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Prince Harry arrives for his big day | Prince Harry arrives for his big day Saturday, May 19, 2018 - 00:45
Prince Harry and his best man and brother Prince William arrive at St George's chapel in Windsor Castle. Rough cut (no reporter narration).
Prince Harry and his best man and brother Prince William arrive at St George's chapel in Windsor Castle. Rough cut (no reporter narration). //reut.rs/2LgTh1k | https://in.reuters.com/video/2018/05/19/prince-harry-arrives-for-his-big-day?videoId=428390535 |
Kasich Could Be Trump’s Best Hope | Donald Trump once joked that he could shoot someone on Fifth Avenue and not lose votes. That may be true—his approval ratings have inched up recently, tweetstorms and Stormy Daniels notwithstanding.
But can he be re-elected? He’s unlikely to face an opponent as unpopular and uninspiring as Hillary Clinton in 2020. His best hope may be John Kasich. The departing Ohio governor has made noises about challenging Mr. Trump in the primaries, but an independent bid would be better for the president.
... | https://www.wsj.com/articles/kasich-could-be-trumps-best-hope-1526511656 |
INSIGHT: Behind the scenes at the royal wedding | INSIGHT: Behind the scenes at the royal wedding 7:30am EDT - 00:53
The Royal Mews is preparing the horses to be used in Prince Harry and Meghan Markle's Windsor wedding May 19.
The Royal Mews is preparing the horses to be used in Prince Harry and Meghan Markle's Windsor wedding May 19. //reut.rs/2KuTNbV | https://www.reuters.com/video/2018/05/02/insight-behind-the-scenes-at-the-royal-w?videoId=423186138 |
Trump set to sign bill easing post-crisis bank rules after U.S. House passage | May 22, 2018 / 9:50 PM / Updated 8 minutes ago Congress eases post-crisis bank rules in victory for Trump Pete Schroeder , Michelle Price 5 Min Read
WASHINGTON (Reuters) - The U.S. House of Representatives passed on Tuesday bipartisan legislation that would ease bank rules introduced in the wake of the 2007-2009 financial crisis, giving President Donald Trump a major legislative victory. U.S. President Donald Trump waves goodbye to South Korea's President Moon Jae-In after their meeting at the White House in Washington, U.S., May 22, 2018. REUTERS/Carlos Barria
The vote eases some of the 2010 Dodd-Frank rules that have hurt smaller banks and community lenders and keeps the Republican president’s promise to try to spur more economic growth by cutting regulation, but does little for Wall Street.
It is a far cry from the repeal that Trump pledged on the campaign trail, leaving largely untouched the core Dodd-Frank provisions designed to ensure financial stability and other rules most hated by banks and conservative Republicans.
But industry lobbyists say Trump’s administration played a key role in getting the bipartisan legislation, which had been under discussion for years, across the finish line.
The bill, which was approved by the Senate in March after securing the backing of 17 Democrats, marks the first attempt to revise rules that aimed to prevent a repeat of the crisis that saw Wall Street lenders bailed out to the tune of $700 billion.
Republican critics say Dodd-Frank went too far and curbs banks’ ability to lend, hurting economic growth, while many Democrats say it provides critical protections for consumers and taxpayers.
Speaking to reporters on Tuesday evening, White House officials hailed the legislation as another “milestone” in the administration’s mission to “revitalise the U.S. economy” by lifting barriers to business.
They said Trump aims to sign the bill into law at a formal ceremony within the week.
The bill, approved 258-159 in the House on Tuesday, raises the threshold at which banks are considered systemically risky and subject to stricter oversight to $250 billion from $50 billion. It also eases trading, lending and capital rules for banks with less than $10 billion in assets.
But it does not weaken the top U.S. consumer watchdog created by Dodd-Frank that has been consistently attacked by Republicans who say it oversteps its mandate.
Touching the Consumer Financial Protection Bureau was a red line for Democrats, according to lobbyists. Related Coverage Small banks trump Wall Street on Dodd-Frank rewrite
Nor does the bill weaken Wall Street’s obligation to comply with the so-called Volcker Rule banning banks from making risky bets with their own money, or limit the ability of regulators to apply stricter rules to large institutions they deem critical to the financial system.
Speaking to Reuters on Tuesday, Democratic U.S. Senator Heidi Heitkamp, a key backer of the bill, said it aimed to fix problems with Dodd-Frank, not to weaken it.
“That’s going to improve Dodd-Frank not diminish or begin to erode Dodd Frank,” she added.
Still, some larger players secured a handful of niche provisions, most notably the nation’s largest custody banks.
The bill will allow the likes of BNY Mellon, State Street Corp and Northern Trust to exclude customer deposits they place with central banks from a stringent capital calculation requirement, potentially offering major capital relief.
They were able to successfully differentiate themselves from the Wall Street titans like Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co, in order to win over some sceptical lawmakers, said lobbyists.
The draft legislation also offers more favourable treatment for municipal bonds, a measure that analysts say is likely to help Citigroup Inc’s bond-trading business and help lower financing costs on infrastructure projects nationwide.
Consumer advocates and Democrats including Senator Elizabeth Warren have warned big banks will exploit these provisions, potentially increasing systemic risk.
But independent regulatory experts said the big banks were better off focusing their efforts on the regulatory agencies where Trump’s appointees are better-positioned to cut them material slack.
“This is a legislative win for the banks, but the biggest deregulatory bang for the buck is changing the referees, not the rules,” said Dan Ryan, PwC Banking & Capital Markets Leader.
“I don’t see any more financial services bills passing the Senate this year,” he said. Reporting by Pete Schroeder and Michelle Price; Editing by Lisa Shumaker and Darren Schuettler | https://uk.reuters.com/article/uk-usa-house-banks/trump-set-to-sign-bill-easing-post-crisis-bank-rules-after-u-s-house-passage-idUKKCN1IN319 |
Wall Street wants the status quo on trade, says Kevin Kelly | Wall Street wants the status quo on trade, says Kevin Kelly 7:54pm BST - 06:19
Benchmark Investments' CEO talks about the prospects for trade with Reuters' Fred Katayama just as the U.S. launches a second round of trade talks with China and Washington faces a deadline on a new NAFTA deal. ▲ Hide Transcript ▶ View Transcript
Benchmark Investments' CEO talks about the prospects for trade with Reuters' Fred Katayama just as the U.S. launches a second round of trade talks with China and Washington faces a deadline on a new NAFTA deal. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L6qPiG | https://uk.reuters.com/video/2018/05/17/wall-street-wants-the-status-quo-on-trad?videoId=427830916 |
China jails former insurance executive for 11 years over graft - state media | May 24, 2018 / 3:29 AM / Updated an hour ago China jails former insurance executive for 11 years over graft - state media Reuters Staff 1 Min Read
BEIJING (Reuters) - A Chinese court sentenced Wang Yincheng, the former president of the People’s Insurance Group of China, to 11 years in prison for graft on Thursday, the official People’s Daily said. Reporting by Beijing Monitoring Desk; Editing by Paul Tait | https://uk.reuters.com/article/uk-china-corruption/china-jails-former-insurance-executive-for-11-years-over-graft-state-media-idUKKCN1IP0F8 |
US STOCKS-Wall St climbs on easing U.S.-China trade tensions | * Optical components makers rise after Trump’s ZTE decision
* NXP jumps on report China resumes Qualcomm deal review
* Xerox falls after scraping $6.1 bln deal with Fujifilm
* Indexes up: Dow 0.49 pct, S&P 0.46 pct, Nasdaq 0.59 pct (Updates to open)
By Sruthi Shankar
May 14 (Reuters) - Wall Street indexes rose on Monday, helped by gains in technology stocks after President Donald Trump softened his stance on Chinese technology company ZTE Corp, signaling easing U.S.-China trade tensions.
Trump on Sunday pledged to help ZTE “get back into business, fast” nearly a month after the U.S. Commerce Department banned American companies from selling to the firm for violating an agreement.
Trump’s comments came ahead of trade talks between Chinese Vice Premier Liu He and U.S. officials this week to resolve escalating trade disputes and drove big gains in the shares of U.S. suppliers to ZTE.
Optical components maker Acacia Communications jumped 16.1 percent, while Oclaro and Lumentum Holdings rose 5.8 percent and 3.6 percent, respectively.
“Some of the headlines point to signs that Trump might be watering down his tough talks on trade,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Also helping the mood was news that China had resumed its review of chipmaker Qualcomm’s proposed $44 billion takeover of NXP Semiconductors. NXP surged 10.3 percent and Qualcomm 3.3 percent.
The Philadelphia semiconductor index was up 1.9 percent.
At 9:55 a.m. ET, the Dow Jones Industrial Average was up 120.76 points, or 0.49 percent, at 24,951.93, the S&P 500 was up 12.45 points, or 0.46 percent, at 2,740.17 and the Nasdaq Composite was up 43.40 points, or 0.59 percent, at 7,446.28.
The indexes posted solid gains last week, helped by a surge in oil prices, easing inflation fears and Apple’s rally that took the iPhone maker close to $1 trillion in market capitalization.
The S&P 500 and the Dow Jones Industrial Average were trading above their 100-day moving averages, a key technical level that many traders believe is a sign that markets could gain further.
“It looks like the markets want to move up, and there seems to be a rosier outlook for geopolitics especially North Korea,” Cardillo said.
U.S. Secretary of State Mike Pompeo said on Sunday that Washington would agree to lift sanctions on North Korea if the country agrees to completely dismantle its nuclear weapons program.
Nine of the 11 major S&P sectors were higher, with technology and energy sectors leading the gains.
Exxon rose 1.1 percent after Citigroup raised its price target on the stock.
The biggest decliner was Xerox, which tumbled 7.9 percent after the U.S. photocopier giant scrapped a planned $6.1 billion deal with Fujifilm Holdings.
Advancing issues outnumbered decliners by a 2.39-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 2.04-to-1 ratio on the Nasdaq.
The S&P index recorded 21 new 52-week highs and two new lows, while the Nasdaq recorded 73 new highs and 15 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)
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360 Group International Names Savage as CEO | BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- Strategic private security firm 360 Group International, Inc. today announced that Lorenzo Robert Savage III, a retired senior executive with the U.S. Secret Service, has been named CEO of the company effective immediately. Bill Kirkpatrick, founder of 360 Group and former CEO, will remain President of the firm.
Kirkpatrick said bringing Savage to the company “represents a key strategic development in advancing and expanding the mission of 360 Group International. The company’s ongoing growth and strength of reputation is the result of acquiring some of the most senior-level and experienced security experts in the world combined with best-in-class service to our customers.”
Under Mr. Savage’s leadership, 360 Group International is expanding or enhancing its capabilities in many security areas, including cybersecurity assessment and threat analysis. In his prior role, Mr. Savage oversaw the multi-jurisdictional Los Angeles Electronic Crimes Task Force.
