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JPM | Low Trading Revenue Likely To Weigh On JPMorgan s Q1 | By JPMorgan Chase Co NYSE JPM the nation s biggest bank by assets is expected to report a 11 2 percent decrease in earnings per share in the first quarter of the year as a result of lower trading activities through February
The New York based bank will report first quarter earnings on Friday before markets open Analysts polled by Thomson Reuters Eikon expect JPMorgan s net income to drop 11 07 percent to 5 45 billion compared to 6 13 billion in the same quarter last year while earnings per share are expected to fall from 1 59 to to 1 41
Revenue is projected to dip by 5 1 percent to 24 53 billion from 25 85 billion in the first quarter of 2013 Excluding one time items analysts expect earnings per share of 1 41 compared to 1 59 in the first quarter of 2013
Many analysts have adjusted expectations following JPMorgan s annual investor day in February Management indicated at the time that client trading activity which includes equities and fixed income is tracking 15 percent lower than the same quarter a year before
Reducing 1Q14 principal trading account profits by 15 percent year over year results in a 400 million decrease in our estimate for that line item Keefe Bruyette Woods analysts wrote in a research note on March 2 This impact is partially offset by an assumed 145 million decrease in our employee compensation expense tied to lower trading activity
By Keefe Bruyette Woods calculations the resulting trading revenue drop causes net income to decrease 175 million which works out to about five cents of loss per share value
In addition management has indicated that mortgage origination volumes have started the year off slowly While applications typically decline significantly in the beginning of the year the decline looks to be especially sharp across the banking sector this year
We expect 24 percent quarter on quarter worse than historical declines of 9 percent close to the lowest levels we have seen post 2000 Goldman Sachs analysts wrote on Monday
Some metrics are improving however Last year JPMorgan paid out more than 20 billion in legal fees including a 13 billion settlement with the U S government to settle charges that the bank overstated the quality of mortgages it was selling to investors prior to the financial crisis The bulk of these charges have been settled in 2013 and costs should drop for the bank in 2014
We are hopeful that the 2013 settlements will allow legal costs to fall to a range more in line with our estimates of 400 million per quarter Keefe Bruyette Woods analysts wrote |
JPM | JPMorgan Earnings Disappoint Investors | By Just call the beginning of the more modest trading revenue era
J P Morgan Chase Co NYSE JPM reported a far weaker than expected quarterly profit as revenue from securities trading fell in a climate of uncertainty about the strength of the economic recovery and the Federal Reserve s intentions on interest rates Reuters reported
Net income fell to 5 27 billion or 1 28 per share from 6 53 billion or 1 59 per share in the same quarter of 2013 the biggest U S bank said Friday
Analysts on average had expected earnings of 1 40 per share according to Thomson Reuters I B E S The net earnings for both the latest and prior quarters included special items
Total net revenue fell 8 5 percent to 22 99 billion falling well short of the average estimate of 24 53 billion Reuters reported |
BMY | Infinity INFI Reports Narrower than Expected Loss In Q4 | Infinity Pharmaceuticals Inc NASDAQ INFI reported a loss of 14 cents per share in fourth quarter 2017 narrower than the Zacks Consensus Estimate of a loss of 27 cents The company had reported a loss of 46 cents in the year ago quarter
Since Infinity does not have any approved product in its portfolio the company earns revenues in the form of royalties license and milestone payments as well as research and development R D support fees paid by its partners
Infinity s shares have declined 15 7 over a year against the s gain of 3 8
Quarter in Detail
In the quarter R D expenses plummeted to 3 6 million from 14 7 million in the year ago quarter The decline was mainly due to the company s 2016 restructuring activities and out licensing of duvelisib to Verastem Inc NASDAQ VSTM
General and administrative G A expenses were 4 5 million for the quarter down from 8 6 million in the year ago quarter The decrease was mainly due to the company s 2016 restructuring activities
2018 Outlook
Infinity expects net loss for 2018 to be in the range of 35 40 million The company anticipates year end cash and cash equivalents and available for sale securities balance in the 15 25 million range Moreover Infinity expects that its existing cash cash equivalents and available for sale securities as of Dec 31 2017 should be adequate to fund the company s capital needs through third quarter 2019
2017 Results
The company reported a loss of 83 cents in 2017 compared with a loss of 61 cents in 2016
Collaboration revenues in 2017 came in at 6 million down from 18 7 million in 2016
Other Updates
Infinity is evaluating IPI 549 as a monotherapy and in combination with Bristol Myers NYSE BMY Opdivo in a phase I study in patients with advanced solid tumors
The phase I Ib monotherapy and combination dose escalation components of the study have been completed and the monotherapy expansion component has been fully enrolled Further six disease specific combination expansion cohorts are enrolling at the recommended phase II dose of 40 mg once daily of IPI 549 plus Opdivo at 240 mg every two weeks in patients with non small cell lung cancer melanoma head and neck cancer triple negative breast cancer mesothelioma and adrenocortical carcinoma
An additional combination expansion cohort of patients pre selected for having high baseline blood levels of myeloid derived suppressor cells is expected to open for enrollment in the next few weeks
In November 2017 Infinity announced updated data from the monotherapy dose escalation component of the Phase I Ib study of IPI 549 at the SITC Annual Meeting 2017 These data demonstrated that IPI 549 dosed once daily was well tolerated and clinically active
The company believes that IPI 549 has the potential to increase the number of patients who respond to immunotherapies as well as to increase the duration of those responses
The company expects to report data from the monotherapy expansion and combination dose escalation components of its study and from seven combination expansion cohorts which will help define the development and regulatory strategy for IPI 549
Our Take
The restructuring initiatives taken by the company have lowered operating expenses We expect the initiatives to have a significant positive cumulative effect on the company s margin Infinity Pharmaceuticals Inc Price Consensus and EPS Surprise
Zacks Rank Key Pick
Infinity has a Zacks Rank 3 Hold
A better ranked stocks from the same space is Regeneron Pharmaceuticals NASDAQ REGN sporting a Zacks Rank 1 Strong Buy You can see
Regeneron s earnings per share estimates have moved up from 18 65 to 18 68 for 2018 in the last 30 days The company pulled off a positive earnings surprise in three of the last four quarters the average beat being 9 15
The Hottest Tech Mega Trend of All
Last year it generated 8 billion in global revenues By 2020 it s predicted to blast through the roof to 47 billion Famed investor Mark Cuban says it will produce the world s first trillionaires but that should still leave plenty of money for regular investors who make the right trades early |
BMY | Exelixis Cabometyx Gets Positive CHMP Opinion In Europe | Exelixis Inc s NASDAQ EXEL European partner Ipsen received a positive opinion from the Committee for Medicinal Products for Human Use CHMP for the use of Cabometyx cabozantinib 20 mg 40 mg and 60 mg for the first line treatment of adults with intermediate or poor risk advanced renal cell carcinoma RCC The CHMP is the scientific committee of the European Medicines Agency EMA The decision will now be reviewed by the European Commission We remind investors that Exelixis entered into a collaboration and license agreement with Ipsen in February 2016 for the commercialization and further development of cabozantinib whereby Ipsen received exclusive commercialization rights for current and potential future cabozantinib indications outside the United States Canada and Japan Per the terms Exelixis is eligible to receive a milestone payment of 50 million for the approval of the first line treatment of advanced RCC of which approximately 46 million will be recognized as collaboration revenues in the first quarter 2018 This payment will be paid by Ipsen within 70 days after notification of the approval decision by the European Commission The FDA approved a tablet formulation of cabozantinib distinct from the capsule form under the brand name Cabometyx in April 2016 for the treatment of advanced RCC in patients who have received prior anti angiogenic therapy The drug was also approved in Euorpe in September 2016 for the treatment of advanced RCC in adults following prior vascular endothelial growth factor VEGF targeted therapy The CHMP recommendation to expand the indication is based on results of the CABOSUN trial which met its primary endpoint of improving progression free survival compared with sunitinib in patients with previously untreated advanced RCC determined to be intermediate or poor risk by the International Metastatic RCC Database Consortium criteria In December 2017 the FDA also approved Cabometyx for the treatment of previously untreated advanced RCC approximately two months ahead of the assigned Prescription Drug User Fee Act action date A potential approval in Europe will further boost Exelixis top line through milestone payments Exelixis shares have rallied 6 2 over a year outperforming the s decline of 8 4 Exelixis recently submitted a supplemental New Drug Application to the FDA for Cabometyx tablets as a treatment for patients with previously treated advanced hepatocellular carcinoma Exelixis has also inked agreements with Bristol Myers NYSE BMY and Roche Holding OTC RHHBY to develop cabozantinib in combination with immunotherapy agents in 2017 Zacks Rank Stock to ConsiderExelixis currently carries a Zacks Rank 4 Sell A better ranked stock from the same space is Regeneron Pharmaceuticals NASDAQ REGN which sports a Zacks Rank 1 Strong Buy You can see Regeneron s earnings per share estimates have moved up from 18 65 to 18 68 for 2018 in the last 30 days The company pulled off a positive earnings surprise in three of the last four quarters with an average beat of 9 15 5 Medical Stocks to Buy NowZacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia AIDS muscular dystrophy hemophilia and other conditions New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline Early investors could realize exceptional profits |
C | UPDATE 3 German official says recession may have ended | Government official says Q2 GDP may be flat or show growth
Trade surplus at highest since December 2008
Exports rise imports fall
Second monthly rise in exports over eight month period
Recasts adds background
By Brian Rohan
BERLIN July 9 Reuters A string of positive developments
has cast a new light on the struggling German economy as a
senior government figure said the recession may have ended
earlier than the Economy Ministry had forecast
This week s upbeat numbers were capped on Thursday with
comments from a senior official saying that Germany may have
exited a recession in the second quarter of this year just as
trade data showed exports making a tentative recovery in May
Gross domestic product could have been flat or may have
even grown very slightly in the second quarter the government
official told Reuters speaking on condition of anonymity
This isn t an upswing yet it s a normalisation after the
big economic slump the official said
The Economy Ministry forecast in late April that the economy
would contract some six percent this year though it also said
at the time that gross domestic product would probably shrink by
around 1 0 percent on the quarter in the April June period
Germany Europe s largest economy suffered a 3 8 percent
contraction in the first quarter and is facing its deepest
post war recession this year but the 0 3 percent rise in
exports in May chimed with other data
Figures from the Federal Statistics Office released earlier
on Thursday showed Germany s trade surplus widened unexpectedly
in May to 10 3 billion euros 14 3 billion from 9 0 billion in
April hitting its highest level since December 2008
Germany has been the world s biggest exporter of goods since
2003 though the first quarter drop in GDP was marked by a
9 7 percent slump in exports that has left the economy reeling
The rise in the trade surplus backed up other data this week
suggesting a recovery may be starting to take hold
May industry figures showed output growing at its fastest
rate in 16 years while orders surged to a near two year high
The orders rise from the last three months will feed
through with a delay suggesting exports will rise in the coming
months even though an export boom is not in sight said Juergen
Michels from Citigroup
Exports rose 0 3 percent in May to 63 billion euros the
seasonally adjusted data showed
We can t talk about a change in trend But the free fall
in exports appears to have stopped said Barclays Capital
economist Thorsten Polleit This gives hope that exports will
rise in the coming months
Imports fell 2 1 percent on the month to 52 7 billion euros
their lowest level since July 2005
Economists surveyed by Reuters had forecast the trade
surplus to hold steady at 9 0 billion euros Imports were seen
up by 0 8 percent month on month and exports were expected to
rise 1 5 percent
POSITIVE SIGNS
Despite May s lower than expected export rise economists
saw the figures as a positive sign that a bottom had been
reached at a time when some German companies have been
expressing confidence in the manufacturing sector
It is far too early to declare the return of Germany s
growth engine but one thing is for sure there is life in the
old dog yet said Carsten Brzeski from ING Financial Markets
Figures from the purchasing managers index PMI released
this month have also pointed to a stabilisation with activity
in Germany s private sector contracting in June but at the same
pace as in May while orders shrank slower than a month prior
With measures of investor and corporate sentiment rallying
in recent months hopes have started to crystallise that the
economy could stage at least a timid recovery
An industry group reported last week that German auto sales
rose 40 percent in May spurred by government scrappage
incentives
Positive signs also came from abroad as Volkswagen
Europe s largest automaker said last month it had
outperformed its competitors in May thanks to rising sales not
only in Germany but also in China
The Federal Statistics Office is due to give a preliminary
estimate of second quarter GDP on August 13
Additional reporting by Paul Carrel and Rene Wagner editing
by Mike Peacock Toby Chopra |
WMB | Massive mural of Greta Thunberg stares down at San Francisco | By Saif Tawfeeq SAN FRANCISCO Reuters A massive portrait of Greta Thunberg gazed down onto San Francisco on Tuesday night after an artist unveiled a mural of the Swedish teen activist in a bid to remind residents of the dangers posed by climate change The 60 foot tall 30 foot wide 18 by 9 meter mural was revealed hours after Thunberg announced on Twitter that she would be leaving the United States by boat on Wednesday headed for a United Nations climate change conference in Madrid in December The teenager rejects air travel because of its high levels of greenhouse gas emissions Argentine street artist Andres Petreselli who signs his work Cobre says the portrait of Thunberg 16 was unusual because he typically does not address politics religion or sports But this one is I feel connected with the politics behind it because I think it is real and if I have to compare it with the rest of my murals this is the most political one that I ever made the 32 year old said as he sat on a roof with the mural behind him Petreselli previously painted a since demolished mural of the late actor Robin Williams NYSE WMB in San Francisco Paul Scott the executive director of OneAtmosphere org the San Francisco nonprofit that funded the work said he hoped passers by would be touched by the image of Thunberg who has mobilized a global youth movement against climate change We are really just hoping that it stops and makes them think that this will amplify Greta s message that people will start to understand the clear call for action that she is sending out Scott said Thunberg has spent the last three months in North America after arriving in New York City by boat on Aug 28 delivering a speech at a United Nations climate summit there in September In her Twitter post on Tuesday she said she would set sail from Virginia in the morning on a 48 foot catamaran whose owners have offered her a ride across the Atlantic |
WMB | Fed not focused on daily ups downs of trade deal Williams | SAN FRANCISCO Reuters The U S Federal Reserve will not make policy based on day to day developments in U S China trade policy or on Britain s exit from the European Union a U S central banker said on Thursday in part because businesses do not make their decisions that way either
For me it s not about the ups and downs on a given day or even within a given day around negotiations whether on trade or on Brexit or anything else because those tend to move around quite a bit New York Fed President John Williams NYSE WMB said at a conference on monetary policy and global uncertainty at the San Francisco Fed
Monetary policy can take a year to work its way into the economy he said so the Fed has to take a longer view
Even if there s some kind of resolution on a particular issue I think this uncertainty factor which we are hearing from everywhere from business people across the country that s unlikely to turn on a dime he said
It s going to require some time of people thinking they have certainty around the trade environment around the geopolitical environment so they can make those longer term business decisions |
WMB | Morales lost Bolivia after shock mutiny by police | By Gram Slattery LA PAZ Reuters Last Friday night with Bolivia s most important city paralyzed by demonstrations against leftist President Evo Morales the police unit tasked with securing the presidential palace met to help decide the nation s future Bolivia for weeks had been gripped by violent protests after Morales declared victory in a disputed election that appeared to give him a fourth straight term Election monitors said they suspected fraud Members of the Police Operations Tactical Unit known as UTOP had repeatedly clashed with anti government protesters armed with sticks rocks and makeshift bombs In the courtyard of the unit s compound that evening dozens of assembled officers made a decision They would cease defending Morales and join demonstrators in calling for his resignation By Saturday UTOP forces had abandoned their posts Analysts say UTOP s pivot part of a wave of police defections across Bolivia helped doom Morales government Without the support of local law enforcement his administration could not control Bolivia s streets Losing the allegiance of the unit charged with guarding the presidential palace in La Paz the nation s administrative capital was a particularly cutting blow The nation s military largely passive amid the unrest quickly signaled that it would not confront the protesters On Sunday Williams NYSE WMB Kaliman the commander in chief of the armed forces said Morales should step down in order to foster peace and the maintenance of stability in Bolivia By Sunday afternoon Morales had resigned On Tuesday he flew to Mexico where he had been granted asylum Reuters talked with five UTOP police officers who requested anonymity because they are not authorized to speak with the press They cited various reasons for withdrawing support from Morales Bolivia s first indigenous president who had led the country for nearly 14 years Some complained his government had lavished generous salaries and pensions on the armed forces without offering similar benefits to police Some said they were ordered by superiors to crack down only on anti government protesters while avoiding conflict with pro Morales loyalists Others said they were simply worn down by weeks of conflict after the president s controversial Oct 20 election victory At some point it was just enough one officer said Franklin Flores a congressman with Morales socialist MAS party said the Morales government never used law enforcement for political ends and that police were well treated President Morales has always respected the police and military as institutions Flores said The Bolivian police under this government went around with new trucks new equipment appropriate uniforms The episode is key to understanding how Morales lost his grip on power A former coca leaf farmer and Bolivia s first indigenous president Morales was an iconic figure of Latin America s left He gained admiration for guiding the poor landlocked South American nation through steady growth and relative stability His government s social programs pulled millions from poverty But over time he alienated some indigenous supporters who had once hailed him as their champion Morales clashed with native groups over development of tribal lands and constructed an ostentatious new presidential palace that he dubbed the Great House of the People He also engineered a way around presidential term limits enraging critics who viewed the move as an authoritarian power grab Losing police support spelled the end said political analyst Franklin Pareja a professor at Bolivia s Universidad Mayor de San Andres The government lost its shield Pareja said As a result it was totally vulnerable and couldn t go on Morales has blamed his exit on a coup arranged by his political enemies He has said he would consider returning to Bolivia to help bring peace to a deeply polarized nation in crisis Supporters of Morales do not recognize the interim government Street violence and protests continue The most cunning and disastrous coup in history has been carried out Morales wrote on Twitter on Tuesday CIVIC PRESSURE Signs of trouble for Morales had been building well before this year s election His popularity had slipped amid a softening economy and complaints he had lost touch with his man of the people roots and was now manipulating the levers of power to remain in charge Morales first took office for a five year term in 2006 In 2009 he pushed through a new Constitution that called for early elections that same year which he won handily That process effectively re set the clock on his presidency allowing him to run for a third term in 2014 even though the Constitution limited presidents to two terms Angling for even more time in office Morales in 2016 held a public referendum asking Bolivians to allow him to run for a fourth term Voters narrowly rejected it But the nation s Supreme Court stacked with allies let him run anyway In a highly controversial 2017 ruling they deemed term limits a violation of basic human rights Morales said he had been subject to a false foreign led smear campaign leading up to the referendum Supporters have said the Supreme Court decision reflected the will of the people because those judges are elected officials in Bolivia Public frustration was on display Oct 4 in the eastern city of Santa Cruz a little more than two weeks before the presidential election Banners in the crowd read Dictator Evo A civic leader named Luis Fernando Camacho gave a fiery speech slamming Morales illegal government and called on Bolivians to vote him out of office As results rolled in on election day Morales held a narrow lead over his main rival Carlos Mesa of the Citizens Community party in a crowded field of nine candidates Bolivia s electoral system requires a run off between the top two vote getters if no presidential candidate wins an outright majority or garners at least 40 of votes while beating their nearest competitor by at least 10 percentage points With more than 80 of the votes tallied Mesa and Morales appeared headed for a second round But the count was suddenly halted at around 7 30 p m The Organization of American States OAS which had been invited to observe the election expressed alarm Almost a day later the count restarted with tallies showing momentum had shifted dramatically in favor of Morales He cruised to a 10 5 percentage point victory eliminating the need for a runoff Protests erupted around the country Opposition supporters blocked roads and staged mass marches demanding new elections Major cities were paralyzed Amid unrest civic leader Camacho became a lightning rod for the opposition He pledged to march into La Paz and hand Morales a resignation letter to sign Evo s days in office are numbered he told Reuters at a Nov 5 rally BREAKING POINT Morales government was weakened but still in control He urged Bolivia to await the results of an election audit which had been initiated by the OAS Then came the Nov 8 police defections What started with one mutiny at a police unit in the central city of Cochabamba in the morning quickly spread to the cities of Potosi Santa Cruz and La Paz Rattled Morales looked to rally his generals including armed forces chief Kaliman a long time ally He met with defense officials on Friday at the Great House of the People but they offered little concrete support On Saturday Kaliman said in a statement the armed forces would never confront the people Another bombshell came on Sunday at dawn The OAS released its audit which cited serious irregularities in the election including phantom votes forged ballots and clear manipulations in the count The OAS called for the results to be annulled and a new vote scheduled Morales agreed to those demands but was rebuffed by opposition leaders Morales wanted to talk but we didn t want to It was too late said Susana Campos Elio an opposition lawmaker from La Paz Morales has since said the OAS is in the service of the North American empire Major backers of Morales started to jump ship Juan Carlos Huarachi head of the powerful Bolivian Workers Center union who days earlier had rallied miners to support the president in La Paz s central square gently urged Morales to step down to pacify the Bolivian people A slew of ruling party lawmakers resigned including the head of the lower house and mayors of major cities such as Potosi Oruro and Sucre Bolivia s constitutional capital Around 5 p m 2100 GMT military support collapsed The armed forces released a statement suggesting that Morales step aside to quell mounting violence Shortly afterward Morales announced in an emotional address that he would resign |
WMB | Witnesses in the Trump impeachment inquiry | Reuters Witnesses have testified behind closed doors and in public in the Democratic led U S House of Representatives impeachment inquiry into whether Republican President Donald Trump abused the power of his office when he sought foreign interference against a political rival Following are witnesses scheduled for public testimony Friday Nov 15 Marie Yovanovitch former U S ambassador to Ukraine abruptly removed by Trump in May Tuesday Nov 19 Morning Jennifer Williams NYSE WMB an aide to Vice President Mike Pence and Lieutenant Colonel Alexander Vindman who serves as the director for European affairs at the National Security Council Afternoon Ambassador Kurt Volker the former U S special envoy to Ukraine and Tim Morrison a White House aide with the National Security Council focusing on Europe and Russia policy Wednesday Nov 20 Morning Ambassador Gordon Sondland U S Ambassador to the European Union Afternoon Laura Cooper the deputy assistant secretary of defense for Russian Ukrainian and Eurasian Affairs and David Hale the under secretary of state for political affairs Thursday Nov 21 Morning Fiona Hill former National Security Council senior director for Europe and Russia Witnesses who testified as public hearings began on Nov 13 Wednesday Nov 13 George Kent the deputy assistant secretary of state for European and Eurasian affairs and William Taylor the top U S diplomat in Ukraine Witnesses who gave depositions behind closed doors Oct 3 Kurt Volker Oct 11 Marie Yovanovitch Oct 14 Fiona Hill Oct 15 George Kent Oct 16 Michael McKinley former policy adviser to Secretary of State Mike Pompoe Oct 17 Gordon Sondland Oct 22 William Taylor Oct 23 Laura Cooper Oct 26 Philip Reeker acting assistant secretary of state for European and Eurasian affairs Oct 29 Alexander Vindman Oct 30 Catherine Croft former adviser to Volker on Ukraine policy Oct 30 Christopher Anderson former specialist on Ukraine at the State Department Oct 31 Timothy Morrison Nov 6 David Hale Nov 7 Jennifer Williams Witnesses asked to testify behind closed doors it was not certain whether they would agree to Nov 15 David Holmes the top political affairs officer at the U S embassy in Kiev
Nov 16 Mark Sandy director of national security programs at the Office of Management and Budget |
WMB | Tenuous truce in Gaza as Islamic Jihad Israel differ on terms | By Nidal al Mughrabi and Dan Williams NYSE WMB GAZA JERUSALEM Reuters Palestinian militant group Islamic Jihad and Israel declared a halt to hostilities across the Gaza Strip border on Thursday but a lasting ceasefire appeared tenuous as they differed on terms Islamic Jihad said an Egyptian mediated truce went into effect at 0330 GMT about 48 hours after Israel triggered the exchange of fire by killing the Iranian backed faction s top Gaza commander in an air strike deeming him an imminent threat Occasional rocket fire from Gaza and a retaliatory Israeli air strike broke the calm but the ceasefire largely held Gaza medical officials have put the death toll from the two days of fighting at 34 Palestinians almost half of them civilians and including eight children and three women Hundreds of rocket launches by militants had paralyzed much of southern Israel and reached as far north as Tel Aviv sending entire communities to shelters Dozens of Israelis were hurt Hamas Gaza s dominant faction appeared to have stayed out of this round of fighting That may have helped stem escalation Israeli Prime Minister Benjamin Netanyahu said the military operation was drawing to a conclusion with its goals met Our enemies got the message we can reach anyone Netanyahu said as he visited soldiers at a missile interception battery Islamic Jihad said Israel had accepted its demand to stop both the targeted killing of militants and sometimes lethal army gunfire at weekly Palestinian protests on the Gaza border The ceasefire began under Egyptian sponsorship after the Occupation Israel submitted to the conditions set by Islamic Jihad on behalf of Palestinian resistance factions Islamic Jihad spokesman Musab Al Braim said But Israel said it would observe only a limited quid pro quo Quiet will be answered with quiet Foreign Minister Israel Katz told Army Radio MISSILE STRIKE In the deadliest incident of the two day hostilities eight members of a Gaza family were killed by an Israeli missile strike shortly before the truce took hold said medical officials and residents They said all were civilians But Israeli military spokesman Lieutenant Colonel Avichay Adraee said the head of the family Rasmi Abu Malhous who was among the dead was the commander of Islamic Jihad rocket crews in the central Gaza Strip Neighbors left their homes to help rescue workers pull out the bodies of the family some of which were completely buried in sandy earth Civilians tried to test the pulse of one body before pulling it out Israel s allegation about Rasmi Abu Malhous could not immediately be confirmed by Reuters Islamic Jihad did not claim him as a member Neither the hostilities nor efforts to halt them shifted the dynamics of the underlying core conflict While Hamas has been open to long term truces it refuses like Islamic Jihad to accept permanent co existence with Israel Gazans are seeking to end years of an Israeli led blockade Refugees from the 1948 war of Israel s founding and their descendents make up most of the 2 million Palestinians in Gaza and want the right to return to their families former lands Israel rejects that as demographic suicide and sees no means of making peace as long as Hamas and Islamic Jihad are armed Katz said there would be no change to Israeli military policy in Gaza contradicting the assertion of Islamic Jihad Targeted killings will not cease he said and the open fire policy for which the Israel Defence Forces is responsible at the Gaza border will not change Markets in Gaza reopened as life returned to normal although people expressed mixed feelings about the truce We responded and made clear our blood was not shed in vain Also a truce is good because we don t want our people to suffer more under the blockade said one resident Mohammad Al Smairi
U N mediator Nickolay Mladenov said the Gaza situation remained fragile tweeting All must show maximum restraint and do their part to prevent bloodshed The Middle East does not need more wars |
WMB | NBA roundup Clippers fall in George s debut | Jrue Holiday scored 36 points as the host New Orleans Pelicans spoiled Paul George s Clippers debut with a 132 127 victory over Los Angeles on Thursday night
Holiday broke out of a shooting slump to outduel George who returned from offseason surgery on both shoulders to score 33 points in 24 minutes
Frank Jackson added 23 points Derrick Favors had 20 points and 20 rebounds JJ Redick scored 19 and E Twaun Moore had 15 as the Pelicans won just their third game of the season
Lou Williams NYSE WMB scored 31 Rodney McGruder had 20 and Montrezl Harrell added 18 for L A Kawhi Leonard the other marquee offseason acquisition that helped make the Clippers championship contenders did not suit up after playing 41 minutes in a 102 93 loss at Houston the night before
The Pelicans led 72 59 at halftime but the Clippers cut the deficit to four as George scored seven of his team s first 11 points in the third quarter
Heat 108 Cavaliers 97
Rookie Kendrick Nunn had 23 points and eight assists as Miami enjoyed a fast start and then held on to defeat host Cleveland
Nunn shot 10 of 16 from the floor on Thursday including hitting one of Miami s three straight 3 pointers to open the game after going 21 of 60 from the floor in his previous five games The Heat have won six of their past eight games and are 8 3 their best 11 game start since the Big Three era in 2013 14
Miami s Bam Adebayo collected 16 points and 15 rebounds and rookie Tyler Herro scored 16 points in his return from a one game absence caused by a sprained ankle Kevin Love had 21 points and 10 rebounds while Collin Sexton chipped in with 15 points for the Cavaliers
Bucks 124 Bulls 115
Giannis Antetokounmpo matched his season high of 38 points and recorded 16 rebounds and three steals to lead Milwaukee past visiting Chicago
Eric Bledsoe scored a season best 31 points on 12 of 14 shooting for his fifth straight 20 point outing Bledsoe added eight assists as Milwaukee defeated Chicago for the seventh straight time
Wesley Matthews tallied 15 points and Brook Lopez added 13 for the Bucks who have won six of their past seven games Milwaukee played its first game without All Star forward Khris Middleton who is expected to miss three to four weeks with a left thigh injury
Nuggets 101 Nets 93
Nikola Jokic had 18 points and 10 rebounds Paul Millsap also scored 18 points and grabbed nine rebounds and host Denver beat Brooklyn
Will Barton scored 17 points and Jerami Grant had 12 points off the bench for Denver which overcame a sluggish first half to win for the fifth time in six games The Nuggets have trailed at halftime in eight of their 11 games and are 6 2 in those games
Jarrett Allen had 17 points and 10 rebounds Kyrie Irving scored 17 and dished out nine assists and Spencer Dinwiddie also scored 17 points for the Nets who were held to a season low in points
Knicks 106 Mavericks 103
Marcus Morris Sr drained the tie breaking 3 pointer with 13 4 seconds left as host New York outlasted Kristaps Porzingis and Dallas in a wild win
The Knicks won for just the third time in 12 games this season but two of those wins have come at the expense of the Mavericks and Porzingis who played his first three seasons for the Knicks
The Mavericks have lost three of four Porzingis collected a double double 20 points 11 rebounds but was scoreless in the fourth quarter Luka Doncic recorded his fifth triple double of the season
Suns 128 Hawks 112
Kelly Oubre Jr scored a season high 30 points and grabbed seven rebounds and host Phoenix pulled away from Atlanta
Phoenix guard Devin Booker added 27 points and seven assists Dario Saric had a season high 23 points and pulled down six rebounds and Frank Kaminsky tied a season high with 19 points and had six rebounds off the bench for the Suns who made 15 3 pointers to extend their franchise record streak to nine games with at least 11 threes
Jabari Parker had 24 points and seven rebounds and Trae Young contributed 21 points and 13 assists for Hawks who played their first game without injured guard Kevin Huerter
Field Level Media |
WMB | Euro Recovery Odds Seen Rising on Signs of Stabilizing Economy | Bloomberg Investors awaiting signs whether the euro is ready to stage a comeback will be closely watching next week s regional manufacturing report
The preliminary data due next Friday will help investors bet whether Europe is heading for a more robust recovery or conclude that recent positive signals were short of the mark The manufacturing PMI is forecast to reveal a stabilizing economy with Nomura International Plc reporting wider signs of a recovery that could strengthen the common currency into next year
The euro is currently hovering near a one month low at 1 1029 while benchmark German bond yields are edging up again after a huge bond rally in the first eight months of the year Nomura sees the euro trading at 1 10 by year end before rising about 5 to 1 16 by the end of December 2020
In a recovery the euro tends to outperform Nomura strategists including Jordan Rochester said in a note The good news is that our broad measure of risk sentiment remains in risk on territory and leading indicators suggest the slowdown could turn into a recovery
To be sure European bond markets are yet to see a decisive turning point in the economic data and recent moves are being driven by sentiment rather than a definitive trend in fundamentals The same may be said about the euro which has largely ignored recent developments including the news that Germany avoided its first recession in six years
Bloomberg economists see a brighter outlook for the euro zone next year and optimism grew on Tuesday when German investor confidence rose to the highest level in six months This follows continued positive signs from China where manufacturing continued to pick up in October with new orders rising at the quickest pace in more than six years
For further clues about the future in Europe traders will be tuning in to a speech by European Central Bank President Christine Lagarde next Friday With markets largely pricing out further easing this year any dovish signals could encourage bets against the euro But chances appear low that she will signal any significant deviation from current policy at such an early stage in her tenure Meanwhile other members of the governing council have this week signaled the ECB is in no rush to further expand monetary stimulus
Minutes of Mario Draghi s final meeting as president of the ECB are coming up and may provide detail of discussions about the composition of asset purchases and any need to adjust the issuer limitSpeeches from ECB s Lagarde and Weidmann in FrankfurtFed releases minutes from its meeting on Oct 30 Fed speakers include Mester Williams NYSE WMB and KashkariIn Sweden Riksbank deputy governors Ohlsson and Jansson will speak about monetary policy |
WMB | Staff exodus hits top U S transgender group on eve of 2020 election campaign | By Daniel Trotta Reuters A majority of employees have left the leading U S transgender advocacy group amid a failed attempt to oust its leader with many expressing frustration over the organization s lack of minority hiring and outreach The exodus at the National Center for Transgender Equality takes place as the non profit group prepares for two monumental events in 2020 the presidential election and the world s largest survey of transgender people The Washington based center s staff is down to eight people from a high of 21 at the start of 2019 Executive Director Mara Keisling said on Friday Keisling said the changes were related to a long planned strategic overhaul of the group which had grown rapidly and needed to modernize its operations including the need to hire and retain more people of color Employees who disagreed with the new direction were given the chance to accept buyouts she said We just needed a course correction and part of that was a generally new direction Keisling said in a telephone interview As for the complaints about minority hiring and retention she said We have significant racial justice and racial equity work to do Almost every organization does The restructuring had begun well before staff members wrote a letter earlier this month asking her and Deputy Director Lisa Mottet to resign within 18 months Keisling said Employees said they had grown frustrated over the center s poor hiring of and outside advocacy for people of color and also raised concerns that the survey a resource widely sought by researchers journalists and the transgender public was in jeopardy We have seen a damaging level of staff turnover including a starkly disproportionate number of people of color terminated pushed out or otherwise separating from the organization read the letter signed by 10 members of the staff The staff letter also praised Keisling for building the most formative transgender rights organization At the same time the staff was attempting to unionize an effort that Keisling said management actively encouraged Nonetheless the Nonprofit Professional Employees Union filed an unfair labor practice complaint with the National Labor Relations Board on Friday alleging the staff reductions were retaliation for that effort This is just a classic form of union busting said Kayla Blado president of the Nonprofit Professional Employees Keisling has been at the top of the organization since it was founded 17 years ago becoming a leading figure in transgender rights and a occasional guest at the White House under former President Barack Obama a strong supporter of transgender rights But President Donald Trump has reversed many of Obama s pro transgender regulations and banned transgender people from serving in the military Transgender advocates have made defeating him in the November 2020 election a top priority SURVEY LOOMING In addition the transgender center is due to conduct the 2020 U S Transgender Survey which has been the world s most comprehensive study of transgender experiences by measuring discrimination in employment housing healthcare and education The study released in 2016 surveyed nearly 28 000 people a notable sample size for a U S adult population that the UCLA Williams NYSE WMB Institute estimates at 1 4 million
Keisling vowed that the 2020 survey would be completed despite the turnover Staff vacancies would be filled and funding for the group with an 3 5 million annual budget was uninterrupted she said |
WMB | Pence aide said Trump s Ukraine phone call was unusual and inappropriate | By Jan Wolfe and Nandita Bose
WASHINGTON Reuters The phone call between U S President Donald Trump and his Ukrainian counterpart at the center of Congress impeachment investigation was inappropriate an aide to Vice President Mike Pence told lawmakers according to a transcript released on Saturday
Jennifer Williams NYSE WMB a foreign policy aide to Pence who was listening to the call on July 25 testified that Trump s insistence that Ukraine carry out politically sensitive investigations struck me as unusual and inappropriate
She said the discussion was more political in nature than phone calls with other foreign leaders and included what she viewed as specific references to the president s personal political agenda
