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BRIEF-UK markets watchdog gives clearing houses MiFID waivers | January 3, 2018 / 7:05 AM / Updated 2 hours ago BRIEF-UK markets watchdog gives clearing houses MiFID waivers Reuters Staff 1 Min Read
Jan 3 (Reuters) -
* FINANCIAL CONDUCT AUTHORITY (FCA) HAS RECEIVED APPLICATIONS UNDER ARTICLE 54(2) FROM TRADING VENUES ICE FUTURES EUROPE AND LONDON METAL EXCHANGE (“LME”)
* FCA HAS DECIDED TO AGREE A TRANSITIONAL ARRANGEMENT FOR THOSE ENTITIES.
* FROM 3 JANUARY 2018, ICE FUTURES EUROPE AND LME WILL NOT BE REQUIRED TO CONSIDER OPEN ACCESS REQUESTS UNTIL JULY 2020 Source text for Eikon: Further company coverage: [ ] (Reporting By Huw Jones) | https://www.reuters.com/article/brief-uk-markets-watchdog-gives-clearing/brief-uk-markets-watchdog-gives-clearing-houses-mifid-waivers-idUSFWN1OX0Q7 |
BRIEF-Bdo Unibank Says Senior Vice President Eleanor Manuud Hilado Resigns | Jan 29 (Reuters) - Bdo Unibank Inc:
* SENIOR VICE PRESIDENT ELEANOR MANUUD HILADO RESIGNS Source text for Eikon: Further company coverage: ([email protected])
| https://www.reuters.com/article/brief-bdo-unibank-says-senior-vice-presi/brief-bdo-unibank-says-senior-vice-president-eleanor-manuud-hilado-resigns-idUSFWN1PN010 |
BRIEF-AMSC Announces Order Of 5.5 MW ECS For Doosan’S Offshore Wind Turbines | Jan 24 (Reuters) - AMSC :
* AMSC ANNOUNCES ORDER OF 5.5 MW ELECTRONIC CONTROL SYSTEMS FOR DOOSAN’S OFFSHORE WIND TURBINES
* AMSC- ANNOUNCED ITS FIRST 5.5 MEGAWATT ELECTRICAL CONTROL SYSTEMS ORDER FROM DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO LTD Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-amsc-announces-order-of-55-mw-ecs/brief-amsc-announces-order-of-5-5-mw-ecs-for-doosans-offshore-wind-turbines-idUSFWN1PJ1CG |
Dutch ABP pension fund to pull investments in tobacco, nuclear arms makers | January 11, 2018 / 1:15 PM / in 27 minutes Dutch ABP pension fund to pull investments in tobacco, nuclear arms makers Reuters Staff 1 Min Read
AMSTERDAM, Jan 11 (Reuters) - ABP, the largest Dutch pension fund, said on Thursday it will sell all its remaining holdings in tobacco companies and nuclear arms manufacturers, worth roughly 3.3 billion euros ($4 bln). ($1 = 0.8319 euros) (Reporting by Anthony Deutsch; Editing by Susan Fenton) | https://www.reuters.com/article/netherlands-pensions-abp/dutch-abp-pension-fund-to-pull-investments-in-tobacco-nuclear-arms-makers-idUSA5N1LM026 |
Trump Lawyer Says White House Has Given Special Counsel Over 20,000 Pages of Documents | A lawyer for President Donald Trump said Thursday that the White House had provided more than 20,000 pages of documents to special counsel Robert Mueller as part of the investigation into Russian interference in the 2016 U.S. election, which he said showed “unprecedented” cooperation by the administration.
John Dowd, who heads the president’s private legal team, said the White House’s document production included more than 5,000 pages related to former national security adviser Mike Flynn and Russia, and nearly 8,000 pages... | https://www.wsj.com/articles/trump-lawyer-says-white-house-has-given-special-counsel-over-20-000-pages-of-documents-1516898027 |
Nvidia says some of its chips are affected by the Spectre security flaw, issues a patch | Nvidia said some of its chipsets have been affected by Spectre, a memory corruption flaw that allows hackers to bypass operating systems and steal passwords of devices.
The company is providing a initial security update to mitigate the vulnerabilities to its affected chipsets, which include GeForce, Tesla, Grid, NVS and Quadro, it said in a blogpost on Tuesday. | https://www.cnbc.com/2018/01/10/spectre-security-flaw-nvidia-chips-affected-initially-patched.html |
'Go to hell': Coach addresses Nassar in court | 'Go to hell': Coach addresses Nassar in court 3:53pm EST - 01:21
Thomas Brennan, a coach who sent dozens of young girls for treatment to USA Gymnastics team doctor Larry Nassar, told the disgraced physician in court on Wednesday to ''go to hell'' for his crimes. Rough Cut (no reporter narration).
Thomas Brennan, a coach who sent dozens of young girls for treatment to USA Gymnastics team doctor Larry Nassar, told the disgraced physician in court on Wednesday to "go to hell" for his crimes. Rough Cut (no reporter narration). //reut.rs/2DlYt40 | https://www.reuters.com/video/2018/01/17/go-to-hell-coach-addresses-nassar-in-cou?videoId=386759975 |
Pope, in Chile, expresses 'pain and shame' over Church sex abuse scandal | SANTIAGO, Jan 16 (Reuters) - Pope Francis expressed his “pain and shame” on Tuesday over a sexual abuse scandal in the Catholic Church in Chile, seeking forgiveness for a crisis that has scarred its credibility and left many faithful sceptical of reform.
“Here I feel bound to express my pain and shame at the irreparable damage caused to children by some ministers of the Church,” he said in the presidential palace, drawing sustained applause from his listeners.
Francis was making his first official address of the trip in the presence of President Michelle Bachelet, other Chilean top officials, cardinals, bishops and foreign diplomats.
“I am one with my brother bishops, for it is right to ask for forgiveness and make every effort to support the victims, even as we commit ourselves to ensuring that such things do not happen again,” he said.
Catholics have been upset with Francis’ 2015 appointment of Bishop Juan Barros to head the small diocese of Osorno in south-central Chile. Barros has been accused of protecting his former mentor, Father Fernando Karadima, whom a Vatican investigation found guilty in 2011 of abusing teenage boys over many years. Karadima has denied the allegations and Barros said he was unaware of any wrongdoing.
But the scandal has gripped Chile, and, along with growing secularization, has hurt the standing of the Church that had been praised for defending human rights during the 1973-1990 dictatorship of Augusto Pinochet.
A poll by Santiago-based think tank Latinobarometro this month showed that the number of Chileans calling themselves Catholics fell to 45 percent last year, from 74 percent in 1995.
A group opposed to the visit posted on Twitter: “No more abuse, no more cover-ups, no more hypocrisy.”
At least eight Catholic churches have been attacked in Chile over the past week, including one with a homemade bomb where unidentified vandals left a pamphlet reading: “Pope Francis, the next bomb will be in your robe.”
No one was injured in the attacks and no one has claimed responsibility.
ANTI-POPE GRAFFITI Hours after the pope arrived, two churches were attacked and burned to the ground almost simultaneously in a small village near Temuco that the pope had planned to visit on Wednesday.
A church in the capital was also attacked during the night, causing minor damage. Vandals burned Chilean and Vatican flags at the site and tossed pamphlets with threats against the pope.
Graffiti on one church in the capital read ”Burn pope and “pope accomplice.”
But the welcome most Chileans have given the pope has been warm, with thousands of mostly young people lining the streets of the capital and hundreds of thousands attending a Mass in a Santiago park.
Francis read the speech in the Moneda palace, which Pinochet’s forces bombed from the air and with ground artillery on Sept. 11, 1973 while democratically elected President Salvatore Allende was inside.
The pope referred to that dark period, saying the country had “faced moments of turmoil, at times painful.” He praised the consolidation of democracy but said more had to be done to help the unemployed and native people.
Bachelet told the pope: “How wonderful to be able to tell you that today Chile has changed ... we strengthened our democracy, with more tolerance, more freedom and more transparency.”
Chile, with a population of about 17.4 million, is the world’s top copper producer, the fifth-largest economy in Latin America and one of the region’s most stable.
After a private meeting with Bachelet, Francis said Mass for tens of thousands of people in the capital’s sprawling Parque O‘Higgins.
Angelina Soto, 67, of San Francisco de Mostazal, south of Santiago, said she and her family arrived before sunrise. “We are very committed Catholics, we’ve been singing all morning,” she said. “I think (the visit) will change Chile, it will make us more generous, and help to close the gap between rich and poor.” (Additional reporting by Felipe Iturrieta; Editing by Bernadette Baum)
| https://www.reuters.com/article/pope-chile/pope-in-chile-expresses-pain-and-shame-over-church-sex-abuse-scandal-idUSL8N1PB2OC |
BRIEF-Knosys Gets $6 Mln Contract From Singtel and Singtel Optus | Jan 29 (Reuters) - Knosys Ltd:
* KNOSYS ANNOUNCES $6M CONTRACT WITH SINGTEL * SINGAPORE TELECOMMUNICATIONS & ITS AUSTRALIAN UNIT OPTUS ENTER INTO AN AGREEMENT WITH CO Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-knosys-gets-6-mln-contract-from-si/brief-knosys-gets-6-mln-contract-from-singtel-and-singtel-optus-idUSFWN1PL1AW |
Digital publishers ramp up TV push to nab viewers, ad dollars | January 25, 2018 / 12:07 PM / Updated 3 hours ago Digital publishers ramp up TV push to nab viewers, ad dollars Jessica Toonkel 4 Min Read
(Reuters) - Online media companies ATTN:, BuzzFeed and Group Nine Media are making a bigger push into television, executives said, aiming to grab more of the TV advertising market and depend less on social media for viewers.
While the companies have long lured audiences through social media like Facebook Inc, that has made them vulnerable to changes that could bury their content. TV also offers the opportunity for revenue from licensing shows domestically and abroad.
Three-year-old ATTN:, which draws more than half of viewers for its videos on current events from Facebook, is in development on two pilots. It has sold a pilot of a documentary-style news show to CBS Corp’s Showtime and is co-producing a series called “America Versus” with Paramount Television, the television studio owned by Viacom Inc, Matt Segal, ATTN:’s chief executive, told Reuters.
As digital media becomes more competitive, television is a crucial next step for companies like BuzzFeed, which announced layoffs for 100 employees last year amid reports it missed revenue targets, executives said.
Group Nine and BuzzFeed already have shows on air or scheduled with networks owned by their respective investors Discovery Communications and Comcast Corp’s NBCUniversal, and are now pitching pilots to other networks, executives told Reuters.
Facebook recently changed its news feed to favour posts from friends and family of its more than 2 billion users over content shared by publishers, underscoring the risk of depending too much on third-party social media.
“Our weakness is we don’t own those platforms and that’s just the reality,” said Ben Lerer, CEO of New York-based Group Nine, which owns travel brand Thrillist, video news creator NowThis and animal video site The Dodo. “This is a way of gaining revenue outside of that ecosystem.”
Television also offers a much more lucrative advertising market, executives said, even as viewers increasingly cancel cable subscriptions in favour of online streaming services like Netflix Inc.
Spending on TV spots is expected to be $72 billion this year, compared to $15.4 billion for digital ad spending, according to market researcher eMarketer.
Los Angeles-based ATTN: always planned to get into TV and expects to bring in seven figures of ad revenue this year if its pilots get picked up, said Segal.
Segal declined to comment on how much ad revenue the company brings in now, but said it would also earn fees from licensing shows to partners in the United States and abroad.
“Television is going to bring us more ad revenue and brand lift,” he said. I WANT MY TV
Vice Media was the first digital media company to get into TV with its own show on HBO, as well as its own channel, Viceland.
Vice News Tonight brought in on average 174,000 viewers between the ages of 18-49 in 2017, compared to 130,000 the previous year, according to Nielsen.
ATTN:’s pilot with Showtime is a documentary-style series that addresses topics like politics, socioeconomics, and the war on drugs.
“America Versus,” ATTN:’s show it is developing with Paramount Television, will take topics like binge drinking and look at them in the United States versus other countries, Segal said.
Group Nine’s The Dodo will premier its first TV series, “Dodo Heroes,” featuring people who save animals in need, with Discovery’s Animal Planet this year.
BuzzFeed is shopping a game show to a number of broadcast networks, which would be the first time it has a show outside of NBC networks, said Matthew Henick, head of BuzzFeed Motion Pictures. BuzzFeed recently announced a documentary series with NBC’s Oxygen network.
“It used to be with digital you were just hoping to work within an algorithm where viewers are going to go,” Henick said. “Now people know what to expect if they go to a BuzzFeed News show.”
(This version of the story corrects paragraph 3 to show that ATTN: is working with Paramount Television, not Paramount Network) Reporting By Jessica Toonkel; Editing by Anna Driver and Meredith Mazzilli | https://uk.reuters.com/article/uk-television-digital/digital-publishers-ramp-up-tv-push-to-nab-viewers-ad-dollars-idUKKBN1FE1KH |
Former Cuomo Aide Was Driven By Greed, Prosecutors Say | Former gubernatorial aide Joseph Percoco spent decades developing unparalleled influence with New York Gov. Andrew Cuomo, and on Tuesday federal prosecutors sought to transform that relationship, once considered an asset, into a criminal liability.
“For a state employee, getting a call from Percoco was like getting a call from the governor himself,” Assistant U.S. Attorney Robert Boone said in his opening statement in Manhattan federal court.
... | https://www.wsj.com/articles/former-cuomo-aide-was-driven-by-greed-prosecutors-say-1516757822 |
FileMaker Named a Leader in G2 Crowd Report for No-Code Development Platforms | SANTA CLARA, Calif., Jan. 24, 2018 /PRNewswire/ -- FileMaker, Inc. has been recognized as a Leader with a 91 percent satisfaction rating in G2 Crowd's Grid® for No-Code Platforms. FileMaker has the largest market presence and received the highest customer satisfaction score among No-Code Development Platform products. Ninety-one percent of users gave it a rating of four or five stars, and 91 percent of users said they would be likely to recommend FileMaker.
To view the report, go here: info2.filemaker.com/G2-crowd-report2018.html
This report illustrates FileMaker's ongoing success in offering business teams of all sizes the industry's leading no-code development platform. FileMaker provides companies and teams with an alternative to packaged apps or programming tools so that they can quickly solve unique challenges as they arise in evolving workplace environments.
To qualify for inclusion in G2 Crowd's "No Code" category, a product must:
Offer drag-and-drop elements to assemble applications Provide no tools for customizing code within the platform Integrate with databases, web services, or APIs to connect data
Ann Monroe, vice president of worldwide marketing and customer success, FileMaker, Inc., said: "Our mission is to help people create better ways to work. We're thrilled that the G2 Crowd customer reviews show that we are empowering businesses of all sizes to be more productive."
Kara Kennedy research manager, G2 Crowd, said: "G2 Crowd rates no-code development platforms algorithmically based on data sourced from product reviews shared by G2 Crowd users and data aggregated from online sources and social networks. Technology buyers can use the Grid to help them quickly select the best no-code development platforms for their businesses and to find peers with similar experiences."
About FileMaker, Inc.
FileMaker, Inc. is an Apple subsidiary that provides a unified platform to create and deploy custom apps for mobile, cloud, and on-premises environments. Business teams use the FileMaker Platform to quickly solve unique problems — even as they change.
Press Contact:
Jessica M. Pasko
Nadel Phelan, Inc.
+1 831-440-2412
[email protected]
© 2018 FileMaker, Inc. All rights reserved. FileMaker, FileMaker Go and the file folder logo are registered trademarks of FileMaker, Inc. in the U.S. and other countries. FileMaker WebDirect and FileMaker Cloud are trademarks of FileMaker, Inc. All other trademarks are the property of their respective owners. Prices are listed in U.S. Dollars and subject to change without notice.
View original content with multimedia: http://www.prnewswire.com/news-releases/filemaker-named-a-leader-in-g2-crowd-report-for-no-code-development-platforms-300587182.html
SOURCE FileMaker, Inc. | http://www.cnbc.com/2018/01/24/pr-newswire-filemaker-named-a-leader-in-g2-crowd-report-for-no-code-development-platforms.html |
Trump to name tax lawyer Rettig to head IRS - Politico | January 24, 2018 / 2:55 AM / Updated 12 minutes ago Trump to name tax lawyer Rettig to head IRS - Politico Reuters Staff 2 Min Read
WASHINGTON (Reuters) - President Donald Trump plans to nominate tax lawyer Charles “Chuck” Rettig to serve as commissioner of the U.S. Internal Revenue Service, Politico reported on Tuesday, citing multiple sources with knowledge of the White House selection process.
Asked about the report, a White House spokeswoman said the administration had no personnel announcements to make for now.
If confirmed by the U.S. Senate, Rettig will have to oversee implementation of the Tax Cuts and Jobs Act, passed by Congress and signed into law by Trump in December, that makes major changes to the tax code.
He will also have to deal with an agency weakened by sharply reduced staffing after budget cuts by Republican lawmakers in recent years. The IRS has lost more than 17,000 employees, almost 20 percent of its staff, since 2010.
Rettig, who has been at Hochman, Salkin, Rettig, Toscher & Perez in California for more than 35 years, specializes in federal and state civil tax and criminal tax controversy matters and tax litigation, according to his entry on the law firm’s website.
He has represented clients before the IRS, the Justice Department’s Tax Division, numerous state tax authorities and in federal and state court litigation and appeals, the entry said.
Rettig has also chaired the IRS Advisory Council, which counsels the commissioner on tax administration issues, according to the website. Reporting by Eric Walsh; Editing by Peter Cooney | https://uk.reuters.com/article/uk-usa-trump-irs/trump-to-name-tax-lawyer-rettig-to-head-irs-politico-idUKKBN1FD085 |
Crop munching pest in Africa raises hunger threat | ROME (Thomson Reuters Foundation) - A crop munching worm that can fly up to 100 km (60 miles) at night is spreading rapidly across Africa, threatening food production and the livelihoods of millions of farmers already struggling with conflicts and drought, experts said on Friday.
The larvae form of fall armyworm prefers maize, but can feed on more than 80 plant species including rice, sorghum, millet, sugarcane, vegetable crops and cotton, said the United Nations’ Food and Agricultural Organization (FAO).
“There are roughly 35 million hectares of maize planted per year in Africa and if (the worm is) not in all those maize fields now, it will be very soon in the next planting season or so,” said Allan Hruska, principal technical coordinator at FAO.
The fields are tended by some 30 million smallholder farmers who depend on maize for food and income, Hruska said.
“Fall armyworm poses a great challenge to the survival of agriculture in Africa,” with potential to put hundreds of millions at risk of hunger, Mark Green, head of the U.S. Agency for International Development told the Thomson Reuters Foundation in a statement.
The invasive species, native to tropical and subtropical regions of the Americas, was first detected in Central and Western Africa in early 2016.
It has now spread to virtually all of sub-Saharan Africa, according to an FAO map seen by the Thomson Reuters Foundation. The female moth can lay up to 1,000 eggs in her lifetime.
In December, Malawi declared 20 out of 28 districts disaster areas after an outbreak of fall armyworm. In Zimbabwe, fall armyworm destroyed 20 percent of the country’s maize crop last season, according to government figures, at a time when the country was recovering from devastating drought.
Losses in Africa could range from 8 to 20 million tonnes in just 12 maize-producing countries alone if the pest is not controlled, and could be more severe in areas already suffering drought and conflict, said Ken Wilson, professor of evolutionary ecology at Lancaster University in England.
Drought-affected plants are less able to resist the pests while conflict may prevent farmers from accessing much-needed help, he said.
Farmers in America use genetically modified plants and advanced pesticides to control the pests, but these options may be too expensive, and harm the environment and crops.
“(The farmers) can get pesticides from the government this year, but what happens next year, or the year after that?” said Wafaa El Khoury, technical specialist at the International Fund for Agricultural Development (IFAD) in Rome.
Mixing crops and encouraging natural predators may be more effective, from the experience of smallholder farmers in the Americas, said FAO’s Hruska.
But Wilson said fall armyworm’s presence in Africa is irreversible. “It’s here to stay and we need to develop strategies on how best to manage this pest long-term,” he said.
Reporting By Thin Lei Win, Editing by Ros Russell; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, corruption and climate change. Visit www.trust.org
| https://www.reuters.com/article/us-africa-worm-food/crop-munching-pest-in-africa-raises-hunger-threat-idUSKBN1FF2D1 |
BRIEF-Tivo Signs Expanded Patent Agreement With Google To Include Youtube TV | Jan 18 (Reuters) - Tivo Corp:
* TIVO SIGNS EXPANDED PATENT AGREEMENT WITH GOOGLE TO INCLUDE YOUTUBE TV
* TIVO - AGREEMENT COVERS GOOGLE‘S USE OF CO‘S PATENTED TECHNOLOGIES WORLDWIDE , OFFERS LICENSE FOR GOOGLE‘S PRODUCTS, AMONG OTHERS Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-tivo-signs-expanded-patent-agreeme/brief-tivo-signs-expanded-patent-agreement-with-google-to-include-youtube-tv-idUSFWN1PD0OL |
Trump Meets Kazakh Leader in White House Visit | WASHINGTON—President Donald Trump hosted Kazakh President Nursultan Nazarbayev at the White House on Tuesday, praising the relationship between the two nations.
The two leaders met in the Oval Office and delivered statements to reporters before holding a working lunch. The visit marks the first to the White House by a leader of Kazakhstan since 2006.
Mr.... To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/trump-meets-kazakh-leader-in-white-house-visit-1516140990 |
For $16,000 this robot will fold your laundry, but not your socks | This week at CES, Japanese company Seven Dreamers demoed its laundry-folding robot, Laudroid. The machine was set up in a mock living room and is about the size of a very tall dresser.
Clothing dropped in the bottom drawer is picked up by two robotic arms and unfolded so that software can recognize the garment From there, artificial intelligence takes over.
"For this t-shirt, visual analysis technology and AI has to measure the length and width of the shirt to determine where to fold, which direction to fold, and see where the collar position is and to see if it's a front and back," says Seven Dreamers CEO Shin Sakane. "And then once it measures everything, it could fold nicely."
Laundroid can organize clothing either by family member or type. It's also WiFi connected and comes with an app that tracks everything the machine folds, creating a type of virtual closet. The process is still very slow. It takes about five hours for Laundroid to fold a full load and it doesn't work with socks.
Preorders for Laundroid start this fall. The robot will be initially available in Japan, the U.S. and parts of China for $16,000. | https://www.cnbc.com/2018/01/12/seven-dreams-robot-laundroid-folds-your-laundry-but-not-your-socks.html |
BRIEF-Alkermes Submits NDA To U.S. FDA For ALKS 5461 FOR ADJUNCTIVE TREATMENT OF MAJOR DEPRESSIVE DISORDER | January 31, 2018 / 7:34 PM / Updated 24 minutes ago BRIEF-Alkermes Submits NDA To U.S. FDA For ALKS 5461 FOR ADJUNCTIVE TREATMENT OF MAJOR DEPRESSIVE DISORDER Reuters Staff 1 Min Read
Jan 31 (Reuters) - Alkermes Plc:
* ALKERMES SUBMITS NEW DRUG APPLICATION TO U.S. FDA FOR ALKS 5461 FOR THE ADJUNCTIVE TREATMENT OF MAJOR DEPRESSIVE DISORDER Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-alkermes-submits-nda-to-us-fda-for/brief-alkermes-submits-nda-to-u-s-fda-for-alks-5461-for-adjunctive-treatment-of-major-depressive-disorder-idUSASB0C3AQ |
Hospitality Properties Trust Announces Quarterly Dividend on Common Shares | NEWTON, Mass.--(BUSINESS WIRE)-- Hospitality Properties Trust (Nasdaq: HPT) today announced a regular quarterly cash distribution on its common shares of $0.52 per common share ($2.08 per share per year). This distribution will be paid to HPT’s common shareholders of record as of the close of business on January 29, 2018 and distributed on or about February 22, 2018.
