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UPDATE 1-British royal wedding thrown into confusion by bride's father
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(Adds Markle’s half-sister)
By Michael Holden
LONDON, May 15 (Reuters) - This weekend’s carefully planned wedding of Britain’s Prince Harry to his fiancee Meghan Markle was mired in confusion on Tuesday after the father of the American actress told a celebrity news website he was no longer coming.
Harry, 33, Queen Elizabeth’s grandson and the sixth-in-line to the British throne, and Markle, 36, will marry on Saturday at St George’s Chapel in Windsor Castle.
Markle’s father Thomas, 73, was due to walk his daughter down the aisle in front of 600 guests including all the senior Britain’s royals and a smattering of celebrities.
However, the TMZ website reported on Monday that he had decided not to attend the glittering wedding at the castle, the home of English and British monarchs for almost 1,000 years.
He told TMZ he did not want to embarrass his daughter or the royal family after reports he had staged pictures with a paparazzi photographer for a fee. He also said he had suffered a heart attack a week ago.
“This is a deeply personal moment for Ms Markle in the days before her wedding,” Kensington Palace, Harry’s office, said in a statement. “She and Prince Harry ask again for understanding and respect to be extended to Mr Markle in this difficult situation.”
A spokeswoman for the prince declined to comment directly on the TMZ report or to say whether Markle’s father would be at the wedding.
DEPENDS ON HIS HEALTH Samantha Markle, the actress’s half-sister, told the Good Morning Britain TV programme she hoped he would still be there but it depended on his health.
“He was really having heart pains and suffered a heart attack,” she said. “It was an unbelievable amount of stress.
“I don’t know as of today what his plans are, but there’s a very real concern. I wanted to see him go (to the wedding). I didn’t want him deprived of that. But clearly the priority should be whether or not it’s safe for him to do that.”
The bride-to-be’s parents are divorced and while Harry has been pictured with her mother Doria Ragland, 61, there had been speculation about how Thomas Markle, a former lighting director for TV soaps and sitcoms, would feature.
However, Harry’s communications secretary told reporters last week he would have an important role and would give away his daughter on the couple’s big day. He had also been expected to meet the queen, her husband and the other senior members of the Windsor family this week.
Thousands of journalists from across the world are descending on the genteel town of Windsor for the wedding, and Thomas Markle told TMZ that the media attention had taken its toll. He said he had been offered up to $100,000 for interviews and been ambushed by paparazzi whose snaps had shown him buying beer and looking dishevelled.
TMZ said he had agreed to the staged pictures, which showed him looking at images of the couple on a computer and being sized up for a suit, because he hoped they would improve his image.
Prince Harry and his elder brother Prince William have both made clear in the past their dislike of the press, fuelled by the death of their mother Princess Diana in a Paris car crash in 1997 as her limousine sped away from chasing paparazzi.
Kensington Palace has limited press access to the ceremony itself and strictly controlled the release of details about the wedding to the media.
If her father does not come, British newspapers suggested that Markle’s mother, with whom she is spending the night before the ceremony at a nearby luxury hotel, would walk her daughter down the aisle. (Editing by Guy Faulconbridge and Andrew Heavens)
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2018-05-15
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Norway oil firms boost exploration budgets, limit overall investment
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OSLO (Reuters) - Norwegian oil and gas exploration will continue to rebound amid higher crude prices, a survey by the national statistics agency (SSB) showed on Monday, although the overall pace of investment by the industry was slower than most analysts had expected.
While exploration for new resources and in field development plans is expected to rise significantly this year and next, the investments at fields that are already in operation will decline, according to the closely watched quarterly report.
Investment in exploration and concept studies, a key indicator of spending on anything from drilling rigs to seismic data, was forecast to rise to 33.3 billion crowns in 2019 from 25 billion in 2018.
Overall 2018 investment plans were cut by some 2.1 percent since February, and are now seen amounting to 156.5 billion Norwegian crowns ($19.23 billion), an increase of 1.4 percent over 2017.
While initial forecasts for 2019 also point to near-flat spending, oil firms are expected to present more plans ahead, which will likely lift spending.
“If the schedules for these plans are realized, the accumulated investment costs in 2019 from these projects will increase the investments in field development even more, compared to the present estimate,” SSB wrote.
Economists said the decline in 2018 forecasts was a surprise, but maintained forecasts for a central bank rate hike to come later this year.
“It’s a bit weaker than expected,” said SEB economist Erica Blomgren, while adding that one-of factors were partly to blame and that upward revisions were likely to follow.
Nordea Markets also said the main numbers were on the weak side of expectations.
“Our interpretation is that the underlying pace remains good however. We expect strong oil prices and a further rise in investments,” said Chief Economist Kjetil Olsen.
It was SSB’s first release of companies’ forecasts for 2019 and the fifth prediction for 2018.
Reporting by Ole Petter Skonnord, writing by Terje Solsvik, editing by Gwladys Fouche
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2018-05-28
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HireRight and GIS to Merge
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Strategic combination brings together innovative technology and tailored solutions
Creates preeminent single global background screening and talent acquisition platform
IRVINE, Calif. & CHAPIN, S.C.--(BUSINESS WIRE)-- HireRight and General Information Services (“GIS”) announced today a definitive agreement under which HireRight and GIS will merge. HireRight and GIS are both leading providers of background screening and talent acquisition services including background checks, drug testing, driving records, employment and education verification, electronic onboarding, and a variety of industry-specific compliance and screening solutions. Leveraging HireRight’s advanced client and applicant background screening tools and GIS’ reputation for dedicated customer service, the combination will create the preeminent background screening company, providing innovative solutions for customers while expanding geographic and sector diversification.
“Together with HireRight, we will offer an enhanced suite of integrated screening, monitoring, and risk management solutions on a global scale to a broader set of customers,” said Guy Abramo, CEO of GIS. “With our shared commitment to user experience, innovation, and technology, our customers will receive the highest quality solutions in the industry.” Mr. Abramo will serve as the CEO of the newly formed holding company for the combined enterprise.
“GIS has a rich history of superior customer focus with recognized customer service excellence, mirroring HireRight’s top values and aligning well with our global footprint, operational platform, and award-winning Applicant Center,” said Jurgen Leijdekker, CEO of HireRight. “Together, the two companies will bring unparalleled capabilities, expertise, and experience to customers and applicants around the world.”
The combined company will serve more than 200 countries and deliver an industry-leading suite of customer solutions across all sectors, including healthcare, technology, financial services, transportation, education, retail, and staffing. The merger accelerates a united strategy building upon HireRight’s strong integration into over 25 applicant tracking systems (ATS) and GIS’ recent investments in additional research and development to enhance product offerings and operational efficiency. The combined company will remain dedicated to providing the highest quality of service in the industry.
Mr. Abramo added, “This merger represents an opportunity to bolster our presence across geographies, industry sectors, and product lines. As we expand our platform, customer service will continue to be our competitive differentiator. We look forward to using our increased scale and global reach to deepen our relationships with customers.”
The transaction, which is expected to close during the third quarter of 2018, is subject to regulatory approvals and other customary closing conditions.
About HireRight:
HireRight delivers global employment background checks, drug testing, employment and education verification, and electronic onboarding and compliance solutions through an innovative platform to help companies hire the right candidates. HireRight helps companies grow successfully, and efficiently, no matter their size or where they operate. HireRight offers extensive screening solutions that can be tailored to the unique needs of the organization, giving employers additional peace of mind about their people and vetting processes. HireRight’s platform can be integrated with existing HR platforms, making it easy to use and giving candidates the best possible experience. HireRight is headquartered in Irvine, CA, with offices around the globe. Learn more at www.hireright.com .
About GIS (General Information Services):
For more than 50 years, GIS has been helping companies mitigate risk and hire smarter. As an NAPBS-accredited employment background screening company, GIS provides best-in-class screening services (including comprehensive national and international background check solutions and industry-specific services) to thousands of companies nationwide. For more information about GIS and its products or services, visit www.geninfo.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005485/en/
For GIS
James Maloney, 212-738-6103
[email protected]
or
Kelsey Eidbo, 415-732-7804
[email protected]
Source: GIS
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2018-05-25
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Alteryx Announces Pricing of Private Offering of $200.0 Million of 0.50% Convertible Senior Notes Due 2023
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IRVINE, Calif.--(BUSINESS WIRE)-- Alteryx, Inc. (NYSE:AYX) announced today the pricing of $200.0 million aggregate principal amount of 0.50% Convertible Senior Notes due 2023 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Act”). Alteryx also granted the initial purchasers of the notes a 30-day over-allotment option to purchase up to an additional $30.0 million aggregate principal amount of notes. The sale is expected to close on May 18, 2018, subject to customary closing conditions.
The notes will be senior, unsecured obligations of Alteryx, and will bear interest of 0.50% per year payable semi-annually in arrears. The notes will mature on June 1, 2023, unless converted or repurchased in accordance with their terms prior to such date. Prior to March 1, 2023, the notes will be convertible at the option of holders only under certain circumstances, and thereafter, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled in shares of Alteryx Class A common stock, cash or a combination thereof, at the election of Alteryx.
Alteryx may not redeem the notes prior to the maturity date. Holders of the notes will have the right to require Alteryx to repurchase for cash all or a portion of their notes at 100% of their principal amount, plus any accrued and unpaid interest, upon the occurrence of a fundamental change (as defined in the indenture relating to the notes). Alteryx will also be required to increase the conversion rate for holders who convert their notes in connection with certain corporate events occurring prior to the maturity date.
The notes will have an initial conversion rate of 22.5572 shares of Alteryx Class A common stock per $1,000 principal amount of notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $44.33 per share. The initial conversion price represents a premium of approximately 42.5% to the $31.11 per share closing price of Alteryx Class A common stock on The New York Stock Exchange on May 15, 2018.
Alteryx estimates that the net proceeds from the offering will be approximately $194.8 million (or $224.2 million if the initial purchasers exercise their over-allotment option to purchase additional notes in full), after deducting the initial purchasers’ discount and estimated offering expenses payable by Alteryx. Alteryx intends to use approximately $16.6 million of the net proceeds from the offering of the notes to pay the cost of the capped call transactions described below. Alteryx intends to use the remaining net proceeds from the offering for working capital and other general corporate purposes, which may include acquisitions or other strategic transactions.
In connection with the pricing of the notes, Alteryx has entered into privately negotiated capped call transactions with an affiliate of one of the initial purchasers of the notes and other financial institutions (the “capped call counterparties”). The capped call transactions are expected generally to offset potential dilution to holders of Alteryx’s Class A common stock upon any conversion of the notes and/or offset the potential cash payments that Alteryx could be required to make in excess of the principal amount of any converted notes upon conversion thereof, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transactions will initially be approximately $66.22 per share, which represents a premium of approximately 100% over the last reported sale price of Alteryx’s common stock of $31.11 per share on May 15, 2018, and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers of the notes exercise their over-allotment option to purchase additional notes, Alteryx expects to enter into additional capped call transactions with capped call counterparties that are expected generally to offset potential dilution.
In connection with establishing their initial hedge of the capped call transactions, the capped call counterparties have advised Alteryx that they and/or their respective affiliates expect to purchase Alteryx Class A common stock and/or enter into various derivative transactions with respect to Alteryx Class A common stock concurrently with, or shortly after, the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Alteryx Class A common stock or the notes at that time.
In addition, the capped call counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Alteryx Class A common stock and/or purchasing or selling Alteryx Class A common stock in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of notes or following any repurchase of notes by Alteryx on any fundamental change repurchase date or otherwise). This activity could also cause or avoid an increase or decrease in the market price of Alteryx Class A common stock or the notes, which could affect noteholders’ ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of such notes.
If the initial purchasers of the notes exercise their over-allotment option to purchase additional notes, Alteryx intends to use the resulting additional proceeds of the sale of the additional notes to pay the cost of entering into the additional capped call transactions and for general corporate purposes, including potential acquisitions and strategic transactions.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities (including the shares of Alteryx Class A common stock, if any, into which the notes are convertible) and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the notes will be made only to qualified institutional buyers pursuant to Rule 144A promulgated under the Act by means of a private offering memorandum.
The notes and any shares of Alteryx Class A common stock issuable upon conversion of the notes have not been and will not be registered under the Act, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
Use of forward looking statements
This press release contains “forward-looking statements” including, among other things, the completion, timing and size of the offering, the potential effects of capped call transactions and the expected use of proceeds from the offering. Statements containing words such as “could,” “believe,” “expect,” “intend,” “will,” or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, whether or not Alteryx will consummate the offering, prevailing market conditions, the anticipated use of the proceeds of the offering, which could change as a result of market conditions or for other reasons, the impact of general economic, industry or political conditions in the United States or internationally, and whether the capped call transactions will become effective. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Alteryx’s business and financial results, please review the “Risk Factors” described in Alteryx’s Annual Report on Form 10-K for the year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2018 filed with the Securities and Exchange Commission, or SEC, and in Alteryx’s other filings with the SEC. Except as may be required by law, Alteryx undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006842/en/
ICR
Staci Mortenson, 844-842-1912
Investor Relations
[email protected]
Source: Alteryx, Inc.
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2018-05-16
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Mueller's big question: Did Trump campaign make first move with Russia?
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Despite President Donald Trump 's insistence to the contrary Tuesday , potential collusion between the Trump campaign and Russia is, indeed, a focus of four dozen questions special counsel Robert Mueller reportedly submitted to Trump's legal team.
One question in particular is raising new concerns about whether Trump's campaign actively sought help from Moscow — and highlights campaign chief Paul Manafort in the process.
"What knowledge did you have of any outreach by your campaign, including by Paul Manafort, to Russia about potential assistance to the campaign?" the question asks.
show chapters Trump calls leak of Mueller questions 'disgraceful' 4 Hours Ago | 01:05 It's one of the questions Mueller's team submitted to Trump, The New York Times reported Monday evening . The newspaper said someone outside Trump's legal team provided the list.
The Trump campaign did not respond to CNBC's request for comment.
Prior media reports have documented attempts from Russian sources to reach out to Trump's campaign. Most notably, Trump campaign officials, including Manafort and Donald Trump Jr ., met Kremlin-connected lawyers in a now-infamous June 2016 meeting at Trump Tower. The Russians had promised damaging information on Trump's political opponent, Hillary Clinton .
But the question about campaign outreach to Russia flips the script, giving a new thrust to the much-debated possibility that Trump's campaign may have initiated, rather than merely accepted, contact with President Vladimir Putin 's regime.
"The list of questions does seem to be a road map for what Mueller is interested in, and it's interesting from that perspective," said Michael German, a former FBI special agent and current fellow with the Brennan Center for Justice's Liberty and National Security Program.
"The questions seem formulated to solidify elements of chargeable offenses," German added in an interview with CNBC.
German cautioned, however, that Mueller's question may in fact be based on publicly available information.
Specifically, The Washington Post reported in September , citing people familiar with the discussions, that Manafort in 2016 offered to provide a Russian oligarch with Trump campaign briefings.
"If he needs private briefings we can accommodate," Manafort reportedly told an intermediary of the Kremlin-linked billionaire, Oleg Deripaska, in an email dated July 7, 2016.
No evidence surfaced that Deripaska received, or responded, to the email, the Post reported.
Trump on Tuesday criticized the Times for publishing the questions, calling the "leak" of the list of questions "disgraceful."
He also said that there were "no questions on collusion" in the list. Although the word "collusion" is not specifically used, multiple questions ask Trump to provide his knowledge of his campaign officials' contacts with Russian sources.
Trump tweet
Trump tweet 2
The White House did not respond to CNBC's request for comment.
While Trump said the "phony crime" of collusion "never existed," David Shapiro, a professor at John Jay College of Criminal Justice, said that lawyers generally stick to the "rule of thumb" of "never ask a question unless you already know the answer."
But, he added, the inclusion of the question could also be a strategic move by Mueller's team.
"There may be a sort of bluffing aspect," Shapiro said. "Lawyers are crafty folks."
According to the Times, some of the other questions were:
When did you become aware of the Trump Tower meeting?
What discussions did you have during the campaign regarding any meeting with Mr. Putin? Did you discuss it with others?
During the campaign, what did you know about Russian hacking, use of social media or other acts aimed at the campaign?
What did you know about communication between Roger Stone, his associates, Julian Assange or WikiLeaks?
What did you know during the transition about an attempt to establish back-channel communication to Russia, and Jared Kushner's efforts?
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2018-05-01
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Virginia Congressman Garrett Won’t Run for Re-Election, Cites Alcoholism
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26 COMMENTS WASHINGTON—Rep. Tom Garrett (R., Va.) said Monday he was struggling with alcoholism and wouldn’t run for re-election this fall.
“There’s one area where I haven’t been honest,” Mr. Garrett, a first-term member of Congress, said in an emotional video statement Monday announcing his decision to retire. “Any person, Republican, Democrat or independent, who’s known me for any period of time and has any integrity, knows two things: I am a good man and I am an alcoholic,” he said.
The announcement ended a period of speculation surrounding the political fate of Mr. Garrett, 46 years old and a member of the House Freedom Caucus, a group of the House’s most conservative Republicans.
The lawmaker had said last week in a Facebook livestream that he planned to run again in November, rejecting reports he was expected to retire.
Mr. Garrett faced a competitive race for re-election in November against Democratic nominee Leslie Cockburn, a former journalist and the mother of actress Olivia Wilde. Ms. Cockburn had significantly outraised Mr. Garrett in a district that President Donald Trump won in 2016 with 53% of the vote.
“This must be a very difficult time for him, his family and staff,” Ms. Cockburn said on Twitter Monday. “It is important that he has recognized his alcohol addiction and I wish him well.”
The Republican Party of Virginia said on Twitter Monday that the Fifth District Committee would immediately begin the process of choosing a replacement nominee.
Before being elected to the House, Mr. Garrett served in the Virginia state senate and in the U.S. Army.
Mr. Garrett disputed a Politico report saying he and his wife had asked his employees to run errands for them, including caring for their dog and driving his daughters to and from his district west of Richmond, Va.
“The recent attacks on my family and myself are a series of half truths and whole lies,” Mr. Garrett said in his statement. “They’re driven more by Republicans than Democrats.”
