 19.0590 1.13 3.36 Chile peso 602.86 0.40 1.96 Colombia peso 2,859.55 -0.23 4.28 Peru sol 3.216 0.06 0.65 Argentina peso 18.6800 0.16 -0.43 (interbank) Argentina peso (parallel) 19.49 -0.41 -1.33 (Reporting by Bruno Federowski, Flavia Bohone, Daina Beth Solomon and Miguel Angel Gutierrez; Editing by Bernadette Baum and Diane Craft)
| https://www.reuters.com/article/emerging-markets-latam/emerging-markets-brazil-stocks-brush-off-sp-downgrade-mexican-peso-recovers-idUSL1N1P71ZJ | www.reuters.com |
Goodbye oil, Saudi Arabia's future economic growth will come from its mega-cities | Saudi Arabia's economy is entering a post-oil era in which the kingdom's mega-cities, a number of which are under construction, will provide the country's future growth, Riyadh officials told CNBC on Tuesday.
Fahd al Rasheed, managing director and chief executive of King Abdullah Economic City (KAEC), the world's first publicly listed city, spoke to CNBC at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday.
"We are now in the business of building cities," he said. "We are talking now about moving to a service economy post oil , and I think the economic driver in the future in Saudi Arabia is going to be these mega-cities."
Al Rasheed said the economy was transforming away from oil.
"The message is that we are entering a post-oil era in which we are diversifying the economy. We had a hard 2016 to 2017 in terms of economic growth, but I think 2018, with the highest ever government budget announced in the kingdom's history, (it should improve)," he said.
"We have seen as a post-oil economy, also lots of growth in areas like the port industry, leisure as well as residential (construction), so we truly believe in the post-oil era and I believe we're going in the right direction there."
David Degner/Getty Images A scale model showing the plans for the eventual size of the King Abdullah Economic City on April 07, 2016 in Jeddah, Saudi Arabia. The King Abdullah Economic City (KAEC) is a massive project to create a port and manufacturing city on the Red Sea Al Rasheed is overseeing the creation of KAEC, a port and manufacturing city on the Red Sea that, it is hoped, will boost Saudi's trade relations with the rest of the world. The city was founded in 2006 by King Abdullah bin Abdulaziz Al Saud, the former king of Saudi Arabia, although it is not yet complete.
The ambition behind the new industrial city was for it to play a part in Saudi's economic transformation beyond a predominantly oil-based economy. With a national population forecast to double to 1.5 billion by 2050, Riyadh officials believe that the Red Sea region has the potential to be a major growth driver for the global economy.
show chapters Saudi minister: We're providing stimulus for digital economy 2 Hours Ago | 02:53 It's not the only mega-project that Saudi Arabia has in mind. Late in 2017, the Saudi government announced that it was going to build a $500 billion mega-city, with the goal of diversifying its economy to focus less on crude oil. Called NEOM, the city is planned to run on 100 percent renewable energy. It will be funded by the government and private investors.
"Nobody knows how it (NEOM) will look because no-one has ever built anything like this before," al Rasheed told CNBC, adding that it was a difficult project.
"I've been in the business for a decade now with KAEC, and it is hard, it's hard to attract people, but it is NEOM and it has the kingdom's and Crown Prince's backing."
Goodbye oil Saudi Arabia has announced recently a raft of economic and societal reforms under the aegis of Crown Prince Mohammed bin Salman as part of the kingdom's move to diversify itself away from its traditional, but volatile, oil-based economy.
show chapters Saudi energy minister to investors: The kingdom is reformed 7 Hours Ago | 05:51 Energy Minister Khalid al Falih told CNBC earlier on Tuesday that the kingdom had been "transformed" on an economic level.
"Our message to investors is that the kingdom is transformed, we're serious about change, it's comprehensive change," he said.