Hospitality Properties Trust is a real estate investment trust, or REIT, which owns a diverse portfolio of hotels and travel centers located in 45 states, Puerto Rico and Canada. HPT's properties are operated under long term management or lease agreements. HPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, Massachusetts.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON HPT’S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE STATEMENTS AND THE IMPLICATIONS OF THESE STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR FOR VARIOUS REASONS, SOME OF WHICH ARE BEYOND HPT’S CONTROL. FOR EXAMPLE, THIS PRESS RELEASE STATES THAT HPT’S DIVIDEND RATE WILL BE $0.52/SHARE PER QUARTER OR $2.08/SHARE PER YEAR. A POSSIBLE IMPLICATION OF THIS STATEMENT IS THAT HPT WILL CONTINUOUSLY PAY QUARTERLY DIVIDENDS OF $0.52/SHARE PER QUARTER OR $2.08/SHARE PER YEAR IN THE FUTURE. HPT’S DIVIDEND RATES ARE SET AND RESET FROM TIME TO TIME BY HPT’S BOARD OF TRUSTEES. THE HPT BOARD CONSIDERS MANY FACTORS WHEN SETTING DIVIDEND RATES INCLUDING HPT’S HISTORICAL AND PROJECTED INCOME, NORMALIZED FUNDS FROM OPERATIONS, THE THEN CURRENT AND EXPECTED NEEDS AND AVAILABILITY OF CASH TO PAY HPT’S OBLIGATIONS, DISTRIBUTIONS WHICH MAY BE REQUIRED TO BE PAID TO MAINTAIN HPT’S TAX STATUS AS A REAL ESTATE INVESTMENT TRUST AND OTHER FACTORS DEEMED RELEVANT BY HPT’S BOARD OF TRUSTEES IN ITS DISCRETION. ACCORDINGLY, FUTURE DIVIDEND RATES MAY BE INCREASED OR DECREASED AND THERE IS NO ASSURANCE AS TO THE RATE AT WHICH FUTURE DIVIDENDS WILL BE PAID. FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON ANY FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com : http://www.businesswire.com/news/home/20180119005646/en/
Hospitality Properties Trust
Katie Strohacker, 617-796-8232
Senior Director, Investor Relations
www.hptreit.com
Source: Hospitality Properties Trust | http://www.cnbc.com/2018/01/19/business-wire-hospitality-properties-trust-announces-quarterly-dividend-on-common-shares.html |
Golf-Wild Woods entertains with recovery shots at Torrey Pines | January 27, 2018 / 9:01 PM / Updated 33 minutes ago Wild Woods entertains with recovery shots at Torrey Pines Andrew Both 2 Min Read
LA JOLLA, California (Reuters) - Tiger Woods drove the ball wildly but hit some sensational recovery shots to slightly improve his position halfway through the third round at the Farmers Insurance Open on Saturday.
Woods found the fairway with his tee shot only once, and some of his misses were by wide margins as he picked up three birdies and two bogeys on his outward half at Torrey Pines.
He began his inward nine at two under par, 10 strokes behind leaders Ryan Palmer and Luke List.
A huge gallery watched 14-times major champion Woods, who started his round at the 10th hole on the South course, where he has won eight times. Jan 26, 2018; San Diego, CA, USA; Tiger Woods plays his shot from the 15th tee during the second round of the Farmers Insurance Open golf tournament at Torrey Pines Municipal Golf Course. Mandatory Credit: Orlando Ramirez-USA TODAY Sports
His putter was much hotter than his driver. Four times he holed putts from eight feet or longer, including an 11-footer at the par-five 18th, which conjured up memories from a decade ago.
Woods sank a putt from much the same distance at the 72nd hole of the 2008 U.S. Open to get into a playoff which he won. Jan 26, 2018; San Diego, CA, USA; Tiger Woods lines up a putt on the 11th green during the second round of the Farmers Insurance Open golf tournament at Torrey Pines Municipal Golf Course. Mandatory Credit: Orlando Ramirez-USA TODAY Sports
This week he is playing his first official tournament since a spinal fusion last April.
Palmer, meanwhile, was joined at the top of a crowded leaderboard by fellow American List. Both had completed seven holes.
Australian former world number one Jason Day charged within one stroke of the lead approaching the turn, while Swede Alex Noren and Americans Michael Kim and Tony Finau were also 10 under. Reporting by Andrew Both, editing by Ed Osmond | https://uk.reuters.com/article/uk-golf-farmers/wild-woods-entertains-with-recovery-shots-at-torrey-pines-idUKKBN1FG0WK |
No. 22 Tennessee hangs on against Vanderbilt | No. 22 Tennessee nearly blew a 20-point, second-half lead, but hung on to knock off visiting Vanderbilt, 67-62, at Thompson-Boling Arena in Knoxville on Tuesday night.
Guard Jordan Bowden had 19, while forward Grant Williams chipped in 18 for the Vols (14-5, 5-3 SEC). Williams was 12-of-14 from the foul line, with many coming in the second half as the Vols struggled to get field goals.
A pair of seniors, guard Riley LaChance (25) and Jeff Roberson (21), led Vandy (7-13, 2-6) in scoring. All of LaChance’s points came in the second half.
Vanderbilt had cut UT’s lead to 60-58, but Vol guard Lamonte Turner buried an open 3 from the left side with 1:03 left. After LaChance missed a 3, Bowden hit a lay-up with 33 seconds left to provide insurance.
The Vols led by 20 on three different occasions in the second half in the midst of a stretch where VU missed 17 3-pointers in a row. Tennessee was up 41-21 with 14:28 left after Turner hit a jumper from the right side.
But the Vols suddenly had trouble scoring from the field as LaChance hit four 3s in a row. Vandy pulled within four when guard Larry Austin Jr. assisted on a couple of transition lay-ups, the second a pass to Roberson with 7:06 left.
But Tennessee was able to close, and with that, sweep the regular-season series.
Vanderbilt’s Payton Willis hit a 3 on the game’s first possession, aiding the Commodores to a 7-4 lead to start. It took a terrible turn for the Commodores, who trailed 32-15 at half, from there.
Tennessee’s tight man-to-man defense made it difficult for the Commodores to find an offensive rhythm. Even when Vanderbilt got open shots, it couldn’t hit them.
The Vols’ Bowden had no such troubles, hitting 3 of 4 of his first-half 3-pointers, leading all scorers at half.
Tennessee also hit 8 of 12 first-half free throws, while Vanderbilt missed its only attempt.
Vanderbilt announced before the game that guard Matthew Fisher-Davis’s collegiate career is over. The senior, Vanderbilt’s second-leading scorer (11.9) was a preseason first-team All-SEC pick and hadn’t played since Vanderbilt’s loss to Kentucky on Jan. 13. That leaves VU with 10 eligible scholarship players.
--Field Level Media
| https://www.reuters.com/article/basketball-ncaa-ten-van-recap/no-22-tennessee-hangs-on-against-vanderbilt-idUSMTZEE1O1GBQ2L |
Dixons Carphone CEO quits - Sky News | Jan 19 (Reuters) - Britain’s Dixons Carphone Plc’s CEO Sebastian James is quitting to join Boots, the high street chemist, Sky News reported on Friday.
James’s reported resignation comes just days after Dixons’ finance chief Humphrey Singer quit to join Marks and Spencer Group Plc.
Dixons could not immediately be reached for comment.
The electricals and mobile phones retailer reported a 60 percent slump in first-half profits in December.
Dixons Carphone is set to release a trading statement on Jan. 23.
The chief executive's resignation will be formally notified to the London Stock Exchange on Monday, Sky News reported, citing unidentified sources. bit.ly/2BeLZoH (Reporting by Bhanu Pratap in Bengaluru; Editing by Adrian Croft)
| https://www.reuters.com/article/dixons-carphone-moves-ceo/dixons-carphone-ceo-quits-sky-news-idUSL8N1PE5E7 |
Feeding the beast with a bank earnings kicker | Feeding the beast with a bank earnings kicker 16 Hours Ago Jim Cramer looked ahead to the stocks and events he'll watch next week, including two major conferences and earnings from the banks. | https://www.cnbc.com/video/2018/01/05/feeding-the-beast-with-a-bank-earnings-kicker.html |
BORSA MILANO, BRUNELLO CUCINELLI CEDE 6,57% IN AVVIO DOPO COLLOCAMENTO 6% | BORSA MILANO, BRUNELLO CUCINELLI CEDE 6,57% IN AVVIO DOPO COLLOCAMENTO 6% | https://it.reuters.com/article/itEuroRpt/idITMT1ALTZYN3N7B022 |
PRESS DIGEST- New York Times business news - Jan 17 | January 17, 2018 / 5:25 AM / Updated 44 minutes ago PRESS DIGEST- New York Times business news - Jan 17 Reuters Staff 1 Min Read
Jan 17 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- General Electric Co delivered another disappointing surprise to investors on Tuesday, taking a $6.2 billion charge to pay for lingering problems in its finance unit. nyti.ms/2mKCrgS
- General Motors Co Chief Executive Mary Barra urged the Trump administration on Tuesday not to scrap the North American Free Trade Agreement, and said any changes in the pact should account for the effect on American automakers and workers. nyti.ms/2mNG7yk
- The legal fight against the Federal Communications Commission's recent repeal of so-called net neutrality regulations began on Tuesday, with a flurry of lawsuits filed to block the agency's action. nyti.ms/2mMmOFA Compiled by Bengaluru newsroom | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-jan-17-idUSL3N1PC26N |
Jack Ma: Alibaba Mulls Hong Kong Stock Listing | Fortune | Finance Alibaba Founder Jack Ma Says He's Reconsidering a Stock Listing in Hong Kong Alibaba chair Jack Ma and Hong Kong Chief Executive Carrie Lam attend a Jumpstarter conference in Hong Kong on Nov. 21, 2017. Bobby Yip—Reuters By Reuters 9:34 PM EST
Alibaba Group Holding Ltd (baba) will consider a listing in Hong Kong, the South China Morning Post reported the company’s founder Jack Ma as saying—remarks which follow the city’s decision to allow dual class share listings.
Ma was responding to an invitation by Hong Kong leader Carrie Lam to list in the city during a discussion at an event in Hong Kong.
“Alibaba will take this message. We will definitely consider Hong Kong’s market,” the newspaper quoted Ma as saying . “We hope we can further invest in Hong Kong and enhance our participation in the city’s economy,” he said.
Alibaba held its record $25 billion public float in New York in 2014 after Hong Kong, its favored venue, refused to accept its governance structure where a self-selecting group of senior managers control the majority of board appointments .
But Hong Kong is now set to allow dual-class shares under rule changes to be proposed by the city’s stock exchange as it raises the stakes in its battle against New York for blockbuster Chinese initial public offerings (IPOs).
For more on Alibaba, watch Fortune’s video:
Hong Kong Exchanges and Clearing, the city’s exchange operator, said in December that it had begun drafting specific rule changes that will be put up for a formal public consultation in the first three months of 2018. SPONSORED FINANCIAL CONTENT | http://fortune.com/2018/01/08/alibaba-jack-ma-hong-kong-listing/ |
Amy Cooley Promoted to Pinnacle Vice President | DENVER, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Pinnacle, one of the nation’s leading multifamily management firms, announces today the promotion of Amy Cooley to vice president presiding over operations in Colorado. Elevating from her previous role as a regional property manager, Cooley now oversees a growing portfolio of apartment communities throughout the state and provides guidance to more than 100 team members. Based out of Denver, Cooley reports to Executive Vice President, Eric Schwabe.
Amy Cooley promoted to vice president of Pinnacle's Rocky Mountain Region
“Amy is an on-point operator whose tremendous work ethic is already creating recognizable changes in Colorado,” explains Schwabe. “There is so much opportunity for Pinnacle in that region and she is exactly the person we want to have at the helm as we grow our portfolio and team member mentorship programs.”
Under Cooley’s leadership, Pinnacle was recently awarded a 1,200 unit property in Denver, taking the company’s Rocky Mountain portfolio to more than 3,600 apartment homes with several new developments in the pipeline. In addition to business development in 2018, Cooley will be focused on employee growth by launching several local programs specific to recognition and mentorship. She is also in the process of adding new analytic tools and training programs to further enhance driving property performance.
Cooley joined Pinnacle in 2016 with 21 years of management experience, of which 17 years were at the corporate level. The operational expertise she built while working with firms like Greystar, the Laramar Group and Corum Real Estate Group helped her to instill quality, consistency and compliance within her Denver-based portfolio at Pinnacle. She has ground-up experience with all asset types and draws on her knowledge in operations, finance, marketing, budgeting, team building and client relations to lead with confidence.
Cooley is a Certified Property Manager (CPM), Certified Apartment Manager (CAM) and has her Colorado Real Estate Broker’s License.
About Pinnacle Property Management Services, LLC
Pinnacle Property Management Services, LLC, (“Pinnacle”) is a privately held national real estate provider specializing in third party management of multifamily residential communities. As one of the nation’s preferred third-party managers, Pinnacle’s portfolio includes over 165,000 residential units and 2.75 million square feet of commercial assets. With the Corporate headquarters located in Dallas, Texas, Pinnacle has more than 4,100 employees located in 30 states. For more information, visit www.pinnacleliving.com .
MEDIA CONTACT
Suzi Smith
(214) 891-7831
[email protected]
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/3bbc9aa1-4add-4166-a067-078c8a9ca131
Source: US-Pinnacle Property | http://www.cnbc.com/2018/01/29/globe-newswire-amy-cooley-promoted-to-pinnacle-vice-president.html |
UPDATE 1-Tennis-Chung becomes South Korea's first grand slam semi-finalist | January 24, 2018 / 5:20 AM / Updated 7 hours ago Chung blazes trail into Australian Open semi-finals Ian Ransom 4 Min Read
MELBOURNE (Reuters) - Chung Hyeon’s trailblazing run through the Australian Open continued on Wednesday as the relentless South Korean tossed American Tennys Sandgren aside 6-4 7-6(5) 6-3 to become his nation’s first grand slam semi-finalist.
Bespectacled like Clark Kent but playing like Superman at a sunbathed Rod Laver Arena, world number 58 Chung became the lowest ranked player into the last four at Melbourne Park since Marat Safin in 2004.
The muscular 21-year-old will meet either champion Roger Federer or Tomas Berdych for a place in the final, and should head into that clash brimful of confidence.
As in his fourth round elimination of six-times champion Novak Djokovic, Chung had all the answers against world number 97 Sandgren, returning virtually everything the battling American could throw at him.
A near-perfect display finished with a wobble when serving out the match, as he squandered a 40-0 lead and saw a total of five match points evaporate into a cloudless sky.
He later admitted to thinking prematurely about victory and what it might mean for his expectant nation.
“I think (in the) last game, many things come together. If I win one more point, I make history in Korea,” he told reporters.
“Something I (was) thinking like that. I have to think about the ceremony. Anyway, I had to stay calm because... the match was not finished yet.”
Chung’s raw power ultimately prevailed, a blazing forehand into the corner causing a scrambling Sandgren to push his desperate retrieve well past the baseline.
Chung flashed a broad grin as South Koreans draped in flags roared in the terraces and his mother shaped a love heart with her arms from the players’ box.
South Korea has been late to the party in global tennis but Chung’s success could light a fire for the sport in the east Asian nation.
It has also been a devastating raid by a player barely spoken about before the tournament, with most of the buzz around young guns like Germany’s Alexander Zverev, who Chung dismantled in the third round, and Australian Nick Kyrgios. Tennis - Australian Open - Quarterfinals - Rod Laver Arena, Melbourne, Australia, January 24, 2018. Chung Hyeon of South Korea reacts after winning against Tennys Sandgren of the U.S. REUTERS/Thomas Peter FALSE ALARM
The match began in an unnerving way for all concerned, a false alarm ringing out and warning to “evacuate, evacuate, evacuate” early in the first set.
Play was halted for a few moments and some fans scurried for the exits.
Chung broke Sandgren in the third game and served out the set to love, then took the heavy-legged American’s serve again to take a 2-0 lead in the second. Slideshow (2 Images)
Sandgren rallied strongly, breaking Chung twice but he faltered when serving for the set at 5-3.
The Korean converted a second break point to get back on serve and the pair fought furiously in a breathless tiebreak.
Sandgren wound his forehand up for a straightforward winner to secure two set points but instead thumped the ball into the net to allow Chung to level at 5-5.
Another rush of blood saw the American fire long, and a clinical Chung needed only one chance to take the set.
The Korean flapped his hands at the crowd in triumph, as a red-faced Sandgren retired to his chair to shake his head and fume.
The American appeared spent and slumped to a 3-1 deficit, but gave the crowd their money’s worth with brilliant volleying to save a fifth match point.
The 26-year-old bowed out to warm applause from the crowd, though a storm over his social media links with right wing nationalists raged on in the background.
“I‘m happy with being resilient,” Sandgren said.
“It’s not easy to come off some big wins, biggest wins of my career, crazy stages, like quarter-finals of a slam... and to deal with the stuff off the court as well.” Editing by Greg Stutchbury/John O'Brien | https://uk.reuters.com/article/uk-tennis-ausopen-chung/chung-becomes-south-koreas-first-grand-slam-semi-finalist-idUKKBN1FD0DN |
BRIEF-Soho Development To Buy Back Up To 12.2 Mln Of Its Own Shares At 3.27 Zloty/shr | Jan 19 (Reuters) - SOHO DEVELOPMENT SA:
* RESOLVES TO BUY BACK UP TO 12.2 MILLION OF ITS OWN SHARES AT 3.27 ZLOTY PER SHARE
* UNDER FIRST ROUND OF SHARE BUYBACK PROGRAM, CO BOUGHT 32.99 PERCENT OF OWN SHARES FOR 98.5 MILLION ZLOTYS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| https://www.reuters.com/article/brief-soho-development-to-buy-back-up-to/brief-soho-development-to-buy-back-up-to-12-2-mln-of-its-own-shares-at-3-27-zloty-shr-idUSFWN1PE0TY |
BRIEF-Tsinghua Tongfang Expects 2017 Net Profit To Fall 85-92 Percent Y/Y | Jan 29 (Reuters) - Tsinghua Tongfang Co Ltd:
* SAYS IT EXPECTS 2017 NET PROFIT TO FALL 85-92 PERCENT Y/Y VERSUS 4.3 BILLION YUAN ($679.90 million) YEAR AGO Source text in Chinese: bit.ly/2BAqrTL Further company coverage: ($1 = 6.3245 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| https://www.reuters.com/article/brief-tsinghua-tongfang-expects-2017-net/brief-tsinghua-tongfang-expects-2017-net-profit-to-fall-85-92-percent-y-y-idUSH9N1PK00N |
BRIEF- Kushikatsu Tanaka to offer off-floor distribution of shares | Jan 22(Reuters) - Kushikatsu Tanaka Co
* Says it will offer an off-floor distribution of 456,400 shares on Tokyo Stock Exchange between Jan. 29 and Jan. 31
* Offering price will be determined based on the closing share price of the day before the distribution
* Says the limitation for distribution is up to 5,000 shares for each customer
Source text in Japanese: goo.gl/daEyFu
Further company coverage: (Beijing Headline News)
| https://www.reuters.com/article/brief-kushikatsu-tanaka-to-offer-off-flo/brief-kushikatsu-tanaka-to-offer-off-floor-distribution-of-shares-idUSL4N1PH2EU |
5 things students can do now to get hired in May | This time of year, college students are returning to school, buying books and selecting classes. It's also when they should start to think seriously about how to get hired by May.
By starting the job search process now, students can make sure they land a role that can help jumpstart their careers and make their degrees pay off .
Here are five things that students should do now to make sure they have an exciting opportunity to embark on in May:
1. Refresh your resume When you start a new job search, your first step should always be to freshen up your resume. Monster career expert Vicki Salemi says that students should include the most recent relevant information including coursework and research projects.
"They should make sure their resume is up to date," says Salemi. "And that doesn't only mean to include their internships, it also means they should be incorporating relevant classwork and other projects or experiences that are happening this semester."
Salemi explains that experiences, like shadowing a professor or working a campus job, can be great talking points for demonstrating your strengths — especially if you don't have years and years of professional experience to talk about.
Mark Bennington Vicki Salemi 2. Network "Right now is the ideal time to network," says Salemi. "Start reaching out to classmates who graduated last year or the year before that."
Once you have reached out to your closest connections , be sure to take advantage of your school's career services. Career centers often have extensive data about alumni, offer mock interviews and can help you polish off your resume.
"Ask them to run a list for you of alumni who work in the company and/or industry you want to pursue," says Salemi. "While you're at the career center, make an appointment to schedule a mock interview, because while you're actively networking, you should also make sure your interview skills are sharp."
3. Job alerts One of the most underrated job search hacks is to set up alerts that inform you about opportunities that interest you . Monster, LinkedIn and Google all offer services that will send you emails or notifications indicating that a role you are interested has opened up.
Once you receive news about a job you are interested in, get your application in as soon as possible.
"When opportunities land in your inbox, apply immediately, don't wait. If you see a job, you should apply that day," says Salemi. "You should never assume it will be posted for a long time."
4. Chase your dream company If you have scanned the career page of your ideal company and do not see any open positions, do not be deterred says Salemi.
"If your dream employer doesn't have any openings, you should still reach out to them because you never know when they will have an opening and you want to be top of mind," she explains.
By contacting the company early on in the semester, you make sure that your name is the first one they think of when an opportunity opens up.
show chapters This is how much education you need to land a job at the world's biggest tech companies 1:26 PM ET Wed, 26 July 2017 | 00:56 5. Sharpen your soft skills One of the most fun things you can do now to prepare yourself for a job in May is to strengthen your soft skills.
Students can "polish their soft skills by going out of their comfort zone — go to a wrestling match or theater event — it's all about small talk, introducing yourself with an elevator pitch," says Salemi.
This is a fun way that young people can make sure they can have in-person conversations with people outside of their typical social circles. Salemi argues, "Since the graduating class is digital native, it's even more important to be able to interact in real-time and be able to hold a good conversation."
Meeting new people and trying new things is also a great way to spend your last few months as a student.
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Rubenstein: 'When people are happy and confident, something wrong happens' | Debt, geopolitics, unexpected world events and a widespread sense of general happiness: these are the things that worry private equity billionaire David Rubenstein the most.
The co-founder of global private equity firm Carlyle Group detailed his concerns while speaking at the World Economic Forum in Davos, during a panel on Tuesday entitled "The Next Financial Crisis."
"Right now, the biggest concern I have is that most people think there is no problem of a likely recession this year or even maybe early next year. Generally when people are very happy and confident, something wrong happens," Rubenstein cautioned at the Bloomberg-moderated panel.
"I am nervous that the conventional wisdom is that we have no recession problems around the world, that everybody's doing quite well ... The conventional wisdom is usually wrong, and it might be in this case."
The American businessman and philanthropist went on to explain why debt and geopolitics are further sources of concern.
show chapters David Rubenstein: I think we'd be lucky and happy to get close to 3 percent GDP 10:17 AM ET Tue, 23 Jan 2018 | 01:00 "I do worry that governments have a little bit too much debt, and maybe they have too many entitlement programs they're ultimately not going to be able to honor. At some point, people are going to wake up and say the U.S. government has $20 trillion dollars of debt and unfunded liabilities that are hard to fathom."
Trepidation over mounting global debt is not new; numerous CEOs and finance officials have cited greater leverage across both emerging and advanced economies as among the greatest threats to global economic stability.
Rubenstein continued, "I worry about geopolitical things we can't anticipate, the so-called black swans," suggesting a slew of potential threats from a "9/11 type event" to pandemics and conflicts involving Iran, Russia and China.
Meanwhile, the CEO of Bank Pekao, Poland's second-largest bank, made a similar warning about what he believed to be a sort of oblivious optimism.
"Obviously there are many reasons to be optimistic -- the U.S. economy is growing fast, positive IMF outlook, emerging markets are growing fast," Pekao's Michal Krupinski told CNBC Wednesday.
"The problem is that once you're not able to find an imbalance in the global economy, you should always be aware of what is the weakest link. This makes me worried."
"Secondly, we have unprecedented actions from central banks," he added, referring to central banks' prolonged quantitative easing policies. "The drug will be cut one day, and we're facing lots of structural problems."
A common theme at Davos, and indeed over the past several months among investors, is whether the current skyrocketing growth of market valuations and increased capital flows are a harbinger of the next crash . David Rubenstein seems to think so.
"I think when everybody is complacent, that's usually when you have to be nervous," he said.
show chapters What is Davos? 12:34 AM ET Tue, 23 Jan 2018 | 03:12 | https://www.cnbc.com/2018/01/24/rubenstein-generally-when-people-are-happy-something-wrong-happens.html |
BRIEF-Volt Information Sciences Announces New Financing Agreement With DZ Bank AG | Jan 29 (Reuters) - Volt Information Sciences Inc:
* VOLT INFORMATION SCIENCES ANNOUNCES NEW FINANCING AGREEMENT WITH DZ BANK AG
* SAYS UNDER TERMS, DZ BANK WILL PROVIDE A TWO-YEAR, $115 MILLION FACILITY WHICH PERMITS BORROWINGS UNTIL JANUARY 25, 2020
* SAYS EXITED ITS FINANCING RELATIONSHIP WITH PNC BANK * SAYS “NEW FACILITY HAS LESS RESTRICTIVE FINANCIAL COVENANTS AND FEW RESTRICTIONS ON USE OF PROCEEDS” Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-volt-information-sciences-announce/brief-volt-information-sciences-announces-new-financing-agreement-with-dz-bank-ag-idUSASB0C2RL |
Hong Kong stocks hit a fresh record, helped by Chinese money inflows | 36 AM / in 36 minutes Hong Kong stocks hit a fresh record, helped by Chinese money inflows Reuters Staff
* Hang Seng index ends up 1.7 pct
* China Enterprises index HSCE rises 2.2 pct
* HSI financial sector sub-index is 2 pct higher; property sector up 1.3 percent.