“During a time when demands are increasing for comprehensive security and protection for events, individuals and corporations, I can’t think of a better person than Mr. Savage to lead 360 Group International,” Kirkpatrick said.
Mr. Savage most recently served as Special Agent in Charge of the Los Angeles Field Office after being appointed to the Senior Executive Service. In this role, he oversaw all Secret Service protective, investigative and intelligence investigations, tactical operations, and administrative programs while maintaining optimal security and safety levels for the third largest of the Secret Service’s 42 field offices. Mr. Savage began his Secret Service career in 1993 as a special agent assigned to the Washington Field Office and since then has steadily risen through the ranks. He has served in numerous managerial assignments, including directing the inner security perimeter for President George W. Bush. Mr. Savage received the U.S. Department of Homeland Security Secretary’s Award of Excellence as the event coordinator for the 2011 Asia-Pacific Economic Cooperation Leaders’ Meeting comprised of 21 World Leaders, including the President of the United States, held in Hawaii.
Based in Beverly Hills, 360 Group International is considered a premier protection and security agency. The company’s senior leadership team includes some of the country’s most experienced and respected law enforcement and security professionals, many of whom have been involved in international diplomatic security, federal law enforcement task forces, surveillance and counter-intelligence operations and other high-level security matters. The company consistently tailors its risk assessment programs to accommodate and forecast its clients’ security concerns.
Specialized, coordinated risk assessments by 360 Group International help identify, understand, and counter threats to corporate entities, executives and high net worth individuals and families. The company is proud of its highly-trained security personnel and the ability to provide the highest caliber of service to clients worldwide. They provide services to domestic and international organizations that require either operational security services or individually tailored training packages.
Mr. Kirkpatrick’s leadership contributed to 360 Group’s significant growth in recent years. Separating the CEO and President responsibilities will allow Mr. Savage to focus on strategic initiatives and expansion of services. As President, Mr. Kirkpatrick will work closely with Mr. Savage to further expand the company’s strategic capabilities. Mr. Kirkpatrick will continue to direct key staff and assignments for threat assessment analysis, investigations, rapid response reaction and event security. During his tenure, Mr. Kirkpatrick routinely coordinated with the U.S. Secret Service, military and law enforcement officials, as well as foreign government agencies that protect heads of state and other officials. He managed thousands of protective details for the world’s most prominent public figures.
About 360 Group International
360 Group International is an elite security firm providing corporate and executive protection, event security, threat assessments and security consulting to individuals, companies and government agencies around the world. The team includes former law enforcement professionals, military specialists and members of the intelligence community with the experience, international resources and training for current and emerging areas of security. Call 1-888-365-4360 for more information.
Full bios and additional information can be found at: www.360groupintl.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005563/en/
Fraser Communications
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Source: 360 Group International | http://www.cnbc.com/2018/05/30/business-wire-360-group-international-names-savage-as-ceo.html |
Exclusive: Malaysian police raid apartments linked to ousted PM Najib's family | KUALA LUMPUR (Reuters) - Police on Saturday raided a deluxe Kuala Lumpur apartment block at which relatives of ousted Prime Minister Najib Razak had been staying as they searched for sensitive documents the new government fears may be taken out of the country, two senior police officers said.
Ousted Malaysian Prime Minister Najib Razak speaks during a news conference in Kuala Lumpur, Malaysia May 12, 2018. REUTERS/Stringer The swoop came as Malaysia’s new Prime Minister, Mahathir Mohamad, said he had stopped his predecessor from leaving the country because of suspected wrongdoing in connection with a multi-billion-dollar scandal at state fund 1MDB.
Police said they were acting after a complaint that a government vehicle had delivered dozens of boxes made to carry designer handbags and other items to the apartment for Najib’s wife, Rosmah Mansor.
Public disgust over alleged corruption was widely seen as one of the reasons behind the unexpected defeat of Najib’s long-ruling Barisan Nasional coalition in Wednesday’s general election.
Najib has consistently denied any wrongdoing.
A spokesman for Najib could not be immediately reached for comment. Reuters was unable to reach Najib himself, his wife, or other family members and close associates on Saturday night.
Reuters saw about 20 police officers enter the marble-floored lobby of the Pavilion Residences apartment block in the Malaysian capital, just as Mahathir was holding a news conference to announce key members of his cabinet.
They were aided by at least a dozen other plainclothes law-enforcement officers. Security personnel from the building - which is owned by Desmond Lim, a wealthy Malaysian businessman and supporter of Najib - were cooperative.
“We are looking for government documents that may have been illegally taken,” said a senior police officer, who requested anonymity as he was not authorized to talk to the media.
“The government are worried they could be sensitive and important, and could be taken out of the country.”
He declined to say whether any documents had been found and described the operation as “ongoing”.
According to the police, members of Najib’s family had been staying at the apartments, but they declined to name them.
ORANGE BOXES The police action followed a complaint lodged by two leaders of the youth wing of Mahathir’s political party, Bersatu.
The police report of the complaint, reviewed by Reuters, alleges that vans emblazoned with the logo of the department of the prime minister and cabinet delivered boxes for 50 Birkin handbags to Pavilion Residences on Thursday evening.
The report alleged that the boxes showed the name of the consignee as Rosmah Mansor.
Two photos provided with the report and reviewed by Reuters showed a van with the department’s logo and a shopping trolley filled with orange boxes. The location, the date and the contents of the boxes - including whether there were any of the handbags inside - could not be ascertained from the photos.
The Birkin handbags concerned would cost $200,000 each, the complaint said.
The senior police officer only confirmed “family members” of Najib had stayed in the apartment complex when Reuters asked if Rosmah had stayed there.
Another officer involved in the operation described the persons of interest as “VVIPs”, or very, very important persons.
Both police officers said investigators were not primarily interested in the luxury items but were chasing documents that could be vital for investigations into Najib’s administration.
ANNOUNCED OVERSEAS TRIP Kuala Lumpur’s police chief and an official police spokeswoman did not respond to requests for comment.
Najib said earlier on Saturday that he was going abroad for a week to rest, but just minutes later the Department of Immigration announced that he and his wife had been barred from leaving the country.
Mahathir, who was sworn in as prime minister on Thursday, has vowed to probe the loss of billions of dollars from state fund 1Malaysia Development Berhad (1MDB), which was founded by Najib.
U.S. Department of Justice documents allege that $681 million from 1MDB was transferred to the personal account of a person identified as Malaysian Official One, which U.S. and Malaysian sources have confirmed was Najib.
Najib has said the deposit was a donation by an unnamed member of the Saudi royal family which had been largely returned.
Reporting by Tom Allard; Editing by John Chalmers and Martin Howell
Our Standards: The Thomson Reuters Trust Principles. | https://www.reuters.com/article/us-malaysia-politics-raid-exclusive/exclusive-malaysian-police-raid-apartments-linked-to-ousted-pm-najibs-family-idUSKCN1ID0LF |
Zenergy Brands Inc. Announces Election of New Board Member and Key New Addition to Executive Leadership Team | Dallas, TX, May 03, 2018 (GLOBE NEWSWIRE) -- Zenergy Brands, Inc. (OTCQB: ZNGY), the nation's leading next-generation utility announced today it has elected Mr. Joshua Campbell to its Board of Directors and is also adding a new member to the executive leadership team, energy industry veteran, Mr. Chris Crabtree.
Since joining the company mid-2017, Mr. Campbell has served Zenergy as its Senior Vice President of Operations but will now transition out of that role to assume his new role and formal title of Senior Vice President of Administration & Planning. In this new capacity, Mr. Campbell will be responsible for all of the Company’s compliance, regulatory filings, long-term planning, interacting with critical vendors, and some back-office functions.
“It is truly an honor and a privilege to have been elected to Zenergy’s Board of Directors, a development I am humbled by and grateful for,” said Joshua Campbell, Zenergy’s newly elected Board member and Senior Vice President of Administration & Planning. “From day one, I embraced Zenergy’s vision and potential to be a game-changer in this industry. Today, I go to work each day with that same fervent belief that we can fulfill our mission of being the nation’s leading next-generation utility. I am excited to be a part of the veteran leadership team driving this aspiration forward.”
As part of this transition, the Company is also pleased to welcome Mr. Chris Crabtree who will be starting in his new role as Zenergy’s Senior Vice President of Operations, reporting directly to the CEO, effective June 1st. Mr. Crabtree, a Six Sigma Strategic Operations and Risk Management leader, boasts extensive experience in project management, directing complex operations, developing strategies and leading and motivating high-performance teams to advance critical initiatives while efficiently controlling costs and capturing ongoing savings.
Some of his relevant experiences include driving vendor reduction, efficiency generation, and Lean Six Sigma improvements, having managed budgets and P&L responsibility for global business units resulting in savings exceeding several millions of dollars. He also actively directed operations with full budget responsibility for six major operational units, including Customer Enrollment, Service and Maintenance, Customer Care, Credit and Collections, and Retention for all North American Markets.
Adept at cultivating partnerships and building lasting relationships, Mr. Crabtree has led a high-performance team of seven direct reports and a total team of up to 128 administrative and internal call-center employees and two outsourced call centers with more than 180 employees. Cumulatively, Mr. Crabtree possesses 22 years of business experience and 17 years of energy industry experience.
“I am delighted by the opportunity to join Zenergy’s executive leadership team of industry veterans. I have been following the company closely since its inception and have been encouraged by the progress they have made, “said Chris Crabtree, Zenergy’s new Senior Vice President of Operations. “I can hardly wait to roll up my sleeves and apply my work ethic and contribute my expertise to help fulfill Zenergy’s objectives.”
Zenergy CEO, Mr. Alex Rodriguez, said, “I am very excited to welcome Mr. Chris Crabtree to Zenergy. I have had the pleasure of knowing Mr. Crabtree a long time and the privilege of enjoying a good working relationship with him. His in-depth expertise in operations and overall pedigree speak for themselves and I have the utmost confidence in his ability to provide the right leadership to deploy and lead a very scalable operation.”
Zenergy encourages all shareholders and potential investors to subscribe to its corporate newsletter at www.zenergybrands.com to remain apprised of all major news and updates.
ABOUT ZENERGY BRANDS, INC.
Zenergy Brands, Inc. (OTCQB: ZNGY), is a next-generation energy and technology company operating in the emerging smart energy, conservation, and utility industries. The Company provides energy conservation, smart controls, and efficiency-based products and services as a fully integrated energy company. Zenergy is a public company, fully reporting to the SEC and currently trading on the OTCQB, a venture market designed for early-stage and developing U.S. and international companies. To learn more, visit www.zenergybrands.com or www.whatsizenergy.com , and follow the company’s social media accounts via the links below:
Facebook: Zenergy Brands
Twitter: @ZenergyBrands
Instagram: @ZenergyBrands
YouTube: Zenergy Brands
FORWARD-LOOKING STATEMENTS
This press release may contain The words “believe,” “expect,” “should,” “intend,” “estimate,” “projects,” variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the company's current expectations and are subject to some risks, uncertainties, and assumptions. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the critical factors that could cause actual results to differ significantly from those by such forward-looking statements are risks detailed in the company's filings, which are on file at www.OTCmarkets.com .
