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DuckDuckGo CEO: Don't wait for Zuckerberg to save your data | DuckDuckGo CEO: Don't wait for Zuckerberg to save your data 1 Hour Ago DuckDuckGo CEO Gabriel Weinberg weighs in on the fight for user data privacy and why big tech's data monopolies need to be broken up to stop intrusive tracking. | https://www.cnbc.com/video/2018/01/22/duckduckgo-ceo-dont-wait-for-zuckerberg-to-save-your-data.html |
U.S. ambassador to Panama resigns, says cannot serve Trump | January 12, 2018 / 5:45 PM / Updated 17 minutes ago U.S. ambassador to Panama resigns, says cannot serve Trump Reuters Staff 3 Min Read
WASHINGTON (Reuters) - U.S. Ambassador to Panama John Feeley, a career diplomat and former Marine Corps helicopter pilot, has resigned, saying he no longer felt able to serve President Donald Trump. FILE PHOTO: U.S. Ambassador to Panama John Feeley in Mexico speaks during a ceremony at a hangar of the Secretariat of National Defense in Mexico City, Mexico November 8, 2010. REUTERS/Eliana Aponte/File Photo
Feeley’s departure had been communicated to State Department officials on Dec. 27 and was not a response to Trump’s alleged use of the word “shithole” to describe Haiti and African countries at a meeting on Thursday, U.S. officials said.
Trump denies using the term.
Feeley, one of the department’s Latin America specialists and among its senior most officers, made clear that he had come to a place where he no longer felt able to serve under Trump.
“As a junior foreign service officer, I signed an oath to serve faithfully the president and his administration in an apolitical fashion, even when I might not agree with certain policies,” Feeley said, according to an excerpt of a resignation letter read to Reuters on Friday.
“My instructors made clear that if I believed I could not do that, I would be honor bound to resign. That time has come.”
A State Department spokeswoman confirmed Feeley’s departure, saying that he “has informed the White House, the Department of State, and the Government of Panama of his decision to retire for personal reasons, as of March 9 of this year.”
Speaking to reporters, Under Secretary of State Steve Goldstein said he was aware of Feeley’s planned departure on Thursday morning, before Trump’s alleged use of the vulgar term, and said the ambassador was leaving for “personal reasons.”
”Everyone has a line that they will not cross,“”Goldstein told reporters at the State Department. “If the ambassador feels that he can no longer serve ... then he has made the right decision for himself and we respect that.”
U.S. officials declined to discuss Feeley’s reasons for leaving the department after a long career, much of which was spent working on Latin American issues.
Some of Trump’s policies have been widely regarded within the region as hostile to Latin America.
The Trump administration has taken a tougher stance on immigration from Latin America, most notably with moves to expel hundreds of thousands of immigrants from El Salvador, Haiti and Nicaragua who benefited from temporary protection status after natural disasters.
Feeley’s career included serving as the No. 2 official in the State Department bureau that deals with Latin America, as deputy chief of mission at the U.S. embassy in Mexico City and as director for Central American affairs in Washington. Reporting by Arshad Mohammed; editing by Tom Brown | https://uk.reuters.com/article/uk-usa-diplomacy-panama/u-s-ambassador-to-panama-resigns-says-cannot-serve-trump-idUKKBN1F1233 |
Del Potro sets up Auckland semi-final with Ferrer | (Reuters) - Juan Martin del Potro kept his Australian Open preparations on track with a 7-6(4) 6-3 win over Russia’s Karen Khachanov in the Auckland Classic on Thursday, setting up a semi-final meeting with David Ferrer.
Former U.S. Open champion Del Potro fired down 11 aces and did not face a break point during the one hour, 33 minutes match.
The 29-year-old second seed, who won the tournament the last time he played in it in 2009, will now return to the top 10 in the ATP rankings on Monday for the first time since August 2014 after struggling with injuries over the past few years.
Waiting for Del Potro in the last four will be Spaniard Ferrer, who brushed aside ATP NextGen Finals champion Chung Hyeon of South Korea 6-3 6-2.
Ferrer is yet to drop a set in Auckland and has shown glimpses of his old form that saw him win the tournament in 2007, 2011, 2012 and 2013.
“I tried to play consistent and aggressive because with Chung, he plays with power, and it’s never easy,” Ferrer said in a court-side interview. “He has a really great future.”
Ferrer’s countryman Roberto Bautista Agut will play Dutchman Robin Haase in the other semi-final.
2016 champion Bautista Agut defeated Czech Jiri Vesely 7-6(1) 6-2 in the last eight while Hasse beat Peter Gojowczyk of Germany 6-4 6-4.
Reporting by Sudipto Ganguly in Mumbai; editing by Peter Rutherford
| https://www.reuters.com/article/us-tennis-auckland-men/del-potro-sets-up-auckland-semi-final-with-ferrer-idUSKBN1F00XP |
SHAREHOLDER ALERT: Purcell Julie & Lefkowitz LLP Is Investigating Versum Materials, Inc. for Potential Breaches Of Fiduciary Duty By Its Board of Directors | NEW YORK, Jan. 3, 2018 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of Versum Materials, Inc. (NYSE: VSM).
If you are a shareholder of Versum Materials, Inc. and are interested in obtaining additional information regarding this investigation, free of charge, please visit us at:
http://pjlfirm.com/versum-materials-inc/
You may also contact Robert H. Lefkowitz, Esq. either via email at [email protected] or by telephone at 212-725-1000. One of our attorneys will personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit http://pjlfirm.com . Attorney advertising. Prior results do not guarantee a similar outcome.
View original content: http://www.prnewswire.com/news-releases/shareholder-alert-purcell-julie--lefkowitz-llp-is-investigating-versum-materials-inc-for-potential-breaches-of-fiduciary-duty-by-its-board-of-directors-300576961.html
SOURCE Purcell Julie & Lefkowitz LLP | http://www.cnbc.com/2018/01/03/pr-newswire-shareholder-alert-purcell-julie-lefkowitz-llp-is-investigating-versum-materials-inc-for-potential-breaches-of-fiduciary-duty.html |
Fulton Financial Corporation Announces Dates for Fourth Quarter/Year-End 2017 Earnings Release and Webcast | LANCASTER, Pa.--(BUSINESS WIRE)-- Fulton Financial Corporation (Nasdaq: FULT) today announced that it will distribute its fourth quarter/year-end 2017 earnings news release and accompanying charts on Monday, January 22, at approximately 4:30 p.m. Eastern Time.
The Corporation will host its quarterly conference call with analysts who cover the company on Tuesday, January 23, at 10:00 a.m. Eastern Time. E. Philip Wenger, Chairman and Chief Executive Officer, will host the call. He will be joined by Philmer H. Rohrbaugh, Senior Executive Vice President and Interim Chief Financial Officer.
The live webcast of this call can be heard/viewed by going to Fulton Financial Corporation's website, www.fult.com , selecting the Investor Relations tab, and clicking on the link to the webcast. The webcast will be archived on the company's website following the call. You can also dial in to listen to an audio-only version of the call at 844-264-2102, Conference ID 3291809.
Fulton Financial Corporation is a financial holding company that operates banking offices in Pennsylvania, Maryland, Delaware, New Jersey and Virginia through the following subsidiary banks: Fulton Bank, N.A., Lancaster, PA; Swineford National Bank, Middleburg, PA; Lafayette Ambassador Bank, Easton, PA; FNB Bank, N.A., Danville, PA; Fulton Bank of New Jersey, Mt. Laurel, NJ; and The Columbia Bank, Columbia, MD.
The Corporation's additional financial services providers include Fulton Financial Advisors, Lancaster, PA and Clermont Wealth Strategies, Lancaster, PA. Residential mortgage lending is offered by all banks through Fulton Mortgage Company.
Additional information on Fulton Financial Corporation is available at www.fult.com .
View source version on businesswire.com : http://www.businesswire.com/news/home/20180105005654/en/
Fulton Financial Corporation
Stacey Karshin, 717-291-2739
Source: Fulton Financial Corporation | http://www.cnbc.com/2018/01/05/business-wire-fulton-financial-corporation-announces-dates-for-fourth-quarteryear-end-2017-earnings-release-and-webcast.html |
BRIEF-India's Zee Learn Dec Qtr Consol Profit Rises | Jan 15 (Reuters) - Zee Learn Ltd:
* DEC QUARTER CONSOL NET PROFIT 77.1 MILLION RUPEES VERSUS PROFIT 21.7 MILLION RUPEES YEAR AGO
* DEC QUARTER CONSOL REVENUE FROM OPERATIONS 521.7 MILLION RUPEES VERSUS 302.8 MILLION RUPEES YEAR AGO Source text - bit.ly/2DhIPpn Further company coverage:
| https://www.reuters.com/article/brief-indias-zee-learn-dec-qtr-consol-pr/brief-indias-zee-learn-dec-qtr-consol-profit-rises-idUSFWN1PA0GQ |
Correction: Dunkin Without The Donuts story | QUINCY, Mass. (AP) — In a story Jan. 13 about a new Dunkin' Donuts store opening near Boston, The Associated Press reported erroneously that it would be the company's first location in the U.S. to be billed simply as Dunkin'. The chain says its first franchise to drop "Donuts" from its name did so last year in Pasadena, California.
A corrected version of the story is below:
Dunkin' without the 'Donuts': New store tests shorter name
A new Dunkin' Donuts store opening in the Boston suburb of Quincy is dropping 'Donuts' from its name
QUINCY, Mass. (AP) — Dunkin' without the Donuts?
A new Dunkin' Donuts store opening in the Boston suburb of Quincy is giving the idea a try, at least in name. Officials say the "next generation" store being unveiled Tuesday will be be billed simply as "Dunkin."
But the chain's signature doughnuts aren't going anywhere. The restaurant will still serve the fried treats that have been a mainstay for the company since its founding in Quincy in 1950.
The shortened name is part of a broader rebranding at several of the company's stores. The Canton, Massachusetts-based company has been referring to itself as Dunkin' in advertisements for years, and last year, a franchise in Pasadena, California, became the first in the nation to drop "Donuts" from its name.
The Patriot Ledger reports the Quincy franchise also will pilot other new concepts, including multiple, high-tech drive-thru lanes. | https://www.cnbc.com/2018/01/16/the-associated-press-correction-dunkin-without-the-donuts-story.html |
South Korea considering shutting down all virtual currency exchanges | 49 AM / Updated 18 minutes ago South Korea considering shutting down all virtual currency exchanges Dahee Kim 2 Min Read
SEOUL (Reuters) - South Korea’s financial regulator chief said the government is considering shutting down all local virtual currency exchanges in a national policy committee meeting on Thursday.
“(The government) is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law,” said Choi Jong-ku, chief of Financial Services Commission, to a question from a parliament member.
His comments came after the world’s most popular virtual currency, bitcoin, slid 18 percent on Wednesday on reports suggesting South Korea could ban trading of cryptocurrencies.
Bitcoin stood at $11,560 on the Luxembourg-based Bitstamp exchange as of 0218 GMT, paring a bit of its previous losses.
Hong Nam-ki, minister of the office for government policy co-ordination, said that opinions on cryptocurrency trading are sharply divided within the government, but vowed to make a decision on regulations during Thursday’s meeting.
South Korea’s justice minister had said last week the ministry was preparing a bill to ban cryptocurrency trading, which sent bitcoin prices plummeting.
The shift toward tighter regulation sparked strong reaction from many South Koreans, thousands of whom signed a petition on the website of the presidential Blue House to stop a ban on cryptocurrency trading. Reporting by Dahee Kim; Editing by Michael Perry and Sam Holmes | https://uk.reuters.com/article/us-southkorea-bitcoin/south-koreas-financial-regulator-says-considering-shutting-down-all-virtual-currency-exchanges-idUKKBN1F706T |
The 10-Point. | Good morning,
Shutdown Showdown
It will be a busy day in Washington, with the funding of the federal government in doubt. On Thursday evening, the House narrowly passed a temporary spending bill, but rising opposition in the Senate leaves lawmakers without a clear path for avoiding a partial government shutdown at 12:01 a.m. on Saturday. The House approved the bill that would keep the government funded through Feb. 16—as well as reauthorize the Children’s Health Insurance Program for six years—with a 230-197 vote. But that... To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/the-10-point-1516361567 |
UPDATE 1-Bulgaria expects to apply to join ERM-2 by June-finmin | January 11, 2018 / 10:37 AM / Updated an hour ago UPDATE 2-Defiant Bulgaria to push for ERM-2 membership Reuters Staff
* Sofia to apply for ERM-2 by mid-year - finmin
* Bulgaria has long met formal criteria to join euro
* Sofia losing patience with lack of clarity on its bid
* Move comes as Bulgaria starts six-month EU presidency (Releads with application, adds quotes)
By Alastair Macdonald and Tsvetelia Tsolova
SOFIA, Jan 11 (Reuters) - Bulgaria stepped up its campaign to adopt the euro on Thursday, challenging member states to let it into the single currency’s “waiting room” in the coming months -- or spell out why it cannot join.
Speaking to Brussels-based reporters as EU commissioners visited Sofia at the start of Bulgaria’s six-month presidency of EU ministerial councils, the finance minister said he was ready to apply to join the ERM-2 exchange rate mechanism this year even if he had no assurance that the request would be accepted.
Prime Minister Boyko Borissov and finance chief Vladislav Goranov said the European Union’s poorest nation had long met all formal criteria for joining the euro zone and was frustrated that fellow EU states were reluctant to let it in.
“We have done our homework for the euro zone,” Borissov said, noting the lev’s 20-year-old fixed rate against the euro, a non-existent budget deficit and one of the lowest public debt levels in the EU. “Any moment they invite us, we can enter it.”
Bulgaria has been reluctant to repeat the experience of flat rejection of its request to join the Schengen passport-free area and has been in discussions on joining the ERM-2 with the European Commission and the European Central Bank, hoping for an informal green light before lodging its formal application.
However, Goranov said, patience was wearing thin with a lack of clarity from states on why they object. Euro zone officials say that lead economy Germany sees the gulf between Bulgarian incomes with the EU average and concerns over graft and organised crime as reasons to keep it at arm’s length.
Goranov said he now expected to lodge an application by the middle of this year after a biennial EU report on performance on economic convergence, which the EU executive said it plans to publish in May.
“We are ready to file a formal application even if we are not convinced that the reply will be ‘yes’,” Goranov said.
“This is not a threat,” he said, noting pressure on the government from Bulgarian businesses to join.
“A ‘no’ will also show us what to do in order to get there.”
As an example, he cited the fact that Bulgaria’s GDP per capita is about half that of the EU average and said that if euro zone states wanted to set it a target of 70 percent of the average he could accept that.
There is no such formal criterion at the moment and some euro zone countries are below that level. NO RUSH TO EURO
Goranov stressed that Bulgaria would be in no rush to move from the ERM-2, in which it participates as an observer in some euro zone institutions, to full membership of the currency area.
The rules stipulate two years in the ERM-2 before adopting the euro, but Goranov said: “We are prepared to wait there until we are fully ready to go on ... As many years as we need.”
ERM-2 membership would bolster investor confidence and help the central bank manage its reserves, he said. Ratings agencies have already cited ERM-2 as grounds for a possible upgrade.
European Commission President Jean-Claude Juncker, who was leading his EU executive’s visit to Sofia, supports Bulgaria’s case for moving toward euro membership as part of a broader strategy to bolster confidence in the project following the sovereign debt crises of the past decade. It could also ease divisions between the rich west and ex-communist east of the bloc in the wake of Britain’s decision to quit the EU next year.
A Commission spokesman noted that euro membership was an obligation in the long run for most EU states, saying: “Member states that want to join the euro must be able to do so.”
Goranov acknowledged reservations at the ECB and among richer euro zone states but added: “I don’t think that things are so bad that we need to be treated as second class.” (Reporting by Alastair Macdonald, additinal reporting by Tsvetelia Tsolova; Editing by Gareth Jones) | https://www.reuters.com/article/bulgaria-eurozone/update-1-bulgaria-expects-to-apply-to-join-erm-2-by-june-finmin-idUSL8N1P625A |
European shares trade sideways, focus on M | January 22, 2018 / 8:57 AM / Updated 18 minutes ago Dealmaking drives European stocks as equity melt-up continues Julien Ponthus , Helen Reid 4 Min Read
LONDON (Reuters) - A flurry of merger activity among European stocks drove strong moves on Monday as regional indexes notched up new records, with investors shrugging off the U.S. government shutdown as a global stocks “melt-up” continued to grip European markets.
Euro zone stocks .STOXXE gained 0.3 percent to hit a fresh 10-year high, and the pan-European STOXX 600 index recovered from early losses to trade up 0.3 percent.
Spain's IBEX .IBEX , which had been held back by instability in Catalonia, hit its highest since August, up 1 percent after a ratings upgrade from Fitch that also sent the country's borrowing costs down to six-week lows.
Spain’s Santander bank ( SAN.MC ) was the biggest single boost to the STOXX 600, leading a rally among financials.
While strong banking and oil stocks underpinned the market, merger and acquisition news across telecoms, pharmaceuticals and luxury sectors drove the lion’s share of big stock moves.
Orange ( ORAN.PA ) and Deutsche Telekom ( DTEGn.DE ) rose 2.1 percent each after a report in French daily Le Monde said the two companies had held merger talks last year.
“This could boost M&A expectations in Europe,” said AFS Group analyst Jauke de Jong in Amsterdam. The telecoms sector has lagged the market for months, but hopes of dealmaking drew investors in, sending the index .SXKP up 1.4 percent.
French drugmaker Sanofi ( SASY.PA ) fell 2.9 percent after the company announced an $11.6 billion takeover of U.S. hemophilia treatment specialist Bioverativ ( BIVV.O ), with some traders saying the deal looked expensive.
Kepler Cheuvreux analysts said the deal raised a “host of questions” and wondered whether Bioverativ’s pipeline could offset pressure from a rival Roche treatment.
Swedish firm Sobi ( SOBIV.ST ), a partner to Bioverativ, soared 16.5 percent.
Cartier owner Richemont’s ( CFR.S ) offer for full control of online luxury retailer Yoox Net-a-Porter ( YNAP.MI ) sent the Italian stock surging 24 percent to a record high.
“Given the lack of interesting acquisition targets up for sale in their core business of hard luxury, Richemont has decided to put at work its big cash pile investing into distribution channels,” wrote Bernstein analysts.
Richemont shares closed down 1.6 percent as investors digested the up-to-2.8 billion euro ($3.4 billion) offer, a nearly 26 percent premium over YNAP’s closing price on Friday.
UBS ( UBSG.S ), Switzerland’s biggest bank, recovered after an early fall when it reported a quarterly loss, driven by a large writedown on the U.S. tax reforms. UBS still boosted its dividends and announced a new share buyback program, and the stock was up 0.4 percent at the close.
Retailers .SXRP performed well thanks to a 27.5 percent jump from UK online grocer Ocado ( OCDO.L ) after it signed an agreement with Sobeys SOBEF.UL to develop the online grocery business at Canada’s second-largest food retailer.
Germany-listed shares in South African retailer Steinhoff ( SNHG.DE ) ( SRRJ.J ) rose more than 11 percent after the firm sold its 13.5 percent stake in investment firm PSG Group for 7.1 billion rand ($587 million) as it scrambled to plug a liquidity hole. Reporting by Julien Ponthus; Editing by Tom Pfeiffer and Kevin Liffey | https://www.reuters.com/article/us-europe-stocks/european-shares-trade-sideways-focus-on-ma-idUSKBN1FB0WT |
11 Gifts for Your Funny Valentine—Inspired by the Classic Song | 1. “Sweet comic Valentine, you make me smile with my heart.”
Well worth a grin: silly sterling silver and gold vermeil twisty straws from Tiffany’s, a charmingly extravagant surprise. Tiffany & Co. Silver Straw, $250, and Gold Straw, $350, tiffany.com
... | https://www.wsj.com/articles/11-gifts-for-your-funny-valentineinspired-by-the-classic-song-1517418421 |
Nigeria starts large scale evacuation of its citizens from Libya | TRIPOLI (Reuters) - Nigeria is starting flights to evacuate thousands of its citizens from Libya which will continue until all those wanting to return home have done so, its foreign minister said on Saturday.
Nigerians have recently been the largest national group among African migrants traveling to Libya and trying to cross from there to Italy by sea.
Since local armed factions and Libya’s coastguard began blocking more migrants from leaving in July last year, large numbers have been trapped in Libya, where they often face dire conditions and abuse, including forced labor.
The International Organization for Migration (IOM) has in recent months accelerated a “voluntary returns” program to repatriate migrants from a number of countries. Nigeria now joins Niger in organizing bilateral returns.
“The main objective, and we’re very focused on that objective, is to get these Nigerian citizens back home as quickly as possible,” Nigerian Foreign Minister Geoffrey Onyema told reporters during a visit to Tripoli.
”Our president has made available all the resources necessary to repatriate all the Nigerians here.
“We have two planes arriving today and God willing we are hoping to evacuate anything up to 800 Nigerians today.”
Nigeria had been expecting to fly back about 5,500 migrants, Onyema said, but the situation on the ground made the actual number hard to ascertain.
“Some of the difficulties with getting precise numbers is that some are within the control of the central government in camps, some are clearly outside the camps, some are also in less accessible areas where there might not be full central government control and authority,” he said.
Facilitating voluntary returns could also be complicated by lack of access, Onyema said. Criminals involved in smuggling and trafficking migrants “also (have) an interest that a number of them should not be repatriated, because these represent economic assets for them”.
Libya has been in turmoil since a 2011 uprising, with rival governments and armed factions vying for power. Onyema was hosted by the internationally recognized government in Tripoli, which has struggled to assert its authority on the ground.
Slightly fewer than half as many migrants reached Europe by sea in 2017 than 2016, the IOM said on Friday, largely due to a drop in numbers crossing from Libya.
Writing by Aidan Lewis; Editing by Angus MacSwan
| https://www.reuters.com/article/us-libya-migrants-nigeria/nigeria-starts-large-scale-evacuation-of-its-citizens-from-libya-idUSKBN1EV0P8 |
IRS needs $500 million to implement tax changes | IRS needs $500 million to implement tax changes 18 Hours Ago CNBC's Ylan Mui reports on how the IRS might be taking a chunk out of employees' bonuses. | https://www.cnbc.com/video/2018/01/12/irs-needs-500-million-to-implement-tax-changes.html |
Spurned by Trump, Europeans ponder how to meet Iran ultimatum | PARIS/BRUSSELS/WASHINGTON (Reuters) - A day before Donald Trump’s Jan. 12 ultimatum to “fix” the Iran nuclear deal, European powers met Iran’s foreign minister to show support for it, but the effort failed to soften Trump’s aversion to the accord, U.S. and European officials said.
The gathering in Brussels may even have reinforced the U.S. president’s antipathy, according to three U.S. officials involved in the discussions.
Trump instead gave the European allies, Britain, France, Germany, and the U.S. Congress 120 days to come up with a tougher approach on Tehran or see U.S. sanctions reimposed, they said.
With Trump warning of a last chance for “the worst deal ever negotiated”, Britain, France and Germany have begun talks on a plan to satisfy him by addressing Iran’s ballistic missile tests and its regional influence while preserving the 2015 accord that curbed Iran’s nuclear ambitions for at least a decade.
It is hard to say what might mollify the Trump administration, which is split between those who would like to tear up the agreement and those who wish to preserve it and which has said inconsistent things about its demands to keep the accord, U.S. and European officials said.
Under U.S. law, Trump must decide again whether to renew the U.S. sanctions relief every 120 days, giving Congress, as well as U.S. and European diplomats, until mid-May to see if there is a way to finesse the issue.
But the Brussels meeting has left European powers wary that whatever they agree, it may not be enough.
“We’re going to work in the spirit that we’re ready to talk about everything, from the nuclear accord to Iran’s ballistic missiles,” said a senior European diplomat. “But we want to compartmentalise the subjects; we’re not going to mix them.”
At stake is not just an historic accord negotiated - before Trump took office - by the United States, China, France, Russia, Britain, Germany and the European Union, and one that Europe sees as its biggest diplomatic achievement in decades.
A collapse of the nuclear deal could see a breakdown in the relations between the United States and Europe that have underpinned the West’s security since World War Two, European diplomats and the senior U.S. official said, and could confirm Europe’s fears that it can no longer count on U.S. leadership.
Britain, France, Germany and the EU’s foreign policy chief, Federica Mogherini, are adamant that the deal cannot be renegotiated, while Russian Foreign Minister Sergei Lavrov also ruled that out this month, speaking at the United Nations.
Initial contacts between the three European powers in Washington, European capitals and at the EU’s headquarters in Brussels suggest that Paris, London and Berlin will present a package of measures to the United States to allay Trump’s concerns about Iran but that do not reopen the nuclear accord.
BALLISTIC THREAT The strategy could include threatening Iran with targeted economic sanctions if it does not agree to curtail its ballistic weapons arsenal, which the West believes contains longer-range missiles potentially capable of carrying nuclear warheads.
Britain's Foreign Secretary Boris Johnson attends a news conference with French Foreign Minister Jean-Yves Le Drian, German counterpart Sigmar Gabriel and European Union's foreign policy chief Federica Mogherini after meeting Iran's Foreign Minister Mohammad Javad Zarif (unseen) in Brussels, Belgium January 11, 2018. REUTERS/Francois Lenoir European diplomats favor creating a high-level working group with Iran to discuss the missile issue, while reminding Trump that NATO’s ballistic missile defense shield in southeastern Europe will boast a new site in Poland this year.
Washington wants U.N. nuclear inspectors to be able to visit military sites as part of the International Atomic Energy Agency’s verification of the nuclear deal. The IAEA says it does not distinguish between military and non-military sites and has repeatedly said Iran is honoring its commitments under the deal.
Diplomats say the IAEA has not yet inspected a military site, and if Washington wants it to do so it needs to provide new information showing that this is necessary.
For its part, Iran has said its military sites are beyond the IAEA’s purview and repeatedly denied that its nuclear program has military dimensions, namely to develop bombs.
Another part of the potential European strategy is pressure on Iran to rein in Middle East proxies such as Hezbollah, and to stop arming Houthi fighters combating government forces in Yemen’s war, which has devastated the country.
There is discussion to push Iran to embrace U.N-backed peace talks for Syria, where Tehran is sharply at odds with the West in its support for President Bashar al-Assad and whose departure the United States and its EU allies have long sought.
That could dovetail with U.S. legislative efforts to change the nuclear deal’s so-called sunset provisions as they expire from 2025, so that if Iran were eventually to launch a nuclear arms program, U.S. sanctions would kick in again.
In the U.S. Congress, the leaders of the Senate Foreign Relations Committee are working with the White House to write legislation they hope can meet Trump’s demand to eliminate “the disastrous flaws” in the pact.
“Presented the right way, it could be just enough to allow Trump to claim a diplomatic victory and sign legislation from Congress,” said a senior EU diplomat.
Mogherini will brief EU foreign ministers on Monday, while U.S. Secretary of State Rex Tillerson will meet his British and French counterparts in London and Paris this week on a trip where Iran “will dominate” many conversations, an aide said.
“RAGING DISAGREEMENTS”
While Britain, Germany and France appear united, Mogherini has so far been unwilling to consider EU sanctions on Iran over its ballistic missiles to avoid jeopardizing the nuclear deal.
Iran already rejected a call in November by French President Emmanuel Macron for talks on its missiles, saying they were solely defensive in nature. “Their concept of dialogue is to explain that they are right,” a Western diplomat said of Iran.
Britain, France and Germany also face a divided U.S. government - current and former U.S. officials said it is unclear whether Trump wants to save the pact or has set the Europeans and Congress an impossible task, giving him an excuse to end the deal and for someone to take the fall.
”There are these raging disagreements within the (Trump) administration,“ ” said a former U.S. official. “While one group wants to keep the agreement, the other wants this outreach to the Europeans and the Congress to fail and to be able to blame it on them.”
Additional reporting by Andrea Shalal in Berlin, Michelle Nichols in New York, Francois Murphy in Vienna, John Walcott and Patricia Zengerle in Washington; editing by Mark Heinrich, William Maclean
| https://www.reuters.com/article/us-iran-nuclear-eu-usa/spurned-by-trump-europeans-ponder-how-to-meet-iran-ultimatum-idUSKBN1FA0S4 |
BRIEF-Al Wiaam Financial Investment FY Profit Rises | Jan 14 (Reuters) - AL WIAAM FINANCIAL INVESTMENT CO :
* FY PROFIT 46.9 MILLION DINARS VERSUS 2.5 MILLION DINARS YEAR AGO Source: ( bit.ly/2r2zFIz ) Further company coverage:
| https://www.reuters.com/article/brief-al-wiaam-financial-investment-fy-p/brief-al-wiaam-financial-investment-fy-profit-rises-idUSFWN1P70Z0 |
China says will not attend Vancouver meeting on North Korea | BEIJING (Reuters) - China will not attend an international meeting of foreign ministers in Canada to discuss North Korea, China’s Foreign Ministry said on Wednesday.