Jan 23 (Reuters) - Hong Kong stocks hit another fresh record on Tuesday, aided by continuous inflows of mainland money, and strength in IT and financial stocks.
** At close of trade, the Hang Seng index was up 537.29 points or 1.66 percent at 32,930.70. The Hang Seng China Enterprises index rose 2.16 percent to 13,490.45. **The sub-index of the Hang Seng tracking energy shares rose 1 percent while the IT sector rose 2.47 percent, the financial sector was 1.98 percent higher and property sector rose 1.28 percent. ** The top gainer on Hang Seng was Geely Automobile Holdings Ltd , up 5.67 percent, while the biggest loser was China Resources Power Holdings Co Ltd, down 0.98 percent. ** China’s main Shanghai Composite index closed up 1.3 percent at 3,546.9816 points while its blue-chip CSI300 index ended up 1.08 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.87 percent while Japan’s Nikkei index closed up 1.29 percent. ** The yuan was quoted at 6.4035 per U.S. dollar at 08:12 GMT, 0.02 percent firmer than the previous close of 6.405. ** So far this year, the Hang Seng index is up 10.1 percent, while China’s H-share index is up 15 percent. ** The top gainers among H-shares were China Citic Bank Corp Ltd up 5.71 percent, followed by China Merchants Bank Co Ltd gaining 4.76 percent and China Minsheng Banking Corp Ltd up by 4.17 percent. ** The three biggest H-shares percentage decliners were Zhuzhou CRRC Times Electric Co Ltd which was down 1.28 percent, Huatai Securities Co Ltd which fell 1.3 percent and China Communications Construction Co Ltd down by 0.9 percent. ** About 4.08 billion Hang Seng index shares were traded, roughly 196.6 percent of the market’s 30-day moving average of 2.07 billion shares a day. The volume traded in the previous trading session was 2.97 billion. ** At close, China’s A-shares were trading at a premium of 28.57 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 14.76 as of the last full trading day while the dividend yield was 2.7 percent. ** So far this week, the market capitalisation of the Hang Seng index has risen by 0.63 percent to HK$21.30 trillion. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk) | https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-stocks-hit-a-fresh-record-helped-by-chinese-money-inflows-idUSZZN2N7O00 |
Trump Proves He’s Sane | By putting it out there that the U.S. president is an “idiot,” a “dope,” “dumb as sh—” and basically insane, Michael Wolff may have ensured the success and continuation of Donald J. Trump’s improbable presidency. That’s right, Michael Wolff, who admitted on “Meet the Press” that “this is 25th Amendment kind of stuff,” did President Trump a favor.
It’s impossible to know which half of Mr. Wolff’s book is more-or-less true and which half is second-level hearsay (similar to many of the Russian collusion stories). So it follows... | https://www.wsj.com/articles/trump-proves-hes-sane-1515627995 |
UPDATE 1-Hays posts higher quarterly net fees on strong international business | (Adds details on results, background)
Jan 11 (Reuters) - British staffing company Hays Plc reported higher second-quarter net fees on Thursday, helped by strong performance in its international businesses.
The company said it continues to see vigorous trading conditions in the majority of its international markets, reporting a 16 percent rise in net fee growth in its Asia Pacific business.
The company, which places workers in areas such as finance and IT, reported a 13 percent rise in second-quarter group net fees at constant currencies in the three months ended Dec. 31.
Net fees from its UK and Ireland operations rose 1 percent and the company said business in the UK remained stable.
Most British staffing companies are relying on their overseas business to drive growth as uncertainty following Britain’s June 2016 vote to leave the European Union curbs domestic demand.
The company, which has operations in 33 countries, said 24 of those markets grew in excess of 10 percent in the period. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Bernard Orr)
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/hays-outlook/update-1-hays-posts-higher-quarterly-net-fees-on-strong-international-business-idUSL4N1P62L1 |
Factbox: U.S. 'strong dollar' policy in question | WASHINGTON (Reuters) - The dollar hit fresh lows on Wednesday after U.S. Treasury Secretary Steven Mnuchin said he welcomed a weakening of the U.S. currency, which some investors interpreted as a departure from traditional U.S. policy.
“Obviously a weaker dollar is good for us as it related to trade and opportunities,” Mnuchin told the World Economic Forum in Davos a day before a speech by U.S. President Donald Trump in the Swiss ski resort.
Mnuchin added: “Longer term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and it continues to be the primary currency in terms of the reserve currency.”
IS IT A BREAK FROM POLICY? While some analysts argue that Mnuchin’s comments do not break with the U.S. “strong dollar” policy, his remarks caused concern among investors because they come days after the Trump administration slapped steep tariffs on foreign-made washing machines and solar panels.
The remarks came as the Trump administration has warned that it is preparing a package of trade actions against China, which could spark a trade war between the world’s two largest economies.
HISTORY OF ‘STRONG DOLLAR’ POLICY
U.S. Treasury secretaries have been repeating that the strong dollar is in U.S. national interests since the late 1990s, when Robert Rubin held the job in the Clinton administration.
That phrasing lost its weight and credibility when it was overused by the Bush administration, although the Obama administration tried to persuade the world that the policy was for real as it sought to borrow $2 trillion to revive the U.S. economy after its worst crisis in decades.
WHY DID THE UNITED STATES ADOPT THE POLICY? The strong dollar policy was seen as a way to assure investors that Washington would not intervene in exchange markets to debase the currency.
The policy, however, has lost some of its relevance given the role of the Federal Reserve in financial markets. The U.S. central bank’s purchases and sales of securities are major drivers in the value of the dollar and Fed policymakers say they follow foreign exchange rates closely, even though U.S. central bankers defer to the U.S. Treasury for comments about dollar policy.
Reporting by Lesley Wroughton and Jason Lange; Editing by Richard Chang
| https://www.reuters.com/article/us-global-forex-dollar-factbox/factbox-u-s-strong-dollar-policy-in-question-idUSKBN1FD39B |
Murray pulls out of Brisbane event with hip injury | January 2, 2018 / 8:04 AM / Updated 9 hours ago Murray fears for Melbourne after Brisbane withdrawal Reuters Staff 3 Former world number one Andy Murray’s lingering hip issues forced him to withdraw from the Brisbane International on Tuesday with the Briton admitting he was unsure whether he could recover in time for the Australian Open later this month. Tennis - ATP World Tour Finals Preview - The O2 Arena, London, Britain - November 11, 2017 Great Britain's Andy Murray stands during a minutes silence as part of remembrance commemorations during practice Action Images via Reuters/Tony O'Brien
Murray has not played a competitive match since a Wimbledon quarter-final loss last July due to the complaint and despite coming through a one-set exhibition in Abu Dhabi last week, he was unable to train on Tuesday and announced his withdrawal.
“I‘m very disappointed to be withdrawing from the Brisbane International,” Murray, seeded second in Brisbane, told tournament organisers before going into further detail of his predicament in an emotional post on social media.
“Having been recommended to treat my hip conservatively since the U.S. Open, I have done everything asked of me from a rehab perspective and worked extremely hard to try get back on the court competing,” Murray said on his Instagram account.
”Having played practice sets here in Brisbane with some top players unfortunately this hasn’t worked yet to get me to the level I would like so I have to reassess my options. Continuing rehab is one option and giving my hip more time to recover.
“Surgery is also an option but the chances of a successful outcome are not as high as I would like which has made this my secondary option and my hope has been to avoid that. However, this is something I may have to consider but let’s hope not.”
The world number 16 had been due to play his first tournament match of the season on Thursday with a second-round encounter against American Ryan Harrison at Pat Rafter Arena. He will be replaced by German lucky loser Yannick Hanfmann.
Murray, who said on Sunday that he planned to trim his schedule in 2018 to prevent a recurrence of his injury issues, will remain in Brisbane for the rest of the week before planning his next move.
“In the short term I‘m going to be staying in Australia for the next couple of days to see if my hip settles down a bit and will decide by the weekend whether to stay out here or fly home to assess what I do next,” the 30-year-old added.
“Sorry for the long post but I wanted to keep everyone in the loop and get this off my chest as it’s really hurting inside.”
Brisbane tournament director Cameron Pearson wished the three-times grand slam winner well.
“I‘m really disappointed for Andy, as I know how much he was looking forward to getting his season started in Brisbane,” he said.
“As a two-time former champion, he has great memories of playing on Pat Rafter Arena and thrilling his fans. I wish him all the best to be ready to play the Australian Open.”
Murray’s latest injury setback will also come as a blow to Australian Open organisers ahead of the year’s first major in Melbourne starting on Jan. 15, along with those of fellow “Big Four” members Rafael Nadal (back) and Novak Djokovic (elbow). Writing by John O'Brien in Singapore; Editing by Sudipto Ganguly | https://uk.reuters.com/article/uk-tennis-brisbane-men-murray/murray-pulls-out-of-brisbane-event-with-hip-injury-idUKKBN1ER0G4 |
France welcomes Chinese investment, not 'looting': minister | BEIJING (Reuters) - France welcomes long-term investments from China, but only after screening deals to ensure French assets are not “looted”, Finance Minister Bruno Le Maire said on Tuesday in Beijing.
In China on a three-day state visit, French President Emmanuel Macron is pushing for a more balanced trade relationship, hoping in particular to reduce France’s 30 billion euro ($35.8 billion) trade shortfall with the country.
Le Maire said more balance would mean better access to Chinese markets while protecting French technologies and setting limits on Chinese investments in France.
Asked if his ministry would from now on screen Chinese investments, Le Maire said: “Yes, and I reject many.”
He added that he would announce plans on Jan. 15 to boost a 2014 decree requiring foreign companies to get permission from the French state before taking control of French firms in the energy, telecoms, transport, water and the health sectors
“We accept long-term investments but not looting,” he added.
Reporting by Michel Rose; writing by Leigh Thomas
| https://www.reuters.com/article/us-china-france-trade-lemaire/france-welcomes-chinese-investment-not-looting-minister-idUSKBN1EY13D |
AGS Commences Initial Public Offering | LAS VEGAS, Jan. 16, 2018 /PRNewswire/ -- PlayAGS, Inc. ("AGS" or the "Company"), a leading designer and supplier of electronic gaming machines and other products and services for the gaming industry, today announced the commencement of its initial public offering of 10,250,000 shares of its common stock. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of its common stock. The price range for the initial public offering is currently estimated to be between $16.00 and $18.00 per share.
The Company has applied to list its shares of common stock on the New York Stock Exchange under the ticker symbol "AGS."
Credit Suisse, Deutsche Bank Securities, Jefferies and Macquarie Capital are acting as joint book-running managers and as representatives of the underwriters for the proposed offering. BofA Merrill Lynch, Citigroup, Nomura, Stifel and SunTrust Robinson Humphrey are acting as joint book-running managers for the proposed offering. Roth Capital Partners, Union Gaming, The Williams Capital Group, L.P. and Apollo Global Securities are acting as co-managers for the proposed offering.
The offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering, when available, may be obtained from any of the following sources:
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800) 221-1037 or by email at [email protected] ; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, or by telephone at (800) 503-4611, or by email at [email protected] ; Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 2 nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at [email protected] ; or Macquarie Capital (USA) Inc., Attention: Syndicate Department, 125 West 55 th Street, L-22, New York, NY 10019, or by telephone at (212) 231-0440 or by email at [email protected]
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About AGS
AGS is a leading designer and supplier of electronic gaming machines ("EGMs") and other products and services for the gaming industry. Historically we have focused on supplying Class II EGMs to the Native American gaming market. We have recently expanded our product line-up to include: (i) Class III EGMs for commercial and Native American casinos, (ii) video bingo machines for select international markets, (iii) table game products, and (iv) interactive social casino products.
Forward-Looking and Cautionary Language
This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management's current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as "believe," "will," "may," "might," "likely," "expect," "anticipates," "intends," "plans," "seeks," "estimates," "believes," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of AGS, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in AGS's performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of AGS to maintain strategic alliances, unit placements or installations, grow revenue, garner new market share, secure new licenses in new jurisdictions, successfully develop or place proprietary product, comply with regulations, have its games approved by relevant jurisdictions and other factors set forth under "Risk Factors" in the registration statement on Form S-1. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. AGS expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Julia Boguslawski, Chief Marketing Officer, AGS
o: 702-724-1125
e: [email protected]
All ® notices signify marks registered in the United States.
View original content with multimedia: http://www.prnewswire.com/news-releases/ags-commences-initial-public-offering-300582869.html
SOURCE AGS | http://www.cnbc.com/2018/01/16/pr-newswire-ags-commences-initial-public-offering.html |
Russian bank CEOs, metals magnates and gas chief named on U.S. "oligarchs' list" | January 30, 2018 / 6:07 AM / in 3 minutes Russia's elite dismiss U.S. list as 'telephone book' of the wealthy Polina Devitt , Katya Golubkova 6 Min Read
MOSCOW (Reuters) - Russia’s elite on Tuesday shrugged off U.S. publication of a sweeping list of oligarchs close to the Kremlin as simply a “telephone directory” of the rich, though a Kremlin spokesman said it could even harm the image of Russia’s political leaders.
One Western businessman said it could create uncertainty in dealings with sectors of Russian business. One Russian energy executive feared for future dealings with foreign banks.
The U.S. Treasury Department named top businessmen including the heads of the two of Russia’s biggest banks, metals magnates and the boss of the state gas monopoly on a list of oligarchs close to Russian power.
The list of 210 people, including 96 ‘oligarchs’ with wealth of $1 billion or more, was drawn up as part of a sanctions package signed into law in August last year.
The document said inclusion did not mean those named were likely to be sanctioned, although it seemed it would cast the shadow of potential sanctions over a wide circle of wealthy Russians.
“Publication of such a wide list of everything and everyone could potentially damage the image and reputation of our firms, our businessmen, our politicians, and of members of the leadership,” Kremlin spokesman Dmitry Peskov, himself included on the list, told reporters.
Shares in some of the big metals companies - Norilsk Nickel and aluminum giant Rusal, whose owners were named - initially fell, though Russian stock in general recovered later.
President Vladimir Putin’s inner circle is already subject to personal U.S. sanctions imposed over Russia’s 2014 annexation of Ukraine’s Crimea region.
The White House said on Monday it would not immediately impose new sanctions on Russia.
“All this looks more like a book, ‘Who’s Who in Russian Politics’. I as a member of the government am obliged to be on this list,” Deputy Prime Minister Arkady Dvorkovich, one of 114 government officials named, told Reuters. THE LIST
The 2017 sanctions package leading to the list being drawn up was prompted partly by Washington’s belief that Russia meddled in the 2016 U.S. presidential election. The Kremlin denies these allegations.
The list reached deep into the business elite and government.
Officials and others named said it amounted to little more than a copy of last year’s Forbes list of Russia’s wealthiest people - with some factual mistakes thrown in.
“It seems no-one decided to look too deeply. They just copied Forbes list,” said one oligarch whose name is on the list but who had distanced himself from Russian investments and Putin’s inner circle. FILE PHOTO - German Gref, chief executive of Russia's Sberbank, speaks during a session of the Gaidar Forum 2018 "Russia and the World: values and virtues" in Moscow, Russia, January 17, 2018. REUTERS/Sergei Karpukhin
Last year’s list in Forbes magazine estimated the total wealth of the oligarchs listed at almost $400 billion.
A senior executive on a major energy company described it as a “telephone directory”, adding sarcastically: “This was really Titanic work.”
The list also mentions Oleg Budargin as the chief executive of the state utility company Rosseti - though he was replaced in that post last September.
“UNCERTAINTY” CREATED
A Western banker who is currently involved in a deal with a person named on the list said it was unclear what inclusion meant. “If all these people were banned, 80 percent of deals (with Russian firms) would stall,” he said. Slideshow (2 Images)
Another banker who works for a U.S. bank in Moscow described the list as ‘harmful.’“It creates uncertainty around all more or less known people. Even without sanctions,” he said.
Another state energy executive said he believed inclusion could complicate dealings with the foreign banks and raising financing for the companies whose owners were named.
The list was sweeping though some names of people known to be closely associated with Putin were absent.
Some Putin loyalists suggested that being named amounted to a badge of honor - while being left off was cause for suspicion. Prime Minister Dmitry Medvedev, who was named, said being left off was “a basis for considering resignation”.
Another U.S. report outlining potential restrictions on investment by foreigners in Russian government debt was not published on Tuesday as many had expected. Related Coverage | https://www.reuters.com/article/us-usa-russia-sanctions-list/russian-bank-ceos-metals-magnates-and-gas-chief-named-on-u-s-oligarchs-list-idUSKBN1FJ0K7 |
BRIEF-Firstobject Technologies Got Order To Supply Digital Smart Class Solution | Jan 23 (Reuters) - Firstobject Technologies Ltd:
* GOT ORDER TO SUPPLY DIGITAL SMART CLASS SOLUTION, FIRSTESCHOOL
* ORDER FROM MAHATMA JYOTHIBA PHULE TELENGANA BACKWARD CLASSES WELFARE RESIDENTIAL EDUCATIONAL INSTITUTIONS SOCIETY Source text: bit.ly/2ruMU4J Further company coverage:
| https://www.reuters.com/article/brief-firstobject-technologies-got-order/brief-firstobject-technologies-got-order-to-supply-digital-smart-class-solution-idUSFWN1PI0ES |
Circus maintains flesh-and-blood appeal, says Charlie Chaplin's son | Circus maintains flesh-and-blood appeal, says Charlie Chaplin's son 01:03
As the Budapest International Circus Festival celebrates 250 years of the modern circus, it's remaining relevant even in the digital era, says Eugene Chaplin. Rough cut (no reporter narration).
As the Budapest International Circus Festival celebrates 250 years of the modern circus, it's remaining relevant even in the digital era, says Eugene Chaplin. Rough cut (no reporter narration). //reut.rs/2D1TfdD | https://uk.reuters.com/video/2018/01/10/circus-maintains-flesh-and-blood-appeal?videoId=381651958 |
UK grocer Sainsbury's has record Christmas week as online sales grow | U.K. grocer Sainsbury 's says it has experienced a record week of trading during the Christmas period with "excellent" operations across the whole group.
"We think it's a good performance in what of course continues to be a challenging market," Mike Coupe, chief executive officer of Sainsbury's, told CNBC Wednesday.
The second largest U.K. grocer reported an increase in like-for-like sales of 1.1 percent during its third quarter, which includes the Christmas period. Analysts had forecast a 0.9 percent increase, according to Reuters.
A key contributor to these results was Argos, the electricals retailer it acquired in 2016 and now has located within its stores. The number of collections using its fast track service, which allows customers to get their items within four hours of purchasing them, rose by 39 percent and deliveries rose by 25 percent in the three-month period.
Sainsbury's said in a statement that such services "were particularly popular" during Black Friday and the last few days leading up to Christmas.
show chapters Sainsbury’s Argos acquisition makes Amazon much bigger competitor: Pro 12 Hours Ago | 02:08 "We are actually over-delivering against the synergies that we promised the markets when we actually acquired the Argos business," Coupe told CNBC.
"The Argos business really sets us up for our future, because one of the big stories of this Christmas is how much more growth has been online and as we see here today something like 20 percent of Sainsbury's sales are now online, a big part of that is Argos," he added.
However, the retailer warned that market conditions remain challenging due to an increase in inflation.
"We've seen a rise in inflation in the U.K. over the last year or so on the back of the Brexit vote and on the back of the devaluation of the pound and that means that customers' disposable income has, at its best, flattened and probably slightly declining and that has an effect on deferral purchases," Coupe explained.
Scott Barbour, Getty Images News, Getty Images The grocer has so far covered this impact of inflation itself, according to the CEO, and said it will do what it can to reduce the impact of higher prices on its customers.
"We are, broadly speaking, covering the cost of inflation in our business with our own efficiency initiatives," he said.
Coupe also told CNBC that he expects shareholder dividends to continue to rise slightly year-after-year.
show chapters Sainsbury’s CEO: Customer income at best flat, at worst falling 11 Hours Ago | 03:07 | https://www.cnbc.com/2018/01/10/j-sainsbury-says-its-had-a-record-christmas-week-driven-by-excellent-operations-across-the-group.html |
EU mergers and takeovers (Jan 30) | BRUSSELS, Jan 30 (Reuters) - The following are mergers under review by the European Commission and a brief guide to the EU merger process:
APPROVALS AND WITHDRAWALS -- German renewable energy producer BayWa r.e. to acquire all of the shares in and control over C.E.T. Clean Energy Trading GmbH (approved Jan. 29)
NEW LISTINGS -- French private equity firm Pai Partners to acquire French packaging group Albea (notified Jan. 29/deadline March 5/simplified)
EXTENSIONS AND OTHER CHANGES None
FIRST-STAGE REVIEWS BY DEADLINE JAN 30 -- U.S. insulation and roofing company Owens Corning Finland to acquire financial services provider Parry 1 Holding (notified Dec. 15/deadline Jan. 30)
FEB 6 -- Italian EDF unit Edison to buy Gas Natural’s unit Gas Natural Vendita Italia (notified Nov. 22/deadline Feb. 6/simplified)
-- German engineering group Hochtief to take sole control of Spanish peer Abertis (notified Dec 22/deadline Feb 6.)
-- U.S. television network Discovery Communications to acquire U.S. peer Scripps Networks Interactive Inc (notified Dec. 8/ deadline extended to Feb. 6 after Discovery offered concessions)
FEB 12 -- Swiss logistics group Kuehne + Nagel to acquire sole control of the drinks distribution joint venture Kuehne + Nagel Drinkflow Logistics Holdings Limited (notified Jan. 8/deadline Feb. 12/simplified)
-- Ireland’s Toohil Telecom to acquire Eircom Holdco SA from a group of investors. (notified Jan. 8/deadline Feb. 12/simplified)
FEB 13 -- Private Equity Fund Nordic Capital VIII Limited to buy Alloheim Senioren-Residenzen Holding SE (notified Jan. 9/ deadline Feb. 13/ simplified)
-- EDF unit EDF ENR PWT and Canadian Solar to set up a joint venture (notified Jan. 9/ deadline Feb. 13/ simplified)
FEB 14 -- Car rental company Avis Budget Group and Turkey’s Koc Holding to acquire Avis’ Greek franchisee (notified Jan. 10/deadline Feb. 14/simplified)
-- Units of Ivanhoe Cambridge and QuadReal Property to set up joint venture to invest in Indian real estate projects, particularly logistics parks (notified Jan. 10/ deadline Feb. 14/ simplified)
FEB 15 -- Private equity firm Waterland to acquire Dutch energy provider De Nederlandse Energie Maatschappij (notified Jan. 11/deadline Feb. 15/simplified)
FEB 16 -- German industrial gases group Linde to merge with U.S. peer Praxair (notified Jan. 12/ deadline Feb. 16)
-- Shipping terminal investment holding PSA International to transfer sole control over PSA Panama International Terminal to joint control by PSA International and Terminal Investment Limited (notified Jan. 12/ deadline Feb. 16/ simplified)
FEB 20 -- Swiss Bell Food, part of Coop-Group, to buy all of Stoffel Holding AG and indirectly obtaint 50.22 pct of the capital and 65.01 pct of the voting right of food producer Huegli Holding (notified Jan. 16/ deadline Feb. 20/ simplified)
-- Macquarie Super Core Infrastructure Fund and Allianz Infrastructure Luxembourg to jointly acquire Lakeside Network Investments, an investor in Finnish electricity and district heating networks (notified Jan. 16/ deadline Feb. 20/ simplified)
-- Goldman Sachs and Riverstone Investment Group to jointly acquire Lucid Energy Group II, a provider of natural gas processing and gathering in the United States (notified Jan. 16/ deadline Feb. 20/ simplified)
FEB 21 -- U.S. car parts supplier Key Safety Systems, which is a unit of China’s Ningbo Joyson Electronic Corp, to acquire Japanese car parts maker Takata Corp (notified Jan. 17/deadline Feb. 21)
FEB 22 -- Czech energy utility EPH to acquire a stake in power plant Matrai Eromu (notified Jan. 18/deadline Feb. 22/simplified)
-- Aerospace and defence group Northrop Grumman to buy launch vehicle maker Orbital ATK (notified Jan. 18/ deadline Feb. 22/ simplified)
-- Spanish insurer Mapfre to promote renewal of guarantee insurance policies in Spain through a joint venture with France’s Euler Hermes (notified Jan. 18/ deadline Feb. 22/ simplified)
FEB 23 -- Votorantim Geracao de Energia, which is a unit of Votorantimand Canada Pension Plan Investment Board, to acquire several windfarm companies (notified Jan. 19/deadline Feb. 23/simplified)
FEB 26 -- Baking products maker the Oetker-Gruppe to acquire Belgian bakery goods supplier Diversi Foods (notified Jan. 22/deadline Feb. 26/simplified)
-- Anglo-Dutch oil group Royal Dutch Shell plc to acquire retail energy supplier Impello Limited (notified Jan. 22/deadline Feb. 26/simplified)
FEB 27 -- Private equity firm PAI and Canadian institutional investor British Columbia Investment Management Corp to jointly acquire fruit juice maker Refresco (notified Jan. 23/deadline Feb. 27/simplified)
FEB 28 -- Spanish energy company Repsol and South Korean carmaker KIA Motors to set up a car-sharing joint venture (notified Jan. 24/deadline Feb. 28/simplified)
-- Chinese car parts maker Hasco and Canadian peer Magna to set up a joint venture (notified Jan. 24/deadline Feb. 28/simplified)
-- Private equity firm Bain Capital to acquire Italian paper company Fedrigoni (notified Jan. 24/deadline Feb. 28/simplified)
MARCH 2 -- Private equity firm TA Associates to aquire a minority stake in software company Flexera Holdings (notified Jan. 26/deadline March 2/simplified)
-- Insurer ReAssure, which is part of Swiss Re, to acquire UK insurer Legal & General Group’s Actaeon insurance business (notified Jan. 26/deadline March 2/simplified)
MARCH 12 -- German industrial group Bayer to acquire U.S. seeds company Monsanto (notified June 30/deadline extended to March 12 from March 5)
MARCH 22 -- Italian eyewear maker Luxottica and French lens manufacturer Essilor to merge (notified Aug. 22/deadline extended to March 22 from March 8)
MARCH 26 -- U.S. specialty material company Celanese and private equity firm Blackstone to combine their cellulose acetate tow units under a new joint venture (notified Sept. 9/deadline extended to March 26 from March 19)
APRIL 4 -- Luxembourg-based steelmaker ArcelorMittal to acquire Italian steel plant (notified Sept. 21/deadline extended to April 4 from March 23 after the companies asked for more time)
MAY 30 -- South African chemicals company Tronox to acquire the titanium dioxide business of Cristal, a subsidiary of Saudi Arabia’s Tasnee (notified Nov. 15/deadline extended to May 30 from mAY 15)
GUIDE TO EU MERGER PROCESS DEADLINES: The European Commission has 25 working days after a deal is filed for a first-stage review. It may extend that by 10 working days to 35 working days, to consider either a company’s proposed remedies or an EU member state’s request to handle the case.
Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 working days.
SIMPLIFIED: Under the simplified procedure, the Commission announces the clearance of uncontroversial first-stage mergers without giving any reason for its decision. Cases may be reclassified as non-simplified - that is, ordinary first-stage reviews - until they are approved. (Reporting by Foo Yun Chee)
| https://www.reuters.com/article/eu-ma/eu-mergers-and-takeovers-idUSL8N1PP6R7 |
BRIEF-Glance Appoints Chief Digital Officer To Market Glance Coin | Jan 11 (Reuters) - Glance Technologies Inc:
* GLANCE APPOINTS CHIEF DIGITAL OFFICER TO MARKET GLANCE COIN Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/brief-glance-appoints-chief-digital-offi/brief-glance-appoints-chief-digital-officer-to-market-glance-coin-idUSASB0C0NZ |
Central banks buying fewer assets is not the same as ending support | Central banks buying fewer assets is not the same as ending support 1 Hour Ago Central banks in Europe and Japan are only adding assets at a slower pace when they trim purchases, says Marie Owens Thomsen of Indosuez Wealth Management. | https://www.cnbc.com/video/2018/01/15/central-banks-buying-fewer-assets-is-not-the-same-as-ending-support.html |
The deadly flu strain hits every U.S. state | The deadly flu strain hits every U.S. state 4:37am IST - 01:04
This year’s seasonal flu epidemic is especially severe, according to the Centers for Disease Control, which says the deadly virus is now in every U.S. state. Jillian Kitchener reports. ▲ Hide Transcript ▶ View Transcript
This year’s seasonal flu epidemic is especially severe, according to the Centers for Disease Control, which says the deadly virus is now in every U.S. state. Jillian Kitchener reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2DzuGou | https://in.reuters.com/video/2018/01/23/the-deadly-flu-strain-hits-every-us-stat?videoId=388250172 |
Cramer's guide to investing in the stock market's winning sectors | CNBC's Jim Cramer firmly believes that this kind of bull market — the kind where the averages rally to all-time highs amid a government shutdown — requires the utmost insight and analysis.
"What's been working now is very different from what was working even a year ago," the " Mad Money " host said on Monday. "This is the kind of story where a picture is indeed worth a thousand words. So tonight, we're going chart by chart, examining the winning groups in this new era to show you the true magnitude of this amazing transformation."
1. Banks Cramer started with the newly revitalized bank stocks, many of which investors avoided for months in favor of financial technology stocks or payment processors.
"Why? Primarily because long-term and short-term interest rates were so low that ... [the banks] couldn't get the margins they needed on their loans or on your deposits," Cramer said.
As a result, investors flocked to steady growth stocks like Visa and Mastercard , shying away from traditional bank equities altogether.
Other than Visa, Mastercard, Discover , PayPal and ancillary plays like Moody's and Morningstar , "it was simply too risky to go deep into the actual deposit institutions," Cramer said.
"As long as the banks' net interest margins — that's the difference between what they pay you for deposits and what they charge you for your loans — stayed low, there was no reason to embrace either the big banks or the regionals, for that matter," he continued.
But since the Federal Reserve came to a consensus on the economy's well-being and began to raise interest rates, the bank stocks kicked back into high gear on Wall Street.
Coupled with loan growth and deregulation from Washington, rising rates paint a rosier picture for the big banks' prospects. Many of the banks have also upped their share buyback programs, which tend to boost stock prices.
"The banks are just getting back to where they were before the Bush and Obama administrations forced [them to issue] that ton of equity during the great recession," Cramer said. "In fact, the banks are now overcapitalized and they've got a much larger share of the lending pie than would've been permissible 10 years ago, especially the big dogs: J.P. Morgan , Wells Fargo , Bank of America , Citigroup . All but Wells now behave like growth stocks, and Wells is joining that."
2. Tech The leadership of the FANG stocks, Cramer's acronym for Facebook , Amazon , Netflix and Google, now Alphabet , has defined the tech sector for years.
Recently, however, Cramer has watched the internet of things become the rising tide that lifts all (or most) boats for the tech sector, injecting a new secular growth story into many formerly cyclical names.
"With the rise of the internet of things, not to mention the ascendancy of the data center thanks to a new cloud-based software model, as well as the connected car [and] the connected home, the whole tech sector has been roaring," the "Mad Money" host said.
Cramer focused on three winning cohorts: the internet of things stocks like Texas Instruments , Analog Devices and Cramer-fave Nvidia ; the cloud plays like Adobe , Amazon, VMware and Microsoft ; and the communications names, Qualcomm , Xilinx and Broadcom .
Companies that help companies move to the cloud are also working, Cramer said, pointing to Workday , ServiceNow , Salesforce.com and Accenture as his top picks. He added that in the cybersecurity space, Fortinet and Proofpoint are standing out as good buys.
3. Health care Cramer has been utterly surprised by the strength in the health care stocks, from drug distributors to insurers to hospital operators.
"This is all about a peculiar backlash from Washington," he said. "After the Republicans took over the White House and Congress, we figured they would be hellbent on making this sector smaller [and] less lucrative, because a lot of it relies on the government. But when the GOP failed to obliterate Obamacare last year, investors rushed back into a sector that many people had shorted."
A booming economy usually brings poor tidings for the health care stocks, but this time, it has incited a resurgence in drug distributors like McKesson , AmerisourceBergen and Cardinal ; drugmakers AbbVie and Abbott ; and pharmaceutical giant Johnson & Johnson , Cramer said.
Other unexpected leaders include medical device and life science plays like Danaher , Thermo Fischer and Illumina . Cramer called the biotech group largely "underrepresented" except for Amgen , and labeled one of his favorite health stocks, UnitedHealth , a "must-buy" winner.
4. Retail It's been years since Wall Street saw the retailers as anything but dead meat.
"The only merchant that mattered was Amazon, the so-called Death Star destroying everything in its path as part of its never-ending quest for market share," Cramer said. "We all figured this had become a zero-sum situation."
But after an uptick in consumer spending that kicked off during 2017's robust holiday season, retailers are gaining momentum, implementing better plans to push back against Amazon's influence and developing their own e-commerce strategies.
All of this has come together to drive stocks like Target , Kohl's and Walmart higher, as well as shares of direct e-commerce beneficiaries like shippers FedEx and UPS .
At the same time, home improvement names Lowe's , Home Depot , Stanley Black & Decker and Best Buy are gaining momentum as people invest in their homes.
"I think it's too early to crown individual leaders within retail outside of home goods, but I've got to tell you, Walmart, Burlington Stores , Dollar Tree , Dollar General , they stand out because they can beat Amazon on price," Cramer said. "Throw in Costco and you may have all you need."
With renewed control over their inventories and no need to spend heavily on advertising, Cramer said that even apparel plays like PVH , VF Corp and Michael Kors seemed "nigh unstoppable."
5. Experiential Consumer spending is also lifting shares of travel and leisure companies like the airline, hotel and casino operators, the "Mad Money" host said.
"The cruise lines are roaring as there's really a dearth of ships and a plethora of younger people who've discovered that cruises make great backgrounds" for photos on social media, he said. "Don't rule out a Thor Industries because RVs are red-hot, again for the experience, for the selfie. Needless to say, you need Estee Lauder to make it all work. That stock won't quit. It's obviously the cameras."
6. Industrials A slew of positive business cycles have ignited a resurgence in industrial stocks, from the oil drillers and refiners to the manufacturing and machinery plays.
OPEC's production cuts and geopolitical turmoil in Venezuela have made the United States a central oil and gas producer, spurring expansion in areas like Texas' Permian Basin.
"We went from being in a deficit with natural gas to being the cheapest and world's largest producer," Cramer said. "That has triggered a building boom for the chemical industry, as they use this stuff as their main feedstock."
This trend, combined with rising oil prices , has also paved the way for construction of new pipelines, factories and shipping terminals.
To Cramer, that translates into "the need for more horsepower in every form you can get it," which pushes stocks like Cummins , Caterpillar , Eaton and Parker-Hannifin higher.
One area that doesn't need extra horsepower is aerospace, in which America is the "practically unchallenged" leader, Cramer said, dubbing Boeing , Honeywell and United Technologies his top picks.
Finally, Cramer noted that defense contractors Raytheon , Northrop Grumman , General Dynamics , Lockheed Martin , as well as smaller players Leidos , L3 and Harris , are benefiting from the Republican control of Washington.
Final thoughts All things (and stocks) considered, Cramer determined that traditionally "safe" investments like the PepsiCos and Colgates of the world will not give investors the gains they want in this environment.
"Bottom line? You've just been given the only guide you need to pick among the winners for the best choices," Cramer said. "Don't let the astounding nature of this rally blind you: it's very much for real and it's based on the fundamentals, ... which have only gotten even stronger now that tax reform is finally kicking in."
WATCH: Cramer's deep dive into the market's top sectors show chapters Cramer's guide to investing in the stock market's winning sectors 21 Hours Ago | 21:56 Disclosure: Cramer's charitable trust owns shares of J.P. Morgan, Citigroup, Facebook, Alphabet, Nvidia, Microsoft, Broadcom, Abbott Laboratories, Danaher, Honeywell and PepsiCo.
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Sri Lankan rupee ends steady in dull trade | January 3, 2018 / 11:45 AM / Updated 27 minutes ago Sri Lankan rupee ends steady in dull trade Reuters Staff 2 Min Read
COLOMBO, Jan 3 (Reuters) - The Sri Lankan rupee closed steady on Wednesday in dull trade, as demand for dollars from importers and banks offset conversion of the U.S. currency by exporters, dealers said.
The spot rupee, which traded at 153.80 per dollar during the day, ended at 153.70/80 per dollar, unchanged from Tuesday’s close.
The currency fell 2.5 percent last year and dropped 3.9 percent in 2016.
“It was a dull day. There were not many importers in the market and the exporters are also reluctant to come as they are awaiting the central bank’s directive on derivatives,” said a currency dealer.
The central bank, while announcing its key economic policies for this year, said the conduct of monetary policy is dependent on an effective and prudent exchange rate policy.
“It has allowed more flexibility in determining the exchange rate based on the market conditions and has intervened only to smoothen volatility and to build up reserves,” the central bank said in its policy statement.
“It is noteworthy that there has been a build-up of non-debt creating international reserves during 2017, with minimal impact on the exchange rate.”
It also said that foreign exchange intervention policies will be adopted consistent with a flexible exchange rate regime and supportive of improving foreign exchange market functionality, and maintaining a competitive exchange rate will be an important objective.
Dealers said the import pressure will be seen until the central bank sorts out the new derivatives regulations, which has slowed forward trading in the currency. (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Biju Dwarakanath) | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-ends-steady-in-dull-trade-idUSL4N1OY2RG |
German economy to end 2017 "with a bang" as industrial output surges | BERLIN (Reuters) - Industrial production and exports from Germany rose more than expected in November, prompting the government to raise its estimate of growth for 2017 and signalling that its expansion would carry on this year.
Industrial output jumped 3.4 percent for the month, the biggest increase since September 2009, the Federal Statistics Office reported on Tuesday, overshooting a 1.8 percent forecast in a Reuters poll.
Seasonally adjusted exports for November rose 4.1 percent on the month and domestic demand pushed imports up 2.3 percent. Both figures beat Reuters forecasts, and they widened the trade surplus to 22.3 billion euros ($26.61 billion) from 19.9 billion euros in October.
The figures and buoyant business sentiments suggest “that the German economy ended 2017 with a bang after the third quarter’s impressive 0.8 percent expansion,” Jennifer McKeown of Capital Economics wrote in a note.
Soon after the data, the government raised its 2017 growth forecast to 2.2 percent from a previous estimate of 2.0 percent.
“The economy is stable,” Deputy Economy Minister Matthias Machnig said. “And we assume that it will continue at about the same level.”
A construction site at the river Spree is pictured in Berlin, Germany, November 27, 2017. REUTERS/Hannibal Hanschke/Files A BRIGHT 2018 The economy has expanded every year for the past eight years, and it has continued to surge even though Chancellor Angela Merkel has failed to form a new coalition government after September’s national election, creating a political deadlock.
A container ship is seen at a shipping terminal in the port of Hamburg, Germany November 6, 2017. REUTERS/Fabian Bimmer/Files The rise in November’s output confirmed economists’ assumption that a 1.2 percent drop in October was caused by limited factors, namely two public holidays.
A breakdown of the output data showed the main drivers were capital and consumer goods spending as well as construction.
The Statistics Office will publish on Thursday full-year gross domestic product figures for 2017, which are forecast to show 2.4 percent growth. Some analysts expect it to do better.
“German GDP looks set to have risen by slightly more than our above-consensus forecast of 2.5 percent in 2017 and we expect a similarly strong pace of growth this year,” McKeown said.
($1 = 0.8379 euros)
Additional reporting by Rene Wagner and Gernot Heller, writing by Joseph Nasr,; editing by Larry King
| https://in.reuters.com/article/germany-economy-output/german-economy-to-end-2017-with-a-bang-as-industrial-output-surges-idINKBN1EY13K |
Stay invested in the first half of 2018: Expert | Stay invested in the first half of 2018: Expert 1 Hour Ago Virginie Maisonneuve, CIO of Eastspring Investments, says the “Goldilocks” environment will continue in 2018, but a sell-off may be imminent later in the year. | https://www.cnbc.com/video/2018/01/16/stay-invested-in-the-first-half-of-2018-expert.html |
Russian student injures six in an ax attack at his school | January 19, 2018 / 10:34 AM / Updated 6 hours ago Russian student injures six in an ax attack at his school Reuters Staff 1 Min Read
MOSCOW (Reuters) - A Russian teenager attacked a group of younger students with an ax, injuring six people, before setting his school on fire, investigators said on Friday.
Russia’s Investigative Committee said the attacker, a ninth-grader, attacked a group of seventh-grade students with an ax at a school just outside the Siberian city of Ulan-Ude, then set the room ablaze.
Five students and one teacher were injured in the attack, the committee said. The attacker was detained and was now hospitalized after a suicide attempt, the committee said.
Earlier this week, investigators opened a criminal case into a knife attack that injured 15 people at a school in the city of Perm. The case was initially reported as an assault by two masked men, but authorities later said it grew out of a knife fight between two students. Reporting by Gabrielle Tétrault-Farber, editing by Larry King | https://www.reuters.com/article/us-russia-attack-school/russian-student-injures-six-in-an-ax-attack-at-his-school-idUSKBN1F811L |
BRIEF-Bld Plantation Bhd Says Dec Crude Palm Oil Production 10,383 Metric Tonne | Jan 24 (Reuters) - Bld Plantation Bhd:
* DEC CRUDE PALM OIL PRODUCTION 10,383 METRIC TONNE; DEC PALM KERNEL PRODUCTION 2,230 METRIC TONNE Source text :( bit.ly/2F8LnU2 ) Further company coverage: ([email protected])
| https://www.reuters.com/article/brief-bld-plantation-bhd-says-dec-crude/brief-bld-plantation-bhd-says-dec-crude-palm-oil-production-10383-metric-tonne-idUSFWN1PJ0K5 |
CBRE Promotes Bill Concannon to Global Group President with Responsibility for Occupier Outsourcing Business Line | LOS ANGELES--(BUSINESS WIRE)-- CBRE Group, Inc. (NYSE:CBG) today announced the promotion of Bill Concannon to the position of Global Group President.
Mr. Concannon, who leads CBRE’s occupier outsourcing business (called Global Workplace Solutions), is one of three senior CBRE executives with the Global Group President title. This designation is reserved for CBRE’s most senior leaders with global, market-facing responsibilities. It reflects outstanding leadership within their areas of responsibility, and significant contributions to the company’s success – and the success of its clients – across the entire enterprise.
“Bill has made exceptional, ongoing contributions to our company over three decades,” said Bob Sulentic, CBRE’s president and chief executive officer. “He pioneered the occupier outsourcing concept in our sector in the early 1990s. Through a passionate commitment to excellence, leadership by example and strategic thinking, he has built our Global Workplace Solutions offering into a $6.4 billion revenue business – one that is known for generating exceptional results for our clients.”
The other senior CBRE executives with the Global Group President title are Cal Frese and Mike Lafitte, who share responsibility with Mr. Concannon for all of CBRE’s geographic and services business line operations.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com .
View source version on businesswire.com : http://www.businesswire.com/news/home/20180118005916/en/
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Source: CBRE Group, Inc. | http://www.cnbc.com/2018/01/18/business-wire-cbre-promotes-bill-concannon-to-global-group-president-with-responsibility-for-occupier-outsourcing-business-line.html |
Bonds and fixed income: US Treasury yields fall ahead of data deluge, ECB decision | U.S. government debt prices rose Thursday as the U.S. dollar pared earlier losses after President Donald Trump said he wants to see a stronger dollar.
The yield on the benchmark 10-year Treasury note fell two basis points to 2.624 percent at 2:28 p.m. ET, while the yield on the 30-year Treasury bond slipped to 2.887 percent. Bond yields move inversely to prices.
Earlier, the yield on the 10-year note hit 2.676 percent, its highest level since Jul. 2014, when the 10-year yielded as high as 2.692 percent. The yield on the 2-year note hit 2.104 percent, its highest level since Sept. 2008.
The dollar rebounded against the euro Thursday afternoon after President Trump told CNBC that he would like see a stronger dollar. The president's comment come a day after the dollar fell the most in 10 months to three-year lows Wednesday.
"The dollar is going to get stronger and stronger, and ultimately I want to see a strong dollar," Trump said in an exclusive interview from the World Economic Forum in Davos, Switzerland. "Our country is becoming so economically strong again and strong in other ways, too."
Symbol Yield Change %Change US 3-MO --- US 1-YR --- US 2-YR --- US 5-YR --- US 10-YR --- US 30-YR --- The dollar had been falling after Treasury Secretary Steve Mnuchin said a weak dollar is good for the United States.
"Obviously a weaker dollar is good for us as it relates to trade and opportunities," Mnuchin told reporters, according to Bloomberg, adding that the currency's short-term value is "not a concern of ours at all."
His comments reinforced statements from President Donald Trump , who previously stated that the dollar was "too strong" and that U.S. exporters can't compete because of the exchange rate.
But when the dollar depreciates, the price of foreign goods increase relative to domestically priced goods, making imports more expensive, leading to an increase in inflation in the U.S. Increasing inflation, in turn, undermines the real value of each coupon payment from holding debt, forcing the price of bonds down while simultaneously raising yields to attract buyers.
The euro also got a boost Thursday after European Central Bank (ECB) President Mario Draghi failed to convince investors that the central bank's easy monetary policies will last much longer.
The European currency has been trending northward over the past few weeks as the region's economy strengthens and national politics stabilize. A stronger euro could eventually hamstring European exports and weaken inflation.
The Treasury Department auctioned $28 billion in 7-year notes at a high yield of 2.565 percent. The bid-to-cover ratio, an indicator of demand, was 2.73. Indirect bidders, which include major central banks, were awarded 78.1 percent.
Direct bidders, which includes domestic money managers, bought 10.2 percent.
—CNBC's Patti Domm contributed to this report. | https://www.cnbc.com/2018/01/25/bonds-and-fixed-income-data-auctions-bonds-on-the-agenda-for-investors.html |
BRIEF-Rajratan Global Wire Appoints Hitesh Jain As CFO | Jan 23 (Reuters) - Rajratan Global Wire Ltd:
* SAYS APPOINTS HITESH JAIN AS CFO Source text - bit.ly/2Bm99te Further company coverage:
| https://www.reuters.com/article/brief-rajratan-global-wire-appoints-hite/brief-rajratan-global-wire-appoints-hitesh-jain-as-cfo-idUSFWN1PI0MJ |
Apple: EU fines Qualcomm 997 million euros for exclusive deals | European Union (EU) antitrust regulators slapped a 997 million euro ($1.23 billion) fine on U.S. chipmaker Qualcomm on Wednesday for paying Apple so that the iPhone maker only used its chips.
The European Commission, which launched an investigation into the matter in 2015, said the exclusivity payments began in 2011.
"Qualcomm illegally shut out rivals from the market for LTE baseband chipsets for over five years, thereby cementing its market dominance. Qualcomm paid billions of U.S. dollars to a key customer, Apple, so that it would not buy from rival," European Competition Commissioner Margrethe Vestager said in a statement.
"This meant that no rival could effectively challenge Qualcomm in this market, no matter how good their products were. Qualcomm's behavior denied consumers and other companies more choice and innovation - and this in a sector with a huge demand and potential for innovative technologies," she continued.
Qualcomm confirmed to CNBC that it had received the decision, which applies to an expired agreement with Apple that ran through 2016. The chip company said the decision has no impact on ongoing operations.
"We are confident this agreement did not violate EU competition rules or adversely affect market competition or European consumers," Qualcomm general counsel Don Rosenberg said in a statement. "We have a strong case for judicial review and we will immediately commence that process."
— CNBC's Anita Balakrishnan contributed to this report. | https://www.cnbc.com/2018/01/24/apple-eu-fines-qualcomm-997-million-euros-for-exclusive-deals.html |
MedMen's 'largest marijuana marketing campaign’ hits Los Angeles | January 1 saw the official legalization of recreational marijuana in California, and with it a potential huge boost to an industry that one research company estimated could be worth $6 billion by 2021 .
And those living in and around Los Angeles should get set for trucks driving around the city wrapped in advertising for MedMen, one of the stores "mainstreaming marijuana," and a company that has spent more than $500,000 on marketing already.
But the ads — which have already run on billboards around LA's wider metropolitan area — won't feature any buds, blunts or bongs. Instead, the posters will show close-ups of people's faces with phrases such as "Heal. It's legal," and "Relax. It's legal."
MedMen An ad for marijuana store MedMen They are real MedMen customers, said Daniel Yi, the firm's vice president of corporate communications. "This is not about marijuana," he told CNBC in an email.
"This is about the people who use cannabis for all the reasons people have used cannabis for hundreds of years. Yes for recreation, just like alcohol, but also for wellness."
MedMen lists six stores in Southern California and three in New York on its website, and Yi added that each has more than 1,000 different products. "Many of them have nothing to do with 'getting high'… This is about giving choice and a safe and inviting environment for adults who want to make cannabis a part of their lives," he said.
Bloomberg | Getty Images A MedMen store in West Hollywood, California, on 2 January 2018. As well as the pure product itself, stores will sell skin creams, bath bombs and teas infused with cannabidiol (known as CBD), one of the active elements of cannabis.
MedMen's "Faces" ads have featured on billboards around the Whisky a Go Go nightclub on Sunset Boulevard and the company has also run print and digital ads in what Yi claims is the "largest marijuana marketing campaign in history."
