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May 11 (Reuters) - Indian non-banking finance firm Indostar Capital Finance Ltd’s initial public offering (IPO) of shares to raise 18.44 billion rupees ($274.01 million) was subscribed more than six times, according to the latest data on Friday, the last day of the sale. Investors bid for about 151.9 million shares, or 6.73 times the 22.6 million shares on offer, data as of 1230 GMT showed here . Indostar Capital was selling new shares to raise 7 billion rupees, while its shareholders were selling 20 million shares. Anchor investors have already subscribed to 5.53 billion rupees worth of shares as part of the sale. JM Financial, Kotak Mahindra Capital, Morgan Stanley India Co, Motilal Oswal Investment Advisors Ltd and Nomura Financial Advisory and Securities (India) are managing the IPO. $1 = 67.2975 Indian rupees Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sunil Nair
India's Indostar Capital Finance's $274 mln IPO subscribed over 6 times
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BUENOS AIRES, May 3 (Reuters) - Argentina’s central bank raised its benchmark interest rate by another 300 basis points on Thursday to 33.25 percent from 30.25 percent, its second surprise rate hike in less than a week. (Reporting by Walter Bianchi; Writing by Caroline Stauffer Editing by Chizu Nomiyama) Our
Argentina central bank raises benchmark interest rate to 33.25 pct
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NEW YORK/LONDON (Reuters) - Gold slipped on Monday, snapping three days of gains as the U.S. dollar index strengthened after last week’s soft U.S. jobs data did little to dampen optimism about the world’s largest economy. FILE PHOTO: An employee puts gold bullion into a safe deposit box at Degussa shop in Singapore June 16, 2017. Picture taken June 16, 2017. REUTERS/Edgar Su/File Photo That left traders betting the U.S. Federal Reserve would proceed with lifting interest rates this year. Higher rates typically weigh on gold, as they increase the opportunity cost of holding non-yielding assets such as bullion. “The dollar in the immediate term is overbought and gold is oversold today. (Gold) needs to recapture $1,322 to increase,” said John Caruso, senior commodity strategist at RJO Futures. Spot gold was down 0.04 percent at $1,314.08 an ounce by 1:36 p.m. EDT (1736 GMT), earlier hitting a one-week high at $1,318.85. U.S. gold futures for June delivery settled down $0.60, or 0.05 percent, at $1,314.10 per ounce. The market was thinned by a national holiday in Britain, which closed trading desks in London. “The dollar’s strength, driven by a less hawkish European Central Bank and a disparity in bond yields (between the United States and Europe), has kept gold lower today,” said TD Securities head of commodity strategy Bart Melek. Investors were therefore tempering bets on higher gold prices, said Commerzbank analyst Carsten Fritsch, with speculators cutting their net long positions on Comex gold contracts to the lowest since July 2017 with a “massive reduction” in the last few trading weeks. “Most speculative investors have thrown in the towel already,” he said. Government bond yields in the euro area rose in late Monday trading after the European Central Bank’s chief economist, Peter Praet, said an earlier unexpected drop in euro zone core inflation may be a one-off. Initially dropping, bond yields in the single currency bloc rose after his remarks. The U.S. dollar index hit a 2018 peak against a commodity basket after U.S. jobs and wages data did little to alter perceptions of strength in the U.S. economy and consequently expectations for more Fed rate hikes. Meanwhile, silver lost 0.1 percent to $16.47 an ounce. Palladium was up 0.1 percent at $967.97 an ounce, earlier hitting its highest level since April 27 at $980. Platinum gained 0.7 percent to $911.90 an ounce, having earlier hit its highest price since April 25 at $918.70. Friday’s positioning data from the CFTC suggests the metal may be due for a bounce, analysts said. “With prices near the bottom of the recent one-year range, platinum is now in the oversold box,” Societe Generale said in a note. Reporting by Renita D. Young in New York and Jan Harvey in London; Additional reporting by Apeksha Nair in Bengaluru; Editing by Adrian Croft and Matthew Lewis
Gold rises to 1-week high as dollar pauses rally
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Oil dips further below $80: focus back on OPEC 9:12am EDT - 01:31 Oil fell on Thursday, driven lower by the prospect of the first increase in OPEC output since 2016 in the face of concern over supply from both Venezuela and Iran, while a surprise rise in U.S. crude inventories raised doubt over seasonal demand. Ciara Lee reports ▲ Hide Transcript ▶ View Transcript Oil fell on Thursday, driven lower by the prospect of the first increase in OPEC output since 2016 in the face of concern over supply from both Venezuela and Iran, while a surprise rise in U.S. crude inventories raised doubt over seasonal demand. Ciara Lee reports Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IHi8Ol
Oil dips further below $80: focus back on OPEC
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HAIFA, Israel, May 29, 2018 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) , (the "Company") the international high technology company, reported today its consolidated results for the quarter ended March 31, 2018. In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data. The financial information presented below as of March 31, 2018 and for the three-month period then ended, have been measured and presented according to Accounting Standards Codification ("ASC") 606. The comparison periods financial information for the first quarter of 2017, and for December 31, 2017, are under ASC 605 (see Accounting Policies Update on page 3). Management Comment : Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented : "We are pleased with our start to 2018, especially with the solid increase in our backlog, which grew 14% year over year. Defense budgets in many of our target markets remain strong. We also continue to see good revenue diversification, based both on our geographic spread as well as by areas of operation. These factors support the potential for top line growth in both the short and the long term." Continued Mr. Machlis , "Our continued organic growth, combined with our strategy of acquiring synergistic related businesses, support our position as an increasingly competitive global provider of technologically advanced defense and homeland security solutions." First quarter 2018 results : Revenues in the first quarter of 2018 were $818.5 million, as compared to $749.2 million in the first quarter of 2017. The growth in revenues in the first quarter of 2018 was driven by sales from the increased backlog and by the adoption of the ASC 606 revenue recognition standard. Non-GAAP (*) gross profit amounted to $239.8 million (29.3% of revenues) in the first quarter of 2018, as compared to $226.8 million (30.3% of revenues) in the first quarter of 2017. GAAP gross profit in the first quarter of 2018 was $235.4 million (28.8% of revenues), as compared to $221.2 million (29.5% of revenues) in the first quarter of 2017. Research and development expenses, net were $68.2 million (8.3% of revenues) in the first quarter of 2018, as compared to $58.4 million (7.8% of revenues) in the first quarter of 2017. Marketing and selling expenses, net were $68.2 million (8.3% of revenues) in the first quarter of 2018, as compared to $65.8 million (8.8% of revenues) in the first quarter of 2017. General and administrative expenses, net were $35.7 million (4.4% of revenues) in the first quarter of 2018, as compared to $38.7 million (5.2% of revenues) in the first quarter of 2017. Non-GAAP (*) operating income was $69.4 million (8.5% of revenues) in the first quarter of 2018, as compared to $65.5 million (8.7% of revenues) in the first quarter of 2017. GAAP operating income in the first quarter of 2018 was $63.3 million (7.7% of revenues), as compared to $58.2 million (7.8% of revenues) in the first quarter of 2017. Financial expenses, net were $10.2 million in the first quarter of 2018, as compared to $8.6 million in the first quarter of 2017. Taxes on income were $6.4 million (effective tax rate of 12.0%) in the first quarter of 2018, as compared to $5.3 million (effective tax rate of 10.6%) in the first quarter of 2017. The effective tax rate is affected by the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income . Equity in net earnings of affiliated companies and partnerships was $3.1 million (0.4% of revenues) in the first quarter of 2018, as compared to $1.6 million (0.2% of revenues) in the first quarter of 2017. Net income attributable to non-controlling interests was $0.2 million in the first quarter of 2018, as compared to $0.3 million in the first quarter of 2017. Non-GAAP (*) net income attributable to the Company's shareholders in the first quarter of 2018 was $54.9 million (6.7% of revenues), as compared to $51.7 million (6.9% of revenues) in the first quarter of 2017. GAAP net income in the first quarter of 2018 was $49.6 million (6.1% of revenues), as compared to $45.6 million (6.1% of revenues) in the first quarter of 2017. Non-GAAP (*) diluted net earnings per share attributable to the Company's shareholders were $1.28 for the first quarter of 2018, as compared to $1.21 for the first quarter of 2017. GAAP diluted earnings per share in the first quarter of 2018 were $1.16, as compared to $1.07 for the first quarter of 2017. The Company's backlog of orders for the quarter ended March 31, 2018 totaled $8,046 million, as compared to $7,067 million as of March 31, 2017. Approximately 74% of the current backlog is attributable to orders from outside Israel. Approximately 60% of the current backlog is scheduled to be performed during 2018 and 2019. Operating cash flow used in the quarter ended March 31, 2018 was $147.9 million, as compared to $51.3 million in the quarter ended March 31, 2017. Accounting Policies Update : The Company adopted the new revenue recognition accounting standard ASC 606, effective January 1, 2018, using the modified retrospective approach. Financial results for reporting periods during 2018 are presented in compliance with ASC 606. Historical financial results for the reporting periods prior to 2018 are presented in conformity with amounts previously disclosed under the prior revenue recognition standard, ASC 605. The adoption of ASC 606 primarily impact the Company's contracts where revenue was recognized using the percentage of completion units of delivery method, which under ASC 606 can be recognized over time because control is transferred continuously to the customer over the performance period for contracts recognized over time. As a result, the adoption of ASC 606 influenced part of the revenue growth in the first quarter of 2018. The cumulative effects of the transition to ASC 606 on January 1, 2018, resulted in the following main adjustments: a $0.1 million increase in retained earnings, a decrease in inventories of approximately $81.9 million, an increase in contract assets (unbilled receivables) of approximately $78.8 million and a net decrease in customer advances and other contract liabilities and deferred tax assets in the aggregate amount of approximately $3.2 million. According to ASC 606, customer advances are no longer deducted from inventories. Accordingly, on January 1, 2018, the open balances of inventories net and customer advances were grossed up in the amount of approximately $87 million. * Non-GAAP financial data : The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, significant effects of retroactive tax legislation and changes in accounting guidance and other items, which in management's judgment, are items that are considered to be outside of the review of core operating results. In the Company's non-GAAP presentation, the Company made certain adjustments, as indicated in the table below. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP. Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data: (US Dollars in millions) Three Months Ended March 31, Year Ended December 31, 2018 2017 2017 GAAP gross profit $ 235.4 $ 221.2 $ 997.9 Adjustments: Amortization of purchased intangible assets 4.4 5.6 22.2 Non-GAAP gross profit $ 239.8 $ 226.8 $ 1,020.1 Percent of revenues 29.3 % 30.3 % 30.2 % GAAP operating income $ 63.3 $ 58.2 $ 319.3 Adjustments: Amortization of purchased intangible assets 6.1 7.3 28.6 Non-GAAP operating income $ 69.4 $ 65.5 $ 347.9 Percent of revenues 8.5 % 8.7 % 10.3 % GAAP net income attributable to Elbit Systems' shareholders $ 49.6 $ 45.6 $ 239.1 Adjustments: Amortization of purchased intangible assets 6.1 7.3 28.6 Related tax benefits (0.8) (1.2) 6.2 Non-GAAP net income attributable to Elbit Systems' shareholders $ 54.9 $ 51.7 $ 273.9 Percent of revenues 6.7 % 6.9 % 8.1 % GAAP diluted net EPS $ 1.16 $ 1.07 $ 5.59 Adjustments, net 0.12 0.14 0.82 Non-GAAP diluted net EPS $ 1.28 $ 1.21 $ 6.41 Recent Events : On April 11, 2018, the Company announced that it completed the acquisition of the assets and operations of the privately-owned U.S. company Universal Avionics Systems Corporation for a purchase price of approximately $120 million. Dividend : The Board of Directors declared a dividend of $0.44 per share for the first quarter of 2018. The dividend's record date is June 18, 2018. The dividend will be paid from income generated as Preferred Income (as defined under Israel tax laws), on July 2, 2018, net of taxes and levies, at the rate of 20%. Conference Call : The Company will be hosting a conference call today, Tuesday, May 29, 2018 at 9:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions. To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number. US Dial-in Numbers: 1-888-668-9141 Canada Dial-in Numbers: 1-866-485-2399 UK Dial-in Number: 0-800-917-5108 ISRAEL Dial-in Number: 03-918-0609 INTERNATIONAL Dial-in Number: +972-3-918-0609 at: 9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 pm Israel Time This call will also be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com . An online replay will be available from 24 hours after the call ends. Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are: +1-888-326-9310 (US and Canada) or +972-3-925-5904 (Israel and International). About Elbit Systems Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of airborne, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems and radios. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services, including training and simulation systems. For additional information, visit: www.elbitsystems.com or follow us on Twitter . Attachments : Consolidated balance sheets Consolidated statements of income Consolidated statements of cash flow Consolidated revenue distribution by areas of operation and by geographical regions Company Contact : Joseph Gaspar , Executive VP & CFO Tel: +972-772946663 [email protected] David Vaaknin , VP, Head of Corporate Communications Tel: +972-772946691 [email protected] Elbit Systems Ltd. IR Contact : Ehud Helft Kenny Green GK Investor Relations Tel: +1-646-201-9246 [email protected] This press release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1943, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward-looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements. Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein. (FINANCIAL TABLES TO FOLLOW) ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousands of US Dollars) March 31, December 31, 2018 2017 Unaudited Audited Assets Current assets: Cash and cash equivalents $ 214,495 $ 156,074 Short-term bank deposits and marketable securities 5,678 16,497 Trade and unbilled receivables, net 1,403,093 1,406,563 Other receivables and prepaid expenses 127,473 128,946 Inventories, net 994,105 902,954 Total current assets 2,744,844 2,611,034 Investments in affiliated companies and partnerships 175,623 172,338 Long-term trade and unbilled receivables 356,066 295,396 Long-term bank deposits and other receivables 36,241 38,082 Deferred income taxes, net 51,131 51,358 Severance pay fund 289,524 298,590 908,585 855,764 Property, plant and equipment, net 496,325 495,716 Goodwill and other intangible assets, net 755,824 752,403 Total assets $ 4,905,578 $ 4,714,917 Liabilities and Equity Short-term bank credit and loans $ 18,887 $ 133,750 Current maturities of long-term loans and Series A Notes 66,935 67,556 Trade payables 520,254 633,689 Other payables and accrued expenses 824,431 835,394 Customer advances, net 469,344 418,560 1,899,851 2,088,949 Long-term loans, net of current maturities 459,684 119,514 Series A Notes, net of current maturities 123,313 124,865 Employee benefit liabilities 404,465 413,117 Deferred income taxes and tax liabilities, net 69,460 68,159 Customer advances 150,382 133,649 Other long-term liabilities 47,274 48,692 1,254,578 907,996 Elbit Systems Ltd.'s equity 1,740,866 1,708,310 Non-controlling interests 10,283 9,662 Total equity 1,751,149 1,717,972 Total liabilities and equity $ 4,905,578 $ 4,714,917 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In thousands of US Dollars, except for share and per share amount) Three Months Ended March 31, Year Ended December 31, 2018 2017 2017 Unaudited Audited Revenues $ 818,528 $ 749,188 $ 3,377,825 Cost of revenues 583,104 528,038 2,379,905 Gross profit 235,424 221,150 997,920 Operating expenses: Research and development, net 68,185 58,437 265,060 Marketing and selling, net 68,168 65,777 280,246 General and administrative, net 35,740 38,723 133,314 Total operating expenses 172,093 162,937 678,620 Operating income 63,331 58,213 319,300 Financial expenses, net (10,248) (8,645) (34,502) Other income, net 22 32 48 Income before income taxes 53,105 49,600 284,846 Taxes on income (6,362) (5,251) (55,585) 46,743 44,349 229,261 Equity in net earnings of affiliated companies and partnerships 3,134 1,595 11,361 Net income $ 49,877 $ 45,944 $ 240,622 Less: net income attributable to non-controlling interests (243) (304) (1,513) Net income attributable to Elbit Systems Ltd.'s shareholders $ 49,634 $ 45,640 $ 239,109 Earnings per share attributable to Elbit Systems Ltd.'s shareholders: Basic net earnings per share $ 1.16 $ 1.07 $ 5.59 Diluted net earnings per share $ 1.16 $ 1.07 $ 5.59 Weighted average number of shares (in thousands) Shares used in computation of basic earnings per share 42,751 42,748 42,750 Shares used in computation of diluted earnings per share 42,753 42,751 42,753 ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF CASH FLOW (In thousands of US dollars) Three Months Ended March 31, Year Ended December 31, 2018 2017 2017 Unaudited Audited CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 49,877 $ 45,944 $ 240,622 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 27,766 27,716 114,017 Stock-based compensation — 11 13 Amortization of Series A Notes premium and related issuance costs, net (23) (23) (92) Deferred income taxes and reserve, net 2,612 894 28,774 Gain on sale of property, plant and equipment (37) (1,859) (2,440) Loss on sale and revaluation of investments 620 20 1,358 Equity in net earnings of affiliated companies and partnerships, net of dividends received (*) (1,845) (800) (1,987) Changes in operating assets and liabilities, net of amounts acquired: Decrease (increase) in short and long-term trade receivables and prepaid expenses 22,659 (95,280) (315,236) Increase in inventories, net (85,896) (51,336) (59,699) Increase (decrease) in trade payables, other payables and accrued expenses (149,991) (23,999) 63,273 Severance, pension and termination indemnities, net 1,336 3,476 2,003 Increase (decrease) in advances received from customers (14,952) 43,954 30,287 Net cash provided by (used in) operating activities (147,874) (51,282) 100,893 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (25,267) (31,554) (107,880) Acquisitions of subsidiaries and business combinations (4,000) (2,579) (25,440) Advance payment on investment — (6,586) — Investments in affiliated companies and other companies (350) (173) (4,964) Proceeds from sale of property, plant and equipment 233 2,725 6,270 Proceeds from sale of investment — — 12,067 Investment in long-term bank deposits, net (141) (446) (1,396) Proceeds from sale of long-term bank deposits, net — 133 176 Investment in short-term deposits (2,835) (22,268) (40,893) Proceeds from sale of investments in short-term deposits 13,484 14,542 46,491 Net cash used in investing activities (18,876) (46,206) (115,569) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of options 48 55 119 Repayment of long-term loans (14) (23,869) (167,425) Proceeds from long-term loans 340,000 — 118,623 Repayment of Series A Notes — — (55,532) Dividends paid — — (75,300) Change in short-term bank credit and loans, net (114,863) 34,737 127,455 Net cash provided by (used in) financing activities 225,171 10,923 (52,060) Net increase (decrease) in cash and cash equivalents 58,421 (86,565) (66,736) Cash and cash equivalents at the beginning of the year 156,074 222,810 222,810 Cash and cash equivalents at the end of the period $ 214,495 $ 136,245 $ 156,074 * Dividends received from affiliated companies and partnerships $ 1,289 $ 795 $ 9,374 ELBIT SYSTEMS LTD. DISTRIBUTION OF REVENUES Consolidated Revenues by Areas of Operation: Three Months Ended Year Ended March 31, December 31, 2018 2017 2017 $ millions % $ millions % $ millions % Airborne systems 311.0 38.0 290.3 38.7 1,272.1 37.7 C4ISR systems 275.2 33.6 279.0 37.2 1,144.8 33.9 Land systems 114.4 14.0 79.0 10.5 503.9 14.9 Electro-optic systems 88.0 10.8 76.4 10.2 341.2 10.1 Other (mainly non-defense engineering and production services) 29.9 3.6 24.5 3.4 115.8 3.4 Total 818.5 100.0 749.2 100.0 3,377.8 100.0 Consolidated Revenues by Geographical Regions: Three Months Ended Year Ended March 31, December 31, 2018 2017 2017 $ millions % $ millions % $ millions % Israel 185.6 22.7 167.4 22.3 741.9 22.0 North America 208.7 25.5 192.9 25.8 827.6 24.5 Europe 152.7 18.7 161.8 21.6 764.0 22.6 Asia-Pacific 173.6 21.2 166.2 22.2 670.5 19.8 Latin America 40.2 4.9 34.4 4.6 193.4 5.7 Other countries 57.7 7.0 26.5 3.5 180.4 5.4 Total 818.5 100.0 749.2 100.0 3,377.8 100.0 View original content: http://www.prnewswire.com/news-releases/elbit-systems-reports-first-quarter-of-2018-results-300655611.html SOURCE Elbit Systems Ltd.
Elbit Systems Reports First Quarter of 2018 Results
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SAO PAULO, May 2 (Reuters) - Cielo SA, Brazil’s largest payments solutions firm, reported on Wednesday a recurring net income of 932 million reais ($262 million) in the first quarter, missing Thomson Reuters analyst consensus, as revenues decreased. Cielo has faced increasing competition as payment solutions companies, such as Stone Pagamentos SA and PagSeguro Digital Ltd , expand in the Brazilian market. ($1 = 3.5526 reais) (Reporting by Carolina Mandl; Editing by Lisa Shumaker)
Brazil's Cielo misses analysts' estimate for profit in Q1
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May 16 (Reuters) - Abaxis Inc: * ABAXIS INC - UPON TERMINATION OF MERGER BY CO OR ZOETIS UPON SPECIFIED CONDITIONS, TERMINATION FEE OF $70 MILLION MAY BE PAYABLE BY CO TO ZOETIS * ABAXIS - DEAL AGREEMENT PROVIDES THAT TERMINATION FEE OF $60 MILLION MAY BE PAYABLE BY ZOETIS TO CO IF DEAL TERMINATED UNDER SPECIFIED CIRCUMSTANCES * ABAXIS - DEAL AGREEMENT ALSO PROVIDES THAT TERMINATION FEE OF $120 MILLION MAY BE PAYABLE BY ZOETIS TO THE COMPANY UNDER OTHER SPECIFIED CIRCUMSTANCES Source text: ( bit.ly/2KtO853 ) Further company coverage: ([email protected])
BRIEF-Abaxis Inc - Upon Termination Of Merger By Co Or Zoetis Upon Specified Conditions, Termination Fee Of $70 Mln May Be Payable By Co To Zoetis
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Highlights Golar LNG Limited ("Golar" or "the Company") reports operating income and EBITDA 1 in the quarter of $6.4 million and $22.8 million, respectively, compared to 4Q 2017 operating income and EBITDA 1 of $2.8 million and $19.4 million, respectively. FLNG Hilli Episeyo commences LNG production. Subsequent Events CELSE, Golar Power's affiliate, closed a $1.34 billion financing facility for the Sergipe project. FLNG Hilli Episeyo delivers first two LNG cargoes, progresses commissioning and commences acceptance testing with customers Perenco and SNH. Entered into a preliminary agreement and exchanged Heads of Terms with BP for Tortue project FLNG vessel. Fortuna FLNG project facing significant delay due to lack of acceptable financing solution. Golar and Schlumberger plan to wind down OneLNG. Significant year-on-year strengthening of LNG prices. Financial Review Business Performance 2018 2017 (in thousands of $) Jan-Mar Oct-Dec Total operating revenues 66,190 57,587 Vessel operating expenses (18,415 ) (17,076 ) Voyage, charterhire & commission expenses (including expenses from collaborative arrangement) (24,521 ) (19,464 ) Administrative expenses (14,016 ) (16,763 ) Unrealized gain on FLNG derivative instrument 13,600 15,100 EBITDA 1 22,838 19,384 Depreciation and amortization (16,409 ) (16,585 ) Operating income 6,429 2,799 1 EBITDA is defined as operating income before interest, tax, depreciation and amortization. EBITDA is a non-GAAP financial measure. A non-GAAP financial measure is generally defined by the Securities and Exchange Commission as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable U.S. GAAP measure. We have presented EBITDA as we believe it provides useful information to investors because it is a basis upon which we measure our operations and efficiency. EBITDA is not a measure of our financial performance under U.S. GAAP and should not be construed as an alternative to net income (loss) or other financial measures presented in accordance with U.S. GAAP. Golar reports today 1Q 2018 operating income of $6.4 million compared to $2.8 million in 4Q 2017. Further improvements in hire rates and round-trip economics contributed to a $3.6 million increase in total operating revenue net of voyage, charterhire and commissioning expenses, from $38.1 million in 4Q 2017 to $41.7 million in 1Q 2018. Vessel operating expenses increased by $1.3 million to $18.4 million in 1Q 2018. Most of the increase is due to additional crew, repairs and maintenance and logistics expenses in respect of the recently reactivated Golar Viking. Administrative expenses are lower by $2.7 million, from $16.8 million in 4Q 2017 to $14.0 million in 1Q 2018. The derivative asset, representing the fair value of the estimated discounted cash flows of payments due in respect of FLNG Hilli Episeyo as a result of the Brent Crude price moving above $60.00 per barrel over the contract term, increased from $94.7 million to $108.3 million during the quarter. As a result, an unrealized fair value gain of $13.6 million was recorded under other operating income. Net Income Summary 2018 2017 (in thousands of $) Jan-Mar Oct-Dec Operating income 6,429 2,799 Interest income 1,944 1,186 Interest expense (13,998 ) (6,220 ) Other financial items, net (1,237 ) 24,122 Other non-operating loss - (189 ) Income taxes 6 (435 ) Equity in net earnings (losses) of affiliates (1,541 ) (6,348 ) Net income attributable to non-controlling interests (12,605 ) (11,092 ) Net (loss) income attributable to Golar LNG Limited (21,002 ) 3,823 In 1Q 2018, the Company generated a net loss of $21.0 million. Notable contributors to the $24.8 million decrease in 1Q 2018 are summarized as follows: Interest expense increased by $7.8 million to $14.0 million, the 4Q 2017 expense having been reduced by higher capitalized interest on borrowing costs in respect of Hilli Episeyo. Other financial items reported a 1Q 2018 loss of $1.2 million. This non-cash loss was predominantly the result of a mark-to-market loss of $9.2 million on the three million Total Return Swap ("TRS") shares following a $2.45 quarter-on-quarter decrease in the Company's share price, partly offset by a gain of $7.3 million in respect of mark-to-market valuations of interest rate swaps ("IRS"). This compared to a mark-to-market gain of $20.5 million in respect of the TRS and a mark-to-market gain of $5.6 million on IRS's in the previous quarter. The $1.5 million 1Q 2018 equity in net earnings (losses) of affiliates is primarily comprised of the following: a $4.8 million loss in respect of Golar's 50% share in Golar Power Limited ("Golar Power"); a $1.5 million loss in respect of Golar's 51% share in OneLNG S.A. ("OneLNG"); and income of $4.8 million in respect of Golar's stake in Golar LNG Partners LP ("Golar Partners" or the "Partnership"). Cash distributions received from the Partnership are in line with prior quarters. Commercial Review LNG Shipping Steady rates and charter activity into the new-year were supported by strong underlying demand for LNG that helped sustain firm Asian prices and prolong arbitrage opportunities through to February. The proportion of US exports destined for Asia in January and February was 57% and 67%, respectively, with resultant high ton miles supporting rates up to $85kpd during January. A seasonal softening in activity resulted in falling LNG prices and an end to inter-basin trading opportunities in late February. Charter rates dropped accordingly to around $65kpd. March fixtures for US cargoes to Asia declined to 40%, with ton miles and rates falling further as a result. By early April, carrier rates were around $45kpd. Delays to the start-up of the 5.25mtpa US Cove Point facility and production interruptions at the 6.9mtpa Papua New Guinea ("PNG") facility accentuated the negative impact of seasonality. Exports from Cove Point have now commenced and PNG has restarted production. Wheatstone train 2 ("T2") and Ichthys LNG are also scheduled to commence production, whilst both Yamal T2 and T3 are now expected to start producing before year end. This, together with a recent step-up in period cover requirements, has resulted in a sharp reduction in available vessels. Rates are improving once again and indicate a solid year-on-year improvement. Looking further ahead, a 9-month delay to the start-up of the 13.2mtpa Freeport LNG plant has been confirmed. Ship broker research indicates that the 2018 newbuild delivery schedule is adjusting to accommodate this. Approximately 49 carrier deliveries are now scheduled to deliver in 2018 and liquefaction trains with a nameplate capacity of approximately 31mtpa are expected to commence and ramp up production. A further 29 mtpa of new production is expected to commence in 2019 and 33 mtpa in 2020. Against this, 32 conventional newbuild vessels are expected to be delivered in 2019 and 20 in 2020. Despite a recent spike in vessel orders for delivery in 2020/1, the market remains structurally short by approximately 25 vessels over the next 2-3 years. Material improvements in September-March average winter rates, which increased from around $40kpd in 2016/2017 to around $60kpd in 2017/2018, can also be expected over the coming years. Strengthening European and Japanese LNG prices (up around 50%) indicate strong demand for LNG and create good opportunities for US exports where Henry Hub prices are lower than 2017 levels. Golar Partners (affiliate) On January 19 the Partnership executed a 15-year charter with an energy and logistics company for the provision of an FSRU in the Atlantic Basin. The capital element of the charter rate will vary according to demand for regasification throughput, but includes a cap and a floor that is expected to generate annual operating income, before depreciation and amortization, of between approximately $18 and $22 million. The charter also includes certain termination and extension options. As anticipated, the Partnership's 1Q 2018 results were negatively impacted by the contractual seasonal offhire of the FSRU Golar Igloo, materially lower rates and levels of utilization achieved by the Golar Mazo and Golar Maria in the carrier spot market and a full quarter's trading by the Golar Grand at a reduced daily rate. Distribution coverage was particularly low as a result. Improvements from 2Q 2018 are expected with the closing of the Hilli Episeyo dropdown and start-up of the Atlantic FSRU opportunity. The anticipated strengthening of the shipping market should also contribute increased earnings and distribution coverage. FLNG Commissioning of gas treatment systems and refrigerant trains on board FLNG Hilli Episeyo continued throughout the quarter and first LNG was produced on March 12. Minor issues encountered after March 12 did, however, interrupt the commissioning of additional trains and the ramp up of production. By late April stable levels of production were being achieved and a 138,000cbm commissioning cargo destined for China was subsequently offloaded. Official acceptance testing has commenced and a second cargo has now been offloaded. Based on the current schedule the Contract is expected to fully commence in the coming days. Commissioning fees billed to date amount to $33.7 million. These will be recognized as deferred revenue on the balance sheet and released to revenue over the contract term. Vessel acceptance is also a key trigger for the final drawdown against the $960 million CSSCL sale and leaseback facility and closing of the previously agreed dropdown to Golar Partners. Final drawdown against this facility and closure of the sale to Golar Partners are expected to take place during June. Commercial start-up of the world's first low cost FLNG facility has generated significant interest from gas companies and led to several new commercial enquires. Based on experience gained from developing and constructing Hilli Episeyo, Golar entered into a Preliminary Agreement and exchanged Heads of Terms with BP Mauritania Investments Ltd and BP Senegal Investments Ltd (together "BP") for a FLNG vessel similar to the Hilli Episeyo to service the BP operated Greater Tortue/Ahmeyim project. Executed on April 19, the Heads of Terms represents a commitment between Golar and BP to translate key commercial terms into a full commercial agreement and to proceed with Front End Engineering Design ("FEED") on the provision of a FLNG vessel to service the project offshore Mauritania and Senegal. The Preliminary Agreement creates obligations on Golar to progress FEED work and be ready for a vessel conversion from July 1, 2018 onwards; which would be contingent on a Project final investment decision ("FID"), expected by the end of 2018. The Preliminary Agreement also includes an option, but not an obligation, for BP on a second FLNG vessel. Customary termination fees apply in the event that FID is not taken. OneLNG (51/49 Golar/Schlumberger upstream joint venture) Recent LNG price increases enhance the already solid financial returns expected from the Fortuna project. Despite an agreed development plan and extensive efforts over the last twelve months by OneLNG and Ophir management, it has not been possible to finalize an attractive debt financing package. This, together with other capital and resource priorities, has resulted in a decision from Schlumberger to end their participation in the project. Golar and Schlumberger, as a result of this, and based on the structure of the BP project, plan to wind down OneLNG and work on FLNG projects as required on a case-by-case basis. Efforts to find the optimum capital structure that maximizes value for all Fortuna project stakeholders, including the government of Equatorial Guinea, continue. Golar does not see extensive issuance of new equity at current share price levels as an attractive financing solution. Use of alternative yards that are able to provide financing and the potential introduction of a new industrial partner are, however, being considered. No guarantee can be given that attractive financing for the project can be achieved and Golar does not intend to provide any further market updates before any possible financing alternative is fully committed. Golar Power (50/50 Golar/Stonepeak Infrastructure Partners downstream joint venture) On April 19, CELSE, the 50% Golar Power owned project company responsible for delivering the 1.5GW Porto de Sergipe I power project, executed a US$1.34 billion BRL based non-recourse project finance facility. Facility proceeds will fund remaining capital expenditures for the power plant, connecting transmission lines, FSRU mooring infrastructure and a connecting gas pipeline. Excluding the FSRU, but including interest costs during construction and a $123 million cash reserve, all-in project Capex is now estimated at $1.74 billion. The increase in project Capex is the result of higher than expected financing, cash reserve, terminal EPC and transmission line costs together with foreign exchange movements. As of April 19, all-in equity of approximately $400 million had been paid in by CELSE's controlling partners. Forecast annual EBITDA 1 from the power project (of which Golar is entitled to a 25% interest), assuming no dispatch, is BRL based and equivalent to approximately US$300 million at current exchange rates. Payments under the executed PPA are inflation indexed over the 25-year term and provide for pass-through of fuel costs when the power plant is called upon to dispatch. Concurrent with financial close, Golar Power also executed contracts with CELSE to charter the FSRU Golar Nanook for 26 years. The additional year provides for the commissioning period ahead of project start-up in January 2020 during which commissioning hire will accrue. The operating cost component will be paid in 2019, whilst the capital component will accrue and be paid over the remaining 25 years commencing January 2020. Annual EBITDA 1 accruing to Golar Power from the FSRU is projected to be approximately US$41 million, with annual escalation indexed to US-CPI. Further upside potential accrues to Golar Power in the event that it is able to contract the remaining two-thirds of the FSRU capacity not utilized by Sergipe I. Strategically located in NNE Brazil, and within 20km of the main gas distribution network, the FSRU has the potential to unlock future LNG distribution opportunities into Brazil. Having executed Time Charter Agreements, Golar Power is now in a position to conclude financing discussions, which are well progressed, for the FSRU Golar Nanook. Other FSRU conversion prospects are also being pursued. Financing Review Golar's unrestricted cash position as at March 31, 2018 was $172.4 million. Equity contributions to Golar Power, predominantly represented by installments for the Sergipe project and FSRU Golar Nanook modification costs, resulted in a cash outflow of $40.0 million during 1Q 2018. A further capital contribution payment of $15.0 million was made to Golar Power in April which included the final equity installment for the Sergipe project. The Hilli Episeyo conversion and commissioning remains within budget. As at March 31, 2018, $1,047.5 million had been incurred ($1,212.8 million including the original vessel and capitalized interest) and $640.0 million had been drawn against the CSSCL pre-delivery facility. Vessel acceptance is the trigger that permits drawdown against the pre-agreed sale and leaseback facility. Upon satisfaction of this milestone, Golar expects to draw down a further $320 million against the sale and leaseback facility during June. After all remaining Capex, including full contingency, the net cash inflow is expected to be approximately $160 million. Of the $175.0 million restricted cash securing the Letter of Credit, approximately $32 million and $97 million, respectively, is expected to be released to free cash 12 and 34 months after customer acceptance of Hilli Episeyo. Included within the $1,368.3 million current portion of long-term debt is $699.7 million relating to lessor-owned VIE subsidiaries that Golar is required to consolidate in connection with seven sale and leaseback financed vessels. Of the balance associated with VIE financings, two facilities amounting to $302.7 million are due for refinancing by the end of 2018. Management have received confirmation from one of the facility lenders, representing approximately $160 million, that they will, subject to documentation, extend until at least June 2019 and longer if a term charter is entered into in the meantime. The remaining current portion of long-term debt is predominantly comprised of the $640.0 million Hilli Episeyo CSSCL pre-delivery facility. This is expected to be replaced during June 2018 by the fully drawn long-term $960 million CSSCL sale and leaseback facility. Corporate and Other Matters As at March 31, 2018, there were 101.1 million shares outstanding, including 3.0 million TRS shares that had an average price of $43.71 per share. There were also 4.5 million outstanding stock options in issue. The dividend will remain unchanged at $0.05 per share for the quarter. Graham Robjohns was appointed CFO and Deputy CEO in March 2018. Mr. Robjohns was previously the CEO of Golar LNG Partners. Outlook The acceptance of Hilli Episeyo will validate Golar's low cost FLNG solution. Valuable lessons learned during conversion and commissioning also create opportunities to further enhance the process. Golar now has a significant lead in this very profitable business. Post acceptance, hire at the full rate is expected to generate approximately $164 million of base level annual EBITDA 1 , 50% of which will accrue to Golar Partners. Assuming the current price of $76.63/bbl is sustained, the Brent link associated with contracted trains 1 and 2 would add approximately $50 million in additional annual cashflows, all of which would accrue to Golar. Trains 3 and 4 represent an attractive commercial opportunity for Perenco and SNH and other proximate resource holders, and the Company is optimistic that these will be utilized in due course. Executing a binding Heads of Terms with BP for up to two FLNG units to service the Tortue field offshore Mauritania and Senegal enhances the credibility of Golar's FLNG offering and is a significant and very positive step both for the Company and this long-anticipated project. FEED work is being progressed at pace in order to meet the required timetable for FID at the end of 2018. Work on the draft commercial and construction agreements and financing has also commenced. Preliminary financing discussions indicate a good appetite from a wide variety of lenders. The 25-year Sergipe power project is now fully funded. It is anticipated that the remaining delivery installment for the Golar Nanook will be financed by a new debt facility. Based on current exchange rates, Golar's share of annual EBITDA 2 from its effective interest in the power station and FSRU is expected to be around $100 million. Options to monetize the FSRU Golar Nanook's 65% spare capacity, including the supply of gas directly into the Brazilian national grid, are also being pursued. Demand for competitively priced FSRU conversions remains robust and Golar also has a strong lead in this market. The seasonal softening of the shipping market was anticipated. This will negatively impact 2Q 2018 TCE, which is expected to be around half 1Q 2018 levels. The underlying thesis of a sustainable recovery in the shipping market from 3Q 2018 does, however, remain intact. This is supported by new production and rising ton miles as well as the large price differential between European and Asian LNG prices and US gas prices. Start-up of Hilli Episeyo and financial close for the Sergipe project are two significant steps toward de-risking the Golar investment case. Earnings from Hilli Episeyo and a resurgent carrier market are expected to result in significant and sustained improvements to earnings from 2H 2018 forward. The Board is pleased with Golar's transformation over the last five years from a LNG shipping and FSRU company to a more integrated Gas to Power company. The strategic platform created, including the long-term FLNG and Power contracts, represents a solid basis for long-term value creation. 2 EBITDA is a non-GAAP financial measure that is defined as operating income before interest, tax, depreciation and amortization. Golar's share of annual EBITDA from its effective interest in the Sergipe power station and the FSRU Golar Nanook will be reported as "equity in net earnings of affiliates" in the consolidated statements of income. Forward Looking Statements This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "may," "could," "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "potential," "continue," or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changes in liquefied natural gas, or LNG, carrier, floating storage and regasification unit, or FSRU, or floating liquefaction natural gas vessel, or FLNG, market trends, including charter rates, vessel values or technological advancements; changes in our ability to retrofit vessels as FSRUs or FLNGs and in our ability to obtain financing for such conversions on acceptable terms or at all; changes in the timeliness of the Hilli Episeyo acceptance by the charterer; changes in our ability to close the sale of certain of our equity interests in Hilli Episeyo on a timely basis or at all; our inability to meet our obligations under the Heads of Terms agreement entered into in connection with the BP Greater Tortue / Ahmeyim Project, prior to FID, which will result in extensive termination fees; changes in the supply of or demand for LNG carriers, FSRUs or FLNGs; a material decline or prolonged weakness in rates for LNG carriers, FSRUs or FLNGs; changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures; changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs or FLNGs; changes in the supply of or demand for LNG or LNG carried by sea; changes in commodity prices; changes in the supply of or demand for natural gas generally or in particular regions; failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us; changes in our relationships with our counterparties, including our major chartering parties; changes in the availability of vessels to purchase and in the time it takes to construct new vessels; failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all; our ability to integrate and realize the benefits of acquisitions; changes in our ability to sell vessels to Golar Partners or our joint venture, Golar Power; changes in our relationship with Golar Partners or Golar Power; changes to rules and regulations applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain; our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provisions of FSRUs particularly through our innovative FLNG strategy and our joint venture; actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs or FLNGs to various ports; our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, particularly through our innovative FLNG strategy, or FLNG, and our joint venture; changes in our ability to obtain additional financing on acceptable terms or at all; our ability to make additional equity funding payments to Golar Power to meet our obligations under the shareholders agreement; increases in costs, including, among other things, wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions, particularly where we operate; a decline or continuing weakness in the global financial markets; challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements; and other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F. As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law. May 31, 2018 The Board of Directors Golar LNG Limited Hamilton, Bermuda Questions should be directed to: Golar Management Limited +44 207 063 7900 Iain Ross - Chief Executive Officer Graham Robjohns - Chief Financial Officer and Deputy Chief Executive Officer Stuart Buchanan - Head of Investor Relations Attachment Golar LNG Limited Interim results for the period ended 31 March 2018.pdf Source:Golar LNG Limited
Golar LNG Limited Interim Results for the period ended 31 March 2018
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MADRID (Reuters) - Hundreds of residents gathered in the southern Spanish town of Algeciras on Thursday to protest about the increasingly violent drugs trade in the underprivileged area which is an entry point for smugglers bringing hashish and cocaine into Spain. People attend a protest against drug trade and insecurity in the Campo de Gibraltar area, in Algeciras, southern Spain, May 17, 2018. REUTERS/Jon Nazca Traffickers bring consignments of drugs onto the beach in the area, often in broad daylight, and police have been physically attacked. Police unions have asked for more resources to fight the illegal trade. Residents, local politicians and police representatives gathered in the town holding a large banner reading ‘For your safety, for the safety of everyone’. Slideshow (6 Images) Police have made huge drugs seizures in recent months in Algeciras, the Mediterranean’s largest port and a trans-shipment hub used by firms to unload cargo for redistribution in Europe or the Middle East. Nearly 9 tonnes of cocaine was found hidden among boxes of bananas in April in what the customs office said was the largest ever stash found in a single shipping container in Europe. Reporting By Sonya Dowsett; Editing by Catherine Evans
Hundreds protest drugs trade in southern Spanish town
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LIMA (Reuters) - Canadian miner Bear Creek Mining Corp ( BCM.V ) will likely make a public offering for its Peruvian unit on the bourse in Lima to help finance its $550 million Corani silver project, the company’s chief financial officer said on Wednesday. Bear Creek would also consider selling a stake in the Corani project in southern Peru to help pay for the project, said Paul Tweddle. “Everything’s on the table,” Tweddle said on the sidelines of the International Gold & Silver Symposium in Peru. “This is the first step before future rounds of financing for the project,” Tweddle said of the upcoming IPO. Tweddle estimated Bear Creek would issue its shares on the bourse within three months and declined to estimate how much it might raise. Corani is expected to produce 11 million to 12 million ounces of silver once fully operational. If construction begins in 2018 as scheduled, production would kick off in 2022, Tweddle said. Bear Creek had initially planned to finance Corani with earnings form its proposed silver project Santa Ana, also in southern Peru. But a previous presidential administration revoked Bear Creek’s right to build Santa Ana in 2011 after deadly protests against the proposed mine. Late last year, Bear Creek won the right to develop Santa Ana after suing Peru. The current government of President Martin Vizcarra must now pay the company $31 million. Tweddle said Bear Creek was waiting to talk with the current government about Santa Ana before taking any next steps on the project. “Right now Santa Ana is still in our portfolio as a concession,” Tweddle said. Reporting by Mitra Taj and Marco Aquino; Editing by Cynthia Osterman Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2018 Reuters. All Rights Reserved.