"(We need to) not only be ready for the future but to create the future through initiatives that are not only around our traditional strength in oil and gas, which we're going to build on, but also about creating new industries, through mining, through more advanced manufacturing, through tourism and at the same time socially there are a lot of reforms - all of these are coordinated and they're bringing a lot of hope," he said. | https://www.cnbc.com/2018/01/23/goodbye-oil-saudi-arabias-future-economic-growth-will-come-from-its-mega-cities.html | www.cnbc.com |
METALS-Shanghai aluminium prices slip as ingot flows improve | 23 AM / Updated 10 minutes ago METALS-Shanghai aluminium prices slip as ingot flows improve Reuters Staff 5 Min Read
(Adds analyst comment, updates prices) BEIJING, Jan 17 (Reuters) - Shanghai aluminium prices extended declines into a second session on Wednesday as improving weather conditions smoothed the flow of ingots from China's remote northwestern Xinjiang region to the east of the country. Heavy snowfall in Xinjiang, a key aluminium smelting region, had disrupted transportation this month, leaving ingots stuck in transit. "Even so, the inventory on the market is still growing," said Xu Maili, director of non-ferrous metal reserarch at Everbright Futures in Shanghai. Shanghai aluminium prices are already down 3.9 percent year -to-date, with deliverable Shanghai Futures Exchange (ShFE) aluminium stocks at a record 773,941 tonnes, as of Jan. 12. "As the weather is okay now, transport will get better and people expect to see more ingot deliveries to warehouses," said CRU analyst Jackie Wang. FUNDAMENTALS * SHANGHAI ALUMINIUM: The most-traded March contract on the ShFE was down 1.8 pct at 14,625 yuan ($2,275.34) a tonne, as of 0452 GMT. Earlier in the session, it touched its lowest since Dec. 20 at 14,560 yuan a tonne. * LONDON ALUMINIUM: Aluminium on the London Metal Exchange (LME) slipped 0.1 percent to $2,188 per tonne, shedding the modest gains it posted since Tuesday's close. * SHFE COPPER: The most-traded ShFE copper contract edged 1.4 percent down to 53,850 yuan a tonne, to its lowest close since Dec. 20, as traders locked in profits ahead of Lunar New Year. * LONDON COPPER: Three-month copper on the London Metal Exchange gained 0.1 percent to $7,082 a tonne, partly recovering from the 1.8 percent fall in the previous session. * POSITIONS: Futures brokerage Gelin Dahua cut its long position on the ShFE April copper contract by 35 percent on Tuesday, according to ShFE data, but remains the top position holder for the month with 7,803 lots. * NICKEL: Shanghai nickel was down 1.9 percent at 97,280 yuan a tonne, poised for its fourth consecutive session of declines, tracking a more than 5 percent slide in London on Tuesday. * INVENTORIES: Stocks of industrial metals in LME warehouses fell more than 40 percent last year and further declines are expected in 2018, which should in theory signal tighter supplies and fuel a blistering price rally. * AUSTRALIA: Mining group South32 Ltd's second-quarter metallurgical coal output dropped 43 percent due to the suspension of operations at its Appin mine in Australia over safety concerns, the company said on Wednesday. * RIO TINTO: Rio Tinto Plc on Tuesday said a U.S. regulator's lawsuit accusing the big Anglo-Australian mining company of fraud for overstating the value of Mozambique coal assets it had bought in 2011 should be dismissed. * For the top stories in metals and other news, click or MARKETS NEWS * Asian stocks stepped back from a record high on Wednesday as the region's resource shares were hit by falling oil and commodity prices while digital currencies tumbled on worries about tighter regulations. DATA/EVENTS AHEAD (GMT) 1415 U.S. Industrial production Dec 1500 U.S. NAHB housing market index Jan 1500 U.S. Senate Banking Committee votes on nomination of Jerome Powell to be chairman of the Federal Reserve PRICES BASE METALS PRICES 0515 GMT Three month LME copper 7087 Most active ShFE copper 53850 Three month LME aluminium 2187 Most active ShFE aluminium 14625 Three month LME zinc 3396.5 Most active ShFE zinc 26105 Three month LME lead 2563 Most active ShFE lead 19140 Three month LME nickel 12500 Most active ShFE nickel 97280 Three month LME tin 20410 Most active ShFE tin 145010 LME/SHFE COPPER LMESHFCUc3 675.03 LME/SHFE ALUMINIUM LMESHFALc3 -1705.26 LME/SHFE ZINC LMESHFZNc3 274.57 LME/SHFE LEAD LMESHFPBc3 -702.6 LME/SHFE NICKEL LMESHFNIc3 2244.93 ($1 = 6.4276 Chinese yuan) (Reporting by Tom Daly, Editing by Joseph Radford and Sherry Jacob-Phillips) | https://www.reuters.com/article/global-metals/metals-shanghai-aluminium-prices-slip-as-ingot-flows-improve-idUSL3N1PC1PS | www.reuters.com |
Macerich Declares The Quarterly Dividend On Its Common Shares | SANTA MONICA, Calif., Jan. 26, 2018 /PRNewswire/ -- The Board of Directors of The Macerich Company (NYSE: MAC) declared a quarterly cash dividend of $.74 per share of common stock. The dividend is payable on March 2, 2018 to stockholders of record at the close of business on February 21, 2018.