It's an adspend that MedMen will be hoping will keep sending people into its shops. CEO Adam Bierman told CNBC's " The Profit " in August 2017 that each customer spends $85 on average. With about 180 customers a day, that would equate to $15,000 takings per store.
show chapters A hi-tech high 6:52 PM ET Mon, 7 Aug 2017 | 01:08 Until 2018, marijuana use was allowed only for medicinal purposes and not recreational purposes in California. But, as of January 1, not all businesses have yet received state licenses to sell it . Delivery business Eaze, for example, sells vaporizers, drinks and mouth sprays, among other products, and expects to be able to deliver in San Francisco from January 5.
Rules will operate in the state, governing opening hours and advertising — for example, cannabis must not be marketed to those under 21. | https://www.cnbc.com/2018/01/04/medmens-largest-marijuana-marketing-campaign-hits-los-angeles.html |
UPDATE 1-Insurance Australia Group cuts catastrophe reinsurance coverage | January 2, 2018 / 11:12 PM / Updated 24 minutes ago UPDATE 1-Insurance Australia Group cuts catastrophe reinsurance coverage Reuters Staff 2 Min Read
(Adds details on coverage and payouts, background)
Jan 3 (Reuters) - Insurance Australia Group Ltd said on Wednesday it has finalised its catastrophe reinsurance program for the 2018 calendar year, cutting its catastrophe coverage on a net of quota share basis.
The new program means IAG’s gross main cover for a so-called “first catastrophe event” drops by A$970 million ($759.32 million) to A$5.23 billion.
However, the insurer will only pay up to A$169 million in losses for such an event, instead of the A$200 million losses it paid out previously.
IAG said the amount placed under the program was 67.5 percent, compared to 80 percent for the prior year, due to new quota share agreements which came into effect on Jan. 1.
On Dec. 8, 2017, one of Australia’s biggest general insurers said it would share 12.5 percent of its premiums and costs with Munich Re, Swiss Re and Hannover Re , to help release capital.
The firm, whose entities sell insurance in Australia, New Zealand and countries in Southeast Asia, added it experienced “modest upwards pressure” on reinsurance rates during the renewal process. $1 = 1.2775 Australian dollars Reporting by Aaron Saldanha Cynthia Osterman and Tom Brown | https://www.reuters.com/article/iag-au-reinsurance/update-1-insurance-australia-group-cuts-catastrophe-reinsurance-coverage-idUSL4N1OX3CG |
BRIEF-Dairy Crest Appoints Tom Atherton As Deputy Chief Executive | Jan 17 (Reuters) - Dairy Crest Group Plc:
* TOM ATHERTON HAS BEEN APPOINTED DEPUTY CHIEF EXECUTIVE WITH IMMEDIATE EFFECT
* ATHERTON RETAINS HIS RESPONSIBILITIES AS GROUP FINANCE DIRECTOR Source text for Eikon: Further company coverage: ([email protected])
| https://www.reuters.com/article/brief-dairy-crest-appoints-tom-atherton/brief-dairy-crest-appoints-tom-atherton-as-deputy-chief-executive-idUSFWN1PB1DP |
Meridian Waste Solutions Names Scott Bradshaw as Area President | 24-Year Industry Veteran to Lead Missouri Operations
ATLANTA, GA, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Meridian Waste Solutions, Inc. (NASDAQ: MRDN ) (“Meridian” or the “Company”), an integrated, non-hazardous solid waste services and innovative technology company, is pleased to name Scott Bradshaw as area president overseeing the company’s Missouri operations including three hauling companies and one landfill.
Bradshaw has 24 years of waste industry experience most recently serving as general manager for Advanced Disposal leading their Indiana operations. His team will include former owners Chuck Barcom, who will assume the role of area municipal and business development manager and Patrick McLaughlin, who will serve as area sales manager.
“Scott has proven to be an outstanding leader in our industry with an unwavering commitment to safety and creating a culture of trust and accountability,” said Walter “Wally” Hall, COO of Meridian Waste. “We believe wholeheartedly that we have the right team in place in Missouri to provide high quality service to the communities we serve currently and plan to serve in the future.”
Bradshaw was most recently responsible for the operations, employees and financials for two hauling locations, one transfer station and one landfill in Southern Indiana and Northwest Kentucky. He holds a bachelor’s degree from the University of Kentucky in environmental geology.
About Meridian Waste Solutions, Inc.
Meridian Waste Solutions, Inc. (NASDAQ: MRDN ) is a company defined by our commitment to servicing our customers with unwavering respect, fairness and care. We are focused on finding and implementing solutions for the resource needs and challenges of our customers with a fundamental objective to seek rewarding environmental solutions through technology and innovation. Our core waste business is centered on residential and commercial waste collection and disposal. Currently, the company operates in St. Louis, Missouri and Richmond, Virginia servicing over 130,000 residential, commercial, industrial and governmental customers. In addition to a fleet of commercial, residential and roll off trucks, the Company operates three transfer stations, one recycling facility and three municipal solid waste landfills. The technology division centers on creating community-based synergies through healthcare collaborations and software solutions. Our innovation division ( http://attisinnovations.com ) strives to create value from recovered resources, through advanced byproduct technologies and assets found in downstream production. For more information, visit www.MWSinc.com .
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations, but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
Media and Investors Contact: Hayden IR [email protected] (917) 658-7878
Source:Meridian Waste Solutions, Inc | http://www.cnbc.com/2018/01/11/globe-newswire-meridian-waste-solutions-names-scott-bradshaw-as-area-president.html |
China invites Latin America to take part in One Belt, One Road | SANTIAGO (Reuters) - China invited Latin American and Caribbean countries to join its “One Belt, One Road” initiative on Monday, according to a draft statement seen by Reuters, as Beijing continues to diverge from the United States’ increasingly protectionist tack.
Chinese Foreign Minister Wang Yi said the region was a natural fit for the initiative, which China has leveraged to deepen economic and financial cooperation with developing nations worldwide.
“China will always stay committed to the path of peaceful development and the win-win strategy of opening up and stands ready to share development dividends with all countries,” Wang said in opening remarks on Monday at a meeting between China and 33 members of the Community of Latin American and Caribbean States (CELAC).
Representatives from China and CELAC are expected to sign a declaration later on Monday in the second time China has met with CELAC - a bloc formed in Venezuela in 2011 that does not include the United States or Canada.
The “One Belt, One Road” initiative, proposed in 2013 by Chinese President Xi Jinping, promotes a vision of expanding links between Asia, Africa and Europe, with billions of dollars in infrastructure investment.
China has sought a bigger role overseas since U.S. President Donald Trump was elected, presenting its Regional Comprehensive Economic Partnership trade agreement as an alternative to the Trans-Pacific Partnership, which the United States has abandoned.
The country is already testing U.S. dominance in Latin America, offering the region $250 billion in investment over the next decade. It is the top trading partner of many countries in the region, including Brazil, Chile and Argentina.
Still, Wang played down the idea of a race for influence.
“It has nothing to do with geopolitical competition. It follows the principle of achieving shared growth through discussion and collaboration,” Wang said in his remarks. “It is nothing like zero sum game.”
Chilean President Michelle Bachelet, whose government updated its bilateral trade deal with China a few months ago, said the forum would give “strength to the political and strategic dialogue that provides mutual benefits and contributes to a new world order.”
Wang highlighted several areas of cooperation under a potential agreement with Latin American and Caribbean nations, including better connectivity between land and sea, and cited the need to jointly build “logistic, electricity and information pathways.”
In recent years, Chinese companies have moved away from merely buying Latin American raw materials and are diversifying into sectors such as auto manufacturing, e-commerce and even technology businesses such as car-hailing services.
Additional reporting by Felipe Iturrieta; Editing by Susan Thomas
| https://www.reuters.com/article/us-chile-china/china-invites-latin-america-to-take-part-in-one-belt-one-road-idUSKBN1FB2CN |
UPDATE 4-U.S. official backs weak dollar amid fears of trade war | * U.S. officials set aggressive tone on America First
* Deliver riposte to concerns about protectionism
* Say more America First steps to come
* Ross sees “inappropriate behaviour” by trade partners (Adds White House comment in paragraphs 7-8)
By Paritosh Bansal, Noah Barkin and Yara Bayoumy
DAVOS, Switzerland, Jan 24 (Reuters) - U.S. Treasury Secretary Steven Mnuchin welcomed a weaker dollar on Wednesday, sending the greenback reeling and underlining concerns that U.S. President Donald Trump is stepping up his attack on China and other big trading partners as part of his America First agenda. Mnuchin made the remark, seen by markets as a departure from traditional U.S. currency policy, at the World Economic Forum in Davos, where other world leaders have made swipes at what they see as U.S. protectionism.
Tough U.S. talk on trade, on the eve of Trump’s arrival at the Swiss ski resort on Thursday, contrasted sharply with a chorus of government leaders, from India and Brazil to Germany and Canada, who urged cooperation and criticised protectionism.
“Obviously a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin told a press briefing.
Commerce Secretary Wilbur Ross later told CNBC that his colleague was “not advocating for a weaker dollar”, but he also struck a combative tone.
Asked if he was concerned about sparking a trade war, Ross said: ”Trade war has been in place for quite a little while, the difference is the U.S. troops are now coming to the ramparts.”
Pressed about Mnuchin’s remarks, White House spokeswoman Sarah Sanders said at a daily briefing in Washington: “We believe in a free-floating currency. The president has always believed in that.”
“We have ... a very stable dollar, in large part due to how well the U.S. economy is doing right now,” she added.
The annual Davos gathering of world leaders, chief executives and non-governmental agencies has long embraced globalisation, free trade and liberal values.
Trump, the first sitting U.S. president to attend the forum since Bill Clinton in 2000, has questioned that world view. He has threatened to withdraw from the North American Free Trade Agreement (NAFTA), disavowed the global climate change accord and criticised institutions such as the United Nations and NATO.
With Trump expected to address the summit on Friday, world leaders here have raised concerns about a return to greater economic protectionism.
Italian Prime Minister Paolo Gentiloni, asked what his message to Trump was, offered a defence of multilateral cooperation and warned against undermining that.
Germany’s Angela Merkel, in an address to the forum, evoked the two World Wars and questioned whether the world had learned from them.
French President Emmanuel Macron opened his well-attended speech by joking that the conference “obviously and fortunately didn’t invite anyone sceptical” about global warming.
Indian Prime Minister Narendra Modi, Canada’s Justin Trudeau and Brazilian President Michel Temer have also embraced the idea of globalisation and cooperation.
Mnuchin defended Trump’s agenda.
“This is about an America First agenda. But America First does mean working with the rest of the world,” Mnuchin said. “It just means that President Trump is looking out for American workers and American interests no different than he expects other leaders would look out for their own.”
Ross said U.S. trade actions were provoked by “inappropriate behaviour on the part of our trading counterparties”.
AMERICAN JOBS On Tuesday, the United States slapped steep import tariffs on washing machines and solar panels, moves billed as a way to protect American jobs. China and South Korea condemned the tariffs, with Seoul set to complain to the World Trade Organization over the “excessive” move.
“Many countries are very good at the rhetoric of free trade but in fact actually practice extreme protectionism,” Ross said.
The Commerce Secretary also said U.S. trade authorities are investigating whether there is a case for taking action against China for infringing intellectual property, calling Beijing’s 2025 technology strategy a threat.
A slide in the U.S. dollar should help U.S. exporters, but Mnuchin also added a nuanced outlook: “Longer term, the strength of the dollar is a reflection of the strength of the U.S. economy and the fact that it is and it continues to be the primary currency in terms of the reserve currency.”
The U.S. delegation is the largest ever to come to Davos, with 10 members of Trump’s cabinet and senior White House staff, Mnuchin said. Delegates include Jared Kushner, Trump’s son-in-law and adviser.
Mnuchin said American involvement in a new Asia-Pacific trade pact between 11 countries was “not off the table”, despite Washington pulling out of early talks on the deal last year.
But he added, “We are fans of bilateral trading agreements.”
Earlier on Tuesday, Canada’s Trudeau called the new trade agreement, expected to be signed in Chile in March, the “right deal”.
Ross said Trudeau’s comments needed to be taken in the context of the latest round of talks on NAFTA. Perhaps there was some inclination to use that to “put pressure on the U.S. in the NAFTA talks,” Ross said. (Reporting by Paritosh Bansal, Noah Barkin and Yara Bayoumy; Additional reporting by Roberta Rampton in Washington, Editing by William Maclean, Simon Robinson, Peter Graff and Chizu Nomiyama)
| https://www.reuters.com/article/davos-meeting-mnuchin/update-1-u-s-defends-america-first-agenda-ahead-of-trump-visit-to-davos-idUSL8N1PJ32N |
Killer of Alabama policeman seeks execution reprieve due to memory loss | (Reuters) - Attorneys for an Alabama man convicted of murdering a police officer in 1985 are asking the U.S. Supreme Court to halt his execution on Thursday because they said several strokes had left him unable to remember committing the crime.
Vernon Madison, 67, has spent more than three decades on death row for killing Mobile police officer Julius Schulte. His lethal injection would be the second in the United States this year if carried out at 6 p.m. CST at the William C. Holman Correctional Facility in Atmore.
In an appeal this week to the U.S. Supreme Court, Madison’s lawyers said he should not be executed because he is legally blind, cannot walk without assistance and is unable to recall the murder or understand his punishment.
“His mind and body are failing,” lawyers wrote in the petition seeking a stay.
The court has not yet ruled.
In 2016, the Atlanta-based 11th U.S. Circuit Court of Appeals ruled that Madison was no longer legally eligible to be executed because of his memory loss.
But the U.S. Supreme Court in November reversed that decision, saying court precedent had not established “that a prisoner is incompetent to be executed because of a failure to remember his commission of the crime.”
Madison’s attorneys have asked justices to reconsider the case. They said in their petition that the state failed to disclose that a court-appointed psychologist who evaluated the inmate was addicted to narcotics and had been suspended from his practice for forging prescriptions, making his findings invalid.
Lawyers for Alabama argue that Madison’s own expert witness has testified that he understands what he was tried for and “the meaning of a death sentence.”
According to court records, Madison killed Schulte during a domestic dispute that Madison was having with his girlfriend.
Madison appeared to leave his girlfriend’s home after retrieving his belongings, but then crept up behind Schulte as he sat in his patrol car and shot him twice in the back of the head with a .32-caliber pistol.
Madison, who is black, was sentenced to death in 1994 in his third trial after his first two convictions were thrown out on appeal for racial discrimination in jury selection and other prosecutorial misconduct.
Reporting by David Beasley in Atlanta; Editing by Colleen Jenkins and Peter Cooney
| https://www.reuters.com/article/us-alabama-execution/killer-of-alabama-policeman-seeks-execution-reprieve-due-to-memory-loss-idUSKBN1FE1DP |
Amazon could see a huge move on earnings next week, and it’s making some investors nervous | Amazon is set to report earnings next Thursday after the market closes, and the options market is implying a relatively large post-earnings move for the stock. One derivative strategist said the move is expected to be quite notable.
"Investors are really nervous about this stock, just in terms of how big the movement could be," Stacey Gilbert, head of derivative strategy at Susquehanna, told CNBC's " Trading Nation " on Friday. Here are her reasons.
• The options market is implying a move of about 7 to 8 percent on its earnings report. This is high relative to its average post-earnings move of around 5 percent. Amazon's last earnings report , in October, saw an initial move higher of over 7 percent.
• The move is likely to be bullish, but investors are bracing for the sheer magnitude of the options market's implied move.
• The bullish options buying is driving up this volatility, but the sentiment continues to appear positive despite the rather volatile expectations.
• As the stock is already up a hefty 20 percent year to date, it's not entirely surprising to see investors utilizing options to express their opinions heading into this earnings report.
Bottom line: Investors are expecting a significant move post-earnings for Amazon shares.
Vote Vote to see results Total Votes: Not a Scientific Survey. Results may not total 100% due to rounding.
Disclaimer | https://www.cnbc.com/2018/01/26/amazon-could-see-a-huge-move-on-earnings-next-week-and-its-making-some-investors-nervous.html |
Daily Briefing: UK-France summit - entente cordiale with limits | January 18, 2018 / 8:30 AM / Updated 33 minutes ago Daily Briefing: UK-France summit - entente cordiale with limits Reuters Staff 7 Brexit is officially off the agenda when France's Emmanuel Macron meets Theresa May in London today but British media are wondering whether his loan of the some 950-year-old Bayeux Tapestry to the UK isn’t his idea of a clever anti-Brexit gag.
The artwork recalls the Norman invasion of Britain, which ultimately gave the host country a proper court system, reshaped its language and boosted the local economy - in short, a shining example of the benefits of immigration (albeit by the sword in this case..)
The more serious purpose of the summit is to nurture some UK-French goodwill and demonstrate that ties between the two will continue to function despite Brexit - hence the UK decision to send helicopters to Mali to help in counter-insurgency efforts there.
Yet there are suggestions that Brexit has nonetheless curtailed the scope of what Macron and May can announce today: the FT reports that Britain tried ahead of the summit to win a public assurance it could remain close to the EU’s new defence cooperation framework but Paris declined to play ball.
Romania's prime minister-designate Viorica Dancila starts work today on forming her new cabinet , which will be judged abroad almost entirely on whether it will help or hamper the effort to stamp out high-level corruption. Dancila in particular has to prove that she is more than just a proxy for Liviu Dragnea, the leader of the ruling PSD party who faces trial on graft charges.
According to Romanian law, Dancila has 10 days to ask parliament for a vote of confidence for her cabinet, which she should win easily given the PSD majority.
The leader of Germany's Social Democrats is sounding more optimistic on whether his party will this weekend give the green light for formal talks with Angela Merkel's conservatives on a new grand coalition.
Martin Schulz said he was upbeat after a meeting SPD members in the southern state of Bavaria and taking the temperature in the large western state of North Rhine-Westphalia, which will send about a quarter of the delegates to Sunday’s vote in Bonn. The party’s youth wing has other ideas - it is pursuing its “No Grand Coalition” tour to rally delegates to reject the talks.
MARKETS Romania's prime minister designate Viorica Dancila delivers a speech in Bucharest, January 17, 2018
Underlining the sheer momentum of the world economic expansion into the back end of last year and how synchronised it has become, Chinese fourth-quarter growth of 6.8 percent beat forecasts, and industrial output growth of 6.2 percent last month was also ahead of expectations.
Together with a U.S. tax-cut-fuelled New Year rally on Wall St, where underlying fourth-quarter earnings so far are coming in ahead of the already pretty punchy consensus annual growth of 12 percent, then it’s clear that many investors see a head of steam building.
Another surge in the major U.S. stock indices saw another round of record closing highs, with the Dow Jones Industrial Average closing above 26,000 for the first time. MSCI’s all-country world index hit a new lifetime high late Wednesday too, before ebbing slightly today as Japan’s Nikkei underperformed a generally buoyant session elsewhere in Asia.
Unusually, the latest rise in stock markets is being accompanied by a rising Vix volatility gauge – which closed just below 12 percent on Wednesday, at its highest since mid-November – as stock indices show signs of accelerating rather than just eking out new highs on thin daily moves. The resulting pressure on the bond is evident too, with 10-year Treasury yields hitting 2.60 percent for the first time since March early on Thursday and 2-year yields hitting another near 10-year high.
European stocks are expected to follow suit, aided by Wednesday’s sharp peak-to-trough retreat in euro/dollar back below $1.22, about which it’s hovering early on Thursday. The dollar’s modest recovery more generally on Wall St’s new found bullishness comes in tandem with a series of European Central Bank speeches insisting the bank won’t rush into any change of policy guidance and will stay accommodative unless there’s some change in the still-benign inflation picture.
Some concerns about what a higher euro does to the latter also provided a shot across the bow of the currency market. ECB policymakers Coeure, Weidmann and Villeroy speak at various stages through Thursday. Sterling has pushed higher against both the dollar and the euro, meantime, as Bank of England policymaker Saunders on Wednesday sounded a relatively upbeat and hawkish note about wages, inflation and future interest rate rises .
The pound is also eyeing the positive signals surrounding the resumption of Brexit talks later this month, with French President Macron in London for talks with UK PM May on Thursday.
Bitcoin steadied just above $11,000 , meantime, after a withering two-day slide of more than 25 percent took it below $10,000 for a period on Wednesday amid rising regulatory crackdown fears.
In emerging markets, both Turkish and South African central banks meet today. The lira was 0.3 percent firmer ahead of the meeting at which a Reuters poll expects the key rate to stay on hold at 12.75 percent.
The rand was a touch weaker, giving back some of the gains that lifted it to 2-1/2 year highs earlier in the week against a generally weaker dollar. Deputy president Cyril Ramaphosa has welcomed moves taken by prosecutors against companies accused of corruption, saying he wants to “deal with the rot” in some of his toughest comments yet about graft . | https://uk.reuters.com/article/uk-europe-view-thursday/daily-briefing-uk-france-summit-entente-cordiale-with-limits-idUKKBN1F70V5 |
WPP CEO Sir Martin Sorrell: We're yet to see whether Trump's foreign policies work | WPP CEO Sir Martin Sorrell: We're yet to see whether Trump's foreign policies work 2 Hours Ago CNBC's Michelle Caruso-Cabrera speaks with Sir Martin Sorrell, WPP CEO, about whether he is optimistic on U.S. economic growth as well as how President Trump might frame his economic message to the forum and the global digital advertising market. | https://www.cnbc.com/video/2018/01/24/wpp-ceo-sir-martin-sorrell-were-yet-to-see-whether-trumps-foreign-policies-work.html |
The Bank of Japan has reaffirmed its easy policy stance | The Bank of Japan has reaffirmed its easy policy stance 2 Hours Ago Alvin Liew of UOB says there are no surprises in the Bank of Japan's latest policy review, but wait for the governor's press conference. | https://www.cnbc.com/video/2018/01/22/the-bank-of-japan-has-reaffirmed-its-easy-policy-stance.html |
Flex Reports Third Quarter Fiscal 2018 Results | SAN JOSE, Calif., Jan. 25, 2018 /PRNewswire/ -- Flex (NASDAQ: FLEX), the Sketch-to-Scale™ solutions provider that designs and builds Intelligent Products for a Connected World™, today announced results for its third quarter ended December 31, 2017.
"Our third quarter displayed continued revenue growth acceleration and the advancement of our portfolio evolution," said Mike McNamara, CEO at Flex. "This marked our fourth straight quarter of accelerating year-over-year revenue growth, with all four of our business groups beating the mid-point of their revenue guidance ranges. In addition, both our HRS and IEI businesses set new records for quarterly revenue and adjusted operating profits."
(US$ in millions, except EPS)
Three-Month Periods Ended
December 31, 2017
December 31, 2016
Net sales
$ 6,752
$ 6,115
GAAP income before income taxes
141
140
Adjusted operating income
220
223
GAAP net income
118
129
Adjusted net income
164
183
GAAP EPS
0.22
0.24
Adjusted EPS
0.31
0.34
An explanation and reconciliation of non-GAAP financial measures to GAAP financial measures is presented in Schedule II attached to this press release.
Third Quarter Fiscal 2018 Results of Operations
Net sales for the third quarter ended December 31, 2017 were $6.75 billion, growing 10% year-over-year and above the high end of the guidance range of $6.3 to $6.7 billion. GAAP income before income taxes was $141 million for the quarter and adjusted operating income was $220 million, at the mid-point of the guidance range of $205 million to $235 million. GAAP net income was approximately $118 million and adjusted net income for the quarter was $164 million. GAAP EPS was $0.22 for the quarter and non-GAAP EPS was $0.31 for the quarter.
Cash Flow and Balance Sheet
Flex generated cash from operations of $150 million and $431 million for the three and nine-month periods ended December 31, 2017, respectively. The Company remains committed to return over 50% of annual free cash flow to its shareholders as it repurchased ordinary shares for approximately $35 million and $180 million during the three and nine-month periods ended December 31, 2017, respectively.
Flex ended the quarter with approximately $1.3 billion of cash on hand and total debt of approximately $2.9 billion. The balance sheet remains strong and is well-positioned to support the business over the long-term.
Fourth Quarter Fiscal Year 2018 Guidance
The Company plans to initiate targeted restructuring activities during its fourth quarter of fiscal 2018. The objective of the activities is to make Flex a faster, more responsive company, and one that will continuously adapt to the incredible marketplace opportunities ahead. While a detailed action plan has not been finalized, the Company expects to incur a minimum charge of $50 million in the fourth quarter and will substantially complete all the associated activities by the end of this fiscal year.
For the fourth quarter ending March 31, 2018, revenue is expected to be in the range of $6.1 to $6.5 billion. Adjusted EPS is expected to be in the range of $0.28 to $0.32 per diluted share. GAAP EPS is expected to be in the range of $0.10 to $0.15 and includes stock-based compensation expense, intangible amortization, and restructuring charges.