INVESTORS & MEDIA CONTACT: Email: investors@zenergybrands.com Phone: (469) 228-1400 Fax: (469) 626-5101
Source:Zenergy Brand, Inc. | http://www.cnbc.com/2018/05/03/globe-newswire-zenergy-brands-inc-announces-election-of-new-board-member-and-key-new-addition-to-executive-leadership-team.html |
Trump weighs 10 percent cut in EU steel, aluminium exports to U.S.- WSJ | May 22, 2018 / 9:02 PM / Updated 19 minutes ago Trump weighs 10 percent cut in EU steel, aluminium exports to U.S.- WSJ Reuters Staff 2 Min Read
(Reuters) - U.S. President Donald Trump is considering trade measures to cut EU steel and aluminium exports to the United States by about 10 percent, in a sign that Brussels’ concessions to secure tariff exemptions have not met White House demands, the Wall Street Journal said, citing EU officials familiar with the talks. U.S. President Donald Trump looks at a photographer after a meeting with South Korea's President Moon Jae-In at the White House in Washington, U.S., May 22, 2018. REUTERS/Carlos Barria
Washington proposed two options for the European Union, a quota fixed at 90 percent of U.S. imports from the bloc in 2017 and a tariff-rate quota that would target the same 10 percent reduction via levies, the Journal quoted Poland's Entrepreneurship and Technology Minister Jadwiga Emilewicz as saying after EU governments discussed U.S. trade relations on Tuesday. on.wsj.com/2J1azkS
Trump has set tariffs of 25 percent on incoming steel and 10 percent on aluminium on grounds of national security but has granted EU producers an exemption until June 1 pending the outcome of the talks.
EU proposals to open its markets wider to U.S. products, including cars, appear not to have persuaded Washington to lift the threat of import tariffs on EU steel and aluminium, the EU Trade Commissioner Cecilia Malmstrom said earlier on Tuesday. Reporting by Ismail Shakil in Bengaluru; Editing by Gareth Jones | https://uk.reuters.com/article/uk-usa-trade-eu-quotas/trump-weighs-10-percent-cut-in-eu-steel-aluminium-exports-to-u-s-wsj-idUKKCN1IN2XX |
Fed and agencies propose easing and modifying Volcker Rule | Fed and agencies propose easing and modifying Volcker Rule 1 Hour Ago CNBC's Steve Liesman reports on the Federal Reserve and four regulatory agencies proposing changes to the Volcker Rule for financial institutions. | https://www.cnbc.com/video/2018/05/30/fed-volcker-rule.html |
UPDATE 1-Suzanne Scott to head Fox News | May 17, 2018 / 4:08 PM / in 3 minutes Suzanne Scott to head Fox News Reuters Staff 2 Min Read
(Reuters) - Suzanne Scott on Thursday was named as the chief executive officer of Twenty First Century Fox Inc’s ( FOXA.O ) Fox News Channel and Fox Business Network. FILE PHOTO: A Fox News channel sign is seen on a television vehicle outside the News Corporation building in New York City, in New York, U.S. November 8, 2017. REUTERS/Shannon Stapleton
Scott, who will be the first woman to head Fox News, was most recently president of programming at both networks.
Rupert Murdoch took charge of Fox News following the exit of Roger Ailes over sexual harassment charges. Ailes, who started Fox News in 1996, had turned the network into a booming voice for conservatives. He passed away in May 2017.
Scott will report to Rupert Murdoch, Twenty First Century Fox’s Executive Chairman and Lachlan Murdoch, chairman of Twenty First Century Fox, and the chairman and CEO of the proposed New Fox following Twenty First Century Fox’s deal with Walt Disney Co ( DIS.N ).
Fox agreed last year to sell the bulk of its film and TV assets to Disney in a $52.4 billion stock deal. The new Fox will include its news divisions, Fox sports, Fox television stations group, Fox Broadcasting Co and sports cable networks.
Fox News on Thursday also named Jay Wallace as its executive editor and president.
(This version of the story corrects paragraph 3 to say Rupert Murdoch took charge of Fox News after Ailes exit, removes reference to him being acting CEO in paragraph 2) Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel and Sriraj Kalluvila | https://www.reuters.com/article/us-twenty-first-century-fox-moves-scott/suzanne-scott-to-head-fox-news-idUSKCN1II2D1 |
UK's Corbyn joins London workers' march for better pay | LONDON (Reuters) - British opposition leader Jeremy Corbyn joined thousands of workers marching through central London on Saturday to demand a “new deal” on working conditions and an end to what the organizers called the worst pay squeeze in modern history.
Demonstrators march in a public sector workers protest, organised by the Trades Union Congress (TUC), as part of its ‘A New Deal for Working People’ campaign, in central London, Britain May 12, 2018. REUTERS/Toby Melville The Trades Union Congress used the march to call for a higher minimum wage, improved job security and investment in public services as it released research saying that wages were still worth less in real terms than before the financial crisis.
“This demonstration today is about workers rights, it is about collective endeavor but above all, it’s a declaration that we’re around to campaign as long as it takes, to bring about that social justice and that decency in society,” Corbyn told the rally.
The TUC said real wages were not forecast to return to their pre-financial crash levels until 2025. It said that would mark the worst period of wage stagnation for two centuries.
Slideshow (4 Images) “It’s taking wages longer to recover from this crash than from the Great Depression and Second World War,” TUC General Secretary Frances O’Grady said.
Labour’s Corbyn told the rally a Labour government would increase training for young workers, build more homes, nationalize some sectors and give workers a greater say in how their companies are run, including whether they should be sold.
Prime Minister Theresa May’s government says it has boosted the pay of the lowest workers, increased employment and has invested in skills and training.
“Thanks to the hard work of the British people, our economy is at a turning point with inflation falling, unemployment at a 40-year low and debt due to start its first sustained fall in a generation,” a spokesman for the Treasury said.
Reporting by Kate Holton; Editing by Angus MacSwan
| https://www.reuters.com/article/us-britain-politics/uks-corbyn-joins-london-workers-march-for-better-pay-idUSKCN1ID0NV |
Heidrick & Struggles Promotes European Leader to Global Chief Marketing Officer | CHICAGO and LONDON, Heidrick & Struggles (Nasdaq: HSII), a premier provider of executive search, leadership assessment and development, organization and team effectiveness, and culture shaping services globally, has appointed Corinna Christophorou as Senior Vice President and Chief Marketing Officer.
Based in London, Christophorou has been working as Vice President for Market Development with Heidrick & Struggles in Europe and Africa. She has led the firm's business development, communications and marketing activities in the region for over three years. Previously, she has held senior leadership roles with global professional services firms, focusing on improving performance and profitability.
Christophorou has played an instrumental role in driving strong growth and elevation of the brand in Europe and Africa, working closely with Regional Managing Partner, Luis Urbano and the European Leadership team.
"Heidrick & Struggles has a long heritage of growing internal talent and Corinna's appointment as Chief Marketing Officer exemplifies this. Corinna's outstanding track record in business development and brand building brings renewed focus to the role. Having this key leadership role based in London underscores the firm's global credentials," said Mike Cullen, Chief Operating Officer.
About Heidrick & Struggles
Heidrick & Struggles (Nasdaq: HSII) serves the executive talent and leadership needs of the world's top organizations as a premier provider of executive search, leadership assessment and development, organization and team effectiveness, and culture shaping services globally. Heidrick & Struggles pioneered the field of retained executive search 65 years ago. Today, the firm serves as a trusted advisor, providing integrated leadership solutions and helping its clients change the world, one leadership team at a time. For more information about Heidrick & Struggles, please visit www.heidrick.com .
Media Contacts:
Chiara Pierdomenico +44 (0)20 7075 4236
cpierdomenico@heidrick.com
Alex Brown - +1 312.496.1871
abrown@heidrick.com
View original content with multimedia: releases/heidrick--struggles-promotes-european-leader-to-global-chief-marketing-officer-300656984.html
SOURCE Heidrick & Struggles | http://www.cnbc.com/2018/05/31/pr-newswire-heidrick-struggles-promotes-european-leader-to-global-chief-marketing-officer.html |
UPDATE 1-Golf-Day gets wet, but leads Wells Fargo by two strokes | May 5, 2018 / 11:13 PM / in 3 hours UPDATE 2-Golf-Leader Day gets feet wet at Wells Fargo Reuters Staff
* Australian plays shot with feet in creek
* Uihlein fires 62, one off course record
* Woods has 68 to stand nine strokes back (Adds quotes)
May 5 (Reuters) - Jason Day needed to get his feet wet at the final hole to salvage a four-under-par 67 and take a two-stroke lead after the third round of the Wells Fargo Championship in North Carolina on Saturday.
The Australian took off his shoes and socks and stood in a small creek to play a shot to the green at the 18th before coming through with a par putt to stand at 10-under 203, two strokes ahead of Nick Watney (66).
Tiger Woods, who has struggled with his putting this week, was nine strokes off the lead after a 68 while Rory McIlroy rebounded from his 76 on Friday by going 10 strokes lower to sit seven off the lead.
Day struggled to get going but four birdies in six holes on the back nine saw him break free of the pack.
“It was a bit of a struggle through eight holes,” the former world number one told CBS television.
“Then a nice shot into the ninth hole for a tap-in birdie and a good drive down 10 kind of really started getting things in the right direction.”
Rookie Aaron Wise had tracked Day for most of the afternoon but bogeys on two of his last three holes dropped him into a tie for third with Peter Uihlein, who narrowly missed the course record with a nine-under 62, Bryson DeChambeau (66) and Englishman Paul Casey (69). Phil Mickelson also took advantage of the softer greens to shoot a seven-under 64 and move into 10th at five-under 208.
Woods picked up six birdies to reach one-under 212 but finished the round on a sour note with a three-putt bogey on 18.
The former world number one had moved to four under with three consecutive birdies from the 13th.
“I was so close to shooting about seven, eight-under today,” he told reporters. “I still didn’t have enough pace on a couple that I left on the lip.
“I’m close, I’m hitting the ball well enough to contend, to win this golf tournament, but I just haven’t made putts.”
Uihlein had five consecutive birdies from the fifth, an eagle at 10 and added two more birdies at the 14th and 15th as he missed McIlroy’s 2015 Quail Hollow record by one shot.
“The way the golf course was set up today it felt like you could get after it a bit,” he said. “It played a little easier than it did the first two days.”
McIlroy, at three-under 210, had four birdies in a row before also bogeying the last.