Write to Kristina Peterson at [email protected]
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2018-05-29
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RPT-Australian treasurer says no 'mammoth' tax cuts in the coming budget
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(Repeats story first published on Sunday, no changes to text)
* Australian government to deliver 2018/19 budget on Tuesday
* Centre-right coalition under pressure amid fall in polls
* Speculation government could announce quicker return to surplus
By Jane Wardell and Alana Schetzer
SYDNEY/MELBOURNE, May 6 (Reuters) - Australian Treasurer Scott Morrison on Sunday warned voters not to expect “mammoth cuts” to taxes and reiterated his centre-right government’s commitment to return the country’s finances to surplus as soon as possible.
This year’s federal budget, to be presented on Tuesday, is being viewed as the unofficial kick-off to a months-long national election campaign, with the Liberal-National coalition under pressure amid a banking sector scandal and falling popularity.
Recent improvement in the government’s coffers due to a pick-up in revenue, particularly company tax, has fuelled speculation the government will unveil some big-ticket budget sweeteners in a bid to win over voters.
Morrison has already flagged a corporate tax cut to 25 percent, from the current 30 percent, despite failing to push the measure through the parliament, where the government has a majority of just one seat. He has argued the cut is needed to keep Australia competitive for investors.
On Sunday, Morrison told a television programme that low and middle-income earners would be the first priority for further cuts, with high-income earners further down the line.
But he cautioned that cuts would likely be modest as Australia continues to rebalance itself away from a once-in-century mining investment boom that let it become the only OECD country to escape recession during the global financial crisis.
“I’m not going to pretend that these are going to be mammoth tax cuts, they’ll be what’s affordable, they’ll be what’s real and they will be in what the budget can afford,” Morrison told Nine Network’s Today show.
“You have to ensure that you build your budget up to surplus, which is exactly what we are doing.”
DRAMATIC REVENUE CHANGE In its mid-year review in December, the government forecast an A$10.2 billion ($7.69 billion) surplus in 2020/21, along with an A$20.5 billion deficit for 2018/19.
But a dramatic improvement in revenues is expected to be revealed on Tuesday. Deloitte Access Economics has estimated that the corporate tax take has risen by A$36.2 billion from a year ago and individual income tax by A$10.6 billion. That has raised suggestions a return to surplus could be fulfilled earlier, but Morrison was tight-lipped on Sunday, saying only that the intention was to “return to that level as soon as possible”.
Prime Minister Malcolm Turnbull’s government needs a positive response to its spending plan, after being buffeted by a dual citizenship crisis that almost cost it a parliamentary majority, a sex scandal that led to the resignation of the deputy prime minister and revelations of serious misconduct in Australia’s banking sector, during an ongoing Royal Commission inquiry.
Morrison dismissed speculation that the commission has made the government’s planned corporate tax cut a harder sell with the electorate, pointing to a banking levy recently imposed on the banks to raise A$16 billion over 10 years.
Budget sweeteners already announced include cutting the amount of excise tax paid by craft beer brewers, an A$140 million package to lure blockbuster film productions to Australia and plans to recover as much A$3.6 billion over the next four years in losses from illegal tobacco imports. ($1 = 1.3257 Australian dollars) (Writing by Jane Wardell; Editing by Richard Borsuk.)
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2018-05-06
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Chipotle Mexican Grill, Inc. To Hold Special Investor Call On June 27
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DENVER, May 15, 2018 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) announced today the date of the special mid-quarter investor conference call referenced on its Q1 earnings call. The special call will be held on Wednesday, June 27 at 4:15 PM Eastern time to discuss company strategy and plans under its new executive leadership.
The conference call can be accessed live over the phone by dialing 1-877-451-6152 or for international callers by dialing 1-201-389-0879.
The call will also be webcast live from Chipotle's website on the Investor Relations page at ir.chipotle.com . An archived webcast will be available approximately one hour after the end of the call.
ABOUT CHIPOTLE
Steve Ells, founder and executive chairman, started Chipotle with the idea that food served fast did not have to be a typical fast food experience. Today, Chipotle continues to offer a focused menu of burritos, tacos, burrito bowls, and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in an interactive style allowing people to get exactly what they want. Chipotle seeks out extraordinary ingredients that are not only fresh, but that are raised responsibly, with respect for the animals, land, and people who produce them. Chipotle prepares its food using real, wholesome ingredients and without the use of added colors, flavors or other additives typically found in fast food. Chipotle opened with a single restaurant in Denver in 1993 and now operates more than 2,400 restaurants. For more information, visit Chipotle.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/chipotle-mexican-grill-inc-to-hold-special-investor-call-on-june-27-300648569.html
SOURCE Chipotle Mexican Grill, Inc.
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2018-05-15
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Manafort's former son-in-law cuts plea deal with government: Reuters
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Taxes Manafort's former son-in-law cuts plea deal with government Jeffrey Yohai has cut a deal with the Justice Department that requires him to cooperate with other criminal investigations, sources told Reuters. Yohai is a former business partner of Paul Manafort and divorced from Manafort's daughter last August. The guilty plea could ramp up pressure on Manafort, former campaign chairman for President Trump, in special counsel Robert Mueller's investigation of alleged Russian meddling in the 2016 election. Published 10 Hours Ago Tom Williams | CQ Roll Call | Getty Images Paul Manafort
The former son-in-law of Paul Manafort , the one-time chairman of President Donald Trump's campaign, has cut a plea deal with the Justice Department that requires him to cooperate with other criminal probes, two people with knowledge of the matter said.
The guilty plea agreement, which is under seal and has not been previously reported, could add to the legal pressure on Manafort, who is facing two indictments brought by Special Counsel Robert Mueller in his probe of alleged Russian meddling in the 2016 presidential election.
Manafort has been indicted in federal courts in Washington and Virginia with charges ranging from tax evasion to bank fraud and has pleaded not guilty to the charges.
Jeffrey Yohai, a former business partner of Manafort, was divorced from Manafort's daughter last August.
Yohai has not been specifically told how he will be called on to cooperate as part of his plea agreement, but the two people familiar with the matter say they consider it a possibility that he will be asked to assist with Mueller's prosecution of Manafort.
Legal experts have said that Mueller wants to keep applying pressure on Manafort to plead guilty and assist prosecutors with their probe. Manafort chaired the Trump campaign for three months before resigning in August 2016. show chapters 3:54 PM ET Fri, 4 May 2018 | 01:11
Both Trump and Russia have denied allegations they colluded to help Republican Trump win the election.
Hilary Potashner, a public defender who is representing Yohai, did not immediately respond to a request for comment.
Manafort's spokesman, Jason Maloni, declined to comment.
Andrew Brown, a federal prosecutor in Los Angeles, had been overseeing an investigation into Yohai's real estate and bank dealings in California and New York several months before Mueller was appointed to his post in May 2017.
Yohai's agreement, which was concluded early this year, included him pleading guilty to misusing construction loan funds and to a count related to a bank account overdraft.
While the deal was cut with Brown's office, the federal government can ask for help at any time, said one of the people familiar with the matter.
A spokesman for Brown did not respond to a request for comment and a spokesman for Mueller declined to comment. Manafort trial pending
Manafort is to go on trial later this year to fight the two indictments. The charges against him range from failing to disclose lobbying work for a pro-Russian Ukrainian political party to bank fraud.
As a close business partner, Yohai was privy to many of Manafort's financial dealings, according to the two people familiar with the matter and court filings in the bankruptcies of four Los Angeles properties in 2016. In addition to co-investing in California real estate, the two cooperated in getting loans for property deals in New York, Manaforts indictments show.
Mueller sent a team of prosecutors to interview Yohai last June, asking him about Manaforts relationship with Trump, his ties to Russian oligarchs, and his borrowing of tens of millions of dollars against properties in New York, Reuters reported in February, citing people with knowledge of the matter. Playing
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2018-05-17
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U.S., North Korea meet in New York for second day
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U.S., North Korea meet in New York for second day 12:32pm BST - 02:09
A top North Korean official and U.S. Secretary of State, Mike Pompeo, meet for a second day in New York City amid a flurry of diplomatic activity ahead of a potential summit between U.S. President Donald Trump and Kim Jong Un. Reuters Josh Smith reports.
A top North Korean official and U.S. Secretary of State, Mike Pompeo, meet for a second day in New York City amid a flurry of diplomatic activity ahead of a potential summit between U.S. President Donald Trump and Kim Jong Un. Reuters Josh Smith reports. //reut.rs/2L9rMGc
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2018-05-31
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C.H. Robinson Worldwide Declares Quarterly Cash Dividend and Increases Share Repurchase Authorization
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MINNEAPOLIS--(BUSINESS WIRE)-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW) announced that its Board of Directors today declared a regular quarterly cash dividend of 46 cents ($0.46) per share, payable on June 29, 2018, to shareholders of record on June 1, 2018.
C.H. Robinson has distributed regular dividends for more than twenty-five years. As of May 10, 2018, there were 139,237,319 shares outstanding.
In addition, on May 10, 2018, the Board of Directors increased the company’s share repurchase authorization by an additional 15 million shares of common stock. C.H. Robinson had approximately 1.2 million shares remaining under its share repurchase authorization, which was authorized by the Board in 2013. Repurchases may be made from time to time at prevailing prices in the open market or in privately negotiated transactions, subject to market conditions and other factors.
About C.H. Robinson
At C.H. Robinson, we believe in accelerating global trade to seamlessly deliver the products and goods that drive the world’s economy. Using the strengths of our knowledgeable people, proven processes and global technology, we help our customers work smarter, not harder. As one of the world’s largest third-party logistics providers (3PL), we provide a broad portfolio of logistics services, fresh produce sourcing and Managed Services for more than 120,000 customers and 73,000 active contract carriers through our integrated network of offices and more than 15,000 employees. In addition, the company, our Foundation and our employees contribute millions of dollars annually to a variety of organizations. Headquartered in Eden Prairie, Minnesota, C.H. Robinson (CHRW) has been publicly traded on the NASDAQ since 1997. For more information, visit http://www.chrobinson.com or view our company video .
Source: C.H. Robinson
CHRW-IR
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006162/en/
C.H. Robinson Worldwide, Inc.
Robert Houghton
Vice President of Investor Relations and Treasury
[email protected]
or
Adrienne Brausen
Investor Relations Associate
[email protected]
Source: C.H. Robinson Worldwide, Inc.
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2018-05-10
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BRIEF-PBKM Unit Buys 100% Stake In Biocell Lugano Based In Switzerland
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May 17 (Reuters) - POLSKI BANK KOMOREK MACIERZYSTYCH SA:
* ITS UNIT BUYS 100% STAKE IN BIOCELL LUGANO SA BASED IN SWITZERLAND
* MAXIMUM PRICE IS SET AT 1.6 MILLION EUROS * BIOCELL LUGANO RUNS LAB THAT HAS LICENSE FOR ISOLATION AND MULTIPLICATION OF STEM CELLS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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2018-05-17
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Airbus loses ground in bid to sell jets to United - sources
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May 18, 2018 / 1:57 PM / Updated 5 minutes ago Airbus loses ground in bid to sell jets to United: sources Tim Hepher , Alana Wise 3 Min Read
PARIS/NEW YORK (Reuters) - Airbus’s hopes of winning an immediate respite from slow sales of its A330neo jetliner with an order from United Airlines are dwindling, leaving a gap in future production weeks before it is due to enter service, industry sources said on Friday. FILE PHOTO: An Airbus A330neo aircraft lands during its maiden flight event in Colomiers near Toulouse, France, October 19, 2017. REUTERS/Regis Duvignau/File Photo
Airbus has been competing with Boeing to replace all or part of a fleet of some 50 Boeing 767s at United Airlines ( UAL.N ), people familiar with the discussions say.
Others said Airbus had made an unsolicited offer to try to head off plans by United to use rights to buy more Boeing 787s.
It’s the latest twist in one of the fiercest recent jet market battles, pitting Boeing’s 787 against the latest type of A330, with Boeing so far holding the upper hand.
“Airbus doesn’t have United,” one person familiar with the matter told Reuters, though others did not exclude a chance to compete for a second tranche of business later.
Sources say Boeing has an advantage in any competition because United already flies its 787 and has options for more. FILE PHOTO: Logo of Airbus is pictured at the Airbus A380 final assembly line at Airbus headquarters in Blagnac, near Toulouse, France, March 21, 2018. REUTERS/Regis Duvignau
Airbus ( AIR.PA ), Boeing ( BA.N ) and United ( UAL.N ) declined comment.
Airbus is keen to clinch a deal after losing to the 787 at two other U.S. carriers.
It also hopes to defend planned production rates, which have only just been lowered due to weak demand.
Sources said more than 15 A330 output slots remain unfilled in next year’s schedule, heightening pressure to win deals.
Airbus has sold 214 A330neos to around 13 customers led by AirAsia ( AIRA.KL ), which has been giving mixed signals over whether it plans to take the jets or switch to Boeing.
AirAsia Group boss Tony Fernandes said this week the A330neo was still the “favorite choice” but he was delaying a final decision until he saw how the jet performed.
America’s withdrawal from the Iran nuclear accord threatens the sale of 28 A330neos to IranAir.
Another reason Airbus wants to add a new marquee customer is that it would make it easier for airlines to finance A330neo purchases, and potentially hold back the tide of 787 sales under a hard-charging new Boeing leadership, financial sources said.
Banks add risk factors and toughen the terms when backing thinly sold jets and the risk is that the more popular 787 could become cheaper to finance, even though the price of an A330neo is lower after allowing for market discounts.
Airbus has said it is confident about long-term demand and is talking to several airlines about the 310-seat plane.
“It’s a big segment and we think we have the right airplane at the right time,” Airbus Americas Chairman Jeff Knittel said. Editing by Keith Weir
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2018-05-18
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Sterling trims early gains as caution sets in
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LONDON (Reuters) - Sterling trimmed earlier gains after hitting a one-week high against a broadly firm euro on Tuesday as a top central bank official’s upbeat note on the outlook for future interest rate increases was met by some market scepticism.
FILE PHOTO: A British ten pound note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo Currency investors were burned by the Bank of England’s decision to keep interest rates on hold last month after signalling a rate hike was on the cards until a few weeks earlier.
That has left funds wary of pushing sterling sharply either way without any firm data to back those moves.
“Markets will take what the Bank of England is saying with a pinch of salt after their strange communication last month,” said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt.
In late afternoon trading, sterling GBP=D3 gave back most of its earlier gains and was broadly flat on the day at $1.3432.
BoE policymaker Gertjan Vlieghe told the Treasury Committee of parliament that policy rates are set to rise 25 to 50 basis points every year over three years, a comment initially interpreted by markets as supportive for the pound GBP=D3 .
“His comments are helping sterling but it is important to remember that everything policymakers say today is conditional on the incoming data and that needs to be kept in mind to correctly assess the policy outlook,” said Viraj Patel, an FX strategist at ING Bank in London.
Against the dollar, sterling first extended gains and rose 0.4 percent to the day’s highs at $1.3492.
It also climbed 0.2 percent to a one-week high against the euro EURGBP=D3 at 87.60 pence but later trimmed some gains.
Interest rate markets were broadly unchanged by the relatively optimistic comments, with the probability of another quarter point rate hike holding at around 90 percent by the end of the year, the same levels as earlier this week.
Gains were capped before important data on the British economy due out this week, including inflation on Wednesday and the gross domestic product figure on Friday.
These will be scrutinised by investors to gauge whether the BoE might tighten monetary policy as early as August.
Tuesday’s rise in the pound came after concerns over the post-divorce relationship Britain negotiates with the European Union weighed heavily on the currency last week.
Adding to the uncertainty, lawmakers from Prime Minister Theresa May’s governing Conservative Party are reported to be preparing for a snap Autumn election amid fears that the Brexit deadlock will become insurmountable.
But the biggest reason for sterling’s recent fall has been a drastic shift in expectations of when the BoE will raise rates.
“Until a solution emerges on the Brexit front, a rate hike is the only things that could support sterling temporarily,” Commerzbank strategists said in a note.
“Without it, sterling remains unattractive.”
Reporting by Saikat Chatterjee; Editing by Catherine Evans
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2018-05-22
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Explosive eruption rocks Hawaii's Kilauea volcano -USGS
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May 17, 2018 / 4:15 PM / Updated 43 minutes ago Explosive eruption rocks Hawaii's Kilauea volcano -USGS Reuters Staff 1 Min Read
May 17 (Reuters) - An explosive eruption rocked Hawaii’s Kilaueau volcano on Thursday sending an ash plume thousands of feet into the air, according to tweets from the U.S. Geological Survey.
The powerful, steam-driven blast was expected to spew large amounts of volcanic ash and smoke from Kilauea’s crater on Hawaii’s Big Island. The eruption has destroyed 37 homes and other structures in a small southeast area of the island and forced around 2,000 people to evacuate their homes. (Reporting By Andrew Hay in Taos, New Mexico; Editing by Tom Brown)
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2018-05-17
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Cantel Medical Corp. to Hold Conference Call to Discuss Results for its Third Quarter Ended April 30, 2018
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LITTLE FALLS, N.J., May 24, 2018 /PRNewswire/ -- CANTEL MEDICAL CORP . (NYSE:CMD) will release the results for its third quarter ended April 30, 2018 on Thursday, May 31, 2018 before the market opens, and hold a conference call to discuss the results at 11:00 a.m. Eastern Daylight Time.
To participate in the conference call, dial 1-877-407-8033 (US & Canada) or 1-201-689-8033 (International) approximately 5 to 10 minutes before the beginning of the call. If you are unable to participate, a digital replay of the call will be available from Thursday, May 31, 2018 through midnight on July 1, 2018 by dialing 1-877-481-4010 (US & Canada) or 1-919-882-2331 (International) and using conference ID #: 32582.
An audio webcast will be available via the Cantel website at www.cantelmedical.com . A replay of the presentation will be archived on the Cantel website for those unable to listen live. In addition, the Company will provide a supplemental presentation to complement the conference call. The presentation can be accessed on Cantel's website in the Investor Relations section under presentations.
About Cantel Medical Corp.
Cantel Medical is a leading global company dedicated to delivering innovative infection prevention products and services for patients, caregivers, and other healthcare providers which improve outcomes, enhance safety and help save lives. Our products include specialized medical device reprocessing systems for endoscopy and renal dialysis, advanced water purification equipment, sterilants, disinfectants and cleaners, sterility assurance monitoring products for hospitals and dental clinics, disposable infection control products primarily for dental and GI endoscopy markets, dialysate concentrates, hollow fiber membrane filtration and separation products. Additionally, we provide technical service for our products.