Speaking at a daily news briefing, ministry spokesman Lu Kang said the meeting would not help resolve tensions on the Korean peninsula because not all of the main parties would be there.
Canada and the United States are co-hosting the meeting in Vancouver on Jan. 16 to demonstrate international solidarity against North Korea’s nuclear and missile tests.
Representatives of the countries that sent troops or other military support to the U.N.-backed effort to repel North Korean forces after the 1950 invasion of South Korea will attend.
Reporting by Michael Martina; Writing by Philip Wen; Editing by Michael Perry
| https://www.reuters.com/article/us-northkorea-missiles-china/china-says-will-not-attend-vancouver-meeting-on-north-korea-idUSKBN1EZ0MH |
Sudan recalls its ambassador from Egypt amid tensions | Updated 13 minutes ago Sudan recalls its ambassador from Egypt amid tensions
KHARTOUM (Reuters) - Sudan has recalled its ambassador from neighbouring Egypt for consultations, the foreign ministry said on Thursday, without giving details on why or how long he would stay.
Egypt’s foreign ministry said it is evaluating the situation in order to take “appropriate action”.
Relations have been soured by disputes over the ownership of the Halayeb Triangle border area, and over the use of the water from the River Nile that passes through their territories.
Sudan has accused Cairo of political meddling and banned imports of Egyptian agricultural products last year. Reporting by Khalid Abdelaziz; Writing by Nadine Awadalla; Editing by Andrew Heavens | https://in.reuters.com/article/sudan-egypt/sudan-recalls-its-ambassador-from-egypt-amid-tensions-idINKBN1ET2HS |
Russian opposition leader Navalny says police will not prevent him from joining protest | Russian opposition leader Navalny says police will not prevent him from joining protest 2:05pm IST - 01:24
Alexei Navalny says he is determined to protest March's presidential election in Russia on Sunday, despite a significant police presence surrounding him. Rough cut (no reporter narration).
Alexei Navalny says he is determined to protest March's presidential election in Russia on Sunday, despite a significant police presence surrounding him. Rough cut (no reporter narration). //reut.rs/2niQQAc | https://in.reuters.com/video/2018/01/29/russian-opposition-leader-navalny-says-p?videoId=389319991 |
BRIEF-China Merchants Shekou Industrial Zone's Prelim 2017 Net Profit Up 27.5 Percent Y/Y | Jan 15 (Reuters) - China Merchants Shekou Industrial Zone Holdings Co Ltd:
* SAYS PRELIMINARY 2017 NET PROFIT UP 27.5 PERCENT Y/Y AT 12.2 BILLION YUAN ($1.90 billion) Source text in Chinese: bit.ly/2Dzo7Pk Further company coverage: ($1 = 6.4278 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| https://www.reuters.com/article/brief-china-merchants-shekou-industrial/brief-china-merchants-shekou-industrial-zones-prelim-2017-net-profit-up-27-5-percent-y-y-idUSL3N1PA3MJ |
Nikkei ends at 26-year high as oil, securities shares shine | January 4, 2018 / 6:38 AM / in 34 minutes Nikkei ends at 26-year high as oil, securities shares shine Reuters Staff 3 Min Read
TOKYO, Jan 4 (Reuters) - Japanese stocks rallied on the first trading day of 2018, with the Nikkei and Topix pushing to multi-decade highs as brokerage and oil shares surged.
Catching up to overseas gains after the long Japanese New Year’s holiday, the Nikkei share average finished up 3.26 percent at its session high of 23,506.33, its highest level since January 1992.
Thursday’s gain was the Nikkei’s biggest for one day since Nov. 10, 2016.
“The market was mostly domestically-driven in the morning, with foreign buyers emerging in the afternoon,” said Yutaka Miura, a senior technical analyst at Mizuho Securities, who added that further gains were possible as the Nikkei topped a resistance point at 23,500.
The broader Topix added 2.55 percent to end at a session high of 1,863.82, its best level since November 1991.
Advancers outnumbered decliners 492 to 143, with 40 issues ending unchanged.
In 2017, the Nikkei gained 19.1 percent and the Topix rose 19.7 percent, as the stronger global economy as well as domestic political stability and the Bank of Japan’s ultra-easy monetary policy underpinned Japanese corporate earnings.
On Thursday, gains in many sectors helped power brokerage shares, with the securities subindex surging 4.86 percent. Nomura Holdings added 3.16 percent and Daiwa Securities Group was up 3.82 percent.
Buoyant crude prices boosted the oil & coal subindex by 3.73 percent. JXTG Holdings added 3.99 percent and Cosmo Energy Holdings was 7.29 percent higher.
Crude oil futures rose about 2 percent on Wednesday to their highest in 2-1/2 years, lifted by unrest in OPEC member Iran and strong U.S. and German economic data
Semiconductor-related shares also outperformed, in line with their U.S. counterparts and PHLX Semiconductor Sector gains. Tokyo Electron shares rose 6.18 percent, and Screen Holdings shares were up 6.51 percent.
Nintendo shares climbed 4.90 percent. The Financial Times reported on Monday that game developer Niantic Inc plans to launch its blockbuster Pokemon Go augmented reality game, in which Nintendo has a stake, in China through a partnership deal with local company NetEase.
Mitsubishi Heavy Industries shares were 2.57 percent higher, after the head of the company’s aircraft unit said it was on track to deliver its repeatedly delayed commercial jet by mid-2020 despite risk of an order cancellation. (Reporting by Lisa Twaronite; Editing by Richard Borsuk) | https://www.reuters.com/article/japan-stocks-close/nikkei-ends-at-26-year-high-as-oil-securities-shares-shine-idUSL4N1OZ28C |
Angered by Trump, Palestinian protesters disrupt business seminar U.S. helped organise | January 30, 2018 / 11:54 AM / Updated 27 minutes ago Angered by Trump, Palestinian protesters disrupt business seminar U.S. helped organise Mustafa Abu Ganeyeh 3 Min Read
BETHLEHEM, West Bank (Reuters) - Palestinians protesting against U.S. President Donald Trump’s policy on Jerusalem halted a U.S.-coordinated Palestinian marketing workshop in the occupied West Bank on Tuesday, damaging an American diplomatic vehicle as it sped away.
Protesters threw tomatoes at the sports utility vehicle, which had U.S. consular licence plates, kicked one of its doors and ripped the plastic casing off a side mirror as it drove off under Palestinian police escort from the Bethlehem Chamber of Commerce.
Samir Hazboun, the chamber’s director, told Reuters that a digital marketing workshop was under way when about five protesters barged in.
“We hosted an American expert on this issue. Some people who have been trying to express their point of view and protest (against) the American decision regarding Jerusalem and the political situation ... interrupted the workshop and we stopped the workshop,” Hazboun said.
The U.S. Consulate in Jerusalem, which helped organise the workshop, declined immediate comment.
The U.S.-based lecturer was not a consular staff member. He was accompanied by consular security personnel and some of its Palestinian employees, organisers said.
Trump’s Dec. 6 announcement recognising Jerusalem as Israel’s capital overturned decades of U.S. policy that its status should be decided in Israeli-Palestinian negotiations.
His declaration drew universal condemnation from Arab leaders, stirred Palestinian street protests and drew widespread international criticism.
On a visit to Israel last week, U.S. Vice President Mike Pence said that Trump’s promised relocation of the U.S. Embassy from Tel Aviv to Jerusalem would take place by the end of 2019. Palestinians boycotted Pence’s visit.
Israel’s government regards Jerusalem as the eternal and indivisible capital of the country, although that is not recognised internationally. Palestinians say East Jerusalem, captured by Israel in a 1967 war, must be the capital of a state they seek in the West Bank and Gaza Strip.
In the Aida refugee camp near Bethlehem on Saturday, effigies of Trump and Pence were hanged and burned in a protest attended by about 30 Palestinians. Writing by Jeffrey Heller in Jerusalem; editing by Mark Heinrich | https://uk.reuters.com/article/uk-usa-trump-israel-palestinians/angered-by-trump-palestinian-protesters-disrupt-business-seminar-u-s-helped-organise-idUKKBN1FJ1IZ |
BRIEF-Groupe Open Q4 Consolidated Revenue Rises To 84.3 Million Euros | Jan 23 (Reuters) - GROUPE OPEN SA:
* Q4 CONSOLIDATED REVENUE EUR 84.3 MILLION VERSUS EUR 78.5 MILLION YEAR AGO
* REITERATES EUR 500 MILLION REVENUE AND RECURRING OPERATING RESULT OF 10 PERCENT AS PART OF 2020 STRATEGIC PLAN Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| https://www.reuters.com/article/brief-groupe-open-q4-consolidated-revenu/brief-groupe-open-q4-consolidated-revenue-rises-to-84-3-million-euros-idUSFWN1PI173 |
BRIEF-Taaleri: Commencement Of Proceedings Relating To Garantia Insurance | Jan 12 (Reuters) - Taaleri Oyj:
* REG-COMMENCEMENT OF PROCEEDINGS RELATING TO POSSIBLE INSURANCE EVENT AND COMPENSATION CLAIM OF GARANTIA INSURANCE COMPANY LTD Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| https://www.reuters.com/article/brief-taaleri-commencement-of-proceeding/brief-taaleri-commencement-of-proceedings-relating-to-garantia-insurance-idUSFWN1P70OE |
FOREX-Euro takes breather below 3-year high after ECB officials' remarks | * Euro steadies after slipping from 3-year high
* Dollar/yen steady above 4-month low
By Masayuki Kitano
SINGAPORE, Jan 18 (Reuters) - The euro nursed losses on Thursday, having pulled back from a three-year high as concerns voiced by European Central Bank officials this week dampened the currency’s momentum.
The euro’s decline helped stabilise the greenback, which has come under pressure as central banks of other major economies begin to move toward tighter monetary policy amid a more synchronised global recovery.
The euro last stood at $1.2197, up 0.1 percent on the day but well below a peak of $1.2323 set on Wednesday, the euro’s strongest level since December 2014.
The common currency slipped on Wednesday as ECB policymaker Ewald Nowotny told reporters the euro’s recent strength against the dollar is “not helpful,” which encouraged a bout of profit-taking before a policy meeting next week.
In an interview with an Italian newspaper Vitor Constancio, the ECB vice president, said he did not rule out that monetary policy would still continue to be “very accommodating for a long time”.
Given the way the euro had surged after breaking above $1.20, it was only natural for ECB officials to address the pace of the euro’s rise, said Roy Teo, investment strategist for LGT Bank in Singapore.
There could be some profit-taking and consolidation in the euro ahead of the ECB’s policy meeting next week, Teo added, although the currency’s outlook over 2018 looks positive.
“We see upside risk towards $1.30 by the end of this year... It’s surprising to note that growth in the euro zone is actually similar if not outpacing the U.S.”
The greenback gained some respite against other major peers. Against the yen, the dollar held steady at 111.27 yen, having bounced from Wednesday’s four-month low of 110.19 yen.
The Canadian dollar eased about 0.2 percent to C$1.2462 , having see-sawed on Wednesday after the Bank of Canada raised interest rates and indicated confidence in the economic outlook but sounded a cautious tone on the future of the North American Free Trade Agreement (NAFTA).
On Wednesday, the Canadian dollar had fluctuated in a relatively wide range of C$1.2540 to C$1.2362.
Later on Thursday, investors will turn their focus to China’s fourth-quarter and 2017 gross domestic product data, and data on December factory output, retail sales and fixed-asset investment.
The Chinese economic indicators are due to be released at 0700 GMT rather than the usual 0200 GMT. (Reporting by Masayuki Kitano; Editing by Sam Holmes)
| https://www.reuters.com/article/global-forex/forex-euro-takes-breather-below-3-year-high-after-ecb-officials-remarks-idUSL3N1PD17U |
Germany to play Saudi Arabia in World Cup dress rehearsal | 08 PM / Updated 19 minutes ago Germany to play Saudi Arabia in World Cup dress rehearsal Reuters Staff 1 Min Read
BERLIN (Reuters) - Soccer world champions Germany will play Saudi Arabia in their final test before they defend their World Cup title in Russia in June, the German football association (DFB) said on Friday.
Germany will play Austria away in Klagenfurt on June 2, then host the Saudis in Leverkusen on June 8.
“Against Austria we are facing a European team, and on a sporting and organisation level it fits with our preparations for the World Cup,” Germany coach Joachim Loew said.
“Saudi Arabia have a different way of playing and a different mentality that we do not know very well. So it is important to prepare for that ahead of a World Cup.”
The Germans have been drawn in Group F with Mexico, Sweden and South Korea. The Saudis have also qualified and will face hosts Russia, Egypt and Uruguay in Group A. Reporting by Karolos Grohmann; Editing by Kevin Liffey | https://uk.reuters.com/article/uk-soccer-germany-saudiarabia/germany-to-play-saudi-arabia-in-world-cup-dress-rehearsal-idUKKBN1FF1UM |
NSA chief to leave, expects successor this month: report | WASHINGTON (Reuters) - National Security Agency Director Mike Rogers has announced plans to retire this spring and has said he expected a successor to be nominated and approved by the U.S. Senate this month, according to a report on Friday.
Rogers, who heads the U.S. Cyber Command, made the announcement to agency staff, a Washington Post reporter said in a post on Twitter. NSA did not immediately respond to a request for comment.
Reporting by Doina Chiacu and Susan Heavey
| https://www.reuters.com/article/us-usa-security-rogers/nsa-chief-to-leave-expects-successor-this-month-report-idUSKBN1EU1TD |
CES 2018: the battle of the virtual assistants | CES 2018: the battle of the virtual assistants 8:58am EST - 01:37
Several thousand people descended on a wet and dreary Las Vegas as the world's largest technology showcase opened to the public. As Ivor Bennett reports, voice assistance and artifical intelligence are this year's hottest trends. ▲ Hide Transcript ▶ View Transcript
Several thousand people descended on a wet and dreary Las Vegas as the world's largest technology showcase opened to the public. As Ivor Bennett reports, voice assistance and artifical intelligence are this year's hottest trends. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2CZ4GCN | https://www.reuters.com/video/2018/01/10/ces-2018-the-battle-of-the-virtual-assis?videoId=381601936 |
BRIEF-Silver Bear Announces Receipt Of Hazardous Materials Licence, Mangazeisky Property, Russia | 13 PM / Updated 6 minutes ago BRIEF-Silver Bear Announces Receipt Of Hazardous Materials Licence, Mangazeisky Property, Russia Reuters Staff
Jan 10 (Reuters) - Silver Bear Resources Inc:
* SILVER BEAR ANNOUNCES RECEIPT OF HAZARDOUS MATERIALS LICENCE, MANGAZEISKY PROPERTY, RUSSIA.
* SILVER BEAR RESOURCES - CO CAN BEGIN FIRST SILVER PRODUCTION DURING Q1 OF 2018 Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-silver-bear-announces-receipt-of-h/brief-silver-bear-announces-receipt-of-hazardous-materials-licence-mangazeisky-property-russia-idUSFWN1P50DK |
UPDATE 1-South Africa white maize futures scale 11-month peak on hot, dry conditions | (Updates with details)
JOHANNESBURG, Jan 15 (Reuters) - South African white maize futures prices hit 11-month highs on Monday as a spell of hot, dry weather raised concerns about plantings and yields over a swathe of the maize belt.
Maize is South Africa’s staple crop and policy makers such as the central bank, which will meet later this week on interest rates, monitor its price because of its implications for inflation, especially for lower-income households.
The contract for delivery in March rose over 2 percent to 2,123.80 rand a tonne, its highest level in 11 months, before easing back to be 1.35 percent higher at 2,098 rand, according to Reuters’ data.
Industry group Grain SA said last Monday the western part of South Africa’s maize belt had been hit by drought and farmers there had only planted 70 to 75 percent of the area they had intended to put in the ground, with the growing season near its midpoint.
Weather conditions across a swathe of the maize belt have remained mostly hot and dry since then.
In October, South Africa’s official Crop Estimates Committee said farmers were expected to plant 6 percent fewer hectares of the staple grain in the 2017/2018 season, after last year’s record harvest of over 16.7 million tonnes depressed prices. (Reporting by Ed Stoddard; Editing by Mark Potter)
| https://www.reuters.com/article/safrica-grains/update-1-south-africa-white-maize-futures-scale-11-month-peak-on-hot-dry-conditions-idUSL8N1PA20R |
Hip hop and R&B surpass rock as biggest U.S. music genre | LOS ANGELES (Reuters) - Hip hop and R&B surpassed rock for the first time in 2017 as the biggest music genre in the United States, but British artist Ed Sheeran’s romantic pop album “Divide” was the year’s biggest single draw, according to a Nielsen Music report.
Powered by a 72 percent increase in on-demand audio streaming, eight of the top 10 albums came from the world of rap or R&B, including Kendrick Lamar’s “DAMN,” Drake’s “More Life” and “24K Magic” by Bruno Mars, according to Nielsen Music’s 2017 year-end report, released on Wednesday.
Rap and R&B also dominate the Grammy awards later in January, with rapper Jay-Z and Lamar leading nominations.
In a reflection of the demise of rock among young people, the Coachella music festival line-up announced earlier this week featured no rock headliner for the first time in the 19-year history of the three-day Southern California event.
Pop star Taylor Swift had the biggest album of 2017 in terms of sales with “Reputation,” with 1.9 million units sold, Nielsen said. The album, Swift’s first in three years, was kept off streaming for the first three weeks after its release in November.
But it was Sheeran whose music dominated radio, digital and streaming in 2017. “Divide” notched up 2.7 million units, including sales and streaming activity, and the 26 year-old singer-songwriter’s single “Shape of You” spent 33 weeks on Billboard’s Hot 100 chart and was streamed one billion times.
Billboard charts tally units from album sales, song sales (10 songs equal one album) and streaming activity (1,500 streams equal one album).
Vinyl sales surged for a 12th year in a row - up 9 percent in 2017 - especially among older fans. The top selling vinyl albums were The Beatles “Sgt.Pepper’s Lonely Hearts Club Band,” powered by a 50th anniversary reissue, and the British band’s 1969 release, “Abbey Road.”
Reporting by Jill Serjeant
| https://www.reuters.com/article/us-music-2017/hip-hop-and-rb-surpass-rock-as-biggest-u-s-music-genre-idUSKBN1ET258 |
Rocking from Scotland to Saudi Arabia, Canada to Qatar | LONDON (Reuters) - Curling, once a minority pastime played mostly by Scots and Canadians, will sweep onto the ice at next month’s Pyeongchang Olympics with the proud boast of being the world’s fastest growing winter sport.
The ‘roaring game’, with its origins in the frozen ponds and mists of medieval Scotland, is now popping up in the sort of sunny places where ice usually comes in cubes to cool the drinks.
Qatar’s men’s curling team celebrated their first international victory last November, beating Kazakhstan on Australia’s sun-soaked Central Coast north of Sydney.
A few months earlier, Middle Eastern neighbors Saudi Arabia secured conditional membership of the World Curling Federation along with fellow-newcomers Kyrgyzstan, Afghanistan and Portugal.
Las Vegas, in Nevada’s Mojave desert, will host the men’s world championship next April.
“You’d obviously think curling is for winter sport countries, it’s not really,” says Kate Caithness, the Scottish head of World Curling and one of only two female presidents of any Olympic sports.
”You can have curling anywhere in the world.
“Give us a hall and we’ll make ice. We’ve got these new facilities where we can almost roll out a mat, plug it in, add water and freeze it,” she told Reuters from her headquarters in Perth, Scotland.
In order to be included on the full program at the 1998 Nagano Olympics, curling needed to have 30 member nations. Twenty years on and there are 60 with more to come and a growth explosion predicted.
“We’ve never been in better shape, actually,” says Caithness.
“Mexico and Guyana are new members, and there’s other members in South America waiting to come on board.”
At the 2010 Games in Vancouver, curling was the most watched Winter Olympic sport on television in Brazil -- a country that recently challenged Canada for a place at the men’s world championships.
There are no member nations from Africa as yet, but there has been interest with South Africa most likely to be the first on board.
SLEEPING GIANT Curling is big already in Korea and Japan and the main growth areas over the next four years for a sport also known as ‘chess on ice’ are likely to be China, hosts of the 2022 Olympics, and the United States.
“China is a huge, huge market for us,” said Caithness.
“We’ve just signed a $13.4 million contract with a sponsor (Kingdomway Sports) in China for the next four years in the runup between now and 2022.”
The curling at those Beijing Winter Games will be held in the ‘Water Cube’ facility that hosted the swimming at the 2008 summer Olympics.
Transformed into the Ice Cube, the plan is to have a three sheet rink in the basement so that fans can watch the competition upstairs and also try their hand at the sport downstairs.
“I‘m on the 2022 IOC co-ordination commission, so I do have the inside information. I’ve been there already with the IOC,” said Caithness.
“They are going to put 300 million people through winter sport (in China) between now and 2022... I understand they are building 500 new ice rinks. I think the sport’s going to explode.”
Starting this year, a new made-for-television World Cup will start up with four city events on three continents forming the ‘Road to Beijing’.
In the United States, USA Curling last year signed a sponsorship deal with Pepsico’s Frito-Lay brand Cheetos that features tight end Vernon Davis of the National Football League’s Washington Redskins.
As part of the promotion, the cheese curl snack has come up with a rap video ‘Teach me how to Curl’ featuring curling moves and dance.
Even if Cheetos said in a statement that the deal aimed to “help raise awareness for one of America’s least participated in sports”, Caithness felt things were moving in the right direction.
“I think we’re going to see things go crazy in the United States. They’ve woken up at last,” she said.
Curling, whose tournament starts a day before the opening ceremony in Pyeongchang and runs right through to the last Sunday, can also expect more television coverage than any other sport.
To win a gold medal in men’s or women’s curling takes up to 33 hours on the field of play, with nine round robin games of three hours each followed by a semi-final and final. Pyeongchang sees the debut also of mixed doubles.
“We’ll have non-stop curling every day from dawn until dusk. We have huge TV coverage and this is really going to help our sport as well,” said Caithness.
Editing by Sudipto Ganguly
| https://www.reuters.com/article/us-olympics-2018-curl-growth/rocking-from-scotland-to-saudi-arabia-canada-to-qatar-idUSKBN1F51JV |
Itaú Corpbanca Schedules Fourth Quarter 2017 Financial Results, Conference Call and Webcast | SANTIAGO, Chile, Jan. 29, 2018 (GLOBE NEWSWIRE) -- ITAÚ CORPBANCA (NYSE:ITCB) (SSE:ITAUCORP) announced today that it will release its results for the fourth quarter ended December 31, 2017, after the market closes in New York on Wednesday, February 28, 2018.
On Thursday, March 1, 2018, at 11:00 A.M. Santiago time (9:00 AM ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by Milton Maluhy, Itaú Corpbanca’s Chief Executive Officer, Gabriel Moura, Itaú Corpbanca’s Chief Financial Officer, and Claudia Labbé, Itaú Corpbanca’s Head of Investor Relations.
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please Quote: “Itaú Corpbanca” to the operator.
A telephonic replay of the conference call will be available until Thursday, March 8, 2018, by dialing +1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 2339939#
Slides and Audio Webcast:
There will also be a live, and then archived, webcast of the conference call, available through the Company’s website. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. The webcast can be found at:
http://itaucorp.irwebpage.com/webcast_2017-4Q.html
About Itaú Corpbanca
ITAÚ CORPBANCA (NYSE:ITCB) (SSE:ITAUCORP) is the entity resulting from the merger of Banco Itaú Chile with and into Corpbanca on April 1, 2016. The current ownership structure is: 36.06% owned by Itaú Unibanco, 30.65% owned by CorpGroup and 33.29% owned by minority shareholders. Itaú Unibanco is the sole controlling shareholder of the merged bank. Within this context and without limiting the above, Itaú Unibanco and CorpGroup have signed a shareholders’ agreement relating to corporate governance, dividend policy (based on performance and capital metrics), transfer of shares, liquidity and other matters.
The merged bank has become the fourth largest private bank in Chile and will result in a banking platform for future expansion in Latin America, specifically in Chile, Colombia, Peru, and Central America. Itaú Corpbanca is a commercial bank based in Chile with operations also in Colombia and Panama. In addition, Itaú Corpbanca has a branch in New York and representative offices in Madrid and Lima. Focused on large and medium companies and individuals, Itaú Corpbanca offers universal banking products. In 2012, the bank initiated a regionalization process and as of the date hereof has acquired two banks in Colombia -Banco Santander Colombia and Helm Bank-, becoming the first Chilean bank having banking subsidiaries abroad. The merger with Banco Itaú Chile and the business combination of our two banks in Colombia, represent the continued success of our regionalization process.
As of November 30, 2017, according to the Chilean Superintendence of Banks, Itaú Corpbanca was the fourth largest private bank in Chile in terms of the overall size of its customer loan portfolio, equivalent to 10.9% market share.
As of the same date, according to the Colombian Superintendence of Finance, Itaú Corpbanca Colombia was the sixth largest bank in Colombia in terms of total loans and also the sixth largest bank in Colombia in terms of total deposits, as reported under local regulatory and accounting principles. As of November 30, 2017, its market share by loans reached 5.0%.
Investor Relations – Itaú Corpbanca
+56 (2) 2660-1701 / [email protected]
Source:Itau Corpbanca | http://www.cnbc.com/2018/01/29/globe-newswire-itaa-corpbanca-schedules-fourth-quarter-2017-financial-results-conference-call-and-webcast.html |
United States needs to pay attention to "treasured" relationship with Britain, Tillerson says | United States needs to pay attention to "treasured" relationship with Britain, Tillerson says 10:33am EST - 01:41
Rex Tillerson and UK Foreign Secretary Boris Johnson praise bilateral relations between Britain and the U.S. Rough cut (no reporter narration)
Rex Tillerson and UK Foreign Secretary Boris Johnson praise bilateral relations between Britain and the U.S. Rough cut (no reporter narration) //reut.rs/2n1oqL5 | https://www.reuters.com/video/2018/01/22/united-states-needs-to-pay-attention-to?videoId=387964995 |
Amtrak engineer misread signal before fatal crash near Seattle: U.S. agency | WASHINGTON (Reuters) - The Amtrak engineer aboard a passenger train that derailed last month in Washington state has told the National Transportation Safety Board he misread a signal and tried to brake before the crash that killed three people, the agency said on Thursday.
All 12 cars and one of two engines jumped the tracks at a curve on Dec. 18, sending some cars tumbling from a bridge onto an interstate highway near Seattle.
The NTSB this month said the crash, which also injured 70 people, could have been prevented if a safety technology system known as positive train control had been operational. It said the train was traveling at 79 miles per hour (126 km per hour) when it derailed, far above the 30 mph speed limit.
The agency said it was not able to interview the engineer and the qualifying conductor, who were in the lead locomotive, until last week because both had suffered serious injuries in the crash.
The engineer told investigators he was aware that the curve with a 30 mph (48 kph) speed restriction was at milepost 19.8 of the track, and that he had planned to start braking about one mile (1.6 km) prior to the curve, the agency said. The engineer said he did not recall seeing milepost 18 or the 30 mph advance speed sign that was posted two miles (3.2 km) ahead of the speed-restricted curve, the NTSB said.
The engineer also mistook another signal at the accident curve for another signal located to the north, it said.
The train was on its inaugural run on a faster route from Seattle to Portland, Oregon. The agency reported last month that six seconds before the derailment, the engineer remarked that it was speeding, and that he then applied the brakes but apparently not the emergency brake.
The NTSB did not disclose the name of the engineer, 55, who was hired by Amtrak in 2004. It said he had completed about seven to 10 observational trips in the locomotive as well as three trips operating the equipment in the weeks before the accident. The agency said the engineers reported being well rested and that the qualifying conductor was not a distraction.
Reporting by David Shepardson; Editing by Will Dunham
| https://www.reuters.com/article/us-washington-train/amtrak-engineer-misread-signal-before-fatal-crash-near-seattle-u-s-agency-idUSKBN1FE2NH |
UPDATE 1-Coach, Jimmy Choo fragrances boost France's Interparfums | (Adds analyst, shares, detail, background)
Jan 10 (Reuters) - French perfumes maker Interparfums on Wednesday raised its 2017 revenue guidance for the second time after a strong end to the year and better-than-expected sales of men’s fragrance Coach.
The company has benefited from demand for in-house brands such as Rochas, as well as successful product launches such as a fragrance line sold under the brand of luxury shoemaker Jimmy Choo.
“Coach and Rochas performed much better than expected,” said Kepler Cheuvreux analyst David Cerdan. “In 2018, Jimmy Choo will be the second biggest brand of Interparfums, right after their first brand Montblanc.”
Interparfums expects 2017 sales of 415-420 million euros ($495-$500 million), up from its previous guidance of around 400 million euros.
The company said in November it expected more moderate growth in 2018, before a further boost from new product launches in 2019 and 2020.
It also said on Wednesday it expected a 2017 operating margin of around 13.5 percent, compared with previous guidance of 13.0-13.5 percent.