Trump s call is at the heart of the Democratic led inquiry into whether the Republican president misused U S foreign policy to undermine former Vice President Joe Biden one of his potential opponents in the 2020 election
The House of Representatives on Saturday also released a transcript of an earlier closed door deposition by Tim Morrison a former White House aide with the National Security Council focusing on Europe and Russia policy who was also on the call
Morrison who resigned a day before his deposition last month and Williams both expressed concerns about Trump s remarks to Ukrainian President Volodymyr Zelenskiy Williams and Morrison are scheduled to testify publicly next week
I was not comfortable with any idea that President Zelenskiy should allow himself to be involved in our politics Morrison told lawmakers He also said found Zelenskiy s tone in the call with Trump to be obsequious
Morrison declined to say he thought the call was illegal or improper stressing instead that he thought it would leak damaging relations with Ukraine He said he only learned later that the aid to Ukraine was conditioned on the investigations
In the first public hearing last week acting ambassador to Ukraine William Taylor pointed to Trump s keen interest in getting the eastern European ally to investigate Biden and reiterated his understanding that 391 million in U S security aid was withheld from Kiev unless it cooperated
Morrison said he had reviewed Taylor s testimony and did not dispute it on any significant points
House investigators on Saturday also heard closed door testimony from a White House budget official about the holdup of military aid to Ukraine Mark Sandy a career official of the Office of Management and Budget was the first person from OMB to testify before the inquiry after three political appointees defied congressional subpoenas to appear
Sandy spoke about how unusual it was to have a political appointee come in and place a hold on military aid to Ukraine CNN quoted a source familiar with the testimony as saying
Democratic Representative Jamie Raskin a member of the Judiciary and Oversight Committees said Sandy was brought in to shed light on whether military aid was held up for political reasons
This is a technical part of our investigation Raskin told reporters outside the interview room
We want to know exactly how the president translated his political objective to shake down the Ukrainian government for the favors he wanted into the budget process
HOLMES TESTIMONY
On Friday Trump used Twitter to criticize a former U S ambassador to Ukraine Marie Yovanovitch while she was testifying to an impeachment hearing an extraordinary moment that Democrats said amounted to witness intimidation
Trump defended his attack on Yovanovitch saying he had the right to free speech
Yovanovitch a career diplomat testified on the second day of televised impeachment hearings which will resume next week
While Yovanovitch s testimony dominated headlines on Friday a closed door deposition later in the day with David Holmes a U S embassy official in Kiev could prove more consequential
Holmes told lawmakers he overheard a phone call between Trump and Gordon Sondland the U S ambassador to the European Union in which the president inquired about Ukraine s willingness to carry out investigations of Biden and his son
The phone call occurred on July 26 one day after the now infamous phone conversation between Trump and Zelenskiy
So he s gonna do the investigation Trump asked Sondland referring to Zelenskiy according to Holmes testimony
He s gonna do it replied Sondland adding the Ukrainian president would do anything you ask him to according to Holmes
The testimony by Holmes an aide to Taylor ties Trump more directly to a pressure campaign in Ukraine to investigate the Bidens led by Trump s personal lawyer Rudy Giuliani
Holmes statement appears to contradict Sondland s previous sworn testimony about his interactions with Trump in which he did not mention his July 26 phone call with the president
Sondland who has already revised his testimony once is scheduled to testify publicly on Wednesday
Morrison said he understood that Sondland and Trump had spoken half a dozen times between mid July and mid September adding that he National Security Adviser John Bolton and other officials viewed Sondland s involvement as a problem
Representative Eric Swalwell a Democrat on the House Intelligence Committee told reporters on Saturday that House leaders were considering bringing Holmes in for a public hearing |
BMY | Is A Beat In The Cards For Celldex CLDX In Q4 Earnings | We expect Celldex Therapeutics Inc NASDAQ CLDX to beat expectations when it reports fourth quarter 2017 results next month Its performance has been encouraging as it beat estimates in three of the trailing four quarters and met the same in one delivering an average positive surprise of 15 36
In the last reported quarter the company delivered a positive earnings surprise of 41 67
However Celldex Therapeutics shares have lost 32 7 in the past year compared with a 2 5 decline for the during this period
Let s see how things are shaping up for this announcement
Factors at Play
Celldex earns revenues entirely from product development and licensing agreements and contracts and grants The company recognizes revenues under its clinical trial collaboration with Bristol Myers Squibb Company NYSE BMY for varlilumab The company will continue to record revenues from these sources in the fourth quarter of 2017
With no approved product in its portfolio investor focus will remain on pipeline development
In December 2017 the company started patient enrollment in a phase I study evaluating its new candidate CDX 1140 for the treatment of patients with advanced solid tumors Notably CDX 1140 is a fully human antibody that targets CD40 an immune response activator
In November 2017 Celldex announced data from a phase II study evaluating a combination of its most advanced pipeline candidate glembatumumab vedotin and varlilumab in melanoma The median progression free survival was 2 6 months with 52 of patients having stable disease for six weeks or more
The study is also evaluating glembatumumab plus checkpoint inhibitors including either Bristol Myers Opdivo or Merck s Keytruda
It also initiated a phase II study on its human monoclonal antibody CDX 3379 in patients with advanced head and neck squamous cell carcinoma HNSCC The phase II study will evaluate CDX 3379 in combination with Eli Lilly s Erbitux in patients with advanced HNSCC who are Erbitux resistant and previously treated with an anti PD1 checkpoint inhibitor
Apart from glembatumumab vedotin and varlilumab Celldex has several promising candidates in its pipeline including CDX 1401 CDX 301 phase II multiple solid tumors and CDX 014 phase I advanced renal cell carcinoma among others
Though R D and SG A costs declined in the third quarter operating expenses may vary on a quarterly basis
Earnings Whispers
Our proven model shows that Celldex is likely to beat estimates this quarter as it has the right combination of two key ingredients a positive and a Zacks Rank 1 Strong Buy 2 Buy or 3 Hold which have a significantly higher chance of beating earnings
Zacks ESP Earnings ESP which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate is 18 28 This is because the Most Accurate estimate is pegged at a loss of 19 cents per share while the Zacks Consensus Estimate is pegged at a loss of 23 cents per share You can uncover the best stocks to buy or sell before they re reported with our
Zacks Rank Celldex currently carries a Zacks Rank 3 which when combined with a positive ESP makes us reasonably confident of an earnings beat
Note that we caution against stocks with a Zacks Rank 4 or 5 Sell rated going into the earnings announcement especially when the company is seeing negative estimate revisions Celldex Therapeutics Inc Price and EPS Surprise
Other Stocks That Warrant a Look
Here are a couple of health care stocks that you may want to consider as our model shows that these have the right combination of elements to post an earnings beat this quarter
Atara Biotherapeutics NASDAQ ATRA is expected to release results on Mar 8 The company has an Earnings ESP of 7 42 and a Zacks Rank 3 You can see
Gemphire Therapeutics NASDAQ GEMP is expected to release results on Mar 21 The company has an Earnings ESP of 8 01 and a Zacks Rank 2
The Hottest Tech Mega Trend of All
Last year it generated 8 billion in global revenues By 2020 it s predicted to blast through the roof to 47 billion Famed investor Mark Cuban says it will produce the world s first trillionaires but that should still leave plenty of money for regular investors who make the right trades early |
C | UPDATE 4 Rio sells American food packaging unit for 1 2 bln | Sale to U S firm Bemis Co includes at least 1 bln cash
Sources says Amcor still in race for other assets
Rio shares down in weak metals market Bemis shares gain
Recasts adds analyst s comment updates share prices
By Denny Thomas and Euan Rocha
SYDNEY TORONTO July 6 Reuters Global miner Rio Tinto
further improved its cash position on Monday by
selling a part of its food packaging business to Bemis Co
for 1 2 billion in a deal that makes Bemis by far the
largest North American player in a still fragmented industry
Rio Tinto which only last week raised 15 2 billion in one
of the world s biggest rights issues will sell its Americas
flexible packaging assets to U S based Bemis for 1 billion
cash with the rest in equity
The transaction multiple is reasonable with Bemis
dramatically increasing its critical mass said Ghansham
Panjabi an analyst with Robert W Baird Co
But more importantly this will act as a lightning rod
for further consolidation in the packaging industry
The deal moves Rio Tinto closer to the day when it can draw
a line under its near disastrous 2007 acquisition of Canadian
aluminum and packaging firm Alcan Bought near the height of
the commodities boom Alcan left Rio Tinto with 38 billion in
debt Rio Tinto had hoped to repay some of the debt by quickly
selling the packaging assets but the global financial crisis
delayed that plan as asset prices tumbled
Rio Tinto said Alcan s remaining non aluminum assets were
still on the auction block with their book value likely to be
written down ahead of their sale
Separately sources told Reuters that Australian packaging
group Amcor Ltd was still in talks to buy some of the
remaining packaging assets from Rio which Citigroup estimates
could fetch more than 2 billion ID nSYU006799
An Amcor spokesman declined to comment
Any packaging assets that Rio is getting rid of on its
balance sheet is good and will be liked by the market Olivia
Ker research analyst at Merrill Lynch said after the news
Monday s announcement takes Rio s expected proceeds from asset
sales this year to 3 7 billion and analysts say Rio would be
encouraged to sell other noncore assets in the coming days
The rest of the packaging business is certainly on the
cards the rest of the coal division is still on the cards
Ker added
Rio Tinto shares fell nearly 5 percent in London to 1 925
pence by 1430 GMT in line with a weaker UK mining index
which was hit by a slide in metals prices Bemis
shares rose 3 9 percent to 25 23 on the New York Stock
Exchange in early trade
SOLID VALUE
The sale of the Food Americas division is the first
significant step in reducing the asset portfolio acquired with
Alcan Rio Tinto Chief Financial Officer Guy Elliott said in a
statement The transaction represents solid value given the
challenging financial environment
Rio Tinto recently opted in favor of the rights issue and a
tie up with rival BHP Billiton after aborting
a deal with Chinese conglomerate Chinalco ID nSYD73514
Analyst Michael Rawlinson at Liberum Capital in London said
the price for Food Americas was decent We believe the market
has been expecting 2 3 billion for the entire Alcan packaging
business therefore we consider the price Rio has received for
U S food packaging stand alone looks attractive
The assets being sold by Rio include 23 facilities more
than 90 percent of which are located in the United States
Canada and Mexico The business posted 2008 sales of more than
1 5 billion
The deal which is expected to close by the end of 2009
will generate annualized savings of 65 million for Bemis and
boost the company s earnings per share beginning in 2010
Net net despite the modest equity issuance we believe
that the considerable increase in critical mass post
transaction for Bemis and related synergy story will push its
shares higher Panjabi said
1 1 26 Australian
Additional reporting by Eric Onstad in London editing by
Peter Galloway |
C | ANALYSIS South Africa s unions likely to step up strikes | COSATU likely to increase pressure on government
Unions want payback for helping Zuma to power
More strikes expected economy likely to suffer
By Marius Bosch
JOHANNESBURG July 6 Reuters South Africa s powerful
trade unions will continue to escalate strike action endangering
key sectors in an economy already in recession unless President
Jacob Zuma s government meets demands for pro poor policies
Increased strike action from unions under the COSATU labour
federation is a sign they are starting to force their agenda in
Africa s biggest economy in the absence of a strong stand by
Zuma
It is all about the power to determine policy We are going
to see increased labour and industrial action in the coming
months said Leon Myburgh sub Saharan Africa specialist at
Citigroup
COSATU in an alliance with Zuma s ruling African National
Congress and the South African Communist Party has pushed for a
policy shift to the left to benefit workers and the poor
Zuma has assured investors that long term policy will not
change New Finance Minister Pravin Gordhan has stressed that
while the government will engage with all groups the country
has not abandoned market friendly policies
But Zuma s efforts to appease labour and avoid the tensions
that led to the ousting of former President Thabo Mbeki last
year have not been enough to win over the unions who were
instrumental in bringing him to power in May
At the end of the day it comes down to what signs we are
getting from Zuma and as long he is not giving a clear direction
on these issues there will be constant noise until he can give
a clear policy Citigroup s Myburgh said
With South Africa s economy in its first recession in 17
years Zuma has little room to give in to union demands
The government has forecast GDP growth of 1 2 percent this
year but the Treasury said this will likely be revised
downwards in an October budget statement
NATIONAL STRIKE THREAT
In the latest strike action nearly 70 000 construction
workers will down tools on Wednesday over wages which could
halt work on stadiums for the 2010 Soccer World Cup
Unions at state broadcaster SABC will also strike this week
raising the possibility of a nationwide television blackout for
the first time since television arrived in South Africa three
decades ago
Gold miners and the mineworkers union NUM which has vowed
to strike if pay demands are not met meet on Tuesday for a key
meeting on wage talks while unions in the platinum chemical
paper and petroleum sectors have also warned of strikes
COSATU has also threatened national strikes
There is potential for this to escalate said Mike Davies
Middle East and Africa analyst at Eurasia Group
There will be areas of tension that will develop not only
over strikes but a broader tension is likely to arise between
the unions and the alliance partners Davies said
COSATU last week backed a call by the ANC s militant youth
wing for mines to be nationalised a thorny issue in the world s
biggest platinum producer and the no 3 gold producer
The news is clearly worrying There is some struggle
within the ANC alliance to change policy direction for
payback of what the left sees as its dues for getting Zuma to
power said Peter Attard Montalto emerging markets economist
at Nomura in London
COSATU nearly blocked the listing of mobile phone group
Vodacom in May and has called for bigger interest rate cuts from
the central bank all indications that the grouping plans to
play a bigger role on the political stage
We saw that with the Vodacom issue that was the first
flaring up of that And now these smaller strikes and then the
threat of the general strike which is still hanging over us
Nomura s Attard Montalto said
I think markets are really watching Zuma to take a stance
on this |
C | GLOBAL MARKETS Asia stocks up on tech but recovery doubts dog | Asia stocks edge up 0 4 pct tech gives a boost
RBA keeps rates steady Aussie edges up
Yen holds gains as higher yielding currencies cut
JGBs extend long rally yields pushed to 3 mth low
By Eric Burroughs
HONG KONG July 7 Reuters Asian stocks edged up
slightly on Tuesday but struggled after a slide the previous
day while the yen held gains against higher yielding
currencies as investors doubt the speed of the global economy s
recovery
A bleak U S jobs report last week has prompted portfolio
managers to reassess how quickly economies around the world can
return to growth after the deep recession spurring a pull back
in shares and currencies such as the Australian dollar
Last week s U S employment numbers were a hint that
perhaps the market had become over optimistic said Takahiko
Murai general manager of equities at Nozomi Securities in
Tokyo
But regional markets have held up as some early news on
quarterly earnings showed technology companies faring well
Taiwan s benchmark TAIEX index gained 1 percent thanks to
a 3 3 percent jump in shares of smartphone maker HTC after the
company reported a better than expected second quarter profit
South Korea s KOSPI edged up 0 4 percent after Samsung
Electronics the world s top maker of memory chips and flat
screen TVs forecast second quarter earnings well above
forecasts giving the broader market a boost Samsung s shares
were up more than 8 percent in the past two days
The yen held near a five week peak against sterling and the
New Zealand dollar as market players have cut holdings of
currencies that have surged along with stocks U S crude oil
prices were up 15 cents a barrel at 64 20 while gold prices
hovered below 930 per ounce
In Japan investors have poured cash into government bonds
on bets that the economy s recovery from recession will be an
extended one that could lead to a long stretch of deflation
pushing benchmark yields to a three month low
The MSCI index of Asia Pacific shares outside Japan edged
up 0 4 percent with technology shares the biggest gainers
Japan s Nikkei share average dipped 0 3 percent as a
stronger yen hit exporter shares while the Shanghai Composite
shed 0 7 percent after having reached a 13 month high the
previous day
China s economic resilience and splurge of bank lending to
boost growth has fuelled the 70 percent rally in the Shanghai
Composite so far this year
Market reaction was limited so far as hundreds of Uighur
protesters clashed with Chinese anti riot police in the capital
of China s Muslim region of Xinjiang on Tuesday two days after
ethnic unrest left 156 dead and more than 800 injured
Indian markets steadied after a slide the previous day when
the government s big spending budget for the coming fiscal year
was viewed as disappointing
The SENSEX edged up 0 8 percent after a 6 percent tumble
and the rupee inched higher
But yields on five year federal bonds jumped to 6 49
percent taking the two day rise to 25 basis points on worries
about how the market will absorb the bigger issuance to pay for
the spending that will boost the deficit to 6 8 percent of GDP
DOLLAR STEADIES
The dollar was mostly steady and has held its ground in the
past few weeks as riskier assets have stumbled with the U S
currency favoured as a safe haven when market players strike a
cautious footing
The dollar was little changed at 95 30 yen while the euro
drifted sideways at 1 3960
The New Zealand dollar which has surged along with its
Australian counterpart despite a much weaker economy and record
low interest rates was steady at 60 50 yen after hitting a
five week low of 59 30 yen on Monday
The Australian dollar the biggest gainer among major
currencies this year as investors crept back into
higher yielding higher risk assets edged up slightly to
0 7967 after the Reserve Bank of Australia sounded an
optimistic note in keeping rates on hold at 3 percent
Australian short term rates are among the highest
short term rates of developed economies and one of the reasons
for the Aussie s nearly 13 percent surge against the U S
dollar this year
We think rates are on hold until towards the end of the
year then we ll see the process of gradually increasing rates
from the end of this year early next year said Paul Brennan
co head of market economics at Citigroup in Sydney
In government bonds longer term Japanese government bonds
extended their winning streak that has pushed yields sharply
lower
The 10 year yield edged up half a basis point to 1 305
percent after falling to 1 295 percent the lowest since late
March
The drop in benchmark JGB yields was partly driven by
investors selling short term notes for longer term bonds
unwinding bets that the yield curve would steepen as short term
yields have become less attractive
Two year JGBs were up half a basis point at 0 260 percent
but were near their lowest levels in three years
Additional reporting by Shinichi Saoshiro in Tokyo
Editing by Kazunori Takada |
C | RPT GLOBAL MARKETS Asia stocks up but recovery doubts dog | Asia stocks edge up 0 4 pct tech gives a boost
RBA keeps rates steady Aussie edges up
Yen holds gains as higher yielding currencies cut
JGBs extend long rally yields pushed to 3 mth low
Repeats to additional subscribers
By Eric Burroughs
HONG KONG July 7 Reuters Asian stocks edged up
slightly on Tuesday but struggled after a slide the previous
day while the yen held gains against higher yielding
currencies as investors doubt the speed of the global economy s
recovery
A bleak U S jobs report last week has prompted portfolio
managers to reassess how quickly economies around the world can
return to growth after the deep recession spurring a pull back
in shares and currencies such as the Australian dollar
Last week s U S employment numbers were a hint that
perhaps the market had become over optimistic said Takahiko
Murai general manager of equities at Nozomi Securities in
Tokyo
But regional markets have held up as some early news on
quarterly earnings showed technology companies faring well
Taiwan s benchmark TAIEX index gained 1 percent
thanks to a 3 3 percent jump in shares of smartphone maker HTC
2498 TW after the company reported a better than expected
second quarter profit
South Korea s KOSPI edged up 0 4 percent after
Samsung Electronics 005930 KS the world s top maker of
memory chips and flat screen TVs forecast second quarter
earnings well above forecasts giving the broader market a
boost Samsung s shares were up more than 8 percent in the past
two days
The yen held near a five week peak against sterling and the
New Zealand dollar as market players have cut holdings of
currencies that have surged along with stocks U S crude oil
prices were up 15 cents a barrel at 64 20 while gold
prices hovered below 930 per ounce
In Japan investors have poured cash into government bonds
on bets that the economy s recovery from recession will be an
extended one that could lead to a long stretch of deflation
pushing benchmark yields to a three month low
The MSCI index of Asia Pacific shares outside Japan
edged up 0 4 percent with technology shares
the biggest gainers
Japan s Nikkei share average dipped 0 3 percent as
a stronger yen hit exporter shares while the Shanghai
Composite shed 0 7 percent after having reached a
13 month high the previous day
China s economic resilience and splurge of bank lending to
boost growth has fuelled the 70 percent rally in the Shanghai
Composite so far this year
Market reaction was limited so far as hundreds of Uighur
protesters clashed with Chinese anti riot police in the capital
of China s Muslim region of Xinjiang on Tuesday two days after
ethnic unrest left 156 dead and more than 800 injured
ID nPEK372605
Indian markets steadied after a slide the previous day when
the government s big spending budget for the coming fiscal year
was viewed as disappointing ID nCOL544329
The SENSEX edged up 0 8 percent after a 6 percent
tumble and the rupee inched higher
But yields on five year federal bonds jumped
to 6 49 percent taking the two day rise to 25 basis points on
worries about how the market will absorb the bigger issuance to
pay for the spending that will boost the deficit to 6 8 percent
of GDP
DOLLAR STEADIES
The dollar was mostly steady and has held its ground in the
past few weeks as riskier assets have stumbled with the U S
currency favoured as a safe haven when market players strike a
cautious footing
The dollar was little changed at 95 30 yen while
the euro drifted sideways at 1 3960
The New Zealand dollar which has surged along with its
Australian counterpart despite a much weaker economy and record
low interest rates was steady at 60 50 yen after
hitting a five week low of 59 30 yen on Monday
The Australian dollar the biggest gainer among major
currencies this year as investors crept back into
higher yielding higher risk assets edged up slightly to
0 7967 after the Reserve Bank of Australia sounded an
optimistic note in keeping rates on hold at 3 percent
Australian short term rates are among the highest
short term rates of developed economies and one of the reasons
for the Aussie s nearly 13 percent surge against the U S
dollar this year
We think rates are on hold until towards the end of the
year then we ll see the process of gradually increasing rates
from the end of this year early next year said Paul Brennan
co head of market economics at Citigroup in Sydney
In government bonds longer term Japanese government bonds
extended their winning streak that has pushed yields sharply
lower
The 10 year yield edged up half a basis
point to 1 305 percent after falling to 1 295 percent the
lowest since late March
The drop in benchmark JGB yields was partly driven by
investors selling short term notes for longer term bonds
unwinding bets that the yield curve would steepen as short term
yields have become less attractive
Two year JGBs were up half a basis point at
0 260 percent but were near their lowest levels in three
years
Additional reporting by Shinichi Saoshiro in Tokyo
Editing by Kazunori Takada |
C | Shift seen in microfinance risk factors survey | Credit risk tops microfinance concerns
Financial crisis is first major stress test for MFIs
By Daniel Bases
NEW YORK July 8 Reuters The global financial crisis
that developed in rich nations is leaving practically no corner
of the financial world unscathed including microfinance the
small scale financial services offered to the world s poor a
new survey reveals
The industry gained traction during the global boom of easy
credit and low inflation spurring competition that threatens
to take the focus off of alleviating poverty and more toward
making a profit
But now with lending conditions tight costs rising and
return on assets dropping credit risk is the biggest concern
among those surveyed versus the quality of microfinance
institutional MFI management or corporate governance which
topped an early 2008 survey
Today all the top findings relate directly to the crisis
to do with the impact of difficult financial markets of
recession and of global economic turmoil David Lascelles
one of the survey s lead authors told reporters
For a list of the top 25 risks click on ID nN07447329
This marks a first major stress test for microfinance
institutions the survey from the Centre for the Study of
Financial Innovation showed
Many MF microfinance clients live close to the edge and
are perilously exposed to worsening economic conditions the
report said
RISKS
Credit risk is the No 1 concern moving from the No 10
spot in the prior survey Liquidity which is generally defined
as having the cash available to make loans or meet deposit
withdrawals was the second highest risk having come in at the
20th spot last year
Respondents see the economic crisis hitting microfinance
at a time when credit quality is already deteriorating for
reasons linked to the more competitive nature of the industry
and a more calculating attitude to debt among borrowers the
report said
According the Microfinance Information eXchange MIX the
1 200 MFI s that report their data have 64 million borrowers
and 33 5 million savers The numbers are growing at a rate of
25 percent per year while total assets of these MFI s is 32
billion
The survey co sponsored by Citi Foundation a unit of
financial services firm Citigroup and the Consultative
Group to Assist the Poor CGAP with support from the Council
of Microfinance Equity Funds CMEF drew 430 responses from 82
countries
The broadening MFI client base has led to greater
integration with the established financial sectors of many
developing nations And that brings political risk
Political risk always lingers in people s minds The
regulatory oversight is getting broader Bob Annibale global
director of Citi Microfinance told Reuters
Annibale said there is most often a concern political
interference will take the form of interest rate ceilings
That would make even the most nonprofit organization in
most countries very hard to operate if ceilings were imposed
without some reality of what the costs are for those
institutions to deliver services in many more areas he said
RISING COSTS
The cost of doing business in the microfinance sector is
also rising due to competitive pressures as more entrants into
the market diversify their financial product offerings and
swapped out low cost or concessional funding for more
commercial funds in the credit boom
They swapped out a lot of those funds and some of them
have taken on risks that they probably might not have been
fully equipped internally to handle Blaine Stephens the
chief operating officer of MIX told Reuters
Stephens said that total financing expenses for MFI s have
risen to roughly 6 7 percent over the average asset base as of
2007 the latest full year of data available That is an
increase of nearly 100 basis points over the prior two years
At the same time MIX data shows returns on assets were 1 5
percent for MFI s at the end of 2007 That is a down from the
1 7 to 2 0 percent return of prior years Stephens said
He added that nonperforming loans NPL have increased in
some of the smaller markets such as Bosnia and Herzegovina and
Morocco by double digits but nothing that high globally
Stephens said NPLs were still well within single digits
perhaps 3 to 5 percent at most
The main pressures on profitability are higher funding
costs and bad debts Gabriel Solorzano chairman of Banex in
Nicaragua said What profitability Does anyone still have
profits
Reporting by Daniel Bases editing by Leslie Gevirtz |
C | TABLE Top 25 risks for microfinance survey | July 8 Reuters The risk factors for the microfinance
institutions MFI s are shifting to credit risk and market
liquidity from management quality and corporate governance as
a result of the global financial crisis a new survey shows
The fast growing providers of small scale financial
services to the world s poor MFI s face their first major
stress test as global credit markets dry up and investor
confidence declines the survey from the Centre for the Study
of Financial Innovation showed
The survey co sponsored by Citi Foundation a unit of
financial services firm Citigroup and the Consultative Group
to Assist the Poor CGAP with support from the Council of
Microfinance Equity Funds CMEF drew 430 responses from 82
countries
Just 5 percent of the respondents said they were well
prepared to handle the risks identified versus 27 percent in a
prior study published in early 2008
Among the reasons given for this more negative result
respondents said that MFI s realised too late that they would
be impacted by the financial crisis particularly by its effect
on credit and funding the report said
In the latest survey 13 percent said they were poorly
prepared versus 5 percent previously
For the related story click on ID nN07331026
Below are the top 25 risks to the microfinance industry
from the survey called Microfinance Banana Skins 2009
Confronting Crisis and Change
Microfinance Banana Skins 2009
2008 position in brackets
Biggest risks
1 Credit risk 10
2 Liquidity 20
3 Macro economic trends 23
4 Management quality 1
5 Refinancing 28
6 Too little funding 29
7 Corporate governance 2
8 Foreign currency 12
9 Competition 7
10 Political interference 9
11 Interest rates 6
12 Profitability 22
13 Inappropriate regulation 3
14 Staffing 5
15 Managing technology 8
16 Transparency 11
17 Reputation 19
18 Unrealisable expectations 13
19 Mission drift 14
20 Fraud 15
21 Depositor confidence
22 Back office operations 18
23 Ownership 17
24 Product development 24
25 Too much funding 21
Reporting by Daniel Bases editing by Leslie Gevirtz |
C | Reuters Summit Japan s SMFG sees Y40 bln from Nikko buy | TOKYO July 8 Reuters Sumitomo Mitsui Financial Group
expects its acquisition of Citigroup s Japanese brokerage to
contribute as much as 40 billion yen 424 million a year to its
earnings the president of Japan s third largest bank said on
Wednesday
The bank will also discuss the details of a possible alliance
with Daiwa Securities Group once the brokerage completes a
recently announced share offering Teisuke Kitayama told the
Reuters Japan Investment Summit
SMFG bought Citigroup s Japanese broker and key investment
banking units in May
The contribution of Nikko Cordial we estimate to be
around 35 billion to 40 billion yen Kitayama said
However on a net basis the bank is expecting an annual net
profit contribution of about 20 to 30 billion yen he said
Reporting by David Dolan and Taro Fuse Editing by Hugh Lawson |
WMB | NBA roundup Celtics lose Hayward keep win streak going | Jaylen Brown scored 30 points and Kemba Walker added 26 as the Boston Celtics overcame a first half injury to Gordon Hayward to reach a season high in points in beating the Spurs 135 115 Saturday night for a rare victory at San Antonio
Jayson Tatum had 19 points Marcus Smart had 16 and Robert Williams NYSE WMB III chipped in 11 as the Celtics won their seventh straight game and first at San Antonio since 2011 Boston had lost 14 of its last 15 to the Spurs overall
DeMar DeRozan scored 22 and Patty Mills added 20 for the Spurs who lost for the third time in four games LaMarcus Aldridge was held to three points taking just four shots from the field in 26 minutes
Hayward fractured his left hand when he ran into Aldridge while guarding Dejounte Murray with 1 34 left before halftime Aldridge was assessed an offensive foul and Hayward quickly exited to the locker room He will see a specialist Monday to determine if surgery is necessary according to ESPN
Mavericks 138 Grizzlies 122
Luka Doncic missed his fifth triple double of the season by two assists finishing with 24 points 14 rebounds and eight assists to lead Dallas to a victory at Memphis
The second year standout played only 29 minutes on the second night of a back to back helping the Mavericks soothe the sting of a four point home loss to New York on Friday Kristaps Porzingis took the night off altogether Likewise Memphis chose to rest rookie standout Ja Morant on the second night of their back to back
Jaren Jackson Jr led the Grizzlies with 23 points while Jae Crowder had 18 and Tyus Jones and Marko Guduric scored 14 apiece
Rockets 117 Bulls 94
James Harden scored 42 points grabbed 10 rebounds and dished out nine assists to lead visiting Houston past Chicago as the Bulls once again failed to win back to back games
Russell Westbrook added 26 points on 10 for 20 shooting for Houston which won its third game in a row Danuel House Jr recorded a game high six steals to go along with 11 points and Clint Capela finished with 16 points and 20 rebounds
Wendell Carter Jr was among four players with 13 points to lead the Bulls He also had 16 rebounds Chicago has three victories on the season but has followed all three with a loss
Thunder 114 Warriors 108
Danilo Gallinari scored 21 points and Dennis Schroder added 16 as host Oklahoma City beat Golden State at home for the second time in 14 days
Chris Paul scored 16 points with nine assists and Steven Adams scored 13 points with eight rebounds as the Thunder shot 46 7 percent 14 of 30 from 3 point range to win for the third time in four games
D Angelo Russell scored 30 points a night after he went for 52 and Alec Burks added 23 as the Warriors lost their third consecutive game and fell for the sixth time in their last seven games Russell was 10 of 19 from the field and 4 of 8 from 3 point range
Pelicans 115 Hornets 110
Brandon Ingram scored 25 points and New Orleans used an offensive burst midway through the fourth quarter to overcome host Charlotte and win for only the second time in nine games this season
JJ Redick added a season high 22 points on 5 for 9 3 point shooting for the Pelicans Kenrich Williams had 15 points and Jrue Holiday provided 12 points for New Orleans which trailed for much of the final three periods and finished with 26 turnovers
Devonte Graham led the Hornets with 24 points while Terry Rozier pumped in 18 points and Miles Bridges and Dwayne Bacon had 12 apiece The Hornets used a 13 0 run to open the second quarter and built up a 61 55 halftime lead
Field Level Media |
WMB | UK building sector hit by surge in insurance costs after Grenfell fire | By Carolyn Cohn
LONDON Reuters Two years after a fire killed 71 people at London s Grenfell Tower insurance premiums for building contractors architects and surveyors have surged by as much as several hundred percent risking future projects industry sources say Combustible materials used to refurbish Grenfell were central to the chain of events in June 2017 that turned an ordinary kitchen fire into an inferno an official inquiry said last month
As a result insurers are increasingly excluding cladding from professional indemnity PI policies which protect construction professionals against negligence claims
Professionals are finding it harder to access cover in the UK market and premiums are rising said one PI insurer adding that the range varies wildly from 10 to well in excess of 100
David Stocks construction PI broker at Gallagher said that for building contractors rate increases could vary from 10 to 300 400 though the average was 50 100
A spokeswoman for the Royal Institute of British Architects said a doubling or tripling of premium is not uncommon
The difficulties of finding insurance could affect refurbishment and construction projects including government targets to increase housebuilding the sources said
We are reaching a point where I am really fearful that if a building has fire resistant cladding issues professionals will be reluctant or even unable to become involved said chartered surveyor Peter Vinden chief executive of The Vinden Partnership
A review of building regulations and fire safety in England in 2018 said the regulations were not fit for purpose and called for a radical rethink of the system
Scotland and Australia are also reviewing building regulations
Insurers are nervous about the interpretation of building regulations as a result leading them to question what they are actually insuring the construction sector for said Laura Hughes manager general insurance at the Association of British Insurers
Some insurers have pulled out of the PI insurance market this year after several years of losses The shortage of insurers has contributed to the rise in prices sources said
Britain s International Underwriting Association last week set up a construction committee to work with the industry government and regulators to address the lack of PI cover
A spokeswoman for Britain s housing ministry said the government was exploring potential solutions to the problem but said she was unable to give more details ahead of UK elections next month
HIGH RISE
The government introduced a ban in December 2018 on the use of combustible cladding in new or refurbished buildings above 18 meters high
But insurers have shown caution looking beyond high rise buildings They brought in broad exclusions last year for the type of combustible cladding used at Grenfell and extended the exclusions this year to non combustible cladding and other aspects of fire safety insurance sources say
Insurers are asking clients to fill in more detailed questionnaires about cladding and are in some cases cutting the limits of the cover they will provide or increasing the excess clients must pay
In property insurance the impact has been less severe but premiums for buildings with combustible cladding have risen 25 50 this year compared with an average rise in property insurance rates of 5 or less said David Williams NYSE WMB managing director for underwriting and technical services at AXA Insurance |
WMB | Maduro s military stands in the way of a Bolivia repeat in Venezuela | By Brian Ellsworth and Vivian Sequera
CARACAS Reuters Venezuelan opposition leaders looking to oust their country s socialist government can perhaps take some hope from the resignation of its leftist ally in Bolivia President Evo Morales on Sunday after weeks of street protests
But one key factor makes the Bolivia playbook a difficult one to carry out against Venezuelan President Nicolas Maduro Venezuela s armed forces have consistently refused to take the side of protesters as Bolivia s military did on Sunday
Venezuela s barracks have stood by the ruling Socialist Party despite a crippling economic meltdown two waves of major protests in 2014 and 2017 and broad condemnation of Maduro s 2018 re election that was widely described as fraudulent
Even though opposition leader Juan Guaido has been recognized by more than 50 countries as Venezuela s legitimate president his efforts to court the armed forces have not been enough to sway their allegiance to Maduro
Dozens of active military officers on April 30 joined Guaido in the streets of Caracas to call on military commanders to disavow Maduro but the uprising fizzled out as military top brass declared loyalty to the president
A Reuters Special Report found that Venezuela s armed forces have been heavily influenced by the presence of Cuban intelligence agents who closely monitor the communications of officers suspected of dissent
In addition late socialist leader Hugo Chavez s overhaul of the armed forces starting in the early 2000s fractured the chain of command and boosted the political allegiance of top officers
IDEOLOGICAL CONVICTIONS
Bolivia s military has never had the same ideological links to the ruling party or its leftist politics said Franklin Pareja a professor at Universidad Mayor in San Andres de Bolivia
In Bolivia there has never been a civil military government he said The armed forces have always been lavishly remunerated but there has never been political conviction about the process or active participation in the government
Bolivian armed forces commander Williams NYSE WMB Kaliman on Sunday publicly called on Morales to step aside giving momentum to street protesters alleging fraud at an October presidential election that Morales was judged to have narrowly won
That move by the military was in stark contrast to Venezuelan Defense Minister Vladimir Padrino s repeated oaths of allegiance to Maduro despite violent street protests complaints of voter fraud and broad international condemnation
Bolivia on Monday remained convulsed by looting and roadblocks and the country remained mired in a power vacuum that Morales opponents were scrambling to fill
The 60 year old former llama herder s departure split Latin America between right leaning nations that celebrated his exit and leftist governments saying he was victim of a coup
Venezuela s opposition is hoping the success of demonstrations in Bolivia will help boost turn out for nationwide rallies that Guaido allies have called for Saturday to renew efforts to seek Maduro s ouster
Street activism has receded since the euphoria of January when Guaido declared Maduro a usurper and invoked the constitution to assume an interim presidency with many remaining frustrated that change has been slow
But in the face of Bolivia s quick change of government opposition leaders were quick to note the crucial differences between the two countries