Macerich, an S&P 500 company, is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States.
Macerich currently owns 53 million square feet of real estate consisting primarily of interests in 48 regional shopping centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence in the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor.
A recognized leader in sustainability, Macerich has earned NAREIT's prestigious "Leader in the Light" award every year from 2014-2017. For the third straight year in 2017 Macerich achieved the #1 GRESB ranking in the North American Retail Sector, among many other environmental accomplishments. Additional information about Macerich can be obtained from the Company's website at www.macerich.com .
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SOURCE Macerich Company | http://www.cnbc.com/2018/01/26/pr-newswire-macerich-declares-the-quarterly-dividend-on-its-common-shares.html | www.cnbc.com |
Health care top issue for voters, and could hurt Republicans in 2018 midterms | SHARES Andy Cross | The Denver Post | Getty Images A neurologist checks a patient during an exam at the St. Vincent Hospital in Leadville, Colorado.
You try to break it, you own it.
A new poll shows that health care is a top priority for most voters going into the 2018 midterm election cycle, and that Republicans who have repeatedly tried but failed to kill Obamacare could suffer mightily because of that.
The group that commissioned the poll, the Obamacare-advocacy group Protect Our Care Campaign , said Friday that it use the findings to push Democrats and progressives to campaign heavily on the issue of health care.
By a margin of 47 percent to 38 percent, voters said they would be less likely to reelect their members of Congress if they voted for GOP-sponsored bills to repeal and replace Obamacare.
And a whopping 68 percent said they agreed with the statement that President Donald Trump and Republicans in Congress should abandon their Obamacare repeal efforts and "start working across party lines on commonsense solutions that build on the current law."
"The Republicans have done what we never could," said Protect Our Care Brad Woodhouse, who previously was a campaign strategist for President Barack Obama .
"They have made the Affordable Care Act popular, and they have made it a political anvil around their necks," Woodhouse said.
And "it's the equivalent of political suicide" for Republicans to persist in efforts to repeal and replace" Obamacare, as the ACA is more commonly known, he said.
"I absolutely think it has the potential to impact races in a way that will be decisive."
Republicans in the Senate have a majority of just one seat. In the House, Republicans hold 239 seats, compared to 193 seats held by Democrats.
The poll of 1,000 people found that 54 percent chose health care as one of the two issues that that will be most important to them in deciding who to vote for in congressional elections.
No other issue was even close to that percentage of respondents. The second most commonly cited issue was the economy, at 29 percent, and taxes, at 28 percent. Immigration was at 18 percent, as was education.
Hart Research, which conducted the poll, found in a survey last August that health care was named by 55 percent of voters as a top issue. And in a May survey, 57 percent cited it as a top issue.
Woodhouse said that the persistence of health care in the survey as a leading issue of concern, even after the more recent debate over the Republican tax bill, is striking, and underscores the risk of alienating voters on that issue.
He also noted that even after the failure to repeal the entire Obamacare law, Trump has continued to take controversial actions that involve health care, including halting key reimbursement payments to insurers , winning approval of effective repeal of the requirement that nearly all Americans have insurance or pay a fine, and making it easier for states to impose work requirements on Medicaid beneficiaries.
The poll found that more voters, 72 percent of respondents, disapprove of how the GOP has handled the issue of health care than do disapprove of the Republicans' job in Congress overall, which stood at 61 percent of voters.
Only 35 percent of voters had a favorable opinion of bills proposed by Republicans in Congress last year to repeal Obamacare, and 52 percent had an unfavorable opinion of that legislation, which all failed to pass.
The poll also found that there was a 10 percentage point increase in the share of voters who view Trump as actively trying to make Obamacare fail. Fifty-two percent of voters now say that, compared to the prior findings in August's survey.