For further information, visit the Cantel website at www.cantelmedical.com .
View original content: http://www.prnewswire.com/news-releases/cantel-medical-corp-to-hold-conference-call-to-discuss-results-for-its-third-quarter-ended-april-30-2018-300654220.html
SOURCE Cantel Medical Corp.
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2018-05-24
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BRIEF-Hangzhou Electronic Soul Network Technology says dividend payment date on May 9
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April 30(Reuters) - Hangzhou Electronic Soul Network Technology Co Ltd
* Says it will pay cash dividend of 0.2070 yuan per share (before tax) for FY 2017 to shareholders of record on May 8
* The company’s shares will be traded ex-right and ex-dividend on May 9 and the dividend will be paid on May 9
Source text in Chinese: goo.gl/rPaQ5W
Further company coverage: (Beijing Headline News)
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2018-04-30
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Kasich Could Be Trump’s Best Hope
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Donald Trump once joked that he could shoot someone on Fifth Avenue and not lose votes. That may be true—his approval ratings have inched up recently, tweetstorms and Stormy Daniels notwithstanding.
But can he be re-elected? He’s unlikely to face an opponent as unpopular and uninspiring as Hillary Clinton in 2020. His best hope may be John Kasich. The departing Ohio governor has made noises about challenging Mr. Trump in the primaries, but an independent bid would be better for the president.
...
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2018-05-17
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FOREX-Dollar scales 5-month peak as U.S.-China trade tensions ease
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* U.S.-China calls truce on tariffs boosts market risk tone * Dollar hits 4-month high vs yen, 6-month peak vs euro (Updates prices, adds comment, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, May 21 (Reuters) - The dollar climbed to a five-month peak on Monday as news of a truce between the United States and China on trade tariffs prompted investors to pare back their short positions on the greenback. Investors have been short the dollar since July last year, but since mid-February, the dollar index has rallied nearly 7 percent. The dollar has been mainly bolstered by generally solid U.S. economic data that has backed the Federal Reserve's tightening stance this year. The prospect of a resolution to the U.S.-China trade tension has further added to the dollar's shine. The two world's largest economies have agreed to drop their tariff threats for now. U.S. Treasury Secretary Steven Mnuchin and President Donald Trump's top economic adviser, Larry Kudlow, said on Sunday the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future. "While there have seemingly been few signs of concrete progress in those negotiations, the more constructive tone from the two sides appears to be lending some support to the risk environment," said Erik Nelson, currency strategist at Wells Fargo Securities in New York. That news also boosted U.S. equities and Treasury yields, underpinning the dollar as a result. In mid-morning trading, the dollar index rose 0.1 percent to 93.748 after earlier hitting a five-month high above 94. This week, the dollar's fate rests on the Federal Reserve, with several Fed officials speaking this week and the minutes of the U.S. central bank's last monetary policy meeting due out on Wednesday. "If the minutes take note of inflation creeping higher, it could open the door to faster rate hikes and a stronger dollar," said Joe Manimbo, senior market analyst, at Western Union Business Solutions in Washington. In other currency pairs, the dollar rose to a four-month high against the yen at 111.39 and was last at 111.13, up 0.4 percent. The yen has been pressured by recent weaker Japanese data, a U.S.-China trade war truce and elevated U.S. Treasury yields, analysts said. The euro, meanwhile, was flat against the dollar at $1.1770 , after earlier falling to its lowest since around mid-November. Europe's single currency has been affected by concerns about political uncertainty in Italy. This week will bring about a further test for stubborn euro bulls with the release of May flash PMI data on Wednesday where markets will be waiting to see whether the first quarter slowdown in Europe has spilled over to the subsequent months.
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2018-05-21
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It is not going to be an overly promotional year for GoPro, says CEO Nick Woodman
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× × It is not going to be an overly promotional year for GoPro, says CEO Nick Woodman 1 Hour Ago Nick Woodman GoPro CEO discusses the company's earnings, new products and incentives to fuel sales and growth.
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2018-05-04
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American Railcar Industries, Inc. Reports First Quarter 2018 Results
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First Quarter 2018 Highlights
Quarterly revenue of $116.2 million Quarterly net earnings of $13.0 million, or $0.68 per share Quarterly adjusted EBITDA of $36.9 million, or 31.7% of revenue Lease fleet of 13,326 railcars as of March 31, 2018 vs. 11,869 railcars as of March 31, 2017, with 195 railcars added during the first quarter Current liquidity of $300.1 million, including $200.0 million available under revolving credit facility
ST. CHARLES, Mo., May 01, 2018 (GLOBE NEWSWIRE) -- American Railcar Industries, Inc. (ARI or the Company) (NASDAQ:ARII) today reported its first quarter 2018 financial results. John O'Bryan, President and CEO of ARI, commented, "The North American railcar market remains challenging. While the number of railcars in storage has continued to decrease, an oversupply remains in the marketplace of most railcar types, including covered hoppers and tanks, which continues to impact demand and suppress pricing. On a positive note, inquiry activity increased during the first quarter of 2018, and while customers are carefully making decisions based on economic trends, we are slowly seeing these higher inquiry levels turn into firm orders. As further evidence of this slight uptick, the industry reported quarterly orders of over 10,000 railcars for only the second time since the second quarter of 2015. To align with market conditions, we remain focused on our long-term view and our disciplined approaches to aligning production with industry demand, investing in our lease fleet, and managing costs.
We continue to work closely with our customers to understand and meet their needs. With our diversified lease fleet of over 13,300 railcars and our railcar services network providing a wide array of services over the life of a railcar, we are well-positioned and eager to identify and deliver solutions for the railcar industry.”
First Quarter Revenue Summary
Total consolidated revenues were $116.2 million for the first quarter of 2018, an increase of 1% when compared to $114.7 million for the same period in 2017. This increase was primarily driven by increased revenues in the manufacturing segment and a slight increase in the railcar leasing segment, partially offset by decreased revenues in the railcar services segment.
Manufacturing revenues were $64.1 million for the first quarter of 2018, an increase of 6% compared to $60.7 million in the first quarter of 2017. This increase was primarily driven by increased railcar shipments for direct sale for both hopper and tank railcars, partially offset by lower selling prices due to the mix of types of hopper and tank railcars shipped during the first quarter of 2018 compared to the first quarter of 2017 and more competitive pricing across the North American railcar market.
During the first quarter of 2018, ARI shipped 616 railcars for direct sale and 195 railcars for lease compared to 549 railcars for direct sale and 602 railcars for lease during the same period in 2017. Railcars built for the lease fleet represented 24% of ARI’s railcar shipments during the first quarter of 2018 compared to 52% for the same period in 2017. Due to the prevalence of lower lease rates in today's North American railcar market, the Company is maintaining a disciplined approach to investing in its lease fleet. This approach, coupled with lower demand, led to a lower rate of lease fleet shipments during the first quarter of 2018 compared to the same period of 2017. Because revenues and earnings related to leased railcars are recognized over the life of the lease based on the terms of the contract, the Company's quarterly and annual results may vary depending on the mix of lease versus direct sale railcars that the Company ships during a given period.
Manufacturing revenues for the first quarter of 2018, on a consolidated basis, exclude $20.5 million of revenues related to railcars built for the Company's lease fleet compared to $60.1 million for the same period in 2017. This decrease in revenues related to railcars built for our lease fleet was due to lower quantities of both tank and hopper railcars shipped for lease, as discussed above. These revenues are based on an estimated fair market value of the leased railcars as if they had been sold to a third party, and are not recognized in consolidated revenues as railcar sales.
Railcar leasing revenues were $34.1 million for the first quarter of 2018, an increase of 1% compared to $33.8 million for the first quarter of 2017. The primary reason for the increase in revenue was an increase in the number of railcars on lease, partially offset by a decline in weighted average lease rates for both new railcars for lease and lease renewals compared to the same period in 2017. ARI had 13,326 railcars in its lease fleet as of March 31, 2018 compared to 11,869 railcars as of March 31, 2017.
Railcar services revenues were $18.0 million for the first quarter of 2018, a decrease of 11% compared to $20.1 million for the same period in 2017. This decrease was primarily due to overall decreased demand and lower repair revenue at the Company's tank railcar manufacturing facility as it is ramping up activity on retrofit projects. These railcar services revenues excluded intercompany revenue for lease fleet reassignment work for the Company's leased railcars that is eliminated in consolidation.
Consolidated earnings from operations were $21.0 million for the first quarter of 2018, a decrease of 4% from $21.9 million for the same period in 2017. Consolidated operating margins decreased to 18.1% for the first quarter of 2018 compared to 19.1% for the same period in 2017. These decreases were primarily driven by lower earnings from operations in the manufacturing and railcar leasing segments.
Manufacturing earnings from operations on a consolidated basis were $3.0 million for the first quarter of 2018 down 1% from the same period in 2017. The decrease in these earnings was primarily due to more competitive pricing and higher costs associated with lower production volumes, both partially offset by an increase in railcar shipments for direct sale. Profit on railcars built for the Company’s lease fleet was $1.4 million and $6.1 million for the first quarter of 2018 and 2017, respectively, and is excluded from consolidated manufacturing earnings from operations. Profit on railcars built for the Company's lease fleet is based on an estimated fair market value of revenues as if the railcars had been sold to a third party, less the cost to manufacture. Profit on railcars built for the Company’s lease fleet decreased due to fewer railcars built for the Company's lease fleet during the first quarter of 2018.
Railcar leasing earnings from operations on a consolidated basis were $20.5 million for the first quarter of 2018 compared to $21.5 million for the same period in 2017. This decrease was primarily due to increased maintenance costs and lower lease rates on certain renewals and reassignments.
Railcar services earnings from operations on a consolidated basis were $1.3 million for the first quarter of 2018 compared to $1.7 million for the same period in 2017. This decrease was primarily due to lower demand as well as an increase in services performed on railcars in the Company's lease fleet, which is eliminated in consolidation.
Selling, general and administrative expenses were $8.6 million for the first quarter of 2018 compared to $8.8 million for the same period in 2017. This decrease was primarily due to decreased bad debt expense and stock based compensation. Additionally, due to the sale of ARL in 2017, sales commissions have decreased. These decreases were all partially offset by increased compensation costs relating to additional staff hired to increase the sales and marketing team and other supporting groups in connection with transitioning lease fleet management in-house.
Net earnings for the first quarter of 2018 were $13.0 million, or $0.68 per share, compared to $10.6 million, or $0.55 per share, in the same period in 2017. This increase was driven largely by lower income tax expense as a result of the Tax Cuts and Jobs Act, which was enacted in December 2017 and decreased the federal tax rate from 35% to 21%, as well as increased earnings from the Company's joint ventures, partially offset by a decrease in earnings from operations as discussed above.
EBITDA, adjusted to exclude share-based compensation expense and other income related to short-term investment activity (Adjusted EBITDA), was $36.9 million for the first quarter of 2018 compared to $36.1 million for the comparable quarter in 2017. This increase resulted primarily from increased earnings from joint ventures during the first quarter of 2018 compared to the same period in 2017. A reconciliation of the Company’s net earnings to EBITDA and Adjusted EBITDA (both non-GAAP financial measures) is set forth in the supplemental disclosure attached to this press release.
Cash Flow and Liquidity
The Company’s earnings have contributed to cash flow from operations in the first three months of 2018 of $30.4 million. As of March 31, 2018, ARI had working capital of $169.6 million, including $100.1 million of cash and cash equivalents.
As of March 31, 2018, the Company had $539.3 million of debt outstanding, net of unamortized debt issuance costs of $4.6 million. The Company had borrowing availability of $200.0 million under a revolving loan.
The Company paid dividends totaling $7.6 million during the first three months of 2018. On April 27, 2018, the Company’s board of directors declared a cash dividend of $0.40 per share of common stock of the Company to shareholders of record as of June 13, 2018 that will be paid on June 27, 2018.
The Company has not repurchased any shares of its common stock thus far in 2018 under its stock repurchase program. Board authorization for approximately $164.0 million remains available for further stock repurchases.
Backlog
ARI's backlog as of March 31, 2018 was 3,144 railcars with an estimated market value of $279.9 million. Of the total backlog, we currently expect 259 railcars, or 8%, having an estimated market value of $25.3 million, will be placed into the Company's lease fleet.
Conference Call and Webcast
ARI will host a webcast and conference call on Tuesday, May 1, 2018 at 10:00 am (Eastern Time) to discuss the Company’s first quarter 2018 financial results. In conjunction with this press release, ARI has posted a supplemental information presentation to its website. To participate in the webcast, please log-on to ARI’s investor relations page through the ARI website at americanrailcar.com . To participate in the conference call, please dial 877-745-9389. Participants are asked to log-on to the ARI website or dial in to the conference call approximately 10 to 15 minutes prior to the start time. An audio replay of the call will also be available on the Company’s website promptly following the earnings call.
About ARI
ARI is a prominent North American designer and manufacturer of hopper and tank railcars. ARI provides its railcar customers with integrated solutions through a comprehensive set of high quality products and related services. ARI manufactures and sells railcars, custom designed railcar parts, and other industrial products. ARI and its subsidiaries also lease railcars manufactured by the Company to certain markets, and ARI has begun managing these lease railcars in-house. In addition, ARI and its subsidiaries provide railcar repair services through its various repair facilities, including mini-shops and mobile units, offering a range of services from full to light repair. More information about American Railcar Industries, Inc. is available on its website at americanrailcar.com or call the Investor Relations Department, 636.940.6000.