Canada's Bear Creek prepares IPO in Peru to finance silver mine
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May 18, 2018 / 6:21 AM / Updated 2 minutes ago Richemont targets more M&A after taking watch inventory hit Silke Koltrowitz 4 Min Read ZURICH (Reuters) - Luxury goods group Richemont ( CFR.S ) will focus on doing more M&A deals to reshape its business after reporting lower than expected full-year results, which included a 203 million euro buy back of watch inventories. FILE PHOTO: The logo of Panerai, owned by the Richemont group, is pictured at the "Salon International de la Haute Horlogerie" (SIHH) watch fair, in Geneva, Switzerland, January 15, 2018. REUTERS/Denis Balibouse/File Photo Richemont, which has luxury brands including Cartier and Montblanc, is just in the process of acquiring full control of luxury retailer Yoox Net-a-Porter ( YNAP.MI ) for 2.6 billion euros as part of efforts to boost its online presence and attract younger customers. “Our long-term approach does not preclude us from targeting strategic investments and divestments, as we have demonstrated over the past year,” the company said on Friday. Over the last two years, Richemont has undergone a major management shake-up, replacing almost all of its brand heads, its finance chief and appointing a senior executive committee instead of a CEO. The luxury watch market has recovered in the past year from a severe downturn, but companies like Richemont remain under pressure to exploit digital sales channels and rekindle demand for traditional watches among younger consumers. A weak performance at the group’s watch brands, including IWC and Vacheron Constantin, and a disappointing net profit contributed to a fall of nearly 8 percent in Richemont’s shares, making them the worst performer in the European sector index .SXQP. The shares were 5 percent lower at 0920 GMT. The group’s net profit rose 1 percent to 1.221 billion euros ($1.44 billion), which was well below expectations of 1.719 billion in a Reuters poll of analysts. Sales for the year increased 3 percent to 10.97 billion euros, driven by double-digit growth in Asia. Chief Financial Officer Burkhart Grund told reporters on a call the inventory buybacks, mainly focused on watch brands in Europe, and which followed 278 million euro buybacks in the previous year, were necessary to ensure “healthy inventory levels at trade partners”, and were now likely finished. He also said Richemont was still in talks to sell its Lancel business to Italian leather goods company Piquadro, but wanted to grow mainly organically its leather goods businesses that include Chloe handbags, Cartier wallets and Montblanc phone cases. “Overall a messy result with the watch buyback probably hurting the underlying business in the final part of the year,” Kepler Cheuvreux analyst Jon Cox said. “Long term the company probably did the right thing in terms of the watch clean up. However, timing is unfortunate given the watch market recovery,” he said. HONG KONG RECOVERY Cyrille Vigneron, head of Richemont’s flagship brand Cartier, said the Hong Kong market had seen a sharp, V-shaped recovery since the summer, driven by both local and mainland Chinese customers. He told investors on Friday that Cartier was in a healthy situation, with its average pricing rising, and was confident of regaining market share. Grund said the appreciation of the euro led tourist shoppers to buy more in Asia and less in Europe. Chief Operating Officer Jerome Lambert said the launch of lower-priced watches under the Baume brand should help Richemont to target younger customers. The group has appointed Eric Vallat to head its fashion and accessories business and to join its senior executive committee, which lost Chief Technology Officer Jean-Jacques Van Oosten who left earlier this month after just four months in the job.. Grund said that the group would decide on its future technology setup, including management issues, after finalizing the YNAP deal. Richemont said it would raise its dividend to 1.90 Swiss francs ($1.90) per share, from 1.80 francs a year ago. It said it aimed to grow its dividend each year. Reporting by Silke Koltrowitz. Editing by Jane Merriman
UPDATE 2-Richemont targets more M&A after taking watch inventory hit
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Two teenagers were killed and a third was injured when a Tesla Model S crashed and caught fire in Florida, according to NBC Miami . All three occupants in the vehicle involved in the crash Tuesday night in Fort Lauderdale were 18-year-old males, the report said. A report from the Fort Lauderdale Police Department released Wednesday afternoon said the vehicle's speed is believed to have been a factor in the accident. "Our thoughts are with the families and friends affected by this tragedy," Tesla said in a statement. "We are working to establish the facts of the incident and offer our full cooperation to local authorities." Police said the driver who died was Barrett Riley and the passenger who died was Edgar Monserratt Martinez, according to NBC Miami. Alexander Berry was named as the passenger who was ejected and injured, the report said. show chapters 5 outrageous Elon Musk moments from the bizarre Tesla call 10:37 PM ET Thu, 3 May 2018 | 02:21 The crash is under investigation, the NBC Miami report said. There have been a few high-profile crashes involving Tesla cars, including some where Autopilot was engaged. Most recently, a man crashed his Tesla Model X in Mountain View, California, in March. The ensuing investigation led to a falling out between Tesla and the National Transportation Safety Board, which was looking into the crash. The NTSB said Tesla had improperly released information related to the crash before it had been properly vetted. Tesla had said it withdrew from the investigation, and that the agency had violated its own rules by releasing "incomplete information to the media." Read the full story at NBC Miami.
Two Florida teenagers killed in Tesla crash
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Video shows police punching teen during arrest 2:41pm IST - 01:37 Video posted on social media over the weekend has stirred outrage outside Milwaukee, where a white police officer was filmed punching a black teenager during an arrest. Nathan Frandino reports. Video posted on social media over the weekend has stirred outrage outside Milwaukee, where a white police officer was filmed punching a black teenager during an arrest. Nathan Frandino reports. //reut.rs/2rI9pAh
Video shows police punching teen during arrest
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BRUSSELS—President Donald Trump is weighing measures to cut European Union steel and aluminum exports to the U.S. by about 10%, in a sign the bloc’s concessions to secure tariff exemptions aren’t meeting White House demands, EU officials familiar with the talks said. Washington proposed two options for Brussels: a quota fixed at 90% of U.S. imports from the EU in 2017 and a tariff-rate quota that would target the same 10% reduction via levies, Poland’s Entrepreneurship and Technology Minister Jadwiga Emilewicz said Tuesday after...
Trump Is Targeting 10% Cut in EU Steel, Aluminum Exports to U.S.
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Zuckerberg: Regulation on tech companies is 'inevitable' 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018
Zuckerberg: Regulation on tech companies is 'inevitable'
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HOUSTON, May 24, 2018 /PRNewswire/ -- Kraton Corporation (NYSE: KRA) (the "Company") today announced that it has completed its previously announced refinancing transactions that extend the maturity and lower interest expense on a portion of the outstanding indebtedness of Kraton Polymers LLC ("Kraton LLC") and Kraton Polymers Capital Corporation, the Company's wholly-owned subsidiaries (together, the "Issuers"). The refinancing transactions included: the offering by the Issuers of €290.0 million in aggregate principal amount of 5.25% senior notes due 2026 (the "New Notes"); borrowings by Kraton LLC of $90.0 million in incremental U.S. dollar denominated term loans (the "Incremental Term Loans") under the Company's existing senior secured term loan facility; and the previously announced tender offer (the "Tender Offer") for any and all of the Issuers' outstanding 10.500% senior notes due 2023 (the "10.5% Notes"). "Since the closing of the Arizona Chemical acquisition in January of 2016 we have been committed to reducing our consolidated net debt leverage ratio, while taking appropriate steps to improve our capital structure and reduce interest expense. The successful refinancing of our 10.5% notes is consistent with these objectives, and it provides for an expected reduction in annual cash interest expense of nearly $24 million," said Stephen E. Tremblay, Kraton's Executive Vice President and Chief Financial Officer. "In addition, the issuance of Euro-denominated senior notes will allow for a more efficient application of cash generated offshore to future debt service obligations," said Tremblay. "Although we incurred a call premium and transaction fees that resulted in a modest increase in our consolidated net debt leverage ratio, we still anticipate ending 2018 with a consolidated net debt leverage ratio below four turns," Tremblay added. In connection with the Tender Offer, the Issuers accepted for purchase $157,591,000 aggregate principal amount of 10.5% Notes (including $100,000 aggregate principal amount of 10.5% Notes that were tendered in accordance with the guaranteed delivery procedures). The completion of the refinancing transactions today also satisfies the conditions precedent to the previously announced redemption of the remaining 10.5% Notes on June 13, 2018 (the "Redemption"). The net proceeds from the offering of the New Notes and the borrowings of the Incremental Term Loans, together with borrowings under the Company's existing asset-based revolving credit facility and cash on hand, are being used to fund the consideration and redemption price plus, in each case, accrued and unpaid interest for the Tender Offer and Redemption, respectively. This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the 10.5% Notes. FORWARD-LOOKING STATEMENTS Some of the statements in this press release contain forward-looking statements. This press release includes forward-looking statements that reflect our plans, beliefs, expectations, and current views with respect to, among other things, our expectations regarding the consummation of the Redemption on the applicable redemption date, our expectations regarding our annual cash interest expense and our expectations for our year end 2018 consolidated net leverage ratio. Forward-looking statements are characterized by the use of words such as "outlook," "believes," "estimates," "expects," "projects," "may," "intends," "plans," "anticipates," "foresees" or "future." All forward-looking statements in this press release are made based on management's current expectations and estimates, which involve known and unknown risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed in forward-looking statements. These risks and uncertainties are more fully described in our latest Annual Report on Form 10-K, including but not limited to "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" therein, and in our other filings with the Securities and Exchange Commission, and include, but are not limited to, risks related to: completion of the redemption; the Company's ability to repay its indebtedness and risks associated with incurring additional indebtedness; the Company's reliance on third parties for the provision of significant operating and other services; conditions in, and risks associated with operating in, the global economy and capital markets; fluctuations in raw material costs; limitations in the availability of raw materials; competition in the Company's end-use markets; and other factors of which we are currently unaware or deem immaterial. Readers are cautioned not to place undue reliance on our forward-looking statements. Forward-looking statements speak only as of the date they are made, and we assume no obligation to update such information in light of new information or future events. USE OF NON-GAAP FINANCIAL MEASURES This press release includes the use of the non-GAAP financial measure, consolidated net debt leverage ratio. The consolidated net debt leverage ratio is defined as consolidated net debt as of the balance sheet date divided by Adjusted EBITDA for the twelve months then ended. Our use of this term may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. For Further Information: H. Gene Shiels 281-504-4886 View original content with multimedia: http://www.prnewswire.com/news-releases/kraton-corporation-announces-completion-of-refinancing-transactions-300654872.html SOURCE Kraton Corporation
Kraton Corporation Announces Completion Of Refinancing Transactions
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CHICAGO, May 3, 2018 /PRNewswire/ -- Supply Clinic , the online marketplace for dental supplies, announced the appointment of John Strong, founding president and CEO of Consorta, Inc. and past Senior VP of Premier, Inc. , to its Advisory Board. Throughout his 40-year career, Mr. Strong has led a number of healthcare supply chain companies to positions of industry leadership. "We're incredibly excited to have John as part of our team. His leadership in the healthcare supply chain space is critical to our efforts to disrupt and improve upon dental supply distribution," said Jacob Drucker, CEO of Supply Clinic. "All segments of the healthcare supply chain, and especially the purchase of dental products is ripe for disruption," Mr. Strong explained. "The technology employed by Supply Clinic is certainly disruptive to traditional group purchasing models and can be applied across other segments of the healthcare supply chain." Mr. Strong spent the first half of his career in supply chain management on the provider side, ending with ten years at Lutheran General Hospital in Park Ridge, Illinois. He then served in senior leadership positions at Premier, Inc., and was the founding president and CEO of Consorta, a $5 billion GPO that is now part of HealthTrust Purchasing Group. Mr. Strong was inducted into the Healthcare Supply Chain Hall of Fame in 2011. Mr. Strong now spends much of his time working closely with companies in the healthcare supplies space. He also works with organizations such as the Greenhealth Exchange on volume aggregation strategies, and with healthcare providers and alliances on supply chain operational review and strategy development. Mr. Strong holds a Master's degree in Business Administration with Distinction from DePaul University in Chicago, and a Bachelor's degree in Business Administration from the University of Wisconsin-Eau Claire. About Supply Clinic Supply Clinic was founded by Dr. Scott Drucker and his brother Jacob, a statistician. As a Periodontal resident, Dr. Drucker could not find any trusted source to price-compare and buy supplies from different sellers. The brothers assembled a talented team and built Supply Clinic to fill the void. With over 100 trusted sellers and 35,000 products, Supply Clinic lets customers compare products and pricing, and buy from multiple sellers with a single checkout. For more information, call 773-634-1462 or visit www.supplyclinic.com . CONTACT: Jacob Drucker (617) 356-8033 [email protected] View original content: http://www.prnewswire.com/news-releases/supply-clinic-names-john-strong-healthcare-supply-chain-leader-to-advisory-board-300642237.html SOURCE Supply Clinic
Supply Clinic Names John Strong, Healthcare Supply Chain Leader, To Advisory Board
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NEW YORK--(BUSINESS WIRE)-- New Media Investment Group Inc. (“New Media” or the “Company”, NYSE:NEWM), one of the largest publishers of locally based print and online media in the United States as measured by number of publications, announced today that it has completed its acquisition of substantially all of the publishing and related assets of the Akron Beacon Journal from Black Press, Ltd. (“Black Press”) for $16.0 million on May 11, 2018. In a separate transaction, New Media has completed its sale of substantially all of the publishing and related assets of GateHouse Media Alaska Holdings, Inc. (“Alaska Properties”) to Black Press. The Akron Beacon Journal has been the newspaper of record in Greater Akron for over 175 years. It has a daily circulation of over 68,000 and also offers the leading digital source of news for the local market, Ohio.com . It has received the Pulitzer Prize four times and annually receives many accolades for its journalism. Akron is located in northeast Ohio and is the fifth-largest city in the state and is the county seat of Summit County. It has a low cost of living and strong retail sales, with both per capita income and median home values higher than the state average. About New Media Investment Group Inc. New Media supports small to mid-size communities by providing locally-focused print and digital content to its consumers and premier marketing and technology solutions to our small and medium business partners. The Company is one of the largest publishers of locally based print and online media in the United States as measured by our 144 daily publications. As of April 1, 2018, New Media operates in over 565 markets across 38 states reaching over 23 million people on a weekly basis and serves over 219,000 business customers. For more information regarding New Media and to be added to our email distribution list, please visit www.newmediainv.com . Forward-Looking Statements Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the potential benefits of each of the transactions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties, such as general economic conditions in the markets in which we operate, closing conditions of each of the anticipated transactions, inadequate diligence and difficulties integrating and reducing expenses following the anticipated acquisition. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005229/en/ New Media Investment Group Inc. Ashley Higgins, 212-479-3160 Investor Relations [email protected] Source: New Media Investment Group Inc.
New Media Completes Acquisition of the Akron Beacon Journal for $16.0 Million and Completes the Sale of Substantially All of the Publishing and Related Assets of GateHouse Media Alaska Holdings, Inc.
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Verizon Communications Inc: * VERIZON TO REPURCHASE DEBT SECURITIES * VERIZON - HAS DELIVERED A NOTICE OF REPURCHASE WITH RESPECT TO ITS FLOATING RATE NOTES DUE FEBRUARY 21, 2025 * VERIZON - DELIVERED REPURCHASE NOTICE FOR FLOATING RATE NOTES DUE FEB 21, 2025; $2.5 BILLION OF NOTES EXPECTED TO BE REPURCHASED ON OR BEFORE JUNE 11 Source text for Eikon: Further company coverage:
BRIEF-Verizon To Repurchase Debt Securities
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May 11, 2018 / 6:17 PM / Updated 19 minutes ago NRA sues New York governor, regulator for 'blacklisting campaign' Suzanne Barlyn 3 Min Read (Reuters) - The National Rifle Association on Friday sued New York Governor Andrew Cuomo and the state’s financial regulator for engaging in what it said was a “blacklisting campaign” aimed at swaying banks and insurers to stop doing business with the gun advocacy group, according to a complaint. FILE PHOTO: A cap and shirt are displayed at the booth for the National Rifle Association (NRA) at the Conservative Political Action Conference (CPAC) at National Harbor, Maryland, U.S., February 23, 2018. REUTERS/Joshua Roberts Cuomo and the New York State Department of Financial Services (NYDFS) aimed to deprive the NRA of its right to “speak freely about gun-related issues and defend the Second Amendment,” the group said in the suit, referring to part of the U.S. Constitution that protects the right of Americans to bear arms. “The NRA’s lawsuit is a futile and desperate attempt to advance its dangerous agenda to sell more guns,” Cuomo said in a statement, calling the suit “frivolous.” The NRA’s lawsuit, filed in the U.S. District Court for the Northern District of New York, follows a $7 million fine on May 2 imposed by NYDFS against insurance broker Lockton Cos LLC, which administered an NRA-branded insurance program known as “Carry Guard.” On May 7, NYDFS fined insurer Chubb Ltd and its Illinois Union Insurance Company unit $1.3 million for having “unlawfully provided liability insurance to gun owners for acts of intentional wrongdoing,” the regulator said. The fines were part of settlements between the companies and the regulator, outcomes that are the “culmination of years of political activism by Cuomo against the NRA and gun rights organizations,” an NRA lawyer said in a statement. National debate has heated up over the issue of gun control, and the NRA’s role in opposing it, since Feb. 14, when a former student killed 17 people at Marjory Stoneman Douglas High School in Parkland, Florida, using an AR-15 assault rifle he had purchased legally. Cuomo, NYDFS and its superintendent, Maria Vullo, whom the NRA also named as a defendant, engaged in a “campaign of selective prosecution, backroom exhortations, and public threats” to coerce banks and insurance companies to withhold services from the NRA, the group said in the suit. The suit also cites an April letter issued by NYDFS to heads of banks and insurance companies doing business in New York encouraging them to manage “reputational risk” posed by dealings with “gun promotion organizations.” NYDFS has an obligation to “supervise and guide regulated entities to mitigate the risks to their safety and soundness that may derive from a variety of sources, including reputational risk,” said Vullo. NYDFS must also enforce New York law, Vullo said. The Lockton and Chubb settlements addressed unlicensed and unlawful activity connected with “Carry Guard.” The NRA has suffered tens of millions of dollars in damages, the group said. Reporting by Suzanne Barlyn; Editing by Dan Grebler
NRA sues N.Y. governor, regulator for 'blacklisting campaign'
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Check out the companies making headlines before the bell: Nvidia — Nvidia reported adjusted quarterly profit of $2.05 per share , well above the consensus estimate of $1.47 a share. The chipmaker's revenue also comfortably topped Wall Street's forecasts, with gaming revenue jumping 68 percent, and Nvidia also gave an upbeat current quarter forecast. The company's data center business, however, did see results that were shy of Street expectations. Dropbox – Dropbox came in 3 cents a share above estimates , with adjusted quarterly profit of 8 cents per share. The file-hosting company seeing revenue score a beat, as well. Dropbox reported total paying users of 11.5 million paying users, with better than expected revenue per user. Yelp – Yelp lost 3 cents per share for its latest quarter, smaller than the 5 cent a share loss that Wall Street analysts had expected. The review website's revenue also topped forecasts, thanks to strength in Yelp's advertising business. News Corp. – News Corp. matched Wall Street forecasts with adjusted quarterly profit of 6 cents per share , with the media company's revenue beating estimates. Revenue was up 5.8 percent over the prior year, helped by improvements in News Corp.'s digital real estate operation. Thomson Reuters – The financial information provider beat estimates by a penny a share , with adjusted quarterly profit of 28 cents per share. Revenue also beating forecasts. Thomson Reuters also announced a new $500 million stock buyback. Redfin – Redfin matched Street forecasts with a quarterly loss of 44 cents per share, with revenue topping estimates. However, the online real estate brokerage's shares are being pressured by weaker-than-expected gross margins. Symantec – Symantec said its annual report may be delayed depending on the outcome of an internal investigation of unspecified financial issues . The maker of cybersecurity software said the probe is still in its early stages. Symantec also issued a weaker than expected forecast for the full year, although it did top estimates on both the top and bottom lines for its fiscal fourth quarter. ArcelorMittal – ArcelorMittal gave an upbeat outlook for 2018 after a significant increase in steel prices and a jump in iron ore shipments led to a better than expected first quarter. The positive report from the world's largest steelmaker could help shares of rivals like U.S. Steel and AK Steel . AstraZeneca – The drugmaker's treatment for moderate to severe chronic obstructive pulmonary disease failed to meet its goals in a phase III study. Wynn Resorts – Wynn sent an open letter to shareholders critical of its biggest shareholder, Elaine Wynn, who is leading what she calls a "Restore Wynn" campaign. The letter said Elaine Wynn was part of the "Old Wynn" whose culture needs to change, and that the campaign demonstrates an insensitivity to the needs of the casino operator. Tyson Foods – Tyson was rated "outperform" in new coverage at Bernstein, which said the beef and poultry producer should hold up better than other U.S. food companies given its protein-centric portfolio and exposure to the foodservice channel. Verizon – Verizon was upgraded to "overweight" from "neutral" at J.P. Morgan Securities after the firm met with CEO Lowell McAdam Thursday. It said Verizon was on stable footing and the opportunities in next-generation 5G technology for Verizon will become apparent over the next few months. Trade Desk – The provider of programmatic advertising technology reported quarterly profit of 34 cents per share, well above the consensus estimate of 10 cents a share. Revenue also exceeded forecasts, and the company said its investments in technology infrastructure and other areas should help drive its next wave of growth. Kohl's – Credit Suisse downgraded the retailer's stock to "neutral" from "outperform," noting that cold weather impacted first quarter results for the industry in general and that momentum may be slowed despite the firm's belief in the company's sales initiatives.