“I’m just not that comfortable with anything right now,” McIlroy told Golf Channel. “I’m trying really hard to hit it in the fairway and then trying really hard to get my irons on line. It’s all just a little bit of a struggle.” Reporting by Gene Cherry in Raleigh, | https://in.reuters.com/article/golf-wellsfargo/update-1-golf-day-gets-wet-but-leads-wells-fargo-by-two-strokes-idINL3N1SC08N |
BRIEF-Heliospectra Gets SEK 1.5 Mln Order | April 30 (Reuters) - Heliospectra AB (publ):
* ORDER VALUE IS SEK 1.5 MILLION (USD $179,760). * ORDER WILL BE DELIVERED AND VISIBLE IN ACCOUNTS IN Q2 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| https://www.reuters.com/article/brief-heliospectragets-sek-15-mln-order/brief-heliospectragets-sek-1-5-mln-order-idUSFWN1S70YF |
Early ECB bank loan repayments loom, threaten to raise borrowing costs | May 24, 2018 / 3:12 PM / Updated 6 minutes ago Early ECB bank loan repayments loom, threaten to raise borrowing costs Dhara Ranasinghe 6 Min Read
LONDON (Reuters) - Already facing a likely growth slowdown, the euro zone risks a sudden tightening of financial conditions next month should banks across the bloc use the opportunity to repay billions of euros in cheap loans taken from the European Central Bank. European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach
Such repayments could in turn boost the euro and the bloc’s borrowing costs, an unwelcome development for policymakers after data this week signalled economic growth probably failed to pick up in the second quarter of the year.
June brings the first early repayment date for almost 400 billion euros ($471 billion) of targeted long-term refinancing operations (TLTROs), designed by the European Central Bank to encourage lending to the real economy.
A first series of TLTROs was launched in 2014, and a second in 2016. They provided banks with interest-free funding and even the possibility of a rebate if they lent the cash on to businesses and households.
The loans had a four-year maturity, with a quarterly option to repay early from two years after the loan was taken out.
Early repayments for the first series of TLTROs fell due in 2016 and most of those loans were rolled over into the second series, analysts said.
According to Swedish bank Nordea, early TLTRO repayments in June could top 110 billion euros.
That estimate is based on a comparison with 2013, when unexpected early repayments of a previous series of cheap three-year loans totalling 137 billion euros offered by the ECB to help fight the euro zone debt crisis caught markets by surprise.
Graphic: The ECB's balance sheet - reut.rs/2Lq5j8W
Other banks’ estimates put the expected figure for next month in the region of 100 billion euros.
The ECB declined to comment on repayment expectations.
Peter Kinsella, head of currency and rates strategy at CBA, sees two reasons why banks will repay a sizeable portion of the TLTRO loans.
First, they no longer require the same degree of central bank support. CBA estimates that the average Tier 1 equity ratio, a measure of a bank’s financial strength, is around 14 percent versus 8 percent before the 2008 financial crisis.
The recovery in euro zone banks was highlighted by first quarter earnings — 85 percent of banks in the MSCI EMU index met or beat analyst expectations, according to I/B/E/S data.
Second, CBA says that because various regulatory levies faced by banks are proportional to the size of their balance sheets, early repayment of ECB loans will help reduce that balance sheet and in turn potential charges.
“If euro zone banks voluntarily repay a significant proportion ... we anticipate front-end euro zone yields may lift aggressively, because the early repayment implies a tightening of monetary conditions,” said Kinsella.
European Commission data shows euro area monetary conditions have already tightened in recent months, partly because of the euro’s strength at the start of 2018 and throughout last year.
A further tightening could take investors by surprise.
German two-year bond yields remain deeply negative, at minus 0.61 percent DE2YT=RR.
Some strategists said that while early TLTRO repayments was not their base-case for June, this could happen in September — the banks’ next opportunity to pay back the ECB early.
Traders say there were few immediate concerns about early loan repayments being made — especially since interest rates at minus 0.4 percent for two more years under the TLTRO remain attractive, and potentially shelter banks from a rate rise over that period.
Also, many banks are believed to be still assessing what they might do.
One strategist said it made financial sense for banks to start repaying these loans only when the maturity of the loans drops to a year because after that they become less attractive to hold.
Also, even if banks decide to repay their loans early, the ECB will still continue its 30 billion euros a month of bond purchases until September at least. That means its balance sheet will still be expanding and pumping cash into the economy.
For Nordea chief analyst Jan von Gerich, though, these ECB purchases may not be big enough to offset the impact of early TLTRO repayments.
“Given that the ECB is on the final stretch of its net bond purchases, the remaining bond purchases may never be able to compensate for the flow of early TLTRO repayments,” he said.
“The ECB’s balance sheet could start to contract well before the first rate hike and even before the end of the net bond purchases.”
This would stand in contrast to the U.S. Federal Reserve, which did not let its balance sheet start contracting until more than 1-1/2 years after its first post-crisis rate hike, he said.
For others, the incentive to pay back loans early was linked to facing up to the reality of the changing monetary policy backdrop globally.
“This is not an issue for right now, but it could be later in the year as central banks globally tighten their policies — essentially the unwinding of global QE,” said Patrick O’Donnell, investment manager at Aberdeen Asset Management. Reporting by Dhara Ranasinghe; Sujata Rao and Kit Rees in LONDON and Balazs Koranyi in FRANKFURT; Editing by Catherine Evans | https://uk.reuters.com/article/uk-eurozone-tltros-ecb-analysis/early-ecb-bank-loan-repayments-loom-threaten-to-raise-borrowing-costs-idUKKCN1IP2OI |
Prisyna Receives FDA 510(k) Clearance for MoisynTM Product Line to Treat Dry Mouth | -- Company’s innovative glycomics technology now addresses large population suffering from xerostomia --
CLAREMONT, Calif.--(BUSINESS WIRE)-- Prisyna, the oral care division of Synedgen, founded to optimize oral health using advanced, proprietary glycomics technology, today announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market its family of Moisyn™ products designed to treat xerostomia.
Xerostomia (also known as dry mouth, or dry mouth syndrome) is an unpleasant and challenging oral health condition that occurs when there is a decrease in the presence of saliva. Dry mouth affects a large percentage of the adult population, and as much as half of the elderly population in the United States. The symptoms of dry mouth significantly impact patient quality of life and often cause difficulty in chewing, swallowing and speaking, and can result in dry, thick oral mucus, painful oral tissues, bad breath, and sleep disturbance.
“With the FDA clearance for Moisyn products, patients will have access to a new treatment that can alleviate the symptoms of dry mouth and improve their oral health,” said Leo Pranitis, General Manager of Prisyna. “We are now able to offer patients an innovative new option for treating xerostomia using the first glycomics targeted therapy that has been shown in a clinical study to reduce pain and increase comfort. Data from this clinical study further validates our vision to bring better outcomes to the oral healthcare community through our glycomics technology.”
In a clinical study where patients used Moisyn up to four times daily, statistically significant reductions occurred in symptoms associated with dryness, ability to eat and swallow, mouth sensation and taste. Key symptoms treated by Moisyn included reduced mouth pain, improved ability to sleep, and improved sense of taste. As a result of treatment with Moisyn, patients in the study reported a reduction in food becoming lodged in the throat due to dryness and a change in the saliva thickness, positively affecting food choices as well as the quality of sleep. i
“Xerostomia, or dry mouth, is a challenging and frustrating oral health care issue that affects up to 20 percent of the adult population and nearly 50 percent of the elderly population in the U.S.,” said Joel Epstein, DMD, MSD, and principal investigator of a Moisyn clinical study. “Many of these patients have medical conditions such as autoimmune diseases or diabetes that can cause dry mouth, and dry mouth may be seen in people being treated for diseases such as cancer or as a side effect of certain medications. For patients living with xerostomia Moisyn can relieve the symptoms of dry mouth and could be an important contribution to overall oral health.”
About Xerostomia (Dry Mouth)
Xerostomia, or dry mouth, causes dryness in the oral cavity, most commonly the tongue and roof of the mouth. Typically, it is identified by a reduction or absence of oral saliva and can be brought on by a variety of conditions, including aging. Over 1000 prescription and non-prescription medications, including drugs for treating anxiety, depression, high blood pressure, allergies, and cancer are known to alter the production of saliva and cause dry mouth as a side effect.
Common problems stemming from dry mouth include tooth decay, disturbed sleep, dry throat, burning sensation in the throat, gum disease, oral infections, taste change, and difficulty speaking and swallowing.
About Prisyna
Prisyna, the oral healthcare division of Synedgen, is developing and commercializing a new class of oral health care products based on glycomics, a revolutionary approach using natural glycopolymers to target the mucosal interface. Prisyna uses this unique technology to develop oral health care products that clean the mouth, reduce pain and irritation on sensitive mucosal surfaces and improve overall oral health. Prisyna is building a family of environmentally safe products using cutting edge science to promote healthy teeth, gums and oral surfaces. http://www.prisyna.com/
i Oral Surg Oral Med Oral Pathol Oral Radiol. 2017 Jan;123(1):76-83. doi: 10.1016/j.oooo.2016.09.008. Epub 2016 Sep 28.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005436/en/
MacDougall Biomedical Communications
Amanda Houlihan, 781-235-3060
ahoulihan@macbiocom.com
Source: Prisyna | http://www.cnbc.com/2018/05/09/business-wire-prisyna-receives-fda-510kaclearance-for-moisyntm-product-line-to-treat-dry-mouth.html |
GAMCO Adds to Research and Portfolio Management Team | RYE, N.Y.--(BUSINESS WIRE)-- GAMCO Investors, Inc. (“GAMCO” or the “Company”) (NYSE:GBL) today announced the addition of the following teammates to its research and portfolio management process:
Analyst/PM
Coverage Area
G. Anthony Bancroft
Environmental/Aerospace
Sergey Dluzhevskiy, CFA
Telecom
Sarah Donnelly
Consumer Staples
Jose Garza
Industrials
A. Carolina Jolly, CFA
Automotive Aftermarket
Chong-Min Kang
Global Equities
Brian Sponheimer
Automotive & Capital Equipment
Adam Trivison
Gaming & Lodging/Payment Technologies
Jennie Tsai
Medical Devices
Timothy M. Winter, CFA
Utilities
Sara Wojda
Diagnostics
ABOUT GAMCO INVESTORS, INC.
GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.) and mutual funds and closed-end funds (Gabelli Funds, LLC). As of December 31, 2017, GAMCO had $43.1 billion in assets under management.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this release, including without limitation the anticipated consummation and successful completion of the Offer (including the extension of the expiration date and satisfaction of the conditions described in the Offer to Purchase) and the possible amendment, further extension or abandonment of the Offer, contain information that may constitute “ ” the Private Securities Litigation Reform Act of 1995. Generally, the use of terms such as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “assumes” and similar expressions identify . All statements that address operating performance, events or developments that GAMCO expects or anticipates will occur in the future are . Although we believe that the expectations set forth in the are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous uncertainties and risks. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those set forth in the . In accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, GAMCO has included in its Annual Report on Form 10-K for the year ended December 31, 2014, and subsequent Forms 10-Q and 8-K, cautionary language identifying other important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the . Any speak only as of the date of this press release. GAMCO expressly disclaims any obligation to release publicly any updates or revisions to any contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501005528/en/
GAMCO Investors, Inc.