Forward Looking Statement Disclaimer
This press release contains statements relating to the Company's expected financial performance, objectives, long-term strategies and/or future business prospects, events and plans that are forward-looking statements. Forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release. Such statements include, without limitation, statements regarding: various estimates we have made in preparing our financial statements, expected future trends relating to our industry, products and markets, anticipated customer demand for our products and services, trends relating to our shipments, leasing business, railcar services, revenues, profit margin, capacity, financial condition, and results of operations, trends related to shipments for direct sale versus lease, our backlog and any implication that our backlog may be indicative of our future revenues, our strategic objectives and long-term strategies, our results of operations, financial condition and the sufficiency of our capital resources, our capital expenditure plans, short- and long-term liquidity needs, ability to service our current debt obligations and future financing plans, our Stock Repurchase Program, anticipated benefits regarding the growth of our leasing business, the mix of railcars in our lease fleet and our lease fleet financings, anticipated production schedules for our products and the anticipated production schedules of our joint ventures, our plans regarding future dividends and the anticipated performance and capital requirements of our joint ventures. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated. Investors should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. The payment of future dividends, if any, and the amount thereof, will be at the discretion of ARI’s board of directors and will depend upon the Company’s operating results, strategic plans, capital requirements, financial condition, provisions of its borrowing arrangements, applicable law and other factors the Company’s board of directors considers relevant. Other potential risks and uncertainties that could adversely affect our business and prospects include without limitation: our prospects in light of the cyclical nature of our business; the health of and prospects for the overall railcar industry; the risk of being unable to market or remarket railcars for sale or lease at favorable prices or on favorable terms or at all; the highly competitive nature of the manufacturing, railcar leasing and railcar services industries; the risks associated with ongoing compliance with transportation, environmental, health, safety, and regulatory laws and regulations, which may be subject to change; the impact, costs and expenses of any warranty claims we may be subject to now or in the future; our ability to recruit, retain and train qualified personnel; risks relating to our compliance with the FRA directive released September 30, 2016 and subsequently revised and superseded on November 18, 2016 (the Revised Directive) and the settlement agreement related thereto, any developments related to the Revised Directive and the settlement agreement related thereto and any costs or loss of revenue related thereto; the impact of policies and priorities of certain governments or other issues that may cause trade and markets conditions that result in fluctuations in the supply and costs of raw materials, including steel and railcar components, and delays in the delivery of such raw materials and components and their impact on demand and margin; the variable purchase patterns of our railcar customers and the timing of completion, customer acceptance and shipment of orders, as well as the mix of railcars for lease versus direct sale; our ability to manage overhead and variations in production rates; risks relating to the ongoing transition of the management of our railcar leasing business from ARL to in-house management following completion of the sale of ARL; our reliance upon a small number of customers that represent a large percentage of our revenues and backlog; fluctuations in commodity prices, including oil and gas; uncertainties regarding the Tax Cuts and Jobs Act of 2017; the ongoing risks related to our relationship with Mr. Carl Icahn, our principal beneficial stockholder through Icahn Enterprises L.P. (IELP), and certain of his affiliates; the impact, costs and expenses of any litigation we may be subject to now or in the future; risks related to the loss of executive officers; the risks associated with our current joint ventures and anticipated capital needs of, and production capabilities at our joint ventures; the sufficiency of our liquidity and capital resources, including long-term capital needs to support the growth of our lease fleet; the risks related to our and our subsidiaries' indebtedness and compliance with covenants contained in our and our subsidiaries' financing arrangements; the impact of repurchases pursuant to our Stock Repurchase Program on our current liquidity and the ownership percentage of our principal beneficial stockholder through IELP, Mr. Carl Icahn; the conversion of our railcar backlog into revenues equal to our reported estimated backlog value; the risks and impact associated with any potential joint ventures, acquisitions, strategic opportunities, dispositions or new business endeavors; the integration with other systems and ongoing management of our new enterprise resource planning system; and the additional risk factors described in ARI’s filings with the Securities and Exchange Commission. The Company expressly disclaims any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
March 31,
2018 December 31,
2017 (unaudited) Assets Current assets: Cash and cash equivalents $ 100,089 $ 100,244 Restricted cash 16,496 16,640 Accounts receivable, net 32,816 43,804 Accounts receivable, due from related parties 1,199 778 Income taxes receivable 19,171 19,115 Inventories, net 73,216 54,147 Prepaid expenses and other current assets 6,881 6,464 Total current assets 249,868 241,192 Property, plant and equipment, net 157,455 162,535 Railcars on lease, net 1,044,538 1,036,414 Income tax receivable 14 14 Goodwill 7,169 7,169 Investments in and loans to joint ventures 22,417 22,571 Other assets 3,199 3,531 Total assets $ 1,484,660 $ 1,473,426 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 30,804 $ 21,275 Accounts payable, due to related parties 6 41 Accrued expenses, including loss contingency of $6,481 and $6,548 at March 31, 2018 and December 31, 2017, respectively 13,904 12,787 Accrued compensation 10,088 12,874 Short-term debt, including current portion of long-term debt 25,493 25,590 Total current liabilities 80,295 72,567 Long-term debt, net of unamortized debt issuance costs of $4,593 and $4,647 at March 31, 2018 and December 31, 2017, respectively 513,805 520,024 Deferred tax liability 199,102 194,084 Pension and post-retirement liabilities 7,858 8,099 Other liabilities, including loss contingency of $2,293 and $2,283 at March 31, 2018 and December 31, 2017, respectively 14,506 15,118 Total liabilities 815,566 809,892 Stockholders’ equity: Common stock, $0.01 par value, 50,000,000 shares authorized, 19,083,878 shares outstanding as of both March 31, 2018 and December 31, 2017 213 213 Additional paid-in capital 239,609 239,609 Retained Earnings 520,478 514,453 Accumulated other comprehensive loss (5,175 ) (4,710 ) Treasury Stock (86,031 ) (86,031 ) Total stockholders’ equity 669,094 663,534 Total liabilities and stockholders’ equity $ 1,484,660 $ 1,473,426
AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2018 2017 Revenues: Manufacturing $ 64,141 $ 60,726 Railcar leasing (including revenues from affiliates of $412 and $224 for the three months ended March 31, 2018 and 2017, respectively) 34,121 33,835 Railcar services (including revenues from affiliates of $2 and $6,147 for the three months ended March 31, 2018 and 2017, respectively) 17,976 20,120 Total revenues 116,238 114,681 Cost of revenues: Manufacturing (58,183 ) (54,559 ) Other operating (loss) income (13 ) 31 Railcar leasing (12,993 ) (12,059 ) Railcar services (15,576 ) (17,390 ) Total cost of revenues (86,765 ) (83,977 ) Gross profit 29,473 30,704 Selling, general and administrative (8,613 ) (8,802 ) Net gains on disposition of leased railcars 181 13 Earnings from operations 21,041 21,915 Interest income (including income from related parties of $220 and $336 for the three months ended March 31, 2018 and 2017, respectively) 419 373 Interest expense (5,340 ) (5,531 ) Other income — 54 Earnings from joint ventures 1,343 550 Earnings before income taxes 17,463 17,361 Income tax expense (4,472 ) (6,793 ) Net earnings $ 12,991 $ 10,568 Net earnings per common share—basic and diluted $ 0.68 $ 0.55 Weighted average common shares outstanding—basic and diluted 19,084 19,084 Cash dividends declared per common share $ 0.40 $ 0.40
AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
SEGMENT DATA
(In thousands, unaudited)
Three Months Ended March 31, 2018 Revenues External Intersegment Total Earnings (Loss)
from Operations (in thousands) Manufacturing $ 64,141 $ 20,775 $ 84,916 $ 4,408 Railcar leasing 34,121 — 34,121 17,423 Railcar services 17,976 2,104 20,080 1,696 Corporate — — — (3,778 ) Eliminations — (22,879 ) (22,879 ) 1,292 Total Consolidated $ 116,238 $ — $ 116,238 $ 21,041 Three Months Ended March 31, 2017 Revenues External Intersegment Total Earnings (Loss)
from Operations (in thousands) Manufacturing $ 60,726 $ 60,104 $ 120,830 $ 9,151 Railcar leasing 33,835 — 33,835 18,810 Railcar services 20,120 332 20,452 1,716 Corporate — — — (4,272 ) Eliminations — (60,436 ) (60,436 ) (3,490 ) Total Consolidated $ 114,681 $ — $ 114,681 $ 21,915
AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Three Months Ended March 31, 2018 2017 Operating activities: Net earnings $ 12,991 $ 10,568 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation 14,931 13,873 Amortization of deferred costs 125 125 Gain on disposal of property, plant, equipment and leased railcars (181 ) (13 ) Earnings from joint ventures (1,343 ) (550 ) Provision for deferred income taxes 4,790 12,780 Changes in operating assets and liabilities: Accounts receivable, net 14,670 14,310 Accounts receivable, due from related parties (435 ) (1,680 ) Income taxes receivable (60 ) (52 ) Inventories, net (21,918 ) (3,770 ) Prepaid expenses and other current assets (413 ) 52 Accounts payable 9,542 897 Accounts payable, due to related parties (35 ) 311 Accrued expenses and taxes (1,665 ) (5,482 ) Other (561 ) 1,050 Net cash provided by operating activities 30,438 42,419 Investing activities: Purchases of property, plant and equipment (802 ) (1,550 ) Grant Proceeds — 100 Capital expenditures - leased railcars (18,068 ) (55,909 ) Proceeds from the disposal of property, plant, equipment and leased railcars 743 73 Proceeds from repayments of loans by joint ventures 1,477 1,477 Net cash used in investing activities (16,650 ) (55,809 ) Financing activities: Repayments of debt (6,371 ) (6,310 ) Payment of common stock dividends (7,633 ) (7,633 ) Net cash used in financing activities (14,004 ) (13,943 ) Effect of exchange rate changes on cash (83 ) 4 Net decrease in cash, cash equivalents, and restricted cash (299 ) (27,329 ) Cash, cash equivalents, and restricted cash at beginning of period 116,884 195,285 Cash, cash equivalents, and restricted cash at end of period $ 116,585 $ 167,956 Balance Sheet Reconciliation: Cash and cash equivalents $ 100,089 $ 151,246 Restricted cash 16,496 16,710 Total cash, cash equivalents and restricted cash as presented above $ 116,585 $ 167,956
AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NET EARNINGS TO EBITDA AND ADJUSTED EBITDA
(In thousands, unaudited)
Three Months Ended
March 31, 2018 2017 Net earnings $ 12,991 $ 10,568 Income tax expense 4,472 6,793 Interest expense 5,340 5,531 Interest income (419 ) (373 ) Depreciation 14,931 13,873 EBITDA $ 37,315 $ 36,392 Income related to stock appreciation rights compensation (412 ) (247 ) Other income on short-term investment activity $ — (54 ) Adjusted EBITDA $ 36,903 $ 36,091 EBITDA represents net earnings before income tax expense, interest expense (income) and depreciation of property, plant and equipment. The Company believes EBITDA is useful to investors in evaluating ARI’s operating performance compared to that of other companies in the same industry. In addition, ARI’s management uses EBITDA to evaluate operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s business. EBITDA is not a financial measure presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Accordingly, when analyzing the Company’s operating performance, investors should not consider EBITDA in isolation or as a substitute for net earnings, cash flows provided by operating activities or other statement of operations or cash flow data prepared in accordance with U.S. GAAP. The calculation of EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.
Adjusted EBITDA represents EBITDA before share-based compensation expense (income) related to stock appreciation rights (SARs) and other income related to our short-term investments. Management believes that Adjusted EBITDA is useful to investors in evaluating the Company’s operating performance, and therefore uses Adjusted EBITDA for that purpose. The Company’s SARs, which settle in cash, are revalued each period based primarily upon changes in ARI’s stock price. Management believes that eliminating the expense (income) associated with share-based compensation and income associated with short-term investments allows management and ARI’s investors to understand better the operating results independent of financial changes caused by the fluctuating price and value of the Company’s common stock and short-term investments. Adjusted EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net earnings, cash flows provided by operating activities or other statements of operations or cash flow data prepared in accordance with U.S. GAAP. The Company’s calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.
AMERICAN RAILCAR INDUSTRIES, INC.
100 Clark Street, St. Charles, Missouri 63301
americanrailcar.com
636.940.6000
Source:American Railcar Industries, Inc.
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2018-05-01
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AT&T says it hired firm linked to Cohen for advice on Trump
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May 9, 2018 / 3:27 AM / Updated an hour ago AT&T says it hired firm linked to Cohen for advice on Trump Sheila Dang , Diane Bartz 3 Min Read
(Reuters) - AT&T Inc ( T.N ) said on Tuesday it had hired Essential Consultants, a company linked to Donald Trump lawyer Michael Cohen, to advise it on working with the new administration in early 2017, around the time of Trump’s inauguration. FILE PHOTO: An AT&T logo is pictured in Pasadena, California, U.S., January 24, 2018. REUTERS/Mario Anzuoni/File Photo
The business arrangement illustrates efforts by the telecommunications company to work with an influential adviser to the new president as his administration took up major industry issues and considered its $85 billion proposal to buy Time Warner Inc.
Payments by AT&T were described earlier on Tuesday by Michael Avenatti, a lawyer for porn star Stormy Daniels, who released a report alleging that a company owned by Russian oligarch Viktor Vekselberg, AT&T and other corporations had made payments to Essential Consultants.
Avenatti’s report said AT&T had paid $200,000 in four equal payments to Essential Consultants between Oct, 3, 2017, and Jan. 3, 2018.
“Essential Consultants was one of several firms we engaged in early 2017 to provide insights into understanding the new administration,” AT&T said in a statement.
“They did no legal or lobbying work for us, and the contract ended in December 2017,” it said, without commenting further.
Reuters could not immediately verify Avenatti’s claim and it was not clear how he would have knowledge of any payment from Vekselberg to Cohen. Cohen and Avenatti did not respond immediately to requests for comment from Reuters.
Daniels had previously said she was paid $130,000 by Cohen to stay quiet about a sexual encounter with Trump, an encounter which Trump has denied.
The Wall Street Journal released a 2016 Delaware certificate of formation for Essential Consultants that was signed by Michael Cohen.
A person familiar with the matter said AT&T engaged with Essential Consultants around the time of the inauguration to understand how the company would be affected by several issues from the new administration, including tax reform and net neutrality.
The payments from AT&T in late 2017 and early 2018 came as it was advocating for its proposed takeover of Time Warner, which the U.S. Justice Department is trying to stop. The deal, announced in October 2016, was quickly denounced by Trump, who as a candidate and later as president has been critical of Time Warner’s CNN. Reporting By Sheila Dang and Diane Bartz; Editing by Peter Henderson and Paul Tait
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2018-05-09
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Autoliv Board Approves Completion of Spin-off
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STOCKHOLM, May 24, 2018 /PRNewswire/ --
- Board of directors approves completion of spin-off and sets record date
- New board members of Veoneer
- Details on share distribution and first day of trading
- Bridge financing
- Details on second quarter reporting
Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced that its board of directors has approved the completion of the previously announced spin-off of Autoliv's subsidiary Veoneer, Inc., its electronics segment, into an independent publicly traded company. The company further announced additional members expected to serve on the Veoneer board of directors following completion of the spin-off. Separately Autoliv today announced an agreement with Cevian Capital relating to its ownership in Autoliv and Veoneer .
The Autoliv board set the distribution ratio and record and distribution date for spin-off of Veoneer, Inc. The spin-off is on track to be completed on June 29, 2018, with trading in Veoneer to begin on July 2, 2018. The distribution date for Veoneer stock will be June 29, 2018, and Veoneer will begin "regular way" trading on the New York Stock Exchange under the symbol "VNE" and on Nasdaq Stockholm under the symbol "VNE SDB" on July 2, 2018. Autoliv will continue to trade on the New York Stock Exchange under the ticker "ALV" and on Nasdaq Stockholm under the symbol "ALIV SDB".
The Autoliv board today further announced that Mary Cummings, Mark Durcan and Jonas Synnergren are expected to join Veoneer's board following completion of the spin-off. Dr. Cummings is a professor at the Duke University Pratt School of Engineering, the Duke Institute of Brain Sciences, and is the director of the Humans and Autonomy Laboratory and Duke Robotic. Mr. Durcan is the former Chief Executive Officer of Micron Technology. Mr. Synnergren is a partner at Cevian Capital and head of Cevian's Swedish office.
"The board approval of the spin-off and decision of the timing for the start of trading for Veoneer are key milestones in the project and we look forward to launching Veoneer as a trusted expert partner to the mobility industry and see a focused Autoliv thrive as the worldwide leader in passive safety. I would further like to welcome the new members to the Veoneer board of directors. They each bring unique competencies that will support Veoneer's value creation in the years to come," said Jan Carlson, Chairman, President and CEO of Autoliv.
Additional Details on the Distribution
The Autoliv board has approved a pro rata distribution of all the stock of Veoneer to Autoliv stockholders in a 1 to 1 ratio. In the distribution, Autoliv stockholders (including holders of shares represented by Swedish Depository Receipts (SDRs)) will receive one share of Veoneer common stock for each share of Autoliv common stock held as of their respective record dates outlined below. Veoneer will not issue fractional shares of its common stock in the distribution.
No action is required by Autoliv's stockholders or SDR holders in order to receive shares or SDRs of Veoneer common stock in the distribution.
The record date for the distribution for common stockholders (i.e. those holding shares traded on the NYSE) is the close of business in the U.S. on June 12, 2018.
The record date for the distribution to holders of Autoliv SDRs (i.e. those holding SDRs traded on Nasdaq Stockholm) is July 2, 2018. The Autoliv SDRs will trade excluding the right to receive distribution of Veoneer SDRs as from June 29, 2018.
Beginning on or about June 11, 2018, and continuing up to and through the distribution date (June 29, 2018), it is expected that there will be two ways of trading in Autoliv common stock on the New York Stock Exchange:
"Regular way trading" - shares that trade in the "regular way" market will be entitled to shares of Veoneer common stock distributed pursuant to the distribution.
"Ex-distribution trading" - shares that trade in the "ex-distribution" market will trade without an entitlement to shares of Veoneer common stock distributed pursuant to the distribution. Shares of Autoliv in the "ex-distribution" market will trade under the symbol ALV.wi.
If you sell shares of Autoliv common stock in the "regular way" market, you will also be selling the right to receive the shares of Veoneer common stock in the distribution. However, if you sell shares of Autoliv common stock in the "ex-distribution" market, you will still receive the shares of Veoneer common stock in the distribution.
"Regular way" trading in Veoneer's common stock on the NYSE is expected to begin on July 2, 2018, the first trading day following the distribution date, at which time "regular way" trading in Autoliv's common stock will reflect the distribution of the Veoneer shares.
Trading in Veoneer SDRs on Nasdaq Stockholm is expected to begin on July 2, 2018. Autoliv SDRs will continue to trade normally on Nasdaq Stockholm up to June 29, 2018, as of which the Autoliv SDRs will trade excluding the right to receive distribution of Veoneer SDRs.
Autoliv anticipates that "when-issued" trading in shares of Veoneer will begin on or about June 11, 2018, and will continue up to and through the distribution date (June 29, 2018). Shares of Veoneer in the "when-issued" market will trade under the symbol VNE.wi. There will not be "when issued" trading in Veoneer SDRs on Nasdaq Stockholm.
Additional information regarding the trading in shares of Autoliv and Veoneer during this period will be available on Autoliv's website ( www.autoliv.com ).
Changes to Autoliv Audit Committee
As previously announced, Robert W. Alspaugh and Wolfgang Ziebart, current members of the Autoliv board and members of the audit committee of Autoliv, will resign from the Autoliv board to serve on the Veoneer board following completion of the spin-off. The Autoliv board announced today that Ted Senko will serve as chairman of the audit committee upon the resignation of Mr. Alspaugh, and that Hasse Johansson will join the audit committee upon the resignation of Mr. Ziebart.
Financing
In connection with the spin-off and to support its intended cash injection into Veoneer, Autoliv has entered into a US$800,000,000 bridge facility agreement with J.P. Morgan Securities PLC and SEB. The facility has a six-month maturity, which, subject to the banks' approval, can be extended for an additional six months. The coordinators and bookrunners are J.P. Morgan Securities PLC and SEB and the facility agent is SEB.
Also today, in order to facilitate the consent with regard to the spin-off from the holders of a majority of its outstanding long term debt securities issued by its subsidiary Autoliv ASP, the Board approved certain amendments to the agreements governing these securities. For additional details see Autoliv's Form 8-K to be filed with the SEC on May 24, 2018.
Additional Information
Autoliv expects to mail the information statement to all stockholders (including holders of shares represented by Autoliv SDRs) entitled to receive the distribution of shares of Veoneer common stock. The information statement is an exhibit to Veoneer's registration statement on Form 10 that has been filed with the U.S. Securities and Exchange Commission (SEC) that provides information about Veoneer and its business, including the risks of owning Veoneer common stock, and other details regarding the spin-off. In addition, a Swedish prospectus, which is prepared for the purpose of admitting the Veoneer SDRs to trading on Nasdaq Stockholm, will also be made public prior to the spin-off.
The distribution remains subject to satisfaction of certain customary conditions, as described in the preliminary information statement filed as an exhibit to the Form 10, including the SEC having declared effective the Form 10 and the Swedish Financial Supervisory Authority approving the Swedish prospectus.
Future Reporting for Autoliv and Veoneer
Following the spin-off, Autoliv will report its Electronics' business as discontinued operations for the second quarter of 2018 and still intends to publish its second quarter results on July 27, 2018.
Veoneer intends to publish an earnings release for the second quarter on or around July 27, 2018.
This information is information that Autoliv, Inc. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the VP of Investor Relations set out below, at 17.00 CET on May 24, 2018.
Inquiries
Media: Thomas Jönsson, Corporate Communications. Tel +46-(0)-8-587-206-27
Investors & Analysts, Anders Trapp, Investor Relations, Tel +46-(0)-8-587-206-71
About Autoliv
Autoliv, Inc. is the worldwide leader in automotive safety systems, and through its subsidiaries develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 72,000 employees in 27 countries. In addition, the Company has 23 technical centers in nine countries around the world, with 19 test tracks, more than any other automotive safety supplier. Sales in 2017 amounted to about US $10.4 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on Nasdaq Stockholm (ALIVsdb). For more information about Autoliv, please visit our company website at www.autoliv.com .
Safe Harbor Statement
This release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future, including those related to the completion and timing of the spin-off and distribution, including the satisfaction of the conditions to the distribution and the receipt of all required regulatory approvals, and the expected performance of Autoliv and Veoneer following completion of the spin-off. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.