Stocks making the biggest moves premarket: NVDA, DBX, YELP, NWSA, TRI, RDFN & more
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WASHINGTON (Reuters) - The U.S. Justice Department on Monday agreed to expand its investigation into alleged Russia collusion in the 2016 election to include “any irregularities” involving FBI tactics on Trump’s presidential campaign, a White House spokeswoman said. U.S. President Donald Trump speaks at swearing in ceremonies for new CIA Director Gina Haspel at the headquarters of the Central Intelligence Agency in Langley, Virginia, U.S. May 21, 2018. REUTERS/Kevin Lamarque The agreement came during a meeting that Trump had with Deputy Attorney General Rod Rosenstein and Federal Bureau of Investigation Director Christopher Wray, the spokeswoman, Sarah Sanders, said. Reporting by Steve Holland; Editing by Richard Chang
U.S. Justice Department expands 2016 probe into alleged Russia collusion
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MEXICO CITY, May 21 (Reuters) - Mexico’s civil aviation authority said on Monday it will temporarily suspend operations of Aerolineas Damojh while it reviews the Mexican airline service company after one of its planes crashed in Cuba on Friday, killing 110 people. The authority said it aims to make sure the company is adhering to regulations and gather information to help the ongoing investigation into the causes of the accident. The fiery crash of the aging Boeing passenger jet shortly after takeoff from Havana killed 110 of the 113 on board, making it Cuba’s deadliest air disaster in nearly 30 years. (Reporting by Daina Beth Solomon, editing by G Crosse)
Mexico suspends Damojh's airline operations after fatal Cuba crash
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BILLERICA, Mass., May 3, 2018 /PRNewswire/ -- Bruker Corporation (NASDAQ: BRKR) today announced financial results for its first quarter ended March 31, 2018. Bruker's revenues of 2018 were $431.7 million, an increase of 12.2% compared to 2017. In 2018, Bruker's year-over-year organic revenue growth was 4.0%, while the favorable effect from changes in foreign currency rates was 7.7%, and growth from acquisitions was 0.5%. First quarter 2018 GAAP operating income was $38.1 million, compared to $37.6 million in 2017. Non-GAAP operating income was $52.9 million, compared to $49.2 million in 2017. On a non-GAAP basis, Bruker's first quarter 2018 operating margin was 12.3%, compared to 12.8% in 2017. The year-over-year decline in non-GAAP operating margin was primarily attributable to a strong unfavorable impact from changes in foreign currency rates, which more than offset healthy operational margin improvement in the first quarter. First quarter 2018 GAAP diluted earnings per share (EPS) were $0.17, compared to $0.13 in 2017. First quarter 2018 non-GAAP diluted EPS were $0.24, a 26.3% increase over non-GAAP diluted EPS of $0.19 in 2017. A reconciliation of non-GAAP to GAAP financial measures is provided in the tables accompanying this press release. Frank Laukien, President and CEO of Bruker, commented: "Bruker is off to a solid start in 2018 with 4% organic revenue growth and strong EPS improvement. We remain focused on our key priorities of portfolio transformation and operational excellence. With healthy end markets, organic growth improvements in our Scientific Instruments segment, and continued good operational execution in the quarter, we believe that Bruker is on track to deliver on our 2018 financial commitments." Bruker's guidance for fiscal year 2018 revenue growth, non-GAAP operating margin expansion and non-GAAP EPS is unchanged. Quarterly Earnings Call Bruker will host a conference call and webcast to discuss its financial results, business outlook, and related corporate and financial matters today at 4:30 p.m. Eastern Daylight Time. To listen to the webcast, investors can go to https://ir.bruker.com and click on the "Events & Presentations" hyperlink. A slide presentation that will be referenced during the webcast will be posted to the Company's website shortly before the webcast begins. Investors can also listen to the earnings webcast via telephone by dialing 1-888-437-2685 (US toll free) or +1-412-317-6702 (international), and referencing "Bruker's First Quarter 2018 Earnings Conference Call". A telephone replay of the conference call will be available by dialing 1-877-344-7529 (US toll free) or +1-412-317-0088 (international) and entering conference number: 10119735. The replay will be available beginning one hour after the end of the conference through June 3, 2018. About Bruker Corporation For more than 55 years, Bruker has enabled scientists to make breakthrough discoveries and develop new applications that improve the quality of human life. Bruker's high-performance scientific instruments and high-value analytical and diagnostic solutions enable scientists to explore life and materials at molecular, cellular and microscopic levels. In close cooperation with our customers, Bruker is enabling innovation, improved productivity and customer success in life science molecular research, in applied and pharma applications, in microscopy and nanoanalysis, and in industrial applications, as well as in cell biology, preclinical imaging, clinical phenomics and proteomics research and clinical microbiology. For more information, please visit: www.bruker.com . Use of Non-GAAP Financial Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), we use the following non-GAAP financial measures in this press release and in the earnings webcast: non-GAAP gross profit; non-GAAP gross profit margin; non-GAAP operating income; non-GAAP operating margin; non-GAAP profit before tax; non-GAAP tax rate; non-GAAP net income and non-GAAP earnings per share. These non-GAAP measures exclude costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets and other non-operational costs. We also refer to organic revenue growth and free cash flow in this press release and in the earnings webcast, which are also non-GAAP financial measures. We define the term organic revenue as GAAP revenue excluding the effect of changes in foreign currency translation rates and the effect of acquisitions and divestitures, and believe it is a useful measure to evaluate our continuing business. We define free cash flow as net cash provided by operating activities less additions to property, plant, and equipment. We believe free cash flow is a useful measure to evaluate our business because it indicates the amount of cash generated after additions to property, plant, and equipment that is available for, among other things, acquisitions, investments in our business, repayment of debt and return of capital to shareholders. The presentation of these non-GAAP financial measures is not intended to be a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies. We believe these non-GAAP financial measures provide meaningful supplemental information regarding our performance. Specifically, management believes that the non-GAAP measures mentioned above provide relevant and useful information which is widely used by analysts, investors and competitors in our industry, as well as by our management, in assessing both consolidated and business unit performance. We use these non-GAAP financial measures to evaluate our period-over-period operating performance because our management believes this provides a more comparable measure of our continuing business by adjusting for certain items that are not reflective of the underlying performance of our business. These measures may also be useful to investors in evaluating the underlying operating performance of our business and forecasting future results. We regularly use these non-GAAP financial measures internally to understand, manage, and evaluate our business results and make operating decisions. We also measure our employees and compensate them, in part, based on such non-GAAP measures and use this information for our planning and forecasting activities. Additional information relating to these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures is provided in the tables accompanying this press release following our GAAP financial statements and in our slide presentation, which is available through the "Bruker Earnings Release" hyperlink on Bruker's Investor Relations web site ir.bruker.com . With respect to the Company's outlook for 2018 non-GAAP operating margin, non-GAAP EPS and non-GAAP tax rate, we are not providing the most directly comparable GAAP financial measures or corresponding reconciliations to such GAAP financial measures on a forward-looking basis, because we are unable to predict with reasonable certainty certain items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. Our expected non-GAAP operating margin, tax rate and EPS ranges exclude primarily the future impact of restructuring actions, unusual gains and losses, acquisition-related expenses and purchase accounting fair value adjustments. These reconciling items are uncertain, depend on various factors outside our management's control and could significantly impact, either individually or in the aggregate, our future period operating margins, EPS and tax rate calculated and presented in accordance with GAAP. Forward Looking Statements Any statements contained in this press release which do not describe historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are based on current expectations, but are subject to that could cause actual results to differ materially from those indicated, including, but not limited to, relating to adverse changes in conditions in the global economy and volatility in the capital markets, the integration of businesses we have acquired or may acquire in the future, fluctuations in foreign currency exchange rates, our ability to successfully implement our restructuring initiatives, changing technologies, product development and market acceptance of our products, the cost and pricing of our products, manufacturing, competition, dependence on collaborative partners, key suppliers and contract manufacturers, capital spending and government funding policies, changes in governmental regulations, the use and protection of intellectual property rights, litigation, and other risk factors discussed from time to time in our filings with the Securities and Exchange Commission, or SEC. These and other factors are identified and described in more detail in our filings with the SEC, including, without limitation, our annual report on Form 10-K for the year ended December 31, 2017 and subsequently filed Quarterly Reports on Form 10-Q. We expressly disclaim any intent or obligation to update these forward-looking statements other than as required by law. -tables follow- Contacts : Miroslava Minkova Head of Investor Relations Bruker Corporation T: +1 (978) 663 – 3660, ext. 1479 E: [email protected] Bruker Corporation CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 283.9 $ 325.0 Short-term investments - 114.2 Accounts receivable, net 313.6 319.3 Inventories 518.0 486.2 Other current assets 125.0 114.1 Total current assets 1,240.5 1,358.8 Property, plant and equipment, net 270.0 266.5 Intangibles, net and other long-term assets 320.0 323.2 Total assets $ 1,830.5 $ 1,948.5 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 15.0 $ - Accounts payable 104.7 90.8 Customer advances 125.3 111.7 Other current liabilities 313.7 322.0 558.7 524.5 Long-term debt 205.6 415.6 Other long-term liabilities 275.9 274.9 Total shareholders' equity 790.3 733.5 Total liabilities and shareholders' equity $ 1,830.5 $ 1,948.5 Bruker Corporation CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended (in millions, except per share amounts) March 31, 2018 2017 Revenues $ 431.7 $ 384.9 Cost of revenues 232.3 208.5 Gross profit 199.4 176.4 Operating expenses: Selling, general and administrative 110.3 98.1 Research and development 43.2 37.6 Other charges, net 7.8 3.1 Total operating expenses 161.3 138.8 Operating income 38.1 37.6 Interest and other income (expense), net (2.3) (6.0) Income before income taxes and noncontrolling interest in consolidated subsidiaries 35.8 31.6 Income tax provision 8.4 9.9 Consolidated net income 27.4 21.7 Net income attributable to noncontrolling interests in consolidated subsidiaries 0.4 0.1 Net income attributable to Bruker Corporation $ 27.0 $ 21.6 Net income per common share attributable to Bruker Corporation shareholders: Basic $ 0.17 $ 0.14 Diluted $ 0.17 $ 0.13 Weighted average common shares outstanding: Basic 155.9 159.7 Diluted 157.0 160.5 Bruker Corporation CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended (in millions) March 31, 2018 2017 Cash flows from operating activities: Consolidated net income $ 27.4 $ 21.7 Adjustments to reconcile consolidated net income to cash flows from operating activities: Depreciation and amortization 15.8 15.1 Stock-based compensation expense 2.5 2.6 Deferred income taxes (7.1) 0.4 Other non-cash expenses, net 18.2 4.1 Changes in operating assets and liabilities, net of acquisitions and divestitures: Accounts receivable 10.0 25.6 Inventories (32.0) (31.1) Accounts payable and accrued expenses (13.7) (2.7) Income taxes payable, net (3.3) (6.4) Deferred revenue 5.9 0.9 Customer advances 17.8 (3.1) Other changes in operating assets and liabilities, net 2.3 5.5 Net cash provided by operating activities 43.8 32.6 Cash flows from investing activities: Purchases of short-term investments - (85.3) Maturities of short-term investments 117.0 58.7 Cash paid for acquisitions, net of cash acquired (0.4) (39.8) Purchases of property, plant and equipment (8.5) (11.5) Proceeds from sales of property, plant and equipment - 6.6 Net cash provided by (used in) investing activities 108.1 (71.3) Cash flows from financing activities: Proceeds from revolving lines of credit - 33.0 Repayment of revolving lines of credit (195.0) (40.0) Repayment of note purchase agreement - (20.0) Repayment of other debt, net (0.1) (0.1) Proceeds from issuance of common stock, net 2.6 1.2 Payment of dividends (6.3) (6.4) Net cash used in financing activities (198.8) (32.3) Effect of exchange rate changes on cash, cash equivalents and restricted cash 5.8 5.8 Net change in cash, cash equivalents and restricted cash (41.1) (65.2) Cash, cash equivalents and restricted cash at beginning of period 328.9 345.9 Cash, cash equivalents and restricted cash at end of period $ 287.8 $ 280.7 Bruker Corporation RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) (in millions, except per share amounts) Three Months Ended March 31, 2018 2017 Reconciliation of Non-GAAP Operating Income, Non-GAAP Profit Before Tax, Non-GAAP Net Income, and Non-GAAP EPS GAAP Operating Income $ 38.1 $ 37.6 Non-GAAP Adjustments: Restructuring Costs 3.5 0.1 Acquisition-Related Costs 1.0 2.8 Purchased Intangible Amortization 6.8 6.9 Other Costs 3.5 1.8 Total Non-GAAP Adjustments: $ 14.8 $ 11.6 Non-GAAP Operating Income $ 52.9 $ 49.2 Non-GAAP Operating Margin 12.3% 12.8% Non-GAAP Interest & Other Expense, net (2.3) (6.0) Non-GAAP Profit Before Tax 50.6 43.2 Non-GAAP Income Tax Provision (12.0) (13.2) Non-GAAP Tax Rate 23.7% 30.6% Minority Interest (0.4) (0.1) Non-GAAP Net Income Attributable to Bruker 38.2 29.9 Weighted Average Shares Outstanding (Diluted) 157.0 160.5 Non-GAAP Earnings Per Share $ 0.24 $ 0.19 Reconciliation of GAAP and Non-GAAP Gross Profit GAAP Gross Profit $ 199.4 $ 176.4 Non-GAAP Adjustments: Restructuring Costs 0.2 (1.4) Acquisition-Related Costs - 2.5 Purchased Intangible Amortization 5.4 5.4 Other Costs - 0.5 Total Non-GAAP Adjustments: 5.6 7.0 Non-GAAP Gross Profit $ 205.0 $ 183.4 Non-GAAP Gross Margin 47.5% 47.6% Reconciliation of GAAP and Non-GAAP Tax Rate GAAP Tax Rate 23.5% 31.3% Non-GAAP Adjustments: Tax Impact of Non-GAAP Adjustments -0.3% 0.6% Tax Authority Settlements 0.0% 0.3% Other Discrete Items 0.5% -1.6% Total Non-GAAP Adjustments: 0.2% -0.7% Non-GAAP Tax Rate 23.7% 30.6% Reconciliation of GAAP and Non-GAAP Earnings Per Share (Diluted) GAAP Earnings Per Share (Diluted) $ 0.17 $ 0.13 Non-GAAP Adjustments: Restructuring Costs 0.02 - Acquisition-Related Costs 0.01 0.02 Purchased Intangible Amortization 0.04 0.04 Other Costs 0.02 0.02 Bargain Purchase Gain - - Income Tax Rate Differential (0.02) (0.02) Total Non-GAAP Adjustments: 0.07 0.06 Non-GAAP Earnings Per Share (Diluted) $ 0.24 $ 0.19 Reconciliation of GAAP Operating Cash Flow and Non-GAAP Free Cash Flow GAAP Operating Cash Flow $ 43.8 $ 32.6 Non-GAAP Adjustments: Purchases of property, plant and equipment (8.5) (11.5) Non-GAAP Free Cash Flow $ 35.3 $ 21.1 Bruker Corporation REVENUE (unaudited) (in millions) Three Months Ended March 31, 2018 2017 Revenue by Group: Bruker BioSpin $ 131.8 $ 125.2 Bruker CALID 131.3 110.5 Bruker Nano 123.9 110.7 BEST 45.6 40.1 Eliminations (0.9) (1.6) Total Revenue $ 431.7 $ 384.9 Revenue by End Customer Geography: United States $ 104.8 $ 96.1 Europe 161.4 130.0 Asia Pacific 126.9 125.6 Other 38.6 33.2 Total Revenue $ 431.7 $ 384.9 Reconciliation of GAAP Reported Revenue Growth to Organic Revenue Growth GAAP Revenue as of Prior Comparable Period $ 384.9 $ 375.4 Non-GAAP Adjustments: Acquisitions and divestitures 2.0 19.7 Currency 29.5 (7.3) Organic 15.3 (2.9) Total Non-GAAP Adjustments: 46.8 9.5 Non-GAAP Revenue $ 431.7 $ 384.9 Organic Revenue Growth 4.0% -0.8% The Company adopted Accounting Standards Codification (ASC) 606 as of January 1, 2018 under the modified retrospective approach. Accordingly, the 2017 revenue amounts have not been restated to reflect ASC 606 and are presented for informational purposes only. The adoption of ASC 606 was not material for the period ended March 31, 2018. View original content with multimedia: http://www.prnewswire.com/news-releases/bruker-reports-first-quarter-2018-financial-results-300642478.html SOURCE Bruker Corporation
Bruker Reports First Quarter 2018 Financial Results
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May 10, 2018 / 9:06 PM / Updated 17 hours ago 'Hello kitties' turns to 'beware bobcats' in Texas Lisa Maria Garza 3 Min Read SAN ANTONIO (Reuters) - With big blues eyes and stubby tails, two kittens taken in by a San Antonio family looked adorable until the fiery seven-week-old felines ripped apart formula bottles and repeatedly bit the hands that were trying to feed them. Two baby bobcats which were surrendered to an animal shelter this week after a local family brought them into their home, believing they were domestic cats, and were bitten while trying to feed them are seen in San Antonio, Texas, U.S., May 7, 2018. Picture taken May 7, 2018. Courtesy of San Antonio Animal Care Services/Handout via REUTERS The family, whose name has not been released, told authorities they thought the kittens were the rare and prized domestic breed of Bengal cats. But the tiny felines were actually wild bobcats that were surrendered to a shelter this week, and officials said on Thursday the family was under investigation for possibly violating Texas wildlife laws. “Bengal kittens look like house cats. They do not look like wild cats,” San Antonio Animal Care Services (ACS) spokeswoman Lisa Norwood said on Thursday, adding the two species are rarely confused for the other. The family initially told ACS workers that they discovered the cubs abandoned in an alleyway. Later, they confessed that the kittens were found by a relative in a nearby rural county and then brought to San Antonio, according to Norwood. If the family that took in the kittens knew the animals were bobcats, they could face charges for the illegal disturbance of wild animals, authorities said. The search is on for the cubs’ mother because if she cannot be found, the pair may never be able to return to the wild. One of two baby bobcats which were surrendered to an animal shelter this week after a local family brought them into their home, believing they were domestic cats, and were bitten while trying to feed them, is seen in San Antonio, Texas, U.S., May 7, 2018. Picture taken May 7, 2018. Courtesy of San Antonio Animal Care Services/Handout via REUTERS The cubs are being handled with minimum contact so they do not lose their healthy fear of humans, which aids their survival by keeping them away from populated areas, said Lynn Cuny, founder of Wildlife Rescue and Rehabilitation, which is housing the animals in a rural area north of San Antonio. “In raising young ones like this, who should have never been taken from their mother, we have to work very hard to make sure they remain wild,” Cuny said. “Human beings are not their friends, we’re their enemies,” she said. If the cubs cannot be reunited with their mother, they will remain for a year at the rescue center’s 212-acre (85.8-hectare) sanctuary and then be released into a protected habitat, she said. One of two baby bobcats which were surrendered to an animal shelter this week after a local family brought them into their home, believing they were domestic cats, and were bitten while trying to feed them, is seen in San Antonio, Texas, U.S., May 7, 2018. Picture taken May 7, 2018. Courtesy of San Antonio Animal Care Services/Handout via REUTERS “The best advice is for people to leave wild animals alone, especially babies, because their parents are almost always nearby,” Cuny said. “Anytime you take a baby wild animal in, you’ve made their situation worse.” Reporting by Lisa Maria Garza; Additional reporting by Jon Herskovitz; Editing by Sandra Maler
'Hello kitties' turns to 'beware bobcats' in Texas
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May 29, 2018 / 7:23 PM / a few seconds ago Del Potro powers past Mahut after poor start Reuters Staff 1 Min Read PARIS (Reuters) - Fifth seed Juan Martin Del Potro made light of any injury concerns as he recovered from a poor start to beat Frenchman Nicolas Mahut in the French Open first round on Tuesday. Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Argentina's Juan Martin Del Potro in action during his first round match against France's Nicolas Mahut REUTERS/Gonzalo Fuentes The big Argentine was feeble in the opening set, winning just one game, but he picked up the pace to claim a 1-6 6-1 6-2 6-4 victory on Court Suzanne Lenglen. Del Potro, whose career has been plagued by wrist injuries, withdrew from the this month’s Rome Masters with a groin injury, sparking fears about his prospects in Paris. Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 France's Nicolas Mahut in action during his first round match against Argentina's Juan Martin Del Potro REUTERS/Gonzalo Fuentes When he lost the first set in 25 minutes it looked ominous for the 29-year-old but there looked nothing wrong with his movement as he powered past the world number 116. Former U.S. Open champion Del Potro is playing at Roland Garros for only the second time since 2012 and will be a danger in the top half of the draw. Reporting by Martyn Herman; Editing by Ken Ferris
Tennis-Del Potro powers past Mahut after poor start
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May 1, 2018 / 2:26 PM / Updated 6 minutes ago BRIEF-Nissan Group Says April U.S. Sales Fall 28 Pct To 87,764 Units Reuters Staff May 1 (Reuters) - Nissan Group: * NISSAN GROUP SAYS TOTAL U.S. SALES FOR APRIL OF 87,764 UNITS, DOWN 28 PERCENT
BRIEF-Nissan Group Says April U.S. Sales Fall 28 Pct To 87,764 Units
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AUSTIN, Texas (Reuters) - Victims and survivors of Texas mass shootings are expected to take part in a final round of talks on Thursday with Governor Greg Abbott, who is seeking ways to stop gun massacres after a shooter killed 10 people in a Houston-area high school. FILE PHOTO: May 18, 2018; Santa Fe, TX, USA; Texas governor Greg Abbott speaks at a vigil for the victims of the Santa Fe high school shooting in Santa Fe, Texas following a shooting that killed 10 at Santa Fe High School. John Glaser-USA TODAY NETWORK Students and parents from Santa Fe High School, where a gunman killed eight students and two teachers last Friday, will be joined by several people from Sutherland Springs, where 26 churchgoers were killed in a mass shooting in November, Abbott’s office said in a statement. Abbott, a Republican, held roundtable discussions in Austin, the state capital, on Tuesday with educators and law enforcement officials and then again on Wednesday with the Texas State Rifle Association, affiliated with the National Rifle Association, and Texas Gun Sense, which favors tighter gun laws, along with mental health experts. “We focused on trying to build bridges between sides that may not always see eye to eye, working collaboratively on one goal, and that is making sure that we are going to keep our students, our schools and our communities safer,” Abbott said after the two-hour closed-door meeting on Wednesday. Abbott said the panel on Wednesday discussed ways to address mental health issues at schools, safe storage measures for firearms at homes and the so-called red flag warning laws that are intended to keep guns out of the hands of people deemed by a judge to be danger to themselves or others. Abbott, a staunch supporter of gun rights, said any changes to state laws would need to protect Second Amendment rights to bear arms as enshrined in the U.S. Constitution. The legislature is out of session until January 2019, making it nearly impossible for the state to implement and fund any major changes from the talks. In contrast to Florida, where the killing of 17 teens and educators at a school in February sparked a youth-led movement calling for new restrictions on gun ownership, the Texas tragedy saw many elected officials and survivors alike voicing support for gun rights. Dimitrios Pagourtzis, 17, has been charged with murder in the killing of eight students and two teachers during a rampage at Santa Fe High School on Friday - the latest in a string of deadly school shooting in the United States this year. Editing by William Maclean
Texas mass shooting victims, survivors to meet with governor
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Consumer spending picking up, gasoline prices a burden Tuesday, May 15, 2018 - 01:05 U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate. Aleksandra Michalska reports. U.S. retail sales rose moderately in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate. Aleksandra Michalska reports. //reut.rs/2rQyHwf
Consumer spending picking up, gasoline prices a burden
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May 3 (Reuters) - Edelweiss Financial Services Ltd : * MARCH QUARTER CONSOL NET PROFIT 2.48 BILLION RUPEES * MARCH QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 26.09 BILLION RUPEES * CONSOL NET PROFIT IN MARCH QUARTER LAST YEAR WAS 1.70 BILLION RUPEES; CONSOL TOTAL REVENUE FROM OPERATIONS WAS 19.29 BILLION RUPEES * RECOMMENDED FINAL DIVIDEND OF 0.30 RUPEES PER SHARE Source text - bit.ly/2HOtStM Our
India's Edelweiss Financial Services March Qtr Consol Profit Rises
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Studen Loans Democratic Lawmaker Wants to Repeal GOP Tax Cuts to Alleviate Student Loan Debt Around a hundred people protested, outside U.S. Sen. Cory Gardner's Denver office, against a tax bill in the U.S. Senate on November 28, 2017 in Denver, Colorado. RJ Sangosti—The Denver Post via Getty Images By Erin Corbett 1:17 PM EDT Since the GOP’s Tax Cuts and Jobs Act passed late last year, Democrats have fiercely opposed it, claiming that it mostly benefits the wealthiest Americans. Rep. Jared Polis (D-Colo.) plans to introduce a new bill next week in a push to repeal the controversial tax law . Polis is expected to introduce the Students Over Special Interests Act on Wednesday in an effort to repeal the current tax law, and redirect taxpayer dollars toward alleviating student loan debt. A fact sheet of the legislation outlined that the bill will “cancel all outstanding student loan debt for nearly 43 million borrowers” and will increase the maximum Pell Grant in an effort to make college more affordable. “The Republican tax plan was all about special interests cashing in at the expense of everyone else,” Polis said in a statement obtained by Fortune . “My plan shows what a difference we can make for middle-class Americans for even less cost. So many people go to school, get a job, and work hard but still struggle to get ahead because they are weighted down by student loans. It’s time to help them get out from the mountain of debt they are under.” The GOP tax bill has been largely unpopular among Americans, according to an April NBC News/Wall Street Journal poll that found 27% of adults believe the bill is a good idea, and 53% think it will have negative impacts on the economy. Social Security Works, an organization whose mission is to “improve the economic security of disadvantaged and at-risk populations,” is endorsing Polis’s bill. “The tax scam was a handout to the richest people the world has ever seen instead of helping hardworking Americans,” executive director Alex Lawson told Fortune about why the organization supports the bill. Polis has pushed to help students paying back loans in the past. In 2013, the Colorado representative sponsored the Student Loan Affordability Act in an effort to maintain affordable interest rates for students paying back their loans. While Polis’s bill is unlikely to move forward with Republicans controlling the House and Senate, it appears to be a push forward for Democrats fighting the GOP’s tax plan.
Democratic Lawmaker Wants to Repeal GOP Tax Cuts to Alleviate Student Loan Debt
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May 7 (Reuters) - Steel Partners Holdings LP: * STEEL PARTNERS HOLDINGS L.P. REPORTS FIRST QUARTER FINANCIAL RESULTS AND OUTLOOK * SEES Q2 2018 REVENUE $389 MILLION TO $452 MILLION * STEEL PARTNERS HOLDINGS - QTRLY NET LOSS PER COMMON UNIT $0.35 Source text for Eikon: ([email protected]) Our
Steel Partners Holdings Reports Qtrly Net Loss Per Common Unit Of $0.35
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CHESTERFIELD, Mo., May 11, 2018 (GLOBE NEWSWIRE) -- Reliv International, Inc. (NASDAQ:RELV), a maker of nutritional supplements that promote optimal health, today reported its financial results for the first quarter of 2018. First-Quarter Results Reliv reported net sales of $10.0 million for the first quarter of 2018 compared with net sales of $12.8 million in the first quarter of 2017. Net sales in the United States decreased to $7.7 million in the first quarter of 2018, which represented a 25.2 percent decline in net sales when compared to the prior-year quarter. In the first quarter of 2017, Reliv launched the Fit3 line of products in the United States. Net sales in Reliv’s foreign markets decreased 7.4 percent in the first quarter of 2018 compared with the prior-year first quarter. Net sales in Europe and Asia decreased by 3.0 and 7.8 percent, respectively, in the first quarter of 2018, along with decreases in other regions. Reliv reported a net loss for the first quarter of 2018 of $238,000 (loss per diluted share of $0.13) compared to net income of $524,000 (income per diluted share of $0.28) in the first quarter of 2017. The loss from operations for the first quarter of 2018 was $224,000 compared to income from operations of $517,000 in the same period in 2017. Results from operations were primarily impacted by the decline in net sales and gross margin, partially offset by a reduction in selling, general and administrative (“SGA”) expenses in the quarter. SGA expenses decreased from $4.9 million in the first quarter of 2017 to $4.5 million in the first quarter of 2018. “Our sales comparisons for the first quarter of 2018 were a challenge compared to the prior year that included the launch of the Fit3 line,” said Ryan A. Montgomery, President. “Clearly, we have work to do in revitalizing the sales in the United States and in other markets around the Reliv world. That work has been underway, highlighted by some key announcements at our Reliv Live event in Anaheim.” At its regional spring distributor conference in Anaheim, Reliv unveiled its newest technology and tools designed to give Reliv independent distributors an edge. First, the company launched the Reliv Mobile App, which gives distributors a fast and easy way to recruit and run their business on the go. A whole host of new video content is featured in the app to assist distributors in sharing the Reliv product line and business opportunity. In addition, the company revealed its newest business opportunity presentation – a more engaging, concise and video-centric model designed to give distributors an easier way to present the Reliv opportunity and product line. Also, Reliv formally introduced its newest core nutrition product – Reliv Now ® with Whey. Formulated using the same optimal blend of vitamins, minerals and herbs of Reliv Now ® with Soy, this newest product gives consumers an additional protein source to make Reliv more competitive with its offerings in the marketplace. Distributors now have a simplified approach to product positioning with Step 1: Core Nutrition and Step 2: Customizing nutrition with Targeted Solutions. Reliv is continuing additional distributor/customer recruitment programs such as free ground shipping for new distributors reaching the Quick Start and Master Affiliate business levels, a 20 percent discount on autoship orders placed by Preferred Customers, and its product credit incentive, “3 & Free”, to distributors for having three new Preferred Customers with a minimum order amount. “These initiatives, along with other coming programs and promotions, will be the springboard of our growth strategy for 2018,” commented Montgomery. Reliv had cash and cash equivalents of $3.7 million as of March 31, 2018, compared to $3.3 million as of December 31, 2017. Net cash generated from operating activities was $500,000 in the first quarter of 2018. As of March 31, 2018, Reliv had 32,100 distributors and preferred customers – a decrease of 13.9 percent from March 31, 2017 – of which 3,140 are Master Affiliate level and above. The number of Master Affiliates decreased by 12.5 percent compared to the year-ago total. Master Affiliate is the level at which distributors are eligible to earn generation royalties. About Reliv International, Inc. Reliv International, based in Chesterfield, MO, produces nutritional supplements that promote optimal nutrition. Reliv supplements address core nutrition and targeted solutions . Reliv is the exclusive provider of LunaRich® products , which optimize levels of lunasin, a soy peptide that works at the epigenetic level to promote optimal health. The company sells its products through an international network marketing system of independent distributors in 15 countries. Learn more about Reliv at reliv.com , or on Facebook , Twitter or Instagram . Statements made in this news release that are not historical facts are “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These may include, but are not limited to, statements containing words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or similar expressions. Factors that could cause actual results to differ are identified in the public filings made by Reliv with the Securities and Exchange Commission. More information on factors that could affect Reliv’s business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which are available on the Company’s web site, reliv.com . --FINANCIAL HIGHLIGHTS FOLLOW – Reliv International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets March 31 December 31 2018 2017 (Unaudited) (Audited) Assets Current Assets: Cash and cash equivalents $ 3,676,840 $ 3,272,788 Accounts receivable, less allowances of $25,400 in 2018 and $26,300 in 2017 137,843 29,760 Accounts and note due from employees and distributors 136,726 138,497 Inventories 4,177,253 4,555,485 Other current assets 715,957 399,154 Total current assets 8,844,619 8,395,684 Other assets 6,929,172 7,003,073 Net property, plant and equipment 5,547,851 5,677,239 Total Assets $ 21,321,642 $ 21,075,996 Liabilities and Stockholders' Equity Accounts payable and accrued expenses $ 4,134,391 $ 3,212,634 Current portion of long-term debt 2,937,101 3,045,421 Other noncurrent liabilities 458,674 453,354 Stockholders' equity 13,791,476 14,364,587 Total Liabilities and Stockholders' Equity $ 21,321,642 $ 21,075,996 Consolidated Statements of Operations Three months ended March 31 2018 2017 (Unaudited) (Unaudited) Product sales $ 9,391,381 $ 11,835,116 Handling & freight income 611,858 942,666 Net Sales 10,003,239 12,777,782 Costs and expenses: Cost of products sold 2,349,742 2,835,525 Distributor royalties and commissions 3,391,745 4,498,553 Selling, general and administrative 4,485,895 4,926,279 Total Costs and Expenses 10,227,382 12,260,357 Income (loss) from operations (224,143 ) 517,425 Other income (expense): Interest income 23,952 25,526 Interest expense (31,565 ) (24,841 ) Other income 10,451 32,683 Income (loss) before income taxes (221,305 ) 550,793 Provision for income taxes 17,000 27,000 Net income (loss) $ (238,305 ) $ 523,793 Earnings (loss) per common share - Basic $ (0.13 ) $ 0.28 Weighted average shares 1,845,000 1,845,000 Earnings (loss) per common share - Diluted $ (0.13 ) $ 0.28 Weighted average shares 1,845,000 1,846,000 Reliv International, Inc. and Subsidiaries Net sales by Market (in thousands) Three months ended March 31, Change from 2018 2017 prior year Amount % of Net Sales Amount % of Net Sales Amount % United States $ 7,670 76.7 % $ 10,259 80.3 % $ (2,589 ) -25.2 % Australia/New Zealand 232 2.3 % 260 2.0 % (28 ) -10.8 % Canada 242 2.4 % 264 2.1 % (22 ) -8.3 % Mexico 107 1.1 % 157 1.2 % (50 ) -31.8 % Europe 1,165 11.6 % 1,201 9.4 % (36 ) -3.0 % Asia 587 5.9 % 637 5.0 % (50 ) -7.8 % Consolidated Total $ 10,003 100.0 % $ 12,778 100.0 % $ (2,775 ) -21.7 % The following table sets forth, as of March 31, 2018 and 2017, the number of our Active Distributors/Preferred Customers and Master Affiliates and above. The total number of active distributors includes Master Affiliates and above. We define an active distributor as one that enrolls as a distributor or renews his or her distributorship during the prior twelve months. Master Affiliates and above are distributors that have attained the highest level of discount and are eligible for royalties generated by Master Affiliate groups in their downline organization. Preferred Customers represent approximately 4,780 and 5,200 of the Active Distributor count as of March 31, 2018 and 2017, respectively. Active Distributors/Preferred Customers and Master Affiliates and Above by Market As of 3/31/2018 As of 3/31/2017 Change in % Active Distributors and Preferred Customers Master Affiliates and Above Active Distributors and Preferred Customers Master Affiliates and Above Active Distributors and Preferred Customers Master Affiliates and Above United States 21,800 2,240 26,110 2,610 -16.5 % -14.2 % Australia/New Zealand 1,070 80 1,440 110 -25.7 % -27.3 % Canada 630 80 780 90 -19.2 % -11.1 % Mexico 660 60 880 60 -25.0 % 0.0 % Europe 3,630 350 4,620 410 -21.4 % -14.6 % Asia 4,310 330 3,450 310 24.9 % 6.5 % Consolidated Total 32,100 3,140 37,280 3,590 -13.9 % -12.5 % For more information, contact: Steve Albright Chief Financial Officer (636) 733-1305 Source:Reliv' International, Inc.
Reliv International Reports First-Quarter Financial Results for 2018
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May 2, 2018 / 8:26 PM / Updated 23 minutes ago Tesla posts quarterly loss, Model 3 production on track Tesla Inc ( TSLA.O ) on Wednesday posted its worst ever quarterly loss and said its Model 3 production target remains on track, expecting about 5,000 per week in about two months. A Tesla Model 3 car is displayed during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee Tesla said it produced 2,270 Model 3s per week in the last week of April, up from 2,250 in the second week of the month. ( bit.ly/2jn15SB ) In order to achieve this production rate, Tesla plans to take additional days of downtime during the second quarter. Tesla reported a loss of $709.6 million, or $4.19 per share, for the first quarter ended March 31, compared with a loss of $330.3 million, or $2.04 per share, a year earlier. Excluding items, Tesla had a loss of $3.35 per share. Analysts had expected a loss of $3.58 per share, according to Thomson Reuters I/B/E/S. The company said it ended the quarter with $3.2 billion in cash after spending $655.7 million in quarterly capital expenses. Shares of the Palo Alto, California-based company were up nearly 1 percent at $303 in extended trading. The lack of Model 3 revenue has exacerbated Tesla’s cash burn as the company continues to spend on its assembly-line and prepares for new investments on multiple projects in the pipeline, such as the Model Y and its Gigafactory in Nevada. Moody’s, which downgraded Tesla last month, has estimated that Tesla will burn about $2 billion in cash this year. Reporting By Alexandria Sage and Sonam Rai; Editing by Bernard Orr
Tesla posts quarterly loss, Model 3 production on track
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May 7 (Reuters) - U.S. Food and Drug Administration: * U.S. FDA SAYS PERMITTED MARKETING OF HEMOSPRAY, A NEW DEVICE USED TO HELP CONTROL CERTAIN TYPES OF BLEEDING IN THE GASTROINTESTINAL TRACT * U.S. FDA SAYS PERMITTED MARKETING OF THE HEMOSPRAY DEVICE TO WILSON-COOK MEDICAL INC Source text: ( bit.ly/2FRyhun ) Our
FDA Permits Marketing Of Device To Help Control Gastrointestinal Tract Bleeding
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May 21, 2018 / 11:26 AM / Updated 21 minutes ago Malta court rejects bid to stop FBI testimony in journalist murder case Reuters Staff 2 Min Read VALLETTA (Reuters) - A Maltese court on Monday dismissed an attempt by one of the suspects in the murder of investigative journalist Daphne Caruana Galizia to stop an FBI team testifying in pre-trial proceedings. People hold up pictures of assassinated anti-corruption journalist Daphne Caruana Galizia during a vigil and demonstration marking seven months since her murder in a car bomb, at her makeshift memorial outside the Courts of Justice in Valletta, Malta May 16, 2018. REUTERS/Darrin Zammit Lupi Galizia, an anti-corruption blogger, was killed by a car bomb last October. The bomb is believed to have been triggered by a signal from a mobile phone and the U.S. Federal Bureau of Investigation (FBI) has been helping Maltese authorities to solve the case. Three people have been charged with carrying out the murder but police have not identified who ordered it. The three people deny the charges. One of the three, Alfred Degiorgio, tried to have the FBI barred from giving evidence in the case on the grounds that it has worked with a court-appointed Maltese IT expert, Martin Bajada, who has a historic conviction for theft and fraud. “Dr Bajada should never have been appointed in the first place and should never have been allowed to work alongside the FBI experts,” a lawyer for Degiorgio said, adding that his client’s rights would be prejudiced if the foreign experts were allowed to testify. In her ruling, Judge Lorraine Schembri Orland described Degiorgio’s attempt to stop the FBI from giving evidence as “frivolous and vexatious”. Maurizio Cordina, a lawyer representing Malta’s Attorney General, said the case was “a desperate manoeuvre by Mr Degiorgio to delay, if not block” the trial, adding that Bajada had simply gathered evidence and had not worked with the FBI. The case against Degiorgio is built mostly around intercepts of mobile phone data compiled by the FBI and Bajada. The FBI is due to give evidence in the case on Tuesday. The Times of Malta reported that Bajada pleaded guilty in 1993 in a London court to charges of theft and fraud and received a two-year suspended sentence. People hold up posters and pictures of assassinated anti-corruption journalist Daphne Caruana Galizia during a vigil and demonstration marking seven months since her murder in a car bomb, at her makeshift memorial outside the Courts of Justice in Valletta, Malta May 16, 2018. REUTERS/Darrin Zammit Lupi Reporting by Chris Scicluna; Editing by Gareth Jones
Malta court rejects bid to stop FBI testimony in journalist murder case
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Bitcoin’s future price has been the subject of enormous speculation everywhere from cocktail parties to the floor of the New York Stock Exchange. Some mega-bulls, like venture capitalist Tim Draper , predict the value will rocket to $250,000 in as little as four years. Skeptics, like Joe Davis, strategy chief at Vanguard Investments, say there’s a “decent probability” it goes to zero . Is Bitcoin’s fate really all or nothing—go big or go broke? Michael Sonnenshein, managing director of Grayscale Investments , one of the world’s biggest cryptocurrency asset managers and a sponsor of eight digital currency trusts for investors , thinks so. Sonnenshein dropped by Fortune’s offices to share his outlook on Balancing The Ledger , a new show about the intersection of technology and finance. His view: There is no middle ground. “As we begin to look at assets like Bitcoin and the unbelievable adversity it’s faced over the last 10 years, every day that Bitcoin doesn’t go away, every day that Bitcoin overcomes a new challenge, for me that makes me feel that Bitcoin will do either one of two things,” Sonnenshein told the show’s cohosts, Fortune senior writers Jen Wieczner and Robert Hackett. “It will either survive and become all these amazing things that we think it can be, which will cause its price to be a lot higher,” Sonnenshein said. “Or it is possible something else may come along that will displace it and Bitcoin goes to zero. It likely will have a binary outcome.” Get The Ledger , Fortune’s weekly newsletter on the intersection of finance and tech. Sonnenshein’s personal view, as a cryptocurrency booster, is obvious, although he declined to provide any of his own price targets. (Sonnenshein’s employer, Grayscale, is a subsidiary of Digital Currency Group , one of the biggest cryptocurrency investors around.) His reasoning goes like this: If Bitcoin’s developers can continue innovating and improving on the technology, making it more useful and desirable, then its value should rise. This is not a foregone conclusion, by any means. But it’s the foundation for Sonnenshein’s investment thesis. “You have to think about Bitcoin, again, as an open source protocol,” Sonnenshein said. “Any other currency that comes along that allows for another feature—another attribute that maybe Bitcoin doesn’t have—as an open source protocol, [Bitcoin] is able to accommodate, to integrate, to add that aspect into it,” Sonnenshein said. “So I hope and continue to believe that as new features are added into Bitcoin and other digital currencies, they can continue to thrive and grow and not be displaced.” Maybe Bitcoin will become the Internet’s “ native currency ,” as Twitter and Square CEO Jack Dorsey recently put it. Or maybe the whole thing will blow up in a ball of smoke. Your guess is as good as anyone else’s. At the moment, Bitcoin’s price has taken a downturn on news that the Department of Justice has opened an investigation into possibly nefarious market manipulation by cryptocurrency traders. But given the cryptocurrency’s volatility, who knows how long that will last?