Douglas R. Jamieson, 914-921-5020
President & Chief Operating Officer
For further information please visit
www.gabelli.com
Source: GAMCO Investors, Inc. | http://www.cnbc.com/2018/05/01/business-wire-gamco-adds-to-research-and-portfolio-management-team.html |
Century Casinos Announces Dates of First Quarter 2018 Earnings Release and Conference Call | COLORADO SPRINGS, Colo., May 2, 2018 /PRNewswire/ -- Century Casinos, Inc. (NASDAQ Capital Market®: CNTY) announced today that the company will release its earnings for the first quarter of 2018 on Wednesday, May 9, 2018.
On Wednesday, May 9, 2018, Century Casinos will host its Q1 2018 Earnings Conference Call at 8:00 a.m. MDT (4:00 p.m. CEST). Participants are advised to dial in 15 minutes in advance. US domestic and Canadian participants please dial +1 844-244-9160, all other international participants please use +1 330-931-4670 to dial in. The conference ID is 'Quarter1'. To just follow the call, or a recording of the call, please visit our website at http://corporate.cnty.com/investor-relations/financial-results/ .
About Century Casinos, Inc.:
Century Casinos, Inc. is an international casino entertainment company that operates worldwide. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary and in St. Albert, Alberta, Canada. Through its Austrian subsidiary, Century Resorts Management GmbH, formerly Century Casinos Europe GmbH ("CRM"), the Company owns Saw Close Casino Ltd. in England and holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of five casinos in Poland as of May 9, 2018. The Company, through CRM, also holds 75% ownership interests in both CDR, which operates in the north metropolitan area of Calgary, Alberta, Canada, and Century Bets! Inc., which operates the pari-mutuel off-track horse betting network in southern Alberta, Canada. The Company operates 13 ship-based casinos with four cruise ship owners. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company is also developing Century Mile Racetrack and Casino in Edmonton, Alberta, Canada. The Company continues to pursue other international projects in various stages of development.
Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com .
This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding future results of operations, operating efficiencies, synergies and operational performance, the prospects for and timing and costs of new projects, projects in development and other opportunities, including the Century Mile, Saw Close Casino and Bermuda projects, debt repayment, investments in joint ventures, outcomes of legal proceedings and plans for our casinos and our Company. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2017 and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
View original content with multimedia: http://www.prnewswire.com/news-releases/century-casinos-announces-dates-of-first-quarter-2018-earnings-release-and-conference-call-300640932.html
SOURCE Century Casinos, Inc. | http://www.cnbc.com/2018/05/02/pr-newswire-century-casinos-announces-dates-of-first-quarter-2018-earnings-release-and-conference-call.html |
Nokia phone licensee HMD raises $100 million to drive growth push | HELSINKI (Reuters) - HMD Global, the Finnish company that owns the right to use the Nokia brand on phones, has raised $100 million of funding intended to boost growth, it said on Monday.
FILE PHOTO: The new Nokia 8110 is seen during the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Yves Herman/File Photo Having sold about 70 million Nokia phones and generated sales of 1.8 billion euros ($2.1 billion) in its first year, 2017, HMD said it plans to expand its Nokia smartphone range and to double sales channels in key markets this year.
“Our aim is to be one of the leading players in the global smartphone market, and our initial success strengthens our confidence that we can continue on our growth path in 2018 and beyond,” CEO Florian Seiche said in a statement.
New investors include DMJ Asia Investment Opportunity and Foxconn subsidiary FIH Mobile. The fundraising round was led by Ginko Ventures, a fund owned by Jean-Francois Baril, a long-serving former senior vice president at Nokia.
Actual stakes were not disclosed.
FILE PHOTO: Florian Seiche, Chief Executive Officer of HMD Global, presents new Nokia mobiles during the Mobile World Congress in Barcelona, Spain, February 25, 2018. REUTERS/Yves Herman/File Photo HMD’s products are built by FIH Mobile and use Google’s Android platform. It pays Nokia Corp royalties for the brand and patents, but Nokia has no direct investment in HMD.
The company has so far launched a handful of smartphones as well as retro remakes of Nokia’s biggest hit phones of the 1990s.
Once the world’s dominant phone maker, Nokia Corp failed to compete in touchscreen smartphones and ended up selling its handset business to Microsoft in 2014. It is now focused on telecom network equipment.
FILE PHOTO: A cyclist rides past a Nokia logo during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo HMD, set up by former Nokia executives, took over the Nokia feature phone business from Microsoft in 2016 and struck a deal with Nokia Oyj to use the brand on smartphones.
According to Counterpoint Research, Nokia was the biggest-selling brand last year in low-cost feature phones and ranked No. 11 in smartphones.
Reporting by Jussi Rosendahl; Editing by David Goodman
| https://in.reuters.com/article/us-hmd-funding/nokia-phone-licensee-hmd-raises-funding-to-step-up-growth-idINKCN1IM0UW |
BRIEF-BRT Apartments Corp. Reports Q2 Adjusted FFO Per Share $0.26 | May 8 (Reuters) - BRT Apartments Corp:
* BRT APARTMENTS CORP. REPORTS SECOND FISCAL QUARTER RESULTS FOR MARCH 31, 2018
* Q2 ADJUSTED FFO PER SHARE $0.26 * Q2 FFO PER SHARE $0.37 Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-brt-apartments-corp-reports-q2-adj/brief-brt-apartments-corp-reports-q2-adjusted-ffo-per-share-0-26-idUSASC0A0P5 |
UPDATE 1-European shares rise as Italy recovers and China tariff cut boosts autos | May 22, 2018 / 8:59 AM / Updated 18 minutes ago UPDATE 2-European shares rise as Italy recovers and China tariff cut boosts autos Reuters Staff
* STOXX 600 up 0.3 pct
* Autos drive gains after China announces tariff cut
* Italy’s FTSE MIB, banks rise as govt formation stalls
* French telecoms climb on new M&A hopes (Adds closing prices)
By Helen Reid
LONDON, May 22 (Reuters) - European shares touched their highest level since the start of February on Tuesday as automaker and bank stocks climbed and Italian shares recovered as the anti-establishment coalition’s government formation process stalled.
The pan-European STOXX 600 rose 0.3 percent, extending Monday’s gains as carmakers rose on a cut to Chinese tariffs.
Volkswagen, BMW and Daimler were among the biggest boosts to the STOXX, up 1.5 percent to 2.5 percent, after China said it would cut the import duty on passenger cars and auto parts from July 1.
Europe’s autos sector climbed 0.9 percent and Italy’s Fiat Chrysler also rose 1.6 percent.
The latter helped Italy’s FTSE MIB gain 0.5 percent and recover after being dragged down by political risk during the last sessions.
Italian bank stocks also rose 1.6 percent as plans by anti-establishment 5-Star and the far-right League to form a government seemed to stall. President Sergio Mattarella sought further consultations over their proposed prime minister, a political novice.
Some investors were doubtful a coalition government would be able to go ahead with big spending plans that have spooked markets, sending Italian bond yields to their highest in more than a year.
“I don’t know how long this coalition will last. There’s an awful lot of negativity around it but I would be surprised if the coalition can go any meaningful distance,” said Christopher Peel, chief investment officer at Tavistock Wealth.
“Certainly Italy is a problem but geopolitical tension seems actually lower now than I can remember in a long time,” he added.
French telecoms stocks were also key players during the session after the head of the country’s telecoms regulator reignited talk of possible mergers in the sector, in comments to Le Monde newspaper.
Bouygues, Orange and Iliad rose 4.1 percent, 4.5 percent and 7.3 percent respectively.
Shares of SFR’s parent company Altice surged 19.2 percent but the move also reflected a technical adjustment of their price following the separation of Altice NV from Altice USA. (Reporting by Helen Reid and Julien Ponthu Editing by Kit Rees and Catherine Evans) | https://www.reuters.com/article/europe-stocks/update-1-european-shares-rise-as-italy-recovers-and-china-tariff-cut-boosts-autos-idUSL5N1ST1HX |
BRIEF-MetLife Announces New $1.5 Bln Share Repurchase Authorization | May 22 (Reuters) - MetLife Inc:
* METLIFE ANNOUNCES NEW $1.5 BILLION SHARE REPURCHASE AUTHORIZATION
* METLIFE INC - INTENDS TO DIVEST ITS SHARES OF BRIGHTHOUSE FINANCIAL, INC. COMMON STOCK AS SOON AS PRACTICABLE
* METLIFE INC - EXPECTS TO COMPLETE DIVESTITURE OF BRIGHTHOUSE FINANCIAL SHARES PRIOR TO END OF 2018
* METLIFE INC - DOES NOT EXPECT STRUCTURE OF ANY TRANSACTION TO AFFECT ITS PLANS TO REPURCHASE SHARES OF METLIFE, INC. COMMON STOCK IN 2018
* METLIFE INC - ON TRACK TO RETURN APPROXIMATELY $5 BILLION OF CAPITAL TO CO’S SHAREHOLDERS IN 2018 Source text for Eikon: Further company coverage:
| https://www.reuters.com/article/brief-metlife-announces-new-15-bln-share/brief-metlife-announces-new-1-5-bln-share-repurchase-authorization-idUSASC0A3A3 |
Greece's new startup culture - technology and seagrass sunglasses | May 3, 2018 / 11:08 AM / Updated 19 minutes ago Greece's new startup culture: technology and seagrass sunglasses Karolina Tagaris , Lefteris Papadimas 7 Min Read
ATHENS/PATRAS, Greece (Reuters) - Greek student Stavros Tsompanidis was walking on a beach when he saw a business idea in the piles of dried-up seagrass. Founder of PHEE Stavros Tsompanidis, 25, arranges dried leaves of seagrass on a panel at the manufacturing workshop of PHEE in Patras, Greece, March 8, 2018. REUTERS/Alkis Konstantinidis
He decided to recycle it to make iPhone cases, sunglasses and gift boxes.
Four years on, his startup, PHEE, sells its products across Greece and abroad. He represents a change in mindset among young Greeks who are turning to entrepreneurship as a result of the crisis.
“If we don’t act, in the next five years we’ll be saying the same things: that Greece isn’t going well, that there are no jobs ... that we have a new program by the International Monetary Fund and European Union to support us,” the 25-year-old said.
Greek startups are mushrooming in a financial crisis that started in 2008. The economy is only just recovering. It shrank by a quarter and cut off traditional routes to employment — jobs in government and family businesses.
“Startups” were virtually unheard of a decade ago but they are now creating jobs and offering some hope that Greece can reverse an exodus of its highly skilled youth.
Greece has no official startups register but several private databases show they number between around 600 and 1,100. The earliest count of startups, made in 2010 by non-profit advisory Endeavour Greece, stood at just 16.