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SOURCE Autoliv
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2018-05-24
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BRIEF-LPP Q1 Net Loss Lowers To 104.8 Mln Zlotys
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May 17 (Reuters) - LPP SA:
* POSTS Q1 NET LOSS AT 104.8 MILLION ZLOTYS VERSUS LOSS OF 117.0 MILLON ZLOTYS YEAR AGO
* Q1 NEGATIVE EBIT OF 117.7 MILLION ZLOTYS VERSUS 109 MILLION ZLOTYS
* Q1 REVENUE OF 1.58 BILLION ZLOTYS VERSUS 1.36 BILLION ZLOTYS YEAR AGO
* Q1 GROSS MARGIN AT 45.1 PERCENT VERSUS 45.6 PERCENT YEAR ON YEAR
* HIGHER REVENUE HELPED BY HIGHER RETAIL SPACE, POSITIVE LFL SALES (9.2 PERCENT YEAR ON YEAR) AND GROWTH OF ONLINE SALES
* IN 2018 CO PLANS TO HAVE STORES IN 23 COUNTRIES (AT THE END OF Q1 THE COMPANY HAD 1,728 STORES IN 20 COUNTRIES) AND TO INCREASE RETAIL SPACE BY 11 PCT
* IT PLANS CAPEX AT ABOUT 520 MILLION ZLOTYS THIS YEAR (IN Q1 CAPEX AT 148.6 MLN, UP 32% PCT YEAR ON YEAR)
* IT AIMS TO ENTER THREE NEW MARKETS IN 2018: KAZAKHSTAN, SLOVENIA AND ISRAEL
* IN APRIL THE COMPANY ANNOUNCED THAT ITS NEGATIVE EBIT WOULD BE 115 MILLION ZLOTYS ON Q1 REVENUE OF 1.58 BILLION ZLOTYS Source text for Eikon: and bit.ly/2IL9HB0
Further company coverage: (Gdynia Newsroom)
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2018-05-17
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UPDATE 1-Engie's Belgian Doel 1 reactor to remain closed until Oct 1
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(Adds detail on Doel 2 closure)
PARIS, May 2 (Reuters) - Belgium’s Doel 1 reactor, which was closed on April 23 following a leak in a back-up pipe on its primary cooling circuit, will remain closed until Oct 1 as operator Engie brings forward planned maintenance, the company said on Wednesday.
Doel 1 had been scheduled to close from May 29 to Oct. 1 for maintenance and to allow the French gas and power group to upgrade the reactor to extend its lifetime to 2025.
A spokeswoman for Engie’s Belgian unit Electrabel, which operates seven nuclear reactors in Belgium, said the leak was minor and did not endanger staff or the local population.
“The loss of water was well below the limit which would have triggered an automatic stoppage of the reactor,” she said.
The Doel 2 reactor will also close for major maintenance from May 22 to Oct. 8.
The lifespan of the Doel 1 and 2 reactors, as well as Tihange 1 - Belgium’s three oldest reactors - will be extended to 2025, 10 years beyond their originally scheduled closure date. The government decided in March to phase out nuclear by 2025.
Belgium’s seven reactors - four at Doel and three at Tihange - produce about half of the country’s electricity. (Reporting by Geert De Clercq; editing by Bate Felix and Jason Neely)
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2018-05-02
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Walmart's $16 billion deal for Flipkart a sign US companies are looking to India for deals
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With U.S.-China relations in a fragile state, American companies are taking a closer look at India for opportunities.
Case in point: Walmart 's $16 billion deal for Flipkart, India's largest e-commerce company.
"As US China deal flow slows, or face regulatory challenges, companies are increasingly looking to India for opportunity as their next growth market," says Kumar Shah, managing director of Transit Capital, a cross-border venture capital firm.
Recent data from Rhodium Group shows two-way U.S.-China direct foreign investments declined by almost one-third in 2017 from the prior year as criticism over national security grew. But some analysts point to China's maturing market as another reason for the decline.
show chapters Can Walmart stop the bleeding with Flipkart deal? 2:30 PM ET Wed, 9 May 2018 | 04:00 "A lot of the heavy lifting in China has been done. In India, there is still so much room for growth," said Shailesh Kumar, director for Asia at Eurasia Group.
India continues to boast an appealing story. It is the second largest country in the world with 1.3 billion people, half under the age of 25.
With more start-ups entering the scene, Shah expects a steady increase in cross-border deal activity.
Another factor helping is easing regulation, as Modi's government becomes less protectionist.
Kumar says the government has put a concerted effort in easing foreign direct investment, which has made India's market suddenly more accessible.
Multi-brand retail chains can own up to 51 percent of their investment in India, and single brand retail (i.e. Apple, Nike) is now up to 100 percent. Certain conditions do apply. The government looks for single brand companies to get 30 percent of its goods from India.
"One area we could see more deal activity is within e-commerce as Modi's government views this sector as favorable and defines it as a marketplace, a platform where local players can buy and sell goods," says Kumar.
Morgan Stanley projects India's e-commerce market to become a $200 billion market by 2027.
Indian regulators will be keen to understand how Walmart's Flipkart deal will affect India's workforce. In the past, there has been concern that a behemoth like Walmart would come in to India, displace workers and hurt small businesses.
Real questions will arise if Walmart starts selling a private label brand on Flipkart's platform, a move that some worry will price out local players.
"That's a huge concern for us," said one small business owner in Pune to CNBC.
However Mukesh Aghi, CEO of US-India Strategic Partnership Forum, says the deal will be good for Indian jobs.
"The Wal-Mart-Flipkart deal is good for India as a whole. It will strengthen the agriculture supply chain and create new skilled jobs, said Aghi to CNBC over email.
Aghi went on to say, "The deal will create good competition, which benefits customers and is good for sellers on the platform."
Some Indian analysts say they are watching closely to see if any displacement does occur, especially with automation and new technology being used by the online retail sector.
WATCH: Walmart agrees to buy majority stake in Flipkart show chapters Walmart agrees to buy majority stake in Flipkart for $16 billion 2:15 PM ET Wed, 9 May 2018 | 02:45
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2018-05-10
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Bill Gates at Harvard: 'This is a fascinating time to be alive'
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Bill Gates says he's envious of the complex problems that today's young people will get to solve.
During a Q&A at Harvard last month , the Microsoft co-founder told students that it's a "more interesting time to be lucky enough to be a student at Harvard" than it was when he entered the Ivy in 1973.
Gates continued: "The ability to take innovation and solve problems including: How do you help low income students do as well as high income students? How do you go to Africa and help the health and education and take the incredible population growth that will be there and make that a positive asset for that continent?"
show chapters Bill Gates: These skills will be most in-demand in the job market of the future 8:26 AM ET Tue, 13 March 2018 | 01:10 Today's hot topics, which also include climate change and artificial intelligence, are complex and wide-reaching, but that's what makes it "a fascinating time to be alive," he told students. "I don't know what it'll be like 50 or 60 years from now, what the problems will be. But in your generation, cancer, infectious disease, so many things will be solved."
If Gates had to pick one specific topic to zero in on if he were a Harvard student today, it would be artificial intelligence , since there are plenty of complex problems left to solve in the space, he said: "Computers still can't read. They cannot take a book of information and, say, pass an AP test on that book. And that's a solvable problem."
"I'm jealous that maybe one of you gets to work on that," he added. "It's the juiciest problem ever."
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Don't miss: If Bill Gates were in college today, here's what he would study
show chapters Bill and Melinda Gates say it's unfair that they have so much wealth 12:49 PM ET Tue, 13 Feb 2018 | 01:06
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2018-05-09
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Queen of tennis Serena Williams preps for royal wedding
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May 19, 2018 / 11:12 AM / Updated 17 minutes ago Queen of tennis Serena Williams preps for royal wedding Reuters Staff 2 Min Read
WINDSOR, England (Reuters) - American tennis star Serena Williams rose early on Saturday to get ready for her friend Meghan Markle’s wedding to Britain’s Prince Harry with a gold face treatment mask and personal make-up artist. Meghan Markle's friend, US tennis player Serena Williams (CL) and her husband US entrepreneur Alexis Ohanian (CR) arrive for the wedding ceremony of Britain's Prince Harry, Duke of Sussex and US actress Meghan Markle at St George's Chapel, Windsor Castle, in Windsor, on May 19, 2018. Odd ANDERSEN/Pool via REUTERS
Former world number one Williams, 36, posted videos on her Instagram account of herself and her partner Alexis Ohanian getting ready in their hotel room before heading to the ceremony at Windsor Castle.
“Hey y’all, so my friend’s getting married today,” she said as she filmed herself standing in front of the mirror in a towel.
“I’ve known her (Meghan) for so many years and I’m super happy for her.”
Williams plans to play at the French Open later this month in a bid for her record 24th major championship. She returned to professional tennis in March after giving birth to her first child in September, although her coach has since said she has come back too soon.
Sitting on the hotel bed, Williams kissed and cuddled her baby daughter, named Alexis after her father, before putting on a gold facial treatment mask.
“I’m shaping my brows today, but not for you, just because I want to,” she said, later adding that she was wearing her hair in braids.
“Do you like my necklace ... Do you like my braids?” she asked her partner. She said her chunky gold necklace was from the Heritage Collection by Italian luxury brand Bulgari.
By the time she was having her make-up applied, Williams said she was exhausted.
“I had this amazing energy but now I am incredible sleepy. I didn’t go to bed till three. I didn’t go to bed till 3 a.m.,” she said.
The tennis player teased her partner as he pulled up the trousers of his morning suit: “Are those high-waisted? This is not appropriate. This is uncool.”
In her last video from her morning preparations, she and her partner were seen in full regalia before heading out to the ceremony.
“What’s the verdict?” Williams asked, to which her partner replied, in a fake British accent: “Smashing. Where’s my monocle?” Meghan Markle's friend, US tennis player Serena Williams (L) and her husband US entrepreneur Alexis Ohanian (R) arrive for the wedding ceremony of Britain's Prince Harry, Duke of Sussex and US actress Meghan Markle at St George's Chapel, Windsor Castle, in Windsor, on May 19, 2018. Odd ANDERSEN/Pool via REUTERS Reporting by Raissa Kasolowsky; Editing by Kevin Liffey
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2018-05-19
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Poland breaks up pro-Russian group seeking to fuel tension with Ukraine
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WARSAW (Reuters) - Poland has detained a Russian woman who was part of a pro-Russian group that sought to whip up tension between Poland and Ukraine and will expel her soon, the national agency for internal security ABW said on Thursday.
Four other people involved in what the ABW described as “hybrid” activities against Poland would be banned for five years from entering Poland, the ABW said. ABW identified the Russian woman as “Yekaterina C.”.
It did not elaborate on the identities of the four other people which it said had undertaken “determined attempts to consolidate pro-Russian groups in Poland around two key priorities of Russia’s hybrid actions against Poland.”
“That is fuelling Polish-Ukrainian animosities in social and political spheres as well as undermining interpretation of Polish history and replacing it with a Russian narration,” the ABW said.
There was no immediate comment available from Russia.
Hybrid warfare includes conducting foreign disinformation campaigns, such as spreading fake news, and targeting the public at crucial times such as elections and in diplomatic or other crises.
ABW said its intervention had “neutralized the activity of two network structures taking part in the Russian hybrid and information war carried out against Poland”.
Poland, a member of NATO and the European Union, views Russia as the biggest threat to its security, especially since Russia annexed the Crimean peninsula from Ukraine in 2014.
Reporting by Marcin Goettig; Editing by Richard Balmforth
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2018-05-17
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Iraqis to vote in first election since I.S.
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Iraqis to vote in first election since I.S. 5:02pm IST - 02:01
For the first time since driving out Islamic State, Iraqis go to the polls on Saturday in an election that will shape attempts to heal the country's deep divisions and could shift the regional balance of power.
For the first time since driving out Islamic State, Iraqis go to the polls on Saturday in an election that will shape attempts to heal the country's deep divisions and could shift the regional balance of power. //reut.rs/2KScMgF
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2018-05-11
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Missouri governor to step down amid scandals
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Missouri governor to step down amid scandals 8:37am BST - 01:01
Missouri Governor Eric Greitens on Tuesday said he will resign from office this week, avoiding potential impeachment after he became embroiled in sexual misconduct and political fundraising scandals. ▲ Hide Transcript ▶ View Transcript
Missouri Governor Eric Greitens on Tuesday said he will resign from office this week, avoiding potential impeachment after he became embroiled in sexual misconduct and political fundraising scandals. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://uk.reuters.com/video/2018/05/30/missouri-governor-to-step-down-amid-scan?videoId=431553849&videoChannel=13422
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2018-05-30
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pdvWireless Announces Fourth Quarter Fiscal 2018 Earnings Release Date And Participation in 19th Annual B. Riley FBR Institutional Investor Conference
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WOODLAND PARK, N.J., May 21, 2018 /PRNewswire/ -- pdvWireless, Inc. (NASDAQ: PDVW), a wireless communications carrier focused on developing and offering private network and mobile communication solutions for businesses, will issue its fiscal 2018 fourth quarter financial results after the market closes on Tuesday, June 5, 2018. The Company will host a conference call to discuss its results at 4:45 p.m. ET on the same day. Interested parties can participate in the call by dialing 888-267-2845 and using the conference code 303496. A replay of the call will be available on the Company's Investor Relations webpage until June 19, 2018 which can be accessed at https://www.pdvwireless.com/events/ .
Additionally, on May 23, 2018, Tim Gray, CFO of pdvWireless, will present at the 19th Annual B. Riley FBR Institutional Investor Conference. The conference is being held at the Loews Santa Monica Beach Hotel in Santa Monica, CA and the presentation will begin at 1:30 p.m. PT. The Company will also host one-on-one meetings with investors throughout the day. A live webcast of the presentation will be available via the following link http://www.wsw.com/webcast/brileyfbr/pdvw/ and will be archived on the Company's Investor Relations webpage shortly after it concludes.
About pdvWireless
pdvWireless, Inc. (NASDAQ: PDVW), is focused on utilizing its spectrum assets to develop and offer next generation private network and mobile communication solutions to critical infrastructure and enterprise customers. It is the largest holder of licensed nationwide spectrum in the 900 MHz band in the United States and is pursuing a regulatory process that seeks to modernize a portion of the 900 MHz band to accommodate the future deployment of broadband technologies and services. pdvWireless operates private push-to-talk ("PTT") networks in major markets throughout the United States and, by combining its PTT services with its patented and industry-validated SaaS technology, is improving team communication and field documentation across a wide array of industries, including transportation, distribution, construction, hospitality, waste management and field service. pdvWireless' mobile workforce applications increase the productivity of field-based workers and the efficiency of their dispatch and call center operations. pdvWireless' Chairman, Brian McAuley, and CEO, Morgan O'Brien, were the co-founders of Nextel Communications and have over 60 years of combined experience in two-way radio operations and successfully developing regulatory driven spectrum initiatives to address the unmet wireless communications needs of businesses. pdvWireless is headquartered in Woodland Park, New Jersey.
Natasha Vecchiarelli
Director of Corporate Communications
pdvWireless, Inc.
973-531-4397
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/pdvwireless-announces-fourth-quarter-fiscal-2018-earnings-release-date-and-participation-in-19th-annual-b-riley-fbr-institutional-investor-conference-300651986.html
SOURCE pdvWireless, Inc.
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2018-05-21
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Royalty Blockchain Payment Date
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CENTRAL CITY, Colo., May 4, 2018 /PRNewswire/ -- The Moria Token is a crypto-currency issued by the GS Mining Company LLC which operates the Bates Hunter gold mine in Central City, Colorado. Moria currently trades on Token.store and BiteBTC.com . As the world's first decentralized investment platform for precious metal extraction, these tokens contain a provision to pay annual royalties on a quarterly basis.
GS Mining Company LLC announces its first quarterly royalty payment of five cents USD ($.05) per token. This payment record is available to private wallets holding Moria as of 2300hrs GMT on May 23, 2018 in the block at #5672724.
This payment will be made in ETH and can be retrieved via www.moriatoken.com any time after 2300 hours GMT on May 25, 2018 and before 2200hrs GMT on August 25, 2018, the currently intended date of the next quarterly payment.
About GS Mining Company LLC and The Moria Token
The Moria Token is a crypto-currency issued by the GS Mining Company LLC which operates the historic Bates Hunter gold mine in Colorado. Moria trades on the open crypto market and token holders who timely register and claim royalties on such dates as are announced by the company, will receive royalties based on gross annual gold sales. For more information see www.moriatoken.com and www.gsminingllc.com .
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "infer", "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain.
Contact:
310.853.0910
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/royalty-blockchain-payment-date-300642981.html
SOURCE GS Mining Company LLC
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2018-05-04
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BRIEF-Facebook Says In Connection With His Resignation As CEO Of WhatsApp, Jan Koum Informed Co He Will Not Stand For Re-Election To Board
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Market News May 1, 2018 / 12:43 PM / Updated 15 minutes ago BRIEF-Facebook Says In Connection With His Resignation As CEO Of WhatsApp, Jan Koum Informed Co He Will Not Stand For Re-Election To Board Reuters Staff 1 Min Read
May 1 (Reuters) - Facebook Inc:
* FACEBOOK - IN CONNECTION WITH HIS RESIGNATION AS CEO OF WHATSAPP, JAN KOUM INFORMED CO HE WILL NOT STAND FOR RE-ELECTION TO BOARD - SEC FILING Source text: [ bit.ly/2HLruUG ] Further company coverage:
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2018-05-01
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AbacusNext Announces GDPR Compliance, Appoints Data Protection Officer
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SAN DIEGO, May 31, 2018 (GLOBE NEWSWIRE) -- AbacusNext® , the largest Technology-as-a-Service (TaaS) provider for the professional services sector, announced that it is fully compliant with the rules mandated by the General Data Protection Regulation (GDPR), the European Union’s new regulatory framework for data privacy and protection. GDPR came into effect on May 25 th , 2018 and replaced the 1995 EU Data Protection Directive.
As both a data controller and a data processor handling large amounts of sensitive data for clients all over the world, AbacusNext employees have undergone extensive GDPR training to ensure the company’s compliance with the new rules and to help clients with their own GDPR compliance needs. AbacusNext is committed to assisting its clients and partners with their transition to all data protection regulations initiated by the EU.
“Our clients’ privacy and security are at the heart of everything we do at AbacusNext,” said AbacusNext CEO, Alessandra Lezama. “We welcome GDPR’s more stringent data protection and privacy standards, and as the trusted technology partner to over a million professionals worldwide, we are committed to supporting and assisting our clients with their own regulatory requirements with our portfolio of turnkey compliance and security solutions.”
This announcement represents the culmination of more than a year’s worth of work by the AbacusNext Compliance Team in consultation with outside council Teeple Hall, LLP and international law and compliance specialist Wendy Kennedy, who’s been appointed AbacusNext’s Data Protection Officer (DPO). As DPO, Kennedy has and will continue to help educate employees on GDPR compliance requirements, train staff involved in data processing, conduct internal compliance audits, and serve as the point of contact between AbacusNext and GDPR Supervisory Authorities.