Kepler Cheuvreux raised its price target for Interparfums shares by almost 9 percent to 38 euros. At 0825 GMT, the stock was up 2.8 percent at 36.35 euros.
$1 = 0.8384 euros Reporting by Manon Jacob; Editing by Subhranshu Sahu and Mark Potter
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/interparfums-outlook/update-1-coach-jimmy-choo-fragrances-boost-frances-interparfums-idUSL8N1P51BK |
Toymaker Lego teams up with Chinese internet giant Tencent | COPENHAGEN, Jan 15 (Reuters) - Danish toymaker Lego is teaming up with Chinese internet giant Tencent Holdings Ltd to jointly develop online games and potentially a social network aimed at Chinese children.
Privately-owned Lego has seen a slowdown in sales growth in recent years, but the Chinese market has been a bright spot with sales growing 25-30 percent in 2016.
It is competing with Barbie maker Mattel Inc and Hasbro, the firm behind My Little Pony, for a slice of the $31 billion toys and games market in China.
Lego said on Monday the partnership with Tencent, China’s biggest social network and gaming company, aimed to create a safe online environment covering content, platforms, and experiences tailored for Chinese children.
“We’ve seen more and more Chinese children engage with the world digitally, and the partnership will bring them safe and imaginative digital LEGO content that also supports their needs of learning, development and entertainment,” Jacob Kragh, head of LEGO in China, said in a statement.
The partnership includes developing a Lego video zone for children on the Tencent video platform, as well as developing and operating Lego branded licensed games, the toymaker said.
It also includes LEGO BOOST - a building and coding set that lets children turn their brick creations into moving objects - and will explore developing a joint social network for children in China.
Tencent is Asia’s most valuable company with a market capitalisation of $537 billion.
Last year, Mattel struck deals with Chinese e-commerce giant Alibaba Group Holding Ltd and online content developer BabyTree to sell interactive learning products based on its Fisher-Price toys.
Lego has about a 3 percent market share in China, followed by Mattel and Hasbro with around 2 percent and 1 percent, respectively, according to Euromonitor International.
In November 2016, Lego opened a factory in Jiaxing, China, which it expects to produce 70-80 percent of all Lego products sold in Asia. (Reporting by Jacob Gronholt-Pedersen; Editing by Mark Potter)
| https://www.reuters.com/article/lego-china-tencent/toymaker-lego-teams-up-with-chinese-internet-giant-tencent-idUSL8N1PA14U |
Columbia Banking System Announces Fourth Quarter and Full-Year 2017 Earnings Release and Conference Call Date | TACOMA, Wash., Jan. 8, 2018 /PRNewswire/ -- Columbia Banking System, Inc. ("Columbia" NASDAQ: COLB) expects to report fourth quarter and full-year 2017 financial results before the market opens on Thursday, January 25, 2018. Management will discuss these results on a conference call scheduled for that afternoon at 1:00 p.m. Pacific Time (4:00 p.m. ET). Interested parties may listen to this discussion by joining one of two ways:
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About Columbia Headquartered in Tacoma, Washington, Columbia Banking System, Inc. is the holding company of Columbia Bank, a Washington state-chartered full-service commercial bank with locations throughout Washington, Oregon and Idaho. For the eleventh consecutive year, the bank was named in 2017 as one of Puget Sound Business Journal's "Washington's Best Workplaces." Columbia ranked in the top 30 on the 2017 Forbes list of best banks.
More information about Columbia can be found on its website at www.columbiabank.com .
Investor Relations Contact:
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253-305-1921
Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "expected," "anticipate," "continue," or other comparable words. In addition, all statements other than statements of historical facts that address activities that Columbia expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to read the SEC reports of Columbia, particularly its form 10-K for the Fiscal Year ended December 31, 2016, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.
View original content with multimedia: http://www.prnewswire.com/news-releases/columbia-banking-system-announces-fourth-quarter-and-full-year-2017-earnings-release-and-conference-call-date-300579425.html
SOURCE Columbia Banking System, Inc. | http://www.cnbc.com/2018/01/08/pr-newswire-columbia-banking-system-announces-fourth-quarter-and-full-year-2017-earnings-release-and-conference-call-date.html |
Pacioretty scores twice as Canadiens edge Capitals | Max Pacioretty finished with two goals and an assist, and Paul Byron scored the tie-breaking goal midway through the third period as the Montreal Canadiens defeated the Washington Capitals 3-2 on Friday night in Washington.
Pacioretty’s first goal gave the Canadiens a 1-0 lead in the second period but his assist in the third helped Montreal snap a three-game losing streak.
He fired a shot wide of Washington goalie Philipp Grubauer that banked off the boards behind the cage and rebounded to Byron on the edge of the left circle. Byron easily put it away to break a 1-1 tie with 9:19 left in the game.
The third period did not start well for Montreal as it came up empty on two power plays and hit the post three times in the first eight minutes. However, the Canadiens finally got a break on the Byron goal.
Pacioretty added an empty-net goal with 1:18 left that gave Montreal a 3-1 lead. Lars Eller then scored for Washington with 54 seconds remaining but the Canadiens held on.
Both teams turned to their back-up goalies in this contest. Antti Niemi started for Montreal for the first time since a Dec. 23 loss to Edmonton and earned his first victory this season. He was 0-1-1 in four games, including two starts with the Canadiens, and 0-5-1 overall with three teams this season.
Niemi posted 24 saves in the victory.
Grubauer had been hot of late for Washington and played well once again with 23 saves in the loss. He is 4-1-2 in his last seven appearances.
Washington now has lost two games in two nights, having fallen to New Jersey in a road contest on Thursday.
The Canadiens took a 1-0 lead just 14 seconds after Washington’s Tom Wilson was whistled for hooking when Pacioretty beat Grubauer on a quick wrist shot at 7:08 of the second period.
Washington tied it later in the period on a John Carlson power-play goal with 6:36 left.
In off-the-ice news, Red Fisher, who covered the Canadiens from 1955 until 2012, died on Friday at the age of 91. Fisher received numerous honors, including the Hockey Hall of Fame’s Elmer Ferguson Memorial Award.
-- Field Level Media
| https://www.reuters.com/article/icehockey-nhl-wsh-mtl-recap/pacioretty-scores-twice-as-canadiens-edge-capitals-idUSMTZEE1KU46TIC |
UPDATE 10-Government still shut down on Monday as U.S. Senate fails to clinch deal | deal@ (New throughout with no deal on Sunday)
WASHINGTON, Jan 21 (Reuters) - A U.S. government shutdown will enter its third day on Monday as Senate negotiators failed to reach agreement late on Sunday to restore federal spending authority and deal with demands from Democrats that young "Dreamers" be protected from deportation.
The Senate set a vote for 12 p.m. (1700 GMT) on Monday on advancing a measure to provide temporary government funding through Feb. 8, end the shutdown and allow hundreds of thousands of federal employees to return to work.
Senate Majority Leader Mitch McConnell offered an olive branch to Democrats late on Sunday, pledging on the Senate floor to bring immigration legislation up for debate in February if the issue is still unresolved by then.
At the core of Democrats' demands is the fate of young people, known as Dreamers, who were brought to the country illegally as children. Former Democratic President Barack Obama's Deferred Action for Childhood Arrivals (DACA) program extended legal protections to about 700,000 of them, shielding them from being deported.
"It would be my intention to proceed to legislation that would address DACA, border security and related issues," McConnell said, adding: "It is also my intention take up legislation on increased defense spending, disaster relief and other important matters" then.
It was unclear whether there would be enough Democratic votes on Monday to advance a temporary spending bill.
Funding for federal agencies ran out at midnight on Friday amid an impasse between President Donald Trump, congressional Republicans and Democrats over DACA and other immigration issues.
Democrats want Trump, who last year ordered an end to DACA in March, to live up to an earlier agreement to protect the Dreamers. Democrats refused last week to support another short-term government funding extension.
Republican Senator Jeff Flake, part of a bipartisan working group pushing for legislation to replace DACA, told reporters that McConnell was still six or seven Democratic votes short of breaking the impasse that led to the shutdown.
Flake said negotiations would resume early on Monday leading up to the midday vote on the Senate floor.
'BITE PRETTY HARD'
While public reaction to the shutdown may have been muted over the weekend, Flake said Republicans would suffer politically in the long run. "If it comes back to bite, it comes back to bite pretty hard," the Arizona senator predicted.
Senate Democratic leader Chuck Schumer objected to a move by McConnell to speed up the vote on a temporary funding bill that had been set for 1 a.m. (0600 GMT) on Monday, signaling that a deal was still not in hand.
In vowing to bring immigration legislation to the Senate floor next month, McConnell shifted from an earlier position, saying earlier he would do that this month only if there were a bipartisan deal backed by Trump.
The Republican president has vacillated on what sort of legislation he supports and McConnell now seems willing to let the Senate craft a deal on legal protections for Dreamers and beefing up immigration enforcement at U.S. borders.
The hope is that if the Senate passes an immigration bill, Trump would not only support it but help sell it to the more conservative House of Representatives.
"We will not negotiate on the status of unlawful immigrants while Senator Schumer and the Democrats hold the government for millions of Americans and our troops hostage," White House press secretary Sarah Sanders said.
Despite that statement, it was clear that senators were seeking paths both to reopen the government and address border security and the Dreamers.
Last September, Trump said he was terminating DACA and challenged Congress to come up with a legislative replacement by March 5. If Congress fails, the Dreamers, many from Mexico and Central America, could face deportation. Many have spent most of their lives in the United States.
FIRST SHUTDOWN SINCE 2013
The shutdown is the first since a 16-day closure in October 2013 and its effects will be more visible on Monday, when financial markets and federal offices open.
The White House said Trump's planned trip to the World Economic Forum in Davos, Switzerland, this week was in flux because of the standoff on Capitol Hill.
With elections set for November for a third of U.S. Senate seats and the entire House of Representatives, both sides are maneuvering to blame the other for the shutdown.
In a Senate floor speech on Sunday, McConnell accused Schumer of imperiling children's healthcare, military training, veterans' care and other programs.
Schumer and his colleagues accused Trump of being an unreliable negotiating partner, saying the two sides came close to a deal on immigration several times, only to have Trump back out under pressure from anti-immigration conservatives.
Since Democratic votes are needed in the Senate to pass spending bills, they are in a position to make demands on immigration before signing off on such a spending increase.
(Additional reporting by Susan Cornwell, Howard Schneider, Patrick Rucker and Makini Brice in Washington and Megan Davies in New York; Writing by Warren Strobel, Matt Spetalnick and Richard Cowan; Editing by Kevin Drawbaugh and Peter Cooney) | https://www.cnbc.com/2018/01/21/reuters-america-update-10-government-still-shut-down-on-monday-as-u-s-senate-fails-to-clinch-deal.html |
Australian retail sales surge on iPhone, Black Friday bonanza | January 11, 2018 / 2:48 AM / Updated 15 minutes ago Australian retail sales surge on iPhone, Black Friday bonanza Wayne Cole 3 Min Read
SYDNEY (Reuters) - Australian retail sales surged past all expectations in November as consumers splashed out on Apple iPhones and Black Friday promotions, a major boost for an economy that had been struggling with sluggish spending. A customer uses his iPhone 7 to take a photograph of the iPhone X during the global launch of the new Apple product in central Sydney, Australia, November 3, 2017. REUTERS/David Gray
The local dollar jumped almost half a U.S. cent to a three-month peak of $0.7882 as the strength countered concerns consumers had lapsed into a near-permanent depression.
Thursday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales jumped 1.2 percent in November from October, when they rose a solid 0.5 percent.
That was three times the market forecast and the steepest gain since early 2013.
Sales were up 2.9 percent on a year earlier at a record seasonally adjusted high of A$26.38 billion (£15.4 billion). Gains were led by a hefty 4.5 percent rise in household goods and a 2.2 percent increase for other retailing.
“Seasonally adjusted sales in both these industries are influenced by the release of the iPhone X and the increasing popularity of promotions in November, including Black Friday sales,” the ABS said in a note.
Consumer spending has been under pressure from record-high household debt and sluggish wage growth, one reason the Reserve Bank of Australia (RBA) is in no rush to raise interest rates from record lows.
Futures markets <0#YIB;> slightly narrowed the odds of a hike in rates this year following the sales data and now imply around a 50-50 chance of a move by August. A rise from 1.5 percent is fully priced in by December.
The revival in sales burnished the outlook for gross domestic product growth in the fourth quarter, given household spending accounts for 58 percent of annual economic output.
Household consumption had expanded at its slowest pace since 2008 in the third quarter, marring an otherwise respectable annual growth outcome of 2.8 percent.
“The underlying consumer may be more resilient than we previously assumed,” said Diana Mousina, a senior economist at AMP Capital.
“There may be an upside risk that the Australian consumer may not act as such a large drag on the economy in 2018 as the consensus is currently assuming.” THE COMING OF AMAZON
The data also showed rapid growth in online sales, which are only expected to take a bigger share as Amazon fully set up shop late last year and is rapidly expanding its offerings.
The ABS measure of online sales surged 22 percent in original terms in November to A$1.51 billion.
National Australia Bank estimates consumers spent A$24 billion online in the year to November, with annual growth running atop 14 percent.
Anecdotal evidence from traditional retailers suggest they also had a better December holiday season than first feared, while surveys found a marked brightening in the consumer mood.
A survey from ANZ and Roy Morgan out this week showed confidence had improved to the best since late 2013. Notably, those saying they were “better off” financially picked up to 35 percent, helping offset concerns about slow wages growth. Reporting by Wayne Cole; Editing by Paul Tait & Shri Navaratnam | https://uk.reuters.com/article/uk-australia-economy-salesfigures/australian-retail-sales-surge-on-iphone-black-friday-bonanza-idUKKBN1F0096 |
Pacific Commerce Bancorp Reports 2017 Another Record Year | LOS ANGELES--(BUSINESS WIRE)-- Pacific Commerce Bancorp (OTC Pink: PCBC) (the “Company”), parent company of Pacific Commerce Bank (the “Bank”), today reported results for the year ending December 31, 2017. The Company also reported a one-time, non-cash deferred tax asset (DTA) charge of $930,000, or $0.10 per share, as a result of the new federal tax law passed in December 2017.
HIGHLIGHTS
Core net income increased 29% for the year to $5.6 million, or $0.60 per diluted share, from $4.3 million, or $0.54 per diluted share in 2016. Core return on average assets (ROAA) for the year equaled 1.05%, compared to 0.92% for 2016. Core return on average equity (ROAE) equaled 9.01%, compared to 8.53% for 2016. The efficiency ratio for 2017 equaled 62.2%, compared to 66.6% in 2016. Total noninterest bearing demand deposits equaled 49.8% of total deposits and total non-maturity deposits equaled 81.5% of total deposits.
Following the passage of the new federal tax law in December the Company determined that a DTA impairment charge was required based on the reduction in the federal corporate tax rate from 34% to 21%. The Company expects to see its total tax burden reduced by approximately 28% in future periods, recouping the DTA charge in the next three quarters.
Chief Executive Officer Frank Mercardante said, “2017 was the strongest year for earnings in the Company’s history. Loan originations exceeded $136 million and core deposit growth remains robust. Given the strength of the economy and the Bank’s current position in the marketplace, we remain excited about the future.”
Net income, including the DTA adjustment, totaled $4,664,000, or $0.50 per diluted share, for the year just ended. This represents a 26.3% increase over 2016 net income of $3,692,000, or $0.45 per diluted share. Excluding the DTA impairment charge, the 2017 after tax operating income increased 29.4% to $5,594,000, or $0.60 per diluted share, compared to $4,324,000, or $0.54 per diluted share in 2016, excluding non-core merger expenses.
Net interest income, before loan loss provisions, increased 12% in 2017 to $22,673,000 from $20,255,000 in 2016. The net interest margin for 2017, exclusive of the impact of purchase accounting accretion and amortization, equaled 4.40%, compared to 4.56% for 2016. Net interest income was positively impacted during 2017 by purchase accounting accretion in the amount of $382,000, or 8 basis points, compared to $709,000, or 17 basis points for all of 2016.
The yield on average interest bearing assets, exclusive of the impact of purchase accounting accretion, equaled 4.71% for 2017, compared to 4.87% in 2016. The 16 basis point decline was primarily due to a higher volume of prepayment penalties earned on loans in 2016. The cost of interest bearing liabilities, exclusive of purchase accounting accretion, equaled 0.65% for all of 2017, compared with 0.59% in 2016.
Average interest earning assets in the current year equaled $505.8 million, while average interest bearing liabilities equaled $242.8 million. This compares to $428.6 million and $237.6 million in 2016, respectively. Total loans averaged $420.3 million in 2017, compared with $368.8 million in 2016. Total Deposits averaged $462.4 million in 2017, compared to $381.8 million in 2016. Total non-maturity deposits averaged $366.7 million in 2017, compare to $286.4 million in 2016.
Noninterest income increased 6.3% in the year to $3,283,000 from $3,088,000 in 2016. Service charges and fee income were up 47.1% and SBA loan sales and fee income was up 8.1%, while other noninterest income was down 6.8%. The Company also recorded a loss on the sale of a Shared National Credit in the amount of $184,000 during the second quarter, which is reflected in other noninterest income.
Noninterest expenses, including merger related charges, declined year-over-year by $477,000, or 3%, to $16,139,000 from $16,616,000 in 2016. Other noninterest expenses declined by 2% in all of 2017 compared to 2016. Occupancy and salaries and benefits increased by 12% and 6%, respectively.
The ROAA for the twelve months of 2017, exclusive of the DTA adjustment, was 1.05%, compared with 0.96% for 2016. The ROAE for the full 2017 year, exclusive of the DTA adjustment, totaled 9.01%, compared with 9.18% for 2016, excluding non-core merger costs.
Credit quality remained strong throughout the year. The Company recorded a provision for loan losses of $300,000 in 2017, compared to $250,000 in 2016, largely due to growth in the portfolio. Excluding $144.1 million in loans carried under purchase accounting rules, which are held at a discount of 1.38% as of December 31, 2017, the allowance for loan and lease losses to total loans held for investment equaled 1.25% of loans outstanding. Total loans held for sale equaled $7.9 million at the end of the year.
Shareholders’ equity at the Company as of December 31, 2017, equaled $64.1 million, compared to $58.6 million at December 31, 2016. Both the Company and Bank remained “Well-Capitalized” by regulatory definition at December 31, 2017, with capital ratios as follows:
Minimum
Required
Company
Bank
Tier 1 Leverage Ratio: 4.00% 10.11% 11.10% Common Equity Tier 1 Capital Ratio: 4.50% 11.85% 13.01% Tier 1 Capital Ratio: 6.00% 11.85% 13.01% Total Capital Ratio: 8.00% 12.70% 13.86% About Pacific Commerce Bancorp
Pacific Commerce Bancorp is the parent company for Pacific Commerce Bank. Pacific Commerce Bank operates six full-service branches in Los Angeles and San Diego Counties, including its wholly owned division, ProAmérica Bank, in Downtown Los Angeles. The Bank provides a complete array of deposit, treasury, cash management and loan banking solutions to small businesses, professionals and high net worth individuals from Los Angeles to the Mexico border. As a Preferred SBA Lender, the Bank provides a full complement of lending solutions to small businesses throughout Southern California. Pacific Commerce Bancorp’s common stock is publicly traded on the Over the Counter Market under the ticker symbol “PCBC”. For more information please visit our website at www.pacificcommercebank.com .
Forward-Looking Information
The financial information in this press release is based on unaudited financial results. Certain statements in this press release are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements are subject to risks and uncertainties and therefore the Company's actual results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that the Company is subject to include, but are not limited to, risks related to the local and national economy, including fluctuations in interest rates and costs and changes in economic policy; the ability of the Company to perform in accordance with its plans; competition; regulatory matters; demand for loan products; deposit flows; its ability to develop and implement new technologies; and other factors. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Pacific Commerce Bancorp
Consolidated Selected Financial Data – Unaudited
(Amounts are in thousands, except for book value per share and shares outstanding data)
BALANCE SHEETS December 31, September 30, December 31, 2017 2017 2016 Assets Cash and due from banks $ 8,615 $ 9,565 25,664 Interest Bearing Deposits with Other Banks 16,536 11,588 64,380 Federal Funds Sold 56,139 70,102 3,000 Investment securities - - 74 Mortgage Warehouse Loans Held for Sale - - 1,696 Other Loans Held for Sale 7,940 11,174 9,596 Loans, net of unearned income 425,027 413,443 412,102 Less: Allowance for loan losses (3,763 ) (3,561 ) (3,436 ) Net Loans 429,204 421,056 419,958 Other assets 25,617 26,099 26,484 Total Assets $ 536,111 $ 538,410 $ 539,560 Liabilities and Shareholders' Equity Demand deposits $ 231,119 $ 234,796 $ 204,984 Non-maturity interest bearing deposits 147,283 145,459 143,815 Time Deposits 86,001 86,733 109,302 Total Deposits 464,403 466,988 458,101 Borrowings 5,947 5,937 20,906 Accrued interest and other liabilities 1,682 1,985 1,925 Total Liabilities 472,032 474,910 480,932 Shareholders' Equity Common stock 57,771 57,628 56,984 Retained Earnings 6,308 5,872 1,644 Other Comprehensive Income - - - Total Shareholders' Equity 64,079 63,500 58,628 Total Liabilities & Shareholders' Equity $ 536,111 $ 538,410 $ 539,560 Book value per share at end of period $ 7.16 $ 7.09 $ 6.58 Tangible Book Value per share at end of period $ 6.07 $ 6.00 $ 5.46 Ending Shares outstanding 8,951,285 8,951,285 8,912,269 Pacific Commerce Bancorp
Consolidated Selected Financial Data – Unaudited
(Amounts are in thousands, except for book value per share and shares outstanding data)
STATEMENTS OF INCOME For the Twelve Months Ended December 31, For the Three Months Ended 2017 2016 % change $ change
Dec 31, 2017 Sep 30, 2017 Dec 31, 2016 Total interest income $ 24,234 $ 21,609 12.1 % $ 2,625 $ 6,151 $ 6,150 $ 6,223 Total interest expense 1,561 1,354 15.3 % 207 436 407 387 Net interest income 22,673 20,255 11.9 % 2,418 5,715 5,743 5,836 Provision for loan losses 300 250 20.0 % 50 200 100 0 Net Income After Prov. for Loan Losses 22,373 20,005 11.8 % 2,368 5,515 5,643 5,836 Non-Interest Income: Service charges and fees 900 612 47.1 % 288 236 251 174 (Loss) on sale of loans (184 ) - - (184 ) - - - Gain on SBA loan sales and related fees 1,887 1,746 8.1 % 141 609 367 458 Other noninterest income 680 730 -6.8 % (50 ) 151 148 152 Total non-interest income 3,283 3,088 6.3 % 195 996 766 784 Non-Interest Expense (Non-merger Related): Total Salaries and employee benefits 9,353 8,858 5.6 % 495 2,486 2,173 2,294 Total Occupancy 1,950 1,747 11.6 % 203 482 501 491 Total Other noninterest expense 4,836 4,930 -1.9 % (94 ) 1,245 1,305 1,315 Non-Interest Expense (Non-merger Related) 16,139 15,535 3.9 % 604 4,213 3,979 4,100 Core earnings before Merger Related Expenses and Income Taxes 9,517 7,558 25.9 % 1,959 2,298 2,430 2,520 Non-Recurring Merger Related Expenses - 1,081 -100.0 % (1,081 ) - - - Tax Reform DTA Adjustment 930 - - 930 930 - - Income tax expense 3,923 2,785 40.9 % 1,138 931 1,010 994 Net Income (GAAP) $ 4,664 $ 3,692 26.3 % $ 972 $ 437 $ 1,420 $ 1,526 Basic earnings per share $ 0.52 $ 0.46 $ 0.05 $ 0.16 $ 0.17 Diluted EPS $ 0.50 $ 0.45 $ 0.05 $ 0.15 $ 0.17 Diluted EPS (excl. tax reform adj)
$ 0.60 $ - $ 0.15 -
-
Diluted core earnings per average share $ 0.60 $ 0.54 $ 0.15 $ 0.15 $ 0.17 Average shares outstanding 8,942,630 8,004,766 8,951,285 8,950,133 8,912,269 Diluted average shares outstanding 9,249,023 8,160,970 9,311,655 9,264,445 9,068,473 Efficiency Ratio - GAAP 62.2 % 71.2 % 62.8 % 61.1 % 61.9 % Efficiency - merger expense adjusted 62.2 % 66.6 % 62.8 % 61.1 % 61.9 % Tax Reform DTA Adjustment 930 - 930 - - Net merger expenses after tax - 632 -
- - ROAA GAAP 0.88 % 0.78 % 0.32 % 1.07 % 1.11 % ROAE GAAP 7.51 % 7.29 % 2.68 % 8.95 % 10.47 % ROAA (excl. merger exp) - 0.92 % - - - ROAE (excl. merger exp) - 8.53 % - - - ROAA (excl. tax reform adjustment) 1.05 % - 1.00 % - - ROAE (excl. tax reform adjustment) 9.01 % - 8.39 % - - Net Interest Margin - GAAP 4.48 % 4.73 % 4.41 % 4.55 % 4.47 %
View source version on businesswire.com : http://www.businesswire.com/news/home/20180123005499/en/
Pacific Commerce Bancorp
Long T. Huynh, Chief Financial Officer
213-617-0082
Source: Pacific Commerce Bancorp | http://www.cnbc.com/2018/01/23/business-wire-pacific-commerce-bancorp-reports-2017-another-record-year.html |
China drawing up new 2018-2020 crackdown on smog - official | January 31, 2018 / 2:36 AM / Updated an hour ago China drawing up new 2018-2020 crackdown on smog: official Reuters Staff 3 Min Read
BEIJING (Reuters) - China is drawing up plans to extend curbs on smog over the 2018-2020 period, an environment ministry official said on Wednesday, after a five-year crackdown on pollution helped it meet its air quality targets last month.
Liu Youbin, a spokesman at the Ministry of Environmental Protection, said officials were working on “a three-year battle plan in the war to protect blue skies”, involving tighter regulations for major industrial regions like Beijing-Tianjin-Hebei and the Yangtze and Pearl River deltas.
The new three-year plan was expected to be completed in the first half of this year, Liu told reporters after a formal briefing.
“It will continue to make Beijing-Tianjin-Hebei its key focus but it will also focus on other major regions like the Yangtze river delta, the northeast and Chengdu-Chongqing,” he added.
China’s previous action plan, covering 2013-2017, forced the smog-prone Beijing-Tianjin-Hebei region to take action to reduce concentrations of hazardous particles known as PM2.5 by more than 25 percent.
Despite near-record PM2.5 readings in January and February last year, northern China managed to meet 2013-2017 air quality targets by the end of 2017, largely thanks to a campaign that forced polluting factories in 28 cities to reduce output over the winter.
The campaign is due to end in March and China has been trying to “normalize compliance” and put firms under more permanent scrutiny amid concerns that enterprises and local governments could lower their guard after meeting 2017 targets. A coal worker walks next to wagons amid smog in Huaibei, Anhui province, China January 29, 2018. REUTERS/Stringer
Beijing has already sought to impose new “special emissions restrictions” on enterprises in major industrial sectors in northern China.
Liu said China would continue to tackle “scattered” coal-burning sources - a major source of uncontrolled pollution in provinces like Hebei - and would also “steadily” promote clean energy heating.
According to local media reports this week, Hebei was forced to suspend its plans to convert large numbers of coal-fired heating boilers to natural gas after winter supply shortages left thousands of households without heat.
However, Liu denied the reports, telling reporters the Hebei government would “continue to pay close attention” to its coal-to-gas conversion efforts.
Liu Zhiquan, head of the MEP’s monitoring office, told the briefing that average PM2.5 readings for the whole of China from Jan. 1-28 stood at 64 micrograms per cubic meter, down 20 percent on the year.
Concentrations in Beijing fell 70.5 percent to 36 micrograms per cubic meter, close to the state standard of 35 micrograms.
However, average readings in the Yangtze and Pearl river deltas, which include Shanghai and Guangzhou respectively, actually increased over the month, he said, without giving details. Reporting by Muyu Xu and David Stanway; Editing by Joseph Radford and Richard Pullin | https://uk.reuters.com/article/us-china-pollution/china-drawing-up-new-2018-2020-battle-plan-against-smog-official-idUKKBN1FK095 |
Global markets: oil slides, dollar in the dumps | Global markets: oil slides, dollar in the dumps 2:12pm GMT - 01:53
Share markets continue to take heart after China's GDP data adds more brushstrokes to an improving global growth picture. But, as David Pollard reports, fears of a US government shutdown dominate the dollar, and oil prices slide sharply on supply concerns.