AngelList, an online database, puts the current number at 600 while audit firm Grant Thornton found 1,127 in a 2017 report. Greek venture capital firm Marathon VC, established only last year, counts about 1,000 tech startups in its database.
Venture capital in the sector is growing.
A European Investment Fund (EIF) initiative, supported by private investors, is expected to pump about 400 million euros ($479.48 million) into Greek startups and other small businesses over the next five years.
In 2008, when George Tziralis, a partner at Marathon VC, launched a networking event for startups, about 12 people turned up. Now, between 200-300 people attend each month and three to five new startups are presented.
“Ten years ago there was almost nothing,” Tziralis said. “Today we’re seeing something much more mature which we believe to be the tip of the iceberg.”
Marathon VC has made five investments so far, has three more in the pipeline and Tziralis believes it can allocate its entire 32 million-euro fund in under a year. Sunglasses made by processed leaves of seagrass, in partnership with Greek handmade eyewear maker ZYLO, are on display at the manufacturing workshop of PHEE in Patras, Greece, March 8, 2018. REUTERS/Alkis Konstantinidis “IT COULDN’T GET WORSE”
Tourism and shipping, Greece’s two main industries, are driving a tentative economic recovery. The structure of the economy could change if the number of startups continues to grow, economists say.
During the crisis thousands of firms shut and unemployment peaked at 27.9 percent, with six in 10 young job-seekers out of work. About 223,000 Greeks aged 25-39 emigrated in 2008-13 to richer countries, central bank data shows.
The austerity that was a condition of repeated international financial bailouts deepened the depression. Those who stayed in Greece had to innovate to survive.
“The crisis created necessity entrepreneurship,” said Panagiotis Zamanis, vice chairman of the Hellenic Startups Association.
Greek lender National Bank says the tech startup sector is showing particular promise even though it only has a total valuation of around 300 million euros.
“The Greek ecosystem of tech startups is still in its infancy though it already shows signs of high growth potential,” it said in a report.
Three engineers founded Ex Machina, a software startup offering predictive analytics for weather-sensitive industries in the summer of 2015 when capital controls were imposed..
“We wanted to take more risk because we believed that — the way things were — it couldn’t get worse,” said one of the founders, 38-year-old Manolis Nikiforakis.
He was speaking in Ex Machina’s Athens office in Greek lender Eurobank’s startup hub EGG, where cubicle walls are covered in business plans and Post-it notes.
Ex Machina now has Greece’s biggest gas supplier among its customers and is in talks for funding to expand abroad. Slideshow (8 Images) “FIGHTING BRAIN DRAIN”
The owners of Ex Machina and other startups say they have succeeded despite the constraints of Greece’s business environment. Red tape, high taxes and funding constraints are holding back entrepreneurs, they say.
Greece ranks 87th out of 137 countries in the World Economic Forum’s Global Competitiveness Index, behind Tajikistan and Ukraine. Taxation, which has climbed as a result of austerity, and crippling bureaucracy are cited among hurdles to business.
It took Ex Machina three months to open a bank account so clients could not pay them. Funding was scarce as Greek investors were used to more traditional sectors such as restaurants and tourism. Ex Machina and PHEE, both relied on savings, grants and winning startup competitions at first.
The Greeks behind taxi-hailing app Beat, bought by Germany’s Daimler last year, set up in London because of the more flexible legal framework and lower start-up costs.
“I tried to see with my accountant how long it would take to open the company in Greece, to open a bank account, and then get the money,” Beat’s founder Nikos Drandakis told the Greek parliament in March.
“We were talking about more than one to two months... We opened the company in England in one day.”
The government is considering introducing tax breaks for startups this summer.
“The economy’s growth depends on how well these businesses fair in the next 10 years,” Eurobank Deputy CEO Stavros Ioannou said. “We have to help them.”
The government teamed up in April with the EIF to launch Equifund, the 400 million euro fund-of-funds aimed at startups and other small companies. About a quarter of the money will be from private investors, the rest will be public funds.
The EIF said in an emailed statement it hoped to fight “brain drain, maybe even reversing it into brain gain.”
The money should focus on helping startups expand beyond the Greek market, said Costas Andripoulos, professor of Innovation and Entrepreneurship at London’s Cass Business School.
Workable, a startup whose software aims to make hiring easier, was launched in Athens in 2012. It now has offices in London and Boston and 180 staff, most of whom are in Greece.
It has raised $32 million from investors and counts Porsche, Ryanair and Marks & Spencer among its 6,000 customers.
Workable’s Nikos Moraitakis quit a job in Dubai to set up Workable in Athens despite Greece’s problems.
“Successful (startups) are often created in recession,” he said. Editing by Anna Willard | https://uk.reuters.com/article/us-eurozone-greece-startups/greeces-new-startup-culture-technology-and-seagrass-sunglasses-idUKKBN1I417D |
Indonesia suicide bomber mum 'chatted to neighbors about schools, swapped recipes' | May 17, 2018 / 8:58 AM / Updated 23 minutes ago Indonesia suicide bomber mum 'chatted to neighbors about schools, swapped recipes' Kanupriya Kapoor 6 Min Read
SURABAYA, Indonesia (Reuters) - The mother of an Indonesian family of six who launched suicide bomb attacks on three churches chatted to neighbors about schooling and swapped recipes, leading what appeared to be a regular middle-class life and eluding counter-terrorism forces.
The family killed at least 18 people, including themselves, by bombing the churches in Indonesia’s second-biggest city of Surabaya on Sunday in the worst militant attacks in the world’s biggest Muslim-majority country in more than a decade.
Home was a quiet, relatively affluent neighborhood of Surabaya. Most houses in the area have hatchbacks and family cars parked outside and in front a small yard more often than not strewn with toys and children’s bicycles.
“My wife talked to the mother all the time about the children’s education, about recipes. They often met at the local market,” said Wery Trikusuma, who lives next door.
“They were quite open and interactive. They contributed money to neighborhood repairs for example for roads. They often left their front gates open to receive guests, he said, adding it “seemed impossible that they could do this”.
The day after the church bombings, six died, including four bombers, in another suicide attack. Another family of five blew themselves up, but the eight-year-old daughter survived.
In another blast in an apartment near Surabaya on Sunday night, three members of a family believed to have been making bombs were killed when one device went off by accident. Three children survived.
Police also later shot dead four people with suspected links to the attacks.
Police suspect the attacks were carried out by a cell of the Islamic State-inspired Jemaah Ansharut Daulah (JAD), an umbrella organization on a U.S. State Department terrorist list that is reckoned to have drawn hundreds of Indonesian sympathizers of the extremist group. RAW INTELLIGENCE
The families all lived in ordinary middle-class districts where neighbors say they saw few things to mark them out.
“We had received very raw intelligence that there may be an attack in the week before Ramadan but not about when exactly or where,” said a senior government official, referring to the Muslim fasting month that started on Thursday in Indonesia.
“But there was never any report about an entire family being used, or that that was even possible.”
Police say the father in the family that attacked the churches, Dita Oepriarto, was head of the local JAD cell and likely radicalized decades earlier.
Indonesia set up a counter-terrorism unit, Detachment, or “Densus”, 88, in 2003 which is credited with thwarting hundreds of plots, but the Surabaya attacks mark the squad’s biggest challenge in decades.
In all, around 30 people have been killed since Sunday in the attacks, including 13 of the suspected suicide bombers.
According to the senior government official, President Joko Widodo decided not to fire top security personnel when he learnt of the shocking nature of the attacks and instead called for action to dismantle the networks and said he would use executive powers to force through a strengthened anti-terrorism law if parliament did not act.
The presidential palace did not respond to requests for comment.
“This attack demonstrates that entire communities and families can be radicalized,” Rohan Gunaratna, a Singapore based terrorism expert, said.
“This means that a catch and kill response alone will not work. The government must engage more with community leaders, schools, religious leaders in addition to expanding counter-terrorism capabilities,” he said. FAMILY SECRETS
Wawan Purwanto, a spokesman for the intelligence agency, said militants were being influenced by tactics in the Middle East, where children and women have been used in attacks.
He said there may also have been a belief that the whole family would enter heaven by carrying out an attack together.
Ansyad Mbai, a former head of Indonesia’s anti-terrorism agency (BNPT), said using a family unit for an attack helped ensure planning was kept secret.
The parents of the families had indoctrinated their children and every Sunday evening made them attend a prayer circle with adults, police said.
Oepriarto’s house is now boarded up and cordoned off with police tape after being searched by bomb squad and forensics teams for two days.
“On the day of the attack, the father and the two male children attended morning prayers at the neighborhood mosque and then came back home briefly. They went out again at around 7 a.m. but I didn’t know where they were going. It turned out to be to the churches,” said the neighbor, Trikusuma.
Still, it appears there were some warning signs.
In the attack on Surabaya’s city police headquarters on Monday, the father who brought his family on motorbikes to blow themselves up had come up on police radar after visiting terror convicts in a nearby jail, according to the community head.
Kukuh Santoso, 47, said that six to eight months ago the father, Tri Murtiono, had visited the convicts in a jail in Porong and after that police had paid a visit to the family.
“Besides that, we had absolutely no idea they were even thinking like this”, said Santoso.
A counter-terrorism source confirmed this account, but declined to elaborate. Additional reporting by Agustinus Beo Da Costa; Writing by Ed Davies; Editing by Nick Macfie | https://www.reuters.com/article/us-indonesia-bomb-families/indonesia-suicide-bomber-mum-chatted-to-neighbors-about-schools-swapped-recipes-idUSKCN1II116 |
Netflix has the best long-term business model: Chamath Palihapitiya | Streaming giant Netflix has a huge advantage in the original content space due to its strong relationship with consumers, tech venture capitalist Chamath Palihapitiya said Wednesday.
Netflix has shown "that having a direct relationship with your customer — where your customer and your consumer are the same — is probably the best long-term business model," the former Facebook executive said in an interview on CNBC's " Squawk Box ."
Subscribers have a relationship with Netflix "where they understand the data that's being collected," Palihapitiya said.
Netflix, with a market value of nearly $142 billion, has seen its share prices more than double during the past 12 months. Netflix added far more users than expected in the first quarter as it pushed out heavy investments in original content to drive subscriptions.
The company, facing increasing competition from the likes of Amazon and Disney , said it expects to have $7.5 billion to $8 billion in content expenses this year, in line with previous estimates.
Some on Wall Street have expressed concern about Netflix's strategy to splurge heavily on new content.
But Palihapitiya, who served in various management roles at Facebook during his four years there, including vice president of user growth, said he expects that money is being used efficiently to create content in various ways. He said that includes keeping existing subscribers, acquiring new consumers as well as seeding and launching completely new markets entirely.
"When you segregate that out, they all have different values to Netflix," Palihapitiya said. "That's why you end up with numbers that may not seem obvious on the surface. But underneath I bet you there's a strong discipline and science around how they do that capital allocation."