By a margin of 55 percent to 45 percent, voters said problems with Obamacare are the result mainly of actions by Trump and Republicans. | https://www.cnbc.com/2018/01/12/health-care-top-issue-for-voters-could-hurt-republicans-in-midterms.html | www.cnbc.com |
PRECIOUS-Gold down on concern about Europe, buoyant shares | * Spot gold may test resistance at $1,329/oz -technicals * Palladium hits record high at $1,111.40/oz Tuesday * Platinum off 3-1/2-month peaks marked on Monday (Adds analyst comments, updates prices, adds LONDON dateline) By Eric Onstad LONDON, Jan 9 (Reuters) - Gold drifted lower on Tuesday, weighed down by a firmer dollar on the back of concerns about instability in Europe, while a buoyant stock market also sapped enthusiasm for bullion. Spot gold was down 0.5 percent at $1,314.51 an ounce at 1100 GMT. Last week, prices touched their strongest since Sept. 15 at $1,325.86. U.S. gold futures fell 0.4 percent to $1,315.50 an ounce. The dollar hit a more than one-week high against a basket of other major currencies on Monday . It was up 0.2 percent on Tuesday, making commodities priced in the greenback more expensive for buyers using other currencies. "The dollar has bounced back, partly due to weakness in the euro," said Jonathan Butler, commodities analyst at Mitsubishi in London. The euro is down due to concerns about upcoming Italian elections, problems forming a government in Germany and lingering concerns about Brexit, he added. "There's also the continuing rally in the equity markets. All of that has probably helped take the wind out of gold's sails," Butler said. Over the next few days, gold may extend losses to around $1,300 and the 100-day moving average around $1,290, he added. Other analysts expect gold to bounce back. Spot gold may test resistance at $1,329 per ounce, as suggested by a Fibonacci retracement analysis and a triangle, according to Reuters technical analyst Wang Tao. "A break above last week's high of $1,324 could see the yellow metal make a move on the September top of $1,355," said MKS PAMP Group trader Tim Brown. Among other precious metals, spot silver fell 0.8 percent to $17.01 an ounce. Platinum dropped 1.1 percent to $961.50, after hitting a 3-1/2 month peak on Monday at $973.60. Palladium was up 0.6 percent at $1,106.80 after touching a record high of $1,111.40 an ounce. "Now that we're above $1,100, there's the potential for profit taking - some of the longs are getting rather extended on Comex," Butler said. "But the speculative froth aside, we're still in a very strong fundamental market and those fundamentals should keep prices pretty well supported over the next few months." (Additional reporting by Nallur Sethuraman in Bengaluru; Editing by Edmund Blair)
| https://www.reuters.com/article/global-precious/precious-gold-down-on-concern-about-europe-buoyant-shares-idUSL4N1P439L | www.reuters.com |
Platinum Eagle Acquisition Corp., Led by Media Exec Jeff Sagansky, Announces Closing of $325 Million IPO | LOS ANGELES, Jan. 17, 2018 /PRNewswire/ -- Platinum Eagle Acquisition Corp. (Nasdaq: EAGLU), the fourth public acquisition vehicle led by media executive Jeff Sagansky, today announced the closing of its $325 million initial public offering of 32,500,000 units at $10.00 per unit, including $25 million, or 2,500,000 units, sold pursuant to the underwriters' partial exercise of their over-allotment option. Each unit issued in the initial public offering consists of one Class A ordinary share and one-third of one warrant to purchase one Class A ordinary share at an exercise price of $11.50 per whole share. The units are listed on The Nasdaq Capital Market and trade under the ticker symbol "EAGLU." Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on The Nasdaq Capital Market under the symbols "EAGL" and "EAGLW," respectively.
Platinum Eagle Acquisition Corp. was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Platinum Eagle's efforts to identify a prospective initial business combination target will not be limited to a particular industry, sector or geographic region. While Platinum Eagle may pursue an initial business combination opportunity in any industry or sector, it intends to capitalize on the ability of its management team to identify, acquire and operate a business or businesses that can benefit from its management team's established global relationships and operating experience. Platinum Eagle's management team has extensive experience in identifying and executing strategic investments globally and has done so successfully in a number of sectors, including media and entertainment.
"With our fourth acquisition vehicle, we will continue to look for companies where we can add value based on our experience, particularly media and entertainment companies that can benefit from the digital disruption that has transformed the business on a global basis," said Sagansky. "As always, we will target fast growing businesses that can benefit from a Nasdaq listing, access to capital, and experienced sponsors."
Platinum Eagle's sponsor is Platinum Eagle Acquisition LLC, of which Mr. Sagansky is a Member. Joining him in the management of the company is President, Chief Financial Officer and Secretary, Eli Baker, who served as the Vice President, General Counsel and Secretary of one of Mr. Sagansky's prior public acquisition vehicles and as a director of another of Mr. Sagansky's prior public acquisition vehicles. Harry E. Sloan, who co-led two prior public acquisition vehicles with Mr. Sagansky, is a founding investor in Platinum Eagle alongside the sponsor. Deutsche Bank Securities Inc. and BofA Merrill Lynch are acting as the representatives of the underwriters for the offering and I-Bankers is serving as a manager.