Why have the events in Bolivia not taken place in Venezuela wrote exiled opposition leader Julio Borges on Sunday night The explanation is in Cuba the regime in Havana has infiltrated and kidnapped our armed forces |
WMB | NFL notebook Stafford says Lions right to sit him on Sunday | Matthew Stafford was scratched with a back injury by the Detroit Lions before Sunday s game at Chicago and the NFL is looking into when the team knew its quarterback wouldn t be able to go against the Bears per multiple reports on Monday
Stafford was hurt late in the Week 9 loss to Oakland according to general manager Bob Quinn and the Lions did list Stafford as limited throughout the week on the official injury report
But several Lions players told ESPN the team disclosed Saturday that Stafford wouldn t play No official status update was given until Stafford was ruled inactive 90 minutes before kickoff at Soldier Field
Stafford said Monday he s not considering being shut down for the rest of 2019 and felt he made the best decision he could on his status for last week
Atlanta Falcons running back Devonta Freeman might be out two weeks while tight end Austin Hooper will be sidelined an undetermined length of time after having MRI exams to determine the extent of their injuries NFL Network s Ian Rapoport reported
Freeman initially was diagnosed with a foot sprain following the Falcons upset in New Orleans on Sunday and the ailment is relatively minor according to Rapoport
Hooper left Sunday s game with a knee injury and the MRI found a sprained medial collateral ligament per Rapoport Hooper reportedly will seek a second opinion
The Los Angeles Rams have lost center Brian Allen for the rest of the season while right tackle Rob Havenstein and wide receiver Brandin Cooks were ruled out for their upcoming game against Chicago
Allen who has started nine games this season suffered an MCL injury in Sunday s loss to Pittsburgh coach Sean McVay said
Havenstein could miss a couple of weeks due to a meniscus injury while Cooks will miss his second consecutive game after suffering two concussions in October
Washington Redskins rookie quarterback Dwayne Haskins will be the starter for the rest of the season interim coach Bill Callahan said
Haskins 22 made his first NFL start before the Redskins just completed bye week He completed 15 of 22 passes for 144 yards with no touchdowns or interceptions in a loss at Buffalo on Nov 3
The 15th overall pick in the 2019 NFL Draft out of Ohio State Haskins is 27 of 44 for 284 yards with no TDs and four interceptions in three appearances Case Keenum will be Haskins backup with Colt McCoy serving as the No 3 quarterback
Former Detroit Lions wide receiver and No 2 overall draft pick Charles Rogers has died at 38 No cause of death has been reported
An All American at Michigan State Rogers was selected second overall behind Carson Palmer in the 2003 NFL Draft He was unable to avoid injuries and off field trouble ultimately becoming one of the NFL s biggest draft busts
Rogers suffered season ending collarbone fractures in 2003 and 2004 and was suspended by the league for substance abuse violations in 2005 He was arrested at least six times from 2008 12
New Orleans cornerback Marshon Lattimore is week to week with a hamstring injury sustained in Sunday s loss against Atlanta NFL Network s Ian Rapoport reported
He was holding the back of his left leg upon leaving game during the second quarter in New Orleans and he did not return
Lattimore 23 has 38 tackles 10 passes defensed and one interception in nine games this season
After missing two games with a shoulder injury Steelers running back James Conner reportedly is on track to return Thursday night in Cleveland
Conner sprained the AC joint in his right shoulder in the waning moments of a victory against Miami on Oct 28 The Pittsburgh Post Gazette reported the team expects him to play when the Steelers battle the Browns in prime time
Conner 24 has 97 carries for 380 yards and four touchdowns this season
Dallas Cowboys left guard Connor Williams NYSE WMB is scheduled to undergo surgery on his left knee Tuesday
The arthroscopic procedure will allow Williams to return in a few weeks Williams underwent an arthroscopic surgery on his right knee last season and missed two games
Xavier Su a Filo will enter the starting lineup He has played in six games this season primarily on special teams
The Philadelphia Eagles reportedly gave Brandon Brooks a four year 56 2 million extension that makes him the NFL s highest paid guard
NFL Network s Ian Rapoport first reported the deal which includes 30 million in guaranteed money for the 30 year old right guard Brooks has been a Pro Bowl selection in each of the past two seasons
Brooks has started 55 of the Eagles 57 games since joining the team from the Houston Texans
The New York Jets could be without tight end Chris Herndon and right guard Brian Winters for a while
Winters left Sunday s victory against the New York Giants after re dislocating his shoulder while Herndon departed after fracturing a rib According to a Jets team reporter Winters might be done for the season and Herndon will be out for an extended period of time
Winters 28 has started nine games this season Herndon 23 the Jets fourth round pick in 2018 made his season debut Sunday and caught one pass for 7 yards
Field Level Media |
WMB | Not a given that Mercedes will stay in F1 says Wolff | LONDON Reuters Champions Mercedes are likely to stay in Formula One after major changes come into play in 2021 but that cannot be taken for granted team principal Toto Wolff said on Tuesday
The German carmaker s factory team have won both the constructors and drivers championships for an unprecedented six years in a row and next season is the last before a financial technical and sporting shakeup
The teams are still negotiating a new agreement with commercial rights holders Liberty Media NASDAQ FWONA to replace the one that expires at the end of 2020 and their positions are being staked out
Everything indicates that we will stay But it s not a given Wolff who is missing this weekend s Brazilian Grand Prix to deal with such commercial matters told motorsport com
We are in the middle of discussing the new Concorde Agreement In connection with this and independently of it we are discussing the development of the automobile and its effects on sport added the Austrian
In which direction is the automotive world developing In what form is Formula One relevant as an entertainment and technology platform As a brand whose first car was a racing car do we want to stay on this platform in the long term
Mercedes are making their debut in the all electric Formula E series this year
The German luxury carmaker is also spending 10 billion euros 11 02 billion to develop a raft of electric cars so it can boast a carbon neutral car fleet by 2039 and to avoid hefty fines by regulators
Wolff said that while the likes of Ferrari NYSE RACE built their business on racing there was another model that said We had a very successful run There s nothing more to prove We re doing something else now
Both are absolutely plausible strategies he said
Mercedes are also due to supply three other teams McLaren Williams NYSE WMB and Racing Point with engines from 2021 and Wolff said that too could be up in the air
You can be only pregnant or not pregnant not half pregnant So either we participate in the platform or we do not he declared |
WMB | U S House panel to hold impeachment hearings next week | WASHINGTON Reuters The U S House of Representatives Intelligence Committee will hold public hearings for three days next week in its impeachment inquiry of President Donald Trump the panel s chairman Representative Adam Schiff said on Tuesday The witnesses for the committee s hearings on Tuesday Wednesday and Thursday next week have already given closed door depositions Schiff a Democrat said in a statement The first public hearings in the impeachment inquiry begin on Wednesday The probe centers on whether Trump pressured Ukraine to investigate Democratic presidential contender Joe Biden and his son Hunter Biden Next week National Security Council official Alexander Vindman Jennifer Williams NYSE WMB an aide to Vice President Mike Pence former U S Special Envoy to Ukraine Kurt Volker and National Security Council official Tim Morrison will testify on Nov 19 Testifying on Nov 20 will be U S Ambassador to the European Union Gordon Sondland Deputy Assistant Secretary of Defense Laura Cooper and Undersecretary of State David Hale Former National Security Council official Fiona Hill will testify on Nov 21 Schiff said Democrats had accepted all of the Republican requests for witnesses that are within the scope of the impeachment inquiry On Saturday the top Republican on the Intelligence Committee Representative Devin Nunes sent a request for witnesses that included Hunter Biden who was on the board of a Ukrainian energy company and the anonymous whistleblower whose complaint touched off the inquiry Nunes also requested the testimony of Hale Morrison and Volker
Democrats have not yet officially notified Republicans which of their witnesses have been accepted or rejected a House Republican source said |
JPM | JP Morgan posts Q4 adjusted EPS of USD1 40 vs USD1 37 estimate | Investing com JP Morgan Chase the largest U S bank reported better than expected fourth quarter earnings and revenue ahead of Tuesday s opening bell Earlier in the day in its fourth quarter earnings report JP Morgan said adjusted earnings per share came in at USD1 40 compared to expectations for USD1 37 a share Earnings per share were USD1 30 on an unadjusted basis compared with USD1 39 in the fourth quarter of 2012 The bank s fourth quarter revenue totaled USD24 1 billion beating expectations for revenue of USD23 81 billion Net income for the fourth quarter was USD5 3 billion compared with net income of USD5 7 billion in the fourth quarter of 2012 JPM said fourth quarter results were affected by a USD1 1 billion write off USD0 27 per share for legal expenses including announced Madoff settlements Commenting on the results Jamie Dimon Chairman and Chief Executive Officer said We are pleased to have made progress on our control regulatory and litigation agendas and to have put some significant issues behind us this quarter He added that It was in the best interests of our company and shareholders for us to accept responsibility resolve these issues and move forward Traders will now turn their attention to the bank s conference call due to start at 14 00GMT Following the release of the report shares in JPM shed 0 5 in pre market trade Meanwhile the outlook for U S equity markets was modestly upbeat The Dow Jones Industrial Average futures indicated a gain of 0 15 S P 500 futures pointed to a rise of 0 2 and Nasdaq 100 futures indicated an increase of 0 15 |
JPM | Obama Won t Be Rushed Into Keystone Pipeline Decision | By President Barack Obama will wait at least 90 days to decide whether to approve the Keystone XL pipeline a Wall Street analyst says after the State Department released a report Friday that concludes the oil transport project wouldn t significantly increase carbon pollution one of Obama s main concerns
Obama said last summer he would not approve the 1 700 mile pipeline if it would significantly exacerbate the problem of greenhouse gas emissions and global climate change
The White House said Sunday the delay will allow the president to receive vital input from other government departments and agencies
Some industry analysts believe the president will avoid making a decision until after the U S mid term elections in November in order to avoid alienating Democratic voters
A final decision isn t expected until this summer and could well occur after November s congressional election Kevin Hebner of JP Morgan Chase Bank in New York said Sunday in a research note
The TransCanada Corp pipeline would transport 830 000 barrels a day of asphalt from Canada s oil sands and of light oil from North Dakota to refineries near Houston on the Gulf Coast Environmentalists have protested the project but Western oil producers want the pipeline built so they can access new markets The State Department s report also suggests if the pipeline is not built oil would continue to be extracted at the same rate from Alberta and transported to the Gulf Coast by rail instead
Obama s top adviser and White House chief of staff Denis McDonough said the president won t be rushed into a decision
The Friday report is an important input into the process We ll hear from other cabinet secretaries McDonough told NBC s Meet the Press on Sunday
We have one department with a study Now we other expert agencies he said The president wants to make his decision based on the most sound science
U S Secretary of State John Kerry has no deadline to make a recommendation to the president on whether or not the pipeline is in the American national interest
Billionaire Democratic Party donor and pipeline opponent Tom Steyer wrote a letter to Kerry urging him to launch an independent investigation of the environmental impact of the pipeline Steyer called the State Department s report defective because the U S hired a TransCanada contractor Environmental Resources Management to write the report |
JPM | Gold Dealers May Avoid Bitcoin On Regulatory Fears | By Precious metals dealers may avoid accepting bitcoin in payment for gold thanks to regulatory uncertainty according to industry insiders
That s despite a warm welcome from some gold retailers who will happily trade one of the world s oldest and most recognizable currencies for a volatile upstart on the global financial stage
Gold retailer Morgan Gold told IBTimes in an interview that questions over anti money laundering rules have stopped them from accepting bitcoins as payment
My concern with bitcoin and the gold business would be the reporting laws that exist for the current gold industry said Morgan Gold CEO David Cloyed to IBTimes There s a lot of questions that haven t been answered about bitcoin and what it represents in terms of currency transactions as they relate to gold
Bitcoin s anonymous nature and association with illegal drugs marketplace Silk Road make it vulnerable to money launderers who hide the origins of cash to mask ill gotten gains
In an effort to root out money laundering the Internal Revenue Service requires cash payments of more than 10 000 to be reported by businesses regardless of what they sell
Because regulatory stakes are high gold companies must be cautious about how they deal with bitcoin said Morgan Gold s chief strategist Edmund Moy
As it turns out regulators told IBTimes they don t consider bitcoin payments akin to cash payments
The relevant Form 8300 is specific about what is included as cash and those definitions do not include bitcoin wrote the U S Treasury s Financial Crimes Enforcement Network FinCEN spokesman Stephen Hudak to IBTimes
FinCEN which combats money laundering for the Treasury contrasted virtual currencies and actual currencies back in March 2013 But a recent high profile bitcoin bust has refocused regulatory attention on bitcoin amid complaints from the broader finance sector about the regulatory questions bitcoin raises FinCEN has sent out letters warning unregistered bitcoin businesses about compliance Reuters reported recently
Startup online gold retailer CBMint plans to accept bitcoin shortly But its chief financial officer Chris Martinez told IBTimes that he d likely submit the relevant Form 8300 for gold bitcoin purchases over 10 000 which regulators say isn t necessary
That underscores some of the confusion in the industry
Martinez also pointed out that accepting bitcoin automatically makes a business a money service business under the U S Bank Secrecy Act That has led to trouble with CBMint s current bank JPMorgan Chase Co s NYSE JPM popular Chase arm which told Martinez it won t do business with CBMint if the gold seller accepts bitcoin
If we decide to accept bitcoin in the future we will likely have to look elsewhere for a bank Martinez said to IBTimes JPMorgan is not alone in hesitating to provide services to bitcoin businesses according to MarketWatch
The bitcoin gold trade may all be moot in any case
One prominent national gold dealer who accepts bitcoin told IBTimes We have received several inquiries about bitcoin but are yet to have any individuals that actually purchased gold with bitcoin The company declined to speak on the record about bitcoin gold regulations
On Wednesday one troy ounce of gold in New York cost up to 1 292 or just less than two bitcoins
Gold dealers typically accept cash checks and wire transfers Some fear fraudulent credit card payments but bitcoin could help reduce those concerns according to Moy
Bullion dealers have other reporting requirements specific to the industry though these are complex and technical Multiple forms could potentially be required by government regulators said Cloyed
The National Taxpayer Advocate an internal watchdog for the IRS said in a January report that the IRS hasn t yet clarified bitcoin related rules
The lack of clear answers to basic questions such as when and how taxpayers should report gains and losses on digital currency transactions probably encourages tax avoidance concluded the report |
BMY | Will Cabometyx Fuel Exelixis EXEL Earnings In Q4 Again | Exelixis Inc NASDAQ EXEL is scheduled to report fourth quarter 2017 results on Feb 26 after market closes The company has an outstanding earnings surprise history having surpassed expectations in the trailing four quarters with an average of 572 9 Exelixis Inc Price and Consensus
Exelixis shares have rallied 6 8 in the last six months as against the fall of 2 3
Why a Likely Positive Surprise Our proven model shows that Exelixis is likely to beat estimates this quarter as it has the right combination of two key ingredients positive and a Zacks Rank 1 Strong Buy 2 Buy or 3 Hold Zacks ESP Earnings ESP which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate is 8 94 since the Most Accurate estimate is 13 cents while the Zacks Consensus Estimate is pegged at 12 cents You can uncover the best stocks to buy or sell before they re reported with our Zacks Rank Exelixis carries a Zacks Rank 2 which when combined with positive ESP increases the chances of an earnings beat Conversely we caution against Sell rated stocks Zacks Rank 4 or 5 going into the earnings announcement especially when the company is seeing negative estimate revisions Factors Likely to Impact ResultsExelixis stock received a major boost when the FDA approved Cabometyx tablets in April 2016 for the treatment of advanced renal cell carcinoma RCC The drug s uptake was encouraging and is expected to propel the top line in the forthcoming quarters New patient starts refills for patients already on therapy and continued expansion of the prescriber base for Cabometyx are driving the drug s sales Cabometyx delivered strong sales in the first nine months of 2017 underlying the increasing demand for the drug New patient market share in the second line plus setting increased to 38 The FDA s approval of Cabometyx for untreated advanced RCC is likely to boost demand further The drug demonstrated statistically significant and clinically meaningful improvement in PFS versus the current standard of care Sutent Meanwhile Exelixis is developing cabozantinib in a broad development program comprising more than 45 clinical studies across multiple indications The CELESTIAL study for advanced hepatocellular carcinoma is also ongoing Exelixis also announced collaboration agreements with Bristol Myers Squibb NYSE BMY and Roche OTC RHHBY for the development of cabozantinib in combination with immunotherapy agents in early 2017 These collaborations entitle Exelixis to earn milestone payments and royalties that boost its top line In June 2017 Exelixis initiated the dose escalation stage of a phase Ib trial of cabozantinib in combination with Tecentriq The drug will be evaluated in patients suffering from locally advanced or metastatic urothelial carcinoma or RCC However expenses continue to increase and raise concerns Exelixis expects total costs and operating expenses for 2017 in the range of 285 295 million Stock to ConsiderHere is one company that you may consider as our model shows that it also has the right combination of elements to deliver a beat this quarter Gemphire Therapeutics NASDAQ GEMP is expected to release fourth quarter 2017 results on Mar 21 The company has an Earnings ESP of 6 62 and a Zacks Rank 2 You can see Today s Stocks from Zacks Hottest StrategiesIt s hard to believe even for us at Zacks But while the market gained 18 8 from 2016 Q1 2017 our top stock picking screens have returned 157 0 128 0 97 8 94 7 and 90 2 respectively And this outperformance has not just been a recent phenomenon Over the years it has been remarkably consistent From 2000 Q1 2017 the composite yearly average gain for these strategies has beaten the market more than 11X over Maybe even more remarkable is the fact that we re willing to share their latest stocks with you without cost or obligation |
C | Nikkei drops 1 pct after US jobs Seven I slides | Nikkei dips below 25 day moving average
Retail stocks tumble after Seven I Q1 profit decline
Drop limited compared to fall in U S shares
Trading volume light
By Masayuki Kitano
TOKYO July 3 Reuters Japan s Nikkei stock average fell 1
percent on Friday after bleak U S jobs data revived caution
about the outlook for the global economy while retail stocks
tumbled after Seven I Holdings reported a drop in quarterly
profit
Shares of oil and gas field developer Inpex and other
oil related shares dropped after crude oil prices fell nearly 4
percent on Thursday
Drugmaker Eisai Co Ltd fell after Nikko Citigroup downgraded
the stock citing the fact that the company s Aricept Alzheimer s
drug will not receive approval from the U S Food and Drug
Administration for pediatric use and will not get a six month
extension from the patent expiry date
Tokyo shares fell after U S stocks slid the previous day but
trade was thin with 942 million shares traded on the Tokyo
exchange s first section compared with last week s morning
average of 1 billion
The Nikkei s fall was limited compared with Thursday s 2 9
percent drop in the Standard Poor s 500 index which came in
light trade ahead of a long weekend in the United States
The holiday shortened week likely helped to exaggerated the
drop in U S shares and that may be a factor behind the
divergence said Nagayuki Yamagishi investment strategist at
Mitsubishi UFJ Securities
Since they had been rising recently you would usually
expect buying to emerge on dips But with the weekend looming
people may have decided to wait to see what happens in Japan and
Europe Yamagishi said referring to U S shares
If people look at the moves in Tokyo shares and were to take
the view that they held pretty firm the moves might reverse at
the start of next week he added
U S financial markets will be closed on Friday for the U S
Independence Day holiday with July 4th falling on a Saturday
this year
The Nikkei was down 101 32 points at 9 774 83 at midday
having slipped below the 25 day moving average which now lies at
9 816
The 25 day moving average has acted as support for the Nikkei
over the course of its rally since March
The broader Topix dropped 0 8 percent to 916 51
Declining shares outnumbered advancing shares by more than 3
to 1 on the Tokyo exchange s first section
The U S Labor Department reported on Thursday that U S
employers cut 467 000 jobs in June 100 000 more than Wall Street
economists had expected The unemployment rate hit 9 5 percent
the highest in nearly 26 years
With the Nikkei having climbed nearly 40 percent from its
troughs hit in March market analysts have said Tokyo shares were
due for a pull back with corporate earnings due this month seen
as key for the market s direction
It is hard to be optimistic about the outlook said Yutaka
Miura a senior technical analyst at Mizuho Securities
The economy has been improving after deteriorating sharply
toward March but we now need to watch whether this will be
sustainable Miura said adding that the Nikkei may face some
weakness in the near term after dipping below its 25 day moving
average
But Yamagishi at Mitsubishi UFJ Securities said the Nikkei
seems unlikely to fall too sharply since the 25 day moving
average was still sloped upwards a positive sign for the Nikkei
Seven I Japan s largest retailer slid 6 3 percent to
2 160 yen after it kicked off the current earnings season with a
17 5 percent drop in first quarter profit as cost cutting failed
to offset sharp sales declines at its department stores and
supermarkets
Other retail stocks suffered with Aeon dropping 3 7 percent
to 901 yen Fast Retailing operator of the Uniqlo clothing
chain fell 2 9 percent to 12 050 yen despite reporting a 6 4
percent rise in its Japan same store sales for June
Inpex fell 2 8 percent to 726 000 yen and Eisai Co Ltd fell 4
percent to 3 330 yen
Additional reporting by Elaine Lies Editing by Chris
Gallagher |
C | UPDATE 1 Euro zone May retail sales fall more than expected | Adds analyst views background details
By Darren Ennis
BRUSSELS July 3 Reuters Euro zone retail sales fell
further than expected in May data showed on Friday dampening
hopes that an improvement in consumer spending might ease the
recession
Retail sales in the 16 country currency area fell 0 4
percent month on month the European Union statistics office
said worse than the 0 1 percent drop expected by economists in
a Reuters poll
Sales fell 3 3 percent year on year while analysts had
expected a 2 7 percent decrease
The data which came a day after the European Central Bank
kept euro zone interest rates steady at 1 0 percent showed
consumer demand continued to suffer from the worst recession
since World War Two
There was further confirmation today if any were needed
that domestic demand is not set to ride to the rescue of the
euro area economy any time soon Colin Ellis economist at
Daiwa Securities said
Nick Kounis of Fortis bank said These figures are a little
surprising especially after good German numbers earlier in the
week One of the trends that we are seeing is strong car sales
and these figures don t include car sales
German retail sales rose for a third consecutive month in
May gaining 0 4 percent on low inflation spurred demand
Now that there are some sorts of support measures from
governments like extra child benefits in Germany or the
reduction in VAT for restaurants consumption in total may
benefit but overall the outlook for consumption remains
quite weak Citigroup s Juergen Michels said
ECB PLAN B
Eurostat revised down its retail trade figures for April to
a rise of 0 1 percent month on month and a fall of 2 5 percent
annually from the previous readings of plus 0 2 percent and
minus 2 3 percent further illustrating recent cautious outlooks
given by some of Europe s top retailers
Euro zone retail sales had inched up month on month for the
first time in five months in April and their annual decline was
lower than expected
Most large European retailers such as Carrefour Tesco and
Marks and Spencer have been reporting signs that consumer
confidence is stabilising but there has been little indication
that spending is picking up
Carrefour Europe s No 1 retailer announced in June its
third profit warning in 12 months underscoring a tough year
ahead for the industry despite a rally in retail stocks on hopes
of a recovery
Sales of non food products in the euro zone in May dropped
0 6 percent month on month and 3 4 percent year on year despite
good weather which normally boosts consumer spending
Eurostat said food drink and tobacco sales increased 0 2
percent on the month but fell 1 7 percent from a year earlier
Retail sales are an indication of household demand under
pressure from rising unemployment due to factory closures and
lay offs Joblessness in the euro zone rose in May to 9 5
percent its highest in 10 years
More fundamentally regardless of whether firms cut costs
by shedding jobs or cutting hours that still represents a fall
in aggregate household income across the economy as a whole
said Daiwa s Ellis
Essentially we find ourselves coming back to the same
question as yesterday does the ECB have a plan B if its
current actions fail to revive domestic demand
Additional reporting by Bate Felix in Brussels and Mark
Potter in London Editing by Dale Hudson |
C | COLUMN UK mobile merger may benefit losing bidders Eric Auchard | Eric Auchard is a Reuters columnist The opinions expressed
are his own
By Eric Auchard
LONDON July 3 Reuters Major players in Britain s highly
competitive wireless market face a prisoner s dilemma when
deciding whether to bid for T Mobile UK
Though a merger would be expected to produce big savings and
less price competition the dynamics of the market are slippery
And rivals stand to benefit from consolidation as much as the
actual buyer does
The top three players have more or less one quarter each of
the UK mobile market in terms of subscribers 02 is top at 27
percent Vodafone has 25 percent and Orange follows closely with
22 percent according to data from Enders Analysis T Mobile a
unit of Deutsche Telekom counts for around 15 percent with
another 3 percent if you add Virgin Mobile subscribers running
on its network
As almost any combination would be likely to create a
dominant player in terms of market share This makes T Mobile UK
the sort of prize no rival can afford to have fall into another
operator s hands
But subscriber market share figures disguise big differences
between the carriers Whatever market share T Mobile may appear
to have could evaporate quickly under new ownership This is
because T Mobile has a large unstable base of prepaid consumers
who can switch carriers easily to chase the cheapest or best
value plans
T Mobile also derives a large share of its profits by
reselling its network capacity to Virgin Mobile Nomura
estimates as much as 45 percent of T Mobile s cash flow comes
from the Virgin Mobile deal Any change of control that
threatened its contract with Virgin would lower the value of
T Mobile
Because of the vagaries of airwave spectrum allocation cost
savings from running networks in common are less than one might
hope Citigroup estimates 200 300 million pounds of savings
three to five years out implying synergies with a present value
of around 1 billion pounds This would have to cover any deal
premium and discount for lost customers who switch away if the
T Mobile brand is absorbed Orange and T Mobile use similar
frequencies strengthening potential cost savings
This is why some bidders are exploring alternative
approaches One option is that Orange and T Mobile could agree
to a joint venture that achieves certain cost savings with no
premium for change of control See related Reuters analysis at
or Another alternative could be
some sort of asset swap between countries Vodafone could trade
its difficult Turkish property with T Mobile to expand its UK
consumer business for example
Even so any deal involving T Mobile and one of the three
major players would have to get past competition issues raised
by the winning bidder controlling as much as 40 percent of the
market See or
Indeed the easiest deal from a regulatory perspective is
the one the media is not talking about because T Mobile would
have to be a seller rather than a buyer This would involve
T Mobile buying out Hutchison Whampoa s 3 Mobile a distant No
5 player in the UK with 8 percent share of subscribers This
would create a fourth major player with the remaining quarter
of the market Besides the two companies already share networks
and have some similar customers
There is every reason for 02 Vodafone and Orange to
participate in the auction of T Mobile which has hired JP
Morgan to weigh its strategic options
The game comes down to this Make your competitor pay up as
much as possible and count on a drawn out regulatory process to
distract them further Then sit back and harvest the benefits of
a more rational market with one less competitor with less
incentive to undercut you on price Even the losers of any
auction of T Mobile will stand to benefit
At the time of publication Eric Auchard did not own any
direct investments in securities mentioned in this article He
may be an owner indirectly as an investor in a fund For
previous columns Reuters customers can click on
Editing by David Evans |
C | UPDATE 4 Trade assistance could reignite growth help the poor | U N secretary general says trade can stimulate recovery
WTO says trading environment has worsened dramatically
World Bank IMF says exporters must be ready for rebound
OECD sees less financing stress Standard Chartered upbeat
Adds quotes from OECD Standard Chartered interviews
By Laura MacInnis
GENEVA July 6 Reuters International trade could ignite
and propel a global economic recovery top United Nations and
multilateral lending officials said on Monday
At a World Trade Organisation conference on aid for trade
World Bank President Robert Zoellick said that poorer countries
whose exports have fallen sharply need to be ready to ship their
wares again once the downturn bottoms out
Trade was one of the first sectors decimated by contracting
consumption in high income countries But it will also be one of
the first sectors to recover once the global economy picks up
steam Zoellick told diplomats at the WTO s headquarters
Those countries that position themselves now to take
advantage of renewed trade will accelerate out of recession with
the fastest momentum he said calling trade one of many
planks upon which recovery will be built
U N Secretary General Ban Ki moon took it a step further
saying rebounded commerce had tremendous potential as an engine
of sustained economic growth and development
Trade can and must be part of our efforts to stimulate a
recovery Ban told the conference
Efforts to improve roads upgrade electrical grids and speed
up customs procedures can put developing countries in a stronger
position when the economy does rebound the U N chief said in
remarks later echoed by the International Monetary Fund
Trade can start up quite quickly as quickly as growth
once the recovery starts in developed countries IMF Managing
Director Dominique Strauss Kahn said calling for targeted aid
to ensure poor country exporters were primed for a rebound
Aid for trade was promised to poorer nations in 2005 during
negotiations over the Doha Round a global free trade deal that
WTO Director General Pascal Lamy hopes to wrap up next year
Many developing countries are reluctant to opening their
markets to more competition under that deal which requires
consensus among the WTO s 153 members to be agreed
Most funds disbursed to date have gone to India Vietnam
Afghanistan and Iraq and have supported mainly infrastructure
projects such as upgrades to roads bridges and ports
STIMULUS EFFECT
Lamy told the start of the two day conference that the
global downturn had made aid for trade even more important for
poor country businesses who need help accessing markets
But he said it was difficult to say whether exporters were
currently suffering because of a lack of loans suppressed
consumer demand or a combination The current trade financing
gap has been estimated at roughly 250 billion
At the official launch of a World Bank led facility that
could support up to 50 billion in trade Zoellick said there
was uncertainty about that total shortfall
The liquidity programme also supported by governments and
banks including Citigroup Standard Chartered Rabobank and
Standard Bank of South Africa will make a good contribution to
meeting immediate needs he said
Standard Chartered which is one of the top three trade
banks in the world alongside HSBC and Citigroup told Reuters
on Monday that it already financed 500 billion to 700 billion
a year
A report prepared by the WTO and the Organisation for
Economic Cooperation and Development for the conference said
that efforts to jumpstart exports could have an immediate
stimulus effect for the economy which Lamy described as
fragile
Merchandise trade is expected to drop 10 percent in 2009
and then rebound by 2 percent in 2010 OECD Secretary General
Angel Gurria said while warning that unemployment would persist
next year and keep governments under pressure
Between October and April the World Bank estimates that
Latin American exports dropped 20 percent East Asian exports
fell 25 percent and Central and Eastern European exports were
down 35 percent
Zoellick said that protectionist steps imposed during the
downturn could cause long term harm for poor countries that rely
on certain products for their prosperity such as Bangladesh
and Cambodia where garments make up 75 percent of exports
Additional reporting by Katie Reid Editing by Richard
Williams |
C | UPDATE 2 Rio sells American food packaging assets for 1 2 bln | Sale to U S firm Bemis Co includes at least 1 bln cash
Rio may write down rest of non aluminium Alcan assets
Sources says Amcor still in race of other packaging
assets
Rio shares down 2 2 pct in soft market
Adds background quote
By Denny Thomas
SYDNEY July 6 Reuters Global miner Rio Tinto further
improved its cash position on Monday by agreeing to sell its
Americas food packaging business for 1 2 billion and analysts
said they expected more asset sales to follow soon
Rio Tinto which only last week raised 15 2 billion in one
of the world s largest ever rights issues will sell the assets
to U S based Bemis Co Inc for 1 billion in cash with the
rest potentially paid in the form of Bemis shares
The deal moves Rio Tinto closer to the day when it can draw
a line under its near disastrous 2007 acquisition of aluminium
and packaging firm Alcan Bought near the height of the
commodities boom Alcan left Rio Tinto with 38 billion in
debt
Rio Tinto had hoped to repay some of the Alcan debt by
quickly on selling the packaging assets but the global
financial crisis delayed that plan as asset prices tumbled
Rio Tinto said the remaining Alcan non aluminium assets
were still on the auction block with their book value likely
to be written down ahead of their sale
Separately two sources told Reuters Australian packaging
group Amcor Ltd was still in talks to buy some of the remaining
packaging assets from Rio which Citigroup estimates could
potentially fetch in excess of 2 billion
An Amcor spokesman declined to comment
Analysts widely expect Amcor to raise up to A 2 0 billion
in fresh equity if it wins the auction
Any packaging assets that Rio is getting rid of its
balance sheet is good and will be liked by the market Olivia
Ker research analyst with Merrill Lynch said after the news
Monday s announcement takes Rio s expected proceeds from asset
sales this year to 3 7 billion and analysts say Rio would be
encouraged to sell other non core assets in the coming days
The rest of the packaging business is certainly on the
cards the rest of the coal division is still on the cards
Ker added
Rio Tinto shares fell 2 2 percent at A 48 50 in line with
its major mining rival BHP Billiton which shed 2 4 percent
SOLID VALUE
The sale of the Food Americas division is the first
significant step in reducing the asset portfolio acquired with
Alcan Rio Tinto Chief Financial Officer Guy Elliott said in a
statement
The transaction represents solid value given the
challenging financial environment
Rio Tinto opted for its 15 2 billion rights issue the
world s fifth largest after aborting a controversial plan to
sell 19 5 billion in convertible debt and assets to a major
shareholder Chinese state owned Chinalco
At the same time as abandoning the Chinalco deal it
announced a major iron ore joint venture with BHP Billiton
which would deliver both firms 10 billion in savings
Under the deal announced on Monday Wisconsin based Bemis
said it was buying 23 flexible packaging plants in the United
States Canada Mexico Brazil Argentina and New Zealand
It said it was paying about 6 7 times earnings before
interest tax depreciation and amortisation for the business
when 100 million of tax benefits were taken into account
The deal which is expected to close by end 2009 will
increase Bemis earnings from 2010 and add about 4 600
employees to Bemis global workforce the company said in a
statement
1 A 1 26
Editing by Lincoln Feast denny thomas reuters com 61 2
9373 1812 Reuters Messaging
denny thomas reuters com reuters net If you have a query or
comment on this story send an email to
news feedback asia thomsonreuters com |
WMB | NBA notebook League reportedly OK that Leonard sits | Los Angeles Clippers star forward Kawhi Leonard wasn t scheduled to play Wednesday night in a much anticipated nationally televised showdown with the Milwaukee Bucks Giannis Antetokounmpo and the NBA doesn t have a problem with it according to an ESPN report
The Clippers listed Leonard on the injury report with a knee injury meaning the club is within its rights to rest Leonard on the front end of a back to back
Kawhi Leonard is not a healthy player under the league s resting policy and as such is listed as managing a knee injury in the L A Clippers injury report spokesman Mike Bass told ESPN The league office in consultation with the NBA s director of sports medicine is comfortable with team medical staff s determination that Leonard is not sufficiently healthy to play in back to back games at this time
Leonard has yet to play both games of a back to back this season and last played in a set in April 2017 when he was a member of the San Antonio Spurs Leonard played in just nine games for the Spurs in 2017 18 due to a quadriceps injury and played in just 60 of 82 regular season games for the Toronto Raptors last season
Golden State forward Draymond Green will miss the Warriors three game road trip due to his finger injury and guard D Angelo Russell will sit at least one game with an ankle injury coach Steve Kerr said
Green sustained a torn ligament in his left index finger in Friday s 127 110 loss to San Antonio and missed the past two games He won t travel with the team for games against Houston Minnesota and Oklahoma City
Meanwhile Russell was ruled out of Wednesday night s game against the Rockets as he continues to recover from a sprained right ankle suffered against the Spurs in a 30 point performance Kerr said Russell could return Friday against the Timberwolves
Toronto Raptors forward Patrick McCaw underwent arthroscopic surgery to remove a benign mass on the back of his left knee the team announced The surgery came after McCaw reported discomfort Dr Riley Williams NYSE WMB at the Hospital for Special Surgery in New York performed the operation
No timetable has been set for McCaw s return but he ll be evaluated in four weeks He will not travel with the Raptors on their five game road trip that begins Friday
McCaw missed four of the defending champions first six games this season because of the issue He averaged 4 0 points and 3 0 rebounds in wins against the Orlando Magic Oct 28 and Detroit Pistons Oct 30
Veteran forward Kenneth Faried has signed to play in China according to multiple reports
Stadium s Jeff Goodman said Faried signed a one year deal in excess of 2 million Sportando s Emiliano Carchia however reported Faried s deal was worth 4 4 million to play for the Zhejiang Lions
A full season NBA minimum contract would have paid Faried 2 320 044 Faried 29 has played eight NBA seasons seven with the Denver Nuggets He split last season between the Brooklyn Nets and Houston Rockets
Field Level Media |
WMB | NBA roundup 76ers lose game to Jazz Simmons to injury | Donovan Mitchell recorded 24 points eight assists and five rebounds to lead the Utah Jazz to a 106 104 victory over visiting Philadelphia on Wednesday night at Salt Lake City on a night the 76ers lost guard Ben Simmons to a shoulder injury
Bojan Bogdanovic added 20 points six rebounds and five assists and Joe Ingles scored a season best 16 points off the bench as Utah halted a two game slide Mike Conley scored 15 points and Rudy Gobert contributed 14 points 16 rebounds and three steals
Simmons had just two points in 10 minutes before departing with 5 20 left in the second quarter with right shoulder soreness He appeared to hurt the shoulder initially early in the first quarter when he banged it against the body of Utah defender Royce O Neale According to reports Simmons sustained a sprained AC joint and will be re evaluated Thursday