Share markets continue to take heart after China's GDP data adds more brushstrokes to an improving global growth picture. But, as David Pollard reports, fears of a US government shutdown dominate the dollar, and oil prices slide sharply on supply concerns. //reut.rs/2DrkvCg | https://uk.reuters.com/video/2018/01/19/global-markets-oil-slides-dollar-in-the?videoId=387179441 |
Cricket-Inspired India rip through South Africa to set up victory chance | January 8, 2018 / 11:04 AM / Updated 36 minutes ago Philander takes six as South Africa beat India Nick Said 3 Min Read
CAPE TOWN (Reuters) - Seamer Vernon Philander took career-best figures as rampant South Africa claimed a 72-run victory over India on a gripping fourth day of the first test on Monday. Cricket - India v South Africa - First Test cricket match - Newlands Stadium, Cape Town, South Africa - January 8, 2018. India cricket players celebrate the dismissal of South Africa's Faf du Plessis, bowled by Mohammed Shami. REUTERS/Sumaya Hisham
Set 208 for victory, India were skittled out for 135 in 42.4 overs in their second innings on a lively wicket with Philander the chief destroyer, recording figures of 6-42.
India had looked to seize control of the test when they bowled South Africa out for 130 in the morning session, but found the home attack on the seamer-friendly wicket too much of a challenge.
”I was nervous we did not have enough runs,“ South Africa captain Faf du Plessis told reporters. ”I knew the new ball would be key for us, if we could strike early we believed we could get through their batting line-up.
“But I came in this morning hoping to get a 350 lead and bowl at them tonight, so obviously that did not go to plan.”
After day three had been a washout, 18 wickets fell in 64 overs on Monday, all going to seamers.
South Africa resumed on 65 for two, but were only able to double their score before they lost their last eight wickets.
Mohammed Shami (3-28) and debutant Jasprit Bumrah (3-39) were the pick of the Indian bowlers.
Only an attacking 35 from AB De Villiers stemmed the tide to a degree before he was the last man out. Cricket - India v South Africa - First Test cricket match - Newlands Stadium, Cape Town, South Africa - January 8, 2018. South Africa's Vernon Philander bowls to India's Murali Vijay. REUTERS/Sumaya Hisham
South Africa, without injured seamer Dale Steyn who will miss the rest of the series with a heel problem, weathered a first-wicket stand of 30 for India in reply.
Shikhar Dhawan (16) was out first as he sparred a rising deliver from Morne Morkel (2-39) to gully.
Philander picked up his first wicket as fellow opener Murali Vijay (13) edged to third slip. Slideshow (11 Images)
Cheteshwar Pujara (four) became Morkel’s second victim with the score on 39, before Indian captain Virat Kohli (28) took the attack to the South Africans.
He was undone playing across a straight delivery from Philander.
Rohit Sharma (10) was bowled off the inside edge by Philander before the tourists’ first-innings hero Hardik Pandya edged Kagiso Rabada to De Villiers in the slips.
Rabada claimed the wicket of Wriddhiman Saha (eight) with the last ball before tea.
Philander then took three wickets in four balls to seal victory after a seventh-wicket stand of 49 between top-scorer Ravichandran Ashwin (37) and Bhuvneshwar Kumar (13 not out) had briefly sent jitters through the Newlands crowd.
“We were in the game for the three days and it was a wonderful match to be part of,” Kohli said. “But we need to rectify our mistakes... the mindset really matters when you travel away from home.”
South Africa are hosting India in a three-test series this month, with matches to come in Pretoria, starting on Saturday, and Johannesburg. Reporting by Nick Said, editing by Ed Osmond and Christian Radnedge | https://uk.reuters.com/article/uk-cricket-test-zaf-ind/inspired-india-rip-through-south-africa-to-set-up-victory-chance-idUKKBN1EX0WL |
China holds key to future of Airbus A380 superjumbo | Hugely popular with passengers but less so with airlines, after just 10 years in the sky, the Airbus A380 superjumbo is struggling to find buyers.
The France-based manufacturer is reportedly offering China an industrial partnership with the company if Beijing places orders for its largest passenger jet. Airbus Chief Operating Officer Fabrice Bregier is in China to hold talks after traveling to the country as part of French President Emmanuel Macron's trade mission.
Rami Myerson, an analyst at Investec, said Monday that there had been speculation for some time that Beijing will invest in the struggling superjumbo.
"There is a view that aircraft and airspace are becoming more and more congested and given the strong growth in China that could be an attractive plane for the country," he said.
Airbus currently has fewer than 100 Airbus A380s on its production line and it is expected that some of these orders will be canceled.
It had hoped to announce a fresh deal for at least 30 more A380s with top customer Emirates at the Dubai Airshow in November, but that never happened and negotiations appear to have stalled.
Emirates has expressed concern that, with few other customers, Airbus may not be able to fulfill its delivery promise.
NASSER YOUNES | AFP | Getty Images Myerson said that it was "definitely a possibility" the plane's program could end if China showed no interest in working on it.
The analyst added that there is competition from Boeing's upgraded 777 and that airlines are debating if they want a slightly smaller aircraft for long-haul operations.
Fulfilling capacity demand is one reason for China to buy the A380, but Myerson said another incentive is to glean technical experience of how a wide-body aircraft is built.
China has openly stated that it wants to grow its own domestic aerospace industry so that in future it can vie with the likes of Boeing and Airbus.
Airbus has a new senior management team coming on board in early 2019 and Myerson said that while it will be expected to address the future of the A380, investors will be focused more on the success of the A320 and A350 programs. | https://www.cnbc.com/2018/01/08/china-holds-key-to-future-of-airbus-a380-superjumbo.html |
Factbox: A chronology of Thomson Reuters Corp | (Reuters) - Thomson Reuters Corp’s origins date back to the 19th century, when Paul Julius Reuter started a business providing stock prices and news in London, while The Thomson Corporation was founded by newspaper publisher Roy Thomson in 1934 in Canada.
The current company resulted from the purchase by The Thomson Corporation of Reuters Group PLC in 2008.
Here are highlights in the history of the two companies:
2018 - Thomson Reuters agrees to sell a 55 percent stake in its Financial and Risk division, which provides real-time data on securities, currencies, commodities and news to the financial sector, into a joint venture with U.S. private equity firm Blackstone Group LP. The deal values the business at $20 billion including debt.
2008 - Thomson Corp and Reuters Group Plc merge into Thomson Reuters Corp, providing real time news and analytics to the financial sector, online legal and accounting information, and news to newspapers, television, radio and websites internationally.
1996 - Thomson sells all its UK holdings along with 43 daily newspapers in the United States and Canada and buys West Publishing, a U.S. provider of legal information.
1981 - Thomson sells The Times of London to Rupert Murdoch’s News International Ltd (UK).
1973 - Reuters launches Reuter Monitor Money Rates Service, the first electronic marketplace for foreign exchange and money rates and later sets up Reuters Monitor Dealing Service for the trading of foreign exchange via video terminals.
1959 - Thomson expands into the UK with acquisition of The Sunday Times newspaper and later buys the Times of London.
1941 - Creation of the Reuter Trust Principles, an agreement with the UK Newspaper Publishers Association and the shareholders of Reuters that imposed obligations on Reuters to act with “integrity, independence and freedom from bias.”
1932 - Roy Thomson, the son of a barber who left school at 14 to become a bookkeeper opens a radio station in Canada and later buys his first newspaper, The Timmins Press, in Canada.
1851 - Paul Julius Reuter, the son of a German rabbi who married the daughter of a German Lutheran pastor, moves to London and establishes a news wire agency and stock price service.
(This version of the factbox corrects name of company founder in first and last paragraphs to Paul Julius Reuter)
Reporting by Leslie Adler
| https://www.reuters.com/article/us-thomsonreuters-f-r-blackstone-factbox/factbox-a-chronology-of-thomson-reuters-corp-idUSKBN1FK085 |
Who Is Going to Run for President in 2020? | Who Is Going to Run for President in 2020? 1/9/2018 6:00AM People are already starting to talk about who is going to run for president in 2020, following a highly publicized speech by Oprah Winfrey at the Golden Globes. WSJ's Gerald F. Seib explains whether the speculation is meaningful at this stage of the game. Photo: Getty | http://www.wsj.com/video/who-is-going-to-run-for-president-in-2020/CA44D1D0-DC3C-455F-9DF0-5ADD964DA33D.html |
BLACKHAWK NETWORK HOLDINGS, INC. SHAREHOLDER ALERT: Former SEC Attorney Willie Briscoe Believes the Acquisition by Silver Lake and P2 Capital Partners May be Unfair to Shareholders | DALLAS--(BUSINESS WIRE)-- Former United States Securities and Exchange Commission attorney Willie Briscoe is investigating potential claims against the Board of Directors of Blackhawk Network Holdings, Inc. (“Blackhawk”) (NASDAQ: HAWK) concerning the acquisition by Silver Lake and P2 Capital Partners. Under the terms of the agreement, valued at approximately $3.5 billion, Blackhawk shareholders will only receive $45.25 in cash per Blackhawk share owned. The consideration is significantly lower than at least one analyst’s estimated value of $51.00.
If you are an affected investor, and you want to learn more about the investigation or if you have information that you believe would be helpful to our investigation of the fairness of the proposed transaction, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at [email protected] or by calling (888) 809-2750. There is no cost or fee to you.
The investigation centers on whether Blackhawk’s Board of Directors is acting in the shareholders’ best interests, whether the board considered alternatives to the acquisition, and whether the board has employed an adequate process to review and act on the proposed transaction. Notably, at least one analyst with Yahoo! Finance believes the true inherent value of Blackhawk could be as high as $51.00 per share.
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters, including claims of investor and stockholder fraud, shareholder derivative suits, and securities class actions.
View source version on businesswire.com : http://www.businesswire.com/news/home/20180116006443/en/
The Briscoe Law Firm, PLLC
Willie Briscoe, 888-809-2750
[email protected]
Source: The Briscoe Law Firm, PLLC | http://www.cnbc.com/2018/01/16/business-wire-blackhawk-network-holdings-inc-shareholder-alert-former-sec-attorney-willie-briscoe-believes-the-acquisition-by-silver-lake.html |
RM LAW Announces Class Action Lawsuit Against Yelp Inc. | BERWYN, Pa., Jan. 23, 2018 /PRNewswire/ -- RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Yelp Inc. (NYSE: YELP) ("Yelp" or the "Company") securities between February 10, 2017 and May 9, 2017, inclusive (the "Class Period").
Yelp shareholders may, no later than March 19, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Yelp and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here .
Yelp operates a social networking, user review, and local search website. The Company provides the site as a guide for visitors to find reviews and details about local businesses.
On February 9, 2017, Yelp reported Fiscal 2016 financial and operational results, and provided a "business outlook" for Fiscal 2017. For Fiscal 2017 the Company reported that "net revenue is expected to be in the range of $880 million to $900 million" and that adjusted EBITDA "is expected to be in the range of $150 million to $165 million."
The shareholder class action complaint alleges that Yelp and certain of its senior executive officers made false and misleading statements and/or failed to disclose that: (i) Yelp's transition from a Cost-Per-Thousand-Impressions ("CPM") to a Cost-Per-Click ("CPC") model in Fiscal 2016 created a distinct cohort of local advertisers that would reach the end of their contracts during the first part of Fiscal 2017; (ii) new customers that signed on with Yelp under the CPC pricing model had lower retention rates because the customers did not effectively compete with Yelp's more established customers; and (iii) that, as a result of the lower retention rates, Yelp was not on track to achieve its financial guidance or results during the Class Period.
On May 9, 2017, Yelp reported its First Quarter 2017 financial and operational results and reduced its Fiscal 2017 business outlook. Specifically, the Company announced that it had decreased its net revenue outlook for Fiscal 2017 down to $850 – $865 million from $880 – $900 million, and that it had decreased its adjusted EBITDA outlook for Fiscal 2017 down to $130 – $145 million from $150 – $165 million. Following this news, shares of the Company's stock declined $6.37 per share, or over 18.3%, to close on May 10, 2017 at $28.33 per share, on unusually heavy trading volume.
If you are a member of the class, you may, no later than March 19, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, P.C. (Richard A. Maniskas, Esquire) toll-free at (844) 291-9299 or by email at [email protected] or click here . For more information about class action cases in general or to learn more about RM LAW, P.C. please visit our website by clicking here .
RM LAW, P.C. is a national shareholder litigation firm. RM LAW, P.C. is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: RM LAW, P.C.
Richard A. Maniskas, Esquire
1055 Westlakes Dr., Ste. 3112
Berwyn, PA 19312
484-324-6800
844-291-9299
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/rm-law-announces-class-action-lawsuit-against-yelp-inc-300586956.html
SOURCE RM LAW, P.C. | http://www.cnbc.com/2018/01/23/pr-newswire-rm-law-announces-class-action-lawsuit-against-yelp-inc.html |
JPMorgan, Goldman to lead Dropbox in U.S. - Bloomberg | Jan 11 (Reuters) - Data-sharing business Dropbox Inc has filed confidentially for a U.S. initial public offering led by Goldman Sachs Group Inc and JPMorgan Chase & Co, Bloomberg reported, citing people familiar with the matter.
Dropbox is in talks with other banks to fill additional roles on the IPO and is aiming to be listed in the first half of 2018, the report said.
The company, valued at almost $10 billion in a private fundraising round in 2014, was seeking to hire underwriters for an IPO, Reuters had reported in June.
Dropbox could not be immediately reached for comment. (Reporting by Shariq Khan in Bengaluru; Editing by Maju Samuel) | https://www.cnbc.com/2018/01/11/reuters-america-jpmorgan-goldman-to-lead-dropbox-in-u-s-ipo--bloomberg.html |
BRIEF-Tetra Bio-Pharma Receives Approval From Health Canada Of Its Phase 1 Clinical Trial With PPP005 (Cannabis Oil) | Jan 16 (Reuters) - Tetra Bio Pharma Inc:
* TETRA BIO-PHARMA RECEIVES APPROVAL FROM HEALTH CANADA OF ITS PHASE 1 CLINICAL TRIAL WITH PPP005 (CANNABIS OIL)
* TETRA BIO PHARMA - RECEIVED NO OBJECTION LETTER FROM THERAPEUTIC PRODUCTS DIRECTORATE HEALTH CANADA OF ITS PHASE 1 CLINICAL TRIAL WITH PPP005 (CANNABIS OIL) Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-tetra-bio-pharma-receives-approval/brief-tetra-bio-pharma-receives-approval-from-health-canada-of-its-phase-1-clinical-trial-with-ppp005-idUSASB0C11C |
Dallas' Caldwell Cassady & Curry Promotes Attorney Hamad Hamad to Principal | DALLAS, Jan. 8, 2018 /PRNewswire/ -- The Dallas-based law firm Caldwell Cassady & Curry has promoted attorney Hamad M. Hamad to principal. Mr. Hamad's new role is based on his successful representation of clients and demonstrated firm leadership.
Having represented both plaintiffs and defendants in intellectual property disputes and complex commercial litigation, Mr. Hamad provides broad experience in cases involving multimedia content protection and purchasing; digital encryption; medical devices; audio/video conferencing; virtual private networks; cloud computing; oil and gas well completion; and a variety of additional technologies.
Mr. Hamad was a key member of the Caldwell Cassady & Curry trial team that helped Smartflash LLC win Texas' largest intellectual property verdict in 2015 against Apple Inc. A year later, he helped Cellular Communications Equipment, LLC, win a $22 million verdict against Apple in a separate patent infringement trial. He also represented VirnetX Inc. in another victory against Apple that was entered as a judgment of nearly $440 million in late 2017.
His additional work for clients includes assisting with matters before the Patent Trial and Appeal Board on behalf of REM Holdings and Dr. Robert Morley Jr. in a patent infringement and founders' dispute lawsuit against Square Inc.
Registered as a patent attorney before the U.S. Patent and Trademark Office, Mr. Hamad also is licensed to practice in Texas state courts; the U.S. District Courts for the Northern, Eastern and Western Districts of Texas; and the U.S. Court of Appeals for the Federal Circuit.
Mr. Hamad has been honored as one of the state's top young lawyers since 2015 on the Texas Super Lawyers Rising Stars list by Thomson Reuters. He earned his law degree, magna cum laude, at the Southern Methodist University Dedman School of Law after completing his undergraduate degree in biology, summa cum laude, at the University of Texas at Arlington.
Caldwell Cassady & Curry represents companies and individuals in high-stakes civil litigation, including patent infringement cases, trade secrets claims, fiduciary duty cases, class actions, and disputes involving company founders. The firm has tried and won some of the nation's top verdicts against the largest companies in the world. To learn more, visit www.caldwellcc.com .
For more information, contact Bruce Vincent at 214-763-6226 or [email protected] .
View original content: http://www.prnewswire.com/news-releases/dallas-caldwell-cassady--curry-promotes-attorney-hamad-hamad-to-principal-300579235.html
SOURCE Caldwell Cassady & Curry | http://www.cnbc.com/2018/01/08/pr-newswire-dallas-caldwell-cassady-curry-promotes-attorney-hamad-hamad-to-principal.html |
Engineering Services Network (ESN) Promotes Douglas R. Lopez to President | WOODBRIDGE, Va., Jan. 30, 2018 /PRNewswire/ -- Engineering Services Network, Inc.(ESN) , a leading provider of professional engineering and IT services for military and government customers, named Douglas "Doug" R. Lopez as its new President.
As President, Lopez, 46, will be responsible for implementing IT, program management, cyber engineering and logistic solutions and services that deliver the right capabilities at the right cost to ESN's customers in the Defense Department and federal government marketplace.
"Doug brings significant leadership, a rich military background, and a wealth of experience in engineering, IT and cyber engineering to ESN," said Chairman and CEO Raymond F. Lopez, Jr., the founder of ESN, a Service-Disabled Veteran-Owned Small Business based in Woodbridge, Va. "He will continue to lead the future of ESN's growth strategy and as a service-disabled veteran, he will ensure ESN's continued success as a Service Disabled Veteran-Owned Small Business."
Doug Lopez's ascent began in 1998 when he joined ESN as a system analyst. Lopez advanced to Program Manager, then Director of Operations before becoming COO, and now President.
"I'm honored to take the day-to-day helm at ESN and focus on assisting our military and government customers," Lopez said. "As a small business leader in the Washington, DC, area since 1995, ESN and our advanced teams are always ready to provide the most cost-effective, leading-edge IT solutions to our growing list of customers. Technology and cyber capabilities are driving the changes today at the DoD, and we want to continue as a small business leader in that arena."
Engineering Services Network, Inc.
ESN is a trusted leader in engineering and technology solutions. Founded in 1995, ESN is a Service-Disabled Veteran-Owned Small Business with military and government customers, delivering professional management & systems engineering services; cyber security & information/mission assurance services ; network design, integration, & data center consolidation services ; enterprise IT ITIL & ITSM services ; systems development & life-cycle services ; health IT services ; and acquisition services . ESN customer experience includes U.S. Navy, Army, Air Force, Marine Corps, Military Sealift Command, U.S. Department of Veterans Affairs, HHS and agencies.
Based in Woodbridge, VA, ESN has offices in U.S./worldwide. ESN is ISO 9001:2008 certified and has achieved Software Engineering Institute's Capability Maturity Model Integration (CMMI) Maturity Level 3 for Services v 1.3. ESN: esncc.com .
Company:
Al Desmarais, Business Development
678-967-1424; [email protected]
Media:
Carol Castaneda for ESN 703-863-9960
[email protected]
View original content: http://www.prnewswire.com/news-releases/engineering-services-network-esn-promotes-douglas-r-lopez-to-president-300590005.html
SOURCE Engineering Services Network, Inc. (ESN) | http://www.cnbc.com/2018/01/30/pr-newswire-engineering-services-network-esn-promotes-douglas-r-lopez-to-president.html |
UPDATE 1-Pfizer's biosimilar of Roche's Rituxan succeeds in study | (Adds background, Roche share price)
Jan 24 (Reuters) - Pfizer Inc said on Wednesday its biosimilar of Roche’s Rituxan was as effective as the original drug in treating patients with a type of follicular lymphoma, meeting the main goal of a study.
The success of Pfizer’s biosimilar comes as Rituxan’s U.S. patent is set to expire later this year. The drug had raked in sales of about 7.30 billion Swiss francs ($7.70 billion) in 2016.
Rituxan, Roche’s best-selling drug, is used in treating several types of blood cancer as well as rheumatoid arthritis.
Increasing competition by biosimilars is expected to erode sales for a number of Roche’s top-selling cancer drugs. The Swiss drugmakers shares were down 0.8 percent on Thursday.
Rituxan, breast cancer drug Herceptin and Avastin together had 2016 revenue of 20.9 billion Swiss francs ($21.8 billion) - equal to more than half Roche’s pharmaceuticals business. Still, their combined sales are expected to fall more than 40 percent by 2022, according to consensus analyst forecasts compiled by Thomson Reuters.
The U.S. Food and Drug Administration approved Mylan NV’s biosimilar of Herceptin last month. The FDA and the European Commission have both approved Amgen’s biosimilar version of Avastin.
Roche and Biogen Inc co-market Rituxan in the United States. The drug is sold under the brand name MabThera by Roche in other markets, except Japan where its is co-marketed by Chugai and Zenyaku Kogyo Co Ltd.
Rituxan first received the U.S. Food and Drug Administration’s approval in 1997 to treat a type of blood cancer.
Pfizer’s shares were up marginally in late morning trading on Wednesday. (Reporting by Manas Mishra and Akankshita Mukhopadhyay in Bengaluru and Michael Erman in New York; Editing by Anil D‘Silva and Bernadette Baum)
| https://www.reuters.com/article/pfizer-study/update-1-pfizers-biosimilar-of-roches-rituxan-succeeds-in-study-idUSL4N1PJ4KE |
The painful search for loved ones detained by Islamic State | The painful search for loved ones detained by Islamic State 9:58am EST - 02:10
Thousands of people that were detained by Islamic State remain missing their loved ones are demanding answers about where they've gone now the militant group has collapsed. Reuters Emily Wither reports from Istanbul. ▲ Hide Transcript ▶ View Transcript
Thousands of people that were detained by Islamic State remain missing their loved ones are demanding answers about where they've gone now the militant group has collapsed. Reuters Emily Wither reports from Istanbul. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2B315NW | https://www.reuters.com/video/2018/01/15/the-painful-search-for-loved-ones-detain?videoId=386222714 |
Japan orders checks on cryptocurrency after $530 million heist | Japan orders checks on cryptocurrency after $530 million heist Monday, January 29, 2018 - 01:36
Tokyo-based cryptocurrency exchange Coincheck has until February 13 to explain to the Japanese government how hackers stole $530 million worth of digital coins. Rosanna Philpott reports.
Tokyo-based cryptocurrency exchange Coincheck has until February 13 to explain to the Japanese government how hackers stole $530 million worth of digital coins. Rosanna Philpott reports. //reut.rs/2nm9ibg | https://uk.reuters.com/video/2018/01/29/japan-orders-checks-on-cryptocurrency-af?videoId=389515588 |
LTC Declares Its Monthly Common Stock Cash Dividend for the First Quarter of 2018 | WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- LTC Properties, Inc. (NYSE:LTC) announced today that it had declared a monthly cash dividend on its common stock for the first quarter of 2018.
The Company declared a monthly cash dividend of $0.19 per common share per month for the months of January, February and March 2018, payable on January 31, February 28 and March 30, 2018, respectively, to stockholders of record on January 23, February 20 and March 22, 2018, respectively.
About LTC Properties
LTC (NYSE:LTC) is a real estate investment trust that invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including mezzanine lending. The company’s portfolio currently includes more than 200 assisted living communities, memory care communities and post-acute/skilled nursing centers, located in 28 states with 29 regional and national operating partners. For more information on LTC Properties, Inc., visit the Company’s website at www.LTCreit.com , or connect with us on Twitter @LTCreit and LinkedIn .
This press release includes statements that are not purely historical and are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company’s expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward looking statements involve a number of risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such forward looking statements. Although the Company’s management believes that the assumptions and expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward looking statements due to the risks and uncertainties of such statements.
View source version on businesswire.com : http://www.businesswire.com/news/home/20180102005016/en/
LTC Properties, Inc.
Wendy Simpson
Pam Kessler
(805) 981-8655
Source: LTC Properties, Inc. | http://www.cnbc.com/2018/01/02/business-wire-ltc-declares-its-monthly-common-stock-cash-dividend-for-the-first-quarter-of-2018.html |
BRIEF-Nuvista Energy Expects 2018 Production Of 35,000-40,000 Boed | Jan 16 (Reuters) - Nuvista Energy Ltd:
* . ANNOUNCES OPERATIONAL UPDATE AND REAFFIRMS 2017 AND 2018 GUIDANCE
* 2017 FULL YEAR PRODUCTION ESTIMATE IS APPROXIMATELY 29,700 BOE/D VERSUS PREVIOUS GUIDANCE OF 28,000 - 31,000 BOE/D
* NUVISTA ENERGY - FIELD-ESTIMATED PRODUCTION FOR Q4 OF 2017 WAS APPROXIMATELY 37,400 BOE/D
* NUVISTA ENERGY - 2018 GUIDANCE REMAINS AS PREVIOUSLY ANNOUNCED WITH CAPITAL SPENDING ANTICIPATED IN RANGE OF $270 - $310 MILLION
* NUVISTA ENERGY - 2018 PRODUCTION EXPECTED IN RANGE OF 35,000 BOE/D - 40,000 BOE/D Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-nuvista-energy-expects-2018-produc/brief-nuvista-energy-expects-2018-production-of-35000-40000-boed-idUSASB0C15M |
BRIEF-Isoray Inc Preliminary Q2 Revenue $1.54 Million | 38 PM / in 4 minutes BRIEF-Isoray Inc Preliminary Q2 Revenue $1.54 Million Reuters Staff
Jan 24 (Reuters) - Isoray Inc:
* ISORAY ANNOUNCES PRELIMINARY SECOND QUARTER F2018 REVENUE OF $1.54 MILLION, 50% YEAR-OVER-YEAR INCREASE * Q2 REVENUE $1.54 MILLION VERSUS $1.03 MILLION
* SEES FY 2018 REVENUE ABOUT $5.8 MILLION Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-isoray-inc-preliminary-q2-revenue/brief-isoray-inc-preliminary-q2-revenue-1-54-million-idUSASB0C23A |
Catalyst OrthoScience Strengthens Its Board of Directors with The Addition of Greg Rainey | NAPLES, Fla., Jan. 16, 2018 /PRNewswire/ -- Catalyst OrthoScience, Inc., a cutting-edge medical device company focused on the upper extremity orthopedics market, today announced the addition of Greg Rainey to its Board of Directors.
Mr. Rainey brings over forty years of experience to the Catalyst OrthoScience Board. Mr. Rainey's career has been in sales management and business development, serving a cross section of the healthcare industry including orthopedics, medical supplies and equipment, and biologics. Mr. Rainey is the founder and principal of CCI Performance Group, an executive consulting firm designed to deliver sustainable business solutions for both leading Fortune 500 healthcare companies and early-stage medical device ventures. Most recently, he served on the Board of Directors for RTI Surgical (RTIX), and currently sits on the Board of CAS Medical (CASM). Mr. Rainey's experience includes Stryker Corporation where he served as Vice President of Sales for the Orthopedic Division. Prior to Stryker, Mr. Rainey held sales leadership positions Joint Medical Corporation and U.S. Surgical Corporation. Mr. Rainey received his undergraduate degree in Biology from Loyola University.
"We are privileged to have Greg join our board at such an important time in our company's history. Greg's successful track record in orthopedics is critical to us as we expand the market presence of our disruptive, stemless shoulder replacement technology. We look forward to his contributions," said Bob Kaufman, Chairman and Chief Executive Officer of Catalyst OrthoScience.
The Catalyst CSR™ Total Shoulder System provides consistently reproducible shoulder joint restoration with a canal-sparing humeral implant that is smaller, more anatomically-shaped, and less invasive than traditional shoulder replacement
Catalyst OrthoScience was founded in 2014 by orthopedic surgeon Steven Goldberg, M.D. saw the need to make shoulder replacement surgery less invasive and give patients a more normal feeling shoulder after surgery.
About Catalyst OrthoScience Inc.
Headquartered in Naples, FL, Catalyst OrthoScience develops and markets innovative medical device solutions that make orthopedic surgery less invasive and more efficient for both surgeons and patients.
The company's first offering, the Catalyst CSR™ Total Shoulder System, represents the next evolution in stemless total shoulder arthroplasty. The Catalyst CSR™ is a single-tray total shoulder arthroplasty system containing a non-spherical humeral implant for consistent anatomic joint line restoration and specialized, patented glenoid instrumentation for a less invasive approach that preserves the natural anatomy and removes less of the patient's bone. The Catalyst CSR™ System is optimal for use in both the inpatient and outpatient settings and was cleared for use by the FDA in 2016.