The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, NY 10005, tel: (800) 503-4611, email: prospectus.CPDG@db.com ; or from BofA Merrill Lynch, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3 rd Floor, Charlotte, North Carolina 28255-0001, email: dg.prospectus_requests@baml.com .
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on January 11, 2018. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements," including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Platinum Eagle, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for Platinum Eagle's offering filed with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov . Platinum Eagle undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
MEDIA CONTACT:
Jeff Pryor/ Priority PR
t. (818) 661-6368
e. jeff@prioritypr.net
INVESTOR CONTACT:
Eli Baker
t. (424) 284-3519
e. elibaker@geacq.com
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SOURCE Platinum Eagle Acquisition Corp. | http://www.cnbc.com/2018/01/17/pr-newswire-platinum-eagle-acquisition-corp-led-by-media-exec-jeff-sagansky-announces-closing-of-325-million-ipo.html | www.cnbc.com |
You can now ask Siri to recite music, sports and business news -- here's how | You can now ask Siri to recite music, sports and business news -- here's how SHARES Todd Haselton | @robotodd Published 25 Mins Ago iOS 11.2.5, a new update available today for iPhones and iPads, lets you ask Siri to recite the news. Unlike earlier versions, you can now get sports, music and business news, too. Here's how to ask Siri to tell you the news. UberImages | Getty Man listening to a podcast
Apple rolled out an update for iPhones and iPads on Tuesday, iOS 11.2.5, which lets you ask Siri to play a variety of news content.
It builds on a feature introduced in the last update, iOS 11.2.2, which let you ask Siri to recite the news but was limited to content from select sources. Now you can ask it to play music, sports and business news, too.
Here's how. First, make sure you're updated to iOS 11.2.5. Todd Haselton | CNBC
You can do this by visiting Settings > General > Software Update. Next, ask Siri to play the news. Todd Haselton | CNBC Siri plays the news.
Simply say "Siri, play new news," and it will default to playing news from NPR in the United States, but you can say "switch to The Washington Post," "switch to Fox news" or "switch to CNN," too. The feature is currently only supported in the U.S., UK and Australia. Now ask Siri to play sports, business or music news Todd Haselton | CNBC Siri plays music news.
You can switch it up, too, by saying "Siri, play me sports news," or "Siri, play me music news," and it will pull from ESPN and Apple Music, respectively. It also defaults to CNBC if you ask for business news. It'll automatically play the latest podcast from the Apple's podcast application. Coming soon to HomePod Getty Images A prototype of Apple's new HomePod is displayed during the 2017 Apple Worldwide Developer Conference (WWDC) at the San Jose Convention Center on June 5, 2017 in San Jose, California.
The feature is almost certainly one that was developed for Apple's smart HomePod speaker, so expect it to appear there when the device launches early next month . | https://www.cnbc.com/2018/01/23/how-to-use-siri-to-tell-you-music-sports-and-business-news.html | www.cnbc.com |
U.S. senator wants Apple to answer questions on slowing iPhones | WASHINGTON, Jan 10 (Reuters) - The chairman of a U.S. Senate committee overseeing business issues asked Apple Inc to answer questions about its disclosure that it slowed older iPhones with flagging batteries, according to a letter seen by Reuters on Wednesday.
The California-based company apologized over the issue on Dec. 28, cut battery replacement costs and said it will change its software to show users whether their phone battery is good.
Senator John Thune, a Republican who chairs the Commerce, Science and Transportation Committee, said in a Jan. 9 letter to Apple Chief Executive Officer Tim Cook that "the large volume of consumer criticism leveled against the company in light of its admission suggests that there should have been better transparency."
Apple said it will cut the price of a replacement for an out-of-warranty battery to $29 from $79 for an iPhone 6 or later. The company also will update its iOS operating system so users can see whether the battery is in poor condition and affecting the phone's performance.
Thune asked if Apple considered making free battery replacements available or if it explored offering rebates for customers who paid full price for replacement batteries.
He also wants to know if Apple notified consumers of the throttling feature in software updates, which slows the phone, and if customers had the option of declining the update. The letter also asked if similar software was used in earlier iPhone models.