Joel Embiid registered 27 points and 16 rebounds but was just 5 of 16 from the field as Philadelphia lost its second straight game Josh Richardson scored 24 points Tobias Harris added 16 and Raul Neto had 11 for the 76ers
Bucks 129 Clippers 124
Giannis Antetokounmpo had 38 points 16 rebounds and nine assists to lead Milwaukee past host Los Angeles which played without star forward Kawhi Leonard
Milwaukee s George Hill came off the bench to score 24 points hitting 6 of 7 3 point attempts while Eric Bledsoe had 20 Kyle Korver added 14 points for the Bucks Khris Middleton chipped in 13 and Brook Lopez finished with 11 points and 12 rebounds
Montrezl Harrell in his first start this season scored a career high 34 points to go along with 13 rebounds and five assists Lou Williams NYSE WMB also had 34 points to go with 11 assists while Patrick Beverley contributed 20 points and 10 rebounds Leonard sat out his second contest in eight games because of load management Los Angeles has lost both contests
Pistons 122 Knicks 102
Andre Drummond had 27 points 12 rebounds and seven assists and Tony Snell made all nine of his shot attempts while scoring a season high 24 points as host Detroit cruised past New York
Markieff Morris supplied 22 points and five assists for the Pistons who were once again without three of their top players All Star forward Blake Griffin remained sidelined due to hamstring and knee injuries The team s top point guards Reggie Jackson back and Derrick Rose hamstring were also in street clothes
Julius Randle led the Knicks with 20 points Marcus Morris contributed 18 points while rookie RJ Barrett had 15 points six rebounds and eight assists for New York which has lost four straight and seven of eight to start the season
Pacers 121 Wizards 106
T J Warren scored 21 points and Indiana downed Washington in Indianapolis Warren shot 9 of 15 from the field and Doug McDermott connected on four 3 pointers to finish with 19 points as seven Pacers scored in double figures
Indiana s Domantas Sabonis collected 13 points and a career high tying 17 rebounds before fouling out in his return from a two game absence caused by a bruised left calf Aaron Holiday scored 18 points as the Pacers recorded a fourth win in their past five outings
Washington s Bradley Beal scored 30 points despite shooting just 1 of 12 from 3 point range Thomas Bryant had 20 points and 11 rebounds and CJ Miles added 15 points for the Wizards who have lost four of their past five
Rockets 129 Warriors 112
James Harden Clint Capela and P J Tucker recorded double doubles as host Houston breezed past short handed Golden State
Harden paired a game high 36 points with 13 assists to lead the charge Tucker posted 22 points and 11 rebounds while Capela had 19 points 16 boards and six blocks All five Houston starters scored in double figures
The Warriors down three starters Stephen Curry Draymond Green D Angelo Russell due to injury mustered an answer to every Rockets run until Harden led a 21 6 surge to close the first half Alec Burks instrumental in keeping the Warriors within range in the first half scored 28 points in 31 minutes off the bench
Bulls 113 Hawks 93
Tomas Satoransky scored a career high 27 points and Chicago ended a two game losing streak with an easy win in Atlanta
Satoransky entered the game averaging 6 5 points and had not scored in double figures all season On Wednesday he went 10 for 13 from the field 4 for 5 on 3 pointers and added seven rebounds and eight assists Otto Porter Jr scored 13 points on 5 for 6 shooting but exited in the first half and did not return due to a left foot contusion
The Hawks struggled without forward John Collins who was serving the second game of a 25 game suspension for violating the NBA s drug policy Jabari Parker his replacement in the starting lineup contributed a team high 18 points but Trae Young scored only nine points and was 0 for 8 on 3 point tries
Mavericks 107 Magic 106
Dorian Finney Smith put Dallas ahead for good with a 3 pointer with 3 36 remaining and the Mavericks drew two charging calls on Orlando s Aaron Gordon in the final seconds to preserve a victory over the visiting Magic
Luka Doncic capped a 27 point effort with a pair of free throws with 2 31 remaining to give the Mavericks a 107 102 lead Dallas didn t score again including two missed free throws by Seth Curry with a chance to extend a 107 106 advantage with seven seconds left but Orlando couldn t take advantage
Gordon scored 23 points and the Magic got 19 points 11 rebounds and seven assists from Nikola Vucevic Jonathan Isaac added 13 points 10 rebounds five assists four steals and six blocks
Raptors 124 Kings 120
Kyle Lowry scored 24 points Pascal Siakam added 23 points and 13 rebounds and Toronto defeated visiting Sacramento
Serge Ibaka scored 21 points OG Anunoby contributed a season best 18 points and Marc Gasol and Fred VanVleet each had 12 for the Raptors
Harrison Barnes led Sacramento with 26 points Bogdan Bogdanovic added 22 points off the bench and Buddy Hield scored 21 for the Kings who tied a franchise record with 20 made 3 pointers
Grizzlies 137 Timberwolves 121
Dillon Brooks and Jae Crowder combined to make nine 3 pointers and Ja Morant helped put the game away in the fourth as host Memphis topped Minnesota
The Grizzlies snapped a three game losing skid in a game they led virtually wire to wire A season high 37 point first quarter set them on their way Brooks scored 31 points Morant had 26 and Crowder and Brandon Clarke contributed 18 apiece
The Timberwolves stayed within striking distance much of the game paced by Andrew Wiggins 30 points Karl Anthony Towns 25 points and 13 rebounds in his return from a two game suspension
Field Level Media |
WMB | Rugby All Blacks Williams agrees to join Toronto Wolfpack | By Frank Pingue TORONTO Reuters New Zealand center and twice World Cup winner Sonny Bill Williams NYSE WMB has agreed to join the Toronto Wolfpack rugby league team ahead of their debut in England s top tier Super League next year the Canadian side said on Thursday The move marks a fourth code switch for 34 year old Williams who will be formally introduced next Thursday in a news conference at the Emirates Stadium in London the home of Premier League soccer team Arsenal The terms of the deal for Williams who is of Samoan descent were not disclosed but media reports said he had accepted a two year 10 million offer which would make it the largest contract in the league s history The signing is being compared to England soccer international David Beckham joining the Los Angeles Galaxy in 2007 putting a global spotlight on Major League Soccer and raising the sport s profile in North America Williams who won bronze at the Rugby World Cup last week after the All Blacks fell to England in the semi finals brings plenty of star power to a transatlantic team who started in the third tier of English rugby league in 2017 Williams who lifted the World Cup with the All Blacks in 2011 and 2015 won the National Rugby League Premiership in 2004 with the Bulldogs and in 2013 with the Sydney Roosters Toronto Wolfpack has established themselves as a multicultural and economic powerhouse not only in the city but across the world said Williams in a statement released by the Wolfpack The club has big ambitions and big goals I want to be part of all this and do all I can to help reach those lofty goals NEW FANS Williams will be expected to help the Wolfpack win trophies but he will also be counted on to bring in new fans and grow the sport not only in Toronto but across the county by turning the club into a Canadian brand in much the same way that the NBA s Toronto Raptors and MLB s Blue Jays have done The excitement he will bring to the sport of rugby league in this country will be incredible said Wolfpack chairman and CEO Robert Hunter Having someone of his talent join the Wolfpack will greatly raise the profile of the club and also help move the game forward globally Sonny is a phenomenal athlete and we believe he is rugby s LeBron James and his addition to our league is comparable to when David Beckham joined LA Galaxy Toronto kick off their the 2020 season against Castleford Tigers at England s Headingley Stadium on Feb 2 The Wolfpack s majority owner Australian mining tycoon David Argyle said in February that the club was interested in Williams and had even reached out to his agent in 2018 We have signed one of the highest profile rugby players if not sports stars in the world said Wolfpack head coach Brian McDermott He will enhance the global game of rugby by being in Toronto and certainly push the brand of the Wolfpack onto another level The main point of excitement for our club is that we are signing a great Rugby League player who has the hunger to be successful in Super League much as he was in the NRL and Rugby Union Williams was part of the New Zealand sevens team that lost in the quarter finals at the 2016 Rio Olympics
A former professional boxer who won all seven of his bouts Williams was stripped of his belts in 2013 after failing to defend his international and New Zealand heavyweight titles |
WMB | Motor racing Chadwick feels F1 is further away the closer she gets | By Alan Baldwin
LONDON Reuters W Series champion Jamie Chadwick has taken a step closer to Formula One this year but her dream of one day competing at the pinnacle of motor racing feels further away than ever
The Briton who collected 500 000 for winning the inaugural all female single seater title celebrated her 21st birthday in May with a new role as development driver for the Williams NYSE WMB F1 team
She is also one of four finalists for the BRDC Young Driver of the Year award which is co sponsored by Red Bull s title partners Aston Martin and whose main prize is a Formula One test
The experience of being on the inside of the grand prix paddock has made her realize just how much more she has to do however
Asked whether she felt closer to becoming the first female Formula One driver since 1976 she replied To be completely honest further away
Not in a bad way in a really refreshing way I feel I know what I need to now learn in the next few years I m not going to rush that I m not going to try and cheat it Chadwick added
Those who enquire on social media whether she might replace departing Williams driver Robert Kubica were living in a fantasy world not only because Chadwick lacks a super license but also because she is nowhere near ready
Her world is very different to that of Mercedes six times world champion Lewis Hamilton an admired compatriot she has yet to meet
I need the time to develop and if I get to Formula One I want to be the best possible driver to make the mark I need to make said Chadwick
DIRECT CORRELATION
While the Williams role has been mostly simulator based her work has a direct correlation to what happens at the track
Williams previously had Susie Wolff now retired and a team principal in the all electric Formula E series in a similar role and gave the Scot track time in some Friday practice sessions
Chadwick indicated she would be pushing for such an opportunity
In terms of getting in the car that s an ongoing discussion We re sort of pushing as hard as we can but we ll see she said
If we can continue the relationship into next year and if I can continue to do the best possible job in the sim then that hopefully gives me justifiable reason to potentially test the car at a future date
Chadwick will be back to defend her W Series title next year hoping to then join the men climbing the motorsport ladder
At the moment although the first year and the exposure has been absolutely incredible I haven t quite managed to secure the financial support to go to say FIA F3 she said
Hopefully off the back of a strong second year s campaign that s going to give me that opportunity |
WMB | NFL notebook Brown vents frustration on Twitter | Antonio Brown let loose with a profanity filled tweet aimed at the NFL on Thursday one week before he is scheduled to meet with the league to discuss the investigation into allegations of sexual assault and rape made against the wide receiver in a civil suit earlier this year
Imagine conforming to a system giving it a 100 percent to see them treat me like this is unfairly Brown wrote on Twitter Making money off my sweat and blood expletive the nfl I ll never play in that expletive treat black people the worse Clear my name and go expletive your self
Brown later deleted the tweet and posted a new one writing I m just very frustrated right now with the false allegations and slander to my name I love football and I miss it I just want to play and I m very emotional about that I m determined to make my way back to the NFL asap
Brown was cut by the Oakland Raiders on Sept 7 and then signed with the Patriots He played in one game catching four passes for 56 yards and a touchdown before New England released him
Pittsburgh Steelers running back James Conner is not expected to play Sunday against the visiting Los Angeles Rams the Pittsburgh Post Gazette reported
Conner was downgraded from limited participation at Wednesday s practice to a non participant Thursday as he continues to work back from an AC shoulder joint sprain sustained in Week 8 against Miami Earlier in the week coach Mike Tomlin sounded optimistic about Conner s availability
The Steelers also will be without Benny Snell Jr knee who officially has been ruled out while fellow running back Trey Edmunds ribs has yet to practice this week Jaylen Samuels started last week in Indianapolis totaling eight carries for 10 yards and 13 catches for 73 yards
New York Jets safety Jamal Adams met with head coach Adam Gase and general manager Joe Douglas to clear the air after he was angered last week that his name emerged in trade discussions
It went well I told them I don t hate those guys Adams told reporters They said they don t hate me I have nothing but love and respect for them you know what I mean We ve moved on We apologized to each other
Wide receiver A J Green said swelling in his left ankle likely will prevent him from making his season debut this week for the winless Cincinnati Bengals this week against the Baltimore Ravens
The seven time Pro Bowl selection hasn t played since Dec 2 2018 but the veteran s return would have been a boost for rookie quarterback Ryan Finley who will make his first NFL start in place of Andy Dalton
Dallas Cowboys wide receiver Amari Cooper expects to return to practice Friday after MRI results showed no serious damage to his left knee according to multiple reports
Cooper missed practice but later told reporters his injury is manageable and that he hopes to play Sunday night when the Cowboys host the Minnesota Vikings
Ravens quarterback Lamar Jackson sat out practice due to an illness multiple media outlets reported
Jackson s locker is next to that of Pro Bowl guard Marshal Yanda who missed Wednesday s practice with an illness as well Jackson is not expected to miss the Sunday game
Washington Redskins running back Derrius Guice was activated off injured reserve and is eligible to play in next week s game against the visiting Jets following the team s bye
Guice has been sidelined since sustaining a torn meniscus in his knee during the season opener
The San Francisco 49ers signed Chase McLaughlin to a contract with fellow kicker Robbie Gould nursing a strained quad the team announced
NFL Network Insider Ian Rapoport reported earlier Thursday that the injury is not considered long term for Gould who is expected to sit out as the 49ers host the Seattle Seahawks on Monday night
The Washington Redskins placed star offensive tackle Trent Williams NYSE WMB on the reserve non football injury list ending his season and creating a possible conflict regarding his salary
By placing Williams on the list the team can decide whether or not it will pay the seven time Pro Bowler the remaining 6 million of his 2019 base salary If Washington chooses not to pay it Williams could contest the decision with a grievance
The Cleveland Browns agreed with center JC Tretter on a three year 32 5 million extension with more than 23 million guaranteed according to multiple reports
Tretter was in the final year of his contract a three year 16 75 million deal he signed in free agency in March 2017 He is now under contract through 2022 with an annual average ranking fifth among NFL centers
Field Level Media |
WMB | U S diplomat says Giuliani waged campaign of lies against envoy to Ukraine | By Patricia Zengerle and Richard Cowan WASHINGTON Reuters A top U S diplomat told congressional investigators that President Donald Trump s personal attorney Rudy Giuliani conducted a campaign full of lies against the U S ambassador to Ukraine before she was recalled from her post according to a transcript of his testimony released on Thursday George Kent a deputy assistant secretary of state told the Trump impeachment inquiry that he was also subject to attacks by Giuliani but was told to keep my head down by a senior State Department official The Democratic led inquiry in the House of Representatives is focused on a July 25 phone call in which Trump asked Ukrainian President Volodymyr Zelenskiy to investigate Joe Biden a former vice president and now a leading Democratic rival in the November 2020 presidential election Giuliani is central to the inquiry and has been mentioned frequently in testimony by State Department diplomats who have painted a picture of the former New York City mayor running a shadow U S policy toward Ukraine to pressure it to carry out a corruption investigation into Biden and his son who worked for a Ukrainian gas company Kent mentioned Giuliani 73 times in his testimony to lawmakers delivered behind closed doors on Oct 15 but only released on Thursday Marie Yovanovitch the former U S ambassador to Ukraine was abruptly pulled from her post in May Kent said Giuliani conducted a smear campaign against the envoy His assertions and allegations against former Ambassador Yovanovitch were without basis untrue period Kent testified Mr Giuliani at that point had been carrying on a campaign for several months full of lies and incorrect information about Ambassador Yovanovitch so this was a continuation of his campaign of lies Kent said Neither Giuliani nor a lawyer for him responded immediately to requests for comment on Kent s testimony Kent said Ukrainian officials understood when they met Giuliani that he was not a regular private citizen and understood he represented Trump Giuliani was not consulting with the State Department about what he was doing in the first half of 2019 And to the best of my knowledge he s never suggested that he was promoting U S policy Kent said For nearly a year Giuliani has pursued unsubstantiated allegations that Biden pushed to fire a Ukrainian prosecutor to stop him from investigating Burisma the Ukrainian energy company on the board of which Biden s son Hunter served Giuliani also told Reuters he played a role in the effort to remove Yovanovitch STAR WITNESSES Democrats have been releasing transcripts of the closed door interviews as they prepare for public hearings in Congress next week Kent is among the three U S diplomats who will serve as star witnesses L2N27M0BD Lawmakers are trying to determine whether Trump froze 391 million in U S security assistance for Ukraine to put pressure on Zelenskiy to conduct the investigation thus misusing U S foreign policy for his personal gain Trump s defenders say there is no evidence of him and the Ukrainian president engaging in a quid pro quo exchanging a favor for a favor because the aid to Ukraine was released and Zelenskiy never explicitly promised anything A quid pro quo is not necessary to prove high crimes or misdemeanors which is the standard the U S Constitution requires for the impeachment of a president Kent and William Taylor the top U S diplomat in Ukraine will testify on Nov 13 Yovanovitch will testify on Nov 15 Acting White House Chief of Staff Mick Mulvaney was subpoenaed by the House Intelligence Committee Thursday night to appear on Friday an official working on the inquiry said This week the White House rebuffed a committee request for Mulvaney to appear Mulvaney caused a stir with a statement at an Oct 17 news conference that the White House had withheld security assistance for Ukraine There is going to be political influence in foreign policy he said If the Democratic controlled House votes to impeach Trump the Republican controlled Senate would then hold a trial on whether to remove him from office Senate Republicans have so far shown little appetite for ousting the president The impeachment inquiry met on Thursday for the first time with an adviser to Vice President Mike Pence but former national security adviser John Bolton failed to heed a request to appear Lawmakers are also seeking to find out how much Pence knew about efforts by Trump and those around him to pressure Ukraine to investigate Biden and his son Jennifer Williams NYSE WMB a career foreign service officer and special adviser to Pence for Europe and Russia was testifying to members of the House Foreign Affairs Intelligence and Oversight committees after receiving a subpoena to compel her testimony Williams told investigators she found Trump s July call with Zelenskiy unusual because it was political not diplomatic in nature CNN reported citing an unnamed source But she did not raise concerns about the call with her superiors and when asked what Pence knew said she never heard him mention anything about investigation of the 2016 elections Burisma or the Bidens Bolton a foreign policy hawk fired by Trump in September was also called to appear on Thursday but did not show and his attorney said he would not testify voluntarily An official of the House Intelligence Committee said Bolton had threatened to take the committee to court if it subpoenas him A congressional source said the inquiry was unlikely to go down that route Bolton s office and his attorney did not respond to a request for comment The Washington Post citing people familiar with Bolton s views said although he is willing he wants to first see how a court battle between Congress and the White House over the constitutionality of the subpoenas shakes out
The battle is likely to go to the Supreme Court and could spill into next year |
WMB | NBA roundup Clippers rally past Blazers for Rivers 900th win | Kawhi Leonard scored 27 points and grabbed 13 rebounds and the Los Angeles Clippers rallied from an eight point fourth quarter hole to defeat the visiting Portland Trail Blazers 107 101 on Thursday night
Lou Williams NYSE WMB scored 26 points and recorded eight assists while Montrezl Harrell and Ivica Zubac each scored 15 points for the Clippers Zubac also had 13 rebounds nine on the offensive end
Leonard contributed 18 points to the fourth quarter comeback
The victory was the 900th of Clippers coach Doc Rivers career He is the 13th coach to reach the milestone
Celtics 108 Hornets 87
Jayson Tatum scored 23 points Kemba Walker added 14 in his return to Charlotte and Boston cruised past host Charlotte
Gordon Hayward added 20 points and 10 rebounds as the Celtics won their sixth straight Jaylen Brown chipped in 12 points after missing the team s previous three games due to an illness
Miles Bridges had 18 points and Devonte Graham added 15 for the Hornets who had a three game winning streak snapped Terry Rozier playing against Boston for the first time after four seasons with the Celtics was held to three points on 1 of 11 shooting
Spurs 121 Thunder 112
LaMarcus Aldridge scored a season high 39 points on 19 for 23 shooting as San Antonio snapped a two game losing streak with a win over visiting Oklahoma City
The Spurs led by eight heading into the fourth quarter and never allowed the Thunder to get closer than five points the rest of the way
When Aldridge is on his game the Spurs win In San Antonio s five victories this season he has averaged 25 points per game in its three losses he has managed just nine points per contest Last season Aldridge scored a career high 56 points against Oklahoma City
Heat 124 Suns 108
Jimmy Butler scored 30 of his 34 points in the first half and Goran Dragic scored 20 of his 25 points in the second half as Miami beat host Phoenix to stop the Suns three game winning streak
Bam Adebayo had 15 points 10 rebounds six assists and five steals Tyler Herro scored 15 points off the bench and Kendrick Nunn added 11 for the Heat who at 6 2 are off to their best start since the 2012 13 team won six of its first eight
Butler made 11 of 16 field goal attempts and Dragic made 9 of 16 to help the Heat shoot 54 9 percent from the field and 53 6 percent from the 3 point line where they made 15 of 28 Dragic tied his season high in points and made 3 pointers five as the Heat became the first team to outshoot the Suns this season The Suns shot 44 0 percent
Field Level Media |
WMB | NFL notebook Mahomes to start vs Titans | Kansas City Chiefs star quarterback Patrick Mahomes will return from a two game absence to start Sunday against the Tennessee Titans coach Andy Reid announced Friday
Reid told reporters that Mahomes would play unless something happens prior to the game against the Titans in Nashville Tenn
The Chiefs split two games with Matt Moore starting in place of the reigning NFL Most Valuable Player who sustained a dislocated right kneecap in Kansas City s 30 6 victory at Denver on Oct 17
Mahomes 24 has completed 65 1 percent of his passes for 2 180 yards 15 touchdowns and one interception this season
Atlanta Falcons quarterback Matt Ryan will return from a one game absence to start Sunday against the New Orleans Saints coach Dan Quinn announced
Ryan 34 sustained a sprained ankle in the Falcons 37 10 loss to the Los Angeles Rams on Oct 20 He sat out Atlanta s 27 20 setback to the Seattle Seahawks the following week marking his first missed start since Dec 20 2009
Atlanta running back Ito Smith neck defensive end John Cominsky ankle and offensive lineman Wes Schweitzer concussion have been ruled out
Listed as questionable by the Indianapolis Colts quarterback Jacoby Brissett knee will be a game time decision for the Sunday contest against the Miami Dolphins coach Frank Reich announced
The Colts want him to see how Brissett s left knee feels during warmups before determining his status for action against the Dolphins An MRI exam on Monday revealed a sprained MCL but no significant structural damage
Dallas Cowboys wide receiver Amari Cooper officially is listed as questionable for the Sunday night game against the Minnesota Vikings
Cooper who injured his left knee in the Cowboys 37 18 victory over the New York Giants on Monday night underwent an MRI this week and the results showed no structural damage He was a limited participant Friday after not practicing on Thursday
Offensive tackle Cameron Fleming calf was ruled out for Sunday
Vikings wide receiver Adam Thielen and nose tackle Linval Joseph have been ruled out for Sunday
Thielen missed his third straight practice with a hamstring injury and is considered week to week according to coach Mike Zimmer Joseph who has an ailing knee was downgraded from a full participant on Wednesday to a non participant one day later
Safety Andrew Sendejo groin also will not play against Dallas
Pittsburgh Steelers running back James Conner will miss his second straight game when he sits out Sunday against the visiting Rams
Conner has been nursing an AC joint sprain in his shoulder sustained in the waning moments of Pittsburgh s 27 14 victory over the Dolphins on Oct 28
Wide receiver JuJu Smith Schuster foot was listed as a limited participant Friday He is questionable to face the Rams
The New York Giants ruled out tight end Evan Engram and wide receiver Sterling Shepard for their Sunday game against the New York Jets
Engram is nursing a sprained left foot and will miss his second game of the season Shepard has been sidelined since Oct 6 with a concussion sustained in New York s 28 10 loss to the Vikings
Center Jon Halapio hamstring has also been ruled out for Sunday while offensive tackle Mike Remmers back is doubtful
Baltimore Ravens quarterback Lamar Jackson returned to practice one day after sitting out the session due to an illness
Jackson looked no worse for wear according to multiple media outlets He was throwing passes and moving without issue during the early portion of practice open to the media
Cleveland Browns defensive end Olivier Vernon has been ruled out for the Sunday game against the Buffalo Bills
The team said Vernon missed practice for the third straight day while nursing a knee injury Eric Murray will miss his second consecutive game after undergoing knee surgery
Quarterback Luke Falk filed an injury grievance through the NFL Players Association against the Jets the New York Daily News reported
Falk is the second player to file a grievance against the Jets in the past three weeks joining Kelechi Osemele The former offensive lineman was released on Oct 26 after undergoing shoulder surgery that was not authorized by the team
Falk 24 started two games in relief of ailing quarterbacks Sam Darnold and Trevor Siemian In his last game Falk was sacked nine times and intercepted twice in a 31 6 loss to the Philadelphia Eagles on Oct 6
The Washington Redskins won t pay disgruntled offensive tackle Trent Williams NYSE WMB the remaining 5 1 million of his base salary ESPN reported
The team put Williams on the reserve non football injury list on Thursday which gave Washington the option to decide whether to pay the seven time Pro Bowl selection
Williams can file a grievance to contest the decision
Ravens linebacker L J Fort agreed to terms on a contract that extends through the 2021 season
Field Level Media |
WMB | NY Fed s Williams says economy is in a good place monetary policy well positioned | NEW YORK Reuters New York Federal Reserve President John Williams NYSE WMB said on Friday the U S economy is in a good place reiterating his view that the interest rate cuts made this year should appropriately address the potential risks of the trade war with China and a global economic slowdown
I think monetary policy is well positioned right now Williams said during a moderated discussion before an audience of financial professionals in New York
Williams said economic data points to a strong labor market with low rates of unemployment He also said that the low unemployment rate of 3 5 is not leading to high inflation
Fed officials voted to cut interest rates last week to a target level of 1 50 to 1 75 |
JPM | Gold futures fall on dollar strength Greek political progress | Investing com Gold futures were lower in European trade on Friday as Greek political progress and a stronger greenback dampened demand for the precious metal On the Comex division of the New York Mercantile Exchange Gold futures for June delivery traded at USD1582 55 a troy ounce falling 0 81 It earlier traded at a session low USD1573 75 a troy ounce Gold was likely to find support at USD1573 75 and resistance at USD1642 95 Launching the negative gold sentiment Antonis Samaras leader of Greece s New Democracy Party reported that the four rival parties have accepted terms of no exit from the euro region On Wednesday Alexis Tsipras the head of Greece s second biggest party Syriza gave up his attempt to form a new government pushing the debt stricken country closer to its second election in a few weeks In other news JP Morgan Chase Co reported a USD2 billion trading loss lifting the greenback as investors sought the safety of the U S dollar thus depressing gold prices The Dollar Index which tracks the performance of the greenback versus a basket of six other major currencies rose 0 05 to trade at USD80 32 Elsewhere on the Comex Silver for July delivery fell 1 87 to trade at USD28 633 a troy ounce while Copper for July delivery fell 1 37 to trade at USD3 640 a pound |
JPM | U S stocks trade higher on consumer sentiment Dow up 0 22 | Investing com U S shares traded higher Friday despite a huge USD2 billion trading loss at JP Morgan Chase depressIing equities as positive consumer sentiment turned stocks higher in early trade Near the open of U S trade the Dow Jones Industrial Average gained 0 22 the S P 500 up 0 12 while the Nasdaq Composite gained 0 76 Depressing stocks JP Morgan Chase Co reported a USD2 billion trading loss sending investors fleeing from equities sending early prices sharply lower However U S UoM consumer sentiment rose unexpectedly last month preliminary data indicated Friday In a report the University of Michigan said that consumer sentiment rose to a seasonally adjusted 77 8 from 76 4 in the preceding month Analysts had expected UoM consumer sentiment to fall to 76 2 last month Meanwhile in Europe Antonis Samaras leader of Greece s New Democracy Party reported that the four rival parties have accepted terms of no exit from the euro region JP Morgan Chase gave back 9 on their trading loss leading bank stocks lower Nvidia advanced 8 2 after beating second quarter sales estimates In the midst of European trade the EURO STOXX 50 traded down 0 28 France s CAC 40 fell 0 54 and Germany s DAX pushed higher by 0 33 Meanwhile in the U K the FTSE 100 traded higher by 0 12 |
JPM | Euro shares higher on U S confidence Greek hopes DAX up 0 95 | Investing com European shares closed mostly higher Friday as U S consumer sentiment gave a bullish surprise and Greek political progress triggered the risk on trade At the close of European trade the EURO STOXX 50 closed higher by 0 32 France s CAC 40 slipped 0 01 and Germany s DAX soared 0 95 Meanwhile in the U K the FTSE 100 traded higher by 0 57 Initially depressing stocks JP Morgan Chase Co reported a USD2 billion trading loss sending investors fleeing from equities sending early prices sharply lower However U S UoM consumer sentiment rose unexpectedly last month preliminary data indicated Friday resulting in a price reversal in worldwide equity markets In a report the University of Michigan said that consumer sentiment rose to a seasonally adjusted 77 8 from 76 4 in the preceding month Analysts had expected UoM consumer sentiment to fall to 76 2 last month In Europe Antonis Samaras leader of Greece s New Democracy Party reported that the four rival parties have accepted terms of no exit from the euro region On Wednesday Alexis Tsipras the head of Greece s second biggest party Syriza gave up his attempt to form a new government pushing the debt stricken country closer to its second election in a few weeks In the U S the Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending May 5 fell to 367 000 defying expectations for an increase of 1 000 to 369 000 The previous week s figure was revised up to 368 000 from 365 000 Meanwhile a separate report indicted the U S trade deficit widened to USD51 8 billion in March from deficit of USD45 4 billion in February Analysts had expected the U S trade deficit to widen to USD50 0 billion Data also indicated that import prices in the U S fell more than expected in April declining 0 5 after a 1 5 the previous month Analysts had expected import prices to fall 0 1 in April Meanwhile a Chinese report indicated that the country s industrial output advanced 9 3 percent in April from a year earlier This missed the average analysts estimate of 12 Barclays gave back 3 5 on JP Morgan loss fears Vedanta Resources fell with copper on Chinese economic fears Catlin Group gained 1 2 on a sales increase In bearish news gross domestic product in the 17 nation euro zone will drop 0 3 percent the European Commission reported today Greece will have the deepest contraction with GDP declining 4 7 while the economies of Spain and Italy are seen shrinking 1 8 and 1 4 respectively Portugal s GDP will drop 3 3 it was reported |
JPM | Gold futures Weekly outlook May 14 18 | Investing com Gold futures posted their worst weekly losses of the year last week as growing concerns over political uncertainty in Greece boosted the U S dollar while a wave of technical selling further weighed On the Comex division of the New York Mercantile Exchange gold futures for June delivery settled at USD1 579 25 a troy ounce by close of trade on Friday Earlier Friday prices dipped to as low as USD1 573 75 the lowest since January 3 On the week gold futures declined 3 66 the biggest weekly drop since the week of December 18 last year when prices tumbled almost 7 Gold futures were likely to find short term support at USD1 566 15 a troy ounce the low from January 3 and resistance at USD1 639 05 the high from May 8 Gold prices took cues from the currency market tracking movements in the euro Gold remains more sensitive to moves in the euro dollar exchange rate in the short term than to rising risk aversion which in the past has been a positive driver of prices The euro fell to a three and a half month low against the U S dollar on Friday weighed by concerns that ongoing political turmoil in Greece could result in the county s eventual exit from the euro zone On Friday Alexis Tsipras the head of Greece s largest anti bailout party Syriza rejected a coalition with Socialists and Conservatives fuelling concerns over the country s ability to abide by the terms of its EUR130 billion bailout agreement Rating agency Fitch warned Friday that it would place the ratings of all euro zone members on review pending possible downgrades if Greece was to exit the euro zone as a result of its current crisis Speculation over the health of Spain s troubled banking system and the government s ability to cut one of the largest deficits in the euro also weighed on market sentiment Although gold s appeal as a safe haven is boosted during times of economic uncertainty the euro zone s debt crisis has done little to bolster appetite for the precious metal A weakening euro and stronger dollar have weighed on gold instead The dollar index which tracks the performance of the greenback versus a basket of six other major currencies ended the week at 80 42 the highest since March 16 Tepid inflation data out of the U S and China also weighed on the precious metal s appeal as an alternative asset The Labor Department said Friday that U S producer prices fell a seasonally adjusted 0 2 in April to mark the biggest decline since October Data from China meanwhile showed that consumer prices slowed in line with expectations to 3 4 in April from 3 6 in the preceding month staying below the government s annual goal for the third month Further adding to the gloomy trade environment Wall Street lender JP Morgan Chase revealed late Thursday that a USD2 billion dollar loss will eat into its second quarter results The losses stemmed from trades at the bank s chief investment office which took large positions for the bank in credit default swaps Some market participants noted that heavy losses in global equities and other commodities markets accelerated gold s sell off as traders were forced to sell their gold holdings to raise cash to cover losses elsewhere Credit Suisse said in a report recently that gold could see further losses if money managers start paring their holdings of commodities and equities in anticipation of a worsening of Europe s financial position In October 2008 gold prices tumbled 18 as turmoil in global financial markets led to losses in global equity and commodity markets The precious metal rallied 23 in the next two months Prices came under further pressure after breaking below key support levels triggering fresh sell orders amid bearish chart signals Technical traders expect the next level of support for gold to be at USD1 550 after it broke below USD1 600 the lower end of the price range it had held since early April Elsewhere on the Comex silver for July delivery settled at a four month low of USD28 88 a troy ounce by close of trade on Friday dropping 4 21 on the week Meanwhile copper for July delivery retreated 1 3 over the week to settle at USD3 630 a pound Copper prices lost ground after Chinese economic data for April printed weaker than expected adding to evidence of an accelerating slowdown China s industrial production grew the least since 2009 in April increasing by 9 3 China s retail sales in April gained 14 1 from a year earlier compared with estimates of 15 1 and March s 15 2 increase China is the world s largest copper consumer accounting for almost 40 of world consumption last year A deeper slowdown in China the world s second biggest economy would impair a global expansion that is already faltering because of Europe s austerity measures Copper is sensitive to the economic growth outlook because of its widespread uses across industries The industrial metal is regarded as a leading indicator of the global economy In the week ahead investors will be watching developments in Greece as well as the first talks between the new French President Francois Hollande and German Chancellor Angela Merkel amid fears that Hollande s focus on growth rather than austerity measures as a means to tackle the euro zone crisis could spark tensions with Germany In addition the U S is to produce government data on retail sales and inflation while the Federal Reserve is to publish the minutes of this month s policy setting meeting Gold investors will be closely watching U S data in the second quarter for clues as to the likelihood of a fresh round of monetary easing by the Fed which could potentially hurt the dollar and support gold Wall Street investment bank Goldman Sachs reiterated its bullish stance on the precious metal last week despite a recent run of losses The bank stood by its forecast for a rally in gold this year saying that the precious metal will advance to USD1 840 an ounce over six months as the Fed embarks on a third round of stimulus in June |
JPM | Crude oil futures Weekly outlook May 14 18 | Investing com Crude oil prices settled at their lowest level since the start of the year on Friday as concerns over a slowdown in global oil demand mounted following disappointing Chinese economic data and amid ongoing worries over political uncertainty in Greece On the New York Mercantile Exchange light sweet crude futures for delivery in June settled at USD95 65 a barrel by close of trade on Friday dropping 2 45 over the week Earlier Friday prices fell to as low as USD95 60 a barrel the lowest since May 9 when prices touched a five month low of USD95 17 a barrel Oil prices lost ground after Chinese economic data for April printed weaker than expected adding to evidence of an accelerating slowdown in the world s second largest economy China s industrial production grew the least since 2009 in April increasing by 9 3 China s retail sales in April gained 14 1 from a year earlier compared with estimates of 15 1 and March s 15 2 increase The data came a day after a report showed that the nation s exports and imports both rose less than estimated in April A deeper slowdown in China would impair a global expansion that is already faltering because of Europe s austerity measures China is the world s second largest oil consumer after the U S and has been the engine of strengthening demand Meanwhile investors continued to monitor political developments in Greece as the debt laden country struggles to form a coalition government following last weekend s elections fanning fears over a potential default and eventual exit from the euro zone On Friday Alexis Tsipras the head of Greece s largest anti bailout party Syriza rejected a coalition with Socialists and Conservatives fuelling concerns over the country s ability to abide by the terms of its EUR130 billion bailout agreement Rating agency Fitch warned Friday that it would place the ratings of all euro zone members on review pending possible downgrades if Greece was to exit the euro zone as a result of its current crisis Speculation over the health of Spain s troubled banking system and the government s ability to cut one of the largest deficits in the euro also weighed on market sentiment There are worries that the region s sovereign debt crisis could trigger a broader economic slowdown that would curb demand for oil The euro zone accounted for nearly 12 of global oil consumption in 2010 according to data from British Petroleum Further adding to the gloomy trade environment Wall Street lender JP Morgan Chase revealed late Thursday that a USD2 billion dollar loss will eat into its second quarter results The losses stemmed from trades at the bank s chief investment office which took large positions for the bank in credit default swaps The heightened sense of risk aversion prompted investors to shun riskier assets such as stocks and industrial commodities and flock to the relative safety of the U S dollar The dollar index which tracks the performance of the greenback versus a basket of six other major currencies ended the week at 80 42 the highest since March 16 A stronger dollar makes dollar denominated oil futures contracts more expensive for importers holding other currencies such as yen or euro Meanwhile a larger than expected build in U S oil supplies last week forced traders to refocus on the supply and demand picture The U S Energy Department said in its weekly report that crude oil inventories rose by 3 7 million barrels last week to a total of 379 5 million barrels the highest level since August 1990 underscoring fears over a slowdown in oil demand from the U S The U S is the world s biggest oil consuming country responsible for almost 22 of global oil demand Nymex crude prices have fallen nearly 14 since hitting a March 1 intraday peak of USD110 53 a barrel as concerns lingered over a widening economic slowdown that may cut demand for energy and as tensions have eased between Iran and Western nations over the country s nuclear program Prices are down almost 9 since the start of May Elsewhere on the ICE Futures Exchange Brent oil futures for June delivery settled at USD111 58 a barrel by close of trade on Friday Prices fell to as low as USD110 33 on May 7 the lowest since January 30 The Brent contract lost 1 67 over the week The spread between the Brent and the crude contracts stood at USD15 93 a barrel by close of trade Friday Brent crude the European benchmark is more than 13 off its intraday high of USD128 38 hit on March 1 A potential loss of Iranian oil supplies has helped underpin strong gains in oil prices during late last year and the first quarter of this year But revived talks between Iran and major powers over Tehran s nuclear ambitions along with rising Saudi Arabian and Libyan output and signs of slower U S economic and employment growth helped pull oil prices back from first quarter highs In the week ahead investors will be watching developments in Greece as well as the first talks between the new French President Francois Hollande and German Chancellor Angela Merkel amid fears that Hollande s focus on growth rather than austerity measures as a means to tackle the euro zone crisis could spark tensions with Germany In addition the U S is to produce government data on retail sales and inflation while the Federal Reserve is to publish the minutes of this month s policy setting meeting Oil traders will be closely watching U S data in the second quarter for clues as to the likelihood of a fresh round of monetary easing by the Fed which could potentially hurt the dollar and support oil |