Sign Up for Our Newsletter Morning Squawk CNBC's before the bell news roundup SIGN UP NOW Get this delivered to your inbox, and more info about about our products and service. Privacy Policy . | https://www.cnbc.com/2018/05/09/netflix-has-the-best-long-term-business-model-chamath-palihapitiya.html |
BRIEF-Sailingstone Capital Partners Reports 16.92 Pct Stake In Range Resources Corp As Of May 2, 2018 | May 2 (Reuters) - Range Resources Corp:
* SAILINGSTONE CAPITAL PARTNERS LLC REPORTS 16.92 PERCENT STAKE IN RANGE RESOURCES CORP AS OF MAY 2, 2018 - SEC FILING
* SAILINGSTONE CAPITAL PARTNERS LLC - ACQUIRED SHARES OF RANGE RESOURCES CORP'S COMMON STOCK FOR INVESTMENT PURPOSES IN ORDINARY COURSE OF BUSINESS Source text : ( bit.ly/2wcuDvI ) Further company coverage:
| https://www.reuters.com/article/brief-sailingstone-capital-partners-repo/brief-sailingstone-capital-partners-reports-16-92-pct-stake-in-range-resources-corp-as-of-may-2-2018-idUSFWN1S919Z |
Resource Capital Corp. Reports Results for Three Months Ended March 31, 2018 and Announces Name Change | NEW YORK, Resource Capital Corp . (NYSE:RSO) ("RSO" or the "Company") reports results for the three months ended March 31, 2018.
Significant Items and Highlights
GAAP net loss allocable to common shares of $(0.40) per share-diluted for the three months ended March 31, 2018.
Core Earnings were $(0.28) per common share-diluted, and were $0.03 per common share-diluted when adjusted for the non-recurring charges relating to the redemption of the Company's 8.25% Series B Cumulative Redeemable Preferred Stock ("Series B Preferred Stock") and the pending settlement of a securities litigation (see Schedule I).
Effective at 5:00 p.m. (EDT) on May 25, 2018, RSO will change its name to "Exantas Capital Corp."
RSO's board of directors anticipates that it will declare a cash dividend of $0.10 per share on its common stock for the second quarter of 2018, which is a 100% increase over the first quarter of 2018 amount.
RSO has monetized $400.6 million of the investments that were included in management's previously communicated strategic plan (the "Plan") (see Schedule III). This includes $13.9 million of assets liquidated during the three months ended March 31, 2018 and $22.7 million of assets liquidated in April and May 2018.
RSO originated $146.3 million of new commercial real estate ("CRE") loans during the three months ended March 31, 2018 (see Schedule IV).
In April 2018, RSO entered into an additional CRE term financing facility, increasing its borrowing capacity to $900.0 million from $650.0 million.
RSO redeemed all of its outstanding 8.50% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock") and Series B Preferred Stock.
Common stock cash dividend of $0.05 per share for the three months ended March 31, 2018.
Book value of $13.92 per common share at March 31, 2018, as compared to $14.46 per common share at December 31, 2017.
Three Months Ended March 31, 2018 Results
GAAP net loss allocable to common shares of $12.6 million, or $(0.40) per share-diluted, for the three months ended March 31, 2018 as compared to GAAP net income allocable to common shares of $2.7 million, or $0.09 per share-diluted, for the three months ended March 31, 2017. GAAP net loss allocable to common shares for the three months ended March 31, 2018 includes a $4.5 million decline in the fair value of an asset held for sale based on independent appraisals.
Core Earnings were $(8.6) million, or $(0.28) per common share-diluted, for the three months ended March 31, 2018, and were $1.0 million, or $0.03 per common share-diluted, when adjusted for the non-recurring charges relating to the redemption of the Company's Series B Preferred Stock and the pending settlement of a securities litigation.
GAAP net loss allocable to common shares and Core Earnings for the three months ended March 31, 2018 include a charge of $7.5 million, or $(0.24) per share-diluted, related to the March 2018 redemption of all remaining outstanding shares of the Company's Series B Preferred Stock. The redemption charge represents the difference between the carrying value and the redemption price of the redeemed Series B Preferred Stock. Core Earnings for the three months ended March 31, 2018 additionally include a charge of $2.2 million, or $(0.07) per common share-diluted, related to the pending settlement of a securities litigation.
Additional Items
Commercial Real Estate
Substantially all of RSO's $1.4 billion CRE loan portfolio comprised floating rate senior whole loans at March 31, 2018.
RSO's CRE floating rate whole loan portfolio had a weighted average spread of 4.65% over the one-month London Interbank Offered Rate ("LIBOR") of 1.88% at March 31, 2018.
The following table summarizes RSO's CRE loan activities and fundings of previous commitments, at par, for the three and twelve months ended March 31, 2018 (in millions, except percentages and amounts in footnotes):
Three Months
Ended
March 31, 2018 Twelve Months
Ended
March 31, 2018 New CRE loan commitments $ 127.1 $ 598.5 New CRE preferred equity investment 19.2 19.2 Total CRE loan commitments and investments 146.3 617.7 Payoffs and paydowns (1)(2) (51.5 ) (500.3 ) Previous commitments funded 10.5 35.8 New unfunded loan commitments (13.6 ) (70.1 ) Net CRE loans funded $ 91.7 $ 83.1 Weighted average one-month LIBOR floor on new originations (3) 1.37 % 1.13 % Weighted average spread above one-month LIBOR (3) 3.94 % 4.28 % Weighted average unlevered yield, including amortization of origination fees 5.79 % 5.76 %
(1) CRE loan payoffs and extensions resulted in $370,000 and $1.2 million of exit and extension fees during the three and twelve months ended March 31, 2018, respectively. (2) Activity does not include legacy CRE loans classified as assets held for sale. (3) Applicable to new CRE whole loans funded, excluding one CRE whole loan with an 8.00% fixed interest rate. Commercial Mortgage-Backed Securities
RSO's commercial mortgage-backed securities ("CMBS") portfolio had a carrying value of $250.7 million and a weighted average coupon of 4.36% at March 31, 2018.
The following table summarizes RSO's CMBS activities, at face value, for the three and twelve months ended March 31, 2018 (in millions, except percentages):
Three Months
Ended
March 31, 2018 Twelve Months
Ended
March 31, 2018 CMBS acquisitions $ 44.3 $ 256.2 Sales — (7.4 ) Principal paydowns (3.4 ) (50.5 ) CMBS acquisitions, net $ 40.9 $ 198.3 Weighted average coupon at March 31, 2018 3.88 % 4.14 % Commercial Real Estate Loans Term Facility
In April 2018, RSO entered into a $250.0 million master repurchase agreement with Barclays Bank PLC to finance CRE loan originations. The facility matures in April 2021, subject to certain one-year extension options. This facility increases RSO's financing capacity to $900.0 million from $650.0 million.
Discontinued Operations
Pursuant to the Plan, the assets and liabilities of Primary Capital Mortgage, LLC ("PCM") and RSO's middle market lending segment, NEW NP, LLC, were reclassified to held for sale during the fourth quarter of 2016 and are reported as discontinued operations on the consolidated statements of operations.
In the first quarter of 2018, PCM sold its remaining loans held for sale generating total cash proceeds of $1.9 million. PCM recognized a net loss of $539,000 for the three months ended March 31, 2018.
In the first quarter of 2018, NEW NP, LLC sold its remaining syndicated middle market loans generating total proceeds of $27.6 million, of which $12.7 million had been received in cash as of March 31, 2018 and the balance was received in May 2018.
At March 31, 2018, the one remaining directly originated middle market loan, with a carrying value of $2.0 million, was in default. The middle market portfolio generated net income of $819,000 for the three months ended March 31, 2018, including a $216,000 net realized gain on the syndicated middle market loan sales.
Liquidity
At April 30, 2018, RSO's available liquidity consisted of three primary sources:
• unrestricted cash and cash equivalents of $67.1 million;
• approximately $87.0 million of available liquidity from the financing of unlevered CRE and CMBS positions; and
• $396.2 million available under three term financing facilities to finance CRE loans.
Common Stock Book Value and Total Stockholders' Equity
The following table reconciles RSO's common stock book value from December 31, 2017 to March 31, 2018 (in thousands, except per share data and amounts in footnotes):
Total Amount Per Share
Amount Common stock book value at December 31, 2017 (1) $ 447,634 $ 14.46 Net loss allocable to common shares (12,582 ) (0.40 ) Change in other comprehensive income: Available-for-sale securities (1,292 ) (0.04 ) Derivatives 1,149 0.03 Common stock dividends (1,560 ) (0.05 ) Common stock dividends on unvested shares (23 ) — Accretion (dilution) from additional shares outstanding at March 31, 2018 (2) 898 (0.08 ) Total net decrease (13,410 ) (0.54 ) Common stock book value at March 31, 2018 (1)(3) $ 434,224 $ 13.92
(1) Per share calculations exclude unvested restricted stock, as disclosed on the consolidated balance sheets, of 465,808 and 483,073 shares at March 31, 2018 and December 31, 2017, respectively. The denominators for the calculations are 31,184,609 and 30,946,819 at March 31, 2018 and December 31, 2017, respectively. (2) Per share amount calculation includes the impact of 237,790 additional shares. (3) Common stock book value is calculated as total stockholders' equity of $550.2 million less preferred stock equity of $116.0 million at March 31, 2018. Common stock book value includes $13.4 million of unamortized discount resulting from the value of the conversion option on RSO's convertible senior notes. The convertible senior notes' discounts will be amortized into interest expense over the remaining life of each note issuance. At March 31, 2018, common stock book value excluding this item would have been $420.9 million, or $13.50 per common share.
Total stockholders' equity at March 31, 2018, which measures equity before accounting for non-controlling interests, was $550.2 million, of which $116.0 million was attributable to preferred stock. Total stockholders' equity at December 31, 2017 was $671.5 million, of which $223.8 million was attributable to preferred stock.
Preferred Stock Redemptions
In the first quarter of 2018, RSO redeemed all of its outstanding Series A Preferred Stock and Series B Preferred Stock for $166.8 million. These redemptions eliminated approximately $13.7 million of preferred stock dividends on an annual basis, or $0.44 per common share.
Corporate Name Change
Effective at 5:00 p.m. (EDT) on May 25, 2018, RSO will change its name to "Exantas Capital Corp." The Company's common stock and 8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock ("preferred stock") will continue to be listed on the NYSE, and the Company anticipates that on May 29, 2018 its common stock will begin trading under the symbol "XAN" and its preferred stock will begin trading under the symbol "XAN PrC." The new CUSIP number for the Company's common stock following the name change will be 30068N105, and the new CUSIP number for its preferred stock will be 30068N402.