“It’s been a pleasure working with AbacusNext to continue their legacy of data protection compliance for their clients,” said Kennedy. “I look forward to our continued efforts to maintain and expand the robust data privacy and security compliance regime we’ve established over the past year.”
For more information on AbacusNext’s GDPR compliance project, visit abacusnext.com/GDPR , or contact the AbacusNext Compliance Team at [email protected] .
About AbacusNext
As the largest Technology-as-a-Service (TaaS) provider for the professional services sector, AbacusNext helps legal and accounting professionals achieve ultimate success and peace of mind through the delivery of a complete suite of compliance-ready technology solutions designed to support a secure and cloud-enabled practice at a cost they can afford. Headquartered in San Diego, California, and backed by private investment with Providence Equity, AbacusNext delivers products and services to over 500,000 businesses worldwide.
About Providence Equity Partners
Providence is a premier global private equity firm with more than $54 billion in capital under management. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm's inception in 1989, Providence has invested in more than 160 companies and is a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com .
Contact: 858-529-0018 [email protected]
Source: AbacusNext
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2018-05-31
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Markets stabilize as Italian fears ease
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Markets stabilize as Italian fears ease 1 Hour Ago CNBC's Michelle Caruso-Cabrera takes a look at how global bond markets react to Italy's political turmoil. It's very hard to buy a government's bonds when you have no government, says CNBC's Jim Cramer.
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2018-05-30
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BRIEF-Tocagen Entered Amended And Restated Loan And Security Agreement For $26.5 Mln
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May 23 (Reuters) - Tocagen Inc:
* TOCAGEN - ENTERED AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT FOR $26.5 MILLION AS TERM LOANS FUNDED ON EFFECTIVE DATE - SEC FILING Source text: ( bit.ly/2IEQjX8 ) Further company coverage:
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2018-05-24
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IIROC Trading Halt / Suspension de la negociation par l'OCRCVM - PYR
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VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : PyroGenesis Canada Inc. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : PYR Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 8:52 am IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada
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2018-05-17
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BRIEF-Mundoro Capital Enters Into An Option Agreement With An Arm's Length Third Party Private Company
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May 9, 2018 / 6:22 PM / Updated 28 minutes ago BRIEF-Mundoro Capital Enters Into An Option Agreement With An Arm's Length Third Party Private Company Reuters Staff 1 Min Read
May 9 (Reuters) - Mundoro Capital Inc:
* MUNDORO CAPITAL INC - ENTERED INTO AN OPTION AGREEMENT WITH AN ARM’S LENGTH THIRD PARTY PRIVATE COMPANY Source text for Eikon: Further company coverage:
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2018-05-09
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BRIEF-Innovate Biopharmaceuticals Reports Q1 Loss Per Share Of $0.76
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May 16 (Reuters) - Innovate Biopharmaceuticals Inc:
* Q1 LOSS PER SHARE $0.76 * AT MARCH 31, 2018, CO HELD $13.0 MILLION IN CASH AND CASH EQUIVALENTS Source text for Eikon: Further company coverage:
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2018-05-16
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Tarsus Entertainment names John A. Cora as Chief Executive Officer and Augustine “Teen” Flores as Chief Operating Officer
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IRVINE, Calif.--(BUSINESS WIRE)-- Tarsus Entertainment Board of Directors announced today that John A. Cora has been named Chief Executive Officer effective March 26, 2018.
"I am thrilled to announce Mr. John A. Cora as the new Chief Executive Officer for Tarsus Entertainment ," said Jonathan Eubanks, Company Founder and Chairman of Tarsus Entertainment . "John is a highly experienced and exceptionally talented visionary leader who will be instrumental toward Tarsus Entertainment's launch as well as growth and performance. Tarsus Entertainment is poised for a phenomenal future under the bold leadership of John.”
John is a 30-year veteran of The Walt Disney Company. He was Vice President of Resort Development, leading the team responsible the $1.6B Disneyland Resort Expansion Project, including the pre and post opening of Disney's California Adventure Theme Park, The Grand California Hotel and Downtown Disney. Prior to this position, John also served as Vice President of Theme Park Operations for Disneyland. John recently served as President and CEO of Palace Entertainment, the largest operator of water parks and family entertainment centers in the United States. Additionally, John is the Co-Founder and Chairman of the Board of VisionMaker Worldwide and Cora Global Concepts, a large-scale design, development, operations and consulting firm.
Subsequently, John names Mr. Augustine “Teen” Flores to be his Chief Operating Officer. John said, “Teen brings outstanding leadership, a wealth of consumer experience, and passion for technology and disruptive innovation to Tarsus Entertainment – all of which are critical ingredients in the evolution of our forward-thinking company.”
Teen has more than 30 years of experience in operational and financial restructuring, start-ups and mergers and acquisitions, construction marketing, e-commerce and technology. He was a co-founder of Toll Brothers California division where he managed the division for 10 years and was instrumental in growing it from start-up to nearly $1 billion in annual sales. Teen co-founded Icanbuy Corp, an internet company specializing in generating high-converting consumer leads and consumer products in the financial sector. Icanbuy.com was acquired in 2012 by Informa Research Services.
Tarsus Entertainment is a company developing and revolutionizing the way people use their technological devices. Its proprietary operating system will incorporate apps and entertainment options at lower cost, faster speed, and with better user experience.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005250/en/
Tarsus Entertainment
Sarah Pickell, 949-922-7566
[email protected]
Source: Tarsus Entertainment
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2018-05-24
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In symbolic nod to India, U.S. Pacific Command changes name
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PEARL HARBOR, Hawaii (Reuters) - The U.S. military on Wednesday renamed its Pacific Command the U.S. Indo-Pacific Command, in a largely symbolic move underscoring the growing importance of India to the Pentagon, U.S. officials said.
U.S. Defense Secretary James Mattis testifies before the Senate Appropriations Defense Subcommittee hearing on funding for the Department of Defense, on Capitol Hill in Washington, U.S., May 9, 2018. REUTERS/Yuri Gripas U.S. Pacific Command, which is responsible for all U.S. military activity in the greater Pacific region, has about 375,000 civilian and military personnel assigned to its area of responsibility, which includes India.
“Relationships with our Pacific and Indian Ocean allies and partners have proven critical to maintaining regional stability,” U.S. Defense Secretary Jim Mattis said in prepared remarks.
“In recognition of the increasing connectivity between the Indian and Pacific Oceans, today we rename the U.S. Pacific Command to U.S. Indo-Pacific Command,” Mattis said.
He was speaking during a change of command ceremony. Admiral Philip Davidson was assuming leadership of the command from Admiral Harry Harris, who is President Donald Trump’s nominee to be ambassador to South Korea.
The renaming does not mean additional assets will be sent to the region at this time, but rather recognizes India’s increasing military relevance for the United States.
In 2016, the United States and India signed an agreement governing the use of each other’s land, air and naval bases for repair and resupply, a step toward building defense ties as they seek to counter the growing maritime assertiveness of China.
Speaking in Beijing, Chinese Defense Ministry spokesman Ren Guoqiang said they had noted the name change.
“We will continue to pay attention to developments,” he told a regular monthly news briefing.
The United States is also keen to tap into India’s large defense market. It has emerged as India’s No. 2 weapons supplier, closing $15 billion worth of deals over the last decade.
Mattis has been pushing for a waiver for countries like India, after Trump signed a law last year which said that any country trading with Russia’s defense and intelligence sectors would face sanctions.
“I think India and the relationship with the United States is the potentially most historic opportunity we have in the 21st-century and I intend to pursue that quite rigorously,” Davidson, the incoming head of the command, said last month.
However, experts said the name change would mean little unless it was tied to a broader strategy.
“Renaming PACOM is ultimately a symbolic act ... (it) will have a very limited impact unless the U.S. follows through with a significant array of initiatives and investments that reflect a wider aperture,” said Abraham Denmark, a former deputy assistant secretary of defense for East Asia under President Barack Obama.
Reporting by Idrees Ali; Additional reporting by Ben Blanchard in BEIJING; Editing by Tom Brown and Darren Schuettler
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2018-05-30
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Forget Florida: More Northern Retirees Head to Appalachia | realtor.com®
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The Wall Street Journal
The twist is that the Stefanellis weren’t moving from New York but rather from West Palm Beach, FL, part of a movement known as “halfbacks”—northern transplants to Florida who are retiring in mountain communities of western North Carolina, northern Georgia and eastern Tennessee. These retirees are reshaping local economies, boosting everything from tax revenues to restaurant receipts to sales of electric chair lifts for the elderly. Along the way, they are chafing locals who say the migration is pricing them out of homes and bringing in a sort of big-city brusqueness.
Mr. Stefanelli says he pays about $3,000 in taxes a year for his Georgia house, compared with about $20,000 for his home in Florida. He also maintains a home in New York that costs him about $30,000 a year in taxes. He plans to make Georgia his main residence in a few years.
“I bought a pickup to fit in,” he said.
The halfback phenomenon—so named because the retirees are said to be moving roughly halfway back up north—was well under way by the early 2000s before coming to a halt during the recession. For several years afterward, many retirees found themselves unable to sell their Florida homes, and property values in many Appalachian areas plummeted.
But the trend has come back, according to federal data, as many of the nation’s 74 million baby boomers move for retirement. East Main Street in Blue Ridge, GA.
Melissa Golden for The Wall Street Journal
Census data show that from 2010 to 2017, net migration to retirement-destination counties in Appalachian regions of Georgia, North Carolina and Tennessee increased 169%, the same percentage of growth for retirement destinations in Florida, according to Hamilton Lombard, a University of Virginia demographer who has tracked the halfback phenomenon. During the same period, net migration to all U.S. retirement-destination counties increased 67%.
In Georgia, many of the mountain counties experienced an increase in the 65-and-older population, including Blue Ridge’s Fannin County, up to 27% in 2016 from 22% in 2010, according to the U.S. Census Bureau.
Net migration to retirement-destination Appalachian counties in Georgia, North Carolina and Tennessee has risen steadily from about 10,000 in 2011 to more than 46,000 in 2017, census data show. The U.S. Agriculture Department designates counties as “retirement destinations” if their population 60 and older grew by 15% or more within a decade due to net migration.
Rebecca Tippett, a chief demographer at the University of North Carolina-Chapel Hill’s Carolina Population Center, said that postrecession, retirees are once again playing a large role in western North Carolina’s growth. “We’ve seen a major return to previous migration levels,” she said.
In Blue Ridge, about 75 miles north of Atlanta’s downtown, it’s now common to see Florida license plates in a grocery store parking lot, hear New York accents as a couple walks by or see older men on a bench wearing Chicago Cubs baseball caps. Realtor Brian White, who sold the Stefanellis their mountain home, said at least three-quarters of his clients come from Florida, most originally came from northern states. A sign off East Main Street in Blue Ridge notes the distance to the point of origin of many of the newcomers.
Melissa Golden for The Wall Street Journal
Ken Brenneman, owner of Blue Jeans Pizza, said that when the restaurant shows football games in the fall, customers overwhelmingly cheer for Philadelphia, Pittsburgh or New England. Many Florida investors have come up to scout for residential and commercial property, he said.
“This place is not Sleepy Hollow anymore,” he said.
Nathan Fitts, a local real-estate agent and newly elected city councilman, said the influx has helped raise tax revenue and revive the local economy.
Bret Benson, owner of Scooters & More Factory Outlet in Blue Ridge, said business for scooters and installing lifts for elderly clients was up more than 20% last year from the level five years ago. And James Nichols, co-owner of Love Those Mountains Realty in Ellijay, Ga., said, “the halfback process is very much in motion again,” with about 75% of their sales to retirees coming up from Florida. Sales are booming, he said.
The median home sales price in Fannin County last year jumped 75% from 2012 to $250,000, according to Attom Data Solutions, an Irvine, Calif., property-data provider. During the same period, the U.S. median home sales price rose 51%, to $236,000.
Long Island-raised Mike Galinski, owner of a semiconductor company who is also a real-estate developer in Florida, bought property in Fannin County after the recession. He is building restaurants and plans to add homes in and around McCaysville, a town on the Tennessee border.
“The upside is there,” said Mr. Galinski, who also built a home for himself in the area. A house being built in Blue Ridge, Ga., in a development where more than 40 houses and townhouses are planned.
Melissa Golden for The Wall Street Journal
But increased development has created its own problems, including extra traffic and strained water infrastructure, as well as a higher demand for medical services. When a developer proposed recently to building a 3 1/2-story building in Blue Ridge, many complained it was “a skyscraper,” said Mr. Fitts, the real-estate agent.
Jeremy Jones, a 34 year-old auto mechanic whose family has lived in Fannin County for four generations, complained that the influx has driven up rents making it tough for locals.
“This used to be a very tightknit community, the Bible Belt. Now it’s about money,” he said. “Us, the regular people who are here, are struggling.”
Terry Stonecipher, a 43-year-old mechanic who has lived in the area most of his life, said area residents have bristled at some of the newcomers. “People that have no manners,” he said. “Go back where you came from.” Popular Homes Based on your last search Editors' Picks
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2018-05-15
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How to Launch Cryptocurrency Derivatives: CFTC Issues New Guidance
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Regulation US markets regulator issues guidance on listing crypto products CFTC responds to industry concerns about the vetting process for bitcoin futures and other cryptocurrency derivatives By Gabriel T Rubin May 22, 2018 Updated: 10:38 a.m. GMT
The top US derivatives regulator on Monday provided guidance to exchanges and clearing houses that want to list cryptocurrency products, responding to industry concerns about the vetting process for new derivatives contracts like bitcoin futures.
The advisory from the Commodity Futures Trading Commission focuses on a set of best practices for launching cryptocurrency derivative contracts. It says exchanges should have the ability to monitor underlying cryptocurrency spot markets, have a plan for coordinating with federal regulators,... To Read the Full Story Subscribe Sign In Filter by Topic
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2018-05-22
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Box's quarterly results top estimates, but stock falls after hefty rally
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Box investors came into Wednesday's quarterly report with high expectations after the stock's 32 percent rally this year. Even though the company's fiscal first-quarter results topped estimates, the shares dropped in extended trading.
Box will hold a conference call with analysts at 5 p.m. Eastern time.
Here are the key numbers from the report:
Earnings: Excluding certain items, loss of 7 cents per share vs. loss of 8 cents per share as expected by analysts, according to Thomson Reuters. Revenue: $140.5 million vs. $139.7 million as expected by analysts, according to Thomson Reuters. Revenue increased 20 percent in the quarter, according to a statement . The company's billings revenue in the quarter totaled $116.7 million, above the FactSet analyst estimate of $113.1 million.
The stock, which has surged 50 percent in the past year, fell almost 4 percent to $26.76 after the close of trading.
In the quarter, Box added 3,000 paying business customers, for a total of 85,000. Box said Dubai Airports and Komatsu were adopting its software
For the fiscal second quarter, Box said that, excluding certain items, it's expecting a loss of 5 to 6 cents per share on $146 to $147 million in revenue, while analysts polled by Thomson Reuters had expected a loss of 7 cents a share on $146.1 million in sales.
Box expects to report a loss for the year of 16 to 19 cents per share, excluding certain items, on $603 to 608 million in revenue. Analysts had expected a loss of 19 cents per share on $605.7 million in revenue, according to Thomson Reuters.
Additionally, Box said former Hewlett Packard Enterprise sales and marketing executive Sue Barsamian is joining its board. Last quarter, CEO Aaron Levie said Box was changing its sales compensation system to focus more on getting customers to adopt multiple products.
During the quarter, rival software company Dropbox started trading on the Nasdaq .
Box's stock is up 32 percent since the beginning of the year.
This is breaking news. Please check back for updates.
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2018-05-30
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Greek regulator asks Folli for independent audit, shares dive again
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ATHENS (Reuters) - Greece’s securities regulator said on Monday it will ask luxury goods maker Folli Follie ( HDFr.AT ) to have its 2017 consolidated accounts scrutinized by an independent auditing firm after an equity fund report sent its shares crashing last week.
Folli stock fell 30 percent on the Athens stock exchange on Friday after long-short equity fund Quintessential Capital Management (QCM) issued a report saying the company had overstated the number of points of sales it operates worldwide.
“Quintessential Capital Management’s report is unfounded, false, defamatory and misleading which results in damaging the interests of the firm and its shareholders,” Folli said in a stock exchange filing on Friday, adding that it has ordered its legal advisers to defend its legal right.
Folli has activities in Greece, China and other countries around the world and a current market value of 719 million euros after 300 million euros of capitalization was wiped out on Friday.
Its shares tumbled a further 30 percent in early Monday trade to 7.52 euros.
Headquartered in New York, QCM has a short position on Folli shares. It also said in its report that it was concerned over Folli’s finances.
The Greek securities regulator said there would be a clear timetable for the conclusion of the audit and that it would also ask QCM to come up with an “analytical explanation of its arguments” and submit the relevant data.
The securities watchdog is also probing transactions on Folli shares, including short sales, since last Friday, it said.
Reporting by George Georgiopoulos, editing by Louise Heavens
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2018-05-07
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Aqua Metals and Kanen Wealth Management Reach Agreement to Strengthen Company’s Board and Management Team
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KWM Director Nominees S. Shariq Yosufzai and Sushil ("Sam") Kapoor Are Appointed to Aqua Metals Board
Steve Cotton Rejoins Aqua Metals as President
ALAMEDA, Calif., May 02, 2018 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS) , which is commercializing a non-polluting electrochemical lead recycling technology called AquaRefining™, today announced that it has entered into a settlement agreement with Kanen Wealth Management, LLC (“KWM”).
Under the agreement, Aqua Metals has expanded the Board from five (5) to six (6) directors and has appointed KWM nominees - - Mr. S. Shariq Yosufzai and Mr. Sushil ("Sam") Kapoor - - to the Board, effective immediately. Aqua’s Nominating Committee has determined that Messrs. Yosufzai and Kapoor are “independent directors” under applicable Nasdaq Stock Market rules, and Mr. Yosufzai will serve as Aqua’s new Non-Executive Chairman and lead independent director. With the addition of Messrs. Yosufzai and Kapoor, Aqua’s Board now consists of six directors, all of whom are independent directors. Upon completion of Aqua’s CEO search, the new permanent CEO will join the Board as the seventh director. Each of Messrs. Vincent L. DiVito, Mark Slade, Eric Prouty, Mark Stevenson, Shariq Yosufzai and Sushil (“Sam”) Kapoor has been nominated to stand for election at Aqua’s 2018 Annual Meeting of Stockholders scheduled to be held on June 5, 2018.