Bitcoin’s Fate? This Cryptoasset Manager Sees Two Possible Outcomes
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STOCKHOLM, May 29 (Reuters) - Sweden’s economy is strong but the financial sector remains sensitive to shocks due to high levels of household debt and asset prices, the financial watchdog said on Tuesday. “The strong economic growth has ... resulted in greater optimism, high asset prices and high debt, the FSA said in its twice-yearly Financial Stability Report. “This increases sensitivity in both the financial system and the economy at large.” The FSA also said that there were signs that liquidity is a problem in parts of the bond market. (Reporting by Stockholm Newsroom; Editing by Simon Johnson)
FSA says financial sector risks from debt, asset prices- Stability Report
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Crocodile attack bride speaks of her ordeal 8:08am EDT - 01:05 A crocodile attacked Zanele Ndlovu as she canoed with her fiance in Zimbabwe, ripping her arm so badly it had to be amputated. But the pair, due to marry just five days later, refused to allow the trauma to delay the ceremony. A crocodile attacked Zanele Ndlovu as she canoed with her fiance in Zimbabwe, ripping her arm so badly it had to be amputated. But the pair, due to marry just five days later, refused to allow the trauma to delay the ceremony. //reut.rs/2KR8hmL
Crocodile attack bride speaks of her ordeal
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May 31, 2018 / 6:40 PM / Updated 35 minutes ago Grand Slam, French Open Women's Doubles Results Reuters Staff 2 Min Read May 31 (OPTA) - Results from the Grand Slam, French Open Women's Doubles matches on Thursday .. 1st Round .. Nao Hibino (JPN) and beat Daria Gavrilova (AUS) and 6-3 7-6 Oksana Kalashnikova (GEO) Daria Kasatkina (RUS) Viktoria Kuzmova (SVK) and beat Anna Blinkova (RUS) and 6-1 6-7(4) 7-5 Magdalena Rybarikova (SVK) Lucie Hradecka (CZE) 11-Raquel Atawo (USA) and beat Zarina Diyas (KAZ) and 6-4 2-6 6-2 Anna-Lena Groenefeld (GER) Saisai Zheng (CHN) Kaitlyn Christian (USA) beat Maria Irigoyen (ARG) and 4-6 6-3 6-1 and Kateryna Kozlova (UKR) Carina Witthoeft (GER) Irina Bara (ROU) and beat Xenia Knoll (SUI) and 6-7(3) 6-3 6-4 Mihaela Buzarnescu (ROU) Anna Smith (GBR) Jennifer Brady (USA) and beat Anna Kalinskaya (RUS) and 6-3 6-4 Vania King (USA) Ekaterina Makarova (RUS) 6-Barbora Krejcikova (CZE) beat Vera Lapko (BLR) and 5-7 6-3 6-2 and Raluca Olaru (ROU) Katerina Siniakova (CZE) Sara Errani (ITA) and beat Clara Burel (FRA) and 6-4 6-2 Kirsten Flipkens (BEL) Diane Parry (FRA) 3-Andreja Klepac (SLO) and beat Monique Adamczak (AUS) and 6-0 6-4 Maria Jose Martinez Yafan Wang (CHN) Sanchez (ESP) Dalila Jakupovic (SLO) and beat Naomi Broady (GBR) and 6-2 6-3 Irina Khromacheva (RUS) Magda Linette (POL) Viktorija Golubic (SUI) beat Amandine Hesse (FRA) and 6-0 6-2 and Pauline Parmentier (FRA) Nina Stojanovic (SRB) Lara Arruabarrena (ESP) beat 12-Elise Mertens (BEL) and 3-6 6-3 7-6 and Demi Schuurs (NED) Katarina Srebotnik (SLO) 2-Andrea Sestini beat Lyudmyla Kichenok (UKR) 6-4 3-6 6-1 Hlavackova (CZE) and and Barbora Strycova (CZE) Lesia Tsurenko (UKR)
Grand Slam, French Open Women's Doubles Results
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Pressure builds for regulating Google 2 Hours Ago CNBC’s Josh Lipton reports on an investigation by CBS’“60 Minutes” over the tech giant’s allegedly monopolizing activities.
Pressure builds for regulating Google
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TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- Martinrea International Inc. (TSX:MRE), a leader in the development and production of quality metal parts, assemblies and modules and fluid management systems and complex aluminum products focused primarily on the automotive sector, announced today the release of its financial results for the first quarter ended March 31, 2018 and a quarterly dividend increase. HIGHLIGHTS Fourteenth consecutive quarter with record year-over-year adjusted earnings; best quarterly earnings to date Total sales of $964 million; production sales of $893 million Record quarterly net income of $56 million, or $0.65 per share Record quarterly adjusted net income of $56.6 million, or $0.65 per share Record quarterly adjusted EBITDA of $120 million Quarterly adjusted operating income (8.1%) and adjusted EBITDA (12.4%) margins increase substantially year-over-year Balance sheet continues to strengthen; quarter end net debt:adjusted EBITDA ratio very strong at 1.4:1 Incremental new business awards of approximately $300 million in annualized sales, from existing and new customers Increased quarterly cash dividend of $0.045 declared OVERVIEW Pat D’Eramo, President and Chief Executive Officer, stated: “We are extremely pleased with our first quarter results and performance. We have started 2018 on a high note from a financial perspective and all our metrics continue to improve, with record earnings and significantly higher year-over-year operating margins. We are working hard to accelerate our Martinrea 2.0 strategy, and our teams are responding well. Productivity improvements are helping to drive margin improvement, despite flat sales. Safety and quality metrics are a primary focus and continue to improve. I am very pleased to note that our sales efforts have been paying off, and we are announcing a significant amount of new business totalling approximately $300 million in annualized sales, as follows: an aluminum hybrid rear sub-frame for Daimler to be produced in Meschede starting in 2020 ($90 million annual sales at peak volume); aluminum/steel hybrid front and rear sub-frames for a Ford crossover starting in 2020 ($40 million annual sales at peak volume); steel front and rear sub-frames, and suspension and engine dress module assemblies for another Ford crossover to be produced in Hermosillo starting in 2020 ($65 million annual sales at peak volume); aluminum powertrain components for Volkswagen to be produced in Spain starting in 2019 ($25 million annual sales at peak volume); and, for a new customer in China, an aluminum hybrid rear sub-frame for Geely’s electric vehicle platform to be produced in China starting in 2021 ($80 million annual sales at peak volume). As you can see from these announcements, our product offerings reflect our lightweighting solutions over a broad range of vehicles using a variety of materials, over three continents. We have a broad range of customers supporting us, and we thank them for their confidence in us.” Fred Di Tosto, Chief Financial Officer, stated: “Sales for the first quarter, excluding tooling sales of $71 million, were $893 million, above our previously announced sales guidance, as certain programs had higher volumes than anticipated. In the quarter, our adjusted net earnings per share, on a basic and diluted basis, was $0.65 per share, a record quarter and in excess of the high end of our quarterly guidance, including $0.02 resulting from a net foreign exchange gain. Quarterly adjusted operating income and adjusted EBITDA margins increased significantly year-over-year and quarter-over-quarter. Operating income margin for the quarter hit 8.1%. Our balance sheet continues to strengthen as well ending the quarter at a net debt to adjusted EBITDA ratio of 1.4:1. We intend to maintain a strong balance sheet over time, and will pay down debt as appropriate, although we do not have specific targets. As is evident from the product wins just announced, we have a strong pipeline of programs on which to invest, and the product wins also solidify our ability to grow organically going forward.” Rob Wildeboer, Executive Chairman, stated: “We are firing on all cylinders and are becoming the company we aspire to be. We are driving and accelerating our One Martinrea culture throughout the organization, as evidenced at our Martinrea Accelerate 2.0 leadership conference last week, where 130 members of our leadership team came together for a week to concentrate on developing our lean thinking and entrepreneurial cultures, all based on developing a Golden Rule culture of dignity and respect. We are firmly convinced that culture matters, and it drives results, and results reinforce culture, all which result in a sustainable competitive advantage for our company over the long term. I believe we are just getting started, and the future looks great. We updated our vision to the following: making lives better by being the best supplier we can be in the products we make and the services we provide. Our people believe in the why—why do we do what we do, and in the purpose of our work. All our stakeholders are seeing the positive benefits. The year 2018 should be a great year for us. Building on the solid start to the year in our first quarter, our second quarter sales, excluding tooling sales, should range from $860 million to $900 million, and adjusted net earnings per share should range from $0.62 to $0.66 per share. As previously disclosed, we see operating margins improving over time to 9% or more by 2020 and 2020 revenues to exceed $4 billion, based on our budgetary assumptions. This is a wonderful industry to be in.” RESULTS OF OPERATIONS All amounts in this press release are in Canadian dollars, unless otherwise stated; and all tabular amounts are in thousands of Canadian dollars, except earnings per share and number of shares. Additional information about the Company, including the Company’s Management Discussion and Analysis of Operating Results and Financial Position for the first quarter ended March 31, 2018 (“MD&A”), the Company’s interim condensed consolidated financial statements for the first quarter ended March 31, 2018 (the “interim consolidated financial statements”) and the Company’s Annual Information Form for the year ended December 31, 2017, can be found at www.sedar.com . Results of operations may include certain unusual and other items which have been separately disclosed, where appropriate, in order to provide a clear assessment of the underlying Company results. In addition to IFRS measures, management uses non-IFRS measures in the Company’s disclosures that it believes provide the most appropriate basis on which to evaluate the Company’s results. OVERALL RESULTS The following table sets out certain highlights of the Company’s performance for the three months ended March 31, 2018 and 2017. Refer to the Company’s interim consolidated financial statements for the three months ended March 31, 2018 for a detailed account of the Company’s performance for the periods presented in the table below. Three months ended March 31, 2018 Three months ended March 31, 2017 $ Change % Change Sales $ 963,900 $ 1,000,550 (36,650 ) (3.7 %) Gross Margin 144,429 118,215 26,214 22.2 % Operating Income 78,441 62,033 16,408 26.5 % Net Income for the period 55,959 43,467 12,492 28.7 % Net Income Attributable to Equity Holders of the Company $ 55,959 $ 43,602 12,357 28.3 % Net Earnings per Share – Basic $ 0.65 $ 0.50 0.15 30.0 % Net Earnings per Share – Diluted $ 0.64 $ 0.50 0.14 28.0 % Non-IFRS Measures* Adjusted Operating Income $ 78,441 $ 56,335 22,106 39.2 % % of Sales 8.1 % 5.6 % Adjusted EBITDA 119,962 94,547 25,415 26.9 % % of Sales 12.4 % 9.4 % Adjusted Net Income Attributable to Equity Holders of the Company 56,630 38,731 17,899 46.2 % Adjusted Net Earnings per Share – Basic and Diluted $ 0.65 $ 0.45 0.20 44.4 % *Non-IFRS Measures The Company prepares its financial statements in accordance with International Financial Reporting Standards (“IFRS”). However, the Company considers certain non-IFRS financial measures as useful additional information in measuring the financial performance and condition of the Company. These measures, which the Company believes are widely used by investors, securities analysts and other interested parties in evaluating the Company’s performance, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. Non-IFRS measures include “Adjusted Net Income”, “Adjusted Net Earnings per Share (on a basic and diluted basis)”, “Adjusted Operating Income” and "Adjusted EBITDA”. The following tables provide a reconciliation of IFRS “Net Income Attributable to Equity Holders of the Company” to Non-IFRS “Adjusted Net Income Attributable to Equity Holders of the Company”, “Adjusted Operating Income” and “Adjusted EBITDA”. Three months ended March 31, 2018 Three months ended March 31, 2017 Net Income Attributable to Equity Holders of the Company $ 55,959 $ 43,602 Unusual and Other Items (after-tax)* 671 (4,871 ) Adjusted Net Income Attributable to Equity Holders of the Company $ 56,630 $ 38,731 *Unusual and other items are explained in the "Adjustments to Net Income" section of this press release Three months ended March 31, 2018 Three months ended March 31, 2017 Net Income Attributable to Equity Holders of the Company $ 55,959 $ 43,602 Non-controlling interest - (135 ) Income tax expense 17,953 13,353 Other finance income - excluding Unusual and Other Items* (2,739 ) (631 ) Finance expense 6,501 5,844 Unusual and Other Items (before-tax)* 767 (5,698 ) Adjusted Operating Income $ 78,441 $ 56,335 Depreciation of property, plant and equipment 38,058 34,809 Amortization of intangible assets 3,477 3,736 Gain on disposal of property, plant and equipment (14 ) (333 ) Adjusted EBITDA $ 119,962 $ 94,547 *Unusual and other items are explained in the "Adjustments to Net Income" section of this press release SALES Three months ended March 31, 2018 to three months ended March 31, 2017 comparison Three months ended March 31, 2018 Three months ended March 31, 2017 $ Change % Change North America $ 741,155 $ 802,984 (61,829 ) (7.7 %) Europe 185,723 172,320 13,403 7.8 % Rest of the World 40,381 27,077 13,304 49.1 % Eliminations (3,359 ) (1,831 ) (1,528 ) 83.5 % Total Sales $ 963,900 $ 1,000,550 (36,650 ) (3.7 %) The Company’s consolidated sales for the first quarter of 2018 decreased by $36.7 million or 3.7% to $963.9 million as compared to $1,000.6 million for the first quarter of 2017. The total decrease in sales was driven by a decrease in the North America operating segment, partially offset by year-over-year increases in sales in Europe and the Rest of the World. Sales for the first quarter of 2018 in the Company’s North America operating segment decreased by $61.8 million or 7.7% to $741.2 million from $803.0 million for the first quarter of 2017. The decrease was due to the impact of foreign exchange on the translation of U.S. denominated production sales, which had a negative impact on overall sales for the first quarter of 2018 of approximately $29.3 million as compared to the first quarter of 2017; and lower year-over-year OEM production volumes on certain light-vehicle platforms including the Chevrolet Malibu, Ford Fusion and GM pick-up truck line-up, and programs that ended production during or subsequent to the first quarter of 2017 such as the previous version of the GM Equinox/Terrain. These negative factors were partially offset by the launch of new programs during or subsequent to the first quarter of 2017 including the next generation GM Equinox/Terrain and an increase in tooling sales of $5.4 million, which are typically dependent on the timing of tooling construction and final acceptance by the customer. Sales for the first quarter of 2018 in the Company’s Europe operating segment increased by $13.4 million or 7.8% to $185.7 million from $172.3 million for the first quarter of 2017. The increase can be attributed to a $14.6 million positive foreign exchange impact from the translation of Euro denominated production sales as compared to the first quarter of 2017, and higher overall production volumes in the Company’s Martinrea Honsel German operations including the ramp-up of new structural components work and the new V8 AMG engine block for Daimler; partially offset by a $5.1 million decrease in tooling sales. Sales for the first quarter of 2018 in the Company’s Rest of the World operating segment increased by $13.3 million or 49.1% to $40.4 million from $27.1 million for the first quarter of 2017. The increase was due to a $7.4 million increase in tooling sales, higher year-over-year production sales in the Company’s operating facility in Brazil and the launch of new structural components work for Jaguar Landrover in China, which began to ramp up in the first quarter of 2018; partially offset by a $0.4 million negative foreign exchange impact from the translation of foreign denominated production sales as compared to the first quarter of 2017. Overall tooling sales increased by $7.0 million to $71.2 million for the first quarter of 2018 from $64.2 million for the first quarter of 2017. GROSS MARGIN Three months ended March 31, 2018 to three months ended March 31, 2017 comparison Three months ended March 31, 2018 Three months ended March 31, 2017 $ Change % Change Gross margin $ 144,429 $ 118,215 26,214 22.2 % % of Sales 15.0 % 11.8 % The gross margin percentage for the first quarter of 2018 of 15.0% increased as a percentage of sales by 3.2% as compared to the gross margin percentage for the first quarter of 2017 of 11.8%. The increase in gross margin as a percentage of sales was generally due to: productivity and efficiency improvements at certain operating facilities; and general sales mix including new and replacement programs that launched, and old programs that ended production, during or subsequent to the first quarter of 2017. These positive factors were partially offset by operational inefficiencies and other costs at certain other facilities, including upfront costs incurred in preparation of upcoming new programs and related to new business in the process of being launched; and an increase in tooling sales which typically earn low margins for the Company. ADJUSTMENTS TO NET INCOME (ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY) Adjusted Net Income excludes certain unusual and other items, as set out in the following table and described in the notes thereto. Management uses Adjusted Net Income as a measurement of operating performance of the Company and believes that, in conjunction with IFRS measures, it provides useful information about the financial performance and condition of the Company. TABLE A Three months ended March 31, 2018 to three months ended March 31, 2017 comparison For the three months ended For the three months ended March 31, 2018 March 31, 2017 (a)-(b) (a) (b) Change NET INCOME (A) $ 55,959 $ 43,602 $ 12,357 Add Back - Unusual and Other Items: Gain on sale of land and building (1) - (5,698 ) 5,698 Unrealized loss on derivative instruments (2) 767 - 767 TOTAL UNUSUAL AND OTHER ITEMS BEFORE TAX $ 767 $ (5,698 ) $ 6,465 Tax impact of above items (96 ) 827 (923 ) TOTAL UNUSUAL AND OTHER ITEMS - AFTER TAX (B) $ 671 $ (4,871 ) $ 5,542 ADJUSTED NET INCOME (A + B) $ 56,630 $ 38,731 $ 17,899 Number of Shares Outstanding – Basic (‘000) 86,746 86,492 Adjusted Basic Net Earnings Per Share $ 0.65 $ 0.45 Number of Shares Outstanding – Diluted (‘000) 87,352 86,635 Adjusted Diluted Net Earnings Per Share $ 0.65 $ 0.45 (1) Gain on sale of land and building During the first quarter of 2017, in connection with the relocation of an existing operation to another manufacturing facility, a building owned by the Company in Mississauga, Ontario was sold on an “as-is, where-is” basis. The building was sold for proceeds of $9.9 million (net of closing costs of $0.4 million) resulting in a pre-tax gain of $5.7 million. (2) Unrealized loss on derivative instruments In the third quarter of 2017, the Company acquired 5,500,000 common shares in NanoXplore Inc. (“NanoXplore”), a publicly listed company on the TSX Venture Exchange trading under the ticker symbol GRA, for a total of $2.5 million through a private placement offering (the investment is further described in note 6 of the interim consolidated financial statements and later on in the MD&A under the section “Investments”). As part of the transaction to acquire the common shares, the Company also received warrants entitling the Company to acquire up to an additional 2,750,000 common shares in NanoXplore at a price of $0.70 per share for a period of up to two years after issuance. During the first quarter of 2018, the Company acquired an additional 411,800 common shares in NanoXplore for a total of $0.7 million through another private placement offering. As part of the transaction to acquire the additional common shares, the Company also received warrants entitling the Company to acquire up to an additional 205,900 common shares in NanoXplore at a price of $2.30 per share for a period of up to two years after issuance. The warrants in NanoXplore represent derivative instruments and are fair valued at the end of each reporting period with the change in fair value recorded through profit or loss. As at March 31, 2018, the warrants had a fair value of $3.3 million. Based on the fair value of the warrants as at March 31, 2018, an unrealized loss of $0.8 million was recognized in the first quarter, recorded in other finance income. This unrealized loss has been added back for Adjusted Net Income purposes. NET INCOME (ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY) Three months ended March 31, 2018 to three months ended March 31, 2017 comparison Three months ended March 31, 2018 Three months ended March 31, 2017 $ Change % Change Net Income $ 55,959 $ 43,602 12,357 28.3 % Adjusted Net Income $ 56,630 $ 38,731 17,899 46.2 % Net Earnings per Share Basic $ 0.65 $ 0.50 Diluted $ 0.64 $ 0.50 Adjusted Net Earnings per Share Basic $ 0.65 $ 0.45 Diluted $ 0.65 $ 0.45 Net Income, before adjustments, for the first quarter of 2018 increased by $12.4 million to $56.0 million from $43.6 million for the first quarter of 2017 largely as a result of the increase in the Company’s gross margin as previously discussed. Excluding the unusual and other items recognized during the first quarters of 2018 and 2017 as explained in Table A under “Adjustments to Net Income”, Net income for the first quarter of 2018 increased to $56.6 million or $0.65 per share, on a basic and diluted basis, from $38.7 million or $0.45 per share, on a basic and diluted basis, for the first quarter of 2017. Adjusted Net Income for the first quarter of 2018, as compared to the first quarter of 2017, was positively impacted by the following: higher gross profit despite an overall decrease in year-over-year sales as previously explained; productivity and efficiency improvements at certain operating facilities; general sales mix including new and replacement programs that launched, and old programs that ended production, during or subsequent to the first quarter of 2017; and a net foreign exchange gain of $2.7 million for the first quarter of 2018 compared to $0.6 million for the first quarter of 2017. These factors were partially offset by the following: operational inefficiencies and other costs at certain other facilities; a year-over-year increase in SG&A expense as previously discussed; a year-over-year increase in depreciation expense as previously discussed; and a slight year-over-year increase in finance expense on the Company’s bank debt and equipment loans as a result of increased borrowing rates. ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT Three months ended March 31, 2018 to three months ended March 31, 2017 comparison Three months ended March 31, 2018 Three months ended March 31, 2017 $ Change % Change Additions to PP&E $ 50,337 $ 66,641 (16,304 ) (24.5 %) Additions to PP&E decreased by $16.3 million to $50.3 million in the first quarter of 2018 from $66.6 million in the first quarter of 2017 due generally to timing of expenditures. Additions as a percentage of sales decreased year-over-year to 5.2% from 6.7% in the first quarter of 2017. The Company continues to make investments in the business in particular at new greenfield operating facilities as these new plants execute on their backlogs of new business. DIVIDEND A cash dividend of $0.045 per share has been declared by the Board of Directors payable to shareholders of record on June 30, 2018, on or about July 15, 2018. ABOUT MARTINREA Martinrea currently employs approximately 15,000 skilled and motivated people in 44 operating divisions in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain and China. Martinrea’s vision: making lives better by being the best supplier we can be in the products we make and the services we provide. The Company’s mission is to make people’s lives better by delivering: outstanding quality products and services to our customers; meaningful opportunity, job satisfaction and job security to our people through competitiveness and prudent growth; superior long term investment returns to our stakeholders; and positive contributions to our communities as good corporate citizens. CONFERENCE CALL DETAILS A conference call to discuss those results will be held on Friday, May 4, 2018 at 8:00am. (Toronto time) which can be accessed by dialing (416) 340-2219 or toll free (800) 377-0758. Please call 10 minutes prior to the start of the conference call. If you have any teleconferencing questions, please call Andre La Rosa at (416) 749-0314. There will also be a rebroadcast of the call available by dialing (905) 694-9451 or toll free (800) 408-3053 (conference id - 1166690#). The rebroadcast will be available until May 22, 2018. FORWARD-LOOKING INFORMATION Special Note Regarding Forward-Looking Statements This press release contains within the meaning of applicable Canadian securities laws including statements related to the growth or expectations of, improvements in, expansion of and/or guidance or outlook as to future revenue, sales, gross margin, earnings, and earnings per share (including as adjusted), or operating income margins (including expected growth in operating income margin to 9% or growth in sales to over $4 billion by 2020), improvements in the Company’s metrics including quality and safety, the intention to maintain a strong balance sheet and pay down debt over time, the ramping up and launching of new programs and the financial impact of launches, the payment of dividends, as well as other . The words “continue”, “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “views”, “intend”, “believe”, “plan”, “outlook” and similar expressions are intended to identify . Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances, such as expected sales and industry production estimates, current foreign exchange rates (FX), timing of product launches and operational improvements during the period and current Board approved budgets. Certain forward-looking financial assumptions are presented as non-IFRS information, and we do not provide reconciliation to IFRS for such assumptions. Many factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by the , including, without limitation, the following factors, some of which are discussed in detail in the Company’s Annual Information Form and other public filings which can found at www.sedar.com : North American and global economic and political conditions; the highly cyclical nature of the automotive industry and the industry’s dependence on consumer spending and general economic conditions; the Company’s dependence on a limited number of significant customers; financial viability of suppliers; the Company’s reliance on critical suppliers and on suppliers for components and the risk that suppliers will not be able to supply components on a timely basis or in sufficient quantities; Competition; the increasing pressure on the Company to absorb costs related to product design and development, engineering, program management, prototypes, validation and tooling; increased pricing of raw materials; outsourcing and insourcing trends; the risk of increased costs associated with product warranty and recalls together with the associated liability; the Company’s ability to enhance operations and manufacturing techniques; dependence on key personnel; limited financial resources; risks associated with the integration of acquisitions; costs associated with rationalization of production facilities; launch costs; the potential volatility of the Company’s share price; changes in governmental regulations or laws including any changes to the North American Free Trade Agreement; labour disputes; litigation; currency risk; fluctuations in operating results; internal controls over financial reporting and disclosure controls and procedures; environmental regulation; a shift away from technologies in which the Company is investing; competition with low cost countries; the Company’s ability to shift its manufacturing footprint to take advantage of opportunities in emerging markets; risks of conducting business in foreign countries, including China, Brazil and other growing markets; potential tax exposure; a change in the Company’s mix of earnings between jurisdictions with lower tax rates and those with higher tax rates, as well as under-funding of pensions plans; the cost of post-employment benefits; impairment charges; cybersecurity threats; and dividends. These factors should be considered carefully, and readers should not place undue reliance on the Company’s . The Company has no intention and undertakes no obligation to update or revise any , whether as a result of new information, future events or otherwise, except as required by law. The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol “MRE”. For further information, please contact: Fred Di Tosto Chief Financial Officer Martinrea International Inc. 3210 Langstaff Road Vaughan, Ontario L4K 5B2 Tel: (416) 749-0314 Fax: (289) 982-3001 Martinrea International Inc. Interim Condensed Consolidated Balance Sheets (in thousands of Canadian dollars) (unaudited) Note March 31, 2018 December 31, 2017 ASSETS Cash and cash equivalents $ 81,395 $ 71,193 Trade and other receivables 2 649,222 556,049 Inventories 3 424,964 376,972 Prepaid expenses and deposits 19,040 15,504 Income taxes recoverable 7,359 12,979 TOTAL CURRENT ASSETS 1,181,980 1,032,697 Property, plant and equipment 4 1,333,513 1,282,624 Deferred income tax assets 155,336 142,173 Intangible assets 5 70,139 68,414 Other assets 6 14,029 15,265 TOTAL NON-CURRENT ASSETS 1,573,017 1,508,476 TOTAL ASSETS $ 2,754,997 $ 2,541,173 LIABILITIES Trade and other payables 7 $ 846,954 $ 741,549 Provisions 8 5,477 5,048 Income taxes payable 36,370 34,429 Current portion of long-term debt 9 20,640 24,795 TOTAL CURRENT LIABILITIES 909,441 805,821 Long-term debt 9 656,904 629,222 Pension and other post-retirement benefits 63,939 65,258 Deferred income tax liabilities 72,180 82,373 TOTAL NON-CURRENT LIABILITIES 793,023 776,853 TOTAL LIABILITIES 1,702,464 1,582,674 EQUITY Capital stock 10 713,425 713,425 Contributed surplus 42,155 41,981 Accumulated other comprehensive income 132,696 94,268 Retained earnings 164,257 108,825 TOTAL EQUITY 1,052,533 958,499 TOTAL LIABILITIES AND EQUITY $ 2,754,997 $ 2,541,173 Contingencies (note 16) See accompanying notes to the interim condensed consolidated financial statements. On behalf of the Board: “Robert Wildeboer” Director “Scott Balfour” Director Martinrea International Inc. Interim Condensed Consolidated Statements of Operations (in thousands of Canadian dollars, except per share amounts) (unaudited) Three months ended Three months ended Note March 31, 2018 March 31, 2017 SALES $ 963,900 $ 1,000,550 Cost of sales (excluding depreciation of property, plant and equipment) (783,859 ) (849,785 ) Depreciation of property, plant and equipment (production) (35,612 ) (32,550 ) Total cost of sales (819,471 ) (882,335 ) GROSS MARGIN 144,429 118,215 Research and development costs (6,684 ) (6,815 ) Selling, general and administrative (56,342 ) (52,599 ) Depreciation of property, plant and equipment (non-production) (2,446 ) (2,259 ) Amortization of customer contracts and relationships (530 ) (540 ) Gain on sale of land and building 4 - 5,698 Gain on disposal of property, plant and equipment 14 333 OPERATING INCOME 78,441 62,033 Finance expense (6,501 ) (5,844 ) Other finance income 13 1,972 631 INCOME BEFORE INCOME TAXES 73,912 56,820 Income tax expense 11 (17,953 ) (13,353 ) NET INCOME FOR THE PERIOD $ 55,959 $ 43,467 Non-controlling interest - 135 NET INCOME ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY $ 55,959 $ 43,602 Basic earnings per share 12 $ 0.65 $ 0.50 Diluted earnings per share 12 $ 0.64 $ 0.50 See accompanying notes to the interim condensed consolidated financial statements. Martinrea International Inc. Interim Condensed Consolidated Statements of Comprehensive Income in thousands of Canadian dollars) (unaudited) Three months ended Three months ended March 31, 2018 March 31, 2017 NET INCOME FOR THE PERIOD $ 55,959 $ 43,467 Other comprehensive income (loss), net of tax: Items that may be reclassified to net income Foreign currency translation differences for foreign operations 39,433 (4,690 ) Change in fair value of investments (1,005 ) - Items that will not be reclassified to net income Remeasurement of defined benefit plans 2,075 (535 ) Other comprehensive income (loss), net of tax 40,503 (5,225 ) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD $ 96,462 $ 38,242 Attributable to: Equity holders of the Company 96,462 38,377 Non-controlling interest - (135 ) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD $ 96,462 $ 38,242 See accompanying notes to the interim condensed consolidated financial statements. Martinrea International Inc. Interim Condensed Consolidated Statements of Changes in Equity (in thousands of Canadian dollars) (unaudited) Equity attributable to equity holders of the Company Accumulated Retained other earnings/ Non- Capital Contributed comprehensive (accumulated controlling Total stock surplus income deficit) Total interest equity BALANCE AT DECEMBER 31, 2016 $ 710,510 $ 42,660 $ 117,048 $ (40,020 ) $ 830,198 $ (522 ) $ 829,676 Net income for the period - - - 43,602 43,602 (135 ) 43,467 Compensation expense related to stock options - 36 - - 36 - 36 Dividends ($0.03 per share) - - - (2,598 ) (2,598 ) - (2,598 ) Exercise of employee stock options 284 (82 ) - - 202 - 202 Other comprehensive income (loss), net of tax Remeasurement of defined benefit plans - - - (535 ) (535 ) - (535 ) Foreign currency translation differences - - (4,690 ) - (4,690 ) - (4,690 ) BALANCE AT MARCH 31, 2017 710,794 42,614 112,358 449 866,215 (657 ) 865,558 Net income for the period - - - 115,941 115,941 (142 ) 115,799 Change in non-controlling interest - - - (1,849 ) (1,849 ) 799 (1,050 ) Compensation expense related to stock options - 87 - - 87 - 87 Dividends ($0.09 per share) - - - (7,790 ) (7,790 ) - (7,790 ) Exercise of employee stock options 2,631 (720 ) - - 1,911 - 1,911 Other comprehensive income (loss), net of tax Remeasurement of defined benefit plans - - - 2,074 2,074 - 2,074 Foreign currency translation differences - - (26,047 ) - (26,047 ) - (26,047 ) Change in fair value of investments - - 7,957 - 7,957 - 7,957 BALANCE AT DECEMBER 31, 2017 713,425 41,981 94,268 108,825 958,499 - 958,499 Net income for the period - - - 55,959 55,959 - 55,959 Compensation expense related to stock options - 174 - - 174 - 174 Dividends ($0.03 per share) - - - (2,602 ) (2,602 ) - (2,602 ) Other comprehensive income (loss), net of tax Remeasurement of defined benefit plans - - - 2,075 2,075 - 2,075 Foreign currency translation differences - - 39,433 - 39,433 - 39,433 Change in fair value of investments - - (1,005 ) - (1,005 ) - (1,005 ) BALANCE AT MARCH 31, 2018 $ 713,425 $ 42,155 $ 132,696 $ 164,257 $ 1,052,533 $ - $ 1,052,533 See accompanying notes to the interim condensed consolidated financial statements. Martinrea International Inc. Interim Condensed Consolidated Statements of Cash Flows (in thousands of Canadian dollars, except per share amounts) (unaudited) Three months ended Three months ended March 31, 2018 March 31, 2017 CASH PROVIDED BY (USED IN): OPERATING ACTIVITIES: Net Income for the period $ 55,959 $ 43,467 Adjustments for: Depreciation of property, plant and equipment 38,058 34,809 Amortization of customer contracts and relationships 530 540 Amortization of development costs 2,947 3,196 Unrealized gains on foreign exchange forward contracts (1,304 ) (1,696 ) Unrealized loss on derivative instruments (note 6) 767 - Finance expense 6,501 5,844 Income tax expense 17,953 13,353 Gain on sale of land and building (note 4) - (5,698 ) Gain on disposal of property, plant and equipment (14 ) (333 ) Deferred and restricted share units expense 302 98 Stock options expense 174 36 Pension and other post-retirement benefits expense 1,177 1,138 Contributions made to pension and other post-retirement benefits (643 ) (500 ) 122,407 94,254 Changes in non-cash working capital items: Trade and other receivables (72,686 ) (57,646 ) Inventories (36,415 ) (18,549 ) Prepaid expenses and deposits (3,079 ) (2,044 ) Trade, other payables and provisions 100,176 119,595 110,403 135,610 Interest paid (excluding capitalized interest) (6,933 ) (5,120 ) Income taxes paid (31,678 ) (23,452 ) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 71,792 $ 107,038 FINANCING ACTIVITIES: Increase in long-term debt 19,689 - Repayment of long-term debt (5,279 ) (26,959 ) Dividends paid (2,602 ) (2,591 ) Exercise of employee stock options - 202 NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ 11,808 $ (29,348 ) INVESTING ACTIVITIES: Purchase of property, plant and equipment* (71,453 ) (87,339 ) Capitalized development costs (2,992 ) (3,523 ) Investment in NanoXplore Inc. (note 6) (680 ) - Proceeds on disposal of land and building (note 4) - 9,872 Proceeds on disposal of property, plant and equipment 770 458 NET CASH USED IN INVESTING ACTIVITIES $ (74,355 ) $ (80,532 ) Effect of foreign exchange rate changes on cash and cash equivalents 957 (274 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 10,202 (3,116 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 71,193 59,165 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 81,395 $ 56,049 *As at March 31, 2018, $42,761 (December 31, 2017 - $63,877) of purchases of property, plant and equipment remain unpaid and are recorded in trade and other payables and provisions. See accompanying notes to the interim condensed consolidated financial statements. Source: Martinrea International Inc.