Catalyst OrthoScience's products are marketed under a variety of brands including Catalyst OrthoScience® and Catalyst CSR™. For additional information on the Company, please visit http://www.catalystortho.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/catalyst-orthoscience-strengthens-its-board-of-directors-with-the-addition-of-greg-rainey-300583672.html
SOURCE Catalyst OrthoScience, Inc. | http://www.cnbc.com/2018/01/16/pr-newswire-catalyst-orthoscience-strengthens-its-board-of-directors-with-the-addition-of-greg-rainey.html |
BRIEF-UBS CEO says expects volatility to increase in H2 - CNBC | Jan 22 (Reuters) - UBS Group Ag CEO says on CNBC:
* EXPECTS VOLATILITY TO INCREASE IN 2ND HALF OF 2018 * NOT COMFORTABLE WITH CURRENT GEOPOLITICAL EVENTS Further company coverage: (Reporting by Brenna Hughes Neghaiwi)
| https://www.reuters.com/article/brief-ubs-ceo-says-expects-volatility-to/brief-ubs-ceo-says-expects-volatility-to-increase-in-h2-cnbc-idUSFWN1PH03Z |
BRIEF-Lanzhou Huanghe Enterprise to swing to profit in FY 2017 | Jan 16 (Reuters) - Lanzhou Huanghe Enterprise Co Ltd :
* Sees to swing to net profit at 14 million yuan to 18 million yuan in FY 2017 versus net loss at 25.1 million yuan in FY 2016
* Says increased securities investment gains as main reason for the forecast
Source text in Chinese: goo.gl/DnUjgy
Further company coverage: (Beijing Headline News)
| https://www.reuters.com/article/idUSL3N1PB1HJ |
News Update – Market Open | Market Open: January 22, 2018 2 Hours Ago 13:57 13:57 | 4:12 PM ET Fri, 19 Jan 2018 | https://www.cnbc.com/video/2018/01/22/market-open-january-22-2018.html |
UnitedCorp Subsidiary Blockchain Data Centers Inc Acquires First Dedicated Blockchain Mining Data Center | MIAMI, Jan. 09, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Miami-based United Blockchain Corp a wholly owned subsidiary United American Corp ("UnitedCorp"), (OTC:UAMA) announced today that it has acquired its first data center facility in the Mile End neighbourhood of Montreal, Quebec Canada which it will operate through a newly created mining division; Blockchain Data Centers Inc.
The leased facility which has capacity for 50 mining rigs is fully built out and will be ready to start hosting GPU-based mining servers within the following weeks. UnitedCorp recently completed experimental testing on its own custom designed and built, 13 GPU-based Ethereum mining rig, and successfully completed a full 30 day uninterrupted hashing rate of 400 Mega Hash per second (400 MHash/s) in precise over clock calibration.
The total amount of Ether (Ethereum or ETH) tokens mined using an independent third party mining pool, was 2 ETHER TOKENS over a 31 continuous days with current Ethereum network difficulty during the period of November 21 to December 22, 2017. The total revenue in USD is estimated at US$2,225 based on the current value of an ETH.
The power draw of the rig was on average 1,492 watts or 1.492 kW/h resulting in an estimated cost of electricity of approximately US$50 per month based on undiscounted power rates. The total cost of each rig including assembly is estimated at US$8,000 and the company is currently evaluating options for the financing of a suite of rigs for the facility.
About United American Corp
Established in 1992, United American Corp is a Florida-based development and management company focusing on telecommunications technologies. The company currently holds the rights to manage and develop projects based on a portfolio of patent and proprietary technology in telecommunications, social media and more recently in Blockchain PSTN technology. This includes patent pending Smartphone-over-IP technology as well as the Canada and US patented iFramed social media posting gateway. iFramed is currently the subject of enforcement action against Snap Inc. which UnitedCorp alleges is the underlying technology for Snap's "Geofilters".
For more information, visit: www.unitedcorp.com .
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.
Source:
United American Corp
Contact:
Jenna Trevor-Deutsch
Investor Relations
[email protected]
604 398 5000 ext: 109
Source:United American Corp. | http://www.cnbc.com/2018/01/09/globe-newswire-unitedcorp-subsidiary-blockchain-data-centers-inc-acquires-first-dedicated-blockchain-mining-data-center.html |
FOREX-Dollar nurses losses but set for big monthly drop; franc slips | * Dollar set to decline 3 percent on a monthly basis
* German bond yields rise to multi-year highs
* UBS expects Swiss Franc to weaken to 1.19 vs euro
* Graphic: World FX rates in 2017 tmsnrt.rs/2egbfVh
By Saikat Chatterjee
LONDON, Jan 29 (Reuters) - The dollar consolidated losses against a basket of currencies on Monday as U.S. bond yields rose but traders were cautious on the broader outlook as recent strong data has not changed expectations about the path of U.S. interest rates.
Data on Friday showed U.S economic growth accelerated to 2.3 percent in 2017, faster than the 1.5 percent logged in 2016, although growth in the December quarter slowed on a sequential basis and was below market expectations.
Lee Hardman, a currency strategist at MUFG, said the strong data should encourage the Fed to adopt a more confident tone in this week’s policy meeting and will only cement expectations of another rate hike in March.
But “the updated signal is unlikely to prove sufficient to prompt the market to price in more rapid tightening beyond the Fed’s current plans for three hikes this year, thereby dampening support for the U.S. dollar”, he added.
Treasury Secretary Steven Mnuchin gave U.S. currency bears a major boost last week with a tacit endorsement of a weak dollar. While U.S. President Donald Trump, who has advocated a strong dollar, tried to row back from those comments, the damage had already been done and the greenback’s downturn since November showed little sign of abating.
Against a basket of currencies, the dollar bounced a quarter of a percent higher to 89.30 after scoring six consecutive weeks of losses.
On a monthly basis it is set to fall 3 percent.
Over the last decade, including the global financial crisis in 2008, it has fallen by that extent only 10 times, according to Thomson Reuters data.
Reuters data points to market expectations of about three more Federal Reserve rate hikes this year, starting in March, although some analysts, including at Goldman Sachs and JP Morgan Asset Management expect the Fed to raise four times.
U.S. Treasury yields climbed to fresh multi-year highs in European trade on Monday, extending rises seen last week as investors braced for major central banks to step back from ultra-easy monetary policies. The 10-year yield rose to 2.71 percent, its highest since early 2014.
FRANC WEAKNESS The Swiss franc was the day’s underperformer, declining more than a quarter of a percent against the dollar and weaker against the crosses after weekly deposits data showed a pick up in capital outflows.
The franc has traditionally been a countercyclical currency for global funds as it tends to gain when risk aversion is on the rise and vice versa, although that correlation has weakened thanks to central banks’ unconventional monetary policies.
But as the European Central Bank starts to unwind its multi-year policy stimulus starting this month, market watchers expect the Swiss currency to weaken substantially as domestic investors look to international markets for better returns.
“We expect the SNB (Swiss National Bank) to lag the other European central banks in normalizing monetary policy as the exchange rate remains highly overvalued and as outflows from the Swiss market have picked up pace. That should be a relief for the SNB,” said Kamal Sharma, a director of G10 FX strategy at Bank of America Merrill Lynch.
While the franc edged 0.3 percent weaker against a broadly struggling dollar, it was also on the back foot against the euro, with the currency stabilising above the 1.16 line.
UBS Wealth Management expects the franc to weaken to 1.19 against the euro as the gap between ECB policy withdrawal and SNB’s precautionary stance is likely to widen.
Chairman Thomas Jordan reaffirmed the SNB’s view on the currency earlier this month, saying the Swiss franc remained “highly valued” and negative interest rates were still needed.
The euro traded at $1.2400, down 0.2 percent and off a three-year peak of $1.2538 touched on Thursday.
The single currency’s failure over the past couple of days to stay above $1.25 is seen by some traders as a sign of fatigue in its six-week old rally.
Data from U.S. financial watchdog the Commodity Futures Trading Commission showed speculators’ net long position in the euro/dollar futures traded in Chicago rose to a record high, suggesting that profit-taking could be on the cards.
Reporting by Saikat Chatterjee; Editing by Catherine Evans
| https://www.reuters.com/article/global-forex/forex-dollar-nurses-losses-but-set-for-big-monthly-drop-franc-slips-idUSL4N1PO3WW |
BRIEF-Kratos Receives $10.5 Million Task Order | Jan 17 (Reuters) - Kratos Defense And Security Solutions Inc :
* KRATOS RECEIVES $10.5 MILLION TASK ORDER TO MODERNIZE CYBERSPACE DEFENSE SUPPORT NETWORK Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-kratos-receives-105-million-task-o/brief-kratos-receives-10-5-million-task-order-idUSFWN1PC0T8 |
Judges Vote to Uphold Graft Conviction of Ex-Brazilian Leader | PORTO ALEGRE, Brazil—Leftist icon Luiz Inácio Lula da Silva lost a much-awaited appeal on Wednesday to overturn a corruption conviction against him, a ruling that clouds his bid to run for president in an October election that polls show he would win.
Mr. da Silva denied the charges and his lawyers vowed to “use all legal methods possible” to appeal the decision, including taking their battle to Brazil’s top courts in an unprecedented scenario that has prompted widespread debate among legal experts.
... To | https://www.wsj.com/articles/judges-vote-to-uphold-graft-conviction-of-ex-brazilian-leader-1516819703 |
BRIEF-Amdocs to acquire Vubiquity for $224 mln | Jan 30 (Reuters) - Amdocs Ltd:
* AMDOCS TO ACQUIRE VUBIQUITY TO FURTHER EXPAND INTO THE MEDIA & ENTERTAINMENT BUSINESS
* IMPACT OF ACQUISITION ON AMDOCS’ DILUTED NON-GAAP EARNINGS PER SHARE IS EXPECTED TO BE NEUTRAL IN FISCAL YEAR 2018
* IMPACT ON DILUTED GAAP EPS WILL NOT BE KNOWN UNTIL AFTER AMDOCS COMPLETES PURCHASE PRICE ALLOCATION
* SAYS BOARDS OF DIRECTORS OF VUBIQUITY AND AMDOCS HAVE APPROVED TRANSACTION FOR APPROXIMATELY $224 MILLION IN CASH
* IMPACT OF ACQUISITION ON AMDOCS’ DILUTED NON-GAAP EARNINGS PER SHARE TO ACCRETIVE AFTER FY 2018 Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-amdocs-to-acquire-vubiquity-for-22/brief-amdocs-to-acquire-vubiquity-for-224-mln-idUSASB0C34Z |
BRIEF-J.M.Smucker U.S. Food And Beverage President To Retire | Jan 24 (Reuters) - J M Smucker Co:
* THE J.M. SMUCKER COMPANY ANNOUNCES EXECUTIVE LEADERSHIP CHANGES
* J M SMUCKER CO SAYS ANNOUNCED PLANS FOR JUNE 29, 2018, RETIREMENT OF STEVEN OAKLAND, VICE CHAIR AND PRESIDENT, U.S. FOOD AND BEVERAGE
* J M SMUCKER CO SAYS JOSEPH STANZIANO WILL ASSUME ROLE OF SENIOR VICE PRESIDENT AND GENERAL MANAGER, COFFEE, EFFECTIVE FEBRUARY 1, 2018
* J M SMUCKER-TINA FLOYD WILL ASSUME ROLE OF SENIOR VICE PRESIDENT AND GENERAL MANAGER, CONSUMER FOODS, EFFECTIVE FEBRUARY 1, 2018 Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-jmsmucker-us-food-and-beverage-pre/brief-j-m-smucker-u-s-food-and-beverage-president-to-retire-idUSFWN1PJ1CZ |
This Flu Season Is Severe, and Far From Over | The flu is widespread across the entire continental U.S. in one of the worst seasons of the illness in nearly the past decade, the Centers for Disease Control and Prevention warned Friday, urging Americans to take precautions and get a flu shot even though the vaccine may not protect them fully.
Transmission is likely to remain intense for several more weeks, though it is possible that it is at its current peak, the agency noted in its latest update Friday. Flu is widespread in 49 states, leaving out only Hawaii.
... | https://www.wsj.com/articles/this-flu-season-is-severe-and-far-from-over-1515783520 |
How much pro athletes earn in the Super Bowl and World Series | With the National Football League playoffs in full swing, fans will spend their weekends rooting for their team to make it to the Super Bowl. For the players, a Super Bowl win doesn't just mean glory. It also comes with a hefty bonus check.
But, surprisingly, not one as hefty as the bonus check some other winning athletes can expect.
SB Nation crunched the numbers to determine approximately how much athletes in every sport would take home after winning their respective championship game, looking at professional football, hockey, baseball and basketball. To compile the data, SB National analyzed major American sports leagues' collective bargaining agreements.
show chapters Dallas Cowboys running back Alfred Morris drives a $2 car 9:47 AM ET Thu, 19 Oct 2017 | 00:49 In total, Super Bowl 52's champs will receive around $191,000 each, though the number can fluctuate depending on the team's starting position and schedule. A team that has a bye during the wild card round will earn less than a lower-ranked team that goes on to win all four of their games.
Last year, every member of the winning New England Patriots took home $107,000 , even if they didn't play a single minute. Even the losing team was compensated: The Atlanta Falcons received $53,000 each.
In comparison, baseball players on the Houston Astros who claimed a world series win in 2017 earned around $438,901.57. That's 130 percent more than their NFL counterparts for scoring a victory at the championship game.
show chapters This NFL starting quarterback drives a dented van he bought from his grandma for $5,000 11:38 AM ET Fri, 17 Nov 2017 | 00:52 Basketball falls somewhere in the middle — $221,000, as estimated by SB Nation — while hockey is decidedly less at around $163,000 per player.
Although $191,000 is a sizable amount of money by normal standards, it pales in comparison to many NFL players' salaries. Take Drew Brees of the New Orleans Saints, Ben Roethlisberger of the Pittsburgh Steelers, Matt Ryan of the Atlanta Falcons and Tom Brady of the New England Patriots, who all earn more than $20 million per season .
There is one thing you can't put a price on, however: a Super Bowl ring. They can be worth anywhere from $5,000 to $37,000 or more, but the prestige that comes with being the best in the league, if only for a season, is priceless.
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show chapters Why top MLB players are leaving major bat brands for this upstart company 7:25 AM ET Wed, 18 Oct 2017 | 01:50 | https://www.cnbc.com/2018/01/12/how-much-pro-athletes-earn-in-the-super-bowl-and-world-series.html |
Oman starts marketing triple-tranche US dollar bond - IFR News | LONDON, Jan 10 (IFR) - Oman has opened books on a triple-tranche US dollar bond offering, according to leads.
The sovereign has started marketing five-year notes at Treasuries plus 205bp area, a 10-year bond at plus 325bp area and a 30-year tranche at plus 410bp area.
All three tranches will be of benchmark size.
The deal is today’s business via Citigroup, HSBC, JP Morgan, Standard Chartered and SMBC Nikko.
Oman is rated Baa2 by Moody’s and BBB- by Fitch.
Reporting by Robert Hogg; editing by Sudip Roy
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/oman-bond/oman-starts-marketing-triple-tranche-us-dollar-bond-ifr-news-idUSL8N1P526A |
Amazon, Berkshire, JPM to partner on cheaper healthcare for staff | January 30, 2018 / 12:29 PM / Updated 22 minutes ago Amazon, Berkshire, JPMorgan partner to cut U.S. healthcare costs Caroline Humer , Ankur Banerjee 5 Min Read
(Reuters) - Amazon.com Inc, Berkshire Hathaway and JPMorgan Chase & Co said on Tuesday they will form a company to cut health costs for hundreds of thousands of their U.S. employees, setting up a major challenge to an inefficient U.S. healthcare system.
The move by three of the best-known U.S. business leaders - Amazon’s Jeff Bezos, Berkshire’s Warren Buffett and JPMorgan’s Jamie Dimon - would take on the world’s most expensive healthcare system, whose mounting costs have hurt corporate profits. Shares in U.S. healthcare companies fell across the board.
The new, not-for-profit venture will initially focus on technology for “simplified, high-quality and transparent healthcare” for their more than 500,000 U.S. employees. They did not elaborate on their strategy, but said they are searching for a chief executive officer.
Healthcare industry experts say the new entity could eventually negotiate directly with drugmakers, doctors and hospitals and use their vast databases to get a better handle on the costs of those services.
That could undercut the industry’s “middlemen,” from health insurers to pharmacies and benefits managers.
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy,” said Berkshire Hathaway Chairman and Chief Executive Officer Warren Buffett. “Our group does not come to this problem with answers. But we also do not accept it as inevitable.”
ISI Evercore analyst Michael Newshal said the selloff in healthcare stocks reflected the fear of disruption in a sector helped by rising prices year after year, but is under growing scrutiny from U.S. consumers, regulators and politicians.
“There are a lot of companies, or arguably almost all companies, in healthcare that benefit from cost inflation running as high as it has been for many years. And if there is pressure to lower that, that can flow throughout the entire system,” Newshal said. MAJOR DISRUPTOR?
U.S. healthcare spending has been increasing annually faster than inflation, and in 2017 accounted for 18 percent of the U.S. economy. Corporations sponsor health benefits for more than 160 million Americans.
Major healthcare players have tried to reduce costs without losing their profit margins. Most recently, pharmacy network CVS Health Corp reached a $69 billion deal to buy insurer Aetna Inc, arguing their combination could save money for the nation’s employers. Slideshow (3 Images)
Investors in the sector see Amazon becoming a major disruptor of healthcare, just as it has done in the retail industry, fueled by media reports in recent months that the company was considering entering the pharmacy business.
Teaming up with JPMorgan, the biggest U.S. bank, and Berkshire, the third largest public company in the world, offers new opportunities to shake up the industry, analysts said.
For example, JPMorgan could help shape new payment models for consumers and providers, and provide cost data. CEO Dimon has for years expressed concerns about rising healthcare costs.
In 2015 he wrote in his annual letter that the company spent $1.1 billion on medical benefits for U.S. employees, 2 percent of companywide expenses.
Berkshire CEO Buffett has long complained that high healthcare costs were hurting American businesses, and publicly began using the term “tapeworm” to describe their effects as early as 2010.
The partnership will be spearheaded by Berkshire investment officer Todd Combs, JPMorgan managing director Marvelle Berchtold and Amazon senior vice president Beth Galetti.
Combs, 47, has been an investment deputy to Buffett since 2010, and joined JPMorgan’s board in 2016. INSURERS FALL
Health insurers that provide benefit management or health plans to Amazon, JPMorgan and Berkshire could be among the hardest hit.
JPMorgan uses UnitedHealth Group Inc ( UNH.N ) and Cigna Corp ( CI.N ) for health benefits for its global workforce, according to ISI Evercore analyst Ross Muken. Neither company was available for comment.
Amazon uses Premera Blue Cross, part of the Blue Cross Blue Shield network, according to Muken. Express Scripts ( ESRX.O ), the pharmacy benefits manager, has disclosed it manages pharmacy benefits for Amazon.
Shares in UnitedHealth, Cigna Corp and health insurer Anthem Inc fell 3 percent to 7 percent. Drugstore operators CVS ( CVS.N ) and Walgreen Boots Alliance ( WBA.O ) as well Express Scripts all dropped between 4 percent to 5 percent. Drug distributors Cardinal Health ( CAH.N ), AmerisourceBergen and McKesson were off 1 percent to 3 percent. Amazon added 0.7 percent. Related Coverage | https://uk.reuters.com/article/us-amazon-healthcare/amazon-berkshire-jpm-to-partner-on-cheaper-healthcare-for-staff-idUKKBN1FJ1NF |
Cannae Holdings, Inc. Announces Ceridian’s Confidential Submission of a Draft Registration Statement for Initial Public Offering | LAS VEGAS--(BUSINESS WIRE)-- Cannae Holdings, Inc. (NYSE:CNNE) (“Cannae”) today announced that Ceridian HCM Holding Inc. (“Ceridian”), a Cannae portfolio company, has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of its common stock. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. The initial public offering is expected to commence after the SEC completes its review process, subject to market and other conditions.
This press release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended, and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Cannae
Cannae holds majority and minority equity investment stakes in a number of entities, including Ceridian, American Blue Ribbon Holdings, LLC and T-System Holding LLC.
View source version on businesswire.com : http://www.businesswire.com/news/home/20180117005743/en/
Solebury Trout
Jamie Lillis, 203-428-3223
[email protected]
Source: Cannae Holdings, Inc. | http://www.cnbc.com/2018/01/17/business-wire-cannae-holdings-inc-announces-ceridianas-confidential-submission-of-a-draft-registration-statement-for-initial-public.html |
Fed expected to keep interest rates steady as Yellen era ends | January 31, 2018 / 6:05 AM / Updated 13 minutes ago Fed leaves rates unchanged, sees inflation rising this year Ann Saphir , Jason Lange 4 The U.S. Federal Reserve kept interest rates unchanged on Wednesday but said inflation likely would rise this year, bolstering expectations borrowing costs will continue to climb under incoming central bank chief Jerome Powell.
Citing solid gains in employment, household spending and capital investment, the Fed said it expected the economy to expand at a moderate pace and the labor market to remain strong in 2018.
“Inflation on a 12-month basis is expected to move up this year and to stabilize” around the Fed’s 2 percent target over the medium term, the central bank said in a statement following a two-day policy meeting, the last under Fed Chair Janet Yellen.
It also said its rate-setting committee had unanimously selected Powell to succeed Yellen, effective Feb. 3. Powell, a Fed governor who has worked closely with Yellen, was nominated by President Donald Trump and confirmed by the U.S. Senate.
Powell is expected to hew closely to the policies embraced by Yellen, who spearheaded the gradual move away from the near-zero interest rates adopted to nurse the economy back to health and spur job growth after the 2007-2009 recession.
Fed policymakers have been encouraged in recent months as the economy picked up speed and the unemployment rate fell to a 17-year low of 4.1 percent.
The Fed, which raised rates three times last year and in December forecast three more hikes for this year, said on Wednesday it expected “further gradual” rate increases will be warranted. The target range for the federal funds rate currently is 1.25 percent to 1.50 percent.
“The use of ‘further’ opens the door to four hikes and likely closes the door on two,” Michael Gapen, chief U.S. economist for Barclays, wrote in a note to investors.
U.S. stocks rose slightly after the Fed statement before paring gains. Short-term interest rate futures showed traders adding slightly to bets the Fed would raise rates three times in 2018, starting at its next meeting in March. INFLATION VIEW UPGRADED
The Fed’s gradual path of rate increases will hinge on a continued pickup in inflation, which has lingered below target despite a strong job market. Fed policymakers have said they expect an acceleration this spring, once short-term factors that held down inflation are squarely in the rear-view mirror.
In its statement, the central bank noted that market-based measures of inflation have increased in recent months.
The statement did not address the likely impact of the Trump administration’s tax overhaul on economic growth, and gave no hint of concern about overshooting on inflation.
Several Fed policymakers recently have said they expected the tax changes, which include an estimated $1.5 trillion in corporate and individual tax cuts, to provide an economic lift by boosting business and household spending. Related Coverage Instant View: Fed leaves rates unchanged, sees inflation firming
The economy grew 2.3 percent in 2017.
U.S. stocks have soared to record highs in recent weeks as investors calculated that corporate profits would rise after the passage of Trump’s tax legislation.
There were no dissents in the Fed’s decision on Wednesday. Reporting by Ann Saphir and Jason Lange; Additional reporting by Sinead Carew and Richard Leong in New York and Noel Randewich in San Francisco; Editing by Paul Simao | https://www.reuters.com/article/us-usa-fed/fed-expected-to-keep-interest-rates-steady-as-yellen-era-ends-idUSKBN1FK0IQ |
Drop Announces $21M (USD) Series A Raise; Hires Former Airbnb Exec to Lead Engineering Team | Drop, the first truly flexible mobile rewards program, to use cash infusion and addition of Ian Logan, former lead of Airbnb Payments, to make major innovation push in 2018
TORONTO, Jan. 30, 2018 /PRNewswire/ - Drop , a fast-growing, millennial-focused rewards program, announced today it has raised $21 million (USD) in Series A funding, led by top venture capital firm New Enterprise Associates (NEA). The round also features continuing participation from firms including Sierra Ventures, White Star Capital, ff Venture Capital, Portag3 Ventures and Silicon Valley Bank.
Drop's $21M USD Series A round is one of the largest Series A raises in Canadian Fintech. The cash infusion will support the company's rapid growth in 2018. This includes an upcoming engineering push directed by Drop's new executive hire, Ian Logan, formerly Director of Engineering at Airbnb, where he led the charge on all of Airbnb Payments. This announcement comes on the heels of massive growth for the company, reaching 1 million users soon after launching in the United States in October 2017.
"We've invested in some exciting Canadian tech companies in the past, and Drop is a prime example of the growing talent and innovation emerging from Toronto," said Rick Yang, partner at NEA. "Drop's mobile-first, direct-to-consumer approach, and focus on the millennial demographic have proven to fill a large demand in the market for consumers and brands alike. We're thrilled to partner with the Drop team as they continue to disrupt the massive loyalty market."
In conjunction with the closing of their Series A, Drop is also thrilled to be bringing on Ian Logan as its Vice President of Engineering. Logan will be responsible for the vision for the technology design behind the Drop platform and the growth and management of its engineering team. He plans to recruit and build a top-tier, diverse technical team across multiple areas such as frontend engineering, backend engineering, data infrastructure, data science, and machine learning."
Logan describes the choice to leave the steady, rapidly booming Silicon Valley bubble to return to Canada as the "easiest difficult decision" he's ever made. In 2017, Toronto was named one of the top 10 cities in North America for tech jobs, demonstrating its vast potential to be a major hub for tech innovation.
"I was inspired by the possibility of influencing the growing tech community in Canada. I saw the opportunity to cross-pollinate my own experience and knowledge in scaling companies. I wanted to make as big of an impact as possible in helping local innovation. I am now on a mission to contribute to Canada's startup ecosystem by helping make globally focused companies that are locally headquartered a success."
Originally from Canada, Logan moved to the US to pursue a career in tech in Silicon Valley. Joining Airbnb in 2011 as one of its early engineers, Ian built a multitude of systems, helping grow the engineering team from less than 10 engineers to over 800. His expertise ranges from team culture building to advanced payments engineering and leading groups with high team engagement scores and consistency in delivering outsized business impact.
The app is available for iOS and Android . For more information about Drop, visit http://www.earnwithdrop.com .
About Drop:
Drop is a personalized rewards program focused on bringing value to millennials by making their every day more rewarding. Drop enables the consumer to earn rewards easily by simply spending with the debit and credit cards they link to the app, eliminating the need to scan receipts, enter promo codes or sign up for additional loyalty programs. This intelligent mobile app surfaces relevant offers and rewards based on what users are spending, creating a highly personalized, seamless experience for the consumer. Founded in 2015, Drop has built up a base of over one million millennials while reaching No.2 in the App Store.
For brands featured on the platform like Sephora, Bloomingdales, The Body Shop, Amazon, Under Armour, Casper and Boxed, Drop helps them gain unique insights about consumers that they haven't had access to before.
For more information visit: www.earnwithdrop.com .
SOURCE Drop | http://www.cnbc.com/2018/01/30/pr-newswire-drop-announces-21m-usd-series-a-raise-hires-former-airbnb-exec-to-lead-engineering-team.html |
BRIEF-First Bancshares Q4 Earnings Per Share $0.23 | January 26, 2018 / 9:32 PM / in 9 minutes BRIEF-First Bancshares Q4 Earnings Per Share $0.23 Reuters Staff 1 Min Read
Jan 26 (Reuters) - First Bancshares Inc:
* THE FIRST BANCSHARES, INC. REPORTS A 9.8% INCREASE IN NET INCOME AVAILABLE TO COMMON SHAREHOLDERS AND A 70.3% INCREASE IN OPERATING NET EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017; DECLARES AN INCREASED QUARTERLY DIVIDEND OF 33.3% * Q4 EARNINGS PER SHARE $0.23
* NET INTEREST INCOME FOR Q4 OF 2017 WAS $15.2 MILLION, AN INCREASE OF $4.5 MILLION WHEN COMPARED TO Q4 OF 2016 Source text for Eikon: Further company coverage: | https://www.reuters.com/article/brief-first-bancshares-q4-earnings-per-s/brief-first-bancshares-q4-earnings-per-share-0-23-idUSASB0C2ML |
Tintina Announces Company Name Change | WHITE SULPHUR SPRINGS, Mont., Jan. 31, 2018 (GLOBE NEWSWIRE) -- Tintina Resources Inc. (“Tintina” or the “Company”) announces that effective February 2, 2018 the Company will change its company name from Tintina Resources Inc. to Sandfire Resources America Inc.
In a seamless transition for shareholders, the Company will continue to trade on the TSX Venture Exchange under the symbol “SFR.V”. FINRA will announce a decision on the proposed U.S. OTC Market symbol change before market open on February 2, 2018.
CEO John Shanahan stated, “We believe it is important, as we undertake these final permitting steps for the Black Butte Copper Project, and look towards construction and operation, that we are transparent and clear with all shareholders and stakeholders regarding the ongoing financial and technical support of our majority shareholder, Sandfire Resources NL. Sandfire Resources NL owns and operates the state-of-the-art DeGrussa copper mine in Australia and has been recognized internationally as an industry leader and environmental steward. The best way we can reflect this important direction is through a corporate name change.”