Webcast and Conference Call
Flex management team will host a conference call today at 2:00 PM (PT) / 5:00 PM (ET), to review third quarter fiscal 2018 results. A live webcast of the event and slides will be available on the Flex Investor Relations website at http://investors.flex.com . An audio replay and transcript will also be available after the event on the Flex Investor Relations website.
About Flex
Flex Ltd. (Reg. No. 199002645H) is the Sketch-to-Scale™ solutions provider that designs and builds Intelligent Products for a Connected World™. With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets. For more information, visit flex.com or follow us on Twitter @Flexintl. Flex – Live Smarter™
Contacts
Investors & Analysts
Kevin Kessel
(408) 576-7985
[email protected]
Media & Press
Paul Brunato
(408) 576-7534
[email protected]
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. securities laws including statements related to future expected revenues and earnings per share. These forward-looking statements involve risks and uncertainties that could cause the actual results to those anticipated by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These risks include: that future revenues and earnings may not be achieved as expected; the challenges of effectively managing our operations, including our ability to control costs and manage changes in our operations; compliance with legal and regulatory requirements; the possibility that benefits of the Company's restructuring actions may not materialize as expected; that the expected revenue and margins from recently launched programs may not be realized; our dependence on a small number of customers; geopolitical risk, including the termination and renegotiation of international trade agreements; that recently proposed changes or future changes in tax laws in certain jurisdictions where we operate could materially impact our tax expense; and the effects that the current macroeconomic environment could have on our business and demand for our products as well as the effects that current credit and market conditions could have on the liquidity and financial condition of our customers and suppliers, including any impact on their ability to meet their contractual obligations.
Additional information concerning these and other risks is described under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our reports on Forms 10-K and 10-Q that we file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations and Flex assumes no obligation to update these forward-looking statements. Our share repurchase program does not obligate the Company to repurchase a specific number of shares and may be suspended or terminated at any time without prior notice.
SCHEDULE I
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three-Month Periods Ended
December 31, 2017
December 31, 2016
GAAP:
Net sales
$ 6,751,552
$ 6,114,999
Cost of sales
6,305,224
5,698,544
Gross profit
446,328
416,455
Selling, general and administrative expenses
247,365
231,551
Intangible amortization
19,588
18,734
Interest and other, net
31,350
22,838
Other charges, net
6,865
3,090
Income before income taxes
141,160
140,242
Provision for income taxes
22,827
10,773
Net income
$ 118,333
$ 129,469
Earnings per share:
GAAP
$ 0.22
$ 0.24
Non-GAAP
$ 0.31
$ 0.34
Diluted shares used in computing per share amounts
534,352
545,022
See Schedule II for the reconciliation of GAAP to non-GAAP financial measures. See the accompanying notes on Schedule V attached to this press release.
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Nine-Month Periods Ended
December 31, 2017
December 31, 2016
GAAP:
Net sales
$ 19,030,244
$ 18,000,337
Cost of sales
17,783,659
16,864,196
Gross profit
1,246,585
1,136,141
Selling, general and administrative expenses
772,325
715,040
Intangible amortization
55,865
62,318
Interest and other, net
85,780
71,869
Other charges (income), net
(172,467)
15,007
Income before income taxes
505,082
271,907
Provision for income taxes
56,953
39,217
Net income
$ 448,129
$ 232,690
Earnings per share:
GAAP
$ 0.84
$ 0.42
Non-GAAP
$ 0.81
$ 0.88
Diluted shares used in computing per share amounts
535,972
548,372
See Schedule II for the reconciliation of GAAP to non-GAAP financial measures. See the accompanying notes on Schedule V attached to this press release.
SCHEDULE II
FLEX
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
(In thousands, except per share amounts)
Three-Month Periods Ended
December 31, 2017
December 31, 2016
GAAP gross profit
$ 446,328
$ 416,455
Stock-based compensation expense
5,358
2,437
Contingencies and other (3)
-
14,968
Non-GAAP gross profit
$ 451,686
$ 433,860
GAAP income before income taxes
$ 141,160
$ 140,242
Intangible amortization
19,588
18,734
Stock-based compensation expense
20,758
20,781
Contingencies and other (3)
-
17,421
Other charges, interest and other, net (4)
38,215
25,928
Non-GAAP operating income
$ 219,721
$ 223,106
GAAP provision for income taxes
$ 22,827
$ 10,773
Intangible amortization benefit
2,185
1,776
Tax benefit on contingencies and other
-
1,684
Non-GAAP provision for income taxes
$ 25,012
$ 14,233
GAAP net income
$ 118,333
$ 129,469
Intangible amortization
19,588
18,734
Stock-based compensation expense
20,758
20,781
Contingencies and other (3)
-
17,421
Other charges, interest and other, net (4)
7,892
-
Adjustments for taxes
(2,185)
(3,460)
Non-GAAP net income
$ 164,386
$ 182,945
Diluted earnings per share:
GAAP
$ 0.22
$ 0.24
Non-GAAP
$ 0.31
$ 0.34
FLEX
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (1)
(In thousands, except per share amounts)
Nine-Month Periods Ended
December 31, 2017
December 31, 2016
GAAP gross profit
$ 1,246,585
$ 1,136,141
Stock-based compensation expense
13,662
7,506
Distressed customers asset impairments (2)
-
92,915
Contingencies and other (3)
18,933
21,792
Non-GAAP gross profit
$ 1,279,180
$ 1,258,354
GAAP income before income taxes
$ 505,082
$ 271,907
Intangible amortization
55,865
62,318
Stock-based compensation expense
63,018
67,311
Distressed customers asset impairments (2)
4,753
92,915
Contingencies and other (3)
43,933
28,960
Other charges (income), interest and other, net (4)
(86,687)
86,876
Non-GAAP operating income
$ 585,964
$ 610,287
GAAP provision for income taxes
$ 56,953
$ 39,217
Intangible amortization benefit
6,201
5,451
Tax benefit on contingencies and other
2,738
1,880
Tax benefit on intangible assets
-
638
Non-GAAP provision for income taxes
$ 65,892
$ 47,186
GAAP net income
$ 448,129
$ 232,690
Intangible amortization
55,865
62,318
Stock-based compensation expense
63,018
67,311
Distressed customers asset impairments (2)
4,753
92,915
Contingencies and other (3)
43,933
28,960
Other charges (income), interest and other, net (4)
(171,440)
7,388
Adjustments for taxes
(8,939)
(7,969)
Non-GAAP net income
$ 435,319
$ 483,613
Diluted earnings per share:
GAAP
$ 0.84
$ 0.42
Non-GAAP
$ 0.81
$ 0.88
SCHEDULE III
FLEX
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
As of December 31, 2017
As of March 31, 2017
ASSETS
Current Assets:
Cash and cash equivalents
$ 1,291,183
$ 1,830,675
Accounts receivable, net of allowance for doubtful accounts
3,100,808
2,192,704
Inventories
3,725,643
3,396,462
Other current assets
965,470
967,935
Total current assets
9,083,104
8,387,776
Property and equipment, net
2,443,050
2,317,026
Goodwill
1,104,770
984,867
Other intangible assets, net
438,552
362,181
Other assets
770,834
541,513
Total assets
$ 13,840,310
$ 12,593,363
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Bank borrowings and current portion of long-term debt
$ 42,954
$ 61,534
Accounts payable
5,406,512
4,484,908
Accrued payroll
385,985
344,245
Other current liabilities
1,580,618
1,613,940
Total current liabilities
7,416,069
6,504,627
Long-term debt, net of current portion
2,901,720
2,890,609
Other liabilities
542,541
519,851
Total shareholders' equity
2,979,980
2,678,276
Total liabilities and shareholders' equity
$ 13,840,310
$ 12,593,363
SCHEDULE IV
FLEX
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Nine-Month Periods Ended
December 31, 2017
December 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 448,129
$ 232,690
Depreciation, amortization and other impairment charges
400,015
466,813
Gain from deconsolidation of a subsidiary entity
(151,574)
-
Changes in working capital and other
(265,552)
313,685
Net cash provided by operating activities
431,018
1,013,188
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment
(432,897)
(413,596)
Proceeds from the disposition of property and equipment
43,653
28,056
Acquisition of businesses, net of cash acquired
(269,724)
(180,259)
Other investing activities, net
(123,883)
(13,631)
Net cash used in investing activities
(782,851)
(579,430)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from bank borrowings and long-term debt
866,000
205,518
Repayments of bank borrowings and long-term debt
(907,930)
(115,089)
Payments for repurchases of ordinary shares
(180,050)
(259,658)
Net proceeds from issuance of ordinary shares
2,063
11,978
Other financing activities, net
46,482
(47,302)
Net cash used in financing activities
(173,435)
(204,553)
Effect of exchange rates on cash and cash equivalents
(14,224)
20,321
Net increase (decrease) in cash and cash equivalents
(539,492)
249,526
Cash and cash equivalents, beginning of period
1,830,675
1,607,570
Cash and cash equivalents, end of period
$ 1,291,183
$ 1,857,096
SCHEDULE V
FLEX AND SUBSIDIARIES
NOTES TO SCHEDULES I, II, III, & IV
(1)
To supplement Flex's unaudited selected financial data presented consistent with Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures that exclude certain charges, including non-GAAP gross profit, non-GAAP operating income, non-GAAP net income and non-GAAP net income per diluted share. These supplemental measures exclude stock-based compensation expense, intangible amortization, other discrete events as applicable and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Flex's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Flex's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of the Company's performance.
In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of the Company's operating performance on a period-to-period basis because such items are not, in our view, related to the Company's ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, for calculating return on investment, and for benchmarking performance externally against competitors. In addition, management's incentive compensation is determined using certain non-GAAP measures. Also, when evaluating potential acquisitions, we exclude certain of the items described below from consideration of the target's performance and valuation. Since we find these measures to be useful, we believe that investors benefit from seeing results "through the eyes" of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering:
•
the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results;
•
the ability to better identify trends in the Company's underlying business and perform related trend analyses;
•
a better understanding of how management plans and measures the Company's underlying business; and
•
an easier way to compare the Company's operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures.
The following are explanations of each of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding each of these individual items in the reconciliations of these non-GAAP financial measures:
Stock-based compensation expense consists of non-cash charges for the estimated fair value of stock options and unvested restricted share unit awards granted to employees and assumed in business acquisitions. The Company believes that the exclusion of these charges provides for more accurate comparisons of its operating results to peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact stock-based compensation expense has on its operating results.
Intangible amortization consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors.
Distressed customers asset impairments consist primarily of non-cash inventory impairments of certain inventory on hand to net realizable value as well as additional provisions for doubtful accounts receivable for customers that are experiencing significant financial difficulties. These costs are excluded by the Company's management in assessing current operating performance and forecasting its earnings trends and are therefore excluded by the Company from its non-GAAP measures. See additional description related to the specific period charge as applicable below.
Contingencies and other consists primarily of charges in connection with certain legal matters of which loss contingencies are believed to be probable and estimable. It also includes certain targeted site restructuring costs and damages incurred from natural disasters which are not directly related to ongoing or core business results, and do not reflect expected future operating expense. These costs are excluded by the Company's management in assessing current operating performance and forecasting its earnings trends and are therefore excluded by the Company from its non-GAAP measures.
Adjustment for taxes relates to the tax effects of the various adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure on non-GAAP net income and certain adjustments related to non-recurring settlements of tax contingencies when applicable.
Other charges (income), net consists of various other types of items that are not directly related to ongoing or core business results, such as the gain or loss from certain divestitures and impairment charges associated with non-core investments. We exclude these items because they are not related to the Company's ongoing operating performance or do not affect core operations. Excluding these amounts provide investors with a basis to compare Company performance against the performance of other companies without this variability.
(2)
Distressed customers asset impairments for the nine-month period ended December 31, 2017 relate to additional provision for doubtful accounts receivable for a customer experiencing significant financial difficulties.
During the fourth quarter of fiscal year 2016, the Company accepted return of previously shipped inventory from a former customer, SunEdison, Inc. ("SunEdison"), of approximately $90 million. On April 21, 2016, SunEdison filed a petition for reorganization under bankruptcy law, and as a result, the Company recognized a bad debt reserve of $61 million as of March 31, 2016, associated with its outstanding SunEdison receivables.
During the second quarter of fiscal year 2017, prices for solar panel modules declined significantly. The Company determined that certain solar panel inventory on hand as of September 30, 2016, was not fully recoverable and recorded a charge of $60 million to reduce the carrying costs to market in the nine-month period ended December 31, 2016. The Company also recognized a $16 million impairment charge for solar module equipment and $16.9 million primarily related to negative margin sales and other associated solar panel direct costs. The total charge of $92.9 million is included in cost of sales for the nine-month period ended December 31, 2016.
(3)
Contingencies and other during the nine-month period ended December 31, 2017 consists of charges in connection with certain legal matters of which loss contingencies are believed to be probable and estimable. Additionally, the Company incurred various other charges predominantly related to damages incurred from a typhoon that impacted one of its China facilities.
During fiscal year 2017, the Company initiated a plan to rationalize the current footprint at existing sites including corporate SG&A functions and recognized approximately $17.4 million in the quarter ended December 31, 2016 and $29.0 million was recognized for the nine-month period ending December 31, 2016. The plan was finalized and completed during fiscal year 2017.
(4)
During the second quarter of fiscal year 2018, the Company and other minority shareholders of Elementum amended certain agreements and as a result, the Company concluded it no longer had majority control and accordingly, deconsolidated the entity. As part of the deconsolidation, we recognized a gain of approximately $151.6 million with no related tax impact, which is included in other charges (income), net for the nine-month period ended December 31, 2017.
In addition, the company sold its Wink business during first quarter of fiscal year 2018 to an unrelated third-party venture backed company in exchange for contingent consideration fair valued at $59 million and recognized a gain on sale of $38.7 million, which is recorded in other charges (income), net for the nine-month ended December 31, 2017. The contingent consideration is expected to be settled in the fourth quarter of fiscal year 2018.
The nine-month period ended December 31, 2016 includes a $7.4 million loss attributable to a non-strategic facility sold during the second quarter of fiscal year 2017.
View original content with multimedia: http://www.prnewswire.com/news-releases/flex-reports-third-quarter-fiscal-2018-results-300588530.html
SOURCE Flex | http://www.cnbc.com/2018/01/25/pr-newswire-flex-reports-third-quarter-fiscal-2018-results.html |
Afghanistan says Taliban will have to be defeated, after Trump rejects talks | January 30, 2018 / 8:13 AM / Updated 25 minutes ago U.S. still aims to push Taliban into Afghan peace talks: official Robert Birsel , Jibran Ahmad 4 Min Read
KABUL/PESHAWAR, Pakistan (Reuters) - The United States aims to press the Taliban on the battlefield to convince them that they will have to negotiate peace, a senior U.S. diplomat said on Tuesday, a day after President Donald Trump rejected talks following a series of attacks.
Speaking to reporters at the White House on Monday, Trump condemned the Taliban for recent carnage in the Afghan capital Kabul, and said the United States was not prepared to talk now. He pledged to “finish what we have to finish”.
Trump’s comments suggested he sees a military victory over the Taliban, an outcome that U.S. military and diplomatic officials say cannot be achieved with the resources and manpower he has authorized.
But U.S. Deputy Secretary of State John Sullivan told a news conference in Kabul there was no change in the U.S. policy of forcing the Taliban through military pressure into talks.
Trump’s comments were a reflection of the violence over recent days which indicated “at least some members of the Taliban are not interested in having a discussion about a peaceful future”, Sullivan said.
“That doesn’t change the long-range strategy of our policy which it to be firm militarily to convince the Taliban, or significant elements of the Taliban, that there isn’t a military solution to the security situation here, that ultimately peace and security of Afghanistan will be determined by peace talks.”
Trump last year ordered an increase in U.S. troops, air strikes and other assistance to Afghan forces.
The U.S. ambassador to the United Nations, Nikki Haley, said this month the strategy was working and pushing the insurgents closer to talks.
That was before a suicide bomber penetrated the highly guarded center of Kabul on Saturday and detonated an ambulance laden with explosives, killing more than 100 people and wounding at least 235.
That attack followed a brazen Taliban assault on the city’s Intercontinental Hotel on Jan. 20, in which more than 20 people, including four Americans, were killed.
The Taliban said the attacks were a message to Trump that his policy of aggression would not work.
‘WAR-MONGERING’
Earlier, a spokesman for Afghan President Ashraf Ghani said the Taliban had crossed a “red line” with attacks in Kabul and lost the chance for peace, and had to be defeated.
“We have to look for peace on the battlefield,” said the spokesman, Shah Hussain Murtazawi.
The surge of violence has also raised new questions about U.S. relations with Pakistan, weeks after Trump denounced it for what he said was its failure to crack down on Taliban safe havens on its soil, and ordered big cuts in security aid.
Pakistan denies accusations that it fosters the Afghan war, and has condemned the recent attacks in Afghanistan.
A spokesman for the Taliban, fighting to oust foreign forces and defeat the U.S.-backed government, said earlier they never wanted to talk to the United States anyway.
“Their main strategy is to continue war and occupation,” Taliban spokesman Zabihullah Mujahid said in a statement.
“Donald Trump and his war-mongering supporters must understand that every action has an equal and opposite reaction. If you insist upon war, our mujahideen will not welcome you with roses,” he said.
The United States believes the Haqqani network, a faction within the Taliban, was behind Saturday’s bomb blast in Kabul.
It and Afghanistan have long accused Pakistan of supporting the Taliban, and the Haqqani network in particular, as assets to be used in its bid to limit the influence of old rival India in Afghanistan.
Pakistani officials were not immediately available for comment on Trump’s rejection of peace talks but its embassy in Kabul cited Pakistani clerics as declaring suicide attacks unIslamic. Additional reporting by Mirwais Harooni; Editing by Clarence Fernandez and Gareth Jones | https://www.reuters.com/article/us-afghanistan-blast-trump/afghanistan-says-taliban-will-have-to-be-defeated-after-trump-rejects-talks-idUSKBN1FJ0WV |
Modi: Technology-driven world impacts every aspect of our lives | Modi: Technology-driven world impacts every aspect of our lives 4 Hours Ago Indian Prime Minister Narendra Modi discusses how big data, artificial intelligence and other technological developments have transformed society. | https://www.cnbc.com/video/2018/01/23/modi-technology-driven-world-impacts-every-aspect-of-our-lives.html |
These Extremely Limited-Edition Luxury Sneakers Are Designed for You | Fortune | sneakers These Extremely Limited-Edition Luxury Sneakers Are Designed Just for You Jimmy Gorecki and Gregory Lucci attend the Young Jeezy and Gourmet Footwear branding partnership launch at Wish Shoe Store on June 13, 2013 in Atlanta, Georgia. Prince Williams FilmMagic By Bloomberg 11:59 AM EST
As an alternative to customers lining up at sneaker stores fighting for the chance to buy a designer shoe that only a few people have, Mark Gainor and Jimmy Gorecki are offering something even more exclusive: a kick designed for you, and you alone. A post shared by @ no_one_system on Dec 21, 2017 at 5:08pm PST
Gainor, the former creative director of Native Shoes, and Gorecki, a onetime pro skateboarder, founded No.One in February 2017 in Venice, Calif. The luxury startup creates custom-made and extremely limited-edition sneakers using traditional shoemaking techniques.
No.One employs a crew of four cobblers in the company’s small studio—a size that allows for creative flexibility and attention to bespoke commissions, which in recent months have included sneakers made from impala fur, as well as a waterproof pair reconstructed from a Gore-Tex military jacket. Gainor and Gorecki have found fans among a steady flow of actors, musicians, and sports icons, including 2017 NBA Finals MVP Kevin Durant. A post shared by @ no_one_system on Nov 21, 2017 at 5:34pm PST
Alongside these unique creations, the team also works on small batches of production-run models, producing from 14 to 17 pairs in three classic silhouettes, with prices starting at $575 a pair. The process of creating each run takes roughly two weeks, and with each release, typically only a couple of pairs in each size are made available.
“To us, No.One is very much a post-skateboarding shoe,” says Gainor. “Not only in the physical sense, but in the larger sense of finding a home and platform for the DIY values and culture from growing up in skateboarding.”
In a sneaker market so focused on high-tech fabrics, and new and innovative manufacturing processes, the idea of a handcrafted, customized sneaker stands out. Each pair of No.One sneakers is hand-lasted, a process that’s identical to what John Lobb or any other classic bespoke shoemaker would use—and one that can’t be rivaled by more modern, mass-production slip lasting or machine lasting. A post shared by @ no_one_system on Nov 8, 2017 at 5:48pm PST
For its premium materials, No.One works with a small group of luxury tanneries, each specialized in a specific product, and most often family-owned. For its sneaker linings, plongé lambskin is sourced from a Chanel-owned tannery in the south of France—the same skin that lines many of the luxury brand’s handbags.
Gainor points to the leather counters (a piece near the heel) as indicative of the attention to detail that ensures a pair of No.Ones will long outlast any trendy pair of Yeezys exposed to the same amount of wear. “These leather supports are never seen, but we hand-cut, hand-skive, and wet-mold them out of Italian vegetable-tanned leather,” he says. “That’s hours of detailed craft for each pair of shoes for something that will never be seen, but will be felt for the life of the sneaker.”
So far the brand has created three distinct silhouettes—the Alpha desert boot, the Bravo low sneaker, and most recently the cap-toed Charlie. No.One’s plan is to create a comprehensive line that runs 26 models strong, one for each letter of the alphabet, while still satisfying the ever-growing demand for fully customized service.
WWD fashion director Alex Badia says No.One has figured out how to sell a personalized experience to consumers who’ve grown tired of settling for the immediacy of an off-the-shelf purchase. “The modern menswear consumer has become much more savvy in recent years,” she says. “We’re seeing a growing appreciation for the process that comes with commissioning bespoke fashion, and a better understanding of the time and costs involved.” SPONSORED FINANCIAL CONTENT | http://fortune.com/2018/01/04/noone-luxury-sneakers/ |
Rentenbank tapping 1.25% May 2022s by min EUR250m at MS-33 area | LONDON, Jan 10 (IFR) -
* Guidance MS-33 area, min EUR250m size, pricing today. Due 20 May 2022, pay 17 Jan, English law, Lux listing, 1k/1k denoms, Reg S bearer. LBBW is B&D. (11:14am)
Rentenbank, guaranteed by Germany and rated Aaa/AAA/AAA, has mandated BayernLB, Citi and LBBW for a minimum EUR250m increase of its EUR1.25bn 1.25% May 2022 benchmark. Immediate funge with XS1069776232. (11:14am)
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/idUSL8N1P52SP |
Bank says executive is gone; no comment on harassment probe | NEW YORK (AP) — Bank of America has confirmed that a high-profile senior executive has left the company, but it would not comment on reports of an internal investigation into sexual harassment allegations.
Omeed Malik is no longer a bank employee, spokesman Bill Halldin said Saturday in an email. Malik's departure was effective the week of Jan. 8, Halldin said, declining to comment further.
The New York Times reported Friday that Malik, who was a managing director and helped to run the brokerage business that raises money for investment funds, left after a female analyst complained of inappropriate sexual conduct in the past few weeks.
The human resources office for Bank of America Corp., which is based in Charlotte, North Carolina, began investigating and interviewed as many as a dozen people who worked with Malik, the newspaper said, citing unidentified people at the bank who were briefed on the investigation but were not authorized to speak publicly.
Malik's departure comes as sexual harassment and assault allegations have rolled through media companies, Hollywood and Silicon Valley.
The newspaper said Malik and his lawyer, Mark Lerner, did not respond to requests for comment. The Associated Press left messages Saturday for an attorney named Mark Lerner, who specializes in employment law in New York.
Malik was a speaker at a conference founded in part by former White House communications chief Anthony Scaramucci. A biography for the conference said Malik was the global head of capital strategy for Bank of America, selecting hedge funds for the firm to partner with.
Malik also was a corporate lawyer and had worked in the U.S. Senate and House of Representatives, the biography said.
Information from: The New York Times, http://www.nytimes.com | https://www.cnbc.com/2018/01/20/the-associated-press-bank-says-executive-is-gone-no-comment-on-harassment-probe.html |
Ford has not done enough to be 'fit' says CEO Jim Hackett | Ford still has work to do to be a truly "fit" company, said CEO Jim Hackett on Wednesday.
The second-largest automaker said it is not yet fit enough to offset headwinds from higher commodity prices, which the company expects to continue to affect finances in 2018.
"Ford is a strong company," Hackett said on a conference call Wednesday, after the company released earnings for the fourth quarter and full year of 2017 . "I am proud of it, but we have not done enough to be fit today."
In particular, it is less fit than its peers, who have said they are not feeling the same pressure from commodity prices.
Higher commodities and unfavorable foreign exchange rates have hindered Ford in recent quarters. The company is attempting a turnaround under Hackett, who was appointed CEO in early 2017.
Ford spends about $10 billion in commodities annually, and about two-thirds of that go to steel and aluminum. The company benefited from falling prices in 2015 and 2016. But the market began to turn in late 2016 and prices are expected to continue their climb through 2018.