Martinrea International Inc. Reports Record First Quarter Results, New Product Awards and Announces Increased Dividend
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May 19, 2018 / 3:51 AM / Updated 4 hours ago UPDATE 4-PGA Tour Byron Nelson Championship Scores Reuters Staff 9 Min Read May 19 (OPTA) - Scores from the PGA Tour Byron Nelson Championship on Friday -15 Marc Leishman (Australia) 61 66 -14 Aaron Wise (USA) 65 63 -13 Brian Gay (USA) 67 62 -11 Eric Axley (USA) 66 65 Kevin Na (USA) 66 65 Jimmy Walker (USA) 64 67 -10 Matt Jones (Australia) 67 65 Martin Piller (USA) 69 63 Adam Scott (Australia) 67 65 Vaughn Taylor (USA) 68 64 Kevin Tway (USA) 67 65 -9 Keith Mitchell (USA) 65 68 J.J. Spaun (USA) 64 69 -8 Abraham Ancer (USA) 65 69 Branden Grace (South Africa) 66 68 Patrick Rodgers (USA) 67 67 Shawn Stefani (USA) 68 66 Hudson Swafford (USA) 70 64 Mark Wilson (USA) 68 66 -7 Ryan Blaum (USA) 66 69 Joel Dahmen (USA) 67 68 Robert Garrigus (USA) 66 69 Anirban Lahiri (India) 68 67 Nicholas Lindheim (USA) 66 69 Peter Malnati (USA) 69 66 Hideki Matsuyama (Japan) 72 63 Maverick McNealy (USA) 68 67 Troy Merritt (USA) 67 68 Jordan Spieth (USA) 69 66 Peter Uihlein (USA) 65 70 Johnson Wagner (USA) 67 68 -6 Matt Atkins (USA) 69 67 Ben Crane (USA) 68 68 Sung Kang (Korea Republic) 68 68 Tom Lovelady (USA) 66 70 Geoff Ogilvy (Australia) 69 67 Cameron Percy (Australia) 67 69 Scott Piercy (USA) 70 66 Rory Sabbatini (South Africa) 66 70 Michael Thompson (USA) 71 65 -5 Robert Allenby (Australia) 70 67 Ryan Armour (USA) 66 71 Bronson Burgoon (USA) 69 68 Brian Davis (England) 69 68 Derek Fathauer (USA) 70 67 Martin Flores (USA) 70 67 Billy Horschel (USA) 68 69 Denny McCarthy (USA) 71 66 J.T. Poston (USA) 68 69 Andrew Putnam (USA) 68 69 Nick Taylor (Canada) 69 68 Ethan Tracy (USA) 65 72 T.J. Vogel (USA) 66 71 Steve Wheatcroft (USA) 70 67 -4 Sangmoon Bae (Korea Republic) 67 71 Zac Blair (USA) 67 71 Dominic Bozzelli (USA) 67 71 Jonathan Byrd (USA) 65 73 Corey Conners (Canada) 69 69 Roberto Diaz (Mexico) 70 68 Tyler Duncan (USA) 65 73 Fabian Gomez (Argentina) 69 69 Cody Gribble (USA) 71 67 J.B. Holmes (USA) 69 69 Beau Hossler (USA) 70 68 Charles Howell III (USA) 69 69 Russell Knox (Scotland) 69 69 Nate Lashley (USA) 67 71 Parker McLachlin (USA) 71 67 Rod Pampling (Australia) 70 68 Sam Ryder (USA) 70 68 Adam Schenk (USA) 70 68 Robert Streb (USA) 69 69 Brian Stuard (USA) 71 67 Cheng Tsung pan (China PR) 67 71 -3 Brendon De Jonge (Zimbabwe) 69 70 Zecheng Dou (China PR) 69 70 Matt Every (USA) 72 67 Talor Gooch (USA) 67 72 Lanto Griffin (USA) 72 67 Bill Haas (USA) 67 72 Padraig Harrington (Republic of Ireland) 69 70 J.J. Henry (USA) 69 70 John Huh (USA) 70 69 Billy Hurley III (USA) 67 72 Graeme McDowell (Northern Ireland) 67 72 Joaquin Niemann (Chile) 69 70 Sam Saunders (USA) 65 74 Brandt Snedeker (USA) 67 72 -2 Blayne Barber (USA) 72 68 Charlie Beljan (USA) 70 70 David Berganio (USA) 72 68 Chad Campbell (USA) 72 68 Alex Cejka (Germany) 70 70 Harris English (USA) 69 71 Oliver Goss (Australia) 72 68 Tim Herron (USA) 67 73 Stephan Jaeger (Germany) 72 68 Kelly Kraft (USA) 67 73 David Lingmerth (Sweden) 71 69 Hunter Mahan (USA) 70 70 Carl Pettersson (Sweden) 68 72 Seamus Power (Republic of Ireland) 66 74 Dicky Pride (USA) 73 67 Conrad Shindler (USA) 70 70 Ben Silverman (Canada) 70 70 Brett Stegmaier (USA) 71 69 -1 Stuart Appleby (Australia) 71 70 Aaron Baddeley (Australia) 71 70 Daniel Chopra (Sweden) 74 67 Ken Duke (USA) 70 71 Ernie Els (South Africa) 71 70 Sergio Garcia (Spain) 72 69 Michael Kim (USA) 72 69 Matt Kuchar (USA) 72 69 Rick Lamb (USA) 70 71 Steve Marino (USA) 70 71 John Merrick (USA) 72 69 Ryan Palmer (USA) 68 73 Jonathan Randolph (USA) 72 69 John Rollins (USA) 70 71 Andrew Yun (USA) 71 70 Will Zalatoris (USA) 72 69 Xinjun Zhang (China PR) 69 72 0 Angel Cabrera (Argentina) 72 70 James Hahn (USA) 68 74 Rob Oppenheim (USA) 73 69 Omar Uresti (USA) 72 70 1 Cameron Beckman (USA) 69 74 Steven Bowditch (Australia) 75 68 Tommy Gainey (USA) 70 73 Steven Ihm (USA) 73 70 George McNeill (USA) 70 73 Grayson Murray (USA) 70 42 John Senden (Australia) 72 71 Daniel Summerhays (USA) 76 67 Kyle Thompson (USA) 74 69 D.J. Trahan (USA) 78 65 Cameron Tringale (USA) 73 70 Richy Werenski (USA) 70 73 2 David Hearn (Canada) 71 73 Smylie Kaufman (USA) 77 67 Satoshi Kodaira (Japan) 71 73 Ben Martin (USA) 73 71 Troy Matteson (USA) 73 71 Tyrone Van Aswegen (South Africa) 76 68 3 Ryan Baca (USA) 76 69 Kris Blanks (USA) 71 74 Greg Chalmers (Australia) 78 67 4 Ricky Barnes (USA) 73 73 Tom Whitney (USA) 72 74 5 Martin Laird (Scotland) 71 76 6 Noah Goodwin (USA) 71 77 Brendon Todd (USA) 75 73 9 Brian Norman (USA) 76 75 11 David Duval (USA) 80 73
PGA Tour Byron Nelson Championship Scores
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May 24, 2018 / 8:26 PM / Updated 7 minutes ago Oily fish still a good habit for heart health, U.S. doctors say Lisa Rapaport 4 Min Read (Reuters Health) - People who eat at least two servings a week of oily fish like salmon, mackerel, herring and tuna should keep it up because U.S. doctors still say it’s a good way to reduce the risk of heart attacks and strokes. But this isn’t a prescription for fish and chips. The new scientific advisory reaffirms the American Heart Association’s recommendations against fried fish and stresses the benefits of eating two 3.5-ounce servings a week of fish, especially oily varieties rich in omega-3 fatty acids. And for many people who tend to follow a typical Western diet - heavy on meat and potatoes and light on fruit, vegetables and whole grains - these recommendations should serve as a reminder that it’s time to start eating fish, said the advisory’s lead author Eric Rimm of the Harvard T.H. Chan School of Public Health in Boston. “We don’t expect diets of all Americans to change overnight, but we do hope that individuals will consider upping their fish intake a little and, even more importantly, that the next generation - those of grade school, high school or college age - make fish a normal part of their diet,” Rimm said by email. Previous research has linked omega-3 fatty acids to a lowered risk of abnormal heartbeats, less fats in the blood, reduced risk of artery-clogging deposits known as plaque and slightly lower blood pressure, Rimm and his colleagues write in the journal Circulation. In the scientific advisory, the authors note that eating at least two weekly servings of fish - especially those with lots of omega-3 fatty acids - can help lower the risk of heart failure, coronary heart disease, cardiac arrest and the most common type of stroke. Doctors also tackled one factor that has steered some people away from eating fish - fears about mercury contamination. Mercury is found in most seafood but is most concentrated in large fish such as shark, swordfish, tilefish, king mackerel, bigeye tuna, marlin and orange roughy. Pregnant women are advised to avoid these varieties of fish because of links to serious neurological problems in babies. But the advisory notes that mercury contamination does not increase the risk of heart disease in adults and that the benefits of eating fish outweigh any risks associated with mercury, especially when people eat a wide variety of seafood. Fish is also one small part of a healthy diet. For optimal heart health, people should exercise regularly and follow the Dietary Approaches to Stop Hypertension (DASH) diet or a Mediterranean-style diet, the doctors recommend. Both diets emphasize cooking with unsaturated fats, eating nuts, fruits, vegetables, low-fat dairy products, whole grains, fish and poultry, and limiting red meat and added sugars and salt. Ideally, people will add fish to their diet by consuming less of unhealthy options like red meat, said Dr. Francesco Sofi of the University of Florence and Careggi University Hospital in Florence, Italy. “Of course, it’s important to emphasize also the way to consume fish because different studies have clearly reported that when the same fish is cooked fried compared to grill or to the oven, the beneficial effect disappears,” Sofi, who wasn’t involved in the study, said by email. SOURCE: bit.ly/2IxN5An Circulation, online May 17, 2018.
Oily fish still a good habit for heart health, U.S. doctors say
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May 2 (Reuters) - Lincoln National Corp: * LINCOLN FINANCIAL GROUP REPORTS FIRST QUARTER 2018 RESULTS * Q1 ADJUSTED OPERATING EARNINGS PER SHARE $1.97 EXCLUDING ITEMS * Q1 REVENUE $55 MILLION * Q1 EARNINGS PER SHARE VIEW $1.94 — THOMSON REUTERS I/B/E/S * AS OF MARCH 31, 2018, BOOK VALUE PER SHARE, INCLUDING ACCUMULATED OTHER COMPREHENSIVE INCOME WAS $73.09, UP 10% FROM A YEAR AGO * Q1 EARNINGS PER SHARE VIEW $1.94 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
BRIEF-Lincoln Financial Group Q1 Earnings Per Share $1.64
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May 15, 2018 / 12:20 AM / Updated 8 minutes ago U.S., China still 'very far apart' on trade - U.S. ambassador Leika Kihara 3 Min Read TOKYO (Reuters) - The United States wants China to give a timetable on how it will open up its markets to U.S. exports as the two countries are still “very far apart” on resolving trade frictions, U.S. Ambassador to China Terry Branstad said on Tuesday. FILE PHOTO: U.S. Ambassador to China Terry Branstad speaks at an event to celebrate the re-introduction of American beef imports to China in Beijing, China June 30, 2017. REUTERS/Mark Schiefelbein/Pool Washington and Beijing have proposed tens of billions of dollars in tariffs in recent weeks, fanning worries of a full-blown trade war that could hurt global supply chains and dent business investment plans. Earlier this month, a U.S. delegation led by Treasury Secretary Steven Mnuchin presented China with a list of demands to tackle allegations of intellectual property theft and other trade policies Washington considers unfair. The two countries failed to reach an agreement on the long list of U.S. demands, and decided to resume talks in Washington. Branstad, who was present at the meeting, said the Chinese appeared to be “taken back” by the significance of the list. “The Chinese have said ‘we want to see the specifics.’ We gave them all the specifics in terms of trade issues. So they can’t say they don’t know what we’re asking for,” he said. Related Coverage China says differences with U.S. should settled through dialogue “We’re still very far apart,” Branstad said, saying that China has not met pledges to open up its insurance and financial services area, as well as reduce auto tariffs. “There are many areas where China has promised to do but haven’t. We want to see a timetable. We want to see these things happen sooner than later,” he said at a conference in Tokyo. Branstad also said U.S. President Donald Trump would like to see a “dramatic increase” in food exports to China. “We’d like to see China being just as open as the United States,” he said. Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018. REUTERS/Jason Lee The Trump administration has drawn a hard line in trade talks with China, demanding a $200 billion cut in the Chinese trade surplus with the United States, sharply lower tariffs and advanced technology subsidies. The United States has proposed tariffs on $50 billion of Chinese goods under its “Section 301” probe. Those could go into effect in June following the completion of a 60-day consultation period, but activation plans have been kept vague. China has said its own retaliatory tariffs on U.S. goods, including soybeans and aircraft, will go into effect if the U.S. duties are imposed. Branstad said the United States could rescind the “Section 301” tariffs if China moved forward on opening up its agriculture and auto markets. “I think it could be adjusted,” he said. “It’s possible, depending upon how the trade talks go.” Increasing U.S. exports of liquefied natural gas could also be an area the two countries could agree on as bilateral trade talks resume in Washington this week, he said. “The United States and China are the two biggest economies in the world. The more we can work things out, the better it’s going to be not just for U.S. and China, but for the entire world economy,” he said. Reporting by Leika Kihara; Editing by Chris Gallagher and Darren Schuettler
U.S., China still 'very far apart' on trade - U.S. ambassador
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Roger Stone needs money — to fund his legal ambitions. The longtime political operative, provocateur and confidant of President Donald Trump has taken to the internet to mount a desperate plea for cash. In lengthy fundraising emails and sprawling state-of-play updates in recent weeks, Stone writes that his family is facing financial annihilation from the legal bills he's incurring to defend himself in what he calls "frivolous, groundless, defamatory" lawsuits. But while plugging his "legal defense fund," Stone has given discordant explanations for both the size and origin of his legal bills. He also told CNBC that he's planning to use donors' money to sue the government — a notion Stone omits from his appeals for money, which invariably paint him as the victim of a "nonstop onslaught of malicious attacks on every front." As the investigations of Russian involvement in the 2016 election persist, witnesses and targets alike have increasingly turned to crowdfunding sites to supplement their legal fees. But behind their formal-sounding names, some legal defense funds require little more than a name and a bank account to appeal to the public for unlimited money. Launched in August 2017, the Roger Stone Legal Defense Fund is not legally required to disclose anything about the source of its funds, or what it actually does with donors' money. CNBC requested this and other related information about the legal fund from Stone on Wednesday, but he did not respond. Stone is far from the only person to solicit online contributions to cover his legal troubles. But the seesawing account of his legal debts, coupled with his use of a particularly nebulous payment system, set him apart from other high-profile figures' online pleas. Stone's snags Stone has long maintained a hold on the levers of power in Washington, having worked for at least four Republican presidents in various roles. Following Trump's bid for the White House, Stone's grip has become stronger than ever. Stone advised Trump as a candidate and has given circumspect answers about his contacts with Trump as president. But the strengthened influence has created new problems for Stone, who now finds himself mired in the various ongoing investigations and lawsuits related to alleged Russian election meddling during the 2016 campaign. Stone's correspondence with and public praise for "Guccifer 2.0," the alias of the hacker who claimed to have broken into the Democratic National Committee's servers in 2016, and Julian Assange — the founder of Wikileaks, which published the committee's emails — have reportedly placed Stone in the crosshairs of special counsel Robert Mueller 's probe of potential coordination between the Trump campaign and Russia. Stone also spoke with the House Intelligence Committee as part of its own investigation into the presidential election. Last month, the committee, which has been fraught by partisanship, published two reports on its findings: one from the Republican majority, which found no evidence of Trump-Russia coordination, and a highly critical Democratic rebuttal. In an email to CNBC, Stone said his legal costs also pertain to two pending Senate inquiries on the election, although it is unclear whether Stone has yet testified before either committee. Beyond the Washington beltway, Stone is a defendant in at least three active lawsuits. He and the Trump campaign were sued last year by three individuals backed by the advocacy group Protect Democracy, who accused Stone of violating their privacy for his alleged role in the hacking and publishing of DNC emails. Stone called the lawsuit "a complete fantasy." In April, the Democratic National Committee sued Stone and a dozen other parties, including the Trump campaign, alleging that Stone conspired with Russia, Wikileaks and the Trump campaign to subvert the 2016 presidential election. The DNC lawsuit arrived barely a month after Stone was served with a defamation lawsuit by Guo Wengui, a Chinese businessman and political activist. Wengui claims that Stone falsely accused him of violating U.S. finance and election laws. Wengui is seeking $100 million in damages from Stone. Adding it up, with varying results In a long exhortation on his crowdfunding website, Stone said the "crushing" web of legal threats against him "threatens to destroy me and my family financially — all because I fought to elect Donald Trump." His legal bills, the website says, "exceed $457,000 and are likely to reach $1,000,000" in total. The amount already paid includes a $150,000 court filing to dismiss the lawsuit involving Protect Democracy, along with a "six-figure bill" from an attorney representing him in congressional investigations, he claimed. Stone also mentioned the $457,000 figure in a video published Nov. 6, 2017. Months later, in an April 5 post on stonezone.com directing readers to the legal fund, Stone-affiliated blogger Jacob Engels said Stone's fees skyrocketed. "He has incurred nearly a million dollars in legal fees," said Engels, who added that Stone will likely have to spend much more afterward. But another account of Stone's legal fees, delivered in an email blast from Stone on Tuesday, chafes against the April 5 claim. "My legal bills defending against these partisan witch hunts already exceed $545,000!" Stone wrote. "I literally do not have this kind of money. It is why I must turn to you for help." In correspondence with CNBC, Stone's description of his expenditures only grew more opaque. Stone said in an April 25 email that his legal fees "are more than a half million and projected, with the bogus DNC lawsuit to reach [$1 million]." The DNC's suit was filed April 20 — weeks after Engels wrote that Stone has incurred "nearly a million dollars" in fees. "I'm not at liberty to discuss or comment on his strategy or legal efforts past what I have already stated," Engels said in an email to CNBC. In a follow-up message Tuesday, Stone said the math was "simple." He said that his fees for the congressional investigations totaled "just under $475,000" and that roughly another $175,000 was spent on his Florida attorneys, who attempted to dismiss the Protect Democracy lawsuit in October. His fees so far, he said Tuesday, total $650,000. That's more than $100,000 higher than the figure cited in a form letter sent the same day. And in a new explanation of his projected legal costs, Stone revealed that, rather than merely defend himself against outside threats, he plans to take proactive legal actions against the government. Stone told CNBC that his legal fees include filing public records requests and an upcoming lawsuit against the government over an alleged warrant against him through the Foreign Intelligence Surveillance Act, or FISA. "It's the greatest violation of civil liberties in American political history," Stone said of the alleged warrant in an interview with right-wing conspiracy theorist Alex Jones . "It's an outrageous crime for which somebody has to be punished." Such warrants, which are arbitrated in secret courts to spy on Americans suspected of illegal foreign activities, have become a political lightning rod in Congress in recent months. Republicans, including Reps. Devin Nunes and Trey Gowdy , have accused the Justice Department of seeking warrants against Trump-connected figures based on political bias. Nunes worked on Trump's transition team after the 2016 election. Stone said that as much as $350,000 of the projected $1 million he faces in legal fees will be spent on proactive government litigation — which is never mentioned in the form emails sent to his subscribers or on his legal fund website. This again contradicts Stone's earlier remarks on his website, when he wrote that preparing to testify before the Senate Intelligence Committee is what would inflate his legal bills near the million-dollar mark. Stone did not respond to a detailed list of questions from CNBC about the legal defense fund and how he planned to use it. Stone vs. Stormy: Crowdfunding comparison However Stone may be using his online donation page, he's far from the first to use one to fund legal efforts. Such crowdfunding campaigns are increasingly common among high-profile stakeholders in politics and litigation alike. Porn star Stormy Daniels , who is suing Trump in multiple lawsuits, has raised more than $360,000 through online pledges since launching her campaign in March. Michael Caputo, a former Trump campaign advisor, recently told CNBC he is accepting online donations to pay his legal fees, which he said are piling up through his involvement as a witness in the special counsel's investigation. Even former FBI Deputy Director Andrew McCabe , who was fired by Attorney General Jeff Sessions in April, briefly accepted donations through the website GoFundMe. But Stone's crowdfunding tactics stand apart from many other public figures for the lack of accountability in his campaign. Daniels launched her page through crowdjustice.com, which makes guarantees about how donors' money will be spent. And Daniels herself promised that all the money would be used solely to pay her legal fees. Stone's donations, however, are bound by no such measure of accountability. His fund website notes that " Contributions are not deductible for federal income tax purposes. Under the Internal Revenue Code, all contributions to the Roger Stone Legal Defense Fund are considered gifts to Roger Stone." The fund's administrators, accounting firm Robert Watkins & Company, did not respond to CNBC's attempts at outreach. In the meantime, Stone shows no signs of turning down the volume. "This is 'LAWFARE', the newest abusive tactic of the underhanded radical left," Stone wrote in Tuesday's fundraising email. "They intend to financially destroy my family and me, driving us to bankruptcy."
Trump confidant Roger Stone pleads for money to help him sue his enemies
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HOUSTON, May 14, 2018 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL), a leading supplier of custom engineered solutions for the management, control and distribution of electrical energy, today announced that Don R. Madison, Executive Vice President and Chief Financial and Administrative Officer, plans to retire at the end of the fiscal year, after more than 17 years with the Company. Mr. Madison joined Powell in October 2001 as Vice President and Chief Financial Officer, and has served as Executive Vice President and Chief Financial and Administrative Officer since February 2007. Thomas W. Powell, Chairman of the Board, stated, "Over the past 17 years, Don has faithfully served the Company and has helped to guide Powell through many industrial and financial cycles. We have greatly benefited from his financial and operational expertise, and I believe he leaves the Company much stronger for his outstanding service. While Don will be greatly missed, I wish him well during his well-earned retirement." Brett A. Cope, President and Chief Executive Officer, stated, "I would like to thank Don for the leadership he provided across the Company and for being a great partner to me, personally. We have initiated a formal search to fill the CFO position and Don has agreed to serve as an adviser for a period of time following his retirement. I expect a smooth and seamless transition." Mr. Madison commented, "It has been my distinct pleasure to serve the Board, employees, and clients these many years. I'm proud of the great strides we have taken as a Company, and the growth and success we have achieved. I have the utmost confidence in Powell's future under the leadership of our Board, Chairman, Tom Powell, and CEO, Brett Cope, and look forward to supporting our next CFO during the transition period." Powell Industries, Inc., headquartered in Houston, engineers packaged solutions and systems for the management, control and distribution of electrical energy. Powell markets include large industrial customers such as utilities, oil and gas producers, refineries, petrochemical plants, pulp and paper producers, mining operations and commuter railways. For more information, please visit powellind.com . Any forward-looking statements in the preceding paragraphs of this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties in that actual results may differ materially from those projected in the forward-looking statements. In the course of operations, we are subject to certain risk factors, competition and competitive pressures, sensitivity to general economic and industrial conditions, international political and economic risks, availability and price of raw materials and execution of business strategy. For further information, please refer to the Company's filings with the Securities and Exchange Commission, copies of which are available from the Company without charge. Contact: Don R. Madison, CFO Powell Industries, Inc. 713-947-4422 View original content: http://www.prnewswire.com/news-releases/powell-industries-announces-cfo-retirement-plan-300648004.html SOURCE Powell Industries, Inc.
Powell Industries Announces CFO Retirement Plan
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Washington’s decision to reinstate Iranian sanctions is likely to slowly cut off a chunk of the world’s crude supply—a shift that could redraw global supply lines and require Iran’s big customers to find alternative sources. The Trump administration’s move rattled oil markets, sending international crude up sharply after bouncing wildly in the lead-up to the decision. Midday in Europe, international crude was up 2.7% to $76.87 a barrel on London’s Intercontinental Exchange, trading at its highest level in 3½ years. ... RELATED VIDEO Will Trump's Iran Bet Pay Off? After President Donald Trump's big gamble to pull the U.S. out of the Iran nuclear deal, the focus now shifts to Tehran, the Iranian people and America's allies. Gerald F. Seib explains the high stakes. Photo: Getty
Trump’s Iran Sanctions to Shake Up Global Oil Supply Lines
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May 24 - Canada’s main stock index was trading flat on Thursday as gains for precious metal miners from a rise in gold prices were offset by losses in energy shares due to a drop in oil price. * At 9:59 a.m. ET (1359 GMT), the Toronto Stock Exchange’s S&P/TSX Composite Index was down 6.05 points, or 0.04 percent, at 16,127.75. * Oil prices recorded their largest one-day drop in two weeks, with expectations building that OPEC could wind down an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran. * U.S. crude prices were down 1.4 percent a barrel, while Brent crude lost 1.2 percent. * Six of the index’s 11 major sectors were higher, led by the materials sector which added 1 percent. * Spot gold rose 1 percent to $1,306.20 an ounce after U.S. President Donald Trump canceled a planned summit with North Korea. * Among stocks, shares of Toronto-Dominion Bank rose 1.5 percent after Canada’s second-biggest lender by market value reported second-quarter earnings that were ahead of market expectations. * Royal Bank of Canada reported second-quarter results, sending shares of Canada’s biggest lender by market value down 1.7 percent. * On the TSX, 125 issues were higher, while 115 issues declined for a 1.09-to-1 ratio favoring gainers, with 33.04 million shares traded. * The largest percentage gainers on the TSX were Alamos Gold Inv and New Gold. * Aecon Group fell 14.8 percent, the most on the TSX, after Canada blocked a proposed C$1.51 billion ($1.18 billion) takeover of the construction company by a Chinese state builder on national security grounds. * Meg Energy Corp fell 2.7 percent and was the second biggest decliner. * The most heavily traded shares by volume were Neovasc Inc , Aecon Group, and Canopy Growth Co. * The TSX posted nine new 52-week highs and no new lows. * Across all Canadian issues there were 14 new 52-week highs and three new lows, with total volume of 53.19 million shares. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Arun Koyyur)
CANADA STOCKS-TSX flat as declines in energy offset gains in materials
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BILLINGS, Mont. (AP) — A pair of lawsuits filed Monday target the Trump administration's sale of oil and gas leases on huge swaths of Western public lands that contain crucial habitat for an imperiled bird. Wildlife advocates asked courts to reverse lease sales on more than 1,300 square miles (3,400 square kilometers) of land in Montana, Wyoming, Utah and Nevada, according to attorneys involved. The legal actions also sought to block several upcoming sales unless the U.S. Interior Department conducts further environmental reviews. Those leases would total more than 1,800 square miles (4,662 square kilometers) in the four states plus Idaho. Many of the parcels in dispute are home to greater sage grouse, a chicken-sized, ground-dwelling bird that ranges across portions of 11 Western states. Greater sage grouse populations drastically declined in recent decades, because of energy development that broke up the bird's habitat, along with disease, livestock grazing and other causes. Its population once numbered in the millions but had fallen to fewer than 500,000 by 2015, according to wildlife officials. Under former President Barack Obama, the Interior Department delayed lease sales on millions of acres of public lands largely because of sage grouse worries. In 2015, it adopted a set of wide-ranging plans meant to protect the best grouse habitat and keep the bird off the endangered species list. Trump's Interior secretary, Ryan Zinke, has placed a greater priority on energy development, including directives from the agency that modified restrictions imposed by the Obama administration. Attorneys behind Monday's lawsuits argued those modifications were improper and that Zinke's agency unlawfully limited environmental reviews of lease sales. "They are indiscriminately leasing everything that's nominated in sage grouse habitat, without any determination beforehand that maybe these areas are particularly important" to the bird, said Michael Saul, an attorney with the Center for Biological Diversity Justice Department spokesman Wyn Hornbuckle declined comment on the matter. Energy industry representatives have been strongly supportive of Zinke's pro-energy agenda. They point out that even when land is leased for drilling, companies must abide by limitations on when they can drill to avoid disrupting grouse during breeding season. "We realize there are some hoops we're going to have to jump through if we're going to develop the resource," said Alan Olson, executive director of the Montana Petroleum Association. Monday's lawsuits included one in Idaho filed by Center for Biological Diversity and Western Watersheds Project, and another in Montana by the Montana Wildlife Federation, The Wilderness Society, National Audubon Society and National Wildlife Federation. Also Monday, environmentalists agreed to a truce in a third lawsuit over protections for the Gunnison sage grouse, a smaller cousin of the greater sage grouse. The Gunnison grouse, found only in Colorado and Utah, was designated a threatened species in 2014. Center for Biological Diversity and Western Watersheds Project sued the federal government the next year, saying the Gunnison grouse should be classified endangered, meaning it is in greater danger and warrants stronger protections than a threatened species. The two groups said they would put the lawsuit on hold after federal officials agreed to come up with a recovery plan for the bird within 2½ years. The deadline guarantees the recovery plan won't drag out for years, the groups said. They could resume their lawsuit if the government misses the deadline, or if they are unhappy with the recovery plan. Only about 5,000 Gunnison sage grouse were left in 2014. Associated Press writer Dan Elliott contributed to this story from Denver.