Senior VP of Exploration Jerry Zieg added, “This is a very positive sign of progress for our project. The fact that a quality company such as Sandfire Resources NL has chosen to believe and invest in the Black Butte Project is a great signal of strength. We look forward to building a world-class operation and to a bright future for all our shareholders, employees, and communities of central Montana.”
The corporate name change is subject to the approval of the TSX Venture Exchange.
Contact Information:
Tintina Resources Inc.
Nancy Schlepp, VP Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the Company’s proposed name change and plans for advancing the Black Butte Copper Project, and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals for the proposed name change, that the Company will continue to be able to access sufficient funding to execute its plans, that the Company’s plans for tailings and water management will be implemented as expected and will have the intended benefits and that the results of exploration and development activities are consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’s operation as a mineral exploration and development company and the Black Butte Copper Project, that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including that the Company will not receive required regulatory approvals for the proposed name change when expected or at all, that results of exploration and development activities will not be consistent with management’s expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, failure of plant, equipment or processes to operate as anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the development of mining facilities and the operation of a producing mine. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Tintina Resources Inc. | http://www.cnbc.com/2018/01/31/globe-newswire-tintina-announces-company-name-change.html |
Norwegian Air won't need expensive aircraft leases in 2018 -CEO | OSLO (Reuters) - Budget carrier Norwegian Air ( NWC.OL ) is better prepared to cope with peak travel seasons in 2018, and does not plan to rent expensive aircraft or crews from other companies, Chief Executive Bjoern Kjos told reporters on Thursday.
The rapidly growing airline incurred unforeseen leasing costs of around 1 billion Norwegian crowns ($123.71 million) in the summer of 2017 after a spate of cancellations left passengers stranded in airports.
The problems, similar to those of competitor Ryanair ( RYA.I ), quickly led to a scramble among low-cost airlines to recruit more senior pilots.
Norwegian will add some 25 new Boeing ( BA.N ) aircraft to its fleet this year under a long-term investment plan.
“We’re much better prepared entering 2018 than we were last year, and we won’t have to hire planes. We’ll be fully covered, with crews,” Kjos told a news conference.
The company’s bookings for the coming year are also stronger than they were at the same time a year ago, even when taking into account the growth in its fleet, he added.
Reporting by Joachim Dagenborg, editing by Terje Solsvik
| https://www.reuters.com/article/us-norweg-air-shut-ceo/norwegian-air-wont-need-expensive-aircraft-leases-in-2018-ceo-idUSKBN1ET1RF |
KfW back in dollar 10s with a bang | LONDON, Jan 24 (IFR) - KfW returned to the long end of the US dollar market with a bang on Wednesday, attracting over US$6.2bn of demand for a US$3bn trade expected to be priced later today.
The German development bank has not tapped the 10-year tenor since 2015, instead favouring shorter maturities in US dollars.
“We’ve had plenty of good trades in 10-year US dollars, so it’s not like the market hasn’t been opened, but KfW is always keen to take out size and they’ve been able to do that in the euro market,” said a lead.
“But a combination of attractive outright yields, spread to US Treasuries, the shape of the yield curve and the move in swaps spreads all contributed to the success of the trade.”
The 10-year US Treasury yield was at 2.65% on Wednesday, the highest it has been since 2014.
Leads Bank of America Merrill Lynch, JP Morgan and TD started marketing the trade at 23bp area over mid-swaps but were able to revise the level twice - to 22bp area, then 21bp area, for a final print at 20bp over.
“It’s a brilliant trade. They’d been away from that market for three years and one of their concerns was that they weren’t going to be able to get a US$3bn size,” said a banker away.
“They did three €5bn last year for the first time ever, they did more euros than anything else put together last year and if they’d done a US$2bn 10-year when they can do €5bn, it would have looked pretty bad. They need both markets to look good.” (Reporting by Helene Durand; Editing by Philip Wright)
| https://www.reuters.com/article/kfw-back-in-dollar-10s-with-a-bang/kfw-back-in-dollar-10s-with-a-bang-idUSL8N1PJ60G |
BRIEF-Medical Data Vision says business and capital alliance with MRSO | Jan 15 (Reuters) - Medical Data Vision Co Ltd
* Says it will sign business and capital alliance agreement with MRSO, which is engaged in operation of portal site related to health screening reservation, on Jan. 25
* Says it will buy stake in MRSO, effective Jan. 31
* Says two entities will mainly cooperate on development of health screening related services
Source text in Japanese: goo.gl/v4yXym
Further company coverage: (Beijing Headline News)
| https://www.reuters.com/article/brief-medical-data-vision-says-business/brief-medical-data-vision-says-business-and-capital-alliance-with-mrso-idUSL3N1PA2KC |
MIDEAST STOCKS-Gulf moves little, Egypt rises on presidential election date | January 9, 2018 / 2:00 PM / Updated 30 minutes ago MIDEAST STOCKS-Gulf moves little, Egypt rises on presidential election date Reuters Staff
* Qatar slows after surge on dividend-hunting
* Aamal Co rises on industrial plans
* PetroRabigh surges again in Saudi Arabia
* Dubai’s Air Arabia, Dubai Islamic Bank strong
* Egypt market anticipates Sisi win in March 26-28 poll
By Andrew Torchia
DUBAI, Jan 9 (Reuters) - Gulf stock markets were mostly sluggish on Tuesday as Qatar slowed after surging for two days, but Egypt’s bourse rose after authorities announced a date for presidential elections.
The Qatari stock index closed 0.3 percent higher, well off early lows, as trading volume shrank by nearly a third. The index had gained 2.6 percent on Monday as investors positioned for annual dividend announcements in a few weeks.
Some of the best performers of the past two days pulled back, with Doha Bank losing 1.5 percent.
But Aamal Co rose 2.4 percent after announcing plans for an affiliate which it owns 50-50 with Egypt’s El Sewedy Electric Co to build three factories to produce copper wires, aluminium bars and drums for cables -- the country’s first such factories.
In Saudi Arabia, the index fell 0.3 percent as petrochemical giant Saudi Basic Industries dropped 0.5 percent. But PetroRabigh gained a further 3.9 percent in the wake of the opening of facilities in its Phase II petrochemical complex.
Dubai’s index rose 0.4 percent as Air Arabia climbed 3.2 percent to its highest level since early February 2017, in its heaviest trade since mid-October. Dubai Islamic Bank rose 1.7 percent to its highest since August 2015.
But builder Drake & Scull dropped a further 3.5 percent on further profit-taking after big gains since November.
After the close, Dubai Financial Market released a list of the first 19 stocks for which it will permit regulated short-selling. They include Air Arabia and Drake & Scull as well as blue chips such as Emaar Properties.
In Egypt, the index gained 1.4 percent to a record high in its heaviest trade since November after the presidential elections were scheduled for March 26-28.
Incumbent Abdel Fattah al-Sisi has yet to announce his candidacy but is widely expected to run and win, which could extend a period of relative political stability and provide more time for Egypt’s economic reforms to bear fruit. HIGHLIGHTS
* The index fell 0.3 percent to 7,291 points. DUBAI
* The index rose 0.4 percent to 3,505 points. ABU DHABI
* The index was flat at 4,586 points. QATAR
* The index rose 0.3 percent to 9,002 points. EGYPT
* The index gained 1.4 percent to 15,159 points. KUWAIT
* The index rose 0.3 percent to 6,519 points. BAHRAIN
* The index fell 0.4 percent to 1,315 points. OMAN | https://www.reuters.com/article/mideast-stocks/mideast-stocks-gulf-moves-little-egypt-rises-on-presidential-election-date-idUSL8N1P41FT |
BRIEF-Australian Pharmaceutical Industries Expects FY NPAT To Be Marginally Above That Of FY17 | Jan 22 (Reuters) - Australian Pharmaceutical Industries Ltd :
* FY NPAT EXPECTED TO BE MARGINALLY ABOVE THAT OF FY17 * EXPECTS HALF YEAR NET PROFIT AFTER TAX (NPAT) FOR PERIOD ENDING 28 FEB 2018 TO BE ABOUT $26.5 MILLION Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-australian-pharmaceutical-industri/brief-australian-pharmaceutical-industries-expects-fy-npat-to-be-marginally-above-that-of-fy17-idUSFWN1PE1CA |
U.S. clears Chinese acquisition in rare move | (Reuters) - Beijing-based Naura Microelectronics Equipment Co Ltd has completed a deal to buy U.S. semiconductor manufacturing equipment company Akrion Systems LLC, in a rare instance of the U.S. government approving such an acquisition, attorneys for Naura said on Wednesday.
The deal, worth just $15 million, is small by dealmaking standards, yet it comes as the Committee on Foreign Investment in the United States (CFIUS), which reviews deals for potential national security risks, has made it more difficult for Chinese companies to buy U.S. assets.
CFIUS’ stance has toughened as U.S. President Donald Trump seeks to put pressure on China to help tackle North Korea’s nuclear ambitions and be more accommodative on trade and foreign exchange issues. Unfilled political vacancies at several government departments and agencies have also made it more difficult for CFIUS to approve deals.
“As far as we are aware, this is the first Chinese acquisition of a U.S. company to be approved by CFIUS under the Trump administration,” said Gibson Dunn & Crutcher LLP partner Fang Xue, one of the deal lawyers representing Naura.
CFIUS has been traditionally wary of semiconductor deals with Chinese entities, because it is concerned about the transfer of potentially sensitive technology.
Canyon Bridge Capital Partners LLC, a U.S.-based private equity firm funded by the Chinese government, saw its $1.3 billion acquisition of U.S. chip maker Lattice Semiconductor Corp collapse last year after it was blocked by CFIUS, a rejection subsequently upheld by the White House.
But Akrion, based in Allentown, Pennsylvania, is a supplier of equipment to manufacturers of semiconductors and technology companies. It provides machinery that prepares the chips for use.
CFIUS’ approval of the Akrion deal bodes well for Xcerra Corp, a U.S. semiconductor testing company whose deal to be acquired for $580 million by Unic Capital Management, a subsidiary of China’s Sino IC Capital and the Hubei Xinyan Equity Investment Partnership, is also under CFIUS review. Like Akrion, Xcerra does not manufacture any chips itself.
The most high-profile Chinese acquisition of a U.S. company to be shot down by CFIUS since Trump’s inauguration a year ago was Ant Financial’s acquisition of U.S. money transfer company MoneyGram International Inc, which was terminated earlier this month.
Xue said the Akrion deal was approved by CFIUS during the standard 75-day review period, even as other deals have had to refile their applications to secure extensions.
Akrion faces financial difficulties because it lacked scale, and the deal with Naura will boost its ability to compete, Xue added.
Naura, a semiconductor manufacturing equipment company, is a subsidiary of Naura Technology Group Co, a Chinese state-backed company.
Reporting by Greg Roumeliotis in Washington; Additional reporting by Liana B. Baker in New York; Editing by Peter Cooney
| https://in.reuters.com/article/akrion-m-a-naura/u-s-clears-chinese-acquisition-in-rare-move-idINKBN1F70BP |
UK's May's attempt to reassert authority branded a shambles | January 9, 2018 / 8:52 AM / Updated 23 minutes ago 'Farce' - no new start for Britain's May with reshuffle Elizabeth Piper 5 Min Read
LONDON (Reuters) - A government reshuffle by British Prime Minister Theresa May was dismissed even by some of her allies on Tuesday as a failure that one said left her attempt to reassert her authority in “smoke and wreckage”.
One former minister, George Osborne, sacked by May when she came to power in July 2016, led the criticism, calling the moves a “farce”.
But other more loyal members of her governing Conservatives also questioned the prime minister’s ability to put the party back on track for election success after a year of scandals, gaffes and divisions over Brexit.
A cabinet reshuffle is meant to offer a chance for a leader to assert authority on a team. May had hoped the limited changes would not only re-energise her domestic agenda but also strengthen her hand in talks to leave the European Union.
Instead, it did little more than demonstrate May’s weakness, with the only high-profile moves derailed when one minister quit rather than take a new job and another talked May out of changing his role.
May said her reshuffle helped the government look “more like the country it serves”.
“It allows a new generation of gifted ministers to step up and make life better for people across the whole UK,” she said in a statement.
But for Osborne, it was simply a “farce”.
“You have to hand it to this prime minister: she’s given us the hat-trick of the worst reshuffle, the worst party conference speech and the worst manifesto in modern history,” the former finance minister wrote in his newspaper, London’s Evening Standard.
“If they were not facing one of the worst oppositions we’ve ever had, the Tories would be finished.”
But while his criticism was to be expected, even loyal lawmakers and commentators asked why the prime minister had launched a reshuffle from a weakened position, unable to force her will.
“She should not have been in the position of having to plead with a minister whose talents she needs, faced with a choice of giving in or sacking him,” the Conservativehome website, which airs the views of the party, wrote in an editorial. Britain's Prime Minister Theresa May leads her first cabinet meeting of the new year following a reshuffle at 10 Downing Street, London January 9, 2018. REUTERS/Daniel Leal-Olivas/Pool
But, it added, in the “smoke and wreckage this morning, there are a few points of hope and light”. PALE, MALE, STALE
On Tuesday, May moved to promote younger, black and women lawmakers to junior roles in government, hoping to rid the party of its reputation of being “pale, stale and male”.
But by playing very much to her own party rather than the country, some critics said May risks losing the chance to revitalise what her aides call her “reform agenda”, already hampered by Brexit, a scandal over sexual harassment and struggling public services. Britain's Prime Minister Theresa May leads her first cabinet meeting of the new year following a reshuffle at 10 Downing Street, London January 9, 2018. REUTERS/Daniel Leal-Olivas/Pool
Monday’s reshuffle was blown off course when Health Secretary Jeremy Hunt convinced May at a lengthy meeting not to move him to a different job. Newspapers said he refused to accept a new post, although a source close to May denied that, and said Hunt simply persuaded her.
Then education minister Justine Greening refused to take a job at the pensions department and quit instead.
Losing the only gay minister in the cabinet threatens what May hoped to be the narrative of her reshuffle: that she was ushering in a new, more diverse team to counter accusations that the Conservative Party is out of touch.
The resignation of the newly appointed board member of a new universities watchdog over sexist tweets also did little to help distance May from scandals over sexual harassment last year that brought down two ministers.
But aides had long said Monday’s moves were less important that those on Tuesday, when May promoted lawmakers to junior positions in preparation of a wider reshuffle after Brexit.
“Today I expect the rest of the picture to show that it’s more about preparing the ground for a post-Brexit reshuffle at a senior level,” Crispin Blunt, a Conservative lawmaker, told Reuters.
And few predicted the furore to lead to her downfall.
“Once everyone is in place, there won’t be any trouble,” a senior Conservative member said on condition of anonymity. “It’ll be more of the same, she will take one step at a time ... and suddenly, we’ll be in 2019.” additional reporting by Michael Holden; Editing by Peter Graff and Angus MacSwan | https://in.reuters.com/article/britain-politics/uks-mays-attempt-to-reassert-authority-branded-a-shambles-idINKBN1EY0S5 |
BRIEF-A10 Networks Sees Q4 2017 Revenue $55.5 Mln To $56 Mln | Jan 16 (Reuters) - A10 Networks Inc:
* A10 NETWORKS ANNOUNCES PRELIMINARY FOURTH QUARTER 2017 RESULTS
* SEES Q4 2017 REVENUE $55.5 MILLION TO $56 MILLION * SEES Q4 2017 NON-GAAP EARNINGS PER SHARE $0.05 TO $0.06 * - EXPECTS Q4 GAAP EARNINGS PER SHARE IN RANGE OF BREAK-EVEN TO $0.01 PER SHARE Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-a10-networks-sees-q4-2017-revenue/brief-a10-networks-sees-q4-2017-revenue-55-5-mln-to-56-mln-idUSASB0C14T |
BRIEF-Corestate: Acquisition Of Micro-Apartments Worth EUR 670 Mln | Jan 11 (Reuters) - CORESTATE CAPITAL HOLDING SA:
* DGAP-NEWS: CORESTATE CAPITAL HOLDING S.A.: CORESTATE ACQUIRES AND MANAGES NEWLY BUILT MICRO-APARTMENTS WORTH EUR 670M FOR BAYERISCHE VERSORGUNGSKAMMER
* COMBINED ASSET VALUE AFTER COMPLETION WILL BE EUR 670M * PROJECTS’ SELLER AND DEVELOPER IS CG GRUPPE AG Source text for Eikon: Further company coverage: (Gdynia Newsroom)
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/brief-corestate-acquisition-of-micro-apa/brief-corestate-acquisition-of-micro-apartments-worth-eur-670-mln-idUSASM000I0F |
Stress-test your portfolio to make sure it's ready for a market downturn | If you haven't stress-tested your portfolio recently, now might be the time.
U.S. stocks fell sharply for the second day in a row Tuesday, in the year's first major sell-off. Monday was the worst session of the year for both the Dow and the S&P 500 . It's a notable reversal given the market's strong start to 2018.
Up markets represent a prime opportunity to stress-test your portfolio against future volatility and downturns, certified financial planner Lynn Ballou, regional director at EP Wealth Advisors in Lafayette, California, told CNBC.com earlier this year. Make sure you're comfortable with all the investments you're holding.
show chapters Market pause 'natural' after long rally: JP Morgan strategist 7 Hours Ago | 04:00 "We get lulled into complacency in times like this … then we kick ourselves if there's a market correction," she said.
As part of that analysis, examine allocations to make sure they're in line with your time horizon and risk tolerance. That favorable stock performance may mean your portfolio has gotten more aggressive over time.
"If you're talking about a short-term goal of four years or less, I don't care how appetizing the market looks. Cash is your best friend." -Douglas Boneparth, Bone Fide Wealth "Ask, 'Has my portfolio become unbalanced, because my equities have completely taken over the garden?'" Ballou said. "It's time to do some pruning and take some money off the table."
Gauging your tolerance for risk is especially key. For more risk-averse investors, forgoing some gains now might be preferable to the pain and panic of a market downturn, certified financial planner Mark LaSpisa, president of Vermillion Financial Advisors in South Barrington, Illinois, told CNBC.com earlier this year.
"The real question is, for the person that hasn't experienced a correction in the past nine years, how are they going to react?" he said.
Depending on your goals, strategically shifting your investments could help reduce risk and still meet return your objectives, LaSpisa said. For example, he said, an investor who only needs 3 percent to 5 percent to meet retirement income obligations — and has already benefitted from several years of above-average returns — may not need to chase double-digit returns or stay in riskier investments to achieve that goal.
"Why are we reaching for that return if it's not needed?" LaSpisa said.
Keep goal timelines in mind, too, both for current investments and money you're thinking of investing, Douglas Boneparth, a certified financial planner and president of Bone Fide Wealth in New York, told CNBC.com earlier this year.
"Long-term goals, the ones that are seven, 10 years plus … it's easier to remain unemotional because you have time on your side," he said.
show chapters Market moving towards bearish extreme on bonds, says investor 9 Hours Ago | 03:19 Those long-term investors can benefit from dollar-cost averaging, he said, continuing regular contributions into their retirement accounts, 529 plans and the like. But it's a different story for goals you need to fund on a short timeline.
"If you're talking about a short-term goal of four years or less, I don't care how appetizing the market looks," Boneparth said. "Cash is your best friend."
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Here's what fans will likely spend on the Super Bowl | https://www.cnbc.com/2018/01/30/stress-test-your-portfolio-to-make-sure-its-ready-for-a-market-downturn.html |
"Fast Money" final trades: KRE, LEAF and more | "Fast Money" final trades: KRE, LEAF and more 4 Hours Ago The “Fast Money” traders share their final trades for the day including SPDR S&P Regional Banking ETF, MedReleaf, Lions Gate and Discovery Communications. | https://www.cnbc.com/video/2018/01/24/fast-money-final-trades-kre-leaf-and-more.html |
Cricket-De Villiers hungry for big test runs, says South Africa captain | CAPE TOWN (Reuters) - South Africa are backing AB de Villiers to show his class and score heavily as he continues his return to the test arena, captain Faf du Plessis said ahead of their three-test series against India.
Britain Cricket - South Africa Nets - Ageas Bowl - June 20, 2017 South Africa's AB de Villiers during nets Action Images via Reuters / Paul Childs Livepic/File Photo Former world No.1 batsman De Villiers took almost two years out of first-class cricket to concentrate on the shorter formats and spend more time with his young family. But the 33-year-old is now back for South Africa as they begin a busy home schedule with the opening test against India at Newlands on Friday.
“What’s important with AB is that he is fresh and hungry to score big runs. He has had a good break,” said Du Plessis on Thursday.
“He feels mentally strong and he wants to put in big performances, so I think that’s half the battle already. When you have a high-quality player like him, if you get the mental side of things right, he can be a good asset.”
De Villiers scored a quick-fire half century -- his 40th in test cricket -- on his test return in the brief Boxing Day test against Zimbabwe in Port Elizabeth last week, but this will be a much tougher examination.
“I don’t know when the next test series against India is, but it’s probably the last time a lot of us play against India and there’s no better way than playing a series in South Africa,” Du Plessis said of South Africa’s experienced line-up.
“We were disappointed the last time we went there and we’ve got a score to settle, so we’re excited for this series.”
South Africa lost three of their four tests in India in late 2016 in the last meeting between the two nations that top the International Cricket Council’s test rankings.
“It’s good that we can have some importance to this series. Big series are why you play. We don’t have an Ashes, so it’s good to see that India v South Africa can start becoming a really big series,” Du Plessis said.
“There are some really high-class players that are going to bash it out over the next four weeks.”
The three tests against Virat Kohli’s side in a busy January are followed by the another four home tests against Australia in March and April.
“The next two or three years are going to be very exciting for South African cricket. We are maturing a lot more - both the ODI team and test team,” their captain said.
“If you look at the names we have available this series, it’s a very strong team on paper. I’d like to look at it that, for the next three years, we can push really hard to get to No.1.”
Reporting by Mark Gleeson; Editing by David Goodman
| https://in.reuters.com/article/cricket-test-zaf-ind-duplessis/de-villiers-hungry-for-big-test-runs-says-south-africa-captain-idINKBN1ET1LT |
Bitcoin Roller-Coasters Back Above $11,000 | Fortune | By Bloomberg January 18, 2018
The roller coaster January for cryptocurrency investors eased for a few hours on Thursday as Bitcoin held steady after roaring back from its first plunge below $10,000 since December .
The largest digital currency climbed 2.1% to $11,620 at 11:34 a.m. in London, Bloomberg composite pricing showed. It held fairly steady for much of the Asia trading day as investors took a breath following a frantic 24 hours in which the digital coin swung through a trading range of $2,600. Rivals ethereum and litecoin were little changed, while Ripple jumped 12%.
“This market is volatile and there is not enough capital in it to stabilize,” Darren Franceschini, chief executive with Blockchain Technologies Consulting, said in an email.
Bitcoin’s gyrations in 2018 has investors, regulators and onlookers debating whether the speculative bubble has popped after a 1,400 percent ascent last year. Jitters across the globe over a potential bloodbath helped wipe about $400 billion off the global market value of digital assets in 10 days through Wednesday.
Read: Did Bitcoin Just Burst? How It Compares to History’s Big Bubbles
While Bitcoin and peers staged multiple comebacks in 2017 following double-digit daily losses, the digital coin has not been able to string together a rally through the first three weeks of this year.
Cryptocurrencies across the board are coming under increasing scrutiny from regulators around the world, with South Korean authorities debating a potential ban on local exchanges while China is widening its crackdown on the industry.
Bixin, one of China’s larger operators for the so-called wallets that hold digital coins, said it was suspending all OTC trading and escrow trading on Wednesday, blaming “uncertainties regarding regulation policies.” No re-start date was set.B SPONSORED FINANCIAL CONTENT | http://fortune.com/2018/01/18/bitcoin-rollercoasters-above-11000/ |
Commentary: The unlikely Mideast alliance that threatens Iran | Shortly after Iranian protesters took to the streets on Dec. 28, Israeli Prime Minister Benjamin Netanyahu posted a video on his Facebook page wishing “the Iranian people success in their noble quest for freedom.” In Saudi Arabia, meanwhile, state-run media hailed the protesting Iranians with such joyful hysteria that Saudis could be forgiven for believing that the regime in Tehran was on the verge of collapse.
Jewish Israel and Sunni Saudi Arabia have no formal diplomatic ties and decades of enmity behind them. However, their mutual pleasure over the grassroots demonstrations in Iran is the latest manifestation of a growing convergence of political interests, between the two Middle Eastern countries against their shared regional nemesis: Iran.
If the Saudi-Israeli rapprochement continues, their collaboration could lead to improved Israeli relations with other Arab states, removing Iran’s security buffer and possibly making Tehran more vulnerable to direct Israeli military action.
The first signs of the thaw between Saudi Arabia and Israel appeared in 2015, when both nations opposed the nuclear deal struck between Iran and the six world powers known as the P5+1. According to the terms of the deal, Tehran would cut back its nuclear program in return for relief from economic sanctions. To compensate for its nuclear concessions and concerned that Washington might not honor its commitment to the agreement, Iran followed its signing of the Joint Comprehensive Plan of Action (JCPOA) by intensifying the consolidation of its regional power base.
To that end, the Islamic Revolutionary Guards Corps (IRGC) and their overseas operations arm, the Quds Force, doubled down on their support for like-minded and mostly Shi’ite paramilitary groups across the Middle East. In Syria, Iranian intervention in favor of Bashar al-Assad, coupled with a relentless Russian air campaign against the rebels, finally turned the tide of civil war and kept Assad in power. Tehran also took the opportunity to help oust extremist anti-Shi’ite groups like Islamic State (IS) from Syria. Iranian leaders insisted their intent was to “nip terrorism in the bud,” but their tacit goal was also — and more importantly — to maintain land access and supply lines to their main proxy, Lebanon’s Hezbollah, as part of the Islamic Republic’s commitment to the “axis of resistance” and its “strategic depth” policy in the region.
The recapture of Aleppo by Syrian government forces in December 2016 relieved Iranian-backed militia forces stationed in northwestern Syria of a formidable battlefield challenge, enabling them to concentrate their manpower and firepower on the southwestern and eastern fronts. This sounded alarm bells for the Israeli government, which feared entrenchment of Iran’s military foothold in its immediate neighborhood.
Ali Akbar Velayati, a senior advisor to Iran’s Supreme Leader, has spoken figuratively of a “resistance highway” that starts in Tehran and continues through Mosul, Damascus and Beirut to the Mediterranean. Similarly, with the expulsion of IS from Syria’s eastern province of Deir al-Zor, IRGC-affiliated media outlets such as Mashregh News and Javan Online have promoted the establishment of a land “corridor,” linking Iran to the Mediterranean and potentially useful for military as well as trade purposes.
German Chancellor Angela Merkel meets Israeli Prime Minister Benjamin Netanyahu at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 24, 2018. Bundesregierung/Guido Bergmann/Handout via REUTERS Israel has responded to this perceived threat militarily and politically. On the military front, it has embarked on a sustained campaign of targeted airstrikes against arms convoys believed to be delivering “game-changing” weapons to Hezbollah as well as a reported Iranian military base in Syria. On the political front, Israel has sought to build an anti-Iran “coalition” with the Arab Sunni bloc led by Saudi Arabia.
In an unprecedented Nov. 16 interview with Elaph, the popular independent Arabic news site, Israel’s army chief of staff Lieutenant-General Gadi Eizenkot offered to cooperate with Saudi Arabia against Tehran, which he labeled the “biggest threat” in the Middle East. “We are ready to exchange experiences with moderate Arab countries and to exchange intelligence to confront Iran,” he said, adding that “in this matter there is complete agreement between us and the Kingdom of Saudi Arabia.” Less than two months later, in a Dec. 28 BBC interview, Israeli education minister Naftali Bennett echoed Eizenkot, explaining that Israel hoped to form “coalitions” with “moderate” Arabs, in order to “contain” Iran.
Saudi Arabia's Crown Prince Mohammed bin Salman, pictured here in Riyadh, has met with Palestinian leader Mahmoud Abbas about a U.S.-devised peace plan. December 30, 2017. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS Riyadh, too, has been cautiously building closer ties with Tel Aviv. In the summer of 2016, one year after Iran’s nuclear deal, a Saudi delegation headed by retired general Anwar Eshki met with Israeli foreign ministry officials and Knesset members in an unusual visit to Jerusalem. During the meeting, Eshki tried to persuade the Israelis to accept the Arab Peace Initiative, arguing that a two-state solution to the Israeli-Palestinian conflict would foil Iran’s attempts to exploit the Palestinian cause and delegitimize its support for anti-Israeli groups like Hamas, Islamic Jihad, and Hezbollah. Israel made no commitments, but welcomed the improvement of ties with Arab states.
The growth of Iranian power and influence in the region, however, is not the only driver of Saudi-Israeli entente. The Trump administration’s determination to counter the Islamic Republic, along with Washington’s close relations with Saudi Arabia and Israel, have facilitated bilateral efforts to form such an alliance.