JPM | Grain futures Weekly outlook May 14 18 | Investing com U S grain futures ended the week sharply lower on Friday with soybeans plunging more than 3 and corn hitting a 7 month low as growing concerns over the health of the global economy prompted investors to cut their exposure to riskier assets Agricultural commodities were affected by broader market risk aversion on Friday as market sentiment was weighed by concerns that ongoing political turmoil in Greece could result in the county s eventual exit from the euro zone Risk aversion sharpened further following disappointing Chinese economic data which added to evidence of an accelerating slowdown in the world s second largest economy A deeper slowdown in China the world s second biggest economy would impair a global expansion that is already faltering because of Europe s austerity measures Further adding to the gloomy trade environment Wall Street lender JP Morgan Chase revealed late Thursday that a USD2 billion dollar loss will eat into its second quarter results The heightened sense of risk aversion prompted investors to shun riskier assets such as stocks and industrial commodities and flock to the relative safety of the U S dollar The dollar index which tracks the performance of the greenback versus a basket of six other major currencies ended the week at 80 42 the highest since March 16 A stronger dollar reduces the appeal of U S crops to overseas buyers and makes commodities less attractive as an alternative investment On the Chicago Mercantile Exchange soybeans for July delivery settled at USD14 0313 a bushel by close of trade Friday Earlier in the day prices fell to USD14 0263 a bushel the lowest since March 30 On the week soybean futures dropped 4 88 the second straight weekly decline and the biggest since late November Soy prices plunged 3 6 on Friday the biggest one day slide in more than seven months as investors continued to liquidate long positions to lock in gains from an impressive rally that took prices to a four year high of USD15 1237 a bushel on May 2 Soy s losses accelerated after prices broke below their 40 and 50 day moving averages triggering fresh sell orders amid bearish chart signals Friday s drop erased strong gains made the previous day on the back of a bullish supply and demand report from the U S Department of Agriculture In its Supply Demand Estimate Report published Thursday the USDA lowered its forecast for near term U S supplies and predicted higher exports The USDA said domestic soybean stocks as of August 31 are likely to drop to 210 million bushels down 16 from the 250 million bushels it predicted a month earlier and 2 3 from a year earlier due to higher exports and domestic use at processors The ending stocks forecast for the end of the next marketing year is even lower down to 145 million bushels which is below the average analyst estimate of 170 million bushels Average soybean farm prices were estimated in the range of USD12 to USD14 for the 2012 crop compared to USD12 35 for 2011 Soybean prices rallied nearly 19 since the beginning of February and rose almost 6 5 in April as market sentiment has been dominated by concerns over distressed crops in major South American soy growers and amid indications demand for U S soy from top consumer China remains strong However prices are down more than 7 in the past seven sessions with market analysts expecting an ever deeper drop heading into the summer as the soy harvest in South America nears completion and higher prices eventually reducing the amount of Chinese purchases Elsewhere on the Chicago Board of Trade corn futures for July delivery settled at USD5 8200 a bushel by close of trade on Friday Earlier in the day prices hit USD5 7238 a bushel the lowest since October 3 2011 On the week corn futures tumbled 6 the steepest decline in four months Corn prices came under heavy selling pressure after the USDA unexpectedly raised its forecast for near term supplies of the grain and projected a record harvest this autumn The USDA estimated that domestic corn inventories as of August 31 will be 851 million bushels up 6 2 from the agency s previous forecast of 801 million bushels The unexpected increase stemmed from the USDA cutting its forecast for corn demand in the feed and residual category U S corn production is expected to increase this year to a record 14 79 billion bushels up from 12 36 billion bushels last year The previous record stood at 13 092 billion bushels set in 2009 Corn yields may reach a record 166 bushels an acre the USDA said U S corn stockpiles are likely to more than double to 1 881 billion bushels by the end of the 2012 13 marketing year above market expectations of 1 704 billion bushels The announcement of a 300 000 ton corn sale to an undisclosed buyer most likely China had little effect on prices The U S produced 38 of the world s corn last year making it the both world s largest corn producing nation and the largest exporter of the grain while China is the world s largest consumer of the grain Meanwhile wheat for July delivery settled at USD5 9663 a bushel by close of trade on Friday Earlier in the day prices fell to USD5 9238 a bushel the lowest since January 19 Prices declined by 2 05 on the week the second consecutive weekly drop Wheat futures closed lower on Friday as spillover pressure from corn and soybean markets weighed prices down Favorable weather and increases in the ending stocks for wheat further weighed on the grain The USDA pegged the 2012 13 winter wheat crop at 1 69 billion bushels above forecasts for 1 639 billion bushels It also estimated total U S wheat production at 2 245 billion bushels topping expectations for 2 194 billion bushels Old crop U S ending stocks were 768 million bushels down from 793 million bushels forecast in April and below expectations for 778 million bushels The agency pegged domestic wheat ending stocks for the 2012 13 crop year at 735 million bushels below expectations for 782 million Corn is the biggest U S crop valued at USD66 7 billion in 2010 followed by soybeans at USD38 9 billion government figures show Wheat was fourth at USD13 billion behind hay In the week ahead grain traders will focus on the USDA s weekly crop progress and plating progress reports on Monday as well as Thursday s weekly exports data Market participants will also continue to monitor weather conditions in South America and throughout the U S Corn and Wheat Belt regions |
JPM | JP Morgan Q4 earnings rise more than expected | Investing com JP Morgan Chase the largest U S bank reported better than expected fourth quarter earnings and revenue ahead of Wednesday s opening bell Earlier in the day in its fourth quarter earnings report JP Morgan said earnings per share came in at USD1 39 compared to expectations for USD1 22 a share Net income totaled USD5 7 billion 53 higher than the same period a year earlier and above forecasts for profit of USD4 82 billion The bank s fourth quarter revenue increased 10 to USD24 4 billion beating expectations for revenue of USD24 33 billion Traders will now turn their attention to the bank s conference call due to start at 14 00GMT Following the release of the report shares in JPM dropped 0 5 in pre market trade Meanwhile the outlook for U S equity markets was downbeat The Dow Jones Industrial Average futures indicated a loss of 0 35 S P 500 futures pointed to a decline of 0 25 and Nasdaq 100 futures indicated a flat open |
BMY | Bristol Myers BMY Beats On Q4 Earnings Eliquis Impresses | Bristol Myers Squibb Company s NYSE BMY fourth quarter 2017 earnings of 68 cents per share beat the Zacks Consensus Estimate of 67 cents and came ahead of the year ago quarter earnings of 63 cents
Moreover total revenues of 5 45 billion surpassed the Zacks Consensus Estimate of 5 31 billion and increased from 5 24 billion recorded in the year ago period Strong sales of Opdivo and Eliquis contributed to the top line in the reported quarter
Shares of the company were up almost 4 in pre market trading presumably on better than expected earnings Bristol Myers shares have increased 24 4 in the past year which compares favorably with the s increase of 19
Quarterly Details
Revenues were up 2 year over year when adjusted for foreign exchange impact Revenues increased 7 to 2 9 billion in the United States and 1 outside the country Ex U S revenues were down 3 when adjusted for foreign exchange impact
Leukemia drug Sprycel raked in sales of 527 million up 7 year over year In November 2017 the FDA approved a label expansion for the drug to include treatment of pediatric patients with Ph chronic myeloid leukemia in chronic phase
Rheumatoid arthritis drug Orencia was up 6 in fourth quarter 2017 to 662 million Melanoma drug Yervoy contributed 269 million to the top line during the reported quarter up 2 In January 2018 a label expansion of the drug in pediatric patients with advanced melanoma was approved in Europe
Opdivo which is approved for multiple cancer indications generated revenues of 1 36 billion up 4 from the year ago period The drug received approval for intravenous administration in melanoma patients as adjuvant treatment
However the performance of key drugs in the Virology unit continues to disappoint Sales of Baraclude declined 21 to 233 million The Reyataz and Sustiva franchises deteriorated 31 and 29 year over year to 143 million and 174 million respectively
Sales of Eliquis were 1 36 billion during the reported quarter up 44 year over year Multiple myeloma drug Empliciti recorded sales of 63 million up 34 year over year
Research and development R D expenses in the quarter increased 37 to 1 9 billion mainly due to a charge of 377 million related to license and asset acquisition while marketing selling and administrative expenses declined 11 to 1 3 billion
Gross margin was 69 3 in the quarter compared with 73 6 in the year ago quarter due to change in product mix
In December 2017 Bristol Myers and privately held TARIS Biomedical LLC announced a clinical collaboration to evaluate the combination of Bristol Myers Opdivo and TARIS investigational product TAR 200 in patients with muscle invasive bladder cancer Moreover Bristol Myers also entered into an agreement with Japan based Ono Pharmaceutical in the same months The agreement grants Bristol Myers rights to develop and commercialize Ono s selective Prostaglandin E2 receptor 4 antagonist ONO 4578
2017 Performance
Product sales increased 8 8 to 19 25 billion primarily driven by strong sales of Opdico following several line extensions Opdivo sales rose 31 to 4 95 billion Eliquis sales increased 46 to 4 87 billion Adjusted earnings per share for the full year came in at 3 01
Pipeline Update
In February 2018 Bristol Myers announced data from a phase III study Checkmate 227 which showed superior progression free survival in first line non small cell lung cancer NSCLC treated with Opdivo Yervoy combination compared to chemotherapy Moreover in January 2018 Bristol Myers announced positive data from Phase II CheckMate 142 study evaluating combination of Opdivo and Yervoy in patients with DNA mismatch repair deficient dMMR or microsatellite instability high MSI H metastatic colorectal cancer mCRC
In December 2017 the FDA lifted partial clinical hold from phase I CA209 039 study and phase II CA204142 study evaluating Opdivo combination regimens in relapsed or refractory multiple myeloma
In November 2017 a phase III study CheckMate 078 was stopped early as Opdivo achieved superior overall survival in previously treated patients with NSCLC as compared to docetaxel
2018 Earnings Guidance
Bristol Myers provided its adjusted earnings expectations for 2018 The company projects earnings in the range of 3 15 to 3 30 per share The Zacks Consensus Estimate for earnings is pegged at 3 21 The company expects revenues to increase in low to mid single digits
Our Take
Bristol Myers beat earnings expectations primarily on robust sales of drugs like Opdivo Eliquis and Yervoy in the quarter The 2018 guidance was also encouraging Meanwhile we are positive on Bristol Myers efforts to develop its pipeline especially Opdivo Several label expansion applications for Opdivo are under review in the United States and Europe Potential approval will the prospects of these drugs Bristol Myers Squibb Company Price Consensus and EPS Surprise
Bristol Myers carries a Zacks Rank 3 Hold You can see
Some better ranked companies in the large cap pharma industry are AbbVie Inc NYSE ABBV Pfizer Inc NYSE PFE and H Lundbeck A S OTC HLUYY each carrying a Zacks Rank 2 Buy
Shares of AbbVie have gained 89 9 in the past year while earnings estimates for 2018 have gone up 9 9 over the past 30 days
Shares of Pfizer have returned 13 6 in the past year while earnings estimates for 2018 have gone up 6 over the past 30 days
Shares of H Lundbeck have gained 14 5 in the past year while earnings estimates for 2018 have gone up 13 over the past 30 days
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BMY | This Pharma Stock Broke Its 200 DMA | Believe it or not technical charts are the key to making money in this volatile trading environment While many leading industry groups are now in correction territory it is critical for traders and investors to know where the major support levels are for individual stocks
Watch This Price
One stock that has declined sharply is Bristol Myers Squibb NYSE BMY This leading pharmaceutical stock plunged on Monday after reporting earnings BMY is trading lower by another 2 18 to 58 77 a share It is important to note that the stock is now trading below its important 200 day moving average which puts the stock in a weak technical position with more downside to come In this trading climate it is critical to identify major support levels that will find support from the institutional money The best and safest level that I see for BMY is around 51 50 That s where BMY was defended in February 2017 Should BMY test this level again it will most likely be an excellent area for a long buy side trade |
BMY | Exelixis Reports Positive Data From Thyroid Carcinoma Trial | Exelixis Inc NASDAQ EXEL announced encouraging results from a phase II investigator sponsored trial IST of cabozantinib for the first line treatment of metastatic radioiodine RAI refractory differentiated thyroid carcinoma DTC The trial is being conducted by the Center for Rare Cancers and Personalized Therapy at the Abramson Cancer Center of the University of Pennsylvania Enrollment for the trial was completed in August 2017 Patients who were enrolled in this single arm open label trial were administered oral cabozantinib 60 mg once daily The trial enrolled metastatic RAI refractory DTC patients The primary endpoint of the trial is objective response rate Partial response was achieved by 54 of patients n 19 and stable disease was reported in 43 of patients n 15 per RECIST 1 1 However one evaluated patient experienced a decrease in tumor target lesions Secondary endpoints of the trial include progression free survival PFS time to progression TTP duration of response and clinical benefit rate CBR defined as the number of patients achieving an objective response or stable disease for at least six months The CBR at six months was 80 n 28 With a median follow up for the study of 35 weeks the median PFS has not been reached The median TTP among those patients who progressed was 35 weeks Exelixis plans to initiate a pivotal phase III study on cabozantinib in patients with advanced DTC later in 2018 based on the abovementioned results and data from other studies of cabozantinib in previously treated DTC Exelixis stock has rallied 30 3 over a year against the s decline of 4 2 We note that Exelixis lead product Cometriq the capsule form of cabozantinib was approved in the United States in 2012 for the treatment of progressive metastatic medullary thyroid cancer MTC In April 2016 a tablet formulation of cabozantinib Cabometyx was approved in the United States for the treatment of patients with advanced renal cell carcinoma RCC who have received prior anti angiogenic therapy The recent FDA approval of Cabometyx for the treatment of previously untreated advanced RCC should further boost demand The drug demonstrated statistically significant and clinically meaningful improvement in PFS versus the current standard of care Pfizer s NYSE PFE Sutent Meanwhile Exelixis is developing cabozantinib in a broad development program comprising over 45 clinical studies across multiple indications The CELESTIAL study for advanced hepatocellular carcinoma is also ongoing Exelixis also announced collaboration agreements with Bristol Myers Squibb NYSE BMY and Roche OTC RHHBY for the development of cabozantinib in combination with immunotherapy agents in early 2017 Zacks RankExelixis carries a Zacks Rank 2 Buy You can see Don t Even Think About Buying Bitcoin Until You Read ThisThe most popular cryptocurrency skyrocketed last year giving some investors the chance to bank 20X returns or even more Those gains however came with serious volatility and risk Bitcoin sank 25 or more 3 times in 2017 Zacks has just released a new Special Report to help readers capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly |
C | Novartis in talks to buy much of Elan report | DUBLIN June 28 Reuters Swiss drugmaker Novartis is in
talks to buy parts of Irish peer Elan including its flagship
multiple sclerosis products and its Alzheimer s disease
pipeline the Sunday Times newspaper said
A spokeswoman for Elan said it did not comment on
speculation A spokesman for Novartis declined to comment
The Sunday Times said a well placed source confirmed the
talks but added the complexity of the deal made a decision some
way off
Elan a co marketer with Biogen Idec of multiple sclerosis
drug Tysabri hired Citigroup in January to conduct a review of
the business and said at the time a merger or sale of the
company was possible
It said on June 10 it expected to conclude a strategic
transaction in the near term after talking over the past few
months with a number of the global players in pharmaceuticals
and biotechnology
Chief Executive Kelly Martin then declined however to
comment on whether discussions had broken down with
Bristol Myers Squibb Co as a source had earlier told Reuters
Analysts say Elan is running out of options for a strategic
partnership as earlier market talk of a link up with companies
such as U S giant Pfizer Inc or Denmark s Lundbeck have all
turned out to be unfounded so far
Reporting by Andras Gergely Editing by Jon Loades Carter |
C | ANALYSIS Crisis could bring new players to E Europe banking | EU pressure balance sheet cleaning may yield asset sales
Prices have dropped to less than twice book value
Strong incumbents new entrants seen as buyers
Banking landscape will look different in 3 years
By Boris Groendahl
VIENNA June 29 Reuters Emerging Europe s banking sector
is set to offer opportunities for banks like Deutsche Bank
Santander and HSBC to snap up assets from western rivals or
homegrown lenders facing bad debt
Consolidation ground to a halt by 2007 when a decade long
acquisition and privatisation rush dried up at high prices that
reflected bumper credit and profit growth rates in the region
But a window of opportunity will open for buyers as western
banks active in the region clean their balance sheets or turn
their focus back to domestic markets under regulatory pressure
There is a number of banks on sale at least informally
says Debora Revoltella head of strategic analysis at Italy s
UniCredit emerging Europe s biggest bank by assets
And there is a number of banks which didn t enter the
region before because they missed the boat to build a franchise
Those could include Deutsche Bank or Spanish banks she said
Some of the big names who lost out on emerging Europe had
balked at prices which topped out at six times book value for
some deals in 2006 and 2007 but they may find better value now
as the region s banks are hit by a surge in bad debt
The banking landscape will be different in in three years
time said Cristina Marzea an analyst of emerging European
banks at Merrill Lynch
Hardly any bank active in the region is now trading at more
than twice book value with some still lingering at less than
book value according to Reuters data
Whoever has cash now will get quite some opportunities I m
not saying lifetime opportunities but there are interesting
assets at interesting prices Marzea said
Western banks own the biggest lenders everywhere in the
former Communist part of Europe apart from the former Soviet
Union and Hungary which has produced the only homegrown lender
active across the region OTP
UniCredit and Austria s Raiffeisen International and Erste
Group Bank top the list of the biggest banks in the region by
some distance France s Societe Generale and Belgium s KBC are
next in line
EU MARKET PUSHES FOR SALE
Investment bankers and analysts looking at the region say
that the banks which have sounded out possible buyers fall into
three main categories
The biggest chunks could come up for sale because the
European Union may demand western banks scale back business as a
condition to approve state aid they received
This could happen to Germany s BayernLB which owns
Hungary s fourth largest bank MKB and through its Austrian unit
Hypo Group Alpe Adria some of the biggest lenders in the former
Yugoslavia Together BayernLB s emerging European banks have
assets of 29 billion euros
KBC with assets of 67 billion euros in the region is also
probed by the EU for the state aid it got to plug holes ripped
open by its exposure to U S monoline insurers and may sell at
least parts of its network
The EU is walking a fine line between ensuring competition
on the one hand and financial stability in the region on the
other
A firesale of assets under EU pressure in some of the
worst hit countries like Hungary could undermine efforts to
stabilise the region However if a major new name were to buy
into it this could also be seen as a big vote of confidence
A second group of possible sellers include those who may not
be under regulatory pressure but need to clean up their balance
sheets and refocus business and management attention on core
units especially if they are only also rans in the region
Everybody who is sub critical mass is going to have another
look at its strategy in this market said one investment banker
who declined to be identified because he is advising clients in
the region If there is no network no strategy this is just
eating up management time and doesn t go anywhere
This includes Royal Bank of Scotland s tiny Romanian
business Citigroup s Polish arm Bank Handlowy Allied Irish
Bank s Bank Zachodni WBK and Commerzbank s BRE Bank
The Polish banks mentioned have market capitalisations
between 5 billion and 6 5 billion
And finally there are locally owned lenders such as
Romania s Banca Transilvania market cap 400 million where the
pressure on owners to raise capital may accelerate a possible
sale that analysts have pencilled in for a long time
GROWTH TO RETURN PRICES LOW
Despite the region s bad press at the moment a deep
economic contraction and financial stability risks because of
widespread lending in hard currencies it is poised to get
back on to a growth track in the long run
Low costs and a skilled workforce will help push a surge in
exports when western Europe its top market recovers The
region s allure for western banks also lies in the fact that
millions still do not have a bank account or access to the most
basic banking services
Analysts have long noted the nearly complete absence of
Deutsche Bank in the region apart from some Russian business
and the biggest German lender is currently looking at some of
the assets on the market several investment bankers said
The same is true for Spain s Banco Santander and HSBC with
their long standing experience in other emerging markets
Among the banks who are already there those with strong
balance sheets like Intesa Sanpaolo and Societe Generale or
those who just raised fresh cash like National Bank of Greece or
Poland s state controlled PKO BP could use the opportunity for
bolt on acquisitions
The big uncertainty that could make both sellers and buyers
hesitate at the moment however is how bad the current crisis
will be by how much and for how long bad debt will rise and
whether bank runs or country defaults can be avoided
And in the process the pricing ideas of prospective buyers
and sellers will need to converge as well
It needs to be a good deal from a valuation perspective
because the sentiment is still pretty negative on the region
said Merill Lynch s Marzea But maybe if there is one first
mover it will be easier for the second or third mover
Additional reporting by Marius Zaharia in Bucharest Patricia
Uhlig in Frankfurt George Georgiopoulos in Athens Steve Slater
in London Andras Gergely in Dublin Anne Jolis in Brussels
Chris Borowski in Warsaw
Editing by Sitaraman Shankar |
C | UPDATE 3 S Korea output investment data lifts rate outlook | May factory output investment surprisingly strong
July manufacturing business confident at 13 month high
Private export outlook index rises after 1 year slump
Investors price in higher chances of an interest rate
rise
Adds details analyst comment
By Yoo Choonsik and Seo Eun kyung
SEOUL June 30 Reuters South Korean factory output rose
more than expected and capital investment surged in May while
confidence among manufacturers toward July jumped raising
chances for an early interest rate increase
Treasury bond futures slid whereas the won rose as
investors took these and other indicators released on Tuesday
as lifting the chance for the central bank starting to raise
interest rates over the coming months
Although the outlook remained uncertain because many
advanced economies are still in recession analysts said these
indicators cemented their view that Asia s fourth largest
economy was on a solid recovery path
Provided the economic recovery follows the normal pattern
the likely scenario is that the Bank of Korea will send some
signals for a change in monetary policy around the fourth
quarter and raises interest rates some time in the first half
of next year said Chang Hwa tak an economist at Dongbu
Securities
South Korea could be one of Asia s economies that will
outperform developed markets if exporters can capitalise on
rebounding growth in China its biggest foreign market to
escape sluggish U S and European markets
The National Statistical Office said the industrial output
index extended its gaining streak to a fifth straight month in
May by rising a seasonally adjusted 1 6 percent from April
above expectations for a 0 4 percent gain in a Reuters poll
The agency also said an index measuring the value of
investment in factories jumped a seasonally adjusted 16 7
percent in May from April the fastest in nearly 13 years that
also reversed a 7 month losing spree
EXPORTS TO GATHER PACE
Analysts said it was premature to assess the effect from
the increased investment because that follows unusually steep
reductions in such spending and as most of the spending in May
was apparently meant to make up for lost maintenance work
Economists at Citigroup said they were cautious about the
investment rebound because it could be a one off given the
remaining uncertainties in the global economic outlook
Nomura International on Tuesday upgraded its view on South
Korea s economy to a GDP contraction of 1 percent this year
from a drop of 4 percent previously
September treasury bond futures lost 24 ticks or nearly a
quarter of a percent to end at 109 43 while the won gained
almost 1 percent against the dollar as investors increased bets
on an accelerating economic recovery
A drop in the inventories to shipments ratio to a 17 month
low in May meant production was growing even as companies have
yet to begin restocking their depleted inventories suggesting
production could grow faster rather than weakening
The central bank said on Tuesday its seasonally adjusted
business survey index for July rose for a fourth straight month
to a 13 month high while the economy ministry s similar index
for the third quarter hit the highest in five quarters
South Korean exporters also expect improving prospects as a
measure of export prospects released by a state run bank
specialising in trade financing turned higher for the first
time in a year for the third quarter
The data came a day before the Ministry of Knowledge
Economy is due to release export and import figures for June on
Wednesday as the first big exporting economy in the region
Economists surveyed by Reuters had forecast the pace of
annual decline in South Korean exports would slow in June from
May on the back of a still weak won and recovering demand
mainly from the emerging economies
In its strongest economic assessment since September last
year the Bank of Korea the central bank said early this
month the slide in the economy has probably halted
The remarks along with the central bank s warning comments
on inflation have raised speculation that interest rates were
set to rise soon
The Bank of Korea held the 7 day repurchase agreement rate
steady at a record low of 2 0 percent for the past four months
in a row after reductions totalling 3 25 percentage points
since October last year It next reviews the rate on July 9
Editing by Jan Dahinten |
C | UPDATE 1 Mexico s Cemex wants to extend debt to 2014 | Adds details quote background
MONTERREY Mexico June 30 Reuters Mexico s Cemex
the world s No 3 cement company said on
Tuesday it asked its creditors to extend 14 5 billion in bank
debt to 2014
Cemex which took on short term loans to pay for its 2007
takeover of Australia s Rinker faces 4 1 billion in debt
maturities by the end of this year and has another 10 4
billion due by 2011
The key component of the proposed refinancing plan is a
revised maturity schedule on a new facility encompassing 14 5
billion in bank debt that would run through February 2014 This
revised schedule would shift 2009 2011 maturities substantially
into the future Cemex said in a statement
Hit by a recession in its key U S market Monterrey based
Cemex started refinancing talks with its banks earlier this
year after failing to sell assets quickly and sell an
international bond to help pay off debt
Some of the banks with which Cemex is negotiating include
New York based Citigroup Spain s BBVA and
Santander Europe s top bank HSBC and
Britain s Royal Bank of Scotland
Reporting by Robin Emmott and Gabriela Lopez Editing by Dan
Grebler |
C | COLUMN Reining in Lloyds Peter Thal Larsen Paul Taylor | Peter Thal Larsen and Paul Taylor are Reuters columnists The
views expressed are their own
By Peter Thal Larsen and Paul Taylor
LONDON 1 July Reuters Sir Win Bischoff appears to
relish a challenge His brief spell as chairman of Citigroup was
spent resisting regulators who wanted to break up the bank If
the veteran banker takes over as chairman of Lloyds Banking
Group his first fight will be with competition authorities in
Brussels This is one battle where it would be better if Sir Win
did not live up to his name
Neelie Kroes Europe s competition commissioner says Lloyds
and Royal Bank of Scotland could be forced to sell significant
assets in order to win approval from Brussels for the vast
amounts of government support they have received Kroes has a
track record in this area Commerzbank and West LB have been
forced to sell assets equivalent to about 40 percent of their
balance sheets in return for EU approval of government
recapitalisations
The Commission has two objectives to limit the duration of
state aid and minimise any competitive distortions that arise
from public support Typically banks that receive state aid
grow too big too quickly and have to shrink before they can
stand on their own The main question is how swiftly they should
be forced to do so Here the Commission is prepared to be
lenient Commerzbank has apparently been given 2014 to sell its
Eurohypo real estate division
The Lloyds case is more complicated The bank was created
last September when the British government waived competition
rules in an effort to prevent the collapse of HBOS the troubled
mortgage lender Even though the government had to recapitalise
the banking sector anyway the Lloyds HBOS deal still went
ahead The result is the worst of both worlds a state supported
superbank which has a third of Britain s mortgage and current
account markets
The problem here is that forcing Lloyds to shrink
dramatically would make it less not more viable Reducing its
balance sheet by 40 percent would not just involve selling
peripheral assets like its Clerical Medical pensions division
or its Insight fund management arm It could require Lloyds to
offload core operations possibly including part of its retail
banking business and branch network or its corporate banking
division
Were it required to break up the core business this would
restrict Lloyds s market power and limit the billions of pounds
of cost savings the bank expects to generate from the deal The
government which owns 43 5 percent of Lloyds and wants to sell
at a profit would presumably resist Kroes would no doubt be
accused of using state aid rules to meddle with a merger that
was originally beyond the Commission s remit
Nevertheless she should persist Reining in Lloyds might
not please the bank s shareholders but it would be better for
customers for whom the reduction in competition would most
likely result in higher prices for banking services
Edited by David Evans |
C | UPDATE 3 US FDA plays down cancer link with Sanofi s Lantus | FDA says studies may be too short to assess risk
Questions whether cancer risk truly exists
Sanofi shares up 3 1 percent
Adds doctor comment in graphs 8 9
By Lewis Krauskopf and Susan Heavey
NEW YORK WASHINGTON July 1 Reuters The U S Food and
Drug Administration on Wednesday cast doubt on recent studies
that suggested possible cancer risk with Sanofi Aventis
widely used Lantus diabetes drug boosting investor
confidence in the blockbuster product
Shares of the French drugmaker which have stumbled in the
past week over Lantus concerns rose 3 1 percent in Paris after
the FDA also said patients should not stop taking their therapy
without consulting a physician
In a communication posted on its website the agency
questioned four recently published studies over the cancer
link saying they did not track patients long enough to
properly evaluate any such risk from the drug
Additionally the FDA said inconsistencies in findings
within and across individual studies raise concerns as to
whether an association between the use of Lantus and cancer
truly exists
It added that there may be differences in the patients
studied that could have contributed to the studies findings
Shares of the French drugmaker have plunged about 13
percent in the last week amid concerns that patients and
doctors worried about Lantus safety would stop using the
product and turn to rival treatments such as Novo Nordisk s
long acting insulin Levemir
Lantus is a top seller for Sanofi and it is seen as
particularly important as other key Sanofi products blood
thinners Plavix and Lovenox face possible generic
competition Lantus tallied 2 45 billion euros 3 5 billion
in 2008 sales a figure analysts have expected to grow over the
next five years
Dr Richard Bergenstal president elect of medicine and
science with the American Diabetes Association said it appears
the FDA was taking the risk posed by the Lantus studies
seriously but cautiously
I do think they were saying when you get confusing data or
conflicting data don t make clinical decisions until we get
more Bergenstal said
Sanofi has stood behind the safety of its diabetes drug
and a company spokesman in Paris said on Wednesday it was
committed to working with the FDA and other health authorities
and scientific experts to clarify the situation
The FDA said it would continue reviewing the safety data
for Lantus including the new studies to better understand any
possible cancer risk
Earlier this week the European Medicines Agency said it
was asking its scientific experts to perform a detailed
assessment of the European studies results and any other
relevant information since a link between Lantus and cancer
cannot be confirmed nor excluded
Mark Dainty an analyst at Citigroup said the stock s
recent drop meant the market was already discounting a
worst case scenario
But the actual decline in Lantus sales might not be as
severe as the 60 percent drop seen in global sales of
GlaxoSmithKline s Avandia which was linked to
heart attack risk in 2007 he said
Reporting by Lewis Krauskopf and Susan Heavey Additional
reporting by Ben Hirschler in London Editing by Lisa Von Ahn
Derek Caney and Richard Chang |
C | UPDATE 2 Worst of global meltdown is over Fischer | Most economies to see growth by end 2009 early 2010
Recession unemployment will continue
By Joseph Nasr
EILAT Israel July 2 Reuters The global financial
crisis has past its worst stage and most economies could return
to growth by the end of 2009 or early next year Bank of Israel
Governor Stanley Fischer said on Thursday
The global economy has gone past the height of the crisis
Fischer a former First Deputy Managing Director at the
International Monetary Fund told an economic conference in the
Red Sea resort city of Eilat
An improvement in the performance of stock exchanges which
tumbled in the wake of the crisis last year is the clearest
sign yet that the worst was over he said
Fischer linked the improvement to unprecedented measures
taken by the U S Federal Reserve as well as central banks in
Europe and Japan all of which boosted liquidity by funnelling
large sums of cash into their economies
He said most economies could continue in recession and would
see unemployment rising until well into 2010
In real terms the crisis is still unfolding Therefore
unemployment is expected to continue to rise and negative growth
will continue in most countries Fischer added
His remarks coincided with U S government figures that
showed the unemployment rate for June rose to 9 5 percent the
highest since a matching rate in August 1983 after employers
in the world s largest economy cut 467 000 jobs in one month
Fischer also a former Citigroup vice chairman and a former
professor of U S Fed Chairman Ben Bernanke said that Asian and
emerging economies were weathering the financial storm better
than developed ones
On the Israel economy which has been bogged down by the
global meltdown Fischer said growth could return by the end of
this year
Fischer told the conference where lawmakers regulators and
economists met for the second and final day to debate the
financial crisis that data suggest a second quarter contraction
of less than the annualised first quarter figure of 3 9 percent
NO INFLATION THREAT
The Bank of Israel forecasts the economy will contract 1 5
percent in 2009 and grow by 1 percent in 2010
Exports of goods and services which account for nearly half
of Israel s economic activity fell by 37 percent in the first
three months of the year
Addressing fears of inflation once the crisis is over
Fischer said If growth is steady there is no threat of
inflation
He added that plans by the Israeli government to increase
its value added tax VAT by 1 percent as well as planned hikes
on the price of water could push consumer prices up more than
expected which will require the Bank of Israel to intervene
Still he estimated Israeli inflation would ease to 2 percent in
a year from a rate of 2 8 percent in May
He urged other central bankers to resist raising interest
rates at the first signs of inflation and wait until higher
prices trickle through to the wider economy
Fischer has cut Israel s key lending rate by 3 75 points to
0 5 percent where it has stayed since March
Although at odds with the finance ministry in recent months
over supervision of salaries at the central bank Fischer
praised the current 2009 and 2010 budgets which still need
parliamentary approval for being responsible
He said budget deficit targets of 6 percent of gross
domestic product this year and 5 5 percent in 2010 should be
met
Fischer said Israel s fiscal position was better than the
U S and other developed countries whose deficits will top 13
percent of GDP
He said public debt burdens abroad will soar and could pose
a problem for investors in coming years
Editing by Steven Scheer and Richard Hubbard |