Lawsuits target oil, gas leases in imperiled bird's habitat
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May 13, 2018 / 11:23 AM / Updated 7 hours ago Todt defends FIA against driver criticism Alan Baldwin 3 Min Read BARCELONA (Reuters) - The head of Formula One’s governing body has responded to criticism from drivers about rule changes by saying they had every opportunity to contribute but often failed to attend meetings. Jean Todt, Federation Internationale de l'Automobile (FIA) President attends the FIA Champions news conference for FIA Prize Giving 2017 in Paris, France December 8, 2017. REUTERS/Gonzalo Fuentes International Automobile Federation (FIA) president Jean Todt also told reporters at the Spanish Grand Prix on Sunday that he was always available to any driver who had an issue. “I do respect them and know how busy they can be and all that. But they have access,” said the Frenchman. “Unfortunately very often there is a meeting and they don’t come to the meeting. “I have always tried to hear what the drivers were saying. The drivers are invited to participate, to do something.” Todt pointed out also that he had appointed a number of former racers to FIA commissions. Four-times world champions Lewis Hamilton and Sebastian Vettel had said on Saturday that new aerodynamic regulations for 2019 that would slow the cars by around 1.5 seconds a lap had come as a surprise. Hamilton has also been critical of a draft layout for a potential Miami Grand Prix, saying drivers should have more of a say in circuit design and he could do better. Todt said Miami was still very much in the realms of the hypothetical and that when it was firmed up, the FIA would send someone over to inspect and make recommendations. “If the drivers have some comments they are more than welcome,” added the former Ferrari boss. “Any driver who wants to see me, from the back of the grid to the top of the grid, will be able to see me within 48 hours.” The 2019 changes are designed to allow cars to follow each other more easily by simplifying front and rear wings, opening up more overtaking opportunities. Todt said that was also partly in response to driver complaints about how hard it was to overtake at some circuits. “I read the press conference transcripts. Hamilton complained, Vettel complained, (Kimi) Raikkonen… they all complained. And they are in the front, so can you imagine at the back,” he said. “I read what you write. So I feel that if we understand that something is going wrong we should try to find a solution. We all say we want to have a better sport, a better show, so let’s do something.” Some people, notably Red Bull principal Christian Horner, whose team enjoy the aero expertise of top designer Adrian Newey, have said the changes should have been left to a general revamp in 2021 when a new engine is also due. Todt rejected that position. “On one side people say let’s wait to 2021. So it means we wait 2018, 2019, 2020 knowing that there is a problem that is damaging the sport,” he said. “We could say ‘OK, there is not enough overtaking but leave it like that until 2021.’ And then we say we want the fans to be happy. The fans want more overtaking.” Reporting by Alan Baldwin, editing by Pritha Sarkar
Motor racing-Todt defends FIA against driver criticism
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CAIRO (Reuters) - An Egyptian state security prosecutor ordered on Tuesday that a prominent rights activist be detained for 15 days pending investigations over accusations including of joining a terrorist organization, state news agency MENA said. Shady Ghazaly Harb, a leading opposition figure during the 2011 uprising, had handed himself in to a Dokki prosecutor on Monday for questioning over accusations of insulting state institutions and publishing false news on social media, his lawyer Rajia Omran said. The prosecutor ordered his release on 50,000 Egyptian pounds($2,812.15) bail on Monday, but he remained in detention for another case with state security, Omran added. Harb was questioned for several hours by a state security prosecutor on Tuesday in a case that included other activists who are also critical of President Abdel Fattah al-Sisi’s regime and who have been rounded up in recent weeks, she added. The activist was accused of joining a terrorist organization, using social media to incite terrorism and publishing false news to disturb security and harm public interest, his lawyer and a source from the state security prosecution’s office said. Human rights groups have repeatedly criticized Egypt’s human rights record, saying conditions in the country have continued to deteriorate under Sisi, who came to power in 2014 after the army overthrew Islamist President Mohamed Mursi. Sisi’s supporters say his tough security and economic measures are needed to keep the country stable as it recovers from political chaos and tackles grave economic challenges and the Islamist insurgency. ($1 = 17.7800 Egyptian pounds) Reporting by Cairo bureau; Editing by London desk
Egyptian authorities detain rights activist - sources
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HARTFORD, Conn., The Virtus Total Return Fund Inc. (NYSE: ZF) announced the following quarterly distribution: Amount of Distribution Ex-Date Record Date Payable Date $0.361 July 11, 2018 July 12, 2018 July 19, 2018 Under the terms of its managed distribution plan, the fund will seek to maintain a consistent distribution level that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the fund's aggregate net investment income and net realized capital gains are less than the amount of the distribution level, the difference will be distributed from the fund's assets and will constitute a return of the shareholder's capital. You should not draw any conclusions about the fund's investment performance from the amount of this distribution or from the terms of the fund's managed distribution plan. The fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the fund is paid back to you. A return of capital distribution does not necessarily reflect the fund's investment performance and should not be confused with 'yield' or 'income'. The fund provided this estimate of the sources of the distributions: Distribution Estimates March 2018 (QTD) Year-to-date (YTD) (1) (Sources) Per Share Amount Percentage of Current Distribution Per Share Amount Percentage of Current Distribution Net Investment Income $ 0.063 17.4% $ 0.109 15.1% Net Realized Foreign Currency Gains - 0.0% - 0.0% Net Realized Short-Term Capital Gains - 0.0% - 0.0% Net Realized Long-Term Capital Gains - 0.0% 0.079 11.0% Return of Capital (or other Capital Source) 0.298 82.6% 0.534 73.9% Total Distribution $ 0.361 100.0% $ 0.722 100.0% (1) YTD December 1, 2017 to November 30, 2018. Information regarding the fund's performance and distribution rates is set forth below. Please note that all performance figures are based on the fund's NAV and not the market price of the fund's shares. Performance figures are not meant to represent individual shareholder performance. March 29, 2018 Average Annual Total Return on NAV for the 5-year period (2) 8.09% Current Fiscal YTD Annualized Distribution Rate (3) 12.63% YTD Cumulative Total Return on NAV (4) -12.59% YTD Cumulative Distribution Rate (5) 6.32% (2) Average Annual Total Return on NAV is the annual compound return for the five-year period. It reflects the change in the fund's NAV and reinvestment of all distributions. (3) Current Fiscal YTD Annualized Distribution Rate is the current distribution rate annualized as a percentage of the fund's NAV at quarter end. (4) YTD Cumulative Total Return on NAV is the percentage change in the fund's NAV from the first day of the year to this quarter end, including distributions paid and assuming reinvestment of those distributions. (5) YTD Cumulative Distribution Rate is the dollar value of distributions from the first day of the year to this quarter end as a percentage of the fund's NAV at quarter end. The amounts and sources of distributions reported in this notice are estimates only and are not being provided for tax reporting purposes. The actual amounts and sources of the distributions will depend on the fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The fund or your broker will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders what distributions to report for federal income tax purposes. About the Fund The Virtus Total Return Fund Inc. is a diversified closed-end fund and its investment objective is capital appreciation, with income as a secondary objective. The Fund also pursues an options overlay strategy that seeks to generate additional income. Virtus Investment Advisers, Inc. has been the investment adviser, and Duff & Phelps Investment Management Co. and Newfleet Asset Management, LLC have been subadvisers, to the fund since December 9, 2011. Performance and characteristics prior to that date were attained by the previous adviser using a different investment strategy. For more information on the fund, contact shareholder services at (866) 270-7788, by email at [email protected] , or through the closed end fund section on the web at www.virtus.com . Fund Risks An investment in a fund is subject to risk, including the risk of possible loss of principal. A fund's shares may be worth less upon their sale than what an investor paid for them. The options overlay strategy may not be successful in achieving its objective of increasing distributable income while limiting the risk of loss and, in periods of significant moves in the S&P 500® Index, has resulted in and, in the future, may result in, losses for investors. Shares of closed-end funds may trade at a discount to their net asset value. For more information about a fund's investment objective and risks, please see the fund's annual report. A copy of the fund's most recent annual report may be obtained free of charge by contacting "Shareholder Services" as set forth at the top of this press release. About Duff & Phelps Investment Management Co. Duff & Phelps Investment Management Co. has more than 35 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure, real estate investment trusts (REITs), and master limited partnerships (MLPs), and international equity. For more information, visit www.dpimc.com . About Newfleet Asset Management Newfleet Asset Management provides comprehensive fixed income portfolio management in multiple strategies. Newfleet leverages the knowledge and skill of a team of investment professionals with expertise in every sector of the bond market, including evolving, specialized, and out-of-favor sectors. The team employs active sector rotation and disciplined risk management to portfolio construction, avoiding interest rate bets, and remaining duration neutral to each strategy's stated benchmark. The options overlay strategy is managed by a team at Newfleet distinct from the fixed income investment professionals. For more information, visit www.newfleet.com . View original content with multimedia: http://www.prnewswire.com/news-releases/virtus-total-return-fund-inc-declares-distribution-300653957.html SOURCE Virtus Total Return Fund Inc.
Virtus Total Return Fund Inc. Declares Distribution
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May 2 (Reuters) - CSE Global Ltd: * MOHD ABDUL KARIM BIN ABDULLAH APPOINTED DEPUTY CHAIRMAN Source text for Eikon: Further company coverage:
BRIEF-CSE Global Appoints Mohd Abdul Karim Bin Abdullah As Deputy Chairman
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LONDON, May 25 (Reuters) - The gap between Italian and German 10-year government bond yields stretched to its widest level since June 2017 as uncertainty over an incoming government continued to weigh on the debt outlook in the euro zone’s third largest economy. Italian Prime Minister-designate Giuseppe Conte this week began putting together his cabinet team, with party leaders pushing for an 81-year eurosceptic economist to be given the pivotal post of economy minister. The prospect of an anti-establishment Italian government has pushed the Italy/Germany 10-year government bond yield spread about 60 basis points wider since last Wednesday, May 16. On Friday, the spread widened further to 196.8 basis points, the highest since June 2017. (Reporting by Abhinav Ramnarayan; Editing by Saikat Chatterjee) Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2018 Reuters. All Rights Reserved.
Italy/Germany bond yield spread widest in nearly a year
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TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (“Kirkland Lake Gold” or the “ Company ”) (TSX:KL) (NYSE:KL) (ASX:KLA) is pleased to announce that it has entered into a share purchase agreement with Artemis Resources Limited (“Artemis”) to acquire 4,000,000 common shares (the “Shares”) of Novo Resources Corp. (“Novo”) at a price of C$5.00 per Share for a total purchase price of C$20,000,000 (the “Acquisition”). The Acquisition is scheduled to close on or before May 31, 2018. Currently, the Company holds 25,830,268 Shares and 14,000,0000 Novo common share purchase warrants (the “Warrants”), representing an approximate 16.33% undiluted interest and an approximate 23.14% partially diluted interest in Novo, assuming the exercise of the Warrants. Upon closing of the Acquisition, assuming there is no change in the issued and outstanding share capital of Novo as of the date hereof, Kirkland Lake Gold will hold 29,830,268 Shares and 14,000,000 Warrants, representing approximately 18.86% of the outstanding common shares of Novo on an undiluted basis and approximately 25.46% of the outstanding shares on a partially diluted basis, assuming the exercise of the Warrants. Pursuant to a prior agreement entered into between Artemis and Novo, the Shares are subject to a contractual restriction on resale until August 23, 2018. Accordingly, pursuant to the share purchase agreement closing of the Acquisition is subject to certain conditions, including the written consent of Novo to the sale of the Shares and the Company has agreed to be bound to the resale restrictions in favour of Novo until August 23, 2018. The Shares are being acquired for investment purposes. Kirkland Lake Gold has a long-term view of the investment and may acquire additional securities either on the open market or through private acquisitions, subject to the receipt of all necessary regulatory and/or shareholder approvals, as required, or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Kirkland Lake Gold is relying on the private agreement exemption in section 4.2 of National Instrument 62-104 – Take-Over Bids and Issuer Bids , in connection with the Acquisition. This press release is being issued in pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , which also requires a report to be filed with the regulatory authorities in each jurisdiction in which Novo is a reporting issuer containing information with respect to the foregoing matters (the “Early Warning Report”). A copy of the Early Warning Report will be filed on Novo’s profile on SEDAR and may also be obtained by contacting the Company at 416-840-7884 or by email at [email protected] . About Kirkland Lake Gold Ltd. Kirkland Lake Gold Ltd. is a mid-tier gold producer that in 2018 is targeting over 620,000 ounces of gold production from mines in Canada and Australia. The production profile of the company is anchored from two high-grade, low-cost operations, including the Macassa Mine located in Northeastern Ontario and the Fosterville Mine located in the state of Victoria, Australia. Kirkland Lake Gold's solid base of quality assets is complemented by district scale exploration potential, supported by a strong financial position with extensive management and operational expertise. For further information on Kirkland Lake Gold and to receive news releases by email, visit the website www.klgold.com . Included in available information are the Company’s consolidated financial statements, management’s discussion and analysis (“MD&A”) and Form 40-F for the year ended December 2017, as well as all quarterly financial statements and MD&As. These documents are filed with regulators, and are also available at www.sedar.com and www.sec.gov/edgar . Hard copies are available upon request by contacting +1-416-840-7884 or by email at [email protected] . Cautionary Note Regarding Forward-Looking Information This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of Kirkland Lake Gold with respect to future business activities and operating performance, the anticipated closing of the Acquisition, and potential future purchases or sales of securities of Novo. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and include information regarding: (i) the amount of future production over any period; (ii) assumptions relating to revenues, operating cash flow and other revenue metrics; and (iii) future exploration plans. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Kirkland Lake Gold's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Kirkland Lake Gold believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the combined company. Among the key factors that could cause actual results to projected in the forward-looking information are the following: the future development and growth potential of the Novo properties; future exploration activities planned at the Novo properties; risks relating to equity investments; risks relating to first nations and Aboriginal heritage; the availability of infrastructure, energy and other commodities; nature and climactic conditions; currency exchange rates (such as the Canadian dollar and the Australian dollar versus the United States dollar); risks associated with dilution; labour and employment matters; risks in the event of a potential conflict of interest; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; and compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Kirkland Lake Gold and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Kirkland Lake Gold, including its annual information form and financial statements and related MD&A for the financial year ended December 31, 2017 and 2016 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com . Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Kirkland Lake Gold has attempted to identify important factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Kirkland Lake Gold does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. FOR FURTHER INFORMATION PLEASE CONTACT Anthony Makuch, President, Chief Executive Officer & Director Phone: +1 416-840-7884, E-mail: [email protected] Mark Utting, Vice-President, Investor Relations Phone: +1 416-840-7884, E-mail: [email protected] Source:Kirkland Lake Gold Ltd.
Kirkland Lake Gold Enters Into Agreement to Acquire Shares of Novo Resources Corp.
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ROME (Reuters) - Bank of Italy Governor Ignazio Visco said Tuesday’s market selloff was unjustified, as bond yields spiked and the stock market declined on the political uncertainty tied to a fresh round of elections later this year. FILE PHOTO: Bank of Italy Governor Ignazio Visco looks on during a meeting in Rome, Italy, October 31, 2017. REUTERS/Remo Casilli - RC18DA78C300/File Photo The selloff “is very serious”, Visco said at the central bank’s annual assembly in Rome. “There are no justifications — except for emotions — for what we’re seeing today on the markets.” Italy’s stock market declined more than 2 percent and the closely watched gap between Italian and German 10-year bond yields widened by more than 80 basis points in the morning. Reporting by Stefano Bernabei, writing by Steve Scherer
Bank of Italy chief says no 'justification' for market selloff
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May 31, 2018 / 3:25 PM / Updated 37 minutes ago U.N. fires Central Africa legal adviser who accused peacekeepers of massacre Aaron Ross 4 Min Read DAKAR (Reuters) - The U.N. mission in Central African Republic has fired one of its lawyers after he accused Rwandan peacekeepers of massacring 30 civilians in the capital last month and said they could be investigated. FILE PHOTO: A general view shows part of the capital Bangui, Central African Republic, February 16, 2016. REUTERS/Siegfried Modola/File Photo Juan Branco signed on with the U.N. mission, known as MINUSCA, on May 15 to advise a new Special Criminal Court charged with investigating war crimes and crimes against humanity. The Franco-Spanish lawyer has previously represented Julian Assange, founder of the WikiLeaks site. The court backed by the United Nations is due to begin formal investigations next week despite questions about how effective it can be when the government does not control vast swaths of the conflict-ravaged country. In a letter dated May 28 and provided by Branco to Reuters on Thursday, MINUSCA’s human resources department told Branco that tweets he wrote after signing his contract violated a prohibition against actions “that may adversely affect the interests of the United Nations”. “The consultant agreed and acknowledged ... that any breach of any of the provisions of the contract shall constitute a breach of an essential term of the contract and gives rise to grounds for terminating the contract,” it said. In one tweet, Branco wrote that Rwandan peacekeepers had “massacred more than 30 civilians and wounded 100 others without any justification”, referring to clashes on April 10 in the capital Bangui’s PK5 neighbourhood. The deaths infuriated local residents, hundreds of whom laid the bodies of at least 16 people in front of the entrance to the MINUSCA base. The United Nations said at the time the people they killed had been armed by criminal gangs. Rwanda’s minister of state in the ministry of foreign affairs, Olivier Nduhungirehe, told Reuters that he was not aware of any such accusations against Rwandan peacekeepers. “It sounds like that person is the kind of (person) who says whatever he wants, (which is) the reason why he is ... getting fired,” he said on Thursday. In an email to a U.N. legal officer contesting his firing, Branco accused MINUSCA of trying to cover up a massacre. He said the firing was motivated by a letter he wrote to the court’s special prosecutor and MINUSCA’s top judicial affairs officer the day before saying it was possible the court would investigate alleged crimes by U.N. peacekeepers. In the email, which Branco also provided to Reuters, he denied that his contract restricted him from publicly expressing his opinions or that his actions ran contrary to the interests of the United Nations. “Denouncing crimes, without breaking any confidentiality obligations, is a requirement for anyone, and in particular for those in charge of fighting them,” he wrote. A MINUSCA spokesman said in a statement to Reuters that “commenting publicly about responsibility for crimes, even before he had arrived in the country, is behaviour clearly unacceptable for someone contracted to aid in the operationalization of a special court”. MINUSCA has more than 12,000 armed personnel deployed in Central African Republic, where hundreds of civilians have died since 2013 in conflict fought largely along religious lines and scores more have been raped and tortured. Additional reporting by Clement Uwiringiyimana; Editing by Matthew Mpoke Bigg
U.N. fires Central Africa legal adviser who accused peacekeepers of massacre
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BOSTON, May 1, 2018 /PRNewswire/ -- Eaton Vance closed-end funds (the "Funds") announced distributions today as detailed below. Declaration – 5/1/2018 Ex-Date – 5/10/2018 Record – 5/11/2018 Payable – 5/18/2018 Municipal Bond Funds: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 4/30/18 Distribution Rate at Market Price Eaton Vance California Municipal Income Trust CEV $0.0371 - $11.40 3.91% Eaton Vance Massachusetts Municipal Income Trust MMV $0.0388 - $12.30 3.79% Eaton Vance Michigan Municipal Income Trust EMI $0.0391 - $12.52 3.75% Eaton Vance Municipal Income Trust EVN $0.0541 - $11.65 5.57% Eaton Vance New Jersey Municipal Income Trust EVJ $0.0457 - $11.25 4.87% Eaton Vance New York Municipal Income Trust EVY $0.0500 - $12.00 5.00% Eaton Vance Ohio Municipal Income Trust EVO $0.0451 - $12.41 4.36% Eaton Vance Pennsylvania Municipal Income Trust EVP $0.0421 - $11.32 4.46% Taxable Funds: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 4/30/18 Distribution Rate at Market Price Eaton Vance Senior Income Trust EVF $0.0310 - $6.73 5.53% Eaton Vance Floating-Rate 2022 Target Term Trust EFL $0.0410 ($0.0010) $9.55 5.15% Eaton Vance Limited Duration Income Fund EVV $0.0670 ($0.0136) $13.00 6.18% Eaton Vance High Income 2021 Target Term Trust EHT $0.0475 - $9.85 5.79% Declaration – 5/1/2018 Ex-Date – 5/23/2018 Record – 5/24/2018 Payable – 5/31/2018 Municipal Bond Funds: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 4/30/18 Distribution Rate at Market Price Eaton Vance California Municipal Bond Fund EVM $0.0395 - $10.24 4.63% Eaton Vance California Municipal Bond Fund II EIA $0.0442 - $10.67 4.97% Eaton Vance Massachusetts Municipal Bond Fund MAB $0.0434 - $12.62 4.13% Eaton Vance Michigan Municipal Bond Fund MIW $0.0475 - $12.78 4.46% Eaton Vance Municipal Bond Fund EIM $0.0479 - $11.67 4.93% Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 4/30/18 Distribution Rate at Market Price Eaton Vance Municipal Income 2028 Term Trust ETX $0.0709 - $19.05 4.47% Eaton Vance Municipal Bond Fund II EIV $0.0480 - $11.56 4.98% Eaton Vance New Jersey Municipal Bond Fund EMJ $0.0491 - $11.67 5.05% Eaton Vance New York Municipal Bond Fund ENX $0.0448 - $11.11 4.84% Eaton Vance New York Municipal Bond Fund II NYH $0.0439 - $10.72 4.91% Eaton Vance Ohio Municipal Bond Fund EIO $0.0469 - $11.46 4.91% Eaton Vance Pennsylvania Municipal Bond Fund EIP $0.0486 - $11.83 4.93% Taxable Funds: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 4/30/18 Distribution Rate at Market Price Eaton Vance Floating-Rate Income Plus Fund EFF $0.0750 $0.0010 $16.69 5.39% Eaton Vance Floating-Rate Income Trust EFT $0.0700 - $15.08 5.57% Eaton Vance Senior Floating-Rate Trust EFR $0.0720 ($0.0010) $14.72 5.87% Eaton Vance Short Duration Diversified Income Fund EVG $0.0650 ($0.0115) $13.55 5.76% Eaton Vance Tax-Advantaged Global Dividend Income Fund ETG $0.1025 - $16.84 7.30% Funds Making Distributions Under a Managed Distribution Plan*: Monthly: Fund Ticker Distribution Change From Prior Distribution Closing Market Price – 4/30/18 Distribution Rate at Market Price Eaton Vance Enhanced Equity Income Fund EOI $0.0864 - $15.06 6.88% Eaton Vance Enhanced Equity Income Fund II EOS $0.0875 - $16.51 6.36% Eaton Vance Risk-Managed Diversified Equity Income Fund ETJ $0.0760 - $9.22 9.89% Eaton Vance Tax-Advantaged Dividend Income Fund EVT $0.1450 - $22.35 7.79% Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund ETO $0.1800 - $25.65 8.42% Eaton Vance Tax-Managed Buy-Write Income Fund ETB $0.1080 - $15.75 8.23% Eaton Vance Tax-Managed Buy-Write Opportunities Fund ETV $0.1108 - $15.01 8.86% Eaton Vance Tax-Managed Diversified Equity Income Fund ETY $0.0843 - $11.98 8.44% Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund ETW $0.0910 - $11.61 9.41% Eaton Vance Tax-Managed Global Diversified Equity Income Fund EXG $0.0760 - $9.18 9.93% * These Funds make distributions in accordance with a managed distribution plan. Under the managed distribution plan, a Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information on payment date of the distribution. A Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income." Distributions in excess of Fund returns will cause its net asset value to erode. Investors should not draw any conclusions about a Fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan. The Fund's Board may amend or terminate the managed distribution plan at any time without prior notice to Fund shareholders. The Distribution Rate at Market Price is based on the Fund's most recent regular distribution per share (annualized) divided by the Fund's market price at the end of the period. Fund distributions may be affected by numerous factors, including changes in Fund performance, the cost of financing for Funds that employ leverage, portfolio holdings, realized and projected returns, and other factors. There can be no assurance that an unanticipated change in market conditions or other unforeseen factors will not result in a change in a Fund's distributions at a future time. A portion of the distributions may be comprised of amounts from sources other than net investment income. If that is the case, you will be notified in writing. Further information will be available prior to the payment date at funds.eatonvance.com . The final determination of tax characteristics of each Fund's distributions will occur after the end of the year, at which time it will be reported to the shareholders. The Funds are managed by Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV) which is a leading global asset manager whose history dates to 1924. With offices in North America, Europe, Asia and Australia, Eaton Vance and its affiliates managed $433.9 billion in assets as of March 31, 2018, offering individuals and institutions a broad array of investment strategies and wealth management solutions. For more information, visit eatonvance.com . Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors' expectations for future distribution changes, the clarity of the Fund's investment strategy and future return expectations, and investors' confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund's investment objective, risks, charges and expenses. View original content: http://www.prnewswire.com/news-releases/distribution-dates-and-amounts-announced-for-eaton-vance-closed-end-funds-300640403.html SOURCE Eaton Vance Management
Distribution Dates and Amounts Announced for Eaton Vance Closed-End Funds
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CALGARY, Alberta, May 03, 2018 (GLOBE NEWSWIRE) -- Enerflex Ltd. (TSX:EFX) (“Enerflex” or “the Company” or “we” or “our”), a leading supplier of products and services to the global energy industry, today reported its financial and operating results for the three months ended March 31, 2018. Summary Table of First Quarter 2018 Financial and Operating Results (Unaudited) ($ Canadian millions, except per share amounts, horsepower, and percentages) Three months ended March 31, 2018 2017 Change Revenue $ 385.8 $ 354.8 $ 31.0 Gross margin 64.5 73.3 (8.8 ) EBIT (1) 19.3 33.1 (13.8 ) EBITDA (1) 40.3 52.9 (12.6 ) Adjusted EBITDA (2) 43.7 54.0 (10.3 ) Net earnings $ 10.9 $ 24.5 $ (13.6 ) Earnings per share 0.12 0.28 (0.16 ) Recurring revenue % (3) 29.7 % 38.2 % Bookings (4) $ 301.2 $ 318.7 $ (17.5 ) Backlog (4) 653.6 692.2 (38.6 ) Rental horsepower 609,912 480,022 129,890 Earnings before Interest (Finance Costs), Taxes, Depreciation and Amortization (“EBITDA”) and Earnings before Interest (Finance Costs) and Taxes (“EBIT”) are considered non-GAAP and additional GAAP measures, which may not be comparable with similar non-GAAP or additional GAAP measures used by other entities. Adjusted EBITDA is a non-GAAP measure. Please refer to the full reconciliation of these items in the Adjusted EBITDA section. Determined by taking the trailing 12-month period. Bookings and backlog are considered non-GAAP measures that do not have standardized meanings as prescribed by GAAP, and are therefore unlikely to be comparable to similar measures used by other entities. “Enerflex saw growth in revenues on the basis of strong backlog coming into the quarter. However, the margins and earnings decreased with a significant impact from increased costs on an international project without corresponding increases in revenue,” said J. Blair Goertzen, Enerflex’s President and Chief Executive Officer. “Enerflex had another strong bookings quarter in the USA and Rest of World segments, which more than offset continued weakness in Canada. Going forward, Canadian market conditions are expected to remain soft but the Company expects strong activity in the USA and Rest of World segments across all product lines. The Company’s strategic diversification across geographies and product lines provides protection against downturns in any one region and focuses on locations where opportunities arise.” Quarterly Overview USA and Rest of World (“ROW”) segment bookings are $76 million and $43 million higher than the first quarter of 2017, respectively. The USA segment’s bookings were boosted by the sale of a cryogenic gas plant, with Rest of World bookings related to an integrated turnkey project in Latin America that continues to expand our presence in the Colombian market. Canadian bookings continued to weaken due to challenging market conditions and have declined $136 million over the first quarter of 2017, which included some large projects. Backlog of $654 million decreased slightly from $671 million at December 31, 2017 due to the weakness in the Canadian backlog offset by growth in the USA and ROW segments. EBIT for the quarter is $19 million, which is down from $33 million in the comparative period. This $14 million decline is driven by a $9 million decrease in gross margin and a $2 million increase in SG&A expenses. The prior year results also include a $3 million gain on sale of fixed assets. The Company invested $19 million in rental assets during the quarter, continuing the organic expansion of the USA rental fleet, which has grown 26% since the acquisition of the contract compression business from Mesa Compression, LLC (“Mesa”). Subsequent to the quarter, as part of ongoing efforts to reduce capital employed associated with idle facilities, the Company entered into an agreement to sell an idle facility in Wyoming for USD$3.5 million. A letter of intent was also received on a second idle facility in Wyoming with expected proceeds of USD$6.4 million. Subsequent to March 31, 2018, the Company declared a quarterly dividend of $0.095 per share, payable on July 5, 2018, to shareholders of record on May 17, 2018. First Quarter Results Summary Revenue increased across all product lines during the first quarter. Engineered Systems revenue was higher, driven primarily by increases in the Canada segment based on the strength of backlog entering 2018. Service revenues were higher due to increased activity levels in the Middle East and Australia. Rental revenues increased due to the contributions by the assets acquired from Mesa and the new build-own-operate-maintain (“BOOM”) revenues in Colombia. Gross margins have decreased even as revenues have increased due to the completion of higher margin projects in the prior year, margin erosion on certain projects in Canada, and margin erosion and project delays on a project in the Middle East. SG&A costs were higher compared to the same period of 2017 due to higher compensation costs and foreign exchange expense, offset by lower share-based compensation and lower third party service costs. As a result, net earnings of $11 million was lower than $25 million from the first quarter of 2017. First Quarter Segmented Results USA Revenue in the USA segment was $192 million, a decrease of $2 million from the same period in 2017. Engineered Systems revenue declined, driven largely by the inclusion of some large projects in the prior quarter and the impact of the weaker U.S. dollar, offset by higher revenue in the Service and Rental product lines. EBIT declined by $8 million due to lower margins in Engineered Systems driven by a greater proportion of revenue coming from lower margin compression sales, the inclusion of some high margin projects in the prior year results, and an increase in SG&A costs. Rest of World Revenue in the Rest of World segment increased by $10 million due to higher Engineered Services revenue on the progression of some large projects in the Middle East and Latin America. Service revenue was also higher due to increased activity levels in both Australia and the Middle East. The decline in rental revenue was the result of lower utilization rates in Mexico, partially offset by the new BOOM project revenues in Colombia. Operating income was lower than the prior year due to margin erosion in the Middle East and the comparative period included some high margin projects that were completed in 2017. SG&A costs decreased as there were no third-party costs associated with the Oman Oil Exploration and Production LLC (“OOCEP”) arbitration, partially offset by some negative foreign exchange impacts. Canada Canadian revenue increased by $23 million over the comparative period due to higher Engineered Systems revenue driven by strong bookings in the last half of 2017. Service revenues and rental revenues are both down year-over-year, both being negatively impacted by lower parts and equipment sales. Operating income improved by $4 million due to the higher Engineered Systems revenues, partially offset by margin erosion on certain projects and higher SG&A costs. Outlook While the first quarter was challenging from an earnings perspective, bookings remain healthy in the USA and Rest of World segments, and while customers in Canada remain cautious about committing to new projects, enquiry levels remain strong. Continued strength in the backlog provides solid visibility over revenues for the balance of 2018 with Canada expected to face ongoing pressure until the back half of 2018. Enerflex expects these underlying market conditions to continue and is well positioned to focus on areas where activity will remain strong due to the Company’s strategy of regional and product diversification. Adjusted EBITDA The Company’s results include items that are unique and items that management and users of the financial statements add back when evaluating the Company’s results. The presentation of adjusted EBITDA should not be considered in isolation from EBIT or EBITDA as determined under IFRS. Adjusted EBITDA may not be comparable to similar measures presented by other companies and should not be considered in isolation or as a replacement for measures prepared as determined under IFRS. The items that have been adjusted for presentation purposes relate generally to four categories: 1) impairment or gains on assets; 2) restructuring activities; 3) acquisition costs; and, 4) share-based compensation. Identification of these items allows for an understanding of the underlying operations of the Company based on the current assets and structure. Enerflex has presented the impact of share-based compensation as it is an item that can fluctuate significantly with share price changes during a period based on factors that are not specific to the long-term performance of the Company. ($ Canadian millions) Three months ended March 31, 2018 Total Canada USA ROW Reported EBIT $ 19.3 $ 1.9 $ 14.7 $ 2.7 Restructuring costs in COGS and SG&A 0.9 - - 0.9 (Gain) loss on disposal of PP&E 0.1 0.1 - - Share-based compensation 2.4 0.6 1.2 0.6 Depreciation and amortization 21.0 3.0 5.1 12.9 Adjusted EBITDA $ 43.7 $ 5.6 $ 21.0 $ 17.1 ($ Canadian millions) Three months ended March 31, 2017 Total Canada USA ROW Reported EBIT $ 33.1 $ 1.3 $ 22.6 $ 9.2 Restructuring costs in COGS and SG&A - - - - (Gain) loss on disposal of PP&E (2.9 ) (2.9 ) - - Share-based compensation 4.0 0.8 2.2 1.0 Depreciation and amortization 19.8 3.5 2.9 13.4 Adjusted EBITDA $ 54.0 $ 2.7 $ 27.7 $ 23.6 There were no costs related to the ongoing arbitration proceedings with OOCEP during the first quarter of 2018. The first quarter of 2017 included approximately $2.0 million of arbitration related costs. These amounts are not adjusted for in the calculation of Adjusted EBITDA. Dividend Subsequent to the end of the first quarter 2018, Enerflex declared a quarterly dividend of $0.095 per share, payable on July 5, 2018, to shareholders of record on May 17, 2018. Quarterly Results Material This press release should be read in conjunction with Enerflex’s interim condensed financial statements as at and for the three months ended March 31, 2018, and the accompanying Management’s Discussion and Analysis, both of which will be available on the Enerflex website at www.enerflex.com under the Investors section and on SEDAR at www.sedar.com . Conference Call and Webcast Details Enerflex will host a conference call for analysts, investors, members of the media, and other interested parties on Friday, May 4, 2018 at 8:00 a.m. MDT (10:00 a.m. EDT) to discuss the first quarter 2018 financial results and operating highlights. The call will be hosted by Mr. J. Blair Goertzen, President and Chief Executive Officer and Mr. D. James Harbilas, Executive Vice President and Chief Financial Officer of Enerflex. If you wish to participate in this conference call, please call 1.844.231.9067 or 1.703.639.1277. Please dial in 10 minutes prior to the start of the call. No passcode is required. The live audio webcast of the conference call will be available on the Enerflex website at www.enerflex.com under the Investors section on May 4, 2018 at 8:00 a.m. MDT (10:00 a.m. EDT). A replay of the teleconference will be available on May 4, 2018 at 11:00 a.m. MDT until May 11, 2018 at 11:00 a.m. MDT. Please call 1.855.859.2056 or 1.404.537.3406 and enter conference ID 6075915. About Enerflex Enerflex Ltd. is a single source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment – plus related engineering and mechanical service expertise. The Company’s broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, and service hydrocarbon handling systems. Enerflex’s expertise encompasses field production facilities, compression and natural gas processing plants, gas lift compression, refrigeration systems, and electric power equipment servicing the natural gas production industry. Headquartered in Calgary, Canada, Enerflex has approximately 2,100 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint-ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, Australia, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Kuwait, Indonesia, Malaysia, and Thailand. Enerflex’s shares trade on the Toronto Stock Exchange under the symbol “EFX”. For more information about Enerflex, go to www.enerflex.com . Advisory Regarding Forward-Looking Information This press release contains forward-looking information within the meaning of applicable Canadian securities laws. These statements relate to management’s expectations about future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “propose”, “might”, “may”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “predict”, “forecast”, “pursue”, “potential”, “objective” and “capable” and similar expressions are intended to identify forward-looking information. In particular, this press release includes (without limitation) forward-looking information pertaining to: the anticipated duration of weak natural gas prices and the effect thereof in Canada and USA markets; expected bookings; and the nature and scope of challenges and opportunities in the Rest of World segment . In developing the forward-looking information in this news release, the Company has made certain assumptions with respect to general economic and industry growth rates, commodity prices, currency exchange and interest rates, competitive intensity and regulatory approvals. Forward-looking information involves known and unknown risks and uncertainties and other factors, which are difficult to predict and may affect the Company’s operations, including, among other things: the impact of general economic conditions; industry conditions, including the adoption of new environmental, taxation and other laws and regulations and changes in how they are interpreted and enforced; volatility of oil and gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations, including future dividends to shareholders of the Company; increased competition; the lack of availability of qualified personnel or management; labour unrest; political unrest; fluctuations in foreign exchange or interest rates; stock market volatility; opportunities available to, or pursued by, the Company; obtaining financing; and other factors, many of which are beyond its control. The foregoing list of factors and risks is not exhaustive. For an augmented discussion of the risk factors and uncertainties that affect or may affect Enerflex, the reader is directed to the section entitled “Risk Factors” in Enerflex’s most recently filed Annual Information Form, as well as Enerflex’s other publicly filed disclosure documents, available on www.sedar.com . While the Company believes that there is a reasonable basis for the forward-looking information and statements included in this press release, as a result of such known and unknown risks, uncertainties and other factors, actual results, performance, or achievements could differ materially from those expressed in, or implied by, these statements. The forward-looking information included in this press release should not be unduly relied upon. The forward-looking information contained herein is expressly qualified in its entirety by the above cautionary statement. The forward-looking information included in this press release is made as of the date hereof and, other than as required by law, the Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. For investor and media inquiries, please contact: J. Blair Goertzen D. James Harbilas President & Chief Executive Officer Executive Vice President & Chief Financial Officer Tel: 403.236.6852 Tel: 403.236.6857 Source: Enerflex Ltd.