Messrs. Yosufzai and Kapoor have been appointed, with Messrs. DiVito and Stevenson, to serve on the Board’s newly constituted CEO Search Committee, which is charged with overseeing and executing Aqua’s previously announced permanent CEO search process, in consultation with an external executive search firm and with authority to make hiring recommendations to the full Board. Mr. Yosufzai has also been appointed to the Board’s Nominating Committee and Mr. Kapoor has been appointed to the Board’s Compensation Committee.
Steve Cotton, the Company's former Chief Commercial Officer (from January 2015 to June 2017) rejoins Aqua as its new President and will be invited by the CEO Search Committee to interview for the position of CEO together with all other candidates for such position during the pendency of the Company’s permanent CEO search process. Mr. Selwyn Mould, who served briefly as Aqua’s interim CEO, has agreed to step down from such capacity immediately following the Company’s filing of its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and has resigned as a director of the Company, effective immediately. Mr. Mould will remain Aqua’s Chief Operating Officer. Although there can be no assurance, the Board expects to complete its search process and to hire a permanent CEO before Q4 2018.
Aqua and KWM are committed to establishing certain corporate governance “best practices” going forward and, in that regard, have agreed to institute a “majority voting” policy for the election of directors which will be effective commencing with the 2019 Annual Meeting of stockholders. The Company will also continue to focus on further refreshing the Board to improve its overall diversity.
In addition, KWM has agreed to certain customary standstill and voting provisions, including voting for the election of the Board’s slate of six (6) directors at the Company’s 2018 Annual Meeting of Stockholders.
“We are very pleased to welcome Shariq and Sam as our two newest independent directors,” said independent director Vincent L. DiVito. “Over the past week, we’ve had very open and positive discussions with Shariq and Sam, and it’s clear that their stellar credentials and strong executive management experience will be most valuable as Aqua enters the next critical phase of commercializing our AquaRefining™ technology.
“We also welcome back Steve Cotton, and greatly appreciate his willingness to join Aqua as our new President to help lead our executive team during this important time of transition and work side-by-side with our Chief Operating Officer and the entire AquaRefining operations team. Steve has considerable institutional knowledge about Aqua from his prior leadership role as Chief Commercial Officer and has built valuable relationships with the Company’s vendors and customers. “
David Kanen, managing member of KWM, stated, “We are pleased to have reached an amicable resolution that enhances Aqua’s board and management team. We believe a solid foundation exists and can be built upon to monetize our revolutionary Aqua refining technology. We are looking forward to executing a strategy that we are hopeful will lead to value creation for all shareholders.”
Steve Cotton noted, “I am looking forward to hitting the ground running by reigniting my existing relationships and developing new ones with Aqua Metals employees, partners, industry and other stakeholders to build momentum and maximize shareholder value.”
As previously announced, Frank Knuettel II will formally assume the CFO role immediately following the filing of the Company’s second quarter. As CFO, Mr. Knuettel will succeed Thomas Murphy, who was named interim CFO after the departure of Mark Weinswig in March 2018.
Biography of S. Shariq Yosufzai
S. Shariq Yosufzai, age 65, was most recently the Vice President, Global Diversity for the Chevron Corporation ("Chevron")(CVX), a multinational energy corporation, from 2013 to March 2018. He held a number of positions at Chevron and its various affiliates, including Vice President (from 2010 to 2013); President of Chevron Global Marketing, a business unit within Chevron (from 2004 to 2010); Co-President of Chevron Products Company, North America, Chevron's North America Refining & Marketing operations (from 2003 to 2004); and President of Chevron Texaco Global Lubricants (from 2001 to 2003). Prior to that, he worked at Caltex Corporation, a joint venture between Chevron and Texaco, Inc., as the Corporate Vice President, Caltex Corporation & President, Caltex Lubricants & New Business Development (from 2000 to 2001) and held a number of other senior level management positions at Caltex Corporation from 1998 to 2000. From 1991 to 1998, he worked at Texaco Inc., a subsidiary of Chevron, and served as the President of Texaco Lubricants Company from 1994 to 1998. As part of a joint enterprise between Texaco, Inc. and Saudi Aramco, Mr. Yosufzai was employed at Star Enterprise from 1988 to 1991 where he held a number of positions and prior to that began his career at Texaco, Inc., from 1975 to 1983. His past board memberships include Chairman of the Board of Directors of Caltex Lubricants Lanka Ltd.; Member of the Board of Directors of Caltex Australia Limited; and Member of the Management Committee of Star Enterprise. Mr. Yosufzai currently serves as Chair of the AIChE Foundation (The American Institute of Chemical Engineers) since November 2017, Chair of the Board of Directors of the California Chamber of Commerce and is an Executive Committee Member of the San Francisco Opera's Board of Directors. He previously served as Chair of the Board of the Association of Former Students of Texas A&M. Mr. Yosufzai also serves as Executive Sponsor of Chevron's University Partnership Program for the University of California, Berkeley, and Texas A&M University, and on the Advisory Board of Texas A&M's Dwight Look College of Engineering and on the Chancellor's Century Council of the Texas A&M University System. Named a Distinguished Graduate of the Chemical Engineering Department of Texas A&M University in 1998, in 1999 he became the first person to be honored by the school as both an Outstanding International Alumnus and a Distinguished Alumnus. In 2011, he served as Chair of the Board of the California Chamber of Commerce and was named an Outstanding Alumnus of the Dwight Look College of Engineering at Texas A&M. He attended Extensive Education schools at both Columbia University, Graduate School of Business at Arden House and McIntire School of Commerce, University of Virginia and received his B.S. in Chemical Engineering from Texas A&M University. The Company believes that Mr. Yosufzai's extensive managerial, operational and financial experience makes him a well-qualified addition to the Board.
Biography of Sushil ("Sam") Kapoor
Sushil ("Sam") Kapoor, age 71, was the Chief Global Operations Officer of Equinix, Inc., a multinational company that specializes in internet connection and related services, since January 2008 until March 2018. As the Chief Operations executive at Equinix, Inc. since early 2001, Mr. Kapoor played a major role in steering the company from near bankruptcy to its current industry leading position. During this period Equinix, Inc. grew from 7 data centers in 6 markets in one country with annual revenue of less than $20 million to more than 180 data centers in 44 metros across 25 major countries spread over 4 continents with annual revenues exceeding $5 Billion. During the same period, the stock price grew from a split adjusted low of around $5 to its current price of more than $400. Mr. Kapoor served as Vice President of Operations of Equinix, Inc., from March 2001 to December 2006 and also served as its Senior Vice President of IBX Operations from December 2006 to January 2008. Prior to joining Equinix, Mr. Kapoor served as Vice President of hosting operations at UUNET Technologies, Inc., the Internet division of MCI (formerly known as WorldCom) from November 1999 to February 2001. He was responsible for the build-out and day-to-day operations of six hosting centers. From May 1995 to November 1999, he served as Vice President, Global Network Technology for Compuserve Network Services, an Internet access provider. Mr. Kapoor served as Senior Director of Telecommunications for over 10 years at Lexis-Nexis in Miamisburg. Mr. Kapoor holds an M.B.A. (Operations Research) from Miami University of Ohio and an M.S. in Electrical Engineering from the University of Cincinnati.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing lead recycling with its patented and patent-pending AquaRefining TM technology. Unlike smelting, AquaRefining is a room temperature, water-based process that is fundamentally non-polluting. These modular systems allow the Company to vastly reduce environmental impact and scale lead acid recycling production capacity both by building its own AquaRefineries and licensing the AquaRefining technology to partners. Aqua Metals is based in Alameda, California, and has built its first recycling facility in Nevada’s Tahoe Reno Industrial Complex. To learn more, please visit www.aquametals.com .
Important Additional Information and Where to Find It
This press release may be deemed to contain solicitation material in respect of the solicitation of proxies from the Company’s stockholders in connection with the Company’s 2018 Annual Meeting (the “Annual Meeting”). The Company has filed with the SEC, and mailed to the Company’s stockholders, its definitive proxy statement relating to the Annual Meeting, as well as the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on March 15, 2018 (the “Annual Report”). The definitive proxy statement contains important information about the Company, the Annual Meeting and related matters. The Company intends to file with the SEC, and mail to the Company’s stockholders, an amendment to its definitive proxy statement that will reflect the nomination by the Company of S. Shariq Yosufzai and Sushil ("Sam") Kapoor for election as directors of the Company at the Annual Meeting. Stockholders may obtain a free copy of the Company’s definitive proxy statement, including any amendments and supplements thereto, and other documents that the Company files with the SEC on the SEC’s website, at www.sec.gov . INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), AND ANY OTHER RELEVANT SOLICITATION MATERIALS BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION.
Aqua Metals, its directors, Messrs. Yosufzai and Kapoor, who have been nominated by the Company for election as directors of the Company at the Annual Meeting, and certain of the Company’s executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and their respective interests in the Company was set forth in the Company’s definitive proxy statement filed with the SEC on April 17, 2018 and other relevant solicitation materials filed by the Company. Additional information regarding the participants in the solicitation of proxies from the Company’s stockholders in connection with the Annual Meeting (including Messrs. Yosufzai and Kapoor), including updated information as to their direct or indirect interests, by security holdings or otherwise, will be included in the Company’s amended definitive proxy statement and other relevant documents to be filed by the Company with the SEC in connection with the Annual Meeting. These documents, and any and all other documents filed by the Company with the SEC, may be obtained by investors and stockholders free of charge on the SEC’s website at www.sec.gov . Copies will also be available at no charge on the Company’s website at www.aquametals.com .
Safe Harbor
This press release contains forward-looking statements concerning Aqua Metals. Forward-looking statements include, but are not limited to our plans, objectives, expectations and intentions and other statements that contain words such as “expects,” “contemplates,” “anticipates,” “plans,” “intends,” “believes” and variations of such words or similar expressions that predict or indicate future events or trends, or that do not relate to historical matters. The forward looking statements in this release include the strength and efficacy of Aqua Metals’ portfolio of patent applications and issued patents, the lead acid battery recycling industry, the future of lead acid battery recycling via traditional smelters, the Company’s development of its commercial lead acid battery recycling facilities and the quality and efficiency of the Company’s proposed lead acid battery recycling operations. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the risk that the Company may not be able to produce and market AquaRefined lead on a commercial basis or, if the Company achieves commercial operations, that such operations will be profitable, (2) the fact that the Company only recently commenced production and has not generated any significant revenue to date, thus subjecting the Company to all of the risks inherent in a pre-revenue start-up; (3) the risk no further patents will be issued on the Company’s patent applications or any other application that it may file in the future and that those patents issued to date and any patents issued in the future will be sufficiently broad to adequately protect the Company’s technology, (4) the risk that the Company’s initial patents and any other patents that may be issued to it may be challenged, invalidated, or circumvented, (5) risks related to Aqua Metals’ ability to raise sufficient capital, as and when needed, to develop and operate its recycling facilities and fund continuing losses from operations as the Company endeavors to achieve profitability; (6) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (7) the Company’s ability to protect its proprietary technology, trade secrets and know-how and (8) those other risks disclosed in the section “Risk Factors” included in the Company’s Annual Report on Form 10-K filed on March 15, 2018. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.
MZ Group | MZ North America
Greg Falesnik
Main: 949-385-6449
[email protected]
MacKenzie Partners, Inc.
Paul R. Schulman
Main: 212-929-5364
[email protected]
Source:Aqua Metals
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2018-05-02
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TABLE-Danielle Steel's 'The Cast' tops U.S. best sellers list
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May 24 (Reuters) - Danielle Steel's new romance novel "The Cast" debuted atop the U.S. best-sellers list on Thursday. Data released by independent, online and chain bookstores, book wholesalers and independent distributors across the United States was used to compile the list. Hardcover Fiction Last week 1. "The Cast" - Danielle Steel (Delacorte) 2. "The 17th Suspect" 1 Patterson/Paetro (Little, Brown) 3. "The Fallen" 2 David Baldacci (Grand Central) 4. "By Invitation Only" - Dorothea Benton Frank (Morrow) 5. "The High Tide Club" 3 Mary Kay Andrews (St. Martin's) 6. "Before We Were Yours" 7 Lisa Wingate (Ballantine) 7. "Twisted Prey" 5 John Sandford (Putnam) 8. "Little Fires Everywhere" 8 Celeste Ng (Penguin Press) 9. "Warlight" 6 Michael Ondaatje (Knopf) 10. "The Crooked Staircase" 4 Dean Koontz (Bantam) Hardcover Non-Fiction 1. "Magnolia Table" 1 Joanna Gaines (Morrow) 2. "The Soul of America" 2 Jon Meacham (Random House) 3. "How to Change Your Mind" - Michael Pollan (Penguin Press) 4. "Three Days in Moscow" - Bret Baier (Morrow) 5. "A Higher Loyalty" 3 James Comey (Flatiron) 6. "Barracoon" 4 Zora Neale Hurston (Amistad) 7. "12 Rules for Life" 5 Jordan B. Peterson (Random House Canada) 8. "Girl, Wash Your Face" 7 Rachel Hollis (Nelson) 9. "I'll Be Gone in the Dark" 6 Michelle McNamara (Harper) 10. "Men in Blazers Presents Encyclopedia - Blazertannica" Bennett/Davies (Knopf) (Compiled by Eric Kelsey; Editing by Lisa Shumaker)
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2018-05-25
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Ideology threatens to trump facts in official Medicare handbook
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CHICAGO (Reuters) - In September, the federal government will mail a handbook on Medicare enrollment to 43 million households. “Medicare & You” is an important, authoritative source on a wide array of plan options for the annual enrollment period that runs from Oct. 15 through Dec. 7, and it has been mailed out to beneficiaries each year since 1999.
But this year, advocate groups for seniors are crying foul over language contained in a draft of the 2019 handbook edition sent to them for review by the U.S. Centers for Medicare & Medicaid Services (CMS).
The Medicare Rights Center and two other groups (Justice in Aging and the Center for Medicare Advocacy) argue that the draft contains inaccurate, ideologically tinted descriptions of the tradeoffs between original fee-for-service insurance and a privatized managed-care alternative.
That is no small criticism - and it comes from authoritative organizations with deep expertise on Medicare policy, coverage and the laws governing the program. The choice between fee-for-service coverage and Medicare Advantage is the first that seniors make about their coverage - and one of the most important.
Moreover, the handbook problems fit a pattern in the Trump administration, which has taken a number of steps to impede the flow of unbiased health insurance assistance. The administration has twice proposed to eliminate federal funding for State Health Insurance Assistance Programs, which provide critical assistance to 3 million seniors annually with their plan selections ( reut.rs/2s3cvQi ), and it has slashed funding for consumer outreach and enrollment assistance for Affordable Care Act coverage.
Now, aging advocates charge that the 2019 Medicare handbook draft contains “serious inaccuracies” aimed at steering enrollees to choose private Medicare Advantage managed-care plans over traditional fee-for-service coverage. The criticisms are leveled in a letter sent last week to Seema Verma, administrator of CMS.
CMS declined my request for an interview to discuss the criticisms. A CMS representative said feedback, along with consumer testing, is used to “inform the final product.” But the 2019 draft now under fire comes on the heels of similar criticisms leveled by advocates at the final 2018 handbook.
The key issue is whether CMS is steering enrollees to Medicare Advantage plans over original fee-for-service coverage.
Original Medicare - coupled with a stand-alone prescription drug plan and Medigap supplemental insurance - remains the gold standard for flexibility, since it can be used with any healthcare provider who accepts Medicare.
Medicare Advantage plans are managed-care networks, usually HMOs. They bundle together Part A (hospitalization), Part B (outpatient services) and often include Part D coverage (prescription drugs). Advantage plans also cap annual out-of-pocket expenses, so Medigap supplemental policies are not sold alongside the plans.
Advantage plans can save money for enrollees, and they are gaining in popularity. In 2017, some 19 million Medicare beneficiaries used Advantage plans - 33 percent of all enrollees, and up from just 5.6 million in 2005, according to the Kaiser Family Foundation. However, they come with important restrictions on available healthcare providers. Enrollees need to consider the tradeoffs carefully, using unbiased information.
TIPPING THE SCALES The 2019 draft has not been made available to journalists, but the letter to CMS from advocacy groups raises objections to language found in several parts of the draft that they argue favors Advantage with incorrect wording, omissions or inaccuracies. In several spots, it describes Advantage as “the less expensive alternative for beneficiaries.” That is an overstatement, advocates say, since many variables determine whether Advantage will be more or less costly for any individual enrollee.
The letter also criticizes the draft for failing to make clear that Advantage plans limit access to providers. One recent study found shortcomings in the quality of providers in some Medicare Advantage provider networks. One out of every five plans did not include a regional academic medical center - institutions that usually offer the highest-quality care and specialists. Other research has raised questions about the quality of skilled nursing facilities (SNFs) that are included in Medicare Advantage provider networks. ( reut.rs/2s3cvQi ).
The most troubling criticism concerns a description of prior authorization requirements - the annoying procedure found in many health insurance plans that forces enrollees to run meaningless paperwork gauntlets before an insurer agrees to cover a specific procedure or service. The handbook actually describes the restriction as a benefit, rather than a mandatory hurdle for Advantage plan members that is not required in original Medicare.
“When you have a Republican administration, you expect them to adhere to Republican principles, and that includes favoring private insurance,” said Lindsey Copeland, director of federal policy for the Medicare Rights Center, one of the groups that penned the letter. (The others are Justice in Aging and the Center for Medicare Advocacy).
“We believe Medicare Advantage can be a great option for many people, and original Medicare is better for even more people - but we get concerned when CMS favors one over the other, or steers folks in one direction.”
There is still time for Medicare to correct the problems - and CMS should play this straight. Medicare Advantage is doing just fine without using the handbook to tip the scales.
(The writer is a Reuters columnist. The opinions expressed are his own.)
Editing by Matthew Lewis
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2018-05-24
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Wall Street edges higher
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Wall Street edges higher 01:21
Wall Street eked out gains in a choppy session Monday. As Fred Katayama reports, investor concerns over a potential trade war eased after President Donald Trump's conciliatory remarks toward China's ZTE Corp.