Ford uses a larger amount of aluminum than competitors in some of its vehicles, particularly in its trucks and SUVs. But aluminum is not the primary problem, said CFO Bob Shanks on Wednesday's conference call. Steel is the real issue, he said.
Ford expects revenues in 2018 to be flat or modestly higher over 2017, and is expecting flat to lower profits from its automotive business. It is also expecting lower profits from its Ford Credit business.
At the same time, Ford plans to spend about $7.5 billion in capital in 2018. The company is plowing profits into investments in new mobility initiatives, such as developing self-driving cars. Ford is battling a perception that it is behind rivals and tech firms on mobility technologies.
Ford has a plan to improve fitness, Hackett said, but he did not disclose many details on what action the firm plans to take, saying he wanted to discuss plans within the company first. | https://www.cnbc.com/2018/01/24/ford-has-not-done-enough-to-be-fit-says-ceo-jim-hackett.html |
Congolese police fire teargas on churchgoers' protest | KINSHASA (Reuters) - Congolese police fired teargas on Friday to disperse dozens of churchgoers who had gathered in the capital Kinshasa to mourn seven people killed in protests against President Joseph Kabila two weeks ago.
A Reuters cameraman who was filming the church service said police fired a volley of teargas outside, apparently to prevent the gathering turning into another political demonstration.
Scores have been killed in protests over Kabila’s future in the past two years and militia violence has destabilized swathes of Congo, stoking fears the vast central African country will slide back into civil wars.
Security forces in Democratic Republic of Congo killed at least seven people in the capital on New Year’s Eve during demonstrations that Catholic activists organized to protest Kabila’s refusal to step down, the United Nations said. [nL8N1OV044].
The head of the Roman Catholic Church in Congo, Pierrot Mwanamputu, two days later condemned that repression as “nothing more, nothing less than barbarism”. [nL8N1OX34U] The police, which admit killing only four people, described those killed as militants and gangsters.
The Catholic church, an institution that enjoys broad credibility in Congo, has emerged as a lightning rod for opposition to Kabila’s efforts to stay in power with no mandate, while his political opposition remains weak and fragmented.
It brokered a deal between Kabila and the opposition at the end of 2016 under which an election would be held by early this year, but it has slipped again and is now loosely scheduled for the end of this year.
This has fueled suspicion that Kabila may try to remove constitutional term limits on continuing in office.
“Our brothers and sisters died because they took a decision to remind us that (this) ... agreement must be respected,” Donation Bafuidinsoni, the Auxiliary Bishop of Kinshasa told mourners at the service.
Its bishops are making ever louder criticism of human rights abuses by the government and alleged plans by Kabila to remove term limits stopping him from running for re-election -- Kabila has declined to comment on whether that is his intention.
In power since his father was killed in office in 2001, Kabila blames delays on the logistics of voter registration.
“I don’t know why they fired teargas at us. Truly, this government has to go,” said a mourner fleeing the cloud of teargas who gave only her first name of Florence.
Writing by Tim Cocks; Editing by Richard Balmforth
| https://www.reuters.com/article/us-congo-protests/congolese-police-fire-teargas-on-churchgoers-protest-idUSKBN1F1213 |
Don't extinguish hope in migrants' hearts, Pope says on Day of Peace | Don't extinguish hope in migrants' hearts, Pope says on Day of Peace 3:07am EST - 01:42
Pope Francis conducts his weekly Angelus paryer in the Vatican and asks civil institutions to commit themselves to ensure refugees and migrants have a future of peace. Rough cut (no reporter narration).
Pope Francis conducts his weekly Angelus paryer in the Vatican and asks civil institutions to commit themselves to ensure refugees and migrants have a future of peace. Rough cut (no reporter narration). //reut.rs/2A49LDd | https://www.reuters.com/video/2018/01/02/dont-extinguish-hope-in-migrants-hearts?videoId=377622790 |
BRIEF-Petpal Pet Nutrition Technology sees 2017 net profit up 21.9 pct to 31.9 pct | Jan 24(Reuters) - Petpal Pet Nutrition Technology Co Ltd
* Sees 2017 net profit to increase by 21.9 percent to 31.9 percent, or to be 98 million yuan to 106 million yuan
* Says 2016 net profit was 80.4 million yuan
* Says that increased sales income as the main reason for the forecast
Source text in Chinese: goo.gl/XAuJie
Further company coverage: (Beijing Headline News)
| https://www.reuters.com/article/brief-petpal-pet-nutrition-technology-se/brief-petpal-pet-nutrition-technology-sees-2017-net-profit-up-21-9-pct-to-31-9-pct-idUSL4N1PJ23K |
Danish inventor's killing of journalist on submarine was planned: police | COPENHAGEN (Reuters) - Danish prosecutors will seek to have inventor Peter Madsen jailed for life for killing Swedish journalist Kim Wall on his homebuilt submarine in a premeditated murder, possibly by either cutting her throat or strangling her, police said on Tuesday.
Wall, a 30-year-old freelance journalist who was researching a story on the entrepreneur and aerospace engineer, went missing after Madsen took her out to sea in his 17-metre (56-foot) submarine in August last year.
Later that month, police identified a headless female torso washed ashore in Copenhagen as that of Wall, but the cause of death has not yet been established.
Madsen has been charged with the murder and dismembering of Wall along with a charge of sexual assault without intercourse of a particularly dangerous nature, police said Tuesday.
Police said in October investigators had found 14 interior and exterior stab wounds to the journalist’s genitals.
Madsen has admitted to dismembering Wall on board his submarine and dumping her body parts in the sea, but he denies murdering or sexually assaulting her.
A police statement said that, according to the prosecution’s indictment, the murder had taken place “with prior planning and preparation”.
“This is a very unusual and extremely brutal case which has had tragic consequences for Kim Wall and her relatives,” said Special Prosecutor Jakob Buch-Jepsen, according to the statement.
Prosecutors would ask for a life sentence to be passed on Madsen, which in Denmark is typically around 15 years without parole. They also called for him to be held in “safe custody”, which can imply indefinite imprisonment.
The prosecutor also sought the confiscation and destruction of Madsen’s submarine, one of three the inventor built and one of the largest privately built in the world. It can carry eight people and weighs 40 tonnes fully equipped.
The prosecutor has asked for Madsen to be held in custody until his trial begins on March 8.
On October 5, police said they found images “which we presume to be real” of women being strangled and decapitated on the hard drive on Madsen’s computer in a laboratory he ran.
Reporting by Julie Astrid Thomsen; Editing by Jacob Gronholt-Pedersen and Richard Balmforth
| https://www.reuters.com/article/us-denmark-submarine/danish-inventor-could-face-life-sentence-in-submarine-killing-case-idUSKBN1F51FV |
England in Australia 2017/18 Scoreboard | 18 AM / Updated 33 minutes ago England in Australia 2017/18 Scoreboard
Jan 14 (OPTA) - Scoreboard at close of play on the first day of 1st odi between Australia and England on Sunday at Melbourne, Australia England win by 5 wickets Australia 1st innings Aaron Finch c Jonny Bairstow b Moeen Ali 107 David Warner c Joe Root b Mark Wood 2 Steven Smith c Jos Buttler b Adil Rashid 23 Travis Head b Liam Plunkett 5 Mitchell Marsh b Adil Rashid 50 Marcus Stoinis c Joe Root b Chris Woakes 60 Tim Paine c Moeen Ali b Liam Plunkett 27 Pat Cummins c Jason Roy b Liam Plunkett 12 Andrew Tye Not Out 4 Extras 0b 7lb 0nb 0pen 7w 14 Total (50.0 overs) 304-8 Fall of Wickets : 1-10 Warner, 2-58 Smith, 3-78 Head, 4-196 Finch, 5-205 Marsh, 6-285 Stoinis, 7-296 Paine, 8-300 Cummins Did Not Bat : Starc, Zampa Bowling Ov Md Rn Wk Econ Ex Chris Woakes 10 0 65 1 6.50 1w Mark Wood 10 0 49 1 4.90 Liam Plunkett 10 0 71 3 7.10 3w Adil Rashid 10 0 73 2 7.30 2w Moeen Ali 10 0 39 1 3.90 England 1st innings Jason Roy c (Sub) b Mitchell Starc 180 Jonny Bairstow c Tim Paine b Mitchell Starc 14 Alex Hales c Marcus Stoinis b Pat Cummins 4 Joe Root Not Out 91 Eoin Morgan c Steven Smith b Pat Cummins 1 Jos Buttler c Mitchell Starc b Marcus Stoinis 4 Moeen Ali Not Out 5 Extras 0b 5lb 0nb 0pen 4w 9 Total (48.5 overs) 308-5 Fall of Wickets : 1-53 Bairstow, 2-60 Hales, 3-281 Roy, 4-288 Morgan, 5-302 Buttler Did Not Bat : Woakes, Rashid, Plunkett, Wood Bowling Ov Md Rn Wk Econ Ex Mitchell Starc 10 0 71 2 7.10 2w Pat Cummins 10 0 63 2 6.30 1w Andrew Tye 10 0 43 0 4.30 Marcus Stoinis 6 0 33 1 5.50 Adam Zampa 10 0 72 0 7.20 1w Mitchell Marsh 2 0 15 0 7.50 Travis Head 0.5 0 6 0 7.20 Umpire Simon Fry Umpire Christopher Gaffaney Video Handunnettige Dharmasena Match Referee Ranjan Madugalle | https://uk.reuters.com/article/cricket-odi-scoreboard/england-in-australia-2017-18-scoreboard-idUKMTZXEE1EJLY66K |
Exclusive: Trump's EPA aims to replace Obama-era climate, water regulations in 2018 | 47 AM / Updated 18 minutes ago Exclusive: Trump's EPA aims to replace Obama-era climate, water regulations in 2018 Valerie Volcovici , David Shepardson 5 The U.S. Environmental Protection Agency will replace Obama-era carbon and clean water regulations and open up a national debate on climate change in 2018, part of a list of priorities for the year that also includes fighting lead contamination in public drinking water. Environmental Protection Agency Administrator Scott Pruitt speaks during an interview with Reuters journalists in Washington, U.S., January 9, 2018. REUTERS/Kevin Lamarque
The agenda, laid out by EPA Administrator Scott Pruitt in an exclusive interview with Reuters on Tuesday, marks an extension of the agency’s efforts under President Donald Trump to weaken or kill regulations the administration believes are too broad and harm economic growth, but which environmentalists say are critical to human health.
”The climate is changing. That’s not the debate. The debate is how do we know what the ideal surface temperature is in 2100?... I think the American people deserve an open honest transparent discussion about those things,” said Pruitt, who has frequently cast doubt on the causes and implications of global warming.
Pruitt reaffirmed plans for the EPA to host a public debate on climate science sometime this year that would pit climate change doubters against other climate scientists, but he provided no further details on timing or which scientists would be involved.
Pruitt said among the EPA’s top priorities for 2018 will be to replace the Clean Power Plan, former President Barack Obama’s centrepiece climate change regulation which would have slashed carbon emissions from power plants. The EPA began the process of rescinding the regulation last year and is taking input on what should replace it.
“A proposed rule will come out this year and then a final rule will come out sometime this year,” he said. He did not give any details on what the rule could look like, saying the agency was still soliciting comments from stakeholders.
He said the agency was also planning to rewrite the Waters of the United States rule, another Obama-era regulation, this one defining which U.S. waterways are protected under federal law. Pruitt and Trump have said the rule marked an overreach by including streams that are shallow, narrow, or sometimes completely dry - and was choking off energy development.
Pruitt said that in both cases, former President Barack Obama had made the rules by executive order, and without Congress. “We only have the authority that Congress gives us,” Pruitt said.
Pruitt’s plans to replace the Clean Power Plan have raised concerns by attorneys general of states like California and New York, who said in comments submitted to the EPA on Tuesday that the administrator should recuse himself because as Oklahoma attorney general he led legal challenges against it. BIOFUELS AND STAFF CUTS Environmental Protection Agency Administrator Scott Pruitt sits down for an interview with Reuters journalists in Washington, U.S., January 9, 2018. REUTERS/Kevin Lamarque
Pruitt said he hoped for legislative reform of the U.S. biofuels policy this year, calling it “substantially needed and important” because of the costs the regulation imposes on oil refiners.
The Renewable Fuel Standard, ushered in by former President George W. Bush as a way to help U.S. farmers, requires refiners to blend increasing amounts of biofuels like corn-based ethanol into the nation’s fuel supply every year.
Refining companies say the EPA-administered policy costs them hundreds of millions of dollars annually and threatens to put some plants out of business. But their proposals to change the programme have so far been rejected by the Trump administration under pressure from the corn lobby.
The EPA in November slightly raised biofuels volumes mandates for 2018, after previously opening the door to cuts.
The White House is now mediating talks on the issue between representatives of both sides, with input from EPA, and some Republican senators from states representing refineries are working on possible legislation to overhaul the programme.
Pruitt said he also hoped Congress could produce an infrastructure package this year that would include replacing municipal water pipes, as a way of combating high lead levels in certain parts of the United States.
“That to me is something very tangible very important that we can achieve for the American people,” he said.
Pruitt added that EPA also continuing its review of automobile fuel efficiency rules, and would be headed to California soon for more meetings with the California Air Resources Board to discuss them.
California in 2011 agreed to adopt the federal vehicle emission rules through 2025, but has signalled it would opt out of the standards if they are weakened – a move that would complicate matters for automakers serving the huge California market.
In the meantime, Pruitt said EPA is continuing to reduce the size of its staff, which fell to 14,162 employees as of Jan. 3, the lowest it has been since 1998, under Ronald Reagan when the employment level was 14,400. The EPA employed about 15,000 when Obama left office.
Nearly 50 percent of the EPA will be eligible to retire within the next five years, according to the agency. Reporting by Valerie Volcovici and David Shepardson; Editing by Richard Valdmanis and Lisa Shumaker | https://uk.reuters.com/article/uk-usa-epa-pruitt/exclusive-trumps-epa-aims-to-replace-obama-era-climate-water-regulations-in-2018-idUKKBN1EZ07H |
United Community Financial Corp. Announces Fourth Quarter Earnings Conference Call | YOUNGSTOWN, Ohio--(BUSINESS WIRE)-- United Community Financial Corp., (Nasdaq: UCFC) holding company of Home Savings Bank, announced today there will be an earnings conference call on Wednesday, January 24, 2018 at 10:00 a.m. ET., to provide an overview of the Company's fourth quarter 2017 results.
The earnings release will be made available at ir.ucfconline.com at the close of business on January 23, 2018.
Important User Information:
Webcast: To access the live webcast, go to ir.ucfconline.com and click on Fourth Quarter 2017 Earnings Call on our corporate profile page. Participants are asked to access the webcast approximately 10 minutes prior to the beginning of the discussion.
Conference Call: To participate in the conference call, dial 1.877.272.7661 10 minutes prior to the start time. Please ask to be joined into the United Community Financial Corp. (UCFC) call.
After the live presentation, the webcast will be archived on this website for at least 90 days. A replay of the call will also be available for two weeks by dialing 1.877.344.7529; the Conference Access code is 10115412.
To Ask Questions:
Participants who call in via phone will have the opportunity to ask questions. Instructions will be given on the call.
As a wholly-owned subsidiary of United Community Financial Corp., Home Savings operates 35 banking offices, 13 loan production offices and 3 wealth management offices throughout Ohio, western Pennsylvania and West Virginia. Additional information on UCFC and Home Savings may be found at ir.ucfconline.com .
View source version on businesswire.com : http://www.businesswire.com/news/home/20180103005691/en/
Media Contact:
Home Savings
Kathy Bushway, 330-742-0638
SVP, Director of Marketing
[email protected]
or
Investor Contact:
Home Savings
Troy Adair, 330-742-0472
Treasurer
[email protected]
Source: United Community Financial Corp. | http://www.cnbc.com/2018/01/03/business-wire-united-community-financial-corp-announces-fourth-quarter-earnings-conference-call.html |
The Wall Street Journal: Fiat Chrysler CEO says Jeep, Ram truck brands are not on the block | Published: Jan 15, 2018 4:30 p.m. ET Share
Sergio Marchionne says he’ll unveil new strategy June 1 Jeep
By Chester Dawson
DETROIT—Fiat Chrysler Automobiles NV’s chief executive said Monday he has no plans to sell its Jeep business or split up the company, cooling speculation but leaving the company’s long-term strategy unclear.
CEO Sergio Marchionne last year sparked talk that the auto maker might be willing to part with its Jeep sports utility and Ram truck brands, and he has courted rivals with talk of merger. But he backed away from both those options as he prepares to step down next year
“We have no intention of breaking it up” and selling parts of the business to Chinese or other buyers, Marchionne said at a news conference at the Detroit auto show.
The outspoken CEO, who once touted the idea of joining forces with General Motors Co. to boost profitability and cut excess production, said that is no longer something he is interested in pursuing. “The merger [talk] is done. That’s history, that’s three years ago,” he said.
The about-face leaves Fiat Chrysler’s FCAU, -0.13% future unclear, though he promised Monday to unveil a new strategic plan on June 1 ahead of his resignation early next year. | https://www.wsj.com/articles/fiat-chrysler-ceo-rules-out-selling-brands-or-splitting-up-company-1516048463 |
BRIEF-GE Sees 2018 Adj Industrial CFOA About $9 Bln - $10 Bln | January 24, 2018 / 11:53 AM / in 27 minutes BRIEF-GE Sees 2018 Adj Industrial CFOA About $9 Bln - $10 Bln Reuters Staff
Jan 24 (Reuters) - General Electric Co:
* GENERAL ELECTRIC CO SEES 2018 ADJUSTED INDUSTRIAL CFOA ABOUT $9 BILLION - $10 BLN
* GENERAL ELECTRIC CO SEES 2018 INDUSTRIAL CFOA ABOUT $3 BILLION TO $4 BILLION - PRESENTATION Source text: ( invent.ge/2BpfzYK ) Further company coverage: | https://www.reuters.com/article/brief-ge-sees-2018-adj-industrial-cfoa-a/brief-ge-sees-2018-adj-industrial-cfoa-about-9-bln-10-bln-idUSFWN1PJ0DU |
BRIEF-India's Cholamandalam Investment And Finance Company Dec-Qtr Consol Net Profit Rises | Jan 30 (Reuters) - Cholamandalam Investment And Finance Company Ltd:
* DEC QUARTER CONSOL NET PROFIT 2.50 BILLION RUPEES VERSUS PROFIT 1.63 BILLION RUPEES YEAR AGO
* DEC QUARTER CONSOL REVENUE FROM OPERATIONS 14.04 BILLION RUPEES VERSUS 11.84 BILLION RUPEES YEAR AGO
* DECLARED INTERIM DIVIDEND OF 4.50 RUPEES PER SHARE Source text: bit.ly/2GvNRNC Further company coverage:
| https://www.reuters.com/article/brief-indias-cholamandalam-investment-an/brief-indias-cholamandalam-investment-and-finance-company-dec-qtr-consol-net-profit-rises-idUSFWN1PP0T5 |
Italian postman never rings once, hoards mail instead | January 30, 2018 / 12:04 PM / Updated an hour ago Italian postman never rings once, hoards mail instead Reuters Staff 1 Min Read
ROME (Reuters) - Italian police have arrested a postman from the northern town of Vicenza after finding more than half a tonne (1,100 lb) of undelivered mail stashed away in his garage.
Police were called in when workers from a recycling plant were sent to empty the garage and found 43 yellow plastic postal containers stuffed full of letters, bills, bank statements and even electoral pamphlets dating back to 2010.
The postman, who was not named, was 56 and came from the southern city of Naples, police said. They added that it was the largest ever haul of undelivered mail in Italy.
The Vicenza postal service has promised to deliver the huge pile of post, albeit several years late. Writing by Crispian Balmer; Editing by Janet Lawrence | https://uk.reuters.com/article/us-italy-postman/italian-postman-never-rings-once-hoards-mail-instead-idUKKBN1FJ1KH |
Artesian Resources Corporation Declares Common Stock Dividend | NEWARK, Del., Jan. 17, 2018 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (NASDAQ:ARTNA) announced today that its Board of Directors has declared a regular quarterly dividend on the company’s Class A and Class B Common Stock. The quarterly dividend of $0.2352 is payable February 23, 2018 to shareholders of record at the close of business on February 9, 2018.
About Artesian Resources
Artesian Resources Corporation operates as a holding company of wholly-owned subsidiaries offering water, wastewater services and related services on the Delmarva Peninsula. Artesian Water Company, the principal subsidiary, is the oldest and largest regulated water utility on the Delmarva Peninsula and has been providing water service since 1905. Artesian supplies 7.6 billion gallons of water per year through 1,260 miles of water main to approximately 301,000 people.
Contact:
Nicki Taylor
Investor Relations
(302) 453-6900
[email protected]
Source:Artesian Resources Corporation | http://www.cnbc.com/2018/01/17/globe-newswire-artesian-resources-corporation-declares-common-stock-dividend.html |
More layoffs at Indiana factory Trump made deal to keep open | INDIANAPOLIS (Reuters) - More than 200 workers clocked in for their final shifts on Thursday at Carrier Corp. in Indianapolis in the latest round of layoffs at a plant President Donald Trump toured in December 2016 to trumpet a deal to save jobs and prevent its closure.
Under pressure from the newly-elected Trump, Carrier and its parent company United Technologies Corp, dropped its plan in late 2016 to close the plant and move 1,400 factory jobs to Mexico. In return, the company received $7 million in state tax breaks to stay in Indiana.
Trump praised the deal, under which he said 1,100 jobs would be saved, as a model of how he would push American companies to keep jobs in the country.
It undoubtedly saved hundreds of positions at Carrier, but manufacturing workers who now face unemployment say they feel let down by a deal that started out as a presidential campaign rallying cry but turned out to be less than it appeared.
Carrier said this week that 1,100 workers will remain at the factory, upholding its deal with Trump. They include 730 manufacturing jobs and about 300 engineering and administrative positions that were never slated to move.
But Carrier also laid off 338 manufacturing workers in July and another 215 this week. Those jobs are going to the company’s plant in Monterrey, Mexico, where workers make about $3 an hour, according to Indiana union officials.
“Yes he (Trump) saved jobs, yes he did. But he didn’t save mine, he didn’t save manufacturing jobs. He saved office personnel, okay?” said Renee Elliott, 45, who supported Trump in the 2016 election and was among those being laid off on Thursday.
Elliott began working at Carrier in 2013 as a seasonal employee making $13 per hour. She currently makes $18 per hour, taking advantage of overtime shifts, and sometimes works seven days a week.
DISAPPOINTED BY DEAL She does not know what she will do next and said she is disappointed that Trump did not make a better deal for factory-floor workers.
During his visit, Trump strode through the furnace factory, with TV cameras rolling, and shook hands with workers, telling them the deal with the company was “very exciting.”
“Companies are not going to leave the United States any more without consequences. Not going to happen,” Trump said.
A worker exits the Carrier Corporation HVAC manufacturing plant ahead of an expected second-round of layoffs in Indianapolis, Indiana, U.S., January 10, 2018. Photo taken January 10, 2018. REUTERS/Chris Bergin Elliott said Trump’s visit raised hopes among the entire workforce but it became clear later that some workers would lose their jobs anyway.
“It was like royalty coming here, we knew the world was watching,” Elliott said. “He’s walking through and we’re in awe, like ‘Savior!'. That’s the way we’re looking at it. He led us to believe that we were all going to be saved.”
Trump repeatedly criticized Carrier during the presidential campaign, as he pledged to rip up bad trade deals and save American jobs.
Carrier workers now also question why their factory, which will continue making furnaces after fan coil operations move to Monterrey, was singled out by Trump when hundreds of steelworkers in Indiana are in a similar predicament.
Slideshow (7 Images) United Technologies Electronic Controls, another United Technologies facility two hours away in Huntington, Indiana, is closing in 2018, also sending its operations to Monterrey.
About 400 workers were laid off in 2017 and another 230 will be this year, a company spokeswoman said.
Rexnord Corp., just down the road from Carrier, closed in November, laying off 300 workers represented by the same local steelworkers union as the Carrier employees.
Trump wrote on Twitter shortly after touring Carrier that Rexnord, which also relocated operations to Mexico, was “rather viciously firing” its workers. “This is happening all over our country. No more!” Trump wrote.
“Don’t get me wrong, me and the people here that work for Carrier are very grateful for it but when he was running during the election he stated that these things wouldn’t happen anymore,” said Robert James, president of the local United Steelworkers union.
“How do you save 730 jobs at Carrier and not give a damn about the 700 jobs in Huntington? Both owned by the same company. Why would you leave them out of the equation?” James asked.
Indiana’s unemployment rate was 3.7 percent in November 2017, lower than the national rate of 4.1 percent.
But the U.S. steel industry, in particular, has struggled over the past decade.