Enerflex Reports First Quarter 2018 Financial Results and Quarterly Dividend
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5 Hours Ago | 01:46 A start-up called Volans-i is building drones that can deliver heavy parts over long distances, even to a ship that's sailing at sea. This kind of technology could have saved the Titanic, CEO and co-founder Hannan Parvizian quipped. The company shared footage of a recent test flight over Lake Pleasant in Arizona with CNBC where its drones took off from and landed on platforms attached to moving boats. Volans-i Volans-i's drones are able to travel for up to 500 miles carrying 20 pounds of cargo at a time at a top speed of 200 miles per hour. (A delivery from Los Angeles to San Francisco would take three to four hours.) They are able to do this by employing fixed wings along with vertical-take-off-and-landing systems for flight, and both batteries and fuel for propulsion. Because the Volans-i drones can take off or land on any flat 15-by-15 foot platform, the company and its customers don't have to build any special infrastructure to make or take deliveries. Regulators are still figuring out how drones will be allowed to operate in lower airspace above the U.S. But Volans-i is one of a spate of companies that wants to become a next-generation, drone-based UPS, Maersk or FedEx. Competitors to Volans-i include a mix of start-ups and titans in logistics including: Zipline, Flirtey, Matternet and Impossible Aerospace; and Amazon and DHL. While many drone delivery businesses have focused on the food and medical supplies, Volans-i aims to deliver heavy parts and equipment to factories, hospitals, construction sites and ships at sea. Volans-i CEO Hannan Parvizian was formerly an operations analyst at Tesla. Working for the electric vehicle maker inspired his idea for the company. He said: "When I used to work at Tesla, we had this problem on a daily basis of trying to deliver certain parts to our service centers quickly, or get parts back to our main warehouse…Looking at the numbers, I figured if someone could combine the use of drones with the component of b2b to deliveries, this would be very helpful for us, and companies like ours." Volans-i cofounder Wesley Guangyuan Zheng, an energy storage expert, also worked for an electric vehicle company, Lucid Motors. (Both have graduate degrees from Stanford, which is where they met.) Their company is a graduate of the Y Combinator accelerator, and has so far raised seed funding from Y Combinator and Lightspeed Ventures. Darren Weaver Digital Video Producer Playing
Volans-i drones can haul cargo for 500 miles and land on a moving ship
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in a minute BRIEF-Arcadia Biosciences Q1 Revenue Fell 79 Percent To $214,000 Reuters Staff May 9 (Reuters) - Arcadia Biosciences Inc: * ARCADIA BIOSCIENCES ANNOUNCES FIRST-QUARTER 2018 FINANCIAL RESULTS AND BUSINESS HIGHLIGHTS * Q1 REVENUE FELL 79 PERCENT TO $214,000 * ARCADIA BIOSCIENCES - “THE COMPANY IS WELL FUNDED TO BEGIN COMMERCIALIZATION ACTIVITIES FOR ITS PORTFOLIO OF HEALTH AND NUTRITION PRODUCTS” * QTRLY LOSS PER SHARE $4.86 Source text for Eikon:
BRIEF-Arcadia Biosciences Q1 Revenue Fell 79 Percent To $214,000
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NEW YORK, May 1, 2018 /PRNewswire/ -- The Board of Directors of S&P Global (NYSE: SPGI) has approved a regular quarterly cash dividend on the Corporation's common stock. The dividend of $0.50 is payable on June 12, 2018, to shareholders of record on May 29, 2018. The annualized dividend rate is $2.00 per share. The Company has paid a dividend each year since 1937 and is one of fewer than 25 companies in the S&P 500® that has increased its dividend annually for at least the last 45 years. 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 . Media Relations Contact: Jason Feuchtwanger Director, Corporate Media Relations (212) 438-1247 (office) (347) 419-4169 (cell) [email protected] Investor Relations Contact: Chip Merritt Vice President, Investor Relations (212) 438-4321 [email protected] View original content: http://www.prnewswire.com/news-releases/sp-global-declares-quarterly-dividend-300640276.html SOURCE S&P Global
S&P Global Declares Quarterly Dividend
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May 6, 2018 / 9:24 PM / in a day Cuban artists stage alternative festival after government delay Sarah Marsh 4 Min Read HAVANA (Reuters) - A group of Cuban artists launched an alternative arts festival this weekend in Havana in response to the Communist government saying it was postponing the official biennial by a year to prioritize funding on rebuilding after Hurricane Irma. The artists had been indignant at the delay of the state-run arts extravaganza, which typically takes over Havana for a month and allows them to showcase their art to international collectors, galleries and curators. They said they felt the decision to postpone it to 2019 had to do with the political transition this year and a fear of anything that could cause instability. Cuba named a new president last month, Miguel Diaz-Canel, to replace Raul Castro. While the “00Biennial” which runs for 10 days until May 15 does not have the scope of the official one, it is offering an unusual independent platform for artists in a country where the state dominates all aspects of society. The government has criticized it as a “provocative maneuver” but allowed it to go ahead, something unthinkable 10 years ago, according to organizer and artist Luis Manuel Otero Alcantara. “We are not against the Havana biennial,” Otero Alcantara told the crowd at the event’s inauguration on Saturday outside his home in Old Havana which is hosting a dozen exhibits. “But why should we not project our ideas from an alternative platform or that of individual art?” Cuba punches above its weight culturally, partly because the Communist government has invested in heavily in the arts since the country’s 1959 revolution, seeking to make culture less elitist and more universally accessible. Otero Alcantara said the 00Biennial, which is taking place in the independent studios that have flourished throughout Havana in recent years as the country has opened up, does not aim to attack Cuban institutions or showcase political art. However, Cuba’s National Union of Writers and Artists accused it this week of creating “a climate propitious to promoting the interests of the enemies of the nation.” Cuba’s longtime foe, the United States, has in the past provided funds to promote anti-establishment artists as part of efforts to foster political change on the island. Many Cuban artists say they are tired of that being used as an excuse to shut down independent arts movements, and complained about pressure from authorities not to participate. The 00Biennial is focused on a wide range of artists, including Cuba’s rappers who usually struggle to reach their public given a state monopoly on media and other public spaces. But it is also showcasing artists working within the establishment, like Reynier Leyva Novo, who has exhibited work at the official Havana Biennial as well as the Cuban state pavilion at the Venice Biennial. In what he called a performance, Leyva Novo sold an artwork to the National Council of Visual Arts and donated the $3,800 payment to the 00Biennial, to undercut government accusations of it receiving “funds of the mercenary counter-revolution.” “They try to discredit you saying you are counterrevolutionary,” he said. “But really this is a genuine cultural project in the absence of an official space.” Reporting by Sarah Marsh; Editing by Lisa Shumaker
Cuban artists stage alternative festival after government delay
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May 9, 2018 / 5:47 PM / Updated 11 minutes ago BRIEF-Pareteum Announces $6.1 Mln Registered Direct Offering Reuters Staff May 9 (Reuters) - Pareteum Corp: * PARETEUM ANNOUNCES $6.1 MILLION REGISTERED DIRECT OFFERING * PARETEUM CORP - AGREED TO SELL AN AGGREGATE OF 2.4 MILLION SHARES OF COMMON STOCK, $0.00001 PAR VALUE PER SHARE * PARETEUM CORP - PURCHASE PRICE PER SHARE WAS $2.50 Source text for Eikon: Further company coverage:
BRIEF-Pareteum Announces $6.1 Mln Registered Direct Offering
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May 9, 2018 / 11:16 AM / in 9 minutes BRIEF-Plug Power Reports Qtrly Adjusted Loss Per Share Of $0.07 Reuters Staff May 9 (Reuters) - Plug Power Inc: * QTRLY NET REVENUE $27.2 MILLION VERSUS $15.2 MILLION * PLUG POWER - FORECASTING SALES IN Q2 OF $37 MILLION TO $41 MILLION * FORECAST RANGE FOR POSITIVE ADJUSTED GROSS MARGIN OF 3% TO 5% AND EBITDAS OF NEGATIVE $7 MILLION TO $9 MILLION FOR Q2 * Q1 EARNINGS PER SHARE VIEW $-0.10, REVENUE VIEW $23.2 MILLION — THOMSON REUTERS I/B/E/S * Q2 REVENUE VIEW $34.8 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
BRIEF-Plug Power Reports Qtrly Adjusted Loss Per Share Of $0.07
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May 2, 2018 / 11:23 AM / Updated 13 minutes ago CORRECTED-BRIEF-Unilever Chairman says "not chasing protectionism" Reuters Staff (Corrects currency in UK investment to pounds from dollars) May 2 (Reuters) - Unilever PLC: * UNILEVER CHAIRMAN SAYS “WE ARE NOT CHASING PROTECTIONISM” W/ MOVE TO NETHERLANDS, CITES CANCELING OF PREFERENCE SHARES AS EVIDENCE * UNILEVER CHAIRMAN SAYS STILL IN TALKS W/ FTSE OVER INCLUSION, SAYS DECISION NOT UP TO COMPANY * UNILEVER CEO SAYS SAINSBURY’S PURCHASE OF WALMART EXAMPLE OF CONSOLIDATION UNDER PRESSURE THAT SHOULD CONTINUE * UNILEVER CEO SAYS ON PRICE CUTS PREDICTED BY SAINSBURY’S, IF THERE ARE EFFICIENCIES THERE, CONSUMERS WILL BENEFIT * UNILEVER CHAIRMAN SAYS THERE WILL BE CONTINUOUS INVESTMENT OF 1 BILLION POUNDS/YEAR IN RESOURCE INVESTMENT IN UK * UNILEVER CHAIRMAN SAYS UK REMAINS “VERY, VERY IMPORTANT” IN THE FUTURE Source text for Eikon: Further company coverage: (Reporting By Martinne Geller)
CORRECTED-BRIEF-Unilever Chairman says "not chasing protectionism"
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May 7, 2018 / 2:03 PM / Updated 27 minutes ago Carl Icahn sells stake in AIG - Forbes Reuters Staff 1 Min Read May 7 (Reuters) - Billionaire investor Carl Icahn has sold his stake in U.S. insurer AIG, Forbes reported here #5c544732423d on Monday. With a 4.76 percent stake, Icahn was AIG’s third largest shareholder at the end of 2017, according to Thomson Reuters data. Icahn exited AIG when the stock changed hands between $60 and $65, the report said. (Reporting by Parikshit Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)
Carl Icahn sells stake in AIG - Forbes
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May 16, 2018 / 7:28 PM / Updated 5 minutes ago Former Indian central bank boss says won't apply for top BoE job David Milliken 3 Min Read LONDON (Reuters) - Former Reserve Bank of India chief Raghuram Rajan said on Wednesday he did not intend to apply for the job of Bank of England governor which is due to come vacant next year. India’s former Reserve Bank of India (RBI) Governor Raghuram Rajan, gestures during an interview with Reuters in New Delhi, India September 7, 2017. REUTERS/Adnan Abidi Rajan has been mentioned by analysts as a possible future BoE governor after Mark Carney - who previously headed Canada’s central bank - steps down at the end of June 2019. “I have a very good job at the University of Chicago and I actually am an academic, not a professional central banker. I am very happy where I am,” Rajan told reporters after an event in London hosted by the U.S. university’s Booth School of Business, where he is a finance professor. “I think I’ve said all I can say. I’m not going to apply for a job anywhere, absolutely.” Asked what he would do if he were approached to fill the role, Rajan - who was the RBI’s governor until September 2016 - said he had answered a similar question. British finance minister Philip Hammond is expected to name Carney’s successor later this year, and said in Washington last month that he would consider candidates from abroad. Andrew Bailey, a former BoE deputy governor who now heads Britain’s Financial Conduct Authority, is seen as the front-runner by many economists in the City of London. Aside from current senior BoE staff, other names mentioned include Agustin Carstens, the Mexican who is general manager of the Bank for International Settlements, Minouche Shafik, a former BoE deputy governor who heads the London School of Economics and Shriti Vadera, who chairs Santander UK ( SAN.MC ). Rajan is a former chief economist at the International Monetary Fund, and warned of financial imbalances in the run-up to the 2007-08 global crisis. On Wednesday, he said that banks were now much safer but risk had shifted to other parts of the financial system. Debt troubles in Argentina were likely to be repeated elsewhere and he highlighted the increased volume of ‘covenant-lite’ loans compared with before the crisis. The U.S. Federal Reserve and the European Central Bank had probably done too much in the way of asset purchases once the worst of the crisis had passed, Rajan added, and had let governments off the hook in terms of undertaking structural reform and providing fiscal stimulus. In the ECB’s case, asset purchases appeared to have weakened the euro but not boosted real economic activity. He declined to comment on whether the BoE’s 435 billion pound ($587 billion) asset purchases were too much, or if Britain’s fiscal austerity since 2010 had been excessive, as he had not studied the British economy in as much depth. Reporting by David Milliken; Editing by William Schomberg and David Stamp
UPDATE 1-Former Indian central bank boss says won't apply for top BoE job
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May 7, 2018 / 2:34 AM / Updated 12 hours ago South Africa exit, Super Rugby expansion reports 'wrong' - SANZAAR Nick Mulvenney 3 Min Read SYDNEY (Reuters) - Southern hemisphere rugby’s governing body on Monday dismissed as “simply wrong” media speculation that South Africa’s Super Rugby teams were set to defect to Europe and that expanding the competition into the United States was on the cards. SANZAAR, the body owned by the South Africa, New Zealand, Australia and Argentina unions, and which also runs the Rugby Championship, said the organisation was in the middle of a detailed strategic review. While it was engaged in some “blue-sky thinking” as it looked at potential future formats for their competitions up to 2030, SANZAAR said, there was no question of any of the four major stakeholders leaving the joint venture. “As part of this process the member unions have fully committed to the strategy and their future participation,” said chief executive Andy Marinos. “Any talk of a change to the stakeholder relationship and partners withdrawing, creation of new teams in new markets and Trans-Tasman competitions is unsubstantiated speculation and simply wrong.” Super Rugby was forced to contract from 18 to 15 teams for this season, an admission that a three-team expansion in 2016 had been a failure on pretty much all levels. The two South African teams axed, the Bloemfontein-based Cheetahs and Port Elizabeth side the Southern Kings, subsequently joined the Pro-14 league in Europe and reports at the weekend suggested more sides were set to follow. Last week, part of the SANZAAR review was leaked to the Sydney Morning Herald, who extrapolated from the discussions of expansion that the United States was a target for new teams. “It is very disappointing that various aspects of the initial work in terms of potential tournament formats been taken out of context and aired in public,” Marinos added. “Potential expansion into new markets for example should not be confused with only an increase in teams. We are already in the process of taking the established product to new markets. “Matches being played in Singapore, Hong Kong, Fiji and Samoa are examples of this.”We are especially mindful at present that we have just come out of a process that has seen a contraction of Super Rugby. The introduction of new teams or any form of expansion would need to meet a defined set of criteria that have been established.” Reporting by Nick Mulvenney; Editing by Ian Ransom
Rugby-S.Africa exit, Super Rugby expansion reports 'wrong' - SANZAAR
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May 11, 2018 / 8:05 AM / in 10 hours Japan sees 90 percent chance of La Nina ending during spring Reuters Staff 1 Min Read TOKYO (Reuters) - Japan’s weather bureau said on Friday a La Nina weather pattern is still on, but there was a 90 percent chance it would end during spring, between March and May. The Japan Meteorological Agency (JMA) had said last month it saw a 90 percent chance of the La Nina ending during spring. A 70 percent chance of normal weather patterns without La Nina or El Nino in the northern hemisphere summer months, JMA added. Reporting by Yuka Obayashi, Editing by Sherry Jacob-Phillips
Japan sees 90 percent chance of La Nina ending during spring
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PARSIPPANY, N.J.--(BUSINESS WIRE)-- Wireless Telecom Group, Inc. (NYSE American:WTT), a leader in wireless communications and radio frequency instrumentation, announced today it will release its first quarter 2018 financial results on Wednesday May 9 th , 2018, before the market opens. The Company will host a conference call on Wednesday May 9 th , 2018 at 8:30 am EST in which management will discuss first quarter results. To participate in the conference call, dial 800-346-7359 or 973-528-0008. The conference identification number is 476934. The call will also be webcast over the internet at the following URL: https://www.webcaster4.com/Webcast/Page/1690/25764 A replay will be made available on the Wireless Telecom website for a limited period of time following the conference call. Wireless Telecom Group, Inc ., comprised of Boonton Electronics, CommAgility, Microlab and Noisecom, is a global designer and manufacturer of advanced RF and microwave components, modules, systems and instruments. Serving the wireless, telecommunication, satellite, military, aerospace, semiconductor and medical industries, Wireless Telecom Group products enable innovation across a wide range of traditional and emerging wireless technologies. With a unique set of high-performance products including peak power meters, signal analyzers, signal processing modules, LTE PHY and stack software, power splitters and combiners, GPS repeaters, public safety monitors, noise sources, and programmable noise generators, Wireless Telecom Group supports the development, testing, and deployment of wireless technologies around the globe. Wireless Telecom Group is headquartered in Parsippany, New Jersey, in the New York City metropolitan area, and maintains a global network of Sales and Service offices for excellent product service and support. Wireless Telecom Group’s website address is http://www.wtcom.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006823/en/ Wireless Telecom Group, Inc. Michael Kandell, 973-386-9696 Source: Wireless Telecom Group, Inc.
Wireless Telecom Group Announces First Quarter 2018 Financial Results Will Be Released May 9, 2018
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May 3, 2018 / 5:10 PM / Updated 19 minutes ago UPDATE 1-Smith & Nephew, financials knock FTSE off 3-month high Reuters Staff * FTSE 100 down 0.5 pct at close * Smith & Nephew falls 7 pct after results * Trade war worries weigh on global markets (Recasts, updates prices at close) By Helen Reid LONDON, May 3 (Reuters) - Britain’s top share index slipped on Thursday as a tumble in Smith & Nephew’s shares and weakness across financials and health stocks dragged the FTSE 100 off a three-month high. Despite a firmer start to trading and a weaker pound, the blue chip FTSE 100 turned lower and ended the session down 0.54 percent at 7,502.69 points, only slightly outperforming a negative European market. Results dominated trading with sharp falls for some stocks, but investors remained positive on the overall picture for the UK earnings season. Shares in Smith & Nephew had their worst performance in close to 10 years, down 7 percent after Europe’s biggest artificial hip and knee maker downgraded its revenue and profit forecasts following a weak first quarter. Go Ahead Group tumbled 11.2 percent after Deutsche Bank downgraded the stock to ‘hold’ from ‘buy’, saying that in the absence of future rail franchise wins it is no longer clear the shares are significantly undervalued. Glencore shares climbed 0.4 percent after the commodities trader and miner said it expected 2018 earnings from its trading division to be at the top end of its previously forecast range. Despite the negative mood on the day, Britain’s leading stock index has enjoyed a rapid revival in recent weeks. It is up a hefty 9 percent since it hit a 15-month low as recently as March 26. “I would not be surprised if we continue to see very strong UK equities numbers and a really quite material re-rating,” said Guy Monson, chief investment officer at Sarasin & Partners, adding that if Brexit talks result in a settlement there could be a flight back into UK equities. “We have been tactically adding on dark days,” he added, saying he was keeping a UK focus “for a real backing of the underdog.” Inbound M&A interest in British assets continued apace with French property group Fonciere des Regions buying 14 upmarket hotels in Britain from Starwood Capital for 858 million pounds ($1.2 billion). The deal would also see InterContinental Hotels Group sign long-term leases for 13 of those 14 hotels and subsequently rebranding and running them. “We have seen absolutely record levels of M&A,” said Sarasin’s Monson. “The deal market began the year dotted with a few intra-UK announcements, but has since seen a flurry of large inbound acquisition attempts,” said Liberum strategists. “These stocks have offered growing revenue and international exposure at a depressed valuation.” Reporting by Helen Reid Editing by Keith Weir and Hugh Lawson
UPDATE 1-Smith & Nephew, financials knock FTSE off 3-month high
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Good morning from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY The US and China are closing in on a deal that would give China’s ZTE a reprieve from WSJ City PM: Goldman and Tesla Plan Senior Shake-Ups, Bulls Favour US Over Europe Next What’s Polarizing China’s Bond Market?
WSJ City: U.S. and China Discussing ZTE and Agriculture Deal, Lies, Damn Lies and Inflation
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* CEO faces grilling over Cambridge Analytica scandal * Days before tough EU data protection rules take effect * Zuckerberg to meet France's Macron on Wednesday (Adds quotes on innovation) BRUSSELS, May 22 (Reuters) - Facebook boss Mark Zuckerberg apologised to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world's biggest social media network. Zuckerberg agreed to meet leaders of the European Parliament to answer questions about how political consultancy Cambridge Analytica improperly got hold of the personal data of 87 million Facebook users, including up to 2.7 million in the EU. In his opening remarks, Zuckerberg said it had "become clear over the last couple of years that we haven't done enough to prevent the tools we've built from being used for harm as well." "Whether it's fake news, foreign interference in elections or developers misusing peoples information, we didnt take a broad enough view of our responsibilities. That was a mistake, and Im sorry." His comments, sitting at a circular table with EU Parliament leaders, dressed in a suit, tie and white shirt, echo an apology last month to U.S. lawmakers. But questions remain over how Facebook let the leak happen and whether it is doing enough to prevent a recurrence. Zuckerberg's appearance in Brussels comes three days before tough new EU rules on data protection take effect. Companies will be subject to fines of up to 4 percent of global turnover for breaching them. In the session, Manfred Weber, leader of the centre-right in the European Parliament and a German ally of Chancellor Angela Merkel, asked Zuckerberg why Facebook shouldn't be broken up as a monopoly. Zuckerberg declined to answer specific questions on the cross-use of data from Facebook, its WhatsApp messaging service which has more than one billion daily users, and the blocking of target ads. As he did with a series of questions from U.S. lawmakers last month, Zuckerberg said he would send follow-up answers later. However, he said Facebook expected to be compliant with the EU rules, called the General Data Protection Regulation, when they come into force on May 25, stressing the company's commitment to Europe where it will employ 10,000 people by the end of the year. "I believe deeply in what we're doing. And when we address these challenges, I know we'll look back and view helping people connect and giving more people a voice as a positive force here in Europe and around the world," he said. KEEPING PEOPLE SAFE Since the Cambridge Analytica scandal, Facebook has suspended 200 apps from its platforms as it investigates third-party apps that have access to large quantities of user data. Cambridge Analytica and its British parent, SCL Elections Ltd, have declared bankruptcy and closed down. Zuckerberg said investments in security would significantly impact Facebook's profitability, but "keeping people safe will always be more important than maximising our profits." Some European officials want a tougher line on big technology firms, however. Facebook's compliance with the new EU data rules will be closely watched, as will its efforts to tackle the spread of fake news ahead of European Parliamentary elections next year. "Some sort of regulation is important and inevitable," Zuckerberg said, but he echoed calls in the United States that innovation should not be stifled. "The important thing is ...to make sure that we have regulatory frameworks that help protect people that are flexible so that they allow for innovation," he said. After plunging when the data leak scandal broke in March, Facebook shares have recovered, helped by stronger-than-expected quarterly results. Zuckerberg will go on to meet French President Emmanuel Macron on Wednesday but has so far declined to appear in front of British lawmakers. (Reporting by Julia Fioretti, Editing by Mark Potter and David Stamp)
UPDATE 6-Facebook's apologises to EU lawmakers over data leak
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May 18, 2018 / 5:36 AM / Updated 2 hours ago West Ham close to hiring manager with 'proven record' Reuters Staff 2 Min Read (Reuters) - West Ham United have reassured supporters that the club are close to appointing an experienced manager to succeed David Moyes and turn the team’s fortunes around. FILE PHOTO: Soccer Football - Premier League - Burnley vs West Ham United - Turf Moor, Burnley, Britain - October 14, 2017 West Ham United co chairman David Sullivan before the match REUTERS/Peter Powell Moyes signed a short-term deal in November and helped West Ham climb out of relegation trouble to secure a 13th-placed finish but the Scot parted ways with the London outfit on Wednesday. West Ham said that they were “extremely confident” of hiring a proven first team manager within the next seven days. "I would like to reassure our supporters that we have left no stone unturned in selecting the individual we believe is the right man to take West Ham United forward," co-owner David Sullivan said in a statement on the club's website www.whufc.com . “We have followed a process that is progressing entirely to plan and are now very close to reaching an agreement. “This is an exciting time for our football club. We are preparing to appoint a manager who has a proven record of success at the highest level of the game.” Newcastle United manager Rafa Benitez and former Manchester City boss Manuel Pellegrini are among the favourites for the vacant role, according to British media reports. Reporting by Aditi Prakash in Bengaluru; Editing by John O'Brien
West Ham close to hiring manager with 'proven record'
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Israel’s military carried out strikes against Iranian targets in Syria after it said Iranian forces based there fired rockets at its soldiers in the Golan Heights, raising the risk of a wider regional war just a day after President Donald Trumpwithdrew the U.S. from the international nuclear deal with Tehran. Iran’s attack in the Golan appears to be the first time Iran has opened fire from Syria on Israeli targets. The Israeli military said dozens of Iranian military sites across southern and central Syria were struck. The... RELATED VIDEO Will Trump's Iran Bet Pay Off? After President Donald Trump's big gamble to pull the U.S. out of the Iran nuclear deal, the focus now shifts to Tehran, the Iranian people and America's allies. Gerald F. Seib explains the high stakes. Photo: Getty To Read the Full Story Subscribe Sign In
Israel Strikes Iranian Targets in Syria After Golan Heights Attack
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SOFIA (Reuters) - The European Union will stick to the Iran deal and the bloc’s leaders have mandated their Brussels-based executive to defend the interests of European companies dealing with Tehran from U.S. sanctions if needed, top EU official said. “On Iran nuclear deal, we agreed unanimously that the EU will stay in the agreement as long as Iran remains fully committed to it. Additionally the Commission was given a green light to be ready to act whenever European interests are affected,” the chairman of a two-day EU leaders’ summit in the Bulgarian capital, Donald Tusk, told a news conference. The head of the bloc’s executive European Commission, Jean-Claude Juncker, told the same conference that the EU was ready to start trade liberalization talks with the United States in some areas if Washington gives permanent exemptions from aluminum and steel tariffs. Reporting by Gabriela Baczynska and Ivana Sekularac
Top EU officials agree joint stance on Iran deal, U.S. trade
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May 10 (Reuters) - EchoStar Corp: * Q1 EARNINGS PER SHARE $0.16 EXCLUDING ITEMS * Q1 LOSS PER SHARE $0.22 Source text for Eikon: Further company coverage:
BRIEF-Echostar Reports Q1 Earnings Per Share Of $0.16 Excluding Items
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EditorsNote: Updates with Quote: s throughout Tomas Nosek scored two goals, including what proved to be the game-winner with 10:16 remaining in the third period, to lead the Vegas Golden Knights to a wild 6-4 victory over the Washington Capitals in Game 1 of the Stanley Cup Final on Monday night at T-Mobile Arena in Las Vegas. Nosek, who had just 15 points and seven goals in 67 games during the regular season, scored his second and third goals of the playoffs. Reilly Smith had a goal and an assist, and William Karlsson, Ryan Reaves and Colin Miller also scored goals for Vegas, which improved to 13-3 in the playoffs, including 7-1 at home. Deryk Engelland added two assists. “We kept battling back,” Golden Knights head coach Gerard Gallant said. “We went down 4-3, and we never quit. Fortunately for us, we got some bounces and worked hard.” Marc-Andre Fleury made 24 saves to pick up his 75th career playoff victory, just two behind Mike Vernon for seventh on the all-time list. “Maybe a little too exciting for the goalies,” Fleury said of the high-scoring affair, despite both goaltenders entering on hot streaks. “Sometimes it goes that way. ... For me it was just about trying to stop the next one and keep us close in the game.” Nicklas Backstrom had a goal and an assist and Tom Wilson, John Carlson and Brett Connolly also scored goals for Washington, while T.J. Oshie added a pair of primary assists for the Capitals. Braden Holtby finished with 28 saves. After a lengthy pregame ceremony that featured player introductions by longtime boxing and pro wrestling ring announcer Michael “Let’s Get Ready to Rumble” Buffer, Vegas opened the scoring at the 7:15 mark when Miller rifled a shot from the right point just inside the right post, ending a 166:42 scoreless string by Holtby. But Washington rebounded to take a 2-1 lead with two goals in the span of 42 seconds. Connolly, parked in the slot with his back to the net, tied it with a between-the-legs deflection of a Michal Kempny shot from the left point that also ricocheted off the skate of Miller inside the left post. Backstrom followed with his fifth goal of the playoffs into the right side of the net off a wraparound pass from Oshie. It marked the first time the Golden Knights trailed at home in regulation in the playoffs, but it didn’t last long, as Karlsson made it 2-2 less than three minutes later, putting in a shot from the right side of the net off Holtby’s shoulder during a goal-mouth scrum. Smith, who garnered his 15th assist of the playoffs on Karlsson’s goal, then gave Vegas a 3-2 lead early in the second period when he put in a pass from behind the net by Engelland into the right side of the cage. Carlson, left alone in the slot, tied the game for the third time at the 8:29 mark off a slick no-look pass from Oshie from the right circle. It was the 17th playoff goal of Carlson’s career, breaking a tie with Kevin Hatcher for most playoff goals by a defenseman in Capitals’ history. Wilson put the Capitals back in front, 4-3, at 1:10 of the third period when he redirected a shot by Alex Ovechkin past Fleury, who lost sight of the puck after it went between his pads and then knocked it in with the back of his left skate. But Vegas regained the lead with a pair of goals by its fourth line, the first by Reaves when Kempny failed to clear the puck by the right side of the net, and the second by Nosek, who one-timed a crossing pass from defenseman Shea Theodore into the right corner of the net. Nosek clinched it with an empty-netter with 2.7 seconds remaining. “They work hard for us,” Gallant said of his fourth line. “They compete hard for us and it’s really nice to see them get rewarded tonight.” Game 2 of the best-of-seven series is Wednesday night in Las Vegas. “I think as a whole we can play a lot better, which is exciting to me,” Capitals coach Barry Trotz said. “I know we have another level to our game.” —Field Level Media
Knights net three in third, rally to top Caps in Game 1
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May 1 (Reuters) - Novartis AG: * KYMRIAH® (TISAGENLECLEUCEL), FIRST-IN-CLASS CAR-T THERAPY FROM NOVARTIS, RECEIVES SECOND FDA APPROVAL TO TREAT APPROPRIATE R/R PATIENTS WITH LARGE B-CELL LYMPHOMA * US FOOD AND DRUG ADMINISTRATION APPROVED KYMRIAH SUSPENSION FOR INTRAVENOUS INFUSION FOR ITS SECOND INDICATION * KYMRIAH DEMONSTRATED OVERALL RESPONSE RATE OF 50%, WITH MEDIAN DURATION OF RESPONSE NOT YET REACHED AT TIME OF DATA CUT-OFF * KYMRIAH IS NOT INDICATED FOR TREATMENT OF PATIENTS WITH PRIMARY CENTRAL NERVOUS SYSTEM LYMPHOMA Source text for Eikon: Further company coverage:
BRIEF-Novartis says Kymriah receives second FDA approval
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May 25, 2018 / 12:52 AM / Updated 33 minutes ago Cuba retrieves second black box from deadly plane crash Reuters Staff 2 Min Read HAVANA (Reuters) - Cuban search teams have retrieved the flight data recorder from the passenger plane that crashed last Friday, killing all but two of the 113 people on board, Cuban state-run television announced on Thursday in the evening news broadcast. They had already found the cockpit voice recorder. Videos of the tragedy taken by passers-by and locals, plus their testimony had helped investigators locate the second recorder. Both, known as the “black box,” are crucial to explaining what went wrong with the 39-year-old plane which dived into fields south of Havana shortly after takeoff, bursting into flames. The Boeing 737, leased by the little-known Mexican company Damojh to Cuba’s flagship carrier Cubana, had been destined for the eastern city of Holguin and 100 of the victims were Cuban. Seven Mexicans, two Argentines and two Sahrawis from a disputed area in the Western Sahara known as the Sahrawi Arab Democratic Republic also died in the tragedy. Cuba is leading the probe into the crash, one of the Caribbean island’s worst ever, together with Mexican and U.S. investigators. Only two Cuban women have survived but are in a critical condition due to burns and other trauma, the director of the hospital where they are being attended has said. Mexico’s civil aviation authority said on Monday it had suspended Damojh’s operations while it made sure the firm adhered to regulations and gathered information to help investigators find the cause of the crash. Previous complaints over inadequate maintenance and safety measures have surfaced in recent days. Reporting by Sarah Marsh; Editing by Sandra Maler and Lisa Shumaker
Cuba has found flight data recorder from plane crash - state TV
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ST. LOUIS, May 1, 2018 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("Centene" or the "Company") announced today that it has priced its previously announced registered offering of $2.6 billion in shares of common stock, par value $0.001 per share, at a public offering price of $107.50 per share, in an underwritten public offering made pursuant to a registration statement and a related preliminary prospectus supplement filed by Centene with the Securities and Exchange Commission ("SEC"). Pursuant to the offering, Centene granted the underwriters an option to purchase from the Company up to an additional $260 million in shares of common stock. The underwriters were led by Barclays, Citigroup, Wells Fargo Securities, Evercore ISI and SunTrust Robinson Humphrey as the book-running managers for the offering. The offering is expected to close on or about May 4, 2018, subject to customary closing conditions. Centene intends to use the net proceeds of the offering to finance a portion of the cash consideration payable in connection with Centene's previously announced acquisition of the assets of Fidelis Care and to pay related fees and expenses. The acquisition is expected to close on or about July 1, 2018, subject to regulatory approval from the New York Attorney General and certain closing conditions. The closing of this offering is not conditioned on the closing of the acquisition. 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 the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering is being made by means of a prospectus and the related preliminary prospectus supplement only. Before you invest, you should read the prospectus and the related preliminary prospectus supplement, the registration statement and other documents that Centene has filed with the SEC for more complete information about Centene and this offering. Copies of the prospectus, the related preliminary prospectus supplement and the registration statement can be obtained from Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-888-603-5847, [email protected] ; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Tel: 800-831-9146; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by telephone at (800) 326-5897 or email to [email protected] ; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at 888-474-0200 or by email at [email protected] ; and SunTrust Robinson Humphrey, Inc., Attention: Prospectus Department, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, telephone: 404-926-5744, fax: 404-926-5464 or email: [email protected] . About Centene Corporation Centene Corporation, a Fortune 100 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Many receive benefits provided under Medicaid, including the State Children's Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care and Long-Term Services and Supports (LTSS), in addition to other state-sponsored programs, Medicare (including the Medicare prescription drug benefit commonly known as "Part D"), dual eligible programs and programs with the U.S. Department of Defense and U.S. Department of Veterans Affairs. Centene also provides healthcare services to groups and individuals delivered through commercial health plans. Centene operates local health plans and offers a range of health insurance solutions. It also contracts with other healthcare and commercial organizations to provide specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, commercial programs, home-based primary care services, life and health management, vision benefits management, pharmacy benefits management, specialty pharmacy and telehealth services. The information provided in this press release contains forward-looking statements that relate to future events, including without limitation, statements regarding the intended use of proceeds from the offering. The Company disclaims any obligation to update this forward-looking information in the future. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including prevailing market conditions, as well as other factors. Certain risk factors that may affect our business operations, financial condition and results of operations are included in our filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. View original content: http://www.prnewswire.com/news-releases/centene-corporation-prices-offering-of-common-stock-300640632.html SOURCE Centene Corporation
Centene Corporation Prices Offering Of Common Stock
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May 15, 2018 / 5:05 AM / Updated 42 minutes ago Investors see big oil surge, but physical markets suggest caution Devika Krishna Kumar , Libby George , Florence Tan 6 Min Read NEW YORK/LONDON/SINGAPORE (Reuters) - Oil futures prices have soared past three-year highs, OPEC’s deal has cut millions of barrels of inventory worldwide and investors are betting in record numbers that prices could rocket past $80 and even hit $90 a barrel this year. FILE PHOTO - A general view of a crude oil importing port in Qingdao, Shandong province, in this November 9, 2008 file photo. REUTERS/Stringer/File Photo But physical markets for oil shipments tell a different story. Spot crude prices are at their steepest discounts to futures prices in years due to weak demand from refiners in China and a backlog of cargoes in Europe. Sellers are struggling to find buyers for West African, Russian and Kazakh cargoes, while pipeline bottlenecks trap supply in west Texas and Canada. The divergence is notable because traditionally, physical markets are viewed as a better gauge of short-term fundamentals. Crude traders who peddle cargoes to refineries worldwide say speculators are on shaky ground as they drive futures markets above $70 a barrel, their highest levels for three-and-a-half years, on concerns about tighter supply from Venezuela and the potential impact of U.S. sanctions on supply from Iran. Investors have piled millions of dollars in record wagers in the options market, betting on a further rally on the back of rising geopolitical tensions, particularly in Iran, Saudi Arabia and Venezuela, and the global decline in supply. “Guys who are trading futures have a view that draws are coming and big draws are coming,” a U.S.-based crude trader at a global commodity merchant said, adding that demand could ramp up as global refinery maintenance ends. “Over the next few weeks, we should start to see markets globally clean up, but if that doesn’t happen, I think we could be in trouble.” A RISKY BET? Brent LCOc1, the benchmark on which two-thirds of the world’s oil is priced, has surpassed $78 a barrel, the highest since November 2014. U.S. crude futures CLc1 hit a high just short of $72. Inventories in the developed world are now just 9 million barrels above the five-year average, down from 340 million barrels above the average in January 2017, after supply cuts by the Organization of the Petroleum Exporting Countries and other producers, including Russia. In the last few weeks, expectations that U.S. President Donald Trump would withdraw from the Iran nuclear agreement added to bullishness. Following Trump’s announcement making good on that threat last week, prices surged further. Analysts estimate anywhere from 200,000 to 1 million bpd could be cut from global exports next year. “Any reduction in Iranian supply will likely exacerbate market deficits, suggesting upward pressure on pricing,” wrote Greg Sharenow, PIMCO commodities portfolio manager, which sees oil surpassing $80 in the short term. In the weeks before Trump’s decision, hedge funds and others piled a record number of bets into bullish crude oil options. Traders currently hold a record 21.3 million barrels worth of options that pay off if the December Brent contract hits $90 by late October LCO9000L8. Bets that U.S. crude will hit $85 a barrel CL850G8 by mid-June are currently at a record above 14,000 contracts. These bets are being made due to strong demand, not just fear of political destabilization, said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina. “The bigger picture of demand keeping up with supply...is much more important,” Shelton said. FILE PHOTO: The Suezmax sized oil tanker Karvounis lies at anchor stranded off the coast of Louisiana for lack of a bank letter of credit to discharge its cargo of Venezuelan heavy crude, south of Port Fourchon, Louisiana, U.S. August 17, 2017. REUTERS/Jonathan Bachman/File Photo BIG DISCONNECT Those on the front lines of the physical market are not convinced. Traders say the surge in U.S. exports to more than 2 million bpd has saturated some markets, leaving benchmark prices ripe for a correction. “There is a huge disconnect between futures and fundamentals,” a trader with a Chinese independent refiner said. “I won’t be surprised if prices correct by $20 a barrel.” Increased U.S. competition has dented sales of oil from Nigeria and Azerbaijan, which produce similar quality oil and compete for buyers in Europe and Latin America. Physical prices have sunk even as benchmarks on which they are based stay buoyant. The strength of Brent crude, now trading at nearly $7 above U.S. futures WTCLc1-LCOc1, and $4 above Dubai, DUB-EFS-1M has made it hard to find buyers for grades priced off Brent. Russian Urals hit a seven-year discount against dated Brent BFO-URL-NWE while Kazakh CPC Blend BFO-CPC crashed to its weakest since mid-2012 this month. Separately, shipments of West African crude to Asia hit a five-month low in April due to a backlog at Chinese ports. Clogged pipelines have hit key U.S. oil grades, including in west Texas WTC-WTM WTC-WTS, where the discount to U.S. crude is near its widest in three years. Some are confident the world’s refineries will gobble up these barrels when they finish seasonal maintenance. About 10 percent of China’s refining capacity is expected to be offline through June. “For the last three, four, five months we’ve seen high turnarounds globally,” a U.S. crude trader said, referencing maintenance works. “Once you get past that, all of a sudden (you’re) looking at 3 million barrels per day of fresh crude consumption.” But whether that is enough to support Brent at $80 and above is yet to be seen. “I think it’s touch and go,” he added. Reporting by Devika Krishna Kumar in New York, Libby George in London and Florence Tan in Singapore; Additional reporting by Ayenat Mersie; Editing by Lisa Shumaker
Investors see big oil surge, but physical markets suggest caution
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NEW YORK--(BUSINESS WIRE)-- Univision Communications Inc. (UCI), the leading media company serving Hispanic America, will conduct a conference call to discuss its first quarter 2018 financial results at 11:00 a.m. ET/8:00 a.m. PT on Wednesday, May 9, 2018. A press release summarizing its first quarter 2018 financial results will be available on UCI’s website at investors.univision.net/financial-reports/quarterly-reports at the opening of business on Wednesday, May 9, 2018. To participate in the conference call, please dial (866) 547-1509 (within U.S.) or (920) 663-6208 (outside U.S.) fifteen minutes prior to the start of the call and provide the following pass code: 5169488. A playback of the conference call will be available beginning at 2:00 p.m. ET, Wednesday, May 9, 2018, through Wednesday, May 23, 2018. To access the playback, please dial (800) 585-8367 (within U.S.) or (404) 537-3406 (outside U.S.) and enter reservation number 5169488. About Univision Communications Inc. Univision Communications Inc. (UCI) is the leading media company serving Hispanic America. The Company, a chief content creator in the U.S., includes Univision Network, one of the top networks in the U.S. regardless of language and the most-watched Spanish-language broadcast television network in the country, available in approximately 88% of U.S. Hispanic television households; UniMás, a leading Spanish-language broadcast television network available in approximately 82% of U.S. Hispanic television households; Univision Cable Networks, including Galavisión, the most-watched U.S. Spanish-language entertainment cable network, as well as UDN (Univision Deportes Network), the most-watched U.S. Spanish-language sports cable network, Univision tlnovelas, a 24-hour Spanish-language cable network dedicated to telenovelas, ForoTV, a 24-hour Spanish-language cable network dedicated to international news, and an additional suite of cable offerings - De Película, De Película Clásico, Bandamax, Ritmoson and Telehit; an investment in El Rey Network, a general entertainment English-language cable network; Univision Local Media, which owns and/or operates 63 television stations and 58 radio stations in major U.S. Hispanic markets and Puerto Rico; Univision Now, a direct-to-consumer, on demand and live streaming subscription service; Univision.com , the most-visited Spanish-language website among U.S. Hispanics; and Uforia, a music application featuring multimedia music content. The Company also includes assets that serve young, diverse audiences. This includes news and lifestyle English-language cable network FUSION TV and a collection of leading digital brands that span a range of categories: technology (Gizmodo), sports (Deadspin), lifestyle (Lifehacker), modern women’s interests (Jezebel), news and politics (Splinter), African American news and culture (The Root), gaming (Kotaku), Environment (Earther), and car culture (Jalopnik). Additionally, UCI has ownership in comedy and news satire brands The Onion, Clickhole, The A.V. Club and The Takeout. Headquartered in New York City, UCI has content creation facilities and sales offices in major cities throughout the United States. For more information, please visit corporate.univision.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005440/en/ Univision Communications Inc. Investors: Adam Shippee, 646-560-4992 [email protected] or Media: Bobby Amirshahi, 646-560-4902 [email protected] Source: Univision Communications Inc.