In November 2017, Saudi Crown Prince Mohammed bin Salman summoned Palestinian leader Mahmoud Abbas to Riyadh and presented him with the blueprint for a U.S.-devised peace plan that favored Israelis. The powerful prince then demanded that Abbas either accept the scheme or resign. Tellingly, the Palestinian leader’s urgent trip to Riyadh came less than two weeks after Jared Kushner, President Trump’s son-in-law and advisor on the Middle East, visited the Saudi capital to discuss the plan with bin Salman.
As delegates met at the World Economic Forum meeting in Davos this week, there were no official Saudi-Israel meetings reflected on the public program. But Israeli Prime Minister Benjamin Netanyahu and top Saudi officials, including Foreign Minister Adel al-Jubeir, are at the summit and have already made it clear, in formal panel discussions and conversations with reporters, that their governments view countering the threat from Iran as a primary foreign policy goal. Davos is famous for its backroom meetings as well as the inevitable spontaneous encounters that occur when attendees are crowded into an Alpine conference center; it’s not unreasonable to assume that these discussions could solidify relationships out of the public eye.
Iranian leaders are clearly worried about the emerging Saudi-Israeli alliance, which is likely to bring Riyadh’s Sunni allies, including the United Arab Emirates and Bahrain, into its fold as well. In a recent address to the Iranian parliament, President Hassan Rouhani declared that Iran would not resume its ties with Saudi Arabia unless Riyadh ended its friendship with Israel. The new realpolitik of the Middle East means that Tehran may face even greater strategic challenges in the future.
About the Author Maysam Behravesh is a PhD candidate in political science at Lund University, Sweden, and a multimedia journalist at the news channel Iran International. @behmash
The views expressed in this article are not those of Reuters News. | https://www.reuters.com/article/us-behravesh-iran-commentary/commentary-the-unlikely-mideast-alliance-that-threatens-iran-idUSKBN1FC358 |
Stephen M. Cutler, Former General Counsel of JPMorgan Chase & Co. and SEC Director of Enforcement, to Join Simpson Thacher as a Partner | NEW YORK--(BUSINESS WIRE)-- Simpson Thacher & Bartlett LLP announced today that Stephen M. Cutler, former General Counsel and current Vice Chairman of JPMorgan Chase & Co., will join the Firm as a Litigation Partner in April. Prior to his tenure at JPMorgan, Steve served as Director of Enforcement at the Securities and Exchange Commission. At Simpson Thacher, he will advise companies, boards and senior executives on government and internal investigations, corporate governance and regulatory matters, and high-stakes litigation.
“We are thrilled to welcome Steve to Simpson Thacher,” said Bill Dougherty, Chairman of Simpson Thacher’s Executive Committee. “He is one of the leading lawyers of his generation, highly respected for his leadership and distinguished service in both the public and private sectors. Our clients will benefit from his unparalleled experience and insight as they navigate their most complex and challenging issues.”
“I am delighted to return to private practice at Simpson Thacher,” said Steve. “It is an outstanding firm with which I have worked closely for many years. I look forward to partnering with wonderful colleagues and advising clients on some of their most important matters.”
Steve joined JPMorgan in 2007 and served as General Counsel and head of the company’s Legal and Compliance activities worldwide throughout the global financial crisis. As General Counsel, he was also on JPMorgan’s Operating Committee and reported directly to the Chairman and CEO Jamie Dimon. In January 2016, he became a Vice Chairman of the firm.
Paul Curnin, Co-Head of the Firm’s Litigation Department, said, “Steve’s experience is exceptional. I don’t know of any other lawyer who helped lead one of the country’s preeminent institutions through the financial crisis and also served as the SEC’s Director of Enforcement during a period of some of the agency’s most historic cases, including WorldCom and Enron.” Jon Youngwood, Co-Head of the Firm’s Litigation Department, added, “Steve will join a Department with a long roster of experienced former government attorneys and tested trial lawyers. We all look forward to working with him to address and solve the critical legal challenges that our clients face.”
Steve served as Director of the SEC’s Division of Enforcement from 2001 to 2005 (and the Deputy Director from 1999 to 2001). While at the SEC, he oversaw 1,100 employees and led the agency’s investigations of numerous high-profile financial reporting, broker-dealer and investment advisor matters. Both before and immediately following his tenure at the SEC, Steve was a partner at the law firm WilmerHale in Washington, D.C., where his practice focused on government and internal investigations and market regulation.
Steve earned a J.D. from Yale Law School, where he served as an editor of the Yale Law Journal, and a B.A., summa cum laude, from Yale University.
Simpson Thacher’s Global Litigation Department represents a wide range of sophisticated clients, including financial institutions, corporations, boards, audit and special committees, and senior executives, in their most significant matters. The Firm offers a substantial bench of talent to effectively handle litigations, government and internal investigations, arbitrations and cross-border disputes in North and South America, Asia and Europe.
ABOUT SIMPSON THACHER & BARTLETT LLP
Simpson Thacher & Bartlett LLP ( www.simpsonthacher.com ) is one of the world’s leading international law firms. The Firm was established in 1884 and has more than 900 lawyers. Headquartered in New York with offices in Beijing, Hong Kong, Houston, London, Los Angeles, Palo Alto, São Paulo, Seoul, Tokyo and Washington, D.C., the Firm provides coordinated legal advice and transactional capability to clients around the globe.
View source version on businesswire.com : http://www.businesswire.com/news/home/20180131005930/en/
Simpson Thacher & Bartlett LLP
Danzey Burnham, 212-455-3509
[email protected]
Source: Simpson Thacher & Bartlett LLP | http://www.cnbc.com/2018/01/31/business-wire-stephen-m-cutler-former-general-counsel-of-jpmorgan-chase-co-and-sec-director-of-enforcement-to-join-simpson-thacher-as-a.html |
Opel may curtail investment in Spanish factory in union standoff | January 25, 2018 / 10:25 AM / in 9 minutes Opel may curtail investment in Spanish factory in union standoff Reuters Staff 2 Min Read
MADRID, Jan 25 (Reuters) - Peugeot-owned carmaker Opel is considering cutting further investment in one of its three Spanish plants after failing to reach a deal with unions on wages and working conditions.
The Opel factory, which has been operating in Figueruelas, Aragon since 1982, employs around 5,300 people and was running at 80 percent capacity in 2017 when it made 382,250 vehicles.
“There will only be investment if a plant is profitable, but the Opel plant in Spain is at a disadvantage to other PSA factories in Spain,” an Opel Spain spokeswoman said on Thursday, adding that months of talks with unions aiming to increase the plant’s competitiveness had failed to reach a deal.
Peugeot says that the Figueruelas factory is less competitive than its other two plants in Spain due to higher wages, lower hours and lower flexibility.
Production of the next series of Opel’s Corsa, which has been made in Figueruelas for decades, could be moved to another factory if an accord cannot be reached, the spokeswoman said.
The Aragon regional government said it had called for an urgent meeting with Opel bosses to evaluate the situation. (Reporting by Robert Hetz; Writing by Paul Day; Editing by Alexander Smith) | https://www.reuters.com/article/peugeot-spain-jobs/opel-may-curtail-investment-in-spanish-factory-in-union-standoff-idUSL8N1PK2KE |
Energy Industry Entrepreneur John Campion Advances Position in Global Energy Storage Innovation | JACKSONVILLE, Fla., Jan. 29, 2018 /PRNewswire/ -- Recognizing the overwhelming importance of reliability for the continued rapid growth of renewable energy generation, CJJ Hybrid Investments, LLC ("CJJ"), a private Jacksonville, Florida-based investment firm, founded by APR Energy founder and Chairman John Campion, today announced it has acquired a majority interest in Irish-based HYbrid Energy Solutions Limited ("HES").
HES designs and manufactures modular, scalable, energy stations and battery storage solutions designed to provide reliable and efficient power to a broad customer base ranging from remote telecoms base stations to utility grids. With more than 2,000 units in operation in four countries, HES's hybrid systems have logged more than 26 million operating hours and generated more than 80 million kilowatt-hours of sustainable electric power to date.
Through this strategic investment, Campion commits his deep understanding of the complexities of local energy markets and customer needs to accelerate the transition from conventional to sustainable electricity generation globally. Renewable energy's greatest challenge remains the stability of the power it generates – a problem that will continue to prevail as wind and solar energy become more ubiquitous. A growing reliance on intermittent renewable power supplies, while making clean power more broadly available, also creates scenarios in which electrical grids are susceptible to instability or collapse. HES's cutting-edge solutions for energy storage can alleviate these problems and generate more stability for power grids worldwide, resulting in balanced energy portfolios. HES, which has more than 16 million kilowatt-hours of lithium-ion battery storage capacity currently in place, participates in a market that includes companies such as AES, Siemens and Tesla.
For Campion, an Irish-American entrepreneur who has forged a successful, decades-long path in the power generation and energy delivery industries, making a sizeable financial commitment to HES is no coincidence. Campion has spent the past seven years as a strategic advisor to HES, providing him with deep insights into the company's innovation and growth.
"I met HYbrid Energy Solutions founder and CEO Nick McGrath more than 15 years ago when we worked together at GE Energy Systems," noted Campion, founder and CEO, CJJ. "Nick was fascinated even then with the potential for hybrid energy systems and battery storage technologies, which few others could see. After closely following the development of his business, it's exciting to re-associate with Nick to bring HYbrid's compelling value proposition to customers worldwide."
Added Campion, "Just as we've done with APR Energy, we will position HYbrid Energy Solutions as an energy production partner, not just a supplier. That approach, combined with immense amount of operational data we've produced, and the worldwide need to increase the percentage of renewable electrical generation, will enable us to expand the company rapidly."
The investment by Campion enables him – whose entrepreneurial portfolio includes multiple patents, the launches, acquisitions and sales of several energy companies, and the founding of billion-dollar-valued APR Energy, which he still runs today on a daily basis – to provide business and market insights, best practices, and mentorship to this new endeavour. Campion and his team bring more than 150 years of combined experience in management, finance, legal, regulatory, marketing and public relations in a variety of industries, including the energy sector.
"We've spent many years perfecting our technology and deploying it in markets where ruggedness, reliability and cost-effectiveness are essential. To date, the key limiters to our growth have been capital and our ability to communicate the advantages of our energy solutions more widely to potential customers worldwide," said Nick McGrath, CEO, HYbrid Energy Solutions. "John's vision, experience and extraordinary success in the fast-track power generation market are certain to accelerate our growth and improve the all-around quality of our operation. This is especially so in the area of utility-scale energy storage, which is an absolute prerequisite for the successful integration of renewables into local and national grids."
For more information about HYbrid Energy Solutions, please visit http://www.hybrid.ie/ .
About CJJ
CJJ is part of a group of companies that invest in a variety of industries, including energy, automotive, aviation and real estate. Management of CJJ is a group of seasoned business professionals who will add their expertise to assist entrepreneurial companies in achieving global success. CJJ is led by John Campion, an Irish-American entrepreneur who founded APR Energy, a global fast track mobile power generation company.
About HYbrid Energy Solutions
Founded in 2006 to provide off-grid power to the telecoms sector, HYbrid Energy Solutions is an Ireland-based company with its headquarters in Kilkenny, Ireland. The company is mainly focused in the developing countries of the Middle East, Africa, Asia, Central and South America where existing electricity infrastructure and networks are inadequate for today's needs. HYbrid Energy's products range from ultra-fuel-efficient hybrid power generators to multi-source grid interface systems. The company's generators are designed to accept wind and / or solar power inputs, which enable a base station to be powered entirely by renewable power while offering the security of supply.
View original content with multimedia: http://www.prnewswire.com/news-releases/energy-industry-entrepreneur-john-campion-advances-position-in-global-energy-storage-innovation-300589247.html
SOURCE CJJ Hybrid Investments, LLC | http://www.cnbc.com/2018/01/29/pr-newswire-energy-industry-entrepreneur-john-campion-advances-position-in-global-energy-storage-innovation.html |
BRIEF-Vietnam lender BIDV says 2017 pre-tax profit at $387.5 million | Jan 9 (Reuters) - Joint Stock Commercial Bank For Investment And Development Of Vietnam:
* SAYS 2017 PRE-TAX PROFIT AT 8.8 TRILLION DONG ($387.5 MILLION) Further company coverage: (Reporting by Nguyen Mi)
| https://www.reuters.com/article/brief-vietnam-lender-bidv-says-2017-pre/brief-vietnam-lender-bidv-says-2017-pre-tax-profit-at-387-5-million-idUSL4N1OY24D |
BRIEF-MedCap To Write Down SEK 13 Million In Goodwill | Jan 29 (Reuters) - MEDCAP AB (PUBL):
* TO WRITE DOWN SEK 13 MILLION IN GOODWILL RELATED TO CROSS PHARMA ACQUISITION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| https://www.reuters.com/article/brief-medcap-to-write-down-sek-13-millio/brief-medcap-to-write-down-sek-13-million-in-goodwill-idUSFWN1PO0B5 |
Cadence Bancorporation Reports Fourth Quarter 2017 Results and Initiates a Quarterly Dividend | HOUSTON--(BUSINESS WIRE)-- Cadence Bancorporation (NYSE:CADE) (“Cadence”) today announced net income for the quarter ended December 31, 2017 of $14.7 million, or $0.17 per diluted common share (“per share”), compared to $32.6 million, or $0.39 per share, in the third quarter of 2017, and $29.0 million, or $0.38 per share, in the fourth quarter of 2016. The fourth quarter of 2017 includes a one-time charge of $19.0 million, or $0.22 per share, recorded in income tax expense (the “one-time tax charge”) related to the enactment of the Tax Cuts and Jobs Act in December 2017 (“Tax Reform”) requiring a re-measurement of our deferred tax assets arising from a lower corporate tax rate.
Highlights:
Fourth quarter of 2017 net income was $14.7 million. Excluding the one-time tax charge, after-tax earnings for the fourth quarter of 2017 were $33.7 (1) million, representing an increase of $1.1 million, or 3.4%, as compared to the third quarter of 2017, and an increase of $4.7 million, or 16.2%, compared to fourth quarter of 2016. On a per-share basis, net income was $0.17 per share for the fourth quarter of 2017. Excluding the one-time tax charge, after-tax earnings per share for the fourth quarter of 2017 was $0.39 (1) , the same as the third quarter of 2017 and up $0.01 from the fourth quarter of 2016. The year-over-year per share comparison was impacted by the issuance of 8.625 million shares in our initial public offering in April 2017. Annualized returns on average assets, common equity and tangible common equity (1) for the fourth quarter of 2017 were 0.55%, 4.32% and 5.71%, respectively. Annualized returns on average assets, common equity and tangible common equity (1) excluding the one-time tax charge for the fourth quarter of 2017 were 1.26%, 9.92% and 13.11%, respectively, as compared to 1.29%, 9.78% and 13.04%, respectively, for the third quarter of 2017. Net income for the year ended December 31, 2017 was $102.4 million, compared to the prior year net income of $65.8 million. Excluding the one-time tax charge, after-tax earnings for the year ended December 31, 2017 were $121.4 (1) million, an increase of $55.6 million, or 84.5%, compared to the year ended December 31, 2016. Net income was $1.25 per share for the year ended December 31, 2017, compared to $0.87 per share in the prior year. Excluding the one-time tax charge, after-tax earnings per share for the year ended December 31, 2017 was $1.48 (1) per share, an increase of $0.61 per share or 71% as compared to the year ended December 31, 2016. Returns on average assets, common equity and tangible common equity (1) for the year ended December 31, 2017 were 1.02%, 8.16% and 11.08%, respectively. Returns on average assets, common equity and tangible common equity (1) excluding the one-time tax charge were 1.21%, 9.68% and 13.14%, respectively, as compared to 0.71%, 6.01% and 8.68%, respectively, for the prior year. Total revenue for the fourth quarter of 2017 was $113.6 million, up 4.9% from the linked quarter and up 19.7% from the same period in 2016. On a full year basis, 2017 revenues of $426.1 million represented an increase of $58.2 million, or 15.8%, as compared to the prior year.
(1) Considered a non-GAAP financial measure. See Table 7 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.
Total assets were $10.9 billion as of December 31, 2017, an increase of $1.4 billion, or 14.9%, as compared to $9.5 billion as of December 31, 2016. Loans were $8.3 billion as of December 31, 2017, an increase of $820.7 million, or 11.0%, as compared to $7.4 billion at December 31, 2016. Core deposits (total deposits excluding brokered) were $8.2 billion as of December 31, 2017 grew $1.2 billion, or 17.8%, from December 31, 2016.
“We are pleased with our core operating performance for the quarter, as our business growth continued to reflect the strong momentum we experienced throughout 2017,” said Paul B. Murphy, Jr., Cadence’s Chairman and Chief Executive Officer. “Revenue growth for the quarter was solid, driven by strong loan and core deposit growth, and stable margins. I am very pleased with our credit results during 2017, and particularly during the fourth quarter as we continued the trend of reduced nonperforming assets. Lower nonperforming assets (“NPAs”), low charge-offs and a stabilized energy environment all supported a net recovery of loan provision for the quarter. 2017 was a big year for Cadence as we became a public company, crossed the $10 billion asset threshold and achieved record financial performance. As a next step, we are very pleased to announce the initiation of a quarterly cash dividend in the amount of $0.125 per share to our common shareholders, representing an annualized dividend of $0.50 per share. I am proud of our employees who work hard for our customers every day, and we believe those efforts show through in our results and in returns for our shareholders.”
Period End Balance Sheet:
Cadence continued its strong growth during the quarter with total assets reaching $10.9 billion as of December 31, 2017, an increase of $446.7 million, or 4.3%, from September 30, 2017, and an increase of $1.4 billion, or 14.9%, from December 31, 2016.
Loans at December 31, 2017 were $8.3 billion, an increase of $224.5 million, or 2.8%, from September 30, 2017, and an increase of $820.7 million, or 11.0%, from December 31, 2016.
- Increases in loans reflect organic growth primarily in our specialized, general C&I and residential portfolios.
- Energy lending remained a consistent portion of total loans, with balances totaling $935.4 million, or 11.3% of total loans at December 31, 2017, and continued to reflect improved credit results.
Total deposits at December 31, 2017 were $9.0 billion, an increase of $510.4 million, or 6.0%, from September 30, 2017, and an increase of $994.8 million, or 12.4%, from December 31, 2016.
- Deposit increases reflect growth in core deposits, with a key focus on expansion of commercial deposit relationships and treasury management services. The core deposit growth supported a $245.1 million reduction in brokered deposits during the year.
- As of December 31, 2017, brokered deposits totaled $0.8 billion, or 8.8% of total deposits, down from 9.7% and 13.0% of total deposits at September 30, 2017 and December 31, 2016, respectively.
- Noninterest bearing deposits as a percent of total deposits increased to 24.9%, up from 24.4% at September 30, 2017 and 23.0% at December 31, 2016.
Shareholders’ equity was $1.4 billion at December 31, 2017, an increase of $18.2 million from September 30, 2017, and an increase of $278.6 million from December 31, 2016.
- The increase in shareholders’ equity includes $155.7 million in net proceeds from our April 2017 initial public offering that was added to tangible common equity during the second quarter of 2017. This offering resulted in increasing average diluted shares to 84.7 million for the fourth quarter of 2017, as compared to 75.4 million and 84.0 million in the fourth quarter of 2016 and third quarter of 2017, respectively.
- In November 2017, Cadence completed a secondary offering whereby its controlling stockholder, Cadence Bancorp, LLC, sold 10,925,000 Cadence Bancorporation shares, reducing its ownership in Cadence to 76.6%. All proceeds from this transaction were received by Cadence Bancorp, LLC and did not impact Cadence Bancorporation’s equity or outstanding shares.
Asset Quality :
Credit quality metrics reflected meaningful improvement during the fourth quarter of 2017 due to continued improvements of energy credits combined with general credit stability in the remaining loan portfolio.
- NPAs totaled $70.7 million, or 0.9% of total loans, OREO and other NPAs as of December 31, 2017, down from $121.8 million, or 1.5%, as of September 30, 2017, and down from $166.2 million, or 2.2%, as of December 31, 2016.
- The decline in NPAs are due primarily to continued improvements of energy credits, with energy portfolio NPAs totaling $58.7 million at December 31, 2017 down from $98.2 million at September 30, 2017.
- Of the $42.8 million in energy nonperforming loans included in total NPAs as of December 31, 2017, over 75% were paying in accordance with contractual terms.
The allowance for credit losses (“ACL”) was $87.6 million, or 1.06% of total loans, as of December 31, 2017, as compared to $94.8 million, or 1.18% of total loans, as of September 30, 2017 and $82.3 million, or 1.11% of total loans, as of December 31, 2016.
- Net-charge offs as a percent of average loans for the full year amounted to 0.06% in 2017, and an improvement from 0.65% in 2016. Net-charge offs were $2.7 million and $4.4 million for the quarter and year ended December 31, 2017, respectively, as compared to $3.7 million and $46.9 million for the quarter and year ended December 31, 2016, respectively, and $173 thousand for the three months ended September 30, 2017.
- The decline in the ACL during the fourth quarter of 2017 compared to the prior quarter resulted primarily from the reduction in non-performing loans and related valuation reserves (largely from the energy portfolio), improved environmental factors in the energy sector, and the reversal of approximately $2.0 million in consumer mortgage reserves recorded in the third quarter of 2017 associated with Hurricanes Harvey and Irma.
- At December 31, 2017, the ACL included reserves for the energy portfolio of 1.8%, down from 2.5% as of September 30, 2017 and 2.6% as of December 31, 2016.
- Loan provisions (reversals) for the fourth quarter of 2017 were $(4.5) million as compared to $(5.2) million in the prior year quarter and $1.7 million in the third quarter of 2017.
Total Revenue:
Total revenue for the fourth quarter of 2017 was $113.6 million, up 4.9% from the linked quarter and up 19.7% from the same period in 2016. On a full year basis, 2017 revenues of $426 million increased $58.2 million, or 15.8%. The revenue increases were primarily a result of both strong loan growth during the period and meaningful increases in net interest margins.
Net interest income for the fourth quarter of 2017 was $87.9 million an increase of $6.7 million, or 8.3%, from the third quarter of 2017 and an increase of $15.4 million, or 21.3%, from the same period 2016.
- Our fully tax-equivalent net interest margin (“NIM”) for the fourth quarter of 2017 was 3.59% as compared to 3.52% for the third quarter of 2017 and 3.31% for the fourth quarter of 2016. The year-over-year increase in NIM is primarily a result of our asset sensitive balance sheet and earning asset yields increasing more significantly than our funding costs in the recent rising rate environment. The linked quarter increase in NIM was due to timing of recovery accretion on acquired-impaired loans.
- Earning asset yields for the fourth quarter of 2017 were 4.41%, up 11 basis points from 4.30% in the third quarter of 2017, and up 45 basis points from 3.96% in the fourth quarter of 2016, driven by increases in loan yields.
Approximately 70% of our loan portfolio is floating rate and has benefited from the short-term rate increases during the periods. Yield on loans, excluding acquired-impaired loans, was 4.47%, 4.41% and 4.03% for the fourth quarter of 2017, third quarter of 2017 and fourth quarter of 2016, respectively. Total accretion for acquired-impaired loans was $8.1 million in the fourth quarter of 2017, up $2.3 million from the third quarter of 2017 and up $0.3 million from the fourth quarter of 2016. Total loan yields increased to 4.72% for the fourth quarter of 2017 versus 4.55% for the third quarter of 2017 and 4.26% for the fourth quarter of 2016.
- Total cost of deposits for the fourth quarter of 2017 was 69 basis points versus 64 basis points in the linked quarter and 47 basis points in the fourth quarter of 2016.
- Total cost of funds for the fourth quarter of 2017 was 89 basis points versus 84 basis points in the linked quarter and 69 basis points in the fourth quarter of 2016.
Increases in funding costs reflect the increases in short term rates, partially offset by improvements in the funding mix, including declines in interest-sensitive brokered deposits and increases in noninterest bearing deposits.
Noninterest income for the fourth quarter of 2017 was $25.7 million, a decrease of $1.5 million, or 5.4%, from the third quarter of 2017, and an increase of $3.3 million, or 14.7%, from the same period of 2016.
- Total service fees and revenue for the fourth quarter of 2017 was $22.4 million, a decrease of $0.6 million from the third quarter of 2017, and an increase of $1.8 million from the same period of 2016. The changes were driven primarily by:
Assets Under Management increasing to $5.6 billion as of December 31, 2017, an increase of $51.4 million from September 30, 2017 and $266.2 million from December 31, 2016. Insurance revenue declines of $0.5 million linked quarter due to the sale of the assets of a specialty insurance unit in the third quarter of 2017. Mortgage banking revenue declines of $0.3 million from the third quarter of 2017 due to both seasonality and more mortgages being held on the balance sheet versus sold.
- Total other noninterest income for the fourth quarter of 2017 was $3.3 million, a decrease of $0.9 million from the third quarter of 2017, and an increase of $1.5 million from the same period of 2016.
- Significant non-routine items included in other noninterest income during comparable periods include:
Securities gains (losses) - $16 thousand gains in the fourth quarter of 2017 and $1.3 million gains in the fourth quarter of 2016; Gain (loss) on sale of commercial loans - $1.6 million gain in the fourth quarter of 2017 and ($0.5) million loss in the fourth quarter of 2016, both related to credit resolutions; Gain on sale of assets of a specialty insurance unit - $1.1 million in the third quarter of 2017; Earnings from Limited Partnerships primarily due to changes in equity valuation – $0.7 million in the fourth quarter of 2017, $1.5 million in the third quarter of 2017 and a loss of ($0.2) million in the fourth quarter of 2016.
Noninterest Expenses:
Noninterest expense for the fourth quarter of 2017 was $66.4 million, an increase of $9.8 million from $56.5 million for the third quarter of 2017, and an increase of $11.0 million from $55.4 million during the same period in 2016. Increases in the fourth quarter of 2017 included non-routine expenses related to legacy bank pre-acquisition legal costs, secondary offering costs, consulting, and other notable expenses detailed below:
- Salaries and employee benefits expense included an increase in incentives of $0.7 million from the third quarter of 2017 and an increase of $5.0 million from the fourth quarter of 2016 driven by improved operating performance of the bank and company valuation.
- Other real estate (“ORE”) costs for the fourth quarter of 2017 included $0.6 million in ORE writedowns and another $0.4 million in ORE losses on sales, as we reduced our ORE by $11.2 million during the quarter to $7.6 million at December 31, 2017.
- Data processing expense for the fourth quarter of 2017 included $0.5 million in costs associated with a trust system upgrade and conversion.
- Consulting and professional fees in the fourth quarter of 2017 included $1.2 million in expenses specific to the November 2017 secondary offering, and $0.8 million in non-routine tax consulting costs.
- Legal expense for the fourth quarter of 2017 included $2.0 million in legal costs associated with certain pre-acquisition related litigation and contingencies related to a legacy acquired bank.
- Other expenses for the fourth quarter of 2017 included $0.8 million in unfunded commitments provision driven by loan growth, $0.6 million related to technology licensing updates, as well as other seasonal variances in expenses.
Noninterest expense for the year ended December 31, 2017 was $233.4 million as compared to $220.2 million during the same period of 2016, an increase of $13.2 million, or 6.0%.
The efficiency ratio (1) for the fourth quarter of 2017 was 58.44%, as compared to the fourth quarter of 2016 and third quarter of 2017 ratios of 58.40% and 52.20%, respectively. The efficiency ratio for the year ended December 31, 2017 was 54.77%, compared to 59.86% in the prior year, reflecting ongoing focus on managing expense and expanding revenue. Total 2017 revenues increased $58.2 million or 15.8% over 2016, while total 2017 expenses increased $13.2 million or 6.0% over 2016.
Taxes:
The effective tax rate for the quarter ended December 31, 2017 was 71.6% as compared to 34.9% in the third quarter of 2017 and 35.1% in the fourth quarter of 2016. Excluding the effects of Tax Reform, our effective tax rate for the quarter and year ended December 31, 2017 was 34.8% (1) and 33.7% (1) , respectively. Considering the effects of Tax Reform, we estimate our effective tax rate will range between 21% to 22% in 2018.
(1) Considered a non-GAAP financial measure. See Table 7 “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure.
Quarterly Dividend:
On January 24, 2018, the Board of Directors of Cadence declared a quarterly cash dividend in the amount of $0.125 per share of common stock, representing an annualized dividend of $0.50 per share. The dividend will be paid on March 20, 2018 to holders of record of the Class A common stock on March 1, 2018.
Supplementary Financial Tables (Unaudited):
Supplementary Financial Tables (Unaudited) are included in this release following the customary disclosure information.
Fourth Quarter 2017 Earnings Conference Call:
Cadence Bancorporation executive management will host a conference call to discuss fourth quarter 2017 results on Thursday, January 25, 2018, at 10:00 a.m. CT / 11:00 a.m. ET. Slides to be presented by management on the conference call can be viewed by visiting www.cadencebancorporation.com and selecting “Events & Presentations” then “Event Calendar”.