Chuck Jones, the former president of the local United Steelworkers union, said that while some laid-off Rexnord and Carrier workers have been able to find comparable union jobs, others are in warehouse jobs paying about half the $25 per hour they used to make.
Reporting by Amanda Becker; Editing by Kevin Drawbaugh and Alistair Bell
| https://www.reuters.com/article/us-usa-trump-carrier/more-layoffs-at-indiana-factory-trump-made-deal-to-keep-open-idUSKBN1F02TL |
Trump is likely to keep Iran deal in place — for now. Here's what could happen if he doesn't | President Donald Trump is expected to announce this week whether the U.S. will remain committed to the Iran nuclear pact, the abandonment of which could trigger a diplomatic crisis and jolt oil markets.
Sources close to the administration cited by the Associated Press predict that Trump will leave the Joint Comprehensive Plan of Action (JCPOA) in place for the time being and waive nuclear sanctions on the Islamic republic as he did on October 13, despite his well-known opposition to the agreement. During his campaign, Trump promised to dump it, calling the it "the worst deal ever."
The JCPOA, enacted in 2015 by Iran, the five permanent members of the United Nations Security Council and Germany, allowed the lifting of international sanctions on Iran in exchange for compliance with restrictions on its nuclear program. Between January 12 and 17, sanctions on foreign oil purchases, insurance, shipping, banking, and oil and gas investment are due for waiver.
Oil markets at risk Any U.S. disruption to the deal could shake oil markets, according to a report by Citigroup's global commodities team published Tuesday. A snap-back on sanctions would cause the "dislocation of at least 500,000 barrels a day of Iranian crude oil exports, especially those going to Korea and Japan as well as to some European countries."
show chapters Iran and Venezuela present biggest risk to oil in 2018: ClearView Energy Partners 8:13 AM ET Wed, 10 Jan 2018 | 03:35 This would trigger an initial $5 per barrel rise in crude oil prices, Citi wrote, "as customers losing oil under U.S. pressure scramble for replacements at a time when OPEC and other producers have put a lid on their output."
In October, Trump left the deal's fate to Congress after refusing to certify Iran's compliance, despite the International Atomic Energy Agency (IAEA) reporting in November that the country was "operating within the essential limits on its nuclear activities" imposed by the JCPOA. The U.S. president is required to recertify Iran's compliance to its terms once every 90 days.
This time around, Trump is likely to concede that Iran is complying with the deal but that it's not in the U.S.'s national security interest, said Richard Nephew, a former coordinator for sanctions policy at the U.S. State Department and senior fellow at the Brookings Institute. Congress then has a following 60 days to either re-impose sanctions on Iran or do nothing.
Non-nuclear sanctions "The only real outstanding question is what Donald Trump thinks and will choose to do. Contacts within his administration ... have reported that the decision is effectively a 'coin flip' now," Nephew wrote in a commentary for Columbia University's Center on Global Energy Policy on Tuesday. Voices in both Congress and the national security establishment have been urging the president to safeguard the deal, according to several reports, although new non-nuclear sanctions appear likely.
show chapters Iran and Saudi Arabia are going through a 'parallel' process. Here's why: NYT's Tom Friedman 7:40 AM ET Tue, 9 Jan 2018 | 03:32 "Any deal that comes out of Congress is likely to include tougher sanctions or other punitive measures against Iran given bipartisan support for such measures," Ryan Turner, lead risk analyst at Protection Group International, told CNBC on Wednesday. However, he noted, the U.S. is only one of six international signatories to the deal. "Lawmakers can amend the domestic legislation but cannot change the deal itself without the backing of other parties, which is unlikely to materialize."
New sanctions would likely be aimed both at Iran's missile program and its activities in the region, despite opposition from other deal signatories, the Citi report said. Iran's Islamic Revolutionary Guard Corps (IRGC) and Shia militant group Hezbollah, which the U.S. designates as a terrorist organization, are the predominant targets.
"The not-so-subtle threat is one that could materialize in a worst case scenario, which could see Iran use Trump's decision as justification to pull out of the agreement and restart its nuclear program." -Ryan Turner, lead risk analyst at Protection Group International "Although too small to directly impact the economy, [the sanctions] will serve to further damage much needed investor sentiment towards Iran," Pat Thaker, regional director for the Middle East and Africa at the Economist Intelligence Unit, told CNBC Thursday. Iran remains mired in deficit, and while the country's economy grew more than 7 percent in the year following the JCPOA's enactment, foreign investment flows are far from reaching government targets.
Thaker expects the state to bunker down and financial sector reform "to go into reverse" in the event of an abrogation of the deal. Still, she said, "I expect the nuclear deal to largely remain intact, with the U.S. instead focusing on increasing non-nuclear sanctions."
Potential for backfire International bodies are urging the president to tread carefully, as moves to punish Iran could backfire. Iran's Atomic Energy Agency said Wednesday that "a reimposition of sanctions by the United States would be a violation of Tehran's nuclear deal with world powers," and that Iran could greatly increase its enrichment of uranium, according to Reuters.
show chapters Jefferies: China demand, OPEC action to keep oil market undersupplied 13 Hours Ago | 02:03 "The not-so-subtle threat is one that could materialize in a worst case scenario, which could see Iran use Trump's decision as justification to pull out of the agreement and restart its nuclear program," Turner said.
The foreign ministers of Germany, France and the U.K. on Thursday issued statements urging the U.S. to remain faithful to the JCPOA, insisting that the agreement was essential to international security. Federica Mogherini, the EU's top diplomat, said that it "made the world safer and prevented a potential nuclear arms race in the region."
Still, opponents of the deal argue that a continued suspension of sanctions would only reward a regime that has ramped up its missile testing in recent months and continues to violate human rights. Thousands of Iranians have been arrested at the hands of security forces following more than a week of anti-government protests all over the country, and at least 21 have died. The protests introduce an unexpected dynamic to the Trump administration's deliberations, providing a potential excuse to re-impose sanctions.
Atta Kenare | AFP | Getty Images Pro-government demonstrators hold a poster of Iran's supreme leader Ayatollah Ali Khamenei during a march following the weekly Muslim Friday prayers in Tehran on January 5, 2018. The Tea Party Patriots Citizens Fund, a right-wing political action committee, has long pushed for termination of the deal, issuing a statement Thursday saying: "Iran has failed to live up to its obligations under the deal and continues to pursue the development of ballistic missile technology in defiance of UN resolutions."
The 'spirit of the deal' The Trump administration has described Iran as living up to the "letter" but not the "spirit of the deal." Robert Litwak, director of international security studies at the Wilson Center and a National Security Council member during the Clinton administration, explained what this meant.
"The letter is the deal, while the spirit refers to everything outside the deal, such as Iran's support | https://www.cnbc.com/2018/01/11/us-president-trump-could-pull-out-of-iran-nuclear-deal.html |
Up to 15 percent market correction in 2018: Julius Baer CEO | A market correction is well overdue and investors should expect a price drop of up to 15 percent this year, Julius Baer Chief Executive Bernhard Hodler told CNBC Wednesday.
"Generally I think we will see sooner or later a correction — hopefully it will be like a 5, 10, 15 percent correction, another very large one, but I think that will happen sometime in 2018," Hodler said, sounding not in the least perplexed at the prospect.
The private Swiss banking group manages more than 388 billion Swiss francs ($416 billion) in assets.
Hodler acknowledged the current rosy picture for the global economy, saying, "We are actually comfortable with the underlyings, corporate earnings, balance sheet quality, the GDP (gross domestic product) growth is predicted to be quite nice in 2018." He did note at the same time that "there are some political risks and threats from protectionism."
A market correction is a backtrack of at least 10 percent in a stock, an index or other security to account for an overvaluation in price, interrupting the market's upward trajectory.
Valentin Flauraud | Bloomberg | Getty Images A sign sits on a wall outside the offices of Julius Baer Group Ltd. in Geneva, Switzerland. The CEO's forecast is the latest of several such comments from investors and banking executives, who warn that the combination of highly overvalued markets and historically low volatility is simply not sustainable.
During the World Economic Forum at Davos last week, Allianz CEO Oliver Bate echoed the same sentiment, albeit with more concern in his delivery, warning that markets are "very dangerous" and that the certainty of an impending market correction is "absolutely clear."
Prominent market commentators have noted that today's stock market is the most overvalued on record — more so than in 1929, 2000 and 2007. The benchmark Dow Jones and S&P 500 indexes repeatedly hit record highs for the past several months until Monday, when the markets saw their first significant dips since the summer.
Julius Baer on Wednesday reported it would increase its dividend after seeing double-digit growth for its net profits for 2017. Net profits rose 14 percent on 2016, reaching 705 million Swiss francs. The bank is the third-largest in Switzerland.
show chapters Julius Baer CEO: We are largest independent wealth manager in Brazil 12 Hours Ago | 01:55 | https://www.cnbc.com/2018/01/31/up-to-15-percent-market-correction-in-2018-julius-baer-ceo.html |
Blizzard pounds U.S. Northeast as snow sweeps across South | January 4, 2018 / 10:22 AM / in an hour Blizzard wallops U.S. Northeast, knocks out power, snarls travel Scott Malone , Jonathan Allen 5 Min Read
BOSTON/NEW YORK (Reuters) - A powerful blizzard battered the Northeast on Thursday, knocking out power for tens of thousands of people and snarling travel amid a long cold snap that has gripped much of the United States for more than a week and killed more than a dozen people.
Thousands of flights were canceled, firefighters scrambled to rescue motorists from flooded streets in Boston, snow plows and salt trucks rumbled along roads and highways, and New York City’s two main airports halted flights due to whiteout conditions.
Commuters who braved the storm worried that they could be stranded later in the day.
“I don’t know where I’ll stay tonight if I get stuck, probably with my boss,” said Ran Richardson, 55, of Malden, Massachusetts, as he waited for a Boston subway to take him to training for his job as a Chinese-English translator.
Schools were closed through much of the region, and Boston Mayor Marty Walsh said schools in his city would remain closed on Friday.
Blizzard warnings were in effect along the East Coast from North Carolina to Maine. The National Weather Service forecast winds up to 70 miles per hour (113 km per hour), which downed power lines.
Almost 80,000 homes and businesses in the Northeast and Southeast, where the storm struck on Wednesday, were without power.
Up to 18 inches (46 cm) of snow was forecast for Boston and coastal areas of northern New England. Officials feared fast-dropping temperatures after the storm passed would turn remaining snow on roadways to ice.
The storm was powered by a rapid plunge in barometric pressure that some weather forecasters were referring to as bombogenesis or a “bomb cyclone” and which brought high winds and swift, heavy snowfall.
The wintry weather has been blamed for at least 14 deaths in the past few days, including four fatalities in North Carolina traffic accidents and three in Texas due to cold. TRAVEL WOES
Nearly 5,000 U.S. airline flights were canceled. New York’s John F. Kennedy International Airport and LaGuardia Airport temporarily halted all flights due to whiteout conditions, the Federal Aviation Administration said. A pedestrian walks through blinding snow across the Brooklyn Bridge during Storm Grayson in New York City, U.S., January 4, 2018. REUTERS/Darren Ornitz
At those airports, the metropolitan area’s third major airport in Newark, New Jersey, and Boston’s Logan International Airport, as many as three out of four flights were called off, according to tracking service FlightAware.com.
Passenger train operator Amtrak ran reduced service in the Northeast. Sporadic delays were reported on transit systems, including New York state’s Long Island Rail Road and Metro-North commuter lines, as well as the Boston area’s Massachusetts Bay Transportation Authority system.
“Years of Band-Aid solutions create nightmare situations when storm damage occurs,” said Joseph Schwieterman, a professor of public policy and specialist in transportation systems at DePaul University in Chicago. “Replacement parts are tough to find and maintenance process turns into major headache.”
In New York’s Fort Greene neighborhood, Mohammed Farid Khan, said his morning commute took three times as long as usual due to train woes. Slideshow (20 Images)
“There were only local trains, no express,” Khan, 30, said as he hunched with an electric drill trying to fix the handle of his snow shovel inside the convenience store where he works. There were few customers to disturb with the noise, Khan added, saying, “It’s very slow.” ICY RESCUES
A 3-foot (0.9-meter) tidal surge flooded the area around Boston’s historic Long Wharf with icy seawater, prompting a massive response by emergency vehicles. Firefighters used an inflatable raft to rescue one motorist from a car surrounded by water up to its door handles, Boston Fire Commissioner Joseph Finn told reporters.
The flooding tied a 40-year record, the National Weather Service said.
“It’s dangerous,” Walsh said, adding that Boston officials briefly thought they would need to a evacuate a shelter near the flooded areas. “We’re keeping an eye on all those different floodings.”
Officials reported traffic accidents throughout the Northeast, including in Manchester, New Hampshire, where a 32-year-old woman crashed a vehicle through the wall of a nursing home, according to police. No one was injured.
The storm’s impact extended to eastern Canada.
The same storm brought historic cities in the southeastern United States their heaviest snowfall in three decades on Wednesday. Additional reporting by Colleen Jenkins in Winston-Salem, North Carolina, Brian Snyder in Boston, Brendan O'Brien in Milwaukee and Gina Cherelus and Scott DiSavino in New York; Editing by Bernadette Baum and Jonathan Oatis | https://www.reuters.com/article/us-usa-weather/blizzard-pounds-u-s-northeast-as-snow-sweeps-across-south-idUSKBN1ET11E |
Yemen government bans protests in Aden ahead of separatist deadline | ADEN (Reuters) - Yemen’s internationally-recognized government said on Saturday it had banned public gatherings in Aden ahead of a deadline given by southern separatists to President Abd-Rabbu Mansour Hadi to dismiss the cabinet.
Tensions have risen in the southern port city since the United Arab Emirates-allied Southern Transitional Council vowed to overthrow the government of Ahmed bin Daghr unless Hadi dismissed his cabinet within a week.
The Southern Transitional Council has accused bin Daghr’s government of starving Yemenis and pushing the impoverished country to the verge of famine.
The crisis could jeopardize a rare opportunity offered by the death of former President Ali Abdullah Saleh last month that had given a Saudi-led coalition the chance to isolate Iran-aligned Houthi fighters and end a devastating war that began in 2015.
In a statement carried by the state-run Saba news agency, the Yemeni Interior Ministry said it had ”decided to ban any gatherings, sit-ins or marches in the interim capital, Aden.
“These actions will be considered acts that target stability and calm,” the statement said, adding that all armed groups will also be banned from entering Aden.
Trying to head off any protests, Bin Daghr’s office said the prime minister met with senior commanders of the Saudi-led coalition in Aden.
“The meeting expressed its utter opposition to any call for chaos, violence or vandalism in the interim capital, Aden,” bin Daghr’s office said in a statement.
GATHERING EXPECTED ON SUNDAY Residents said they had not seen any extra security in Aden, where armed forces loyal to Hadi’s government, the Southern Transitional Council and the Saudi-led coalition are all present.
But witnesses said government forces were deployed on roads leading to the presidential palace in Aden’s al-Maasheeq district, where the government is based.
Witnesses also said that thousands of people had arrived in Aden from across the former South Yemen, which merged with North Yemen in 1990, to participate in a gathering expected to be held on Sunday.
Yemen has been torn by armed conflict since the Houthis captured the capital Sanaa in 2014 before they marched south towards Aden the following year in a military campaign that culminated in Hadi fleeing into exile.
The Saudi-led coalition that entered the war after Hadi sought refuge in Saudi Arabia in March 2015 has helped local fighters free Aden from Houthi control and made other military gains in different parts of the country. But the Houthis continue to control most of northern Yemen, including Sanaa.
The Southern Transitional Council was formed last year to push for a split between the former South Yemen and North Yemen.
Southern forces have previously clashed with Hadi supporters, including members of the Islamist Islah party, over control of strategic areas, such as Aden airport and oil facilities.
Writing by Sami Aboudi; Editing by Andrew Bolton and Louise Heavens
| https://www.reuters.com/article/us-yemen-security-southerners/yemen-government-bans-protests-in-aden-ahead-of-separatist-deadline-idUSKBN1FG0FU |
Fmr. Wells Fargo CEO on banking rule change: Need to do more to help low-income people, small businesses | × × Fmr. Wells Fargo CEO on banking rule change: Need to do more to help low-income people, small businesses 1 Hour Ago Dick Kovacevich, former Wells Fargo chairman & CEO, discusses why he favors the Treasury Department changing the Community Reinvestment Act. | https://www.cnbc.com/video/2018/01/11/fmr-wells-fargo-ceo-on-banking-rule-change-need-to-do-more-to-help-low-income-people-small-businesses.html |
BRIEF-Shaw Communications Announces Death Of Former CEO Jim Shaw | January 4, 2018 / 12:50 AM / Updated an hour ago BRIEF-Shaw Communications Announces Death Of Former CEO Jim Shaw Reuters Staff
Jan 3 (Reuters) - Shaw Communications Inc:
* SHAW COMMUNICATIONS ANNOUNCES THE DEATH OF JIM SHAW Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-shaw-communications-announces-deat/brief-shaw-communications-announces-death-of-former-ceo-jim-shaw-idUSFWN1OY0P5 |
EU ministers clash again over reforming asylum system | January 25, 2018 / 2:12 PM / Updated an hour ago EU ministers clash again over reforming asylum system Reuters Staff 3 Min Read
SOFIA (Reuters) - European Union interior ministers grappled on Thursday with the politically charged issue of reforming the bloc’s broken asylum system, which the bloc wants to fix by June.
For more than two years ex-communist states led by Poland and Hungary have defied pressure from other EU capitals to accept refugees at times of high immigration across the Mediterranean to help ease the burden on frontline states such as Greece and wealthy destination nations such as Germany.
Poland, Hungary and others are reluctant to take in more refugees, who are mostly from Muslim nations in the Middle East and northern Africa, under a quota system. Germany and others say it is a question of EU solidarity.
“We cannot leave it all to the countries at the external borders (of the EU),” Luxembourg’s Jean Asselborn said ahead of talks with other interior ministers in Sofia, capital of Bulgaria, which holds the EU’s rotating six-month presidency.
“We need relocation in times of crisis... so every country knows which burdens it will take on,” he said of plans to oblige each EU state to host a certain number of people when arrivals jump. “If we do not manage this, we will choke on it.”
The EU asylum system collapsed in 2015 as a million refugees and migrants arrived across the sea, overwhelming Greece and Italy. Poland, Hungary, Slovakia and the Czech Republic refused to take some of the people in. FILE PHOTO: Interior ministers and ministry representives pose for the family photo after the 'V4 Plus' Visegrad Group meeting in Warsaw, Poland November 21, 2016. First row (L-R): Czech Deputy Interior Minister Jiri Novacek, Slovakian Interior Minister Robert Kalinak, Polish Interior Minister Mariusz Blaszczak and Hungarian Interior Minister Sandor Pinter, second row (L-R): Secretary of state in the Slovenian Interior Ministry Andrej Spenga, Croatian Interior Minister Vlaho Orepic, Austrian Interior Minister Wolfgang Sobotka, Bulgarian Deputy Interior Minister Philip Gounev, Polish Deputy Interior Minister Jakub Skiba and Secretary of state of Migration and Asylum of the Belgian Interior Ministry Theo Francken. Agencja Gazeta/Slawomir Kaminski/via REUTERS
The dispute ended up in the courts and weakened the bloc’s unity, spilling over to many other policy areas.
“The quota is not a good thing. But we still have other solutions,” said Slovak Interior Minister Robert Kalinak, referring to a proposal by the eastern states to contribute money, experts and equipment instead of accepting people.
The EU has given itself until June to find a compromise acceptable to all, though there are no signs yet of progress.
The bloc could then defeat the reluctant easterners in a majority vote, but this would cause even more bad blood between EU states.
The EU’s migration chief, Dimitris Avramopoulos, said the “stalemate” had much to do with populist politicians stoking up immigration fears among voters.
“It’s a question of how you think politically addressing... your domestic audience,” he said on entering the talks. Reporting by Tsvetelia Tsolova in Sofia, Gabriela Baczynska, Robert-Jan Bartunek and Peter Maushagen in Brussels, Writing by Gabriela Baczynska; Editing by Gareth Jones | https://uk.reuters.com/article/uk-europe-migrants-asylum/eu-ministers-clash-again-over-reforming-asylum-system-idUKKBN1FE1Z9 |
BRIEF-Axis Real Estate Investment Trust Posts Qtrly Net Profit 44.1 Mln RGT | Jan 23 (Reuters) - Axis Real Estate Investment Trust :
* QTRLY REVENUE 42.4 MILLION RGT, QTRLY NET PROFIT 44.1 MILLION RGT
* YEAR AGO QTRLY REVENUE 42.4 MILLION RGT, YEAR AGO QTRLY NET PROFIT 24.3 MILLION RGT
* PROPOSES FINAL INCOME DISTRIBUTION OF 0.92 SEN PER UNIT FOR PERIOD FROM NOV 16, 2017 TO DEC 31, 2017 Source text: ( bit.ly/2rvK8w6 ) Further company coverage:
| https://www.reuters.com/article/brief-axis-real-estate-investment-trust/brief-axis-real-estate-investment-trust-posts-qtrly-net-profit-44-1-mln-rgt-idUSFWN1PI0MZ |
Denver mayor: Trump administration 'out of step' on marijuana | In wake of Attorney General Jeff Sessions ' repeal of Obama era guidance on legal marijuana, Denver Mayor Michael Hancock is more worried about the marijuana business than he is about a law enforcement crackdown on weed.
"When we see an industry, that is dependent upon investors, people who are putting their hard-earned money into the industry, this sort of move does not help whatsoever," Hancock, a Democrat, said Friday on CNBC's "Closing Bell." "All this move does is demonstrate how out of step the attorney general sessions is and the administration is with the rest of the country."
Sessions, a longtime opponent of marijuana legalization, on Thursday moved to rescind the Cole Memo, a document which de-prioritized the use of federal funds to enforce cannabis prohibition. The memo effectively handed control of marijuana enforcement and regulation to the states, except in certain circumstances.
Sessions' decision sent pot stocks tumbling Thursday , fueling fears it would damage burgeoning marijuana industries in many states.
"We've already had conversations with our attorney general, as well as our acting U.S. attorney, who clearly have said they're not going to change anything with regards to the industry here in Colorado," Hanckock said.
Colorado, where recreational cannabis has been legal since 2012 and medical for much longer , has a lot more to lose than some states. In 2016, the state topped $1 billion in legal weed revenues , allowing the government to bring in more than $193 million in fees and tax revenues, according to Department of Revenue data.
Hancock said Denver reaps about $18 million to $20 million in tax revenue just from recreational marijuana. That money goes toward implementing marijuana regulation, including inspections, law enforcement and public education, all of which Hancock worries might disappear following Sessions' decision.
"Cities also fall into this uncertain category, when you have the attorney general acting as irresponsible as he has acted with regards to the memo," Hancock said.
Investment and taxes aside, the ground-level industry is very cash heavy. Even with the Cole Memo, banks and credit unions operating under federal charters had little incentive to help cannabis businesses, which are still federally illegal, according to a representative from the Colorado Bankers Association.
"W hat we would hope our attorney general would do to work with Congress, begin the process of working on a pathway to banking for this industry," Hancock said.
Hancock is part of a growing chorus of prominent voices against Sessions' decision. On Thursday, Colorado Republican Sen. Cory Gardner vowed to hold up Justice Department nominations until Sessions changes his marijuana policy . | https://www.cnbc.com/2018/01/05/denver-mayor-trump-administration-out-of-step-on-marijuana.html |
Lowe's names two directors after talks with activist investor DE Shaw | Lowe's has appointed two new board members following talks with activist hedge fund D.E. Shaw, which recently built a stake in the home improvement chain.
The company's shares were up 1.8 percent in premarket trading on Friday.
D.E. Shaw had built up about a $1 billion stake amid approaching the company about changing the board, sources tell CNBC. The firm, which was looking to close Lowe's gap in revenue-per-store, margin, and valuation multiple versus Home Depot, had had a 50-page presentation that was shared with the Lowe's board, those sources added.
David Batchelder, co-founder of Relational Investors, and Lisa Wardell, CEO of Adtalem Global Education, were named to the board after "constructive discussions" with D.E. Shaw, Lowe's said.
The retailer also said it would nominate Brian Rogers, chairman of T. Rowe Price Group and its former chief investment officer, for board election at its annual shareholder meeting.
Batchelder was recommended by D.E. Shaw, while Wardell and Rogers were the company's candidates, a source close to the matter said.
The appointments of Batchelder, who will serve on the board's compensation committee, and Wardell, who will sit on the audit committee, are effective March 22.
Last week, CNBC reported that D.E. Shaw had built an activist stake in Lowe's, concerned about the home improvement retailer's performance, but was not planning to push for consolidation with another home retailer at this time.
—CNBC's Leslie Picker contributed to this report. | https://www.cnbc.com/2018/01/19/lowes-names-two-directors-after-talks-with-activist-investor-de-shaw.html |