Univision Communications Inc. to Host Q1 2018 Conference Call on May 9, 2018
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May 25, 2018 / 2:02 PM / Updated 12 minutes ago CEE MARKETS-Crown regains ground, talked up by central bank chief Reuters Staff 8 Min Read * Crown weakness can lead to earlier, bigger rate hike-cbanker * U.S. yield fall helps CEE assets, dollar firming weighs on them * Assets mixed, currencies drift off multi-month lows * Leu resists pressure, trades near its firmest 2018 levels (Recasts with Czech central bank chief comments) By Sandor Peto BUDAPEST, May 25 (Reuters) - The crown trimmed its losses against the euro on Friday after Czech Central Bank (CNB) Governor Jiri Rusnok said its weakness may bring forward the next interest rate hike. Trading at 25.79 versus the euro at 1247 GMT, the crown was a shade weaker from Thursday, while Central European markets were mixed, with the zloty firming 0.1 percent, drifting off a 6-and-1/2-month low set in early trade. If the crown remains weaker than expected a little longer, "the space for another hike will come maybe a bit earlier and maybe will be a bit bigger", Rusnok said. The bank has projected its next rate hike to come around the end of the year, but most analysts in a Reuters poll early this month forecast the rise for the third quarter of the year. Regional assets generally took a breather on Friday after a recovery in bond and stock prices in the previous session. Equities mostly eased. Budapest's main stock index shed almost 1 percent, driven by a 4 percent decline in OTP Bank to the key 10,000-forint ($36.49) line as the shares started ex-dividend trade. The dollar's rally versus the euro has been the key driver of a sell-off in emerging markets including Central Europe this month, along with a rise in the U.S. 10-year Treasury yield to above 3 percent. The dollar advanced further on Friday, but the U.S. bond saw its yield dropping 4 basis points to 2.936 percent. It has fallen since Federal Reserve minutes published on Wednesday indicated a slower-than-expected rate hike pace. This triggered a relief rally in Central European government bond markets, which continued in some parts of the market on Friday. Romanian bonds were bid lower by 1-2 basis points, while the leu was steady at 4.6304 versus the euro. The Romanian unit, which is more closely managed by the central bank than its more liquid regional peers, has not only weathered the global storm but even firmed this week. On Thursday it reached its strongest level this year apart from one day in early January, just before the Romanian central bank delivered its first hike in its benchmark rate in a decade. Since then it raised rates two more times and eyes more tightening as inflation has risen to 5-year highs, and Romanian government bond yields have reached 4-year highs. New pledges from the ruling party to maintain its wage- and pension-boosting policy are unlikely to reverse a slowdown in economic growth to about 4 percent, while the risk of budget overshoots remains, market participants said. The central bank could slow its pace of tightening, but the next hike may come soon, Horia Braun Erdei, Erste group's chief economist in Romania, said in a note. CEE SNAPSHOT AT MARKETS 1447 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.7900 25.7780 -0.05% -0.96% crown > Hungary <EURHUF= 319.9200 319.8100 -0.03% -2.81% forint > Polish <EURPLN= 4.3095 4.3155 +0.14% -3.09% zloty > Romanian <EURRON= 4.6304 4.6300 -0.01% +1.06% leu > Croatian <EURHRK= 7.3930 7.3940 +0.01% +0.50% kuna > Serbian <EURRSD= 118.1000 118.1600 +0.05% +0.34% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1095.03 1103.420 -0.76% +1.56% 0 Budapest 35566.53 35892.62 -0.91% -9.68% Warsaw 2203.47 2213.26 -0.44% -10.47% Bucharest 8289.38 8264.44 +0.30% +6.91% Ljubljana <.SBITOP 903.67 905.35 -0.19% +12.07% > Zagreb 1855.36 1848.73 +0.36% +0.68% Belgrade <.BELEX1 743.16 744.17 -0.14% -2.19% 5> Sofia 641.14 642.90 -0.27% -5.36% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 0.9280 -0.0710 +157bps -6bps R> 5-year <CZ5YT=R 1.4330 0.0260 +164bps +7bps R> 10-year <CZ10YT= 1.9750 -0.0020 +156bps +5bps RR> Poland 2-year <PL2YT=R 1.6010 -0.0180 +224bps +0bps R> 5-year <PL5YT=R 2.4680 -0.0190 +267bps +3bps R> 10-year <PL10YT= 3.2330 0.0220 +281bps +7bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 1.04 1.19 1.32 0.90 <PRIBOR= > Hungary 0.20 0.29 0.39 0.12 Poland 1.74 1.76 1.82 1.70 Note: FRA are for ask prices quotes
CEE MARKETS-Crown regains ground, talked up by central bank chief
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May 24, 2018 / 7:47 PM / Updated 12 minutes ago Movie producer Weinstein to surrender on sex assault charges -media reports Reuters Staff 3 Min Read NEW YORK (Reuters) - Harvey Weinstein, who went from one of Hollywood’s most powerful film producers to being disgraced by accusations of sexual assault by scores of women, is expected to surrender to police and face charges in New York on Friday morning, the New York Times reported. FILE PHOTO: Harvey Weinstein, co-chairman of the Weinstein Company, kicks off the Film Finance Circle conference with an informal discussion at the inaugural Middle East International Film Festival in Abu Dhabi, October 15, 2007. REUTERS/Steve Crisp/File Photo Weinstein’s spokesman Juda Engelmayer and Weinstein’s lawyer Benjamin Brafman both declined to comment on the report, which cited two unidentified law enforcement officials. The New York Daily News and NBC News also reported Weinstein was expected to be arrested and charged following a months-long investigation, including by the Manhattan district attorney’s office. More than 70 women have accused the co-founder of the Miramax studio and The Weinstein Co of sexual misconduct, including rape. The allegations, first reported by the New York Times and the New Yorker last year, gave rise to the #MeToo movement in which hundreds of women have publicly accused powerful men in business, government and entertainment. Weinstein has denied having non-consensual sex with anyone. Weinstein will be charged over an allegation by at least one accuser, Lucia Evans, a former aspiring actress who told the New Yorker that Weinstein forced her to give him oral sex in 2004, the Times and Daily News reported. The exact nature of the charges being brought by the Manhattan District Attorney’s office was unclear on Thursday afternoon. The New York Police Department and the Manhattan district attorney’s office declined to confirm the news reports. Entertainment industry heavyweights have distanced themselves from Weinstein, once one of Hollywood’s most powerful men, since the accusations became public. The board of the Weinstein Co fired him, the company itself filed for bankruptcy in March. In 2017, he was expelled from the Academy of Motion Pictures Arts and Sciences, which presents the Oscars. A former fixture in the most elite entertainment circles of Manhattan and Los Angeles, Weinstein has since been seen spending time in Scottsdale, Arizona, where the New York Times said he had been seeking treatment for sex addiction. Actor Ashley Judd last month sued Weinstein, saying that he cost her a part in 1998 for the film “The Lord of the Rings” after she rejected his sexual advances, charges that Weinstein has denied. Other prominent actors who have publicly accused Weinstein of sexual misconduct include Uma Thurman and Salma Hayek. Brafman, Weinstein’s lawyer, is known for representing high-profile criminal defendants, including pop star Michael Jackson and Martin Shkreli, the former drug company executive. In 2011, Brafman represented Dominique Strauss-Kahn, the former head of the International Monetary Fund, over charges, which were eventually dropped, that he sexually assaulted a New York City hotel maid. Reporting by Jonathan Allen, Dan Trotta, Karen Freifeld and Peter Szekely in New York and Jill Serjeant in Los Angeles; editing by Grant McCool
Ex-Hollywood executive Weinstein to surrender on sex assault charges: NYT
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May 29 (Reuters) - U.S. stocks opened sharply lower on Tuesday as investors switched cash into perceived safe havens of global financial markets due to a deepening political crisis in Italy. The Dow Jones Industrial Average fell 146.50 points, or 0.59 percent, at the open to 24,606.59. The S&P 500 opened lower by 16.22 points, or 0.60 percent, at 2,705.11. The Nasdaq Composite dropped 35.34 points, or 0.48 percent, to 7,398.51 at the opening bell. (Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)
US STOCKS SNAPSHOT-Wall St slips at open as Italy's political turmoil weighs
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May 9, 2018 / 11:16 AM / Updated 9 minutes ago BRIEF-Plug Power Posts Quarterly Loss Per Share $0.09 Reuters Staff May 9 (Reuters) - Plug Power Inc: * PLUG POWER INC QUARTERLY LOSS PER SHARE $0.09 * PLUG POWER INC QUARTERLY GROSS REVENUE $29.1 MILLION VERSUS $15.2 MILLION * PLUG POWER INC QUARTERLY NET REVENUE $27.2 MILLION VERSUS $15.2 MILLION * PLUG POWER INC SAYS FORECASTING SALES IN Q2 2018 OF $37 MILLION TO $41 MILLION WHICH WILL REPRESENT GROWTH OF 60% TO 80% OVER PRIOR YEAR * PLUG POWER INC SEES 2018 REVENUE IN RANGE OF $155 MILLION TO $180 MILLION Source text: [ bit.ly/2I6OzkU ] Further company coverage:
BRIEF-Plug Power Posts Quarterly Loss Per Share $0.09
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NEW YORK, EVO Payments, Inc. (Nasdaq:EVOP), a leading global merchant acquirer and payment processor, visited the Nasdaq MarketSite in Times Square today in celebration of its initial public offering (IPO) on The Nasdaq Stock Market. EVO Payments, Inc. (Nasdaq: EVOP), one of the largest fully integrated merchant acquirers and payment processors in the world, visits the Nasdaq MarketSite in Times Square in celebration of their IPO. Founded in 1989, EVO provides merchant acquiring and payment processing solutions for approximately 525,000 merchants in North America and Europe, processing more than 2 billion transactions annually. A principal member of Visa and MasterCard, EVO offers an array of secure payments solutions and merchant services, backed by strategic distribution channels, innovative technological platforms, and a commitment to exceed the expectations of its customers and partners. “I am grateful to our partners, merchants and 2,400 employees around the world who collectively, over the past 30 years, have enabled us to become a global leader in our industry,” said James G. Kelly, Chief Executive Officer of EVO Payments, Inc. “We are excited about the future of the organization and are committed to driving growth, supporting our merchants and partners, and increasing value to our shareholders.” “EVO’s dedication to building and nurturing partnerships across the globe, as well as its commitment to ensuring success for its partners and customers, have made it a distinguished payment service provider,” said Nelson Griggs, President, Nasdaq Stock Exchange. “We are proud to welcome EVO Payments into the Nasdaq family and look forward to supporting the expansion of its global business.” The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Information about the company is provided by the company or comes from the company’s public filings and is not independently verified by Nasdaq. Neither Nasdaq nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. About Nasdaq Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: http://business.nasdaq.com . Media Relations Contact: Emily Pan (646) 441-5120 [email protected] - NDAQG - A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d6b1dec3-33f7-470a-a870-3aeee2f7ab1b Source:Nasdaq, Inc.
Nasdaq Welcomes EVO Payments, Inc. (Nasdaq: EVOP) to The Nasdaq Stock Market
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May 1 (Reuters) - Trinity Freehold and Leasehold Property Fund: * FY NET PROFIT 81.3 MILLION BAHT VERSUS 213.0 MILLION BAHT Source text for Eikon: Further company coverage:
BRIEF-Trinity Freehold And Leasehold Property Fund Posts FY Net Profit Of 81.3 Mln Baht
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May 2, 2018 / 11:50 AM / Updated 10 minutes ago BRIEF-Esperion Posts Qtrly Loss Per Share $1.73 Reuters Staff May 2 (Reuters) - Esperion Therapeutics Inc: * ESPERION PROVIDES BEMPEDOIC ACID FRANCHISE DEVELOPMENT PROGRAM UPDATES; REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * ESPERION THERAPEUTICS INC - EXPECTS FULL-YEAR 2018 NET CASH USED IN OPERATING ACTIVITIES TO BE APPROXIMATELY $135 TO $145 MILLION * ESPERION THERAPEUTICS - ESTIMATES THAT CURRENT CASH RESOURCES ARE SUFFICIENT TO FUND OPERATIONS THROUGH Q1 OF 2020 * ESPERION THERAPEUTICS INC - EXPECTS CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES TO BE APPROXIMATELY $130 TO $140 MILLION AT DECEMBER 31, 2018 * ESPERION THERAPEUTICS INC QTRLY LOSS PER SHARE $1.73 Source text for Eikon: Further company coverage:
BRIEF-Esperion Posts Qtrly Loss Per Share $1.73
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HANOI (Reuters) - Vietnam’s military-run telecommunication company Viettel Group and its partners will launch a 4G mobile network in Myanmar next month to cash in on the Southeast Asian country’s fast-growing economy, the Vietnamese government said on Monday. The Mytel network, jointly developed by Viettel, Myanmar National Holding Public Ltd and Star High Public Co Ltd, aims to have at least 2 million-3 million subscribers by this year-end, the government said in a statement. Mytel, which is worth $1.5 billion, will be the fourth telecom operator in Myanmar and will be the first 4G mobile phone network with nationwide coverage at the time of launching there, the government said. “With a newly opened and fast-growing economy, Myanmar offers great opportunities for telecommunication companies,” Viettel Deputy General Director Le Dang Dung was cited as saying in the statement. Vietnam’s largest mobile carrier by subscription - Viettel - has already invested in 10 countries across Asia, Africa and America, and has 43 million subscribers overseas, as of end-2017. Myanmar’s economic growth is seen rebounding to 7 percent-7.5 percent over the medium term, from lower-than-expected growth of 5.9 percent last year, supported by foreign direct investment and improvement in public investment, according to the International Monetary Fund. Reporting by Khanh Vu; Editing by Sherry Jacob-Phillips
Vietnam's Viettel, partners to launch Myanmar's first 4G network
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May 9, 2018 / 9:51 PM / Updated 7 hours ago Mind games: North Korean detention may have scarred U.S. prisoners Joseph Ax 4 Min Read (Reuters) - Three Americans released from North Korean captivity on Wednesday are at risk of a range of symptoms, from crippling anxiety to severe depression, as a result of the trauma experienced during their imprisonment. Half a dozen experts told Reuters the men could suffer from post-traumatic stress disorder, or PTSD, with many of them reacting to their sudden freedom much like soldiers returning from a war zone. “Losing your freedom is a huge thing,” said Anne Speckhard, a professor of psychiatry at Georgetown University who has studied PTSD for decades. “I think we really underestimate how horrible it is for human beings (in captivity).” The detainees, missionary Kim Dong-chul, and Kim Hak-song and Kim Sang-duk, also known as Tony Kim, were expected to arrive outside Washington early on Thursday morning after a flight from North Korea. U.S. officials have revealed little about the conditions under which the three were held and whether they endured any form of physical abuse. In a tweet announcing their release, President Donald Trump said they “seem to be in good health.” In addition to the conditions of captivity, the severity of a prisoner’s reactions to imprisonment can vary by the length of confinement but also by the prisoner’s psychological resiliency in the first place. The detainees could suffer symptoms such as anxiety, depression, irritability and anger. Some people held in captivity find they have trouble spending time in enclosed spaces - elevators, for instance - or among large crowds. Many develop a kind of hyper-alertness, reacting strongly to perceived threats, and they can also suffer from reduced cognitive ability for a period of time. Flashbacks and nightmares about their experiences are common. Those problems can also manifest themselves in physical ways, experts said. People who have endured long stretches of imprisonment may find they have trouble sleeping or eating after release. “Not unlike soldiers, when they come home, and even though they’re, quote, safe, their bodies are conditioned to react under enormous stress,” said Robert Schwarz, a psychologist who has researched PTSD. “There’s a whole series of biochemical reactions that go on. It’s not just an emotional response.” In interviews, some former North Korean detainees have described hours of interrogation and said they suffered mental humiliation. A few said the isolation led them to consider suicide. Last year, former detainee Aijalon Gomes, 38, set himself on fire in a San Diego lot in November 2017 and died. Gomes was held for about seven months in North Korea after he crossed into the country from China in 2010 on what he saw as a religious mission. He suffered from PTSD and had recently left a mental health programme against doctors’ advice before his death. Some former prisoners, like Jeffrey Fowle, a tourist held for about six months in North Korea for leaving a Bible in a sailors’ club, and Kenneth Bae, who did hard labour during his two years in North Korea, have said their religious faith helped them survive their ordeals. Speckhard said faith, or any belief system, can give prisoners a source of strength, a crucial psychological support. Fowle said the “mental strain” was the worst part of his confinement in a guest house. But he also said he has not suffered any flashbacks or lasting psychological issues. “Things have turned out well, and that is all behind me,” he said. Reporting by Joseph Ax in New York; Additional reporting by Jon Herskovitz in Austin, Texas; Editing by Alistair Bell
Mind games: North Korean detention may have scarred U.S. prisoners
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BEIJING, May 25 (Reuters) - Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) and battery recycler GEM Co Ltd have joined the Responsible Cobalt Initiative (RCI), an industry group set up to tackle risks in the cobalt supply chain. The RCI board on Friday approved the application from CATL, which makes lithium-ion batteries for electric vehicles (EVs), the group’s executive secretary Christina Feng told Reuters, adding that GEM joined the group last week. The 31-member RCI board includes technology giants Apple Inc , HP Inc and Huawei, Chinese cobalt producers such as Zhejiang Huayou Cobalt Co, South Korean battery maker Samsung SDI and automakers Volvo and BMW. German car manufacturer Daimler also joined the RCI last month. Cobalt is a key ingredient in rechargeable batteries used in EVs and consumer electronics. “Battery companies are an important link in the cobalt supply chain and ... their active and positive engagement is indispensable,” Feng said. The growing number of RCI members underscores how seriously cobalt users are taking the traceability of their material after allegations of sourcing via child labour in the Democratic Republic of Congo, the country that supplies about 60 percent of the world’s cobalt. CATL, which is based in Ningde, plans to set up a battery plant in Europe. The company is preparing for a $2 billion initial public offering in Hong Kong. A company spokesman did not respond immediately to a request for comment. GEM, which is based in Shenzhen, also makes battery materials and has a cobalt brand deliverable against the London Metal Exchange’s cobalt contract. The company did not respond immediately to a request for comment. (Reporting by Tom Daly, Editing by Sherry Jacob-Phillips)
Chinese battery firms join Responsible Cobalt Initiative
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U.S. government bond prices fell Wednesday, retracing some of the gains from Tuesday’s rally as investors reassessed the political turmoil in Italy. The yield on the benchmark 10-year Treasury note rose to 2.842% from 2.772% Tuesday, snapping four straight days of declines. The two-year Treasury note yield also climbed to 2.411% from 2.319% after falling the most in one day since March 2009. Yields rise as bond prices fall. Yields...
U.S. Government Bonds Decline as Investors Reassess Italy Concerns
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PHILADELPHIA and RALEIGH, N.C. and WINSTON-SALEM, N.C., Clinical Ink , the pioneering provider of eSource and next-generation ePRO/eCOA solutions for clinical development, today announced that the private equity team at NovaQuest Capital Management, L.L.C. ("NovaQuest") has acquired a majority of the outstanding shares of the company from existing investors and provided a substantial infusion of additional growth capital. The deep clinical, operational, and financial resources of NovaQuest will allow Clinical Ink to aggressively pursue growth opportunities and fuel investment in new products and operational capabilities. "The pharmaceutical industry is anxiously seeking technology solutions that reduce costs and simplify clinical trials for patients, sites, sponsors and CROs," said Ed Seguine, CEO of Clinical Ink. "Clinical Ink's new partnership with NovaQuest is a testament to our strong financial performance and validation of our approach to provide a better clinical trial experience. The landscape of emerging clinical technology companies is littered with unrealized potential and we now have the resources, expertise, and relationships to successfully compete with the entrenched legacy providers to establish a new business model for conducting clinical trials." "Clinical Ink is uniquely positioned to address the most challenging problems associated with conducting clinical trials," said Michael Sorensen, Partner at NovaQuest. "NovaQuest's experience directly funding major clinical programs with the world's largest pharmaceutical companies affords us deep insights into the opportunities to fundamentally improve this complex process. The Clinical Ink management team has achieved notable success and the company is at a critical inflection point where NovaQuest's expertise and relationships can help the company accelerate growth and continue to innovate." RTI International, a leading research institute, provide strategic co-investment in support of Clinical Ink, to help solve the problem of reducing the cost and complexity of clinical research for sites, sponsors and patients. "We are excited to be a co-investment partner with NovaQuest and extend our healthcare and life sciences expertise to Clinical Ink," said Matt Jenkins, vice president and head of corporate development at RTI. "This deal fits well with our philosophy of investing alongside strong management teams and investment partners in high growth markets with a connection to our core research work and mission." In a related transaction, Silicon Valley Bank also provided a flexible credit facility to Clinical Ink. Baird served as exclusive financial advisor to Clinical Ink while Hogan Lovells provided the company legal advice. Wyrick Robbins provided legal advice to NovaQuest. About Clinical Ink Founded in 2007, Clinical Ink is dedicated to transforming clinical development with innovative technologies that make clinical research easier for patients, sites and sponsors. Clinical Ink's SureSource® platform directly captures eSource, ePRO, and eCOA data and documents and facilitates risk-based monitoring. Our approach puts the focus on protocol execution by focusing on the critical moments that matter. Clinical Ink maintains offices in Winston-Salem, NC and Philadelphia, PA. Find more at www.clinicalink.com . About NovaQuest Capital Management, L.L.C. NovaQuest Capital Management is a leading investor in life sciences and healthcare through its Product Finance and Private Equity strategies. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital to life sciences and healthcare companies. Today, NovaQuest Capital Management manages over $1.8 billion through its Product Finance and Private Equity strategies. The investment team consists of highly seasoned operational and investment professionals with significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing and growing NovaQuest portfolio companies and investments. For more information, please visit www.novaquest.com . About RTI International RTI International is an independent, non-profit research institute dedicated to improving the human condition. Clients rely on us to answer questions that demand an objective and multidisciplinary approach—one that integrates expertise across the social and laboratory sciences, engineering, and international development. We believe in the promise of science, and we are inspired every day to deliver on that promise for the good of people, communities, and businesses around the world. For more information, visit www.rti.org . Media Contact: Jessica Romero t: 336.728.6541 | [email protected] releases/clinical-ink-to-accelerate-innovation-and-growth-with-major-investment-by-novaquest-private-equity-300648094.html SOURCE NovaQuest Capital Management, L.L.C.
Clinical Ink To Accelerate Innovation And Growth With Major Investment By NovaQuest Private Equity
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U.S. auto import probe followers tariff fears, riles Asia, Europe U.S. auto import probe followers tariff fears, riles Asia, Europe Fatma Schwarz | May 24, 2018 | (Reuters) – A U.S. menace that it might introduce tariffs on international auto imports drew sturdy criticism on Thursday from the nation’s important enterprise lobbying group, which warned of a “staggering” blow to the business and the prospect of a world commerce battle. Automobiles are on a truck for supply to a automobile lot in Queens, New York, U.S., May 24, 2018. REUTERS/Shannon Stapleton President Donald Trump’s administration opened a commerce investigation on Wednesday into whether or not car imports had broken the American auto business. That might result in tariffs of as much as 25 p.c on the identical “national security” grounds used to impose U.S. metal and aluminum duties in March. U.S. Commerce Secretary Wilbur Ross stated on Thursday the investigation was nonetheless in its early levels however that different international locations’ excessive, synthetic obstacles, reminiscent of tariffs and different interventions, have skewed {the marketplace}. “Now it’s very difficult to get back to a reciprocal arrangement,” Ross stated in an interview on CNBC, a day after asserting the probe, which might result in new U.S. tariffs on imported autos. The probe, launched beneath Section 232 of the Trade Expansion Act of 1962, will have a look at whether or not car and components imports are threatening the business’s well being and skill to analysis and develop superior applied sciences, Ross stated on Wednesday. The U.S. Chamber of Commerce stated it strongly opposes the transfer. “If this proposal is carried out, it would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war,” chamber President and Chief Executive Officer Thomas Donohue stated in an announcement. He urged the federal government to reverse course. Canadian Prime Minister Justin Trudeau stated the U.S. transfer was based mostly on flimsy logic and clearly linked to talks to modernize the North American Free Trade Agreement (NAFTA). NAFTA accomplice Canada is the biggest exporter of auto merchandise to the United States. Germany’s DIHK Chambers of Industries and Commerce dismissed as farfetched the nationwide safety justification for a probe. “We almost have to take this as a provocation,” DIHK President Eric Schweitzer stated. Together German carmakers BMW ( BMWG.DE ), Daimler AG ( DAIGn.DE ) and Volkswagen AG management greater than 90 p.c of the North American premium auto market. Tariffs would hit Germany significantly onerous and shave 0.16 p.c off the financial output of Europe’s largest economic system, the influential Ifo suppose tank stated. “No other country has higher absolute losses to fear than Germany,” stated Gabriel Felbermayr, international commerce professional at Ifo. German Finance Minister Olaf Scholz stated the European Union must be united in its response to the specter of U.S. tariffs. The probe comes forward of midterm elections within the United States in November that may decide whether or not Republican President Donald Trump’s get together retains management of Congress. It is seen as a part of Trump’s “America First” promise to win again manufacturing jobs misplaced to abroad opponents. United Auto Workers President Dennis Williams stated he helps Trump’s commerce insurance policies and his efforts to guard American employees from competitors from low-wage international locations. gtag('config', 'UA-114047264-2'); Slideshow (7 Images) But that didn’t imply the UAW was able to assist Republicans operating for Congress within the midterms. “The Republican Congress and Senate, they have totally ignored the needs of working men and women in this country,” Williams stated. U.S. Senate Finance Committee Chairman Orrin Hatch stated doable auto tariffs are “deeply misguided,” and urged the administration “to remain focused on addressing China’s trade practices.” Pointing to a blended bag of results on U.S. producers after the metals tariffs, analysts have been cautious about predicting main positive factors for U.S. firms and employees from the method. “Measures like this are ultimately about protecting American manufacturing jobs in states that voted for Trump rather than national security,” Morningstar analyst David Whiston stated in a word. “We don’t see these tariffs (if proposed) lasting forever and we think (they) will ultimately cost American jobs.” Shares of General Motors Co ( GM.N ) rose 1.5 p.c and Ford Motor Co ( F.N ) was up 1.7 p.c in early afternoon buying and selling. In Europe, BMW ( BMWG.DE ) and Daimler ( DAIGn.DE ) shares dropped as a lot as 3.5 p.c throughout the session, whereas Volkswagen AG ( VOWG_p.DE ) closed down 2.5 p.c. Together the three automakers management greater than 90 p.c of the North American premium auto market. Renault SA ( RENA.PA ), uncovered to the U.S. market by way of its 43.four p.c stake in Nissan, fell as a lot as 2.1 p.c. Europe’s auto sector index .SXAP misplaced 2 p.c and was on observe for its worst day in 10 months. Higher tariffs could possibly be significantly painful for Asian automakers, together with Toyota Motor Corp ( 7203.T ), Nissan Motor Co ( 7201.T ), Honda Motor Co ( 7267.T ) and Hyundai Motor Co ( 005380.KS ), which depend the United States as a key market. The probe sparked a broad sell-off in automakers’ shares throughout the area. [MKTS/GLOB] Toyota dropped Three p.c and Honda slid 3.four p.c. Toyota, which has 10 U.S. crops and 1,500 U.S. sellers, stated in an announcement that any tariffs “could hurt American jobs” and lift prices for shoppers. The governments of Japan, China and South Korea stated they’ll monitor the scenario, whereas Beijing, which is more and more eyeing the United States as a possible marketplace for its vehicles, added that it might defend its pursuits. In addition to tariffs, Commerce Secretary Ross cited different non-tariff obstacles reminiscent of requirements, licensing and “all kinds of other games.” “The stupidity is that we let ourselves get into this box of extremely low rates,” he informed CNBC. The United States imported 8.Three million autos in 2017 price $192 billion, together with 2.four million from Mexico, 1.Eight million from Canada, 1.7 million from Japan, 930,000 from South Korea and 500,000 from Germany, in response to U.S. authorities statistics. At the identical time, the United States exported practically 2 million autos worldwide price $57 billion. (This refiled model restores dropped phrase “of” in first paragraph) Reporting by David Shepardson, Jeff Mason and Susan Heavey in Washington, Rachit Vats in Bengaluru, Edward Taylor in Frankfurt and Laurence Frost in Paris, Esha Vaish in Stockholm, Phil Blenkinsop in Brussels and Michelle Martin in Berlin; writing by Susan Thomas; enhancing by Jeffrey Benkoe and Jonathan Oatis
U.S. auto import probe followers tariff fears, riles Asia, Europe
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May 6 (Reuters) - Shanghai Carthane Co Ltd: * SAYS SHAREHOLDER PLANS TO UNLOAD UP TO 3.8 PERCENT STAKE IN THE COMPANY WITHIN SIX MONTHS Source text in Chinese: bit.ly/2rnXfgm Further company coverage: (Reporting by Hong Kong newsroom)
BRIEF-Shanghai Carthane's Shareholder Plans To Unload Stake In The Company
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