Thune wants Apple's answers by Jan. 23
An Apple spokesman did not respond to a request for comment early Wednesday.
Apple addressed the concerns about the quality and durability of its products at a time when it is charging $999 for its newest flagship model, the iPhone X.
"We know that some of you feel Apple has let you down," it said last month. "We apologize."
Apple acknowledged earlier in December that iPhone software can slow down some phones with battery problems. Apple said the problem was that aging lithium batteries delivered power unevenly, which could cause iPhones to shut down unexpectedly to protect the delicate circuits inside.
That disclosure played on a common belief among consumers that Apple purposely slows down older phones to encourage customers to buy newer iPhone models. While no credible evidence has emerged that Apple engaged in such conduct, the battery disclosure struck a nerve on social media and elsewhere.
Lawsuits have been filed in California, New York and Illinois alleging the company defrauded users by slowing down devices without warning.
The company also faces a legal complaint in France, where so-called "planned obsolesce" is against the law. (Reporting by David Shepardson; Editing by Jeffrey Benkoe) | https://www.cnbc.com/2018/01/10/reuters-america-u-s-senator-wants-apple-to-answer-questions-on-slowing-iphones.html | www.cnbc.com |
UPDATE 1-Brazil says Monsanto's Intacta patent should be voided | UPDATE 1-Brazil says Monsanto's Intacta patent should be voided Published 12 Hours Ago SHARES
(Adds detail from court filings, Monsanto and Aprosoja comments)
SAO PAULO, Jan 22 (Reuters) - Brazil's patent office has concluded that Monsanto Co's Intacta RR2 Pro patent for genetically modified soy seed technology should be declared void after reexamining the issue, according to court filings seen by Reuters regarding a lawsuit against the company by grain growers association Aprosoja.
Aprosoja's Mato Grosso branch in November asked a Brazil federal court to cancel Monsanto's Intacta RR2 PRO soy seed patent, claiming it did not bring real technological innovation. Intacta's patent protection extends through October 2022.
In a document dated Jan. 17, the solicitor general's office said the patent office, INPI, issued a technical opinion in December arguing that the patent, PI0016460-7, "is at odds with legal requirements."
Monsanto said in a statement on Monday that it was informed of INPI's opinion and said it will challenge the allegations in due course.
Aprosoja hailed INPI's opinion as "recognition" by the patent office that Intacta's patent is not valid. (Reporting by Ana Mano; Editing by Richard Chang and Leslie Adler) | https://www.cnbc.com/2018/01/22/reuters-america-update-1-brazil-says-monsantos-intacta-patent-should-be-voided.html | www.cnbc.com |
U.S. consumer agency launches policy review under Trump appointee | WASHINGTON, Jan 17 (Reuters) - The U.S. Consumer Financial Protection Bureau on Wednesday launched a public review of its operations, indicating broad changes could be coming to the agency after U.S. President Donald Trump appointed an interim director.
The regulator, which came under the control of Trump's budget director Mick Mulvaney in November, said it would be seeking comment on its "enforcement, supervision, rulemaking, market monitoring, and education activities."
Established under President Barack Obama, the agency has become a partisan lightning rod as Democrats see it as a critical consumer watchdog while Republicans regard it as an excessively powerful bureaucracy.
Under new leadership, it is natural for the Bureau to critically examine its policies and practices to ensure they align with the Bureaus statutory mandate," Mulvaney, a vocal critic of the CFPB when he served as a Republican lawmaker, said in a statement.
The CFPB will start its review seeking public comment on how the agency conducts investigations as part of its enforcement work. The comments could provide the foundation for a significant reworking of the agency's operations.
In a sign of a new direction at the agency, Mulvaney on Tuesday said it would reconsider rules it finished in October that would drastically curb the payday lending industry.
Former Director Richard Cordray, who resigned in November and is now running for governor of Ohio, criticized the decision on Twitter, calling it a "truly shameful action by the interim pseudo-leaders of the CFPB."
Mulvaney is leading the agency until Trump nominates a full-time head. His control is facing a legal challenge from CFPB deputy director Leandra English. She filed a lawsuit arguing she was the legal head of the agency until a new full-time director was in place. A federal judge ruled in Mulvaney's favor earlier this month and English has appealed that ruling. (Reporting by Pete Schroeder; Editing by Andrew Hay) | https://www.cnbc.com/2018/01/17/reuters-america-u-s-consumer-agency-launches-policy-review-under-trump-appointee.html | www.cnbc.com |