Wall Street eked out gains in a choppy session Monday. As Fred Katayama reports, investor concerns over a potential trade war eased after President Donald Trump's conciliatory remarks toward China's ZTE Corp. //reut.rs/2GiZPsY
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2018-05-14
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WellCare Health to buy Meridian for $2.5 billion
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May 29, 2018 / 8:32 PM / Updated 13 hours ago WellCare Health to buy Meridian Health Plans for $2.5 billion Reuters Staff 2 Min Read
(Reuters) - WellCare Health Plans Inc said on Tuesday it would buy Meridian Health Plans of Michigan and Illinois for $2.5 billion in cash to become the top Medicaid provider in those states.
The deal will help WellCare add about 1.07 million Medicaid members in Michigan and Illinois and includes the acquisition of pharmacy benefit manager MeridianRx, WellCare said in a statement.
“This transaction strategically aligns with our focus on government-sponsored health plans...,” WellCare Chief Executive Officer Ken Burdick said in a statement.
Meridian’s businesses are expected to generate more than $4.3 billion in total revenue in 2018, WellCare said.
The deal comes as healthcare payers and pharmacies are responding to a shifting landscape, including changes in the Affordable Care Act, rising drug prices and the threat of competition from online retailers such as Amazon.com Inc.
In December, U.S. drugstore chain operator CVS Health Corp agreed to buy U.S. health insurer Aetna Inc for $69 billion, seeking to tackle soaring healthcare spending through lower-cost medical services in pharmacies.
U.S. retailer Walmart Inc was reported to have been in early-stage talks in March with health insurer Humana Inc about developing closer ties.
The WellCare-Meridian deal would add 40 to 50 cents per share to WellCare’s adjusted earnings in 2019, 70-80 cents per share in 2020, and more than $1.00 per share in 2021.
WellCare said it expected to fund the transaction through cash on hand, as well as from issuing new equity of up to $1.2 billion and debt of up to $1 billion.
The company also said it had secured $2.5 billion in committed bridge financing. Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva
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2018-05-29
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Dorman Products, Inc. Reports First Quarter 2018 Results, Re-affirms 2018 Guidance
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Highlights:
Diluted earnings per share (EPS) of $0.93 on a GAAP basis, including $0.03 per share in acquisition-related charges, increased 9% compared to $0.85 last year. Adjusted diluted EPS of $0.96, up 13% compared to $0.85 last year. Revenues of $227.3 million, up 3% compared to $221.6 million last year. The Company re-iterated 2018 net sales growth between 6%-9% and expects diluted EPS of between $4.00 and $4.23 on a GAAP basis and Adjusted diluted EPS of between $4.10 and $4.32, or between a 22% and 28% growth rate.
COLMAR, Pa., May 01, 2018 (GLOBE NEWSWIRE) -- Dorman Products, Inc. (NASDAQ:DORM), a leading supplier in the automotive aftermarket, today announced its financial results for the first quarter ended March 31, 2018.
1st Quarter Financial Results
The Company reported first quarter 2018 net sales of $227.3 million, up 3% compared to net sales of $221.6 million in the first quarter of 2017. Included in net sales were approximately $10 million of sales from MAS Automotive Distribution Inc. (MAS) which was acquired in October of 2017.
Net income for the first quarter of 2018 was $30.6 million, or $0.93 per diluted share compared to $29.2 million, or $0.85 per diluted share in the prior year quarter. Adjusted net income in the current year first quarter was $31.7 million, or $0.96 per diluted share, up 13% compared to $29.4 million or $0.85 per diluted share in the prior year quarter. Please refer to the Non-GAAP Financial Measures reported in the supplemental schedules. We recorded income tax expense of $9.5 million in the first quarter, or 23.7% of income before income taxes down from $15.9 million, or 35.3% of income before income taxes recorded in the same quarter last year. The reduction in tax rate is primarily a result of the recently enacted U.S. tax legislation known as the Tax Cuts and Jobs Act.
Matt Barton, Dorman Products President and Chief Executive Officer, stated: “Overall, year over year customer sell through (our customers' sales of Dorman product to end users) was up mid-single digits in the quarter signaling steadying end market conditions. However, we continued to feel customer inventory destocking pressure throughout the quarter. From an orders perspective, order rates accelerated in the latter half of the quarter with March posting the strongest order rates of the quarter. Also, we experienced a year over year sales decline for sales transacted over the internet, a result of brand protection pricing policy changes made in early Q4 of last year.
Despite these short term headwinds, our business fundamentals remain strong. We launched 1,600 new SKU’s in the quarter, a 24% increase over last year and our Dorman Heavy Duty Solutions lines experienced solid growth of 31% in the quarter. The introduction of two new industry-leading programs – Air Suspension Systems and Loaded Steering Knuckles contributed to the growth of new SKU’s. The integration of MAS continues to go well and is on plan. In April, we combined our Dorman and the newly acquired MAS chassis programs with the introduction of the most comprehensive chassis offering in today’s aftermarket. The program includes Dorman Premium Chassis for extended life maintenance-free driving, Premium RD, extreme-duty parts for fleets and our MAS line for value conscious customers. We are extremely excited about the sales opportunity this presents Dorman Products and our valued channel partners.”
2018 Guidance
The Company re-iterated that its full year sales growth is estimated to be in the 6%-9% range for 2018, which includes the net sales contribution from MAS. Fiscal 2018 EPS on a GAAP basis is expected to be in the $4.00 to $4.23 range. Fiscal 2018 Adjusted EPS is expected to be in the $4.10 to $4.32 range or a 22% to 28% growth rate.
Share Repurchases
Under its share repurchase program, Dorman repurchased 128.9 thousand shares of its common stock for $9.0 million at an average share price of $69.84 during the first quarter ended March 31, 2018. The Company has $67.7 million left under its current share repurchase authorization.
About Dorman Products
Dorman Products, Inc. is a leading supplier of Dealer “Exclusive” replacement parts to the Automotive, Medium and Heavy Duty Aftermarkets. Dorman products are marketed under the Dorman®, OE Solutions™, HELP!®, AutoGrade™, First Stop™, Conduct‑Tite®, TECHoice™, Dorman® Hybrid Drive Batteries and Dorman HD Solutions™ brand names.
Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), this earnings release also contains Non-GAAP financial measures. The reasons why we believe these measures provide useful information to investors and a reconciliation of these measures to the most directly comparable GAAP measures and other information relating to these Non-GAAP measures are included in the supplemental schedules attached.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the Company’s future growth rates. Words such as “believe,” “demonstrate,” “expect,” “estimate,” “forecast,” “anticipate,” “should” and “likely” and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to, competition in the automotive aftermarket industry, concentration of the Company’s sales and accounts receivable among a small number of customers, the impact of consolidation in the automotive aftermarket industry, foreign currency fluctuations, , imposition of new taxes or duties, and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 30, 2017. The Company is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
Investor Relations Contact
Kevin Olsen, Executive Vice President & CFO
[email protected]
(215) 997-1800
Visit our website at www.dormanproducts.com
DORMAN PRODUCTS, INC. AND SUBSIDIARIES Consolidated Statements of Operations (in thousands, except per-share amounts) 13 Weeks 13 Weeks First Quarter (unaudited) 03/31/18 Pct. 04/01/17 Pct.* Net sales $ 227,262 100.0 $ 221,625 100.0 Cost of goods sold 138,627 61.0 132,882 60.0 Gross profit 88,635 39.0 88,743 40.0 Selling, general and administrative expenses 48,641 21.4 43,701 19.7 Income from operations 39,994 17.6 45,042 20.3 Other income, net 152 0.1 64 0.0 Income before income taxes 40,146 17.7 45,106 20.4 Provision for income taxes 9,499 4.2 15,919 7.2 Net income $ 30,647 13.5 $ 29,187 13.2 Diluted earnings per share $ 0.93 $ 0.85 Weighted average diluted shares outstanding 33,003 34,479 * Percentage of sales information does not add due to rounding.
DORMAN PRODUCTS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands) (Unaudited) 03/31/18 12/30/17 Assets: Cash and cash equivalents $ 75,344 $ 71,691 Accounts receivable 250,556 241,880 Inventories 205,905 212,149 Prepaid expenses 8,564 7,129 Total current assets 540,369 532,849 Property, plant & equipment, net 92,828 92,692 Goodwill and other intangible assets, net 87,667 88,157 Deferred income taxes, net 6,771 7,884 Other assets 45,413 44,342 Total assets $ 773,048 $ 765,924 Liabilities & shareholders’ equity: Accounts payable $ 63,105 $ 80,218 Accrued expenses and other 32,727 30,563 Total current liabilities 95,832 110,781 Other long-term liabilities 20,078 20,336 Shareholders’ equity 657,138 634,807 Total liabilities and equity $ 773,048 $ 765,924 Selected Cash Flow Information (unaudited):
13 Weeks 13 Weeks (in thousands) 03/31/18 04/01/17 Depreciation, amortization and accretion $ 6,378 $ 5,005 Capital expenditures $ 6,276 $ 5,618 DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(in thousands, except per-share amounts)
The Company’s financial results include certain financial measures not derived in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures should not be used as a substitute for GAAP measures, or considered in isolation, for the purpose of analyzing our operating performance, financial position or cash flows. Additionally, these non-GAAP measures may not be comparable to similarly titled measures reported by other companies. However, the Company has presented these non-GAAP financial measures because management believes this presentation, when reconciled to the corresponding GAAP measure, provides useful information to investors by offering additional ways of viewing the Company’s results, profitability trends, and underlying growth relative to prior and future periods and to our peers. Non-GAAP financial measures may reflect adjustments for charges such as fair value adjustments, amortization, transaction costs, and other similar expenses related to acquisitions which the Company has determined are material as well as other items that are not related to the Company’s ongoing performance.
Adjusted Net Income:
13 Weeks 13 Weeks (unaudited) 03/31/18 04/01/17 Net income (GAAP) $ 30,647 $ 29,187 Pretax acquisition-related inventory fair value adjustment [1] 899 - Pretax acquisition-related intangible assets amortization [2] 500 - Pretax acquisition-related transaction and other costs [3] 80 - Tax adjustment (related to above items) [4] (396 ) - Tax charge related to pre 2016 state tax matters [4] - 255 Adjusted net income (Non-GAAP) $ 31,730 $ 29,442 Adjusted Diluted Earnings Per Share:
13 Weeks 13 Weeks (unaudited) 03/31/18* 04/01/17* Diluted earnings per share (GAAP) $ 0.93 $ 0.85 Pretax acquisition-related inventory fair value adjustment [1] 0.03 - Pretax acquisition-related intangible assets amortization [2] 0.02 - Pretax acquisition-related transaction costs [3] 0.00 - Tax adjustment (related to above items) [4] (0.01 ) - Tax charge related to pre 2016 state tax matters [4] - 0.01 Adjusted diluted earnings per share (Non-GAAP) $ 0.96 $ 0.85 Weighted average diluted shares outstanding 33,003 34,479 * Adjusted diluted earnings per share (Non-GAAP) does not add due to rounding.
[ 1 ] – Pretax acquisition-related inventory fair value adjustments result from adjusting the value of acquired inventory from historical cost to fair value. Such costs were $0.9 million pretax (or $0.7 million after tax) and were included in Cost of Goods Sold.
[ 2 ] – Pretax acquisition related intangible asset amortization results from allocating the purchase price of material acquisitions to the acquired tangible and intangible assets of the acquired business and recognizing the cost of the intangible asset over the period of benefit. Exclusion of this amortization expense facilitates more consistent comparisons of operating results over time between our newly acquired and long-held businesses, and with both acquisitive and non-acquisitive peer companies. We believe it is important for investors to understand that such intangible assets contribute to revenue generation and that intangible asset amortization related to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Such costs were $0.5 million pretax (or $0.4 million after tax) and were included in Selling, General and Administrative expenses.
DORMAN PRODUCTS, INC. AND SUBSIDIARIES
Non-GAAP Financial Measures
(in thousands, except per-share amounts)
[3] – Pretax acquisition related transaction costs include external costs incurred to complete and integrate a material acquisition as well as accretion expenses related to contingent consideration obligations. Such costs were $0.1 million pretax (or $0.1 million after tax) and were included in Selling, General and Administrative expenses.
[4] – These adjustments represent the aggregate tax effect of all nontax adjustments reflected in the table above of $0.4 million. Such items are estimated by applying the Company’s overall estimated tax rate to the pretax amount, or, by applying a specific tax rate if one is appropriate. Also included in Provision for Income Taxes for the 13 weeks ended April 1, 2017 is a tax charge related to pre 2016 tax matters.
2018 Guidance:
The Company provided the following guidance ranges related to their fiscal 2018 outlook:
Fiscal 2018 Fiscal 2017 Fiscal Year Ended (unaudited) Low End High End Diluted earnings per share (GAAP) $ 4.00 $ 4.23 $ 3.13 Pretax acquisition-related inventory fair value adjustment [1] 0.05 0.05 0.02 Pretax acquisition-related intangible assets amortization [2] 0.06 0.06 0.01 Pretax acquisition-related transaction costs [1,2] 0.06 0.04 0.03 Tax adjustment (related to above items) [3] (0.07 ) (0.06 ) (0.02 ) Deferred tax asset revaluation related to the TCJA [3] - - 0.13 Tax charge related to pre 2016 state tax matters [3] - - 0.07 Adjusted diluted earnings per share (Non-GAAP) $ 4.10 $ 4.32 $ 3.37 Weighted average diluted shares outstanding 33,572 33,572 34,052 [1] - Included in Cost of Goods Sold [2] - Included in Selling, General, and Administrative expenses [3] - Included in Provision for Income Taxes
Source:Dorman Products, Inc.
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2018-05-01
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BRIEF-Philippine Realty And Holdings Says FY Net Income Attributable 264.4 Million Pesos
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May 2 (Reuters) - Philippine Realty and Holdings Corp :
* FY NET INCOME ATTRIBUTABLE 264.4 MILLION PESOS VERSUS LOSS OF 3.9 MILLION PESOS
* FY GROSS REVENUE 870.7 MILLION PESOS VERSUS 415.5 MILLION PESOS Source text for Eikon: Further company coverage:
|
2018-05-02
|
GM to locate new Asia-Pacific headquarters in S.Korea - government
|
SEOUL (Reuters) - General Motors ( GM.N ) has agreed to set up its Asia-Pacific headquarters in South Korea, in a further commitment by the U.S. automaker to its loss-making local unit, the government said on Thursday.
FILE PHOTO: The GM logo is seen at the General Motors Warren Transmission Operations Plant in Warren, Michigan, U.S., October 26, 2015. REUTERS/Rebecca Cook/File Photo Under a preliminary agreement, GM will also buy more parts from South Korean suppliers for its overseas operations, boosting procurement from about 2 trillion won ($1.85 billion) a year at present, the industry ministry said in a statement.
In return, South Korea will provide funding to local suppliers of GM and other South Korean automakers for the development of parts for electric and self-driving cars, and other key automotive parts.
Related Coverage GM can't sell stake in South Korea unit over next five years under rescue deal: South Korea GM's commitment to South Korea is long-term and sincere, says GM executive The statement did not give a figure for the level of support, but a ministry official said it would be worth a combined tens of millions of dollars.
GM agreed last month to keep its local arm afloat after coming close to seeking bankruptcy protection. The firm won major concessions from its labor union on wages and benefits and secured a planned $750 million in funding from state-run Korea Development Bank.
The new regional headquarters will oversee production, sales and technology development for Asia Pacific countries, which excludes China, but includes Australia, India and Thailand among others, a ministry official told Reuters.
GM had previously operated its regional headquarters for “GM International” in Singapore, which covered South Korea, Australia, Southeast Asia, India, the Middle East and Africa.
However, the automaker slashed headcount at the Singapore office last year as part of a restructuring to focus on fewer, more profitable markets like China and the United States.
GM has stopped manufacturing in Australia and Indonesia, and significantly restructured its Thai operations. The company has also restructured operations in India and South Africa.
South Korea was also hit by the revamp, with GM planning to shut down one of four local factories this month and reduce its local workforce by nearly 3,000 positions.
Reporting by Hyunjoo Jin; additional reporting by Shinhyung Lee; editing by Richard Pullin
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2018-05-10
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'Indefinite stay' for Australia's asylum seekers
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'Indefinite stay' for Australia's asylum seekers 11:26am EDT - 01:40
Hundreds of asylum-seekers held in Australian-run detention centres in the Pacific are likely to remain there indefinitely as no other country is willing to resettle them, Minister for Home Affairs Peter Dutton said on Monday. ▲ Hide Transcript ▶ View Transcript
Hundreds of asylum-seekers held in Australian-run detention centres in the Pacific are likely to remain there indefinitely as no other country is willing to resettle them, Minister for Home Affairs Peter Dutton said on Monday. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rsSkKn
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2018-05-07
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End of preview. Expand
in Data Studio
YAML Metadata
Warning:
empty or missing yaml metadata in repo card
(https://huggingface.co/docs/hub/datasets-cards)
US Financial News Dataset (Cleaned)
This dataset contains cleaned and structured financial news article data collected between 2013 and 2018. It includes only the article title, text, published date, language, and selected metadata like named entity counts — with all source website identifiers, URLs, and engagement metadata removed.
✅ What's Included
title: News headlinetext: Full article body textpublished: ISO-formatted date of publication
❌ What's Not Included
To respect original publishers' copyrights:
- No source URLs
- No domain names or publisher names
- No social engagement metadata
📊 Use Cases
This dataset is intended for:
- Financial NLP experiments (summarization, classification, etc.)
- Language modeling on financial text (research-only)
- Topic Modeling / Event Clustering
⚠️ Disclaimer
This dataset is for non-commercial, academic, and research use only.
All content remains the intellectual property of the original publishers.
📜 Citation
If you use this dataset in academic work, please cite it as:
GOLI GOWTHAM. "US Financial News Dataset (Cleaned, 2013–2018)." 2024.
📎 Dataset Origin & Attribution
This dataset is a cleaned, restructured, and filtered version of the dataset originally published by jeet2016 on Kaggle:
📂 US Financial News Articles
🔗 https://www.kaggle.com/datasets/jeet2016/us-financial-news-articles
All credit for the original data collection and structuring goes to the original uploader.
This version modifies the structure and removes sensitive fields (URLs, publisher domains, etc.) for research and tokenizer analysis purposes only.
license: unknown
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