WMB | NFL roundup Jackson Ravens hand Patriots first loss | Lamar Jackson rushed for two touchdowns and passed for one to help the Baltimore Ravens end New England s bid for an undefeated season with a resounding 37 20 victory over the visiting Patriots on Sunday night Jackson completed 17 of 23 passes for 163 yards and rushed for 61 more while Mark Ingram rushed for a season high 115 yards as Baltimore 6 2 won its fourth consecutive game Marlon Humphrey scored on a fumble return for the second straight game and Earl Thomas had an interception Tom Brady completed 30 of 46 passes for 285 yards one touchdown and one interception for the Patriots 8 1 who had outscored their first eight opponents by a combined 189 points Julian Edelman 89 yards and Mohamed Sanu 81 one touchdown each caught 10 passes The loss leaves the San Francisco 49ers 8 0 as the NFL s lone unbeaten team Chiefs 26 Vikings 23 Harrison Butker booted a 44 yard field goal as time expired giving Kansas City a victory over Minnesota at Kansas City Mo Quarterback Matt Moore making his second start in place of injured Patrick Mahomes passed for 275 yards including strikes of 17 and 13 yards to Travis Kelce and Tyreek Hill respectively to put Butker in position for his game winner The Chiefs 6 3 used two straight three and outs from their defense in the fourth quarter to first set up a 54 yard field goal with 2 30 left for a 23 23 tie and then the decisive boot The win ended a three game home losing streak for the Chiefs as Moore went 25 of 35 with one touchdown Seahawks 40 Buccaneers 34 OT Russell Wilson matched a career high with five touchdown passes the last a 10 yarder to tight end Jacob Hollister in overtime as Seattle rallied from a 14 point deficit to defeat visiting Tampa Bay Bucs running back Dare Ogunbowale scored on a 1 yard run with 46 seconds remaining in the fourth quarter to tie it at 34 Seattle s Jason Myers pushed a 40 yard field goal wide right at the end of regulation It was the third missed kick of the day for Myers who pulled a 47 yarder wide left and hit the right upright on an extra point Wilson completed 29 of 43 passes for 378 yards as the Seahawks 7 2 pulled within 1 1 2 games of the first place San Francisco 49ers in the NFC West Chris Carson rushed for 105 yards on 16 carries and Tyler Lockett caught 13 passes for 152 yards and two touchdowns Hollister caught two TD passes and DK Metcalf had the other Chargers 26 Packers 11 Philip Rivers passed for 294 yards and Los Angeles jump started its running game in rolling over visiting Green Bay The Chargers who entered the day with less than 40 rushing yards in four consecutive games a dubious first since the Detroit Lions in 1947 ran for 159 yards in their first game under interim offensive coordinator Shane Steichen Rivers completed 21 of 28 passes for the Chargers 4 5 who have won two consecutive games Melvin Gordon who had averaged only 2 5 yards per carry following a holdout that ran into the regular season had his best game with 20 carries for 80 yards and two touchdowns Dolphins 26 Jets 18 Ryan Fitzpatrick threw three touchdown passes including two to rookie Preston Williams NYSE WMB to lead Miami to its first win of the season beating visiting New York Fitzpatrick a former Jets quarterback completed 24 of 36 passes for 288 yards and no interceptions His tight end Mike Gesicki caught six passes for 95 yards Williams caught five passes for 72 yards but was carted off the field in the fourth quarter due to a knee injury Miami 1 7 snapped a 10 game losing streak that dated to last December It was the first win for rookie coach Brian Flores Each team scored on a safety a rarity in the same game Raiders 31 Lions 24 Derek Carr threw for 289 yards and two touchdowns and Josh Jacobs rushed for 120 yards and two scores as Oakland held off visiting Detroit with a late fourth and goal stop Raiders safety Karl Joseph broke up Matthew Stafford s pass to tight end Logan Thomas in the end zone on fourth and goal from the 1 with two seconds remaining The Lions had marched 76 yards to get there Hunter Renfrow had six receptions for 54 yards including the 9 yard go ahead score with 2 04 to play to cap a 75 yard drive for Oakland 4 4 Stafford threw for 406 yards and three scores for the Lions 3 4 1 Steelers 26 Colts 24 Mason Rudolph passed for 191 yards and one touchdown and Chris Boswell s fourth field goal made the difference as Pittsburgh edged visiting Indianapolis Boswell s deciding kick a 26 yarder came with 6 36 left in the fourth quarter Colts kicker Adam Vinatieri shanked a 43 yarder with 1 11 left Rudolph threw a touchdown pass to Vance McDonald and Minkah Fitzpatrick returned an interception 96 yards for a touchdown for Pittsburgh 4 4 which played without starting running back James Conner shoulder Eagles 22 Bears 14 Zach Ertz set a season high with nine receptions for 103 yards including a touchdown to lift host Philadelphia past Chicago Jordan Howard also rushed for a touchdown against his former team as the Eagles won their second in a row to move back above 500 at 5 4 Quarterback Carson Wentz was 26 for 39 for 239 yards though wide receiver DeSean Jackson left early in the first quarter after aggravating his abdominal injury Chicago rookie running back David Montgomery rushed for two scores as the Bears rallied from a 19 0 deficit but ultimately fell short The reeling Bears have lost four straight since starting the season 3 1 Panthers 30 Titans 20 Christian McCaffrey scored three touchdowns including a clinching 58 yard run in the fourth quarter as Carolina defeated Tennessee in Charlotte N C McCaffrey rushed for 146 yards on 24 carries to go with three receptions for 20 yards on another day with a heavy workload The Panthers 5 3 who played a home game for the first time in three weeks responded from a blowout loss a week earlier at undefeated San Francisco Quarterback Kyle Allen who again was at the controls amid an ongoing injury saga involving Cam Newton completed 17 of 32 passes for 232 yards and two touchdowns Texans 26 Jaguars 3 Deshaun Watson threw for a pair of 1 yard touchdown passes as Houston coasted to victory over Jacksonville in London Watson completed 22 of 28 passes for 201 yards as the Texans 6 3 posted their fourth win in five games by completing a season sweep of the Jaguars 4 5 He showed no ill effects of being inadvertently kicked in the eye during last Sunday s victory over Oakland Houston s Carlos Hyde rushed for 160 yards on 19 carries Jaguars rookie Gardner Minshew was 27 of 47 passing for 309 yards with two interceptions Broncos 24 Browns 19 Brandon Allen was 12 for 20 passing for 193 yards and two touchdowns in his NFL debut and host Denver stopped Cleveland on fourth and 4 from its own 28 with less than four minutes to play to hold on for victory Phillip Lindsay rushed for 92 yards and a score on just nine carries Noah Fant had three catches for 115 yards and a touchdown and Courtland Sutton had 56 receiving yards and a score for the Broncos 3 6 Baker Mayfield was 27 of 42 for 273 yards and a score Jarvis Landry had six receptions for 51 yards and a touchdown and Odell Beckham Jr caught five passes for 87 yards for Cleveland 2 6 which has lost four straight Bills 24 Redskins 9 Rookie Devin Singletary ran for a career high 95 yards and the game clinching touchdown to lead Buffalo over Washington in Orchard Park N Y Singletary a third round pick from Florida Atlantic scored on a 2 yard run with 2 21 left in the game capping an eight play 46 yard drive The key play was a 23 yard pass from Josh Allen to John Brown on third and 18 that put Buffalo at the 14
Allen played an efficient game completing 14 of 20 passes for 160 yards and a touchdown while running for another score His counterpart Washington rookie Dwayne Haskins went 15 of 22 for 144 yards in his first NFL start Field Level Media |
WMB | NBA roundup Heat lead by as many as 41 throttle Rockets | The Miami Heat scored a franchise record 46 first quarter points and routed the Houston Rockets 129 100 on Sunday night in Miami
The Heat led by as many as 41 points in the first half Miami s 5 1 start is its best since it last won an NBA title in the 2012 2013 season
Jimmy Butler Miami s biggest offseason acquisition had one of the game s best stat lines with 18 points nine assists seven rebounds and four steals
The Heat who never trailed in the game also got a team high 23 points from Duncan Robinson and 21 points from Meyers Leonard
Robinson hit a career high seven 3 pointers He made 8 of 12 shots from the floor and went 7 for 11 on 3 pointers
Lakers 103 Spurs 96
LeBron James produced his second straight triple double and Anthony Davis scored 25 points and took 11 rebounds as visiting Los Angeles defeated San Antonio to win its fifth straight game
James finished with 21 points 11 rebounds and 13 assists The Lakers went the entire 2018 19 season James first with the team without winning five straight games
Dejounte Murray single handedly kept the Spurs in the game scoring 16 straight San Antonio points over a seven and a half minute stretch of the fourth quarter Avery Bradley added 16 points for Los Angeles 5 1 while Kentavious Caldwell Pope and Dwight Howard had 14 points each Howard also grabbed a game high 13 rebounds
Clippers 105 Jazz 94
Kawhi Leonard shook off a slow start and scored 25 of his 30 points in the second half to spark host Los Angeles past Utah
Leonard scored 18 points in the fourth quarter to help the Clippers hold off the Jazz He made just 9 of 26 shots from the floor and only 2 of 8 of his 3 pointers but his solid performance in the second half lifted Los Angeles
Montrezl Harrell scored 19 points and pulled down eight rebounds including six offensive boards for the Clippers 5 2 Lou Williams NYSE WMB added 17 points while Ivica Zubac chipped in 11 points and nine rebounds Donovan Mitchell led the Jazz 4 3 with 36 points Bojan Bogdanovic finished with 19 points Rudy Gobert had 12 points and 14 rebounds
Pacers 108 Bulls 95
T J Warren scored a game high 26 points and TJ Leaf posted a double double of 13 points and 15 rebounds to lead the host Indiana past Chicago in Indianapolis
Malcolm Brogdon added 22 points and Jeremy Lamb chipped in 11 to help Indiana to its third straight victory Playing with a lineup missing numerous leaders due to injury including Victor Oladipo Myles Turner and Domantas Sabonis the Pacers shot 40 for 85 47 1 percent and maintained control for much of the night
Despite enjoying a size advantage Chicago struggled to capitalize inside only attempting six free throws in the first half While the Bulls made an adjustment after the break a poor showing from the line kept them from challenging Indiana down the stretch Chicago made just 14 of 25 free throws 56 0 percent while the Pacers won the rebounding battle 49 43
Mavericks 131 Cavaliers 111
Luka Doncic recorded his second consecutive triple double and contributed seven points to a key run late in the third quarter as Dallas broke free from host Cleveland
Doncic finished with 29 points 14 rebounds and 15 assists for the Mavericks who trailed 73 69 with 4 52 remaining in the third period before dominating the rest of the game
The Mavericks outshot the Cavaliers in the game 53 2 percent to 40 6 Kristaps Porzingis chipped in with 18 points Jalen Brunson 14 Seth Curry 13 Boban Marjanovic and Tim Hardaway Jr 12 apiece and Finney Smith 10 for the Mavericks who have alternated wins and losses in their last five games
Kings 113 Knicks 92
De Aaron Fox scored 24 points and visiting Sacramento cruised to victory over New York
Fox made 8 of 18 shots and posted his fourth 20 point game of the season while also adding six assists He capped his big night with a breakaway windmill dunk with 3 22 remaining and a deflected no look pass for a 3 pointer by Harrison Barnes a little over a minute later
Buddy Hield added 22 hitting five 3 pointers as the Kings shot 48 2 percent and made 15 3 pointers The Kings improved to 2 5 and won their second straight game after starting off with five straight losses They beat the Knicks for the fourth straight time and led for the final 43 51
Field Level Media |
WMB | Giovinazzi staying in unchanged Alfa Romeo lineup for 2020 | Reuters Italian Antonio Giovinazzi will stay with Alfa Romeo next season alongside Kimi Raikkonen the Swiss based Formula One team said on Monday
The decision to stick with the 25 year old rookie effectively ends any hope of German Nico Hulkenberg who is leaving Renault PA RENA securing a race seat in 2020
Antonio has emerged as a very quick driver even alongside as tough a benchmark as Kimi and we expect him to develop even further as his experience grows said team boss Frederic Vasseur in a statement
His technical feedback work ethics and positive approach will help us continue to push our team forward and so will the consistency of an unchanged line up for next season
Giovinazzi has scored four points from 19 races compared to 31 for 2007 world champion Raikkonen
We learned a lot this year and I am confident we can make a big step forward next season I won t be a rookie anymore so there won t be any excuses for me said the only Italian driver on the starting grid
Hulkenberg 32 is being replaced by Frenchman Esteban Ocon at Renault next season and Alfa was one of just two teams left with a potential vacancy
The other is Williams NYSE WMB for whom the German made his debut in 2010 but that team is expected to sign Canadian F2 driver Nicholas Latifi
Williams have said they are not in talks with Hulkenberg who has also recognized he is not a contender for that seat
Hulkenberg holds the Formula One record for the most starts without ever standing on the podium having finished fourth three times in his 175 races |
WMB | NFL notebook Eagles Jackson set for core surgery | Philadelphia Eagles wide receiver DeSean Jackson is scheduled to undergo surgery Tuesday to repair a core muscle injury the team announced Monday Jackson is expected to miss at least six weeks following the operation which will be performed by Dr William Meyers in Philadelphia according to ESPN The Philadelphia Inquirer reported that Jackson hopes to return to action this season possibly if the team reaches the playoffs The news of the surgery was first reported by NBC Sports Philadelphia s John Clark who said that Jackson tore the abdominal muscle completely off the bone Jackson 32 had returned from a six game absence on Sunday and was promptly removed from the game against the Chicago Bears after four snaps for precautionary reasons Indianapolis Colts quarterback Jacoby Brissett is dealing with an MCL sprain ESPN s Chris Mortensen reported Colts coach Frank Reich made a similar statement shortly after the Colts 26 24 loss to the Pittsburgh Steelers on Sunday though the diagnosis was not confirmed Brissett s availability for this week s game against the visiting Miami Dolphins was not known The New York Jets are awaiting the results of an MRI exam performed on the knee of running back Le Veon Bell coach Adam Gase announced Bell didn t appear to be the worse for wear while playing in 63 of the Jets 70 offensive snaps in their 26 18 loss to the previously winless Miami Dolphins on Sunday He rushed 17 times for 66 yards and had eight receptions for 55 yards Wide receiver Josh Gordon passed a physical with the Seattle Seahawks clearing the way for possibly making his debut with the team next Monday night against the San Francisco 49ers Gordon 28 will practice this week according to ESPN s Adam Schefter He has been dealing with two bone bruises in his left knee and he last played for New England on Oct 10 against the New York Giants The Seahawks claimed Gordon on Friday after the New England Patriots waived him off injured reserve a day earlier The NFL suspended Dolphins running back Mark Walton for four games for violating the league s conduct and substance abuse policies Walton was expected to be the primary back after the Dolphins traded Kenyan Drake to the Arizona Cardinals last Monday Walton has rushed 53 times for 201 yards this season his first with Miami He can return Dec 8 at the New York Jets He can be at the team s facility and attend meetings but won t be allowed to practice during the suspension Dolphins undrafted rookie wide receiver Preston Williams NYSE WMB will miss the remainder of the season after sustaining a knee injury in Miami s Sunday win over the New York Jets coach Brian Flores announced ESPN reported that Williams suffered a torn ACL Williams who underwent an MRI exam on Monday was injured on a punt return He recorded five receptions for 72 yards and two touchdowns in Miami s 26 18 victory The 22 year old was leading the team in receptions 32 and receiving yards 428 and he has three touchdown catches Atlanta Falcons coach Dan Quinn made three changes to his staff following a 1 7 start Raheem Morris 43 is moving from wide receivers coach to secondary coach Dave Brock 52 returns to his former position coaching the receivers after working with the running backs this season Bernie Parmalee 52 who has been serving as an offensive assistant and assistant special teams coach will now coach the running backs Cleveland Browns released starting safety Jermaine Whitehead one day after he posted a series of threatening remarks on social media following the team s 24 19 loss in Denver
Whitehead who missed tackles on two big plays by the Broncos also threatened Dustin Fox for criticizing his tackling Fox works for the team s radio network Field Level Media |
WMB | Horse racing Vow and Declare wins Melbourne Cup thriller | MELBOURNE Reuters Australian stayer Vow and Declare won the 159th running of the Melbourne Cup by a neck at Flemington racecourse on Tuesday with the race overshadowed by a stewards protest and a horse pulling up lame with a cracked pelvis The Danny O Brien trained gelding kicked in the final meters to seal the A 8 million 5 52 million handicap and give jockey Craig Williams NYSE WMB his maiden Melbourne Cup triumph after more than a decade of trying Master of Reality ridden by flamboyant Italian Frankie Dettori crossed second in a photo finish with Prince of Arran but was later demoted to fourth after a protest for interference in the closing stretch Stewards found the Aidan O Brien trained Master of Reality had impeded Il Paradiso the entrant prepared by the celebrated Irish trainer s son Joseph Prince of Arran was promoted to second and Il Paradiso lifted to third in the grueling two mile race With the race that stops a nation dominated by international entrants over the past decade the victory of locally bred and trained Vow and Declare rated a 10 1 shot was a welcome surprise for Australian racing Not only is this our greatest race that stops a nation as you can see by the form book it s targeted by horses from all around the world and we did it today with an Australian horse Williams said at the trophy ceremony In 2011 Williams had been due to ride eventual winner Dunaden but had to make way for Christophe Lemaire because of a suspension for careless riding at an earlier meeting Two years later Williams ran third on Mount Athos I was just lucky enough to sit on Vow and Declare said the overjoyed 42 year old father of four It was a privilege to ride him today It was also an emotional day for Danny O Brien who was suspended for four years in 2014 after a number of his horses tested positive for the banned substance cobalt He fought to clear his name and had the ban overturned on appeal in 2017 It s an amazing win a special thing to happen he said I really can t believe it I just feel incredibly blessed to have a horse good enough to be in it The last 100 meters he just wouldn t give in PROTEST While a festive public holiday crowd soaked up the spring sunshine the Cup ran amid heated debate about animal welfare following an investigative report into the mistreatment of retired racehorses and the alleged slaughter of hundreds of thoroughbreds at abattoirs The David Hayes trained Rostropovich pulled up lame during the race and was later found to have a fractured pelvis after finishing last of the 24 runners The Irish stayer was taken to equine hospital where he was in a stable condition governing body Racing Victoria said Time will tell Rest is all you can do with an injury like this Hayes said A bleak outcome for Rostropovich would heap further pressure on an industry rocked by a slew of horse deaths during recent Melbourne Cup carnivals Since 2013 six horses have been euthanized after injuries from running on Melbourne Cup day including Aidan O Brien trained The Cliffsofmoher who was put down on the track after last year s race Animal rights advocates called for a ban on thoroughbred racing at an organized protest party outside the gates at Flemington on Tuesday Protesters splattered in blood red dye staged mock races at the Say nup to the Cup event Prince of Arran jockey Michael Walker later received a seven meeting ban and a fine for excessive whip use on his mount
1 1 4486 Australian dollars |
WMB | NFL notebook Panthers place Newton on IR | The ongoing saga regarding the foot injury of Carolina Panthers quarterback Cam Newton has ended with the veteran going on injured reserve to end his 2019 season
For the past seven weeks Cam has diligently followed a program of rest and rehab and still is experiencing pain in his foot Panthers general manager Marty Hurney said in a statement Tuesday He saw two foot specialists last week who agreed that he should continue that path prescribed by the team s medical staff and that it likely will take significant time for the injury to fully heal
Newton 30 played in just two games this season both defeats and has not seen action since Sept 12 The Panthers are 5 1 since then with Kyle Allen at quarterback
The official diagnosis was a Lisfranc injury to the left foot and surgery had not been recommended for Newton as of this past weekend according to multiple reports
Nick Foles will return as the Jacksonville Jaguars starting quarterback following their bye week coach Doug Marrone said
Foles has been out since breaking his left collarbone in the season opener and he underwent surgery to install a plate and screws He will return Nov 17 when the Jaguars play at the Indianapolis Colts in Week 11
Foles replacement rookie Gardner Minshew II played well enough that Foles return to the starting lineup wasn t a given Marrone informed the quarterbacks and then the rest of the team Tuesday morning
Los Angeles Chargers owner Dean Spanos strongly denied a report that his team could move to London
The Athletic reported Monday that the move was a possibility and Spanos told the outlet that wasn t happening On Tuesday he was more vehement in his feelings
It s total f ing bull We re not going to London We re not going anywhere We re playing in Los Angeles This is our home and this is where we are planning to be for a long f ing time Period Spanos told local beat reporters
Minnesota Vikings wide receiver Adam Thielen is not expected to play Sunday against the Dallas Cowboys because of a strained hamstring according to NFL Network
Thielen missed the Vikings Oct 24 victory over the Washington Redskins with the same injury and returned this past weekend against the Kansas City Chiefs But the sixth year wideout played just seven snaps before leaving the Chiefs game for good
The Tennessee Titans placed cornerback Malcolm Butler on injured reserve two days after he sustained a left wrist injury
Butler broke his wrist and may undergo surgery according to multiple reports The team has not revealed the diagnosis
The New York Jets promoted running back Josh Adams to the active roster According to multiple reports the move was made to prevent another team from signing Adams off their practice squad and it doesn t necessarily signal any concern over the health of Le Veon Bell
Bell sustained a knee injury Sunday that led to him getting an MRI exam on Monday On Tuesday Jets head coach Adam Gase said Bell wouldn t practice on Wednesday but ESPN s Adam Schefter on Tuesday tweeted that a source told him Bell is good
Oakland Raiders defensive end Arden Key is likely out for the remainder of the season after his injury in Sunday s victory over the Detroit Lions was diagnosed as a broken foot NFL Network s Ian Rapoport reported
Key who has been the main backup to rookie Clelin Ferrell has two sacks on the season with one in each of the past two games
The Buffalo Bills signed free agent defensive tackle Corey Liuget to a one year contract The 6 foot 2 300 pounder was recently released by the Oakland Raiders for whom he had three tackles in three games
Buffalo is hoping the 29 year old can provide a boost to the run defense that ranks 19th in the NFL allowing 111 6 yards per game He worked out for the Bills on Monday and has been known as a run stopper throughout his career
The Miami Dolphins parted ways with defensive tackle Robert Nkemdiche after the former first round draft pick played in just two games with the team
The Dolphins also signed cornerback returner Marcus Sherels and running back De Lance Turner while rookie wide receiver Preston Williams NYSE WMB knee was placed on injured reserve Multiple reports say Williams tore an ACL in Sunday s win over the New York Jets
Former Browns safety Jermaine Whitehead apologized on social media for his postgame Twitter tirade following a loss to Denver on Sunday
The fourth year player who was claimed off waivers by the Browns last season went on a rant late Sunday that included threatening and profanity filled comments which cost him his job when Cleveland released him
Field Level Media |
WMB | Gold Bounces After Tuesday Slide as Risk Rally Pauses | Investing com Gold prices corrected higher Wednesday after a sharp slide on Tuesday as the rally in risk assets paused for breath in the absence of major fresh news on the U S China trade front
Stock markets have hit a succession of new highs in recent days as various reports have talked up the prospect of an interim trade deal that would undo some of the most recent U S import tariffs on Chinese goods and a significant loosening of the prohibition on U S companies selling to telecoms giant Huawei
That s drained money from haven assets such as bonds and gold but not to the degree where investors are willing to capitulate Speculative positions are still close to their highest levels since the heyday of the Federal Reserve s quantitative easing policy leaving gold vulnerable to any sudden improvement in the outlook for risk assets
By 9 45 AM ET 1430 GMT gold futures for delivery on the Comex exchange were up 0 4 at 1 489 25 a troy ounce while spot gold was up 0 3 at 1 488 03
Silver Futures fell 0 1 to 17 55 an ounce while platinum futures were essentially unchanged at 930 05
Analysts at JFD Bank noted that Tuesday s slide in gold futures stopped near the 1479 level still within the sideways range that s been in place since October 1st between 1475 and 1517
As long as the precious metal remains within those boundaries we would stay sidelined they added
While there s little on the U S data calendar to drive prices Wednesday comments from Chicago Fed President Charles Evans earlier left the door well open to future interest rate cuts if the U S economy is hit by any shock event going forward New York Fed President John Williams NYSE WMB is also due to speak Wednesday as is Philly Fed President Patrick Harker
Current prices are around one third higher than the all in costs of major producers such as Newmont Goldcorp and Barrick Gold both of which have been able to simultaneously pay down debt and increase dividends this year Barrick on Wednesday increased its payout by 25 to 5c a share Even so neither company s regular dividend matches the 1 8 now available on U S 10 year Treasuries |
WMB | Rugby Sonny who Canadians ask as Wolfpack line up Williams | By Steve Keating
TORONTO Reuters The rugby world was buzzing on Wednesday as talk intensified that Sonny Bill Williams NYSE WMB the sport s biggest name was about to sign a record breaking contract with the Toronto Wolfpack
At the same time Canadians were asking Sonny who
A vast majority of Torontonians know very little about or have little interest in rugby
They know even less about a New Zealander named Sonny Bill Williams
A long time member of the famed All Blacks who has won the Rugby World Cup twice and represented New Zealand at the 2016 Rio Olympics Williams is a superstar of the highest order in rugby hot beds Australia and England where the sport is mainstream
In Canada where rugby remains very much a niche pastime he is a mystery man
Before news broke on Tuesday that Williams was linked to a 10 million two year deal to join the Wolfpack for most Torontonians the 34 year old could well have been the opening act for Fleetwood Mac who played in the city at the weekend as the world s best known rugby player
To be sure Williams who has jumped between codes playing both rugby union and rugby league is a mega star performer but the Toronto stage is a small one an aging neighborhood stadium with artificial turf and a seating capacity of 9 000
Rugby league s only trans Atlantic club the Wolfpack will make their Super League debut in England on Feb 2 having won promotion to the top tier last month by beating Featherstone Rovers in the Championship playoff final
Founded in 2016 the team have a loyal hardcore fan base and Wolfpack games have developed a reputation as a fun affordable sporting option in the city of 3 5 million where NHL Toronto Maple Leafs NBA Raptors MLB Toronto Blue Jays MLS Toronto FC and Canadian Football League Argonauts compete for attention
The Maple Leafs are Toronto s number one sporting obsession and the Raptors are reigning NBA champions Toronto FC will play the Seattle Sounders on Sunday for what would be their second MLS title in three years
To get noticed in such a competitive market would require a bold play and Wolfpack s majority owner Australian mining tycoon David Argyle has apparently put his money on Williams
While the Williams name may not get the immediate attention of potential new fans the arrival of rugby s richest player of all time will no doubt attract the curious
At 5 million a season Williams s pay packet almost doubles the 3 3 million 2 million pound salary cap Super League teams operate under
Each team however is permitted to sign two marquee players whose salaries count only 250 000 against the cap
I think this is a bold move and the right move Queen s University marketing professor Ken Wong told Reuters It might also be an indication that this is bet the farm time
Williams is equal parts mercenary and missionary
It took a 10 million carrot to lure him to a rugby backwater
RUGBY GOSPEL
Once in Canada he will be expected to perform well enough on the pitch to keep the Wolfpack in the spotlight but more importantly he will be counted on to preach the rugby gospel to the unconverted
I m a firm believer in the marketing power of the superstar and the investment no matter how large is usually worth it Bob Dorfman sports marketing expert at Baker Street Advertising told Reuters Especially for a league or team looking to build respectability or make a splash
Bringing in a superstar player on the downside of his career is not revolutionary thinking
Major League Soccer used it with great success when Los Angeles Galaxy recruited David Beckham in 2007 signing the aging former England captain to a massive contract
That however is where the similarities between the Williams signing and Beckham deals end
When Beckham landed in Los Angeles he was already a global brand having played for two of soccer s glamor clubs in Manchester United and Real Madrid
While soccer s popularity at the professional level had yet to mature in the United States the sport was widely understood and consumed particularly the international variety
Beckham was selling a league a team
In contrast Williams plays a sport that is not familiar or widely played in Canada and his job will be to help grow the game
If you think about it what could you buy with advertising for 10 million said Wong You could buy a campaign that might or might not work so if you think about him as part of your marketing budget and not just your team performance budget you can start to see some justification
It doesn t mean it is going to work but it just means it s a good educated bet |
JPM | Euro stocks lower on profit taking and Greek unknowns DAX slips 0 07 | Investing com European shares dropped from 5 month highs on Greek debt fears and end of week profit taking After the close of European trade the EURO STOXX 50 gave back 0 21 France s CAC 40 dropped 0 13 while Germany s DAX slipped 0 07 Meanwhile in the U K the FTSE 100 fell 0 20 Yesterday yields fell on all maturities as Spain auctioned EUR7 97billion of two three and four year notes in its first sale of medium and long term debt since losing its AAA rating last week Spain sold EUR6 6billion of bonds maturing in 2016 2019 and 2022 beating the maximum target of EUR4 5billion Yields on the 2019 and 2022 dropped but borrowing costs increased on the 2016 s Earlier The European Central Bank fueled the optimism by stating that it has a whole range of unconventional measures to manage the debt crisis U S existing home sales climbed 5 last month signaling improvement in the world s largest economy but missed analyst s estimates In addition sales are still well below the 6 million most economists equate with a healthy housing market Withold Bahrke of PFA Pension told Bloomberg Most indexes have already risen as much as they were expected to for the whole year so naturally investors are a bit cautious While rumors have surfaced that the Greek government and its creditors have reached an initial agreement for a voluntary debt swap they remain unconfirmed at this time BP gave back 3 on falling crude oil prices while Petrofac dropped 4 6 on a JP Morgan Chase downgrade Saint Gobain dropped 1 7 on selling in the construction sector In bullish news the National Bank of Greece climbed 5 on debt talk hopes U S stocks were mixed mid session with the Dow30 up 0 39 the S P500 off by 0 35 and the Nasdaq down 0 26 Investors are awaiting the FOMC meeting on Tuesday |
JPM | Euro shares mostly higher on U S improvement DAX up 1 19 | Investing com European stocks traded mostly higher Wednesday after the Federal Reserve raised its domestic economic opinion and a Fitch upgrade of Greece ignited the risk on trade At the close of European trade the EURO STOXX 50 gained 0 70 France s CAC 40 added 0 40 while Germany s DAX advanced 1 19 Meanwhile in the U K the FTSE 100 traded down by 0 18 The FOMC stated late yesterday that global financial strains have lessened and the labor market has improved sparking the rally in worldwide equities The Federal Reserve added that 15 of the U S largest banks maintain enough reserves to weather a recession scenario further fuelling the bullish sentiment However the FOMC softened its bullish stance by stating that the unemployment rate remains elevated and significant downside risks exist Fitch Ratings increased Greece s long term foreign and local currency issuer default ratings to B with stable outlooks due to the 95 participation rate in the debt swap Meanwhile in Italy a bond auction sold EUR6 billion with borrowing costs on its three year debt falling to the lowest level since October 2010 further adding to the bullish session In Chinese news the country is easing restrictions on lending capacity at three of the nations four largest banks This move was triggered after China s exports retail sales and industrial production declined in the first two months of 2012 Banks led the rally higher with Credit Suisse adding 5 Natixis climbing 5 2 and Deutsche Bank gaining 3 4 on the session Home Retail Group advanced 4 6 on a JP Morgan Chase upgrade to overweight In bearish news Wacker Chemie the solar grade silicon maker gave back 3 8 after it stated it projects a lack of future demand for its products In U S midsession trade stocks are higher with the Dow up 0 26 the S P 500 higher by 0 09 and the Nasdaq Composite adding 0 29 Investors are awaiting U S producer price inflation long term securities transaction and New York manufacturing activity as well as ECB s monthly bulletin on Thursday |
C | UPDATE 2 Segro agrees all share offer for rival Brixton | Segro offer values Brixton at about 107 million pounds
Segro will issue shares to raise up to 250 million pounds
Brixton shares fall 32 percent Segro down 3 3 percent
Adds analyst reaction shares
By Paul Sandle
LONDON June 22 Reuters Industrial property landlord
Segro Plc agreed an all share offer for indebted rival Brixton
Plc owner of industrial and logistics property near Heathrow
airport Segro said on Monday
Segro will offer 1 75 of its own shares for each Brixton
share valuing Brixton at 39 4 pence a share or about 107
million pounds 176 4 million based on Segro s closing share
price of 22 1 2p on Friday
Brixton shares had surged 26 percent since last month when
the company revealed it was in talks with a number of potential
suitors but the offer was pitched below its Friday close and
shares in Brixton had fallen 32 percent to 42 1 2 pence by 0802
GMT
Segro first went public with an approach to Brixton a month
ago sending the latter s shares to a three month high The
takeover would be the first such deal in Britain s real estate
investment trust REIT sector
The share for share structure of the offer is unsurprising
although the level at which the offer is pitched is clearly
below what the market had hoped for said Michael Burt an
analyst at brokerage Noble Group
Shares in Segro were down 3 3 percent at 21 3 4p
Burt said several private equity names had been mooted as
bidders but the recommended deal was the most deliverable and
attractive offer for the group which had been paralysed by an
inability to raise equity
The pricing of this morning s offer leaves little for
Brixton shareholders but with the alternative being potential
equity holder wipe out in the event of impending bank or bond
covenant breaches the opportunity to participate in any future
upside through Segro paper is likely to be the best offer on the
table
Segro said its offer would be accompanied by an issue of new
shares to raise additional capital of up to 250 million pounds
in cash The company raised 524 million pounds in a 12 for one
rights issue in March
Brixton which has been hit hard by an intense UK property
correction said it was continuing to talk to its banks about
strengthening its financial position
It said it had secured a waiver of potential breaches of its
asset cover ratio covenants until July 31
Brixton was advised by Nomura International and Citigroup
Global Markets
Editing by Matt Scuffham and David Holmes
1 6067 Pound |
C | UPDATE 2 Citi gains control of Spanish toll road firm | Expects to control 62 percent of Itinere soon
Has option to fully acquire
Adds share breakdown
MADRID June 23 Reuters Pear Acquisition on behalf of
Citi Infrastructure Partners CIP said on Tuesday it had
gained control of Spanish Itinere in a cash deal worth 2 87
billion euros 3 98 billion
CIP a private equity fund owned by Citigroup received
acceptances worth 47 percent of Itinere and expects to receive
an additional 11 percent in the next few days
Separately Citi said it had acquired 4 percent of Itinere
meaning that its total stake will reach 62 percent once the deal
is completed
The fund struck a deal with Itinere s owner Spanish builder
Sacyr last year which also gives it an option to fully acquire
the toll road firm once financial conditions improve
Citi also agreed to take on 5 billion euros of Itinere s
debt as part of the deal
1 7216 Euro
Reporting by Tracy Rucinski Editing by Simon Jessop |
C | UPDATE 2 BNY Mellon among 3 bidders for Citi Japan unit Nikkei | Three firms left bidding for Nikko Asset Nikkei
BNY Mellon Sumitomo Trust T D are bidding Nikkei
Deal seen likely to top 1 billion sources
By Chikafumi Hodo
TOKYO June 24 Reuters Bank of New York Mellon Corp
Sumitomo Trust Banking Co and insurer T D Holdings Inc are the
remaining three contenders to buy Citigroup s Japanese asset
management unit the Nikkei business daily reported
Citigroup is looking to sell Nikko Asset Management Japan s
third largest fund manager with about 90 billion in assets under
management as part of efforts to recover from heavy losses in
the global financial crisis
Sources familiar with the matter have said the deal is likely
to top 1 billion and had also earlier this month named
investment bank Nomura as being among five firms bidding for
Nikko Asset
The sale would be the second stage of Citigroup s retreat
from many of its Japanese assets It has already sold Nikko
Cordial and key investment banking assets to Sumitomo Mitsui
Financial Group the country s third largest bank for about 5 9
billion
Citigroup also has plans to sell Japanese telemarketer
Bellsystem24 Inc in a deal that could be worth around 1 5
billion people familiar with the matter have told Reuters
The Nikko Asset deal could intensify competition for Japan s
15 trillion in household assets most of which is still largely
parked in low yielding deposit accounts
Officials from BNY Mellon Asset Management Japan Sumitomo
Trust Japan s leading trust bank T D Holdings and Citigroup
declined to comment on the Nikkei report which did not cite
sources
BNY Mellon is the world s largest custodian and it manages
880 billion in assets It manages about 130 billion in Japan
and was also selected as one of the companies to actively manage
foreign stocks for Japan s Government Pension Investment Fund
the world s largest pension which hold 1 5 trillion in assets
T D is a holding company for the country s No 6 life insurer
Taiyo Life Insurance Co and No 8 insurer Daido Life Insurance
Co
The Nikkei also said a decision on the buyer will not likely
occur until next month
Nikko Asset has increased its independence since chief
executive Tim McCarthy and president Bill Wilder former head of
Fidelity Investments Japan joined the asset company in 2004
Nikko Asset sells funds through a network of banks Japan
Post Bank credit associations and securities instead of just
relying on group company Nikko Cordial for distribution
Industry sources say Nikko Asset markets about 50 percent of
its products through Nikko Cordial while industry leader Nomura
Asset Management and No 2 Daiwa Asset Management market about
80 90 percent of their products through their brokerage
affiliates
Nikko Asset is strong in alternative asset products and
derivatives and is also the industry leader in Japan in
developing exchange traded funds ETFs they say It has 529
staff including 60 fund managers 18 traders and 37 analysts
1 95 16 yen
Additional reporting by Sweta Singh in Bangalore and Michiko
Iwasaki in Tokyo Editing by Edwina Gibbs |
C | European Markets Open Higher But Still Lack A Solid Direction | The Forex Trader PortalCurrent Futures Dow 5 00 S P 0 30 NASDAQ 2 25European markets showed some slight signs of buying strength near to the opening bell but then quickly retraced back to the break even line as investors continue to question the March May 09 rally European markets posted small gains in the first few minutes of the session but then retraced back after the S P futures hit the 894 00 area This particular area also acted as a major resistance point in the previous day of trade which confirms that the S P would need first to break decisively going long if global markets are to be able to easily follow TheLFB Forex com Trade Team said However such a move will be hard to pull outside of the cash trading hours especially when the U S economic calendar is loaded with important releases on Wednesday In Europe most industries continued to trade mixed with some small gains observed in commodity stocks and in the technology sectors Commodity stocks reversed the declines seen over the past two days and rose approximately 2 this morning in Europe as the price of metals advanced on Wednesday The technology sectors rose after Oracle reported better than expected results for the fourth quarter TheLFB Forex com Trade Team notes The current U S administration s plan to put pay caps on the bailed out companies seems not to be working Citigroup is discussing the potential to raise base salaries by 50 to counter the smaller paychecks received as bonuses Moreover the company plans to award stock options to employees which would halt at least the number of investment bankers leaving for other financial institutions that are outside of President Obama s administration reach Overnight the U K FTSE gained 2 82 points 0 07 to 4 232 80 while the German Dax fell 0 20 points 0 01 to 4 706 95Crude oil for July delivery was recently trading at 68 70 per barrel lower by 0 50 Gold for July delivery was recently trading up by 3 50 to 927 80 TeamLFB provides forex related market analysis and trade signals |
C | Miners pull FTSE up 0 2 pct defensives weak | Miners rise with metal prices
Defensive issues weak led by drugs tobaccos
Oils fall back with crude price
By Jon Hopkins
LONDON June 24 Reuters Britain s leading share index
was 0 2 percent higher mid session on Wednesday as gains from
heavyweight miners and banks offset weakness in defensive
issues such as drug and tobacco stocks and in oils
By 1038 GMT the FTSE 100 index was up 8 07 points at
4 238 09 after closing 4 03 points lower on Tuesday
It s like watching paint dry said Manus Cranny head of
sales at MF Global
But we think people are mainly shaving positions and there
is still a net appetite to be long of the markets they are
not tanking they are retracing and it s just something of a
reality check
Strength in heavyweight miners was the main prop for the
market by midday with metal prices rising as the dollar
weakened reviving interest in the sector