Conference Call Access:
To access the conference call, please dial one of the following numbers approximately 10-15 minutes prior to the start time to allow time for registration, and use the Elite Entry Number provided below.
Dial in (toll free): 1-888-317-6003 International dial in: 1-412-317-6061 Canada (toll free): 1-866-284-3684 Participant Elite Entry Number: 0853440 For those unable to participate in the live presentation, a replay will be available through February 8, 2018. To access the replay, please use the following numbers:
US Toll Free: 1-877-344-7529 International Toll: 1-412-317-0088 Canada Toll Free: 1-855-669-9658 Replay Access Code: 10115434 End Date: February 8, 2018 Webcast Access:
A webcast of the conference call as well as the slides to be presented by management can be viewed by visiting www.cadencebancorporation.com and selecting “Events & Presentations” then “Event Calendar”.
About Cadence Bancorporation
Cadence Bancorporation (NYSE:CADE) is an $11 billion in assets regional bank holding company headquartered in Houston, Texas. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Texas, Mississippi and Tennessee, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and 56,000 ATMs. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A., Cadence Insurance, and Linscomb & Williams are direct or indirect subsidiaries of Cadence Bancorporation.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our Registration Statement on Form S-1 filed with the Securities and Exchange Commission (SEC), other risks and uncertainties listed from time to time in our reports and documents filed with the SEC, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; lack of seasoning in our loan portfolio; deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to implement our business plan; material weaknesses in our internal control over financial reporting; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; the composition of our loan portfolio, including the identify of our borrowers and the concentration of loans in energy-related industries and in our specialized industries; the portion of our loan portfolio that is comprised of participations and shared national credits; and the amount of nonperforming and classified assets we hold. Cadence can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and Cadence does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
About Non-GAAP Financial Measures
Certain of the financial measures and ratios we present, including “efficiency ratio,” “adjusted noninterest expenses,” “adjusted operating revenue,” “tangible common equity ratio,” “tangible book value per share” and “return on average tangible common equity” and “pre-tax, pre-provision net earnings,” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.” We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.
These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance. A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables (Table 7).
Table 1 - Selected Financial Data
As of and for the Three Months Ended For the Year Ended
December 31,
(In thousands, except per share data) December 31, 2017
September 30, 2017
June 30, 2017
March 31, 2017
December 31, 2016
2017 2016 Statement of Operations Data: Interest income $ 108,370 $ 99,503 $ 99,375 $ 89,619 $ 87,068 $ 396,867 $ 335,250 Interest expense 20,459 18,340 16,991 14,861 14,570 70,651 55,811 Net interest income 87,911 81,163 82,384 74,758 72,498 326,216 279,439 Provision for credit losses (4,475 ) 1,723 6,701 5,786 (5,222 ) 9,735 49,348 Net interest income after provision 92,386 79,440 75,683 68,972 77,720 316,481 230,091 Noninterest income - service fees and revenue 22,405 23,014 22,144 22,489 20,605 90,052 81,976 - other noninterest income 3,251 4,110 845 1,616 1,755 9,822 6,427 Noninterest expense 66,371 56,530 56,134 54,321 55,394 233,356 220,180 Income before income taxes 51,671 50,034 42,538 38,756 44,686 182,999 98,314 Income tax expense 36,980 17,457 13,570 12,639 15,701 80,646 32,540 Net income $ 14,691 $ 32,577 $ 28,968 $ 26,117 $ 28,985 $ 102,353 $ 65,774 Period-End Balance Sheet Data: Investment securities, available-for-sale $ 1,262,948 $ 1,198,032 $ 1,079,935 $ 1,116,280 $ 1,139,347 $ 1,262,948 $ 1,139,347 Total loans, net of unearned income 8,253,427 8,028,938 7,716,621 7,561,472 7,432,711 8,253,427 7,432,711 Allowance for credit losses 87,576 94,765 93,215 88,304 82,268 87,576 82,268 Total assets 10,948,926 10,502,261 9,811,557 9,720,937 9,530,888 10,948,926 9,530,888 Total deposits 9,011,515 8,501,102 7,930,383 7,841,710 8,016,749 9,011,515 8,016,749 Noninterest-bearing deposits 2,242,765 2,071,594 1,857,809 1,871,514 1,840,955 2,242,765 1,840,955 Interest-bearing deposits 6,768,750 6,429,508 6,072,574 5,970,196 6,175,794 6,768,750 6,175,794 Borrowings and subordinated debentures 470,814 572,683 499,266 682,568 331,712 470,814 331,712 Total shareholders’ equity 1,359,056 1,340,848 1,304,054 1,105,976 1,080,498 1,359,056 1,080,498 Average Balance Sheet Data: Investment securities, available-for-sale $ 1,228,330 $ 1,169,182 $ 1,099,307 $ 1,125,174 $ 1,060,821 $ 1,155,819 $ 1,001,317 Total loans, net of unearned income 8,226,294 7,867,794 7,650,048 7,551,173 7,375,446 7,825,763 7,186,635 Allowance for credit losses 94,968 94,706 90,366 82,258 95,042 90,621 90,264 Total assets 10,586,245 10,024,871 9,786,355 9,670,593 9,596,574 10,020,036 9,271,629 Total deposits 8,635,473 8,139,969 7,940,421 8,025,068 7,925,281 8,186,781 7,655,302 Noninterest-bearing deposits 2,170,758 1,982,784 1,845,447 1,857,657 1,784,422 1,965,070 1,688,405 Interest-bearing deposits 6,464,715 6,157,185 6,094,974 6,167,411 6,140,859 6,221,711 5,966,897 Borrowings and subordinated debentures 502,428 484,798 510,373 474,976 500,045 493,196 452,685 Total shareholders’ equity 1,348,867 1,320,884 1,251,217 1,090,905 1,094,182 1,253,861 1,093,604 Table 1 (Continued) - Selected Financial Data
As of and for the Three Months Ended For the Year Ended December 31,
(In thousands, except per share data) December 31, 2017
September 30, 2017
June 30, 2017
March 31, 2017
December 31, 2016
2017 2016 Per Share Data:(3) Earnings Basic $ 0.18 $ 0.39 $ 0.35 $ 0.35 $ 0.39 $ 1.26 $ 0.88 Diluted 0.17 0.39 0.35 0.35 0.38 1.25 0.87 Book value per common share 16.25 16.03 15.59 14.75 14.41 16.25 14.41 Tangible book value (1) 12.33 12.10 11.64 10.33 9.97 12.33 9.97 Weighted average common shares outstanding Basic 83,625,000 83,625,000 81,918,956 75,000,000 75,000,000 81,072,945 75,000,000 Diluted 84,717,005 83,955,685 81,951,795 75,672,750 75,402,525 81,605,015 75,294,600 Performance Ratios: Return on average common equity (2) 4.32 % 9.78 % 9.29 % 9.71 % 10.54 % 8.16 % 6.01 % Return on average tangible common equity (1) (2) 5.71 13.04 12.63 13.96 15.16 11.08 8.68 Return on average assets (2) 0.55 1.29 1.19 1.10 1.20 1.02 0.71 Net interest margin (2) 3.59 3.52 3.71 3.46 3.31 3.57 3.30 Efficiency ratio (1) 58.44 52.20 53.27 54.95 58.40 54.77 59.86 Asset Quality Ratios: Total nonperforming assets ("NPAs") to total loans and OREO and other NPAs 0.85 % 1.51 % 1.82 % 2.25 % 2.22 % 0.85 % 2.22 % Total nonperforming loans to total loans 0.58 0.96 1.36 1.77 1.73 0.58 1.73 Total ACL to total loans 1.06 1.18 1.21 1.17 1.11 1.06 1.11 ACL to total nonperforming loans ("NPLs") 183.62 122.66 88.81 65.80 63.83 183.62 63.80 Net charge-offs to average loans (2) 0.13 0.01 0.09 (0.01 ) 0.20 0.06 0.65 Capital Ratios: Total shareholders’ equity to assets 12.41 % 12.77 % 13.29 % 11.38 % 11.34 % 12.41 % 11.34 % Tangible common equity to tangible assets (1) 9.71 9.95 10.27 8.25 8.13 9.71 8.13 Common equity tier 1 (CET1) (transitional) 10.57 10.79 10.92 8.99 8.84 10.57 8.84 Tier 1 leverage capital 10.68 11.12 11.00 9.10 8.89 10.68 8.89 Tier 1 risk-based capital 10.94 11.17 11.31 9.36 9.19 10.94 9.19 Total risk-based capital 12.81 13.18 13.41 11.43 11.22 12.81 11.22
(1) - Considered a non-GAAP financial measure. See Table 7 "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measure. (2) - Annualized. (3) - As of the completion of a secondary offering on November 13, 2017, 64,075,000 of our outstanding shares are owned by our parent-holding company Cadence Bancorp LLC. Cadence Bancorp LLC owned 75,000,000 of our outstanding shares before the secondary offering. Table 2 - Average Balances/Yield/Rates
For the Three Months Ended December 31, 2017 2016 Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate ASSETS Interest-earning assets: Loans, net of unearned income(1) Originated and ANCI loans $ 7,961,692 $ 89,762 4.47 % $ 7,037,980 $ 71,237 4.03 % ACI portfolio 264,602 8,145 12.21 337,466 7,813 9.21 Total loans 8,226,294 97,907 4.72 7,375,446 79,050 4.26 Investment securities Taxable 817,971 5,000 2.43 676,148 3,418 2.01 Tax-exempt (2) 410,359 5,047 4.88 384,673 4,814 4.98 Total investment securities 1,228,330 10,047 3.25 1,060,821 8,232 3.09 Federal funds sold and short-term investments 409,317 1,151 1.12 436,665 783 0.71 Other investments 51,318 1,030 7.96 48,643 688 5.63 Total interest-earning assets 9,915,259 110,135 4.41 8,921,575 88,753 3.96 Noninterest-earning assets: Cash and due from banks 66,849 44,851 Premises and equipment 64,730 67,608 Accrued interest and other assets 634,375 657,582 Allowance for credit losses (94,968 ) (95,042 ) Total assets $ 10,586,245 $ 9,596,574 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 4,424,371 $ 7,844 0.70 % $ 4,404,779 $ 4,973 0.45 % Savings deposits 177,413 112 0.25 179,094 111 0.25 Time deposits 1,862,931 7,129 1.52 1,556,986 4,325 1.11 Total interest-bearing deposits 6,464,715 15,085 0.93 6,140,859 9,409 0.61 Other borrowings 367,373 3,021 3.26 365,728 2,854 3.10 Subordinated debentures 135,055 2,353 6.91 134,317 2,307 6.83 Total interest-bearing liabilities 6,967,143 20,459 1.17 6,640,904 14,570 0.87 Noninterest-bearing liabilities: Demand deposits 2,170,758 1,784,422 Accrued interest and other liabilities 99,477 77,066 Total liabilities 9,237,378 8,502,392 Stockholders' equity 1,348,867 1,094,182 Total liabilities and stockholders' equity $ 10,586,245 $ 9,596,574 Net interest income/net interest spread 89,676 3.24 % 74,183 3.09 % Net yield on earning assets/net interest margin 3.59 % 3.31 % Taxable equivalent adjustment: Investment securities (1,765 ) (1,685 ) Net interest income $ 87,911 $ 72,498
(1) Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields. (2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%. For the Three Months Ended December 31, 2017
For the Three Months Ended September 30, 2017
Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate ASSETS Interest-earning assets: Loans, net of unearned income(1) Originated and ANCI loans $ 7,961,692 $ 89,762 4.47 % $ 7,587,556 $ 84,321 4.41 % ACI portfolio 264,602 8,145 12.21 280,238 5,840 8.27 Total loans 8,226,294 97,907 4.72 7,867,794 90,161 4.55 Investment securities Taxable 817,971 5,000 2.43 760,269 4,610 2.41 Tax-exempt (2) 410,359 5,047 4.88 408,913 5,046 4.90 Total investment securities 1,228,330 10,047 3.25 1,169,182 9,656 3.28 Federal funds sold and short-term investments 409,317 1,151 1.12 267,684 1,072 1.59 Other investments 51,318 1,030 7.96 49,661 380 3.04 Total interest-earning assets 9,915,259 110,135 4.41 9,354,321 101,269 4.30 Noninterest-earning assets: Cash and due from banks 66,849 60,760 Premises and equipment 64,730 65,308 Accrued interest and other assets 634,375 639,188 Allowance for credit losses (94,968 ) (94,706 ) Total assets $ 10,586,245 $ 10,024,871 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 4,424,371 $ 7,844 0.70 % $ 4,329,086 $ 7,300 0.67 % Savings deposits 177,413 112 0.25 180,099 113 0.25 Time deposits 1,862,931 7,129 1.52 1,648,000 5,665 1.36 Total interest-bearing deposits 6,464,715 15,085 0.93 6,157,185 13,078 0.84 Other borrowings 367,373 3,021 3.26 349,925 2,926 3.32 Subordinated debentures 135,055 2,353 6.91 134,873 2,336 6.87 Total interest-bearing liabilities 6,967,143 20,459 1.17 6,641,983 18,340 1.10 Noninterest-bearing liabilities: Demand deposits 2,170,758 1,982,784 Accrued interest and other liabilities 99,477 79,220 Total liabilities 9,237,378 8,703,987 Stockholders' equity 1,348,867 1,320,884 Total liabilities and stockholders' equity $ 10,586,245 $ 10,024,871 Net interest income/net interest spread 89,676 3.24 % 82,929 3.20 % Net yield on earning assets/net interest margin 3.59 % 3.52 % Taxable equivalent adjustment: Investment securities (1,765 ) (1,766 ) Net interest income $ 87,911 $ 81,163
(1)
Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields. (2)
Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%. For the Year Ended December 31, 2017 2016 Average Income/ Yield/ Average Income/ Yield/ (In thousands) Balance Expense Rate Balance Expense Rate ASSETS Interest-earning assets: Loans, net of unearned income(1) Originated and ANCI loans $ 7,535,099 $ 327,857 4.35 % $ 6,811,616 $ 268,984 3.95 % ACI portfolio 290,664 31,451 10.82 375,019 36,569 9.75 Total loans 7,825,763 359,308 4.59 7,186,635 305,553 4.25 Investment securities Taxable 747,590 18,089 2.42 725,100 15,838 2.18 Tax-exempt (2) 408,229 20,554 5.03 276,217 13,464 4.87
Total investment securities 1,155,819 38,643 3.34 1,001,317 29,302 2.93 Federal funds sold and short-term investments 313,683 3,336 1.06 368,669 2,419 0.66 Other investments 49,781 2,774 5.57 46,364 2,688 5.80 Total interest-earning assets 9,345,046 404,061 4.32 8,602,985 339,962 3.95 Noninterest-earning assets: Cash and due from banks 60,108 47,569 Premises and equipment 65,428 69,290 Accrued interest and other assets 640,075 642,049 Allowance for credit losses (90,621 ) (90,264 ) Total assets $ 10,020,036 $ 9,271,629 LIABILITIES AND STOCKHOLDERS' EQUITY Interest-bearing liabilities: Demand deposits $ 4,360,252 $ 27,030 0.62 % $ 4,122,667 $ 17,832 0.43 % Savings deposits 181,500 456 0.25 178,397 423 0.24 Time deposits 1,679,959 22,213 1.32 1,665,833 17,191 1.03 Total interest-bearing deposits 6,221,711 49,699 0.80 5,966,897 35,446 0.59 Other borrowings 358,413 11,644 3.25 318,668 11,215 3.52 Subordinated debentures 134,783 9,308 6.91 134,017 9,150 6.83 Total interest-bearing liabilities 6,714,907 70,651 1.05 6,419,582 55,811 0.87 Noninterest-bearing liabilities: Demand deposits 1,965,070 1,688,405 Accrued interest and other liabilities 86,198 70,038 Total liabilities 8,766,175 8,178,025 Stockholders' equity 1,253,861 1,093,604 Total liabilities and stockholders' equity $ 10,020,036 $ 9,271,629 Net interest income/net interest spread 333,410 3.27 % 284,151 3.08 % Net yield on earning assets/net interest margin 3.57 % 3.30 % Taxable equivalent adjustment: Investment securities (7,194 ) (4,712 ) Net interest income $ 326,216 $ 279,439 (1)
Nonaccrual loans are included in loans, net of unearned income. No adjustment has been made for these loans in the calculation of yields.
(2)
Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 35%.
Table 3 – Loan Interest Income Detail
For the Three Months Ended, For the Years Ended
December 31,
(In thousands) December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
December 31,
2016
2017 2016 Loan Interest Income Detail Interest income on loans, excluding ACI loans $ 89,762 $ 84,321 $ 79,904 $ 73,869 $ 71,237 $ 327,857 $ 268,984 Scheduled accretion for the period 5,348 5,550 6,075 6,331 6,845 23,303 30,870 Recovery income for the period 2,797 290 4,450 610 968 8,148 5,699 Accretion on acquired credit impaired (ACI) loans 8,145 5,840 10,525 6,941 7,813 31,451 36,569 Loan interest income $ 97,907 $ 90,161 $ 90,429 $ 80,810 $ 79,050 $ 359,308 $ 305,553 Loan yield, excluding ACI loans 4.47 % 4.41 % 4.36 % 4.14 % 4.03 % 4.35 % 3.95 % ACI loan yield 12.21 8.27 14.02 8.89 9.21 10.82 9.75 Total loan yield 4.72 % 4.55 % 4.74 % 4.34 % 4.26 % 4.59 % 4.25 % Table 4 - Allowance for Credit Losses
For the Three Months Ended For the Years Ended
December 31,
(In thousands) December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
December 31,
2016
2017 2016 Balance at beginning of period $ 94,765 $ 93,215 $ 88,304 $ 82,268 $ 91,169 $ 82,268 $ 79,783 Charge-offs (2,860 ) (581 ) (2,879 ) (551 ) (3,922 ) (6,871 ) (49,302 ) Recoveries 146 408 1,089 801 243 2,444 2,439 Net (charge-offs) recoveries (2,714 ) (173 ) (1,790 ) 250 (3,679 ) (4,427 ) (46,863 ) Provision for (reversal of) credit losses (4,475 ) 1,723 6,701 5,786 (5,222 ) 9,735 49,348 Balance at end of period $ 87,576 $ 94,765 $ 93,215 $ 88,304 $ 82,268 $ 87,576 $ 82,268 Table 5 -Noninterest Income
For the Three Months Ended For the Years Ended
December 31,
(In thousands) December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
December 31,
2016
2017 2016 Noninterest Income Investment advisory revenue $ 5,257 $ 5,283 $ 5,061 $ 4,916 $ 4,821 $ 20,517 $ 18,811 Trust services revenue 4,836 4,613 4,584 5,231 4,109 19,264 16,109 Service charges on deposit accounts 3,753 3,920 3,784 3,815 3,614 15,272 13,793 Credit-related fees 3,372 3,306 2,741 2,747 2,875 12,166 10,729 Insurance revenue 1,470 1,950 1,828 2,130 1,577 7,378 7,717 Bankcard fees 1,833 1,803 1,862 1,812 1,813 7,310 7,270 Mortgage banking revenue 687 965 1,213 866 1,019 3,731 4,663 Other service fees earned 1,197 1,174 1,071 972 777 4,414 2,884 Total service fees and revenue 22,405 23,014 22,144 22,489 20,605 90,052 81,976 Securities gains (losses), net 16 1 (244 ) 81 1,267 (146 ) 3,736 Other 3,235 4,109 1,089 1,535 488 9,968 2,691 Total other noninterest income 3,251 4,110 845 1,616 1,755 9,822 6,427 Total noninterest income (GAAP) 25,656 27,124 22,989 24,105 22,360 99,874 88,403 Less: Securities gains (losses) 16 1 (244 ) 81 1,267 (146 ) 3,736 Adjusted noninterest operating revenue (Non-GAAP measure) $ 25,640 $ 27,123 $ 23,233 $ 24,024 $ 21,093 $ 100,020 $ 84,667 Table 6 -Noninterest Expense
For the Three Months Ended For the Years Ended
December 31,
(In thousands) December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
December 31,
2016
2017 2016 Noninterest Expenses Salaries and employee benefits $ 35,162 $ 35,007 $ 34,682 $ 34,267 $ 28,139 $ 139,118 $ 125,068 Premises and equipment 7,629 7,419 7,180 6,693 7,475 28,921 27,982 Intangible asset amortization 1,085 1,136 1,190 1,241 1,555 4,652 6,532 Net cost of operation of other real estate owned 1,075 453 427 296 1,117 2,251 3,033 Data processing 2,504 1,688 1,702 1,696 1,767 7,590 6,280 Special asset expenses 331 215 469 140 670 1,156 1,788 Consulting and professional fees 4,380 2,069 1,502 1,139 2,288 9,090 6,728 Loan related expenses 810 532 757 280 1,236 2,379 3,114 FDIC insurance 939 889 954 1,493 1,517 4,275 7,228 Communications 857 650 675 655 741 2,837 2,656 Advertising and public relations 683 521 499 345 344 2,048 1,369 Legal expenses 2,626 612 508 432 662 4,178 2,721 Branch closure expenses 55 50 47 46 47 198 238 Other 8,235 5,289 5,542 5,598 7,836 24,663 25,443 Total noninterest expenses $ 66,371 $ 56,530 $ 56,134 $ 54,321 $ 55,394 $ 233,356 $ 220,180 Table 7 - Reconciliation of Non-GAAP Financial Measures
As of and for the Three Months Ended As of and for the Years Ended
December 31,
(In thousands) December 31,
2017
September 30,
2017
June 30,
2017
March 31,
2017
December 31,
2016
2017 2016 Efficiency ratio Noninterest expenses (numerator) $ 66,371 $ 56,530 $ 56,134 $ 54,321 $ 55,394 $ 233,356 $ 220,180 Net interest income $ 87,911 $ 81,163 $ 82,384 $ 74,758 $ 72,498 $ 326,216 $ 279,439 Noninterest income 25,656 27,124 22,989 24,105 22,360 99,874 88,403 Operating revenue (denominator) $ 113,567 $ 108,287 $ 105,373 $ 98,863 $ 94,858 $ 426,090 $ 367,842 Efficiency ratio 58.44 % 52.20 % 53.27 % 54.95 % 58.40 % 54.77 % 59.86 % Adjusted noninterest expenses and operating revenue Noninterest expense $ 66,371 $ 56,530 $ 56,134 $ 54,321 $ 55,394 $ 233,356 $ 220,180 Less: Branch closure expenses 55 50 47 46 47 198 238 Adjusted noninterest expenses $ 66,316 $ 56,480 $ 56,087 $ 54,275 $ 55,347 $ 233,158 $ 219,942 Net interest income $ 87,911 $ 81,163 $ 82,384 $ 74,758 $ 72,498 $ 326,216 $ 279,439 Noninterest income 25,656 27,124 22,989 24,105 22,360 99,874 88,403 Less: Securities gains (losses), net 16 1 (244 ) 81 1,267 (146 ) 3,736 Adjusted operating revenue $ 113,551 $ 108,286 $ 105,617 $ 98,782 $ 93,591 $ 426,236 $ 364,106 Tangible common equity ratio Shareholders’ equity $ 1,359,056 $ 1,340,848 $ 1,304,054 $ 1,105,976 $ 1,080,498 $ 1,359,056 $ 1,080,498 Less: Goodwill and other intangible assets, net (328,040 ) (329,124 ) (330,261 ) (331,450 ) (332,691 ) (328,040 ) (332,691 ) Tangible common shareholders’ equity 1,031,016 1,011,724 973,793 774,526 747,807 1,031,016 747,807 Total assets 10,948,926 10,502,261 9,811,557 9,720,937 9,530,888 10,948,926 9,530,888 Less: Goodwill and other intangible assets, net (328,040 ) (329,124 ) (330,261 ) (331,450 ) (332,691 ) (328,040 ) (332,691 ) Tangible assets $ 10,620,886 $ 10,173,137 $ 9,481,296 $ 9,389,487 $ 9,198,197 $ 10,620,886 $ 9,198,197 Tangible common equity ratio 9.71 % 9.95 % 10.27 % 8.25 % 8.13 % 9.71 % 8.13 % Tangible book value per share Shareholders’ equity $ 1,359,056 $ 1,340,848 $ 1,304,054 $ 1,105,976 $ 1,080,498 $ 1,359,056 $ 1,080,498 Less: Goodwill and other intangible assets, net (328,040 ) (329,124 ) (330,261 ) (331,450 ) (332,691 ) (328,040 ) (332,691 ) Tangible common shareholders’ equity $ 1,031,016 $ 1,011,724 $ 973,793 $ 774,526 $ 747,807 $ 1,031,016 $ 747,807 Common shares issued 83,625,000 83,625,000 83,625,000 75,000,000 75,000,000 83,625,000 75,000,000 Tangible book value per share $ 12.33 $ 12.10 $ 11.64 $ 10.33 $ 9.97 $ 12.33 $ 9.97 Return on average tangible common equity Average common equity $ 1,348,867 $ 1,320,884 $ 1,251,217 $ 1,090,905 $ 1,094,182 $ 1,253,861 $ 1,093,604 Less: Average intangible assets (328,697 ) (329,816 ) (330,977 ) (332,199 ) (333,640 ) (330,411 ) (336,054 ) Average tangible common shareholders’ equity $ 1,020,170 $ 991,068 $ 920,240 $ 758,706 $ 760,542 $ 923,450 $ 757,550 Net income $ 14,691 $ 32,577 $ 28,968 $ 26,117 $ 28,985 $ 102,353 $ 65,774 Return on average tangible common equity (1) 5.71 % 13.04 % 12.63 % 13.96 % 15.16 % 11.08 % 8.68 % Pre-tax, pre-provision net earnings Income before taxes $ 51,671 $ 50,034 $ 42,538 $ 38,756 $ 44,686 $ 182,999 $ 98,314 Plus: Provision for credit losses (4,475 ) 1,723 6,701 5,786 (5,222 ) 9,375 49,348 Pre-tax, pre-provision net earnings $ 47,196 $ 51,757 $ 49,239 $ 44,542 $ 39,464 $ 192,374 $ 147,662 Table 7 (continued) - Reconciliation of Non-GAAP Financial Measures
As of and for the Three
Months Ended
As of and for the Year
Ended
(In thousands) December 31, 2017 December 31, 2017 Reconciliation of Non-GAAP Financial Measures Related to One-Time Tax Charge Net income excluding one-time tax charge Net income $ 14,691 $ 102,353 Add: One-time tax charge 19,022 19,022 Net income excluding one-time tax charge $ 33,713 $ 121,375 Earnings per share Earnings per diluted common share $ 0.17 $ 1.25 One-time tax charge per share 0.22 0.23 Earnings per diluted common share excluding one-time tax charge $ 0.39 $ 1.48 Return on Average Assets Net income excluding one-time tax charge $ 33,713 $ 121,375 Average assets 10,586,245 10,020,036 Return on average assets excluding one-time tax charge (1) 1.26 % 1.21 % Return on Average Common Equity Net income excluding one-time tax charge $ 33,713 $ 121,375 Average common equity 1,348,867 1,253,861 Return on average common equity excluding one-time tax charge (1) 9.92 % 9.68 % Return on Average Tangible Common Equity Net income excluding one-time tax charge $ 33,713 $ 121,375 Average tangible common shareholders’ equity 1,020,170 923,450 Return on average tangible common shareholders’ equity excluding one-time tax charge (1) 13.11 % 13.14 % Effective Tax Rate Income before taxes $ 51,671 $ 182,999 Income tax expense 36,980 80,646 Less: one-time tax charge 19,022 19,022 Income tax expense excluding one-time tax charge 17,958 61,624 Effective tax rate excluding one-time tax charge 34.8 % 33.7 % | http://www.cnbc.com/2018/01/24/business-wire-cadence-bancorporation-reports-fourth-quarter-2017-results-and-initiates-a-quarterly-dividend.html |
Tri-State Lawmakers Push for ‘Bump Stock’ Sales Bans | Lawmakers in the New York region are starting the new year with a drive to ban the sale and possession of “bump stocks,” devices that allow semiautomatic weapons to essentially act as automatic firearms.
Connecticut Gov. Dannel Malloy on Tuesday said the Las Vegas mass shooting in October demonstrated the need for more action. In that attack, gunman Stephen Paddock used at least one rifle outfitted with a bump stock to spray gunfire over an outdoor music festival, killing 58 people and injuring more than 400.
... RELATED VIDEO The Legal Device That Enabled Rapid Fire in Las Vegas Bump stocks, legal gun accessories found in the suspected Las Vegas shooter's hotel room, make semiautomatic weapons simulate machine guns. Shelby Holliday explains how bump stocks work and why they're legal in the U.S. Photo: Allen Breed/AP To Read the Full Story Subscribe Sign In | https://www.wsj.com/articles/tri-state-lawmakers-push-for-bump-stock-sales-bans-1515531522 |