Anglo American was the top FTSE 100 gainer up 5 9 percent
as takeover speculation continued to swirl around the stock
following the miner s rejection on Monday of a merger of equals
proposed by Xstrata
Takeover interest in Anglo American has revived the prospect
of a sale of heavy building materials group Tarmac its most
out of place division The Financial Times said
For a view on Anglo American s options by Reuters columnist
Alexander Smith double click on
Among the other miners Kazakmys Eurasian Natural
Resources Vedanta Resources Rio Tinto and Xstrata gained
between 2 8 and 5 3 percent
Banks also found support after recent falls as investors
awaited news from the U S Federal Reserve later on Wednesday
Barclays Standard Chartered Lloyds Banking Group Royal
Bank of Scotland and HSBC gained between 0 4 and 4 2 percent
The Fed is widely expected to keep interest rates on hold at
a record low and maintain its planned debt purchases so the
focus will be on whether the bank tweaks its statements to reign
in the slide in U S Treasuries that threatens the economy s
budding recovery
Before the Fed decision which will be announced after
European markets have closed investors will look to U S new
home sales data to be announced at 1400 GMT for further
evidence of any recovery
DEFENSIVES DRAG
After recent rallies by defensive stocks some profit taking
emerged for heavyweight drugmakers tobacco and household goods
stocks with sector rotation the main market activity
GlaxoSmithKline shed 1 3 percent The drugmaker announced
late on Tuesday that the U S Food and Drug Administration had
said it would not approve its experimental nausea drug Rezonic
for cancer or surgical patients
Peers AstraZenca and Shire lost 0 7 and 0 3 percent
respectively
British American Tobacco fell 0 4 percent Imperial Tobacco
was off 0 2 percent household product firm Unilever dropped
1 3 percent and mobile telecoms heavyweight Vodafone shed 0 7
percent
Food retailers also suffered with Tesco Sainsbury and Wm
Morrison losing between 1 2 and 1 7 percent
British retail sales fell in June at the same pace as in
May though orders placed with suppliers picked up a survey by
the Confederation of British Industry showed on Wednesday
The CBI s distributive trades survey sales balance remained
unchanged in June at May s level of 17 in line with analysts
average forecast
Britons expectations for inflation in the year ahead rose
to 2 0 percent in June from 1 6 percent in May a survey by
YouGov Citigroup showed
Ex dividend factors accounted for the top two FTSE 100
fallers with Friends Provident down 4 5 percent and Experian
off 2 7 percent
Weak oil majors were also a drag on blue chip sentiment as
crude fell back below 69 BP Royal Dutch Shell and BG Group
were down between 0 4 and 0 7 percent
Editing by Karen Foster |
C | Libyan rebels seek 2 3 bln in foreign loans | BENGHAZI May 3 Reuters Libya s rebel leadership expects
foreign powers to lend it 2 3 billion secured against frozen
Libyan state assets held abroad a rebel finance official said
on Tuesday
Ali Tarhouni who heads the rebel national council s finance
committee said he expects France Italy and the United States
to extend the lines of credit and the money should arrive within
a week to ten days
I need about 2 3 billion and we are hoping to get most or
all of this Tarhouni told reporters in the eastern rebel
stronghold of Benghazi
Reporting by Deepa Babington |
C | UPDATE 2 Porsche set to give Volkswagen stake to Qatar sources | Porsche ready to surrender VW share options sources
Deal would allow marriage of VW and Porsche
Qatar attention shifts to Volkswagen as Porsche skids
Volkswagen stock closes up almost 12 percent
Adds shares
By John O Donnell Edward Taylor and Arno Schuetze
FRANKFURT June 24 Reuters Porsche is advancing towards
a deal with Qatar to give the Gulf state a shareholding in
Volkswagen a compromise that will clear the way for the car
makers to merge according to people involved in the talks
Porsche racked up 9 billion euros 12 7 billion of debt
trying to swallow its much bigger rival Volkswagen before the
financial crisis turned the tables and threatened to unravel the
deal
The luxury carmaker then entered talks with Qatar about
selling a stake in Porsche but with Volkswagen now set to
dominate the marriage to its debt hobbled partner Qatar s
interest has shifted to Volkswagen
Merger talks are on ice until Qatar decides whether or not
to invest
In a bid to save the merger Porsche is now prepared to
surrender its right to buy about a fifth of Volkswagen s voting
shares said sources with direct knowledge of the matter
Porsche already owns roughly 50 percent of VW stock
This is the most likely option said one source with
direct knowledge of the matter It looks as if Qatar will buy
Volkswagen shares said a second A person close to Porsche
said that all options are on the table
Shares in Volkswagen spiked on the news amid heavy trading
and closed up almost 12 percent to roughly 244 16 euros
Porsche s stock closed up 3 4 percent at 43 07 euros
The carmaker s alternatives for repairing its tattered
balance sheet are dwindling after strong signals from the
government that its request for state aid will be rejected
BUMPY ROAD
A planned capital increase to open its doors to Qatar s
sovereign wealth fund the Qatar Investment Authority had been
expected to raise more than 4 billion euros
Selling the Porsche options in VW would solve the
financing problems of Porsche said a third source They
Qatar would be the third biggest shareholder in Volkswagen
alongside the majority shareholder Porsche
This would not be much different than if they were directly
invested in Porsche and through Porsche indirectly invested in
VW he said adding that Qatar would be keen on getting a
blocking minority stake
A deal with Qatar could put the Gulf state on equal footing
with Volkswagen s second biggest shareholder the state of Lower
Saxony The Qatar Investment Authority could not immediately be
reached for comment
The German state can veto Volkswagen management with its 20
percent blocking vote and would be opposed to a deal with Qatar
that would water down its influence
Porsche declined to comment and Volkswagen finance chief
Hans Dieter Poetsch refused to discuss the matter when
approached by Reuters
Gulf Arab sovereign wealth funds which lost heavily
investing in companies such as Citigroup are eyeing a bigger
role in the auto industry
Additional reporting by Hendrik Sackmann and Jan Schwartz |
C | European investment banks prosper in Q2 | Fixed income continues buoyant start to year
Equity debt issuance also strong high margins help
Credit Suisse Barclays Deutsche Bank seen Europe winners
Could accelerate return of big bonuses for top dealmakers
By Steve Slater
LONDON June 24 Reuters Europe s investment banks are
expected to deliver surprisingly buoyant second quarter profits
as near record fixed income revenues were accompanied by high
margins and strong debt and equity issuance analysts said
Strong first half capital markets revenues will provide
relief for banks facing hefty losses from retail and corporate
loans as the recession bites
It is also likely to accelerate the return of big bonuses
for leading dealmakers as banks seek to keep and attract top
talent to benefit from their ability to bring in fees
Credit Suisse Barclays BNP Paribas and Deutsche Bank are
likely to join U S rivals Goldman Sachs and JP Morgan in
getting a double boost from good conditions and higher market
share
It s probably turned out to be a better quarter than most
people had dared believe and there s been some broadening of
the contributions said David Williams analyst at Fox Pitt
Kelton
Second quarter equity capital markets revenues and
first half debt capital markets fees are expected to be near
record levels underpinning a strong bounce back in total
investment bank income from a trough in the second half of last
year following the collapse of Lehman Brothers
But low loan and M A fee income will keep total investment
banking income still well down from levels seen in 2006 and
2007 and a return to those heady days is seen as unlikely
before 2012
Other analysts agreed that a strong first quarter had been
maintained in the second quarter albeit without January s
exceptional performance despite a tough macroeconomic
backdrop
Conditions for fixed income currency and commodities FICC
trading in the first half were as close to perfect as could
reasonably be expected analysts at Credit Suisse said
High debt and equity issuance and fees and a pick up in
equity and equity derivatives trading all more than compensated
for still sluggish merger and acquisition advisory work
Margins have remained high defying expectations they would
drop sharply from the first quarter while the retreat by
several major players has helped their rivals
MARGINS STRONG
Less competition means more business at higher margins for
the top banks
The collapse of Bear Stearns and Lehman and troubles at Bank
of America Merrill Lynch Citigroup UBS and elsewhere have left
rivals trying to grab a bigger piece of the pie
Goldman JPMorgan BarCap Deutsche Bank and Credit Suisse
had a 41 percent share of capital market and investment banking
revenues in the first quarter up from 25 percent in 2006
BarCap Chief Executive Bob Diamond said last week
On the same day Brady Dougan Credit Suisse CEO told
analysts that margins will stay higher for longer and there will
be only a gradual tightening of fixed income spreads
Fees for most investment banking products are at least 50
percent higher and in some areas multiples of the year ago
margin bankers estimate
The strong second quarter has lifted expectations that fees
will hold up into next year
Andrew Coombs analyst at Citi on Wednesday lifted his 2010
earnings forecasts for Europe s top investment banks raising
his Deutsche Bank estimate by 30 percent
Earnings momentum should be positive through Q2 reporting
although price performance may be more muted post the strong
bounce and heading into the seasonally quieter summer months
Coombs said in a note
Asia focused Standard Chartered is expected to show strong
trading for its wholesale arm when it issues a trading update on
Thursday but most European banks are not due to show their hand
until results in late July and early August
Editing by Erica Billingham |
C | Nikkei to head higher may try 10 000 | TOKYO June 26 Reuters Japan s Nikkei average is set to
rise on Friday and may test the key 10 000 level again boosted
by reassuring news about the U S economy while resource linked
shares are likely to benefit from stronger oil prices
Nippon Oil Corp may be in focus after a newspaper reported
that it and other Japanese companies are in the final stage of
talks with Iraq to win the development contract for Iraq s huge
Nassiriya oilfield
Investors may also actively trade Suzuki Motor after a source
familiar with the matter said Volkswagen is exploring a potential
cooperation deal with Suzuki as a way to boost its expertise in
the area of ultra small cars
Better than expected earnings from U S retailer Bed Bath
Beyond helped revive a sense that the recession may be starting
to ease
The market is going to take heart from this which will help
boost stocks along with expectations that next week s Japanese
indicators including the Bank of Japan tankan will also
show signs of recovery said Hiroichi Nishi general manager at
the equity division of Nikko Cordial Securities
Everyone recognises that the market is heading for recovery
and this is likely to be verified when Japanese companies start
reporting results next month The mood is improving
The benchmark Nikkei on Thursday climbed back above its
25 day moving average after falling below it earlier in the week
and this too is likely to improve sentiment
Market analysts said the Nikkei is likely to move from 9 700
to 10 000 It closed at 9 796 08 on Thursday
In a sign the Nikkei is likely to open higher Nikkei futures
traded in Chicago closed at 9 955 1 7 percent higher than their
Osaka close
Wall St rallies on Bernanke relief consumer shares
Dollar slides as stocks rise Swiss franc falls
Jobless claims successful auctions bolster bonds
Gold rises as oil rallies volatility declining
Oil surges on Nigeria attack U S refinery problem
STOCKS TO WATCH
Bridgestone Corp
Bridgestone Japan s largest tyre maker lifted its operating
profit forecast for 2009 by 24 percent on Thursday saying the
yen is less strong than it expected
Nippon Electric Glass
The maker of LCD glass lifted its forecast for the first
quarter ending in June expecting a 10 billion yen operating
profit double the top of the forecast range it had given
earlier on an unexpectedly strong recovery in demand
For the second quarter it expects operating profit to fall
by 55 75 percent from a year earlier period
Monex Group Inc
Monex Japan s second largest online broker by customer
accounts said it was interested in an alliance with Citigroup
Inc which owns a large stake in it and had been told by the
U S bank that it had no immediate plans to sell the stake
Kirin Holdings
Kirin said on Thursday it has sold its 3 7 percent stake in
France s Pernod Ricard for about 378 million euros 528 2
million
Fujitsu Ltd
Fujitsu America said it won an outsourcing contract from U S
data processing firm Alliance Data Systems Inc with an annual
value of more than 40 million The deal is the first of its kind
for Fujitsu in the world s biggest market for information
technology services
Lawson Inc
Lawson s group recurring profit likely rose 3 percent from a
year earlier to about 12 billion yen for the March May quarter
boosted by strong sales of low priced store brand products and
fresh foods the Nikkei business daily reported on Friday
Reporting by Elaine Lies Editing by Edwina Gibbs |
C | UPDATE 1 Sumitomo Trust likely buyer of Nikko Asset Nikkei | Adds companies declining to comment
TOKYO June 26 Reuters Sumitomo Trust and Banking is in
final talks to buy Citigroup s asset management arm in Japan for
more than 100 billion yen 1 billion the Nikkei business daily
reported on Friday
Sumitomo Trust has outbid U S based Bank of New York Mellon
Corp and Japanese insurer T D Holdings Inc the Nikkei said
Spokesmen for Sumitomo Trust and Nikko Citi Holdings
Citigroup s holding firm in Japan declined to comment
Nikko Asset Management is Japan s third largest fund manager
with about 90 billion in assets under management
Citigroup put it up for sale as part of efforts to recover
from heavy losses in the global financial crisis
1 95 86 Yen
Reporting by Yumiko Nishitani and David Dolan |
WMB | NBA roundup Rockets win Westbrook s first game vs Thunder | James Harden scored a game high 40 points and Russell Westbrook playing against his former team for the first time finished an assist shy of his second consecutive triple double but it was the two way prowess of PJ Tucker that led the Houston Rockets to a 116 112 win over the visiting Oklahoma City Thunder on Monday
Tucker had 17 points and nine rebounds and he regularly assumed the challenge of defending opponents big and small His corner 3 pointer with 54 8 seconds left provided the Rockets the six point cushion they needed down the stretch
Westbrook finished with 21 points 12 rebounds and nine assists while Harden added seven assists Harden made 21 of 22 foul shots Tucker was 5 of 7 on 3 point attempts Clint Capela contributed 15 points for Houston
Dennis Schroder and Shai Gilgeous Alexander scored 22 apiece for the Thunder while Danilo Gallinari added 17 Chris Paul posted 15 points in his return to Houston and Nerlens Noel also scored 15
Knicks 105 Bulls 98
Reserve Bobby Portis hit the go ahead 3 pointer with 1 47 remaining and scored 11 of his season high 28 points in the fourth quarter as New York rallied from 18 points down to beat Chicago
Portis clutch performance was part of a game ending 15 0 run for the Knicks who avoided their first 0 4 start since 2005 06 The former Chicago forward shot 10 of 14 from the floor and hit all four of his 3 point shots while also grabbing 11 rebounds
Rookie RJ Barrett added 19 points and 15 rebounds for his first career double double for the Knicks who got 14 points from Kevin Knox and 13 points and 14 rebounds from Julius Randle Zach LaVine scored 21 points and Wendell Carter Jr had 20 for the 76ers
76ers 105 Hawks 103
Joel Embiid scored 36 points including the decisive two free throws with 5 3 seconds left and Vince Carter s potential game winning 3 pointer at the buzzer hit the back rim as Philadelphia edged host Atlanta
Embiid showed no ill effects of the right ankle sprain that forced him to miss the last game He shot 12 for 19 from the field including 2 for 6 on 3 point tries and 10 for 10 from the foul line He added 13 rebounds five assists and three steals to help the Sixers improve to 3 0
Atlanta was led by Trae Young with 25 points but only six of those came in the second half Young also had a game high nine assists John Collins had 16 points before fouling out in the final minute and De Andre Hunter scored 14
Clippers 111 Hornets 96
Kawhi Leonard amassed 30 points seven rebounds six assists and three blocks as Los Angeles posted a victory over visiting Charlotte The Clippers won for the third time in four games this season
Lou Williams NYSE WMB added 23 points and Montrezl Harrell scored 19 points and grabbed seven rebounds for Los Angeles Landry Shamet scored all 16 of his points in the first half and Ivica Zubac recorded a career high five blocks
Terry Rozier finished with 17 points to lead six Hornets in double digits Cody Zeller chipped in 14 points and 13 rebounds Reserve guard Devonte Graham had 14 points and 12 assists for Charlotte which took its third consecutive loss
Pistons 96 Pacers 94
Christian Wood scored 19 points and grabbed 12 rebounds off the bench and Derrick Rose overcame a cold shooting night to score the go ahead basket in the final minute as host Detroit defeated Indiana for the second time in six nights
Andre Drummond supplied 18 points and 18 rebounds while Luke Kennard tossed in 14 points for Detroit which had lost its previous two games Bruce Brown added 11 points and seven rebounds and Rose scored 10 on 4 for 16 shooting with six assists off the bench
Domantas Sabonis led the Pacers who dropped to 0 3 with 21 points and 14 rebounds T J Warren had 19 points and five steals Myles Turner scored 16 points and Malcolm Brogdon added 15 points and 11 assists
Spurs 113 Trail Blazers 110
DeMar DeRozan poured in 27 points and led a huge midgame charge for San Antonio Spurs which beat visiting Portland to complete a sweep of its season opening three game homestand
The Spurs roared back from a 19 point first quarter hole to take the lead midway through the third on the way to an 82 71 advantage heading into the final 12 minutes San Antonio outscored the Trail Blazers 63 38 over the second and third quarters but Portland forged its own comeback late pulling to within 109 108 on Damian Lillard s dunk with 1 10 to play
Lillard scored 18 of his 28 points over the game s final 3 50 but he missed a 3 point attempt that would have tied the game with 16 3 seconds to play After a foul and two missed free throws by DeRozan Portland had two more chances to pull even but Lillard missed twice from beyond the arc with the final attempt rolling around the rim and out at the buzzer
Bucks 129 Cavaliers 112
Khris Middleton led seven players in double figures with 21 points as Milwaukee gradually pulled away from visiting Cleveland
Coming off a home loss to Miami the Bucks also got 19 and 17 point efforts off the bench from George Hill and Pat Connaughton respectively while also getting double figure scoring from starters Brook Lopez 16 Giannis Antetokounmpo 14 Eric Bledsoe 14 and Wes Matthews 14
Collin Sexton led Cleveland with 18 points
Jazz 96 Suns 95
Bojan Bogdanovic hit four 3 pointers en route to 29 points and Donovan Mitchell added 25 points and made the first of two free throws with 0 4 seconds left in the game to give Utah a narrow win over host Phoenix
Rudy Gobert contributed 15 points and 18 rebounds and made eight consecutive free throws in the fourth quarter to help the Jazz overcome a seven point deficit in the final nine minutes for their eighth straight win in the series
Devin Booker had 21 points despite playing through foul trouble Kelly Oubre Jr scored 18 points and Ricky Rubio had 10 points 10 rebounds and eight assists in his first game against Utah after spending the previous two seasons with the Jazz The Suns were looking to start 3 1 for the first time since 2014 15
Nuggets 101 Kings 94
Gary Harris contributed a pair of baskets including a 3 pointer to an 11 0 third quarter burst that allowed Denver to overtake host Sacramento before holding on to improve to 3 0
Playing the front end of a back to back the Nuggets managed to give 10 players at least 17 minutes apiece and no one more than 31 The Nuggets host the Dallas Mavericks on Tuesday night
Richaun Holmes recorded a 24 point 13 rebound double double to pace the Kings who fell to 0 4 De Aaron Fox had 20 points and a game high nine assists to support Holmes for Sacramento
Raptors 104 Magic 95
Kyle Lowry scored 26 points including a key 3 pointer and five free throws late in the fourth quarter and Toronto held off visiting Orlando
Pascal Siakam added 24 points and nine rebounds for the Raptors who got double digit scoring from all five starters Fred VanVleet had 14 points OG Anunoby added 12 points and eight rebounds and Marc Gasol contributed 10 points and 10 rebounds Serge Ibaka had nine points and 10 rebounds off the bench
Jonathan Isaac led the Magic with 24 points Evan Fournier added 18 points and Markelle Fultz and Terrence Ross added 13 and 11 off the bench respectively
Warriors 134 Pelicans 123
Stephen Curry scored 26 points and Draymond Green had a triple double as the visiting Golden State defeated New Orleans in a matchup of previously winless teams
Green had 16 points 17 rebounds and 10 assists D Angelo Russell scored 24 points and Damion Lee added 23 off the bench The Warriors outrebounded the Pelicans 61 41
Brandon Ingram had 27 points and 10 rebounds while leading New Orleans in scoring for the fourth consecutive game and Jaxson Hayes added 19 points
Field Level Media |
WMB | Scan will determine Finals fate says Andreescu | By Michael Church
HONG KONG Reuters U S Open champion Bianca Andreescu will have a scan on her injured left knee before deciding whether she will continue at the WTA Finals in Shenzhen following her retirement from her match against Karolina Pliskova on Wednesday
The 19 year old sustained the injury in the third game of her second round robin meeting and although she continued to the end of the set with her knee heavily strapped she retired after sustaining a 6 3 loss
I stepped weirdly on a return said Andreescu who lost her opening game against Simona Halep on Monday
I heard my knee crack It kind of went inwards Putting pressure afterwards on it really bothered me I could barely bend my knee
But I fought with the pain as much as I could At some point an athlete has to say stop and just listen to their body That s what I did
Andreescu took an injury time out that lasted more than eight minutes before returning to action having won the first two games and looking in good form
The injury though curtailed her movement and she decided to retire after Pliskova sealed the first set with an ace
Honestly I really didn t know what to do she said
I ve fought through pain before but this was different It was very acute But it s the last tournament of the year I just told myself Push it as much as you can You re going to have a good break after this
Maybe I could have pushed it more I don t know My team said no It was good that I stopped Honestly I could have kept going If I did then I would just be whining on the court I don t want that I ve done that enough
The Canadian right hander has had an impressive 2019 season winning at Indian Wells and Toronto before capturing the U S Open title at Flushing Meadows with a straight sets win over Serena Williams NYSE WMB in the final
That form saw her climb to fourth in the world rankings earning her a berth at the WTA Finals for the first time
It s been amazing Andreescu said of her best season since joining the senior ranks in 2017 I really can t complain
I made history in Canada I won my first slam My game just keeps getting better and better
The thing with me though is that I m never satisfied Even looking back at that I still want to do well right now
But I have to look at the positives Hopefully I can recover quick after this Who knows if I can play We ll see If not then I m going to have a good pre season good off season be ready for 2020 |
WMB | NFL notebook Testy Mayfield bolts news conference | Cleveland Browns quarterback Baker Mayfield stormed out of his news conference on Wednesday after getting testy with a local reporter
Tony Grossi a reporter for 850 ESPN in Cleveland asked Mayfield about the team s urgency during the final drive of the first half Sunday in a 27 13 loss to the New England Patriots
With 2 19 left in the first half down 17 7 the Browns regained possession at their 16 yard line With 32 seconds left at their 39 Mayfield was sacked for a loss of 10 yards A false start penalty moved the Browns back even further before the Browns elected to run down the clock
After a series of questions and answers Grossi asked if Mayfield was happy with that drive Replied Mayfield No we didn t score points That s the dumbest question you could ask What Jesus Tony He then abruptly ended his media session
Kansas City Chiefs quarterback Patrick Mahomes was officially limited again at practice as he continues to work back from a dislocated right kneecap sustained Oct 17 in Denver
Coach Andy Reid said before practice Mahomes would do a little more than he did during last week s practices and the quarterback appeared to be moving more freely During the portion of practice open to the media Mahomes worked in as the second quarterback behind Matt Moore
Meanwhile defensive tackle Chris Jones groin returned to a limited practice after missing the past three games
Washington Redskins left tackle Trent Williams NYSE WMB failed his physical due to discomfort when putting on his helmet
Coach Bill Callahan said after practice that Williams wasn t present because of the failed physical Williams had surgery in the offseason to remove a cyst from his head
The seven time Pro Bowl selection does not intend to play this season NBC Washington reported despite reporting to the team Tuesday
Baltimore Ravens cornerback Jimmy Smith appears on track to play on Sunday for the first time since getting injured in the season opener
Smith sprained the MCL in his knee after just six snaps into Week 1 in Miami and has been out since He practiced on a limited basis Wednesday
New York Jets safety Jamal Adams explained to reporters why he s upset that his name was involved in trade discussions before the Tuesday deadline
It definitely hurt me said Adams whom the Jets reportedly discussed with the Dallas Cowboys and Baltimore Ravens I hold myself at a high level You know the Rams they don t take calls on Aaron Donald The Patriots don t take calls on Tom Brady
On Tuesday Adams tweeted that first year general manager Joe Douglas went behind my back and shopped me around to teams even after I asked him to keep me here
While Los Angeles Chargers safety Derwin James is eligible to return from injured reserve this week he is not yet ready to practice and doesn t appear close to a return
James had surgery to address a stress fracture in his right foot on Aug 22 and was given a timetable of about three months He was placed on injured reserve before Week 1 ruling him out for at least eight weeks
Cincinnati Bengals wide receiver A J Green said he wants the team to commit to him for many years not just one
Green who is in the final season of a four year 60 million contract is working his way back from an ankle injury sustained at the end of July
Bengals starting quarterback Andy Dalton said that he wished he d heard the news that he was being benched earlier The Bengals 0 8 announced just hours before Tuesday s 4 p m ET trade deadline that they were turning to rookie Ryan Finley
I wish they would have at least if he coach Zac Taylor was thinking about it at least try to let me see if I could end up somewhere or at least see if there was interest in possibly getting traded Dalton said according to ESPN
The Seattle Seahawks placed starting safety Tedric Thompson on injured reserve but are close to getting back another injured player
Tight end Ed Dickson has been designated to return off IR and is eligible to start practicing without counting against the 53 man roster limit Dickson had been sidelined following knee surgery
Defensive back Kamrin Moore is seeking reinstatement by the NFL now that he has been cleared of domestic violence charges his agent said in a statement
Moore 23 formerly with the New York Giants was arrested July 11 in Linden N J and charged with third degree aggravated assault
Veteran guard Richie Incognito might be Oakland s starting center against the Detroit Lions on Sunday Raiders coach Jon Gruden said
The Raiders also signed free agent center Erik Magnuson
The Patriots signed Nick Folk one day after releasing fellow kicker Mike Nugent
Folk previously kicked for the Dallas Cowboys 2007 09 Jets 2010 16 and Tampa Bay Buccaneers 2017
Jacksonville Jaguars special teams player Josh Robinson 28 told the team that he is retiring effective immediately
Field Level Media |
WMB | NBA roundup Curry breaks hand in Warriors loss | Ricky Rubio hit two of Phoenix s five 3 pointers in a 21 0 first quarter run Wednesday as the Suns ran away from Golden State 121 110 in San Francisco on a night when the Warriors lost Stephen Curry to a broken left hand
With the Warriors already down 83 54 in the fourth minute of the third period Curry collided with Suns center Aron Baynes on a drive to the hoop and fell hard on his left arm The two time NBA Most Valuable Player was taken immediately to the locker room and the Warriors later announced he had broken his hand in the incident
The Warriors have now endured major injuries to Kevin Durant ruptured Achilles tendon Klay Thompson torn ACL and Curry in their past six non exhibition games dating back to last spring s NBA Finals Durant left in the summer as a free agent signing with the Brooklyn Nets
Baynes totaled 24 points and 13 rebounds while Saric 16 points Rubio 14 Cameron Johnson 12 and Kelly Oubre Jr 11 also scored in double figures for the Suns Rookie Eric Paschall had 20 points to lead the Warriors who fell to 0 2 at their new home the Chase Center
Rockets 159 Wizards 158
James Harden scored 59 points and hit a free throw with 2 4 seconds left to lift Houston to a wild win over host Washington
After Bradley Beal sank three free throws to tie it with 7 7 seconds left Harden drove got the foul call and made the first free throw He missed the second and Washington was unable to get off a shot
Harden was 18 of 32 from the field Russell Westbrook had 17 points 10 rebounds and 12 assists and Clint Capela added 21 points for the Rockets who shot 53 4 percent from the field Beal led the Wizards with 46 points on 14 of 20 shooting Rookie Rui Hachimura had 23 points and Davis Bertans 21 Washington shot 62 6 percent from the field
Celtics 116 Bucks 105
Jayson Tatum had 25 points including 11 during a third quarter comeback as host Boston overcame a 19 point deficit to beat Milwaukee and win its third game in four tries to open the season
Kemba Walker led all scorers with 32 points Gordon Hayward had 21 points 10 rebounds and seven assists and Marcus Smart hit five 3 pointers and scored 19 for the Celtics who played without swingman Jaylen Brown scratched hours before the game with an illness
Giannis Antetokounmpo had 22 points and 14 rebounds and Khris Middleton scored 26 for the Bucks who have dropped two of four Milwaukee hit just 15 of 24 at the free throw line
Pacers 118 Nets 108
Domantas Sabonis scored 29 points Jeremy Lamb added 25 points and Indiana picked up its first win of the season by pulling away in the fourth quarter to defeat host Brooklyn
The Pacers avoided their first 0 4 start since the 1988 89 season and did so on a night in which they lost center Myles Turner to a sprained right ankle late in the first quarter
Sabonis constantly dominated inside and finished a point shy of his career high set Oct 31 2018 against the New York Knicks He shot 11 of 18 and scored 10 of his points in the fourth quarter when the Pacers outscored the Nets 28 25
Trail Blazers 102 Thunder 99
Damian Lillard scored 23 points including three consecutive 3 pointers in a fourth quarter stretch to lead visiting Portland past Oklahoma City
The Trail Blazers never led by more than nine points in a competitive game but Lillard s hot fourth quarter provided them just enough breathing room to hold off the Thunder
Portland closed its three game road swing through Texas and Oklahoma 2 1 bookending a loss at San Antonio with victories over the Dallas Mavericks and Thunder CJ McCollum capped a high scoring road trip with his lowest output of the three games 22 points Chris Paul led the Thunder with 21 points
Jazz 110 Clippers 96
Mike Conley scored 29 points and Donovan Mitchell added 24 to lead Utah past Los Angeles which played without Kawhi Leonard and Paul George in Salt Lake City
Bojan Bogdanovic added 14 points and Rudy Gobert chipped in 13 to help the Jazz improve to 3 0 at home Utah shot 11 for 24 45 8 percent from 3 point range
Thrust into the starting lineup instead of his usual sixth man role Lou Williams NYSE WMB scored 24 points to lead the Clippers JaMychal Green added 23 points and Montrezl Harrell chipped in 10 off the bench Los Angeles shot 47 6 percent from the field but ended up with 20 turnovers
Magic 95 Knicks 83
Nikola Vucevic scored 21 points as host Orlando overcame squandering a 13 point lead to record its fifth win in its last six meetings against New York
Vucevic shot 8 of 17 from the field and added 13 rebounds two days removed from a nightmarish 1 for 13 performance in Orlando s 104 95 setback to Toronto
Aaron Gordon collected 15 points and 11 rebounds and Evan Fournier added 14 points for Orlando Julius Randle had 16 points and 10 rebounds to pace the Knicks who failed in their bid to win two in a row for the first time this season after managing the feat just three times in all of 2018 19
Raptors 125 Pistons 113
Pascal Siakam scored 30 points grabbed five rebounds and added five assists as Toronto defeated visiting Detroit
It was the third 30 point game in five games this season for Siakam Kyle Lowry added 20 points and eight assists for Toronto Norman Powell and Serge Ibaka had 19 each Fred VanVleet contributed 13 points and 11 assists and OG Anunoby scored 13 points with eight rebounds
Andre Drummond had 21 points and 22 rebounds for the Pistons Derrick Rose had 16 points and 10 assists Langston Galloway added 17 points and Markieff Morris had 16 points
76ers 117 Timberwolves 95
Joel Embiid scored 19 points in 20 minutes before being ejected for a third quarter brawl with Karl Anthony Towns as host Philadelphia beat Minnesota
Embiid led six Philadelphia players in double figures Tobias Harris scored 18 points Furkan Korkmaz had 17 and Ben Simmons added 16 Al Horford scored 12 points and grabbed 16 rebounds and the Sixers improved to 4 0 joining only the San Antonio Spurs as the league s undefeated teams
James Ennis had 11 rebounds off the bench for the Sixers who last won their first four games during the 2000 01 season Alan Wiggins led the Timberwolves with 19 points
Cavaliers 117 Bulls 111
Tristan Thompson scored a game high 23 points and grabbed 10 rebounds and Kevin Love finished with 17 points and 20 rebounds to lift host Cleveland past Chicago
Collin Sexton added 18 points and Jordan Clarkson 17 for the Cavaliers who had six players score in double figures Cleveland has alternated losses and wins through its first four games of the season
Lauri Markkanen and Zach LaVine scored 16 points to pace Chicago which lost its third straight game
Hornets 118 Kings 111
Rookie PJ Washington recorded 23 points and eight rebounds and Terry Rozier added 22 points as Charlotte won at Sacramento
Malik Monk added 18 points off the bench and Miles Bridges scored 17 as Charlotte snapped a three game losing streak Cody Zeller contributed 12 points and 15 rebounds and Devonte Graham added 12 points and nine assists
Buddy Hield scored 23 points and Harrison Barnes added 22 for the Kings who dropped to 0 5 for their worst start since dropping the first seven games of the 1990 91 season Richaun Holmes recorded 17 points and nine rebounds and De Aaron Fox had 16 points and 10 assists
Field Level Media |
WMB | NFL notebook Williams says Redskins misdiagnosed cancer | Washington Redskins left tackle Trent Williams NYSE WMB ended his silence on Thursday and said he had a soft tissue cancer attached to his skull that went misdiagnosed for close to six years leading to his dispute with the team
Williams said he thought he was getting a cyst cut out during the offseason appointment only to learn he had dermatofibrosarcoma protuberans a skin cancer that develops inside connective tissue cells
Williams later had multiple surgeries to remove the tumor he said His unhappiness over how the Redskins diagnosed the growth was a major factor in his eight game holdout that ended Tuesday
The team asked for the NFL s Management Council to put together a joint committee to examine Williams medical records and medical care
The New England Patriots released receiver Josh Gordon off injured reserve multiple media outlets reported
The move means that Gordon is available to other teams on the waiver wire
Gordon 28 has been dealing with two bone bruises in his left knee and last played for New England on Oct 10 against the New York Giants
New York Giants wide receiver Sterling Shepard was a full participant in practice for a second straight day a step toward returning to game action
Shepard sustained a concussion in a Week 5 loss to the Minnesota Vikings on Oct 6 and has been sidelined since He has yet to clear the concussion protocol but could get the go ahead before Monday night s home game against the Cowboys He has had two concussions this season missing the Week 2 loss to the Buffalo Bills after sustaining a head injury in the season opener at Dallas
Rookie cornerback kick returner Corey Ballentine also in the concussion protocol was a full participant in practice on Thursday His status for Monday remained uncertain
After a second medical opinion Denver Broncos quarterback Joe Flacco is expected to be out four to six weeks with a herniated cervical disk according to multiple media reports Flacco also is likely to avoid surgery pending reviews by additional doctors
Several news outlets reported that Flacco was expected to be placed on injured reserve with the neck injury which would force the Broncos to make a roster move However recent reports speculate that Denver may not make a decision about IR until after their Week 10 bye
The team already announced that Brandon Allen will make his first NFL start on Sunday when the Broncos host the Cleveland Browns and practice squad rookie Brett Rypien will serve as the backup
Green Bay Packers wide receiver Davante Adams practiced in full pads for the first time in five weeks according to multiple reports
Adams has been sidelined with turf toe on his right foot since a 34 27 loss to the Philadelphia Eagles on Sept 26 He has missed the Packers past four games
Adams practiced on a limited basis Wednesday so his progression to full pads Thursday was a positive sign that he could be active Sunday at the Los Angeles Chargers
New York Jets rookie linebacker Blake Cashman reportedly is out for the season with a shoulder injury
The fifth round draft pick from Minnesota sustained a torn labrum and a fracture in his shoulder in practice Wednesday according to the New York Daily News
It s the latest blow to a Jets inside linebackers group that lost Avery Williamson to a torn ACL in the preseason and has had top free agent signee C J Mosley groin healthy for only two games
The Pittsburgh Steelers returned linebacker Anthony Chickillo to the active roster after he was removed from the commissioner s exempt list He is now eligible to play and practice
On Oct 20 Chickillo 26 was arrested at a casino hotel in southern Pennsylvania and charged with simple assault criminal mischief and harassment relating to a domestic dispute with his girlfriend Alysha Newman an Olympic pole vaulter for the Canadian national team
All charges were withdrawn Wednesday because Chickillo and Newman who was cited for harassment in the incident elected not to pursue the case
Field Level Media |
WMB | NBA roundup Leonard Clippers hand Spurs 1st loss of season | Kawhi Leonard had 38 points and 12 rebounds to lead the Los Angeles Clippers to a 103 97 win against the visiting San Antonio Spurs on Thursday night
The game marked the third matchup between Leonard and DeRozan since the Spurs traded Leonard to the Toronto Raptors in July 2018 in a deal that brought DeRozan to San Antonio
Montrezl Harrell scored 24 points off the bench and Lou Williams NYSE WMB added 12 points in a reserve role despite shooting just 5 for 19 for Los Angeles
DeMar DeRozan scored 29 points Derrick White had 20 points off the bench and Rudy Gay added nine points and 12 rebounds for the Spurs who had won their first three games this season leaving the Philadelphia 76ers as the NBA s only remaining unbeaten team
Heat 106 Hawks 97
Rookie Kendrick Nunn produced his third 20 point effort of the season going for a career high 28 points to lead Miami to a win at Atlanta
Nunn shot 10 for 15 from the field and upped his season average to 22 4 points Nunn has scored 112 points this season an NBA record for an undrafted free agent in his first five career games
Tyler Herro scored 17 and Meyers Leonard added 16 for Miami Jimmy Butler led the Heat with 11 assists and nine rebounds but he scored just five points on 2 of 10 shooting in his second game with the Heat Jabari Parker led the Hawks with 23 points and added eight rebounds
Pelicans 122 Nuggets 107
Jahlil Okafor scored 26 points as host New Orleans got its first victory of the season defeating Denver
Okafor making his second consecutive start with starting center Derrick Favors sidelined by knee soreness made 8 of 13 shots to become the first Pelican other than Brandon Ingram to lead the team in scoring this season Ingram finished with 25
Frank Jackson came off the bench to add 21 points and Jrue Holiday returning from a two game absence due to a sprained knee had 19 points five rebounds and seven assists Michael Porter Jr in his first career game after a knee injury derailed his 2018 19 season led Denver with 15 points
Field Level Media |
WMB | De Beer appointed head of aerodynamics at Renault F1 | AUSTIN Texas Reuters The Renault PA RENA Formula One team announced the return of Dirk De Beer as head of aerodynamics on Friday and said an unidentified deputy would also join next year from another team
The team said in a statement at the U S Grand Prix that Peter Machin the previous head of aero at the Enstone factory was leaving by mutual agreement with immediate effect
De Beer left Williams NYSE WMB in May last year after a troubled start to the 2018 season He had joined from Ferrari NYSE RACE in 2017 after previous stints with Sauber now Alfa Romeo Renault and Lotus
In 2019 we have shown some strengths but identified areas that needed reinforcement said team boss Cyril Abiteboul in the statement
After a rapid growth of our aerodynamic department and a modernization of our equipment the strengthening of the management layer of this key department will help us reap the benefits of our investments
Renault with Australian driver Daniel Ricciardo and German Nico Hulkenberg are fifth in the constructors championship with three races to go after finishing fourth last year
Formula One approved new regulations for 2021 on Thursday |
WMB | Friday actor John Witherspoon dies aged 77 | Reuters Actor John Witherspoon who starred alongside rapper Ice Cube in the hit Friday comedy movie franchise died on Tuesday at the age of 77 his family said We love you POPS always and forever his family said on his Twitter account referring to another of his roles John Pops Williams NYSE WMB on the long running sitcom The Wayans Bros He was a Legend in the entertainment industry and a father figure to all who watched him over the years the posting added Celebrities including Chance The Rapper actress Jack e Harry and director Judd Apatow went online to pay tribute to the Detroit Michigan born actor and comedian My dad my grandpa my comedic inspiration I love you Spoons Rest In Paradise King Academy Award winning actress Regina King tweeted Witherspoon was best known for his recurring role as Ice Cube s father in the comedy trilogy Friday Next Friday and Friday After Next movies
Witherspoon s manager and family could not be reached for further comment There were no immediate details on the cause of his death |
WMB | NBA roundup James Lakers stretch win streak | LeBron James had 39 points 16 assists and 12 rebounds and the Los Angeles Lakers rallied to defeat the host Dallas Mavericks 119 110 in overtime on Friday night the Lakers fourth win in a row
James who also had four steals connected on 13 of 23 shots from the floor including 4 of 9 from 3 point range Anthony Davis scored 31 points and grabbed eight rebounds for the Lakers who overcame a 15 point deficit Danny Green had 14 points including a 3 pointer at the buzzer to force overtime
Luka Doncic also recorded a triple double finishing with 31 points 15 assists and 13 rebounds for the Mavericks Kristaps Porzingis chipped in 16 points and nine rebounds while Dwight Powell had 14 points
Lakers forward Kyle Kuzma made his season debut scoring nine points in 19 minutes He had been out due to a left ankle injury
Nets 123 Rockets 116
Taurean Prince collected season highs of 27 points and 12 rebounds as Brooklyn overcame a 15 point deficit and beat visiting Houston
The Nets improved to 2 3 and rebounded nicely from Wednesday s 10 point loss to Indiana by outscoring Houston 93 71 over the final 32 31
Caris LeVert added 25 points for the Nets who shot 49 4 percent while not being led in scoring by Kyrie Irving for the first time this season Irving finished with 22 points and 10 assists to post his first double double as a Net
Bucks 123 Magic 91
Giannis Antetokounmpo notched a double double and Milwaukee used a big second quarter to breeze past host Orlando in the first meeting between the teams this season
The Bucks outscored the hosts 31 14 in the second quarter en route to a 62 41 halftime lead Antetokounmpo tallied 29 points 14 rebounds and six assists for Milwaukee which bounced back after Wednesday s 116 105 loss in Boston
Evan Fournier recorded 19 points and Nikola Vucevic had 14 for the Magic who have lost three of four and are 1 1 on their three game homestand Milwaukee outscored Orlando 36 2 on fast breaks
Celtics 104 Knicks 102
Jayson Tatum countered a game tying 3 pointer by Marcus Morris by sinking a 21 footer with 1 3 seconds remaining allowing host Boston to outlast New York in a game that saw neither team lead by more than seven points
The Celtics Kemba Walker led all scorers with 33 points who won their fourth straight after a season opening loss at Philadelphia Tatum added 24 points Gordon Hayward 13 and Grant Williams NYSE WMB 10
Morris hit five 3 pointers including three in the final four minutes and finished with 29 points to lead the Knicks who completed a two game road trip that began with a 95 83 loss at Orlando on Wednesday RJ Barrett had 15 points Bobby Portis 13 Kevin Knox II 12 and Frank Ntilikina 10 for New York
Bulls 112 Pistons 106
Zach LaVine scored 26 points Otto Porter Jr had 22 and Chicago held on to defeat visiting Detroit
Wendell Carter Jr contributed 16 points and 11 rebounds and Lauri Markkanen added 14 points for Chicago which snapped a three game losing streak
Pistons guard Derrick Rose came off the bench to score 23 points on 8 for 13 shooting in his return to Chicago where he won a Most Valuable Player award during the 2010 11 season Pistons center Andre Drummond had another monster performance in the paint with 25 points and 24 rebounds in 35 minutes
Spurs 127 Warriors 110
Patty Mills scored five of his game high 31 points in a 10 0 burst late in the third quarter as San Antonio finally broke free from Stephen Curry less Golden State in San Francisco
After earlier in the day announcing that Curry is likely to miss three months after undergoing surgery on his broken left hand the Warriors led San Antonio in the second minute of the third quarter and hung within 83 79 with 3 20 remaining in the period before the Spurs took charge
Mills a former star at nearby Saint Mary s College shot 6 for 9 on 3 point attempts en route to his season best point total for the Spurs who were coming off a 103 97 road defeat to the Los Angeles Clippers on Thursday night The 31 points were the third most of Mills career He had 34 at Golden State in its Oakland based days in 2012 then 32 at Charlotte two years later
Kings 102 Jazz 101
Harrison Barnes scored on a putback with 2 9 seconds left to lift Sacramento to a home win over Utah Jazz for their first victory of the season
Nemanja Bjelica launched a corner 3 pointer with less than five seconds left that missed but Barnes was positioned well to get the rebound and make the basket to put a halt to the Kings season opening five game losing streak
De Aaron Fox scored 25 points and Buddy Hield added 18 for Sacramento Bogdan Bogdanovic tallied 14 points Barnes had 13 Bjelica added 11 and Dewayne Dedmon scored 10 Donovan Mitchell scored 24 points for Utah which had a three game winning streak snapped
Pacers 102 Cavaliers 95
Malcolm Brogdon posted 25 points eight rebounds and six assists Domantas Sabonis had 18 points 17 rebounds and four assists and Indiana overcame a poor 3 point performance to beat visiting Cleveland
The Pacers earned their second consecutive win after an 0 3 start which included a loss to Cleveland six days earlier A strong second quarter erased a rough start for Indiana which scored just 19 points in the opening period Coach Nate McMillan who didn t have Myles Turner because of an ankle injury started T J Leaf instead
Indiana came out sluggish and its 3 point shooting never improved The Pacers shot just 18 5 percent 5 of 27 from deep Justin Holiday who scored eight points off the bench was the only Pacer to make more than one 3 pointer
Field Level Media |
WMB | Top 25 roundup No 8 Georgia stops No 6 Florida | Jake Fromm threw two touchdown passes and Georgia allowed just 21 rushing yards as the eighth ranked Bulldogs defeated No 6 Florida 24 17 on Saturday in Jacksonville Fla
Rodrigo Blankenship kicked three field goals for the Bulldogs 7 1 4 1 who took possession of first place in the Southeastern Conference s East Division with four weeks remaining in the regular season
The decision virtually was sealed when Fromm teamed with tight end Eli Wolf for a 22 yard pass play on third and 7 with over 2 minutes to go and Florida without a timeout The Bulldogs ran out the clock
Fromm completed 20 of 30 passes for 279 yards in beating Florida for the third straight year Kyle Trask finished 21 of 33 for 257 yards and two TDs for the Gators 7 2 4 2 He became the first Gators quarterback in 10 years to throw for two or more TDs against Georgia
No 4 Clemson 59 Wofford 14
Travis Etienne rushed for a career high 212 yards and two touchdowns as the Tigers rolled past the Terriers at Clemson s Memorial Stadium
Etienne a junior running back scored on runs of 47 and 86 yards giving him 48 for his career and eclipsing the school record for rushing touchdowns held by James Davis 47 from 2005 08
Etienne amassed his yardage on only nine carries for an average of 23 6 yards per attempt and pushed his season total to 1 102 yards He became the first player in Clemson history to have three 200 yard rushing games in a career
No 7 Oregon 56 USC 24
Justin Herbert threw three touchdown passes rushed for a fourth score and the Ducks rolled past the host Trojans
Juwan Johnson caught all three of Herbert s scoring passes the second capping a drive in which Herbert briefly left the game In a scary moment for the Ducks the quarterback took a late low hit and spent several moments on the turf before walking to the sideline under his own power
Herbert completed 21 of 26 passes for 225 yards Johnson caught seven passes for 106 yards The Ducks defense picked off USC freshman quarterback Kedon Slovis three times
No 9 Utah 33 Washington 28
Tyler Huntley completed 19 of 24 passes for 284 yards and a touchdown and rushed for another score as the Utes rallied to defeat the host Huskies in Seattle
Zack Moss the Utes all time leading rusher added 100 yards and a clinching touchdown on 27 carries He also caught five passes for 41 yards and a score as Utah 8 1 5 1 Pac 12 won its fifth straight game
Washington 5 4 2 4 blew a double digit lead at home to a top 12 ranked team for the second straight game after suffering a 35 31 loss to Oregon two weeks ago Tight end Hunter Bryant led the Huskies with six catches for 105 yards and two scores
No 11 Auburn 20 Ole Miss 14
Freshman quarterback Bo Nix passed for a season high 340 yards and freshman running back D J Williams NYSE WMB rushed for 75 of his game total 93 yards in the second half to key the Tigers victory over the Rebels
The Tigers 7 2 4 2 SEC played without a pair of defensive starters defensive end Marlon Davidson back spasms and safety Jeremiah Dinson virus but stifled a comeback bid by the Rebels 3 6 2 4 when defensive back Christian Tutt intercepted quarterback John Rhys Plumlee s fourth down pass in the closing seconds
The Tigers were up only a field goal at halftime but took command early in the second Nix capped a 54 yard drive with a 1 yard touchdown run to open the third quarter and kicker Anders Carlson added a 38 yard field goal on the next series giving the Tigers a 13 point cushion
No 14 Michigan 38 Maryland 7
Giles Jackson returned the opening kickoff 97 yards for a touchdown and freshman Zach Charbonnet rushed for two touchdowns to lead the Wolverines over the Terrapins in College Park Md
The Michigan defense did the rest holding Maryland without an offensive score and to 233 total yards
The Wolverines 7 2 4 2 Big Ten won for the fifth time in the past six games The Terrapins 3 6 1 5 have dropped four consecutive games and six of seven since a 2 0 start Maryland s only points came on Javon Leake s 97 yard kickoff return in the third quarter
No 24 Memphis 54 No 15 SMU 48
Brady White threw for 350 yards and three touchdowns as the host Tigers ended the Mustangs hopes of an unbeaten regular season
Both teams are 8 1 overall and 4 1 in the American Athletic Conference West but the Tigers bolstered their hopes of a third straight division title and a chance for the Group of Five s berth in the Cotton Bowl on New Year s Day
White completed 19 of 33 passes hitting Antonio Gibson for a 50 yard scoring strike and Damonte Coxie for touchdowns of 24 and 49 yards Gibson added a 97 yard kickoff return to start the second half and a 78 yard scoring run with 9 31 left in the game finishing his night with 386 total yards 97 rushing 130 receiving 159 kickoff return
No 16 Notre Dame 21 Virginia Tech 20
Senior quarterback Ian Book rushed 7 yards for a go ahead touchdown with 29 seconds left as the Fighting Irish escaped with a win over the visiting Hokies in South Bend Ind
Book s touchdown capped a wild comeback for Notre Dame 6 2 which trailed by six points when it took over at its 13 yard line with 3 22 remaining The Fighting Irish converted a pair of fourth down plays during the 18 play 87 yard scoring drive which extended their home winning streak to 16 games
Hokies safety Divine Deablo had a 98 yard score on the longest ever fumble recovery for a touchdown against Notre Dame The loss snapped a three game winning streak for Virginia Tech 5 3
No 17 Cincinnati 46 East Carolina 43
Cornerback Ahmad Gardner scored a go ahead pick six late in the fourth quarter and kicker Sam Crosa hit a 32 yard field goal on the game s final play as the Bearcats defeated the Pirates in Greenville N C
The Bearcats 7 1 4 0 AAC were 24 point favorites but got all they wanted from the Pirates 3 6 0 5 who received career games from quarterback Holton Ahlers and receiver C J Johnson Ahlers completed 32 of 52 passes for 535 yards and four touchdowns Johnson caught 12 passes for 283 receiving yards and a touchdown
Cincinnati s offense kept pace Running back Michael Warren II rushed for 141 yards and three touchdowns Quarterback Desmond Ridder rushed for 153 yards on 12 carries He also threw for 161 yards with one touchdown and two interceptions
No 21 Boise State 52 San Jose State 42
George Holani rushed for season highs of 126 yards and four touchdowns to help the Broncos rally past the host Spartans
Hank Bachmeier returned from a one game absence due to a hip injury to pass for 213 yards and one interception for the Broncos 7 1 4 0 Mountain West John Hightower caught five passes for 129 yards
Josh Love passed for a season best 438 yards and had two touchdown tosses and one interception for San Jose State 4 5 1 4 which dropped to 0 13 all time against Boise State Tre Walker caught nine passes for a season best 193 yards Bailey Gaither had eight receptions for 110 yards and one score and DeJon Packer rushed for two touchdowns for the Spartans
No 22 Kansas State 38 Kansas 10
Skylar Thompson rushed for 131 yards and three touchdowns and passed for 129 yards as the Wildcats smothered the host Jayhawks in the first sellout since 2009 in Lawrence Kan
Playing without leading rusher James Gilbert Kansas State 6 2 3 2 Big 12 still powered for 342 yards on the ground Only its own lack of execution prevented more points The Wildcats who became bowl eligible were penalized 11 times for 113 yards They crossed into Kansas territory eight times generated 471 total yards and went 5 of 5 in the red zone
The Jayhawks 3 6 1 5 coming off two straight 500 yard performances managed just 241 yards
No 23 Wake Forest 44 NC State 10
Jamie Newman returned from a one game injury absence to throw for three touchdowns and rush for two more as the Demon Deacons throttled the visiting Wolfpack in Winston Salem N C
In his first game since Oct 12 Newman completed 25 of 38 passes for 287 yards He added 30 yards on the ground on 11 carries and tight end Jack Freudenthal caught all three scoring passes
Wake Forest 7 1 3 1 ACC is off to its best start since its 2006 ACC championship season The Demon Deacons have won three straight in the series with NC State 4 4 1 3 who fell behind quickly thanks to two first quarter turnovers
Field Level Media |
BMY | Will Exelixis EXEL Be Able To Carry 17 Momentum In 2018 | Shares of Exelixis Inc NASDAQ EXEL have rallied a massive 106 6 year to date compared with the gain of 5 2 Exelixis lead product Cometriq the capsule form of cabozantinib was approved in the United State in 2012 for the treatment of progressive metastatic medullary thyroid cancer In April 2016 a tablet formulation of cabozantinib Cabometyx was approved in the United States for the treatment of patients with advanced renal cell carcinoma RCC who have received prior anti angiogenic therapy Cabometyx posted strong sales in the first nine months of 2017 thereby underlying the increasing demand for the drug New patient market share in the second line plus setting increased to 38 The recent FDA approval of Cabometyx for the treatment previously untreated advanced RCC should further boost demand The approval comes two months ahead of schedule We note that Cabometyx cabozantinib a tyrosine kinase inhibitor or TKI was already approved for the treatment of RCC in patients who have already received anti angiogenic therapy Cabozantinib inhibits the activity of tyrosine kinases including MET AXL VEGF receptors and RET The approval came on the back of results from the randomized phase II trial CABOSUN The results demonstrated statistically significant and clinically meaningful improvement in progression free survival PFS versus the current standard of care Pfizer Inc s NYSE PFE Sutent Importantly Cabometyx demonstrated a clinically meaningful and statistically significant 52 reduction in the rate of disease progression or death Median PFS for Cabometyx was 8 6 months versus 5 3 months for Sutent corresponding to a 3 3 month 62 improvement RCC is the most common form of kidney cancer in adults Per statistics approximately 30 000 patients in the United States and 68 000 around the world need a first line treatment for advanced kidney cancer As many as 14 000 patients need the same annually in the United States Sutent is widely used as a first line treatment for RCC Hence we expect Cabometyx will pose a challenge to Sutent s market share for first line RCC in 2018 In addition the drug is also being evaluated for advanced hepatocellular carcinoma HCC in the CELESTIAL study In October 2017 Exelixis announced that the CELESTIAL trial met its primary endpoint of overall survival OS with cabozantinib providing a statistically significant and clinically meaningful improvement in OS compared with placebo in patients with advanced HCC The independent data monitoring committee for the study recommended that the trial should be stopped for efficacy following review of the second planned interim analysis Exelixis plans to submit an sNDA to the FDA in the first quarter of 2018 HCC is the most common form of primary liver cancer accounting for more than 90 of cases in the United States reflecting the demand for therapies Hence a potential approval of the drug for liver cancer will further boost the growth potential of the drug In early 2017 Exelixis inked agreements with Bristol Myers Squibb NYSE BMY and Roche Holdings OTC RHHBY to jointly develop cabozantinib in combination with immunotherapy agents Exelixis collaborated with Bristol Myers to evaluate cabozantinib in combination with Opdivo alone or in combination with Yervoy in a phase III trial in first line RCC and potentially in other tumor types including HCC and bladder cancer Both companies have initiated a phase III trial CheckMate 9ER in July 2017 to evaluate Opdivo in combination with Cabometyx or Opdivo and Yervoy in combination with Cabometyx versus Sutent in patients with previously untreated advanced or metastatic RCC Exelixis has also collaborated with Roche to evaluate Cabometyx in combination with Tecentriq an anti PD L1 antibody in patients with advanced RCC or bladder cancer In June 2017 Exelixis initiated the dose escalation stage of a phase Ib trial of cabozantinib in combination with Tecentriq The drug will be evaluated in patients suffering from locally advanced or metastatic urothelial carcinoma or RCC While competition might stiffen up a bit in 2018 as the the FDA accepted Bristol Myers supplemental Biologics License Application for priority review of Opdivo plus Yervoy to treat intermediate and poor risk patients with advanced RCC with an action date of Apr 16 2018 we expect Exelixis to ride high on the performance of Cabometyx in 2018 Hence this is a must have stock for investors in their biotech portfolio in 2018 Zacks Rank
Exelixis carries a Zacks Rank 3 Hold You can see Today s Stocks from Zacks Hottest StrategiesIt s hard to believe even for us at Zacks But while the market gained 18 8 from 2016 Q1 2017 our top stock picking screens have returned 157 0 128 0 97 8 94 7 and 90 2 respectively And this outperformance has not just been a recent phenomenon Over the years it has been remarkably consistent From 2000 Q1 2017 the composite yearly average gain for these strategies has beaten the market more than 11X over Maybe even more remarkable is the fact that we re willing to share their latest stocks with you without cost or obligation |
BMY | Exelixis Amends Cabozantinib Tecentriq Phase Ib Trial | Exelixis Inc NASDAQ EXEL announced an amendment to the protocol for the phase Ib trial of cabozantinib combined with Roche Holdings OTC RHHBY Tecentriq in patients with locally advanced or metastatic solid tumors Per the amendment there will be four new expansion cohorts to the trial The cohorts will include include patients with NSCLC and CRPC in addition to previously included patients with renal cell carcinoma RCC and urothelial carcinoma UC The primary objective in the expansion stage of this trial is to determine the objective response rate in each cohort The cohorts will now include the following patients with advanced non squamous NSCLC without a defined tumor genetic alteration EGFR ALK ROS1 or BRAF who have not received prior therapy with immune checkpoint inhibitors patients with NSCLC without a defined tumor genetic alteration who have progressed following treatment with immune checkpoint inhibitor patients with UC who have progressed following treatment with an immune checkpoint inhibitor patients with CRPC who have previously received enzalutamide and or abiraterone acetate and experienced radiographic disease progression in soft tissue The multicentre phase Ib open label study is divided into two parts a dose escalation phase and an expansion cohort phase The main objective is to calculate the optimal dose and schedule of daily oral administration of cabozantinib The trial will begin enrolment in the eight expansion cohorts once the recommended dose and schedule are determined anticipated to occur in the first half of 2018 Exelixis stock have rallied a massive 108 2 in the last one year compared with the gain of 3 8 In April 2016 a tablet formulation of cabozantinib Cabometyx was approved in the United States for the treatment of patients with advanced renal cell carcinoma RCC who have received prior anti angiogenic therapy Cabometyx delivered strong sales in the first nine months of 2017 underlying the increasing demand for the drug New patient market share in the second line plus setting increased to 38 The recent FDA approval of Cabometyx for the treatment of previously untreated advanced RCC should further boost demand The drug demonstrated statistically significant and clinically meaningful improvement in progression free survival PFS versus the current standard of care Pfizer Inc s NYSE PFE Sutent Apart from Roche Exelixis also inked agreement with Bristol Myers Squibb NYSE BMY to jointly develop cabozantinib in collaboration with immunotherapy agents Exelixis collaborated with Bristol Myers to evaluate cabozantinib in combination with Opdivo alone or along with Yervoy in a phase III trial in first line RCC and potentially in other tumor types including HCC and bladder cancer The companies have initiated a phase III trial CheckMate 9ER in July 2017 to evaluate Opdivo in combination with Cabometyx or Opdivo and Yervoy in combination with Cabometyx versus Sutent in patients with previously untreated advanced or metastatic RCC While competition might stiffen a bit in 2018 as the the FDA accepted Bristol Myers supplemental Biologics License Application The application includes priority review of Opdivo plus Yervoy to treat intermediate and poor risk patients with advanced RCC with an action date of Apr 16 2018 We expect Exelixis to ride high on the performance of Cabometyx in 2018 Zacks RankExelixis flaunts a Zacks Rank 1 Strong Buy You can see the complete list of today s Zacks 1 Rank Strong Buy stocks here Zacks Editor in Chief Goes All In on This StockFull disclosure Kevin Matras now has more of his own money in one particular stock than in any other He believes in its short term profit potential and also in its prospects to more than double by 2019 Today he reveals and explains his surprising move in a new Special Report |
C | UPDATE 5 Nomura T D among bidders for Citi Japan unit sources | Nomura T D among bidders for Nikko Asset sources
Deal likely to be worth over 1 billion
Citi shedding assets in wake of subprime crisis
Deal could change asset management landscape analyst
By Taro Fuse and Chikafumi Hodo
TOKYO June 16 Reuters Investment bank Nomura and
insurer T D Holdings are among five firms in the second round of
bidding for Citigroup s asset management arm in Japan in a deal
likely to top 1 billion five sources familiar with the matter
said
Citigroup is looking to sell Nikko Asset Management Japan s
third largest fund manager with about 90 billion in assets
under management as part of efforts to recover from heavy
losses in the global financial crisis
This could change the landscape of the Japanese asset
management industry said Tatsuo Majima senior analyst at
Tokai Tokyo Research Center
The deal could intensify competition for the country s 15
trillion in household assets most of which is still parked in
low yielding deposit accounts
Last week BlackRock Inc agreed to buy Barclays Global
Investors for 13 5 billion creating the world s largest money
manager Both BlackRock and BGI have large operations in Japan
Mid sized Japanese lender Sumitomo Trust and Banking is also
bidding for Nikko Asset the sources said declining to be
identified because they are not authorised to speak publicly
about the deal
The sale of Nikko Asset comes after Citigroup last month
agreed to sell Japanese brokerage Nikko Cordial and key
investment banking assets to SMFG the country s third largest
bank for about 5 9 billion
Officials from Citigroup Nomura T D and Sumitomo Trust
declined to comment
Citigroup is expected to narrow the list of potential buyers
to around two and take final bids as early as this month the
sources said
SUMITOMO TRUST
Citigroup spent about 1 5 trillion yen 15 6 billion to
acquire the Nikko Cordial franchise in a transaction completed
early last year aiming to expand in the world s second largest
economy
That deal gave it control of Nikko Asset led by chief
executive Tim McCarthy and president Bill Wilder former head of
Fidelity Investments Japan
Acquiring Nikko Asset would make sense for T D Holdings
which should have no problem financing the deal after bolstering
its capital earlier this year and following the recent rally in
share prices Tokai Tokyo s Majima said
T D is keen to raise its own performance in investments
after suffering huge losses on equities and hedge fund
investments last financial year he said
It would also be a sensible move for Sumitomo Trust which
would benefit greatly from Nikko Asset s marketing network and
know how said an executive of a non Japanese asset management
company speaking on the condition of anonymity
The benefits of a deal are less clear for Nomura Asset
Management the executive said
Nomura could firm up its position as the top asset company
in Japan if it successfully acquired Nikko But I doubt whether
the tie up could bring a lot of synergy to Nomura considering it
already has strong marketing power and a solid network
Nikko Asset has increased its independence under the
leadership of McCarthy and Wilder and sells funds through a
network of banks instead of relying on Nikko Cordial for
distribution
That strategy differs from other Japanese asset management
companies including industry leader Nomura and No 2 Daiwa
Asset Management which rely more heavily on brokerage
affiliates to move their products
Citigroup also has plans to sell Japanese telemarketer
Bellsystem24 Inc in a deal that could be worth around 1 5
billion people familiar with the matter have told Reuters
Nomura shares fell 8 8 percent on Tuesday while T D
Holdings dropped 5 5 percent The benchmark Nikkei average shed
2 9 percent
Additional reporting by Taiga Uranaka Junko Fujita David
Dolan and Chikafumi Hodo Editing by Joseph Radford and Dan
Lalor
1 96 47 yen |
C | ANALYSIS Deal making revives hiring in Australian banks | M A up 80 pct on deal in the resources sector
Australia accounts for half of Asian deals this year
Private equity deals may remain slow
Senior bankers with strong contacts sought after
By Denny Thomas
SYDNEY June 16 Reuters Investment bankers are once
again a hot commodity in Australia as recovering metal and
energy prices fuel multi billion dollar deals in the resources
sector
After dodging the worst of the credit crisis that saw
thousands of bankers lose their jobs in the United States and
Europe mineral rich Australia has led Asia s dealmaking this
year
We are looking to build the team said Chris Knoblanche
head of global banking at Citigroup in Australia and New
Zealand We have recently hired two new managing directors
within global banking
Most big banks including JP Morgan UBS and Credit Suisse
are hiring industry sources said reversing a trend that saw
about 350 bankers or 10 percent of the total axed in the
downturn
The tide turned as Australia s rich natural resource sector
attracted firms from China to Canada keeping corporate
advisers busy That trend is likely to stay on course despite
the collapse of a planned 19 5 billion tie up between
state owned metals firm Chinalco and Rio Tinto Ltd
We think there will continue to be Australian assets that
are attractive to foreign buyers particularly in the mining
and resources sector said Anthony Sweetman head of M A at
UBS
Last week China s state owned Minmetals sealed a 1 4
billion deal to buy most of the assets of indebted miner OZ
Minerals Ltd UBS advised Minmetals on the deal
While deal volumes across Asia have slumped this year
Australia has seen an 80 percent jump in transaction volumes
helped by the proposed Rio BHP Billiton Ltd iron ore joint
venture according to data from Thomson Reuters
Some 84 billion worth of deals have been announced in
Australia in 2009 accounting for almost half the M A
transactions in Asia ex Japan
According to Thomson Reuters data that would mean banks
would earn about 525 million in fees half of what they earned
in the whole of 2008 Australian firms have also raised more
than 20 billion in new equity helping underwriters and
advisors earn 527 million in fees compared with 771 million
the whole of 2008
But while the fees are rising no one expecting overall
salaries to climb as the parent companies of most domestic
outfits are struggling during the global meltdown
RELATIONSHIPS MATTER
Banks are scouring the market for industry specialists
though demand for junior jobs is slow
There is appetite to hire senior bankers People are
looking for bankers who can build relationships I don t get
the sense that there is demand at the junior level said one
banker who is looking to move
I ve had at least 20 different calls in the past three
weeks since my intention to leave the banker added The
source declined to be named as he was in the process of leaving
his current employer
Boutique corporate advisers are not being left behind with
Caliburn Partnership looking to hire aggressively while some
ex bankers are also setting up their up own shops all pointing
to a period of heightened activity
Australia and New Zealand Banking Group s plan to bid for
certain Asian assets of British bank Royal Bank of Scotland has
raised hopes for more deals as some foreign firms assess the
future of their non core operations
British insurer Aviva Plc Canadian broadcaster CanWest and
Germany s HeidelbergCement are the other foreign firms
exploring sale of their Australian businesses
Concentrated markets in several industries including
finance and supermarkets would limit deal making among
Australia firms but there will be opportunities in retail
real estate infrastructure and mining services bankers say
But the optimism is peppered with some caution as
Australian businesses are still concerned about earnings and a
stronger Australian dollar could derail inbound deals The
Aussie dollar is up 14 percent against the U S dollar so far
this year
Australian corporates remain cautious and are seeking
clarity on the 2010 earnings outlook before making significant
strategic decisions said Jon Gidney head of M A at JP Morgan
Australia
Improving capital markets provide flexibility and should
we have a sustainable rally we d expect more activity in late
2009 and early 2010 he added
Similarly prospects for leveraged buyouts remain grim
bankers say Cheap debt had fuelled a rush of private equity
deals pushing M A volumes to record levels in 2007
There remains potential for private equity deals but debt
funding remains difficult UBS s Sweetman said
There may be further recapitalisation deals but the big
A 10 billion transactions are unlikely to return anytime
soon
1 A 1 24
Editing by Saeed Azhar |
C | HK shares fall for 2nd day China stocks outperform | Ping An falls on doubts about Shenzhen Bank stake buy
Commodity linked stocks nailed by weaker oil metal prices
HK new listing Lumena soars 19 pct on debut
Updates to close
By Parvathy Ullatil Claire Zhang
HONG KONG SHANGHAI June 16 Reuters Hong Kong shares
pulled back 1 8 percent on Tuesday as investors reassessed risk
assets following weak economic data from the U S while
resource linked counters were hard hit by falling commodity
prices
But new listing Lumena Resources Corp defied the slump in
the broader market rising 19 percent from its listing price of
HK 2
Reasonable inexpensive pricing made the stock appealing to
investors especially in a market flooded with liquidity said
Alfred Chan a chief dealer at Cheer Pearl Investment
The Chinese chemicals maker soared to HK 2 38 in its trading
debut with shares worth HK 1 2 billion changing hands as
investors looked for bargains Hong Kong stocks are trading at
more than 16 times their price to earnings multiple compared
with less than eight times for Lumena
China stocks slipped 0 5 percent weighed down by Ping An
Insurance on potential concerns over a bank acquisition deal but
outperformed overseas markets amid upbeat signs on the economy
PING AN DRAGS SHANGHAI BENCHMARK
Ping An sagging 4 9 percent to 43 85 yuan as investors were
wary about the likely benefits of a deal to boost its stake in
Shenzhen Development Bank to close to 30 percent
Ping An rose only 2 30 percent on Monday after the
announcement of the deal over the weekend while Shenzhen Bank
rose 2 68 percent to 22 59 yuan on Tuesday after soaring by its
10 percent daily limit on Monday Despite the day s loss Ping An
is still up 65 percent for the year compared with 52 percent for
the Shanghai benchmark index
In Hong Kong Ping An extended the previous session s losses
after Nomura cut its rating on the stock following a Citigroup
downgrade on Monday to neutral from buy saying the
short term risks from the acquisition could outweigh its
long term benefits
The stock slid 5 1 percent to HK 54 25
The Shanghai Composite Index ended down 13 527 points at
2 776 022 points
Losing Shanghai A shares outnumbered gainers by 522 to 392
while turnover in Shanghai A shares slipped to 107 9 billion yuan
15 8 billion the lowest so far this month from Monday s
108 3 billion yuan
Brokerage shares outperformed with CITIC Securities rising
3 5 percent to 28 57 yuan buoyed by expectations of an imminent
restart of IPOs that would boost their business
Sentiment was supported by an official media report on
Tuesday that China s average daily power output considered a
leading indicator for industrial activity declined only 0 2
percent year on year in the first 10 days of June compared with
a 3 5 percent fall in May
Today s stock market outperformed overseas markets but the
index is still in consolidation mode and is expected to move in a
limited range before the restart of IPOs said Huatai Securities
analyst Chen Huiqin She said the anticipated resumption of IPOs
was deterring investor buying interest
Property shares were weak with China Vanke sinking 2 52
percent to 10 83 yuan
COMMODITY COUNTERS RUN OUT OF STEAM
Energy and other resources linked stocks sank following the
drop in commodity prices amid a firmer U S dollar and declines
in the stock market
Asia s largest oil and gas producer PetroChina shed 2 6
percent while offshore oil specialist CNOOC shrank 5 5 percent
to HK 9 90
Metal and coal stocks were also beaten down with Aluminum
Corp of China Chalco down 3 5 percent while China Coal Energy
gave up 4 5 percent
The benchmark Hang Seng Index ended down 333 46 points at
18 165 50 bouncing off an earlier low of 17 859 74
Rising bond yields are still a big overhang on the market
Asian equities are especially sensitive to yields on 10 year U S
Treasury notes said UOB Kay Hian director Steven Leung
But risk aversion is not that high long funds have not
started selling yet There is hope the index will hold near
18 000 points he said
A pullback in the measure of regional manufacturing and an
unexpected decline in homebuilder sentiment challenged beliefs
that the U S economy was poised for a rebound and pushed
investors towards the safe haven of government bonds
Turnover rose to HK 76 5 billion from Monday s HK 65 3
billion
The China Enterprises Index of top mainland companies listed
in Hong Kong fell 1 5 percent to 10 716 32
Additional reporting by Donny Kwok Editing by Edmund Klamann
and Chris Lewis |
C | UPDATE 1 Oil stops May euro zone inflation Q1 wages grow | Adds economists comments
By Jan Strupczewski
BRUSSELS June 16 Reuters A hefty drop in oil costs
brought euro zone inflation to its first ever standstill in May
data confirmed on Tuesday and economists expect consumer prices
to start falling in June
But despite the depth of the recession and a sharp rise in
unemployment wages in the 16 country area grew during the first
quarter at almost the same pace as a year earlier helping
potential household demand
Consumer prices grew by 0 1 percent month on month in May
and were unchanged year on year Energy prices rose 0 4 percent
on the month and fell 11 6 percent on the year European Union
statistics office Eurostat said
Inflation is likely to turn negative this summer as energy
and food related base effects should continue to exert further
downward pressures said Clemente de Lucia economist at BNP
Paribas
Inflation should then moderately rebound over the last
quarter of the year as base effects will operate in the opposite
direction By contrast core inflation should continue to ease
de Lucia said
What the European Central Bank calls core inflation price
growth excluding energy and unprocessed food was zero on the
month and 1 5 percent year on year down from 1 7 percent in
April
Contracting demand large spare capacity and rising
unemployment should continue to push down core inflation over
the coming months de Lucia said
Employment in the euro zone dropped by a record 1 22 million
jobs in the first quarter of 2009
Another measure of core inflation that economists often look
at and which excludes energy food alcohol and tobacco prices
fell to 1 5 percent year on year from 1 8 percent
Belgium Ireland France Spain Luxembourg and Portugal saw
consumer prices fall in May and economists expect their ranks to
be swelled by other countries in June
The ECB which wants annual inflation to be just below 2
percent cut its main refinancing rate to a record low of 1
percent in May to help the flow of credit in the economy
WAGE BOOST
A slightly positive signal for recovery prospects came from
the data on wages which rose 3 6 percent year on year in
January March only marginally below the 3 7 percent growth in
the first quarter of 2008
While more money in workers pockets is good for consumption
in general economists said unemployment trends were more
important because those who had kept their job so far could be
worried they might lose it soon and rein in spending
Wages do take time to react to the slack in the labour
market said Giada Giani economist at Citigroup noting the
first quarter wage growth had benefited from the impetus of 2008
when increases in pay accelerated
The movement in the labour market and the rise in
unemployment is far more relevant than the wages Giani said
Unemployment in the euro zone rose to an almost 10 year high
of 9 2 percent in April
Wage growth in Germany the euro zone s biggest economy
jumped to 6 1 percent year on year and total labour costs rose
6 6 percent in the first quarter almost 2 5 times faster than
in the first quarter of 2008 and faster than the 4 8 percent
jump in the last quarter of 2008
In Spain the euro zone s fourth biggest economy wage
growth showed little impact from surging unemployment in the
first quarter with salaries rising 3 3 percent Wages in France
and Greece fell
Editing by Dale Hudson |
C | REFILE UPDATE 4 BAT eyes Asia boost from 494 mln Indonesia deal | Refiles to correct spelling of Sampoerna in paragraphs 7 8
and 9 and insert Reuters Instrument Code
Buys 85 pct of Indonesia s No 4 Bentoel to bid for rest
Deal at a 20 pct premium to Monday s close
Bentoel shares up 8 pct in Jakarta BAT up 0 2 pct
Adds analyst comment background updates shares
By Tyagita Silka and Michael Flaherty
JAKARTA HONG KONG June 17 Reuters British American
Tobacco Plc bought a majority stake in a top Indonesian
cigarette firm on Wednesday lifting its share in the world s
fifth largest and fast growing market as it looks to offset flat
sales elsewhere
BAT maker of Dunhill and Lucky Strike cigarettes said it
paid 494 million for an 85 percent stake in PT Bentoel
Internasional Investama Indonesia s fourth largest cigarette
maker by volume and would buy up the remaining shares by the
end of August
London based world number two cigarette maker BAT like
other major players is looking to expand in growing emerging
markets as western ones are hit by the effects of higher taxes
smoking bans and restrictions on advertising
The purchase makes sense as Indonesia cigarette market
is dominated with kretek clove which accounts for around 93
percent of total cigarettes consumed said Jakarta based
analyst Ella Nusantoro of Citigroup in a note to clients
The remaining 7 percent is white cigarettes which are
dominated by Philip Morris and BAT she said
Bentoel sells both plain tobacco cigarettes and traditional
clove flavoured or kretek cigarettes under brands such as
Bentoel Star Mild X Mild and Country and has 7 percent of
Indonesia s 250 billion annual cigarette market
BAT s Indonesian unit PT BAT Indonesia currently has a 2
percent market share largely from its Pall Mall brand but
Wednesday s deal will boost BAT to number four behind Philip
Morris International s HM Sampoerna business which has a 27
percent share Gudang Garam with 22 percent and Djarum with 21
percent
BAT say the deal represents 12 9 times underlying EBITDA
earnings compared to the 14 1 Imperial Tobacco paid for Altadis
last year and the 13 7 times Philip Morris acquired Sampoerna
for in 2005 while BAT paid 11 2 for Denmark s ST and 11 4 times
for Turkey s Tekel in 2008
Philip Morris the world s largest cigarette company bought
Sampoerna for 5 billion and grew the business to become the
nation s number one player from number three in a market that
has grown nearly 13 percent over the last two years
We like the strategic rationale of the BAT deal This
deal obviously enhances BAT s exposure to attractive growing
emerging markets which already account for more than half of
group profits said Credit Suisse analyst Rogerio Fujimori
Indonesia is the fifth largest market in the world after
China the United States Russia and Japan but analysts say the
deal is a relatively small one for BAT and the near term
earnings impact should be immaterial
BAT said in a statement that it bought the shares from
several shareholders including Rajawali Group and expects to
complete a tender offer for the rest of the shares by the end of
August The deal values Bentoel at around 575 million
This transaction represents an excellent strategic
opportunity to enter the very large and growing Indonesian
kretek market and will provide a platform for future growth
said John Daly BAT s Asia Pacific Director
The group which also makes Kent and Pall Mall cigarettes
said last month in its earnings statement that growth had slowed
for premium brands
The price is equivalent to 873 rupiah per share a premium
of 20 percent above Bentoel s closing price of 730 rupiah per
share on Monday BAT said in its statement
Bentoel shares ended up 8 percent to 810 rupiah in a
slightly lower broader market while BAT shares were up 0 2
percent at 1 659 pence in London at 0943 GMT
Rajawali Group which was founded by Indonesian entrepreneur
Peter Sondakh said it plans to focus on its core businesses
plantations mining and property
We bought Bentoel in 1991 when we have been asked to help
the company so actually we were just a financial investor in
the company Darjoto Setyawan a managing director at Rajawali
told Reuters
BAT was advised by Deutsche Bank and UBS AG for the deal
while Credit Suisse is advising Rajawali Group
Additional reporting by David Jones in London and Harry
Suhartono in Singapore Editing by Sara Webb Lincoln Feast and
Simon Jessop |
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