Investment Portfolio
The following table summarizes the amortized cost and net carrying amount of RSO's investment portfolio at March 31, 2018, classified by asset type (in thousands, except percentages and amounts in footnotes):
At March 31, 2018 Amortized
Cost Net Carrying
Amount Percent of
Portfolio Weighted
Average
Coupon Core Assets: CRE whole loans (1)(2) $ 1,362,520 $ 1,357,991 80.23 % 6.34 % CRE preferred equity investment (2) 19,008 19,008 1.12 % 11.50 % CMBS (3) 251,343 250,746 14.81 % 4.36 % Total Core Assets 1,632,871 1,627,745 96.16 % Non-Core Assets: Structured notes (4) 1,218 164 0.01 % N/A (10) Investments in unconsolidated entities (5) 4,891 4,891 0.29 % N/A (10) Direct financing leases (6) 824 89 0.01 % 5.66 % Legacy CRE loans held for sale (7)(8) 63,882 57,341 3.39 % 1.71 % Middle market loan held for sale (7)(9) 13,837 1,978 0.12 % — % Life settlement contracts (7) 177 177 0.01 % N/A (10) Property available-for-sale (7) 117 117 0.01 % N/A (10) Total Non-Core Assets 84,946 64,757 3.84 % Total investment portfolio $ 1,717,817 $ 1,692,502 100.00 % (1) Net carrying amount includes an allowance for loan losses of $4.5 million at March 31, 2018.
(2) Classified as CRE loans on the consolidated balance sheets.
(3) Classified as investment securities available-for-sale on the consolidated balance sheets.
(4) Classified as investment securities, trading on the consolidated balance sheets.
(5) Classified as investments in unconsolidated entities on the consolidated balance sheets.
(6) Net carrying amount includes an allowance for lease losses of $735,000 at March 31, 2018.
(7) Classified as assets held for sale on the consolidated balance sheets.
(8) Net carrying amount includes a lower of cost or market value adjustment of $6.5 million at March 31, 2018.
(9) Net carrying amount includes the lower of cost or market value adjustment of $11.9 million at March 31, 2018.
(10) There are no stated rates associated with these investments.
Supplemental Information
The following schedules of reconciliations and supplemental information at March 31, 2018 are included at the end of this release:
Schedule I - Reconciliation of GAAP Net Income (Loss) to Core Earnings;
Schedule II - Summary of Securitization Performance Statistics;
Schedule III - Strategic Plan Update;
Schedule IV - CRE Loan Activities; and
Schedule V - Supplemental Information.
About Resource Capital Corp.
Resource Capital Corp. is a real estate investment trust that is primarily focused on originating, holding and managing commercial mortgage loans and commercial real estate-related debt investments.
The Company is externally managed by Resource Capital Manager, Inc. (the "Manager"), which is an indirect wholly-owned subsidiary of C-III Capital Partners LLC, a leading commercial real estate investment management and services company engaged in a broad range of activities.
For more information, please visit RSO's website at www.resourcecapitalcorp.com or contact investor relations at IR@resourcecapitalcorp.com .
Safe Harbor Statement
Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. RSO's actual results, performance or achievements could differ materially from those expressed or implied in this release. The risks and uncertainties associated with forward-looking statements contained in this release include those related to:
fluctuations in interest rates and related hedging activities;
the availability of debt and equity capital to acquire and finance investments;
defaults or bankruptcies by borrowers on RSO's loans or on loans underlying its investments;
adverse market trends that have affected and may continue to affect the value of real estate and other assets underlying RSO's investments;
increases in financing or administrative costs; and
general business and economic conditions that have impaired and may continue to impair the credit quality of borrowers and RSO's ability to originate loans.
For further information concerning these and other risks pertaining to the forward-looking statements contained in this release, and to the general risks to which RSO is subject, see Item 1A, "Risk Factors," included in its Annual Report on Form 10-K for the year ended December 31, 2017 and the risks expressed in its other public filings with the Securities and Exchange Commission.
RSO cautions you not to place undue reliance on any forward-looking statements contained in this release, which speak only as of the date of this release. All subsequent written and oral forward-looking statements attributable to RSO or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this release. Except to the extent required by applicable law or regulation, RSO undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Furthermore, certain non-GAAP financial measures are discussed in this release. RSO's presentation of this information is not intended to be considered in isolation of or as a substitute for the financial information presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP are set forth in Schedule I of this release and can be accessed through RSO's filings with the SEC at www.sec.gov .
The remainder of this release contains RSO's unaudited (2018) and audited (2017) consolidated balance sheets, unaudited consolidated statements of operations, a reconciliation of GAAP net income (loss) to Core Earnings, a summary of securitization performance statistics, an update on RSO's strategic plan, a summary of RSO's CRE loan activities and supplemental information regarding RSO's CRE loan portfolio and loans held for sale.
RESOURCE CAPITAL CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31,
2018 December 31,
2017 (unaudited) ASSETS (1) Cash and cash equivalents $ 61,500 $ 181,490 Restricted cash 546 22,874 Accrued interest receivable 6,945 6,859 CRE loans, net of allowances of $4,529 and $5,328 1,376,999 1,284,822 Investment securities available-for-sale 250,746 211,737 Investment securities, trading 164 178 Loans held for sale — 13 Principal paydowns receivable 20 76,129 Investments in unconsolidated entities 6,439 12,051 Derivatives, at fair value 1,751 602 Direct financing leases, net of allowances of $735 and $735 89 151 Other assets 6,981 7,451 Assets held for sale (amounts include $57,341 and $61,841 of legacy CRE loans held for sale in
continuing operations) 77,621 107,718 Total assets $ 1,789,801 $ 1,912,075 LIABILITIES (2) Accounts payable and other liabilities $ 6,654 $ 5,153 Management fee payable 938 1,035 Accrued interest payable 3,244 4,387 Borrowings 1,222,386 1,163,485 Distributions payable 3,308 5,581 Preferred stock redemption liability — 50,000 Derivatives, at fair value — 76 Accrued tax liability 209 540 Liabilities held for sale 2,883 10,342 Total liabilities 1,239,622 1,240,599 STOCKHOLDERS' EQUITY Preferred stock, par value $0.001: 10,000,000 shares authorized 8.25% Series B Cumulative
Redeemable Preferred Stock, liquidation preference $25.00 per share; 0 and 4,613,596 shares
issued and outstanding — 5 Preferred stock, par value $0.001: 10,000,000 shares authorized 8.625% Fixed-to-Floating
Series C Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share;
4,800,000 and 4,800,000 shares issued and outstanding 5 5 Common stock, par value $0.001: 125,000,000 shares authorized; 31,650,417 and 31,429,892
shares issued and outstanding (including 465,808 and 483,073 unvested restricted shares) 32 31 Additional paid-in capital 1,080,927 1,187,911 Accumulated other comprehensive income 1,154 1,297 Distributions in excess of earnings (531,939 ) (517,773 ) Total stockholders' equity 550,179 671,476 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,789,801 $ 1,912,075
RESOURCE CAPITAL CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - (Continued) (in thousands, except share and per share data) March 31,
2018 December 31,
2017 (unaudited) (1) Assets of consolidated variable interest entities ("VIEs") included in total assets above: Restricted cash $ 513 $ 20,846 Accrued interest receivable 2,728 3,347 CRE loans, pledged as collateral and net of allowances of $844 and $1,330 571,640 603,110 Loans held for sale — 13 Principal paydowns receivable 20 72,207 Other assets 188 73 Total assets of consolidated VIEs $ 575,089 $ 699,596 (2) Liabilities of consolidated VIEs included in total liabilities above: Accounts payable and other liabilities $ 65 $ 96 Accrued interest payable 412 592 Borrowings 298,970 416,655 Total liabilities of consolidated VIEs $ 299,447 $ 417,343
RESOURCE CAPITAL CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) For the Three Months Ended March 31, 2018 2017 (unaudited) (unaudited) REVENUES Interest income: CRE loans $ 22,383 $ 21,533 Securities 3,456 2,308 Other 118 1,630 Total interest income 25,957 25,471 Interest expense 14,384 14,254 Net interest income 11,573 11,217 Other (expense) revenue (95 ) 928 Total revenues 11,478 12,145 OPERATING EXPENSES Management fees 2,813 2,680 Equity compensation 967 788 General and administrative 3,060 3,863 Depreciation and amortization 13 68 Impairment losses — 177 (Recovery of) provision for loan and lease losses, net (799 ) 999 Total operating expenses 6,054 8,575 5,424 3,570 OTHER INCOME (EXPENSE) Equity in (losses) earnings of unconsolidated entities (292 ) 361 Net realized and unrealized (loss) gain on investment securities available-for-sale and loans and derivatives (642 ) 7,606 Net realized and unrealized loss on investment securities, trading (5 ) (911 ) Fair value adjustments on financial assets held for sale (4,665 ) (21 ) Other income 11 68 Total other (expense) income (5,593 ) 7,103 (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE TAXES (169 ) 10,673 Income tax benefit (expense) 32 (1,499 ) NET (LOSS) INCOME FROM CONTINUING OPERATIONS (137 ) 9,174 NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 247 (561 ) NET INCOME 110 8,613 Net income allocated to preferred shares (5,210 ) (6,014 ) Consideration paid in excess of carrying value of preferred shares (7,482 ) — Net loss allocable to non-controlling interest, net of taxes — 101 NET (LOSS) INCOME ALLOCABLE TO COMMON SHARES $ (12,582 ) $ 2,700 NET (LOSS) INCOME PER COMMON SHARE - BASIC: CONTINUING OPERATIONS $ (0.41 ) $ 0.11 DISCONTINUED OPERATIONS $ 0.01 $ (0.02 ) TOTAL NET (LOSS) INCOME PER COMMON SHARE - BASIC $ (0.40 ) $ 0.09 NET (LOSS) INCOME PER COMMON SHARE - DILUTED: CONTINUING OPERATIONS $ (0.41 ) $ 0.11 DISCONTINUED OPERATIONS $ 0.01 $ (0.02 ) TOTAL NET (LOSS) INCOME PER COMMON SHARE - DILUTED $ (0.40 ) $ 0.09 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC 31,111,315 30,752,006 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED 31,111,315 30,914,148 SCHEDULE I
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME (LOSS) TO CORE EARNINGS
(unaudited)
RSO uses Core Earnings as a non-GAAP financial measure to evaluate its operating performance. RSO previously used Adjusted Funds from Operations as a non-GAAP measure of operating performance.
Core Earnings exclude the effects of certain transactions and GAAP adjustments that RSO believes are not indicative of its current CRE loan portfolio and other CRE-related investments and operations. Core Earnings exclude income (loss) from all non-core assets, such as commercial finance, middle market lending, residential mortgage lending, certain legacy CRE loans and other non-CRE assets designated as assets held for sale at the initial measurement date. (1)
Core Earnings, for reporting purposes, is defined as GAAP net income (loss) allocable to common shareholders, excluding (i) non-cash equity compensation expense, (ii) unrealized gains and losses, (iii) non-cash provisions for loan losses, (iv) non-cash impairments on securities, (v) non-cash amortization of discounts or premiums associated with borrowings, (vi) net income or loss from a limited partnership interest owned at the initial measurement date, (vii) net income or loss from non-core assets, (2)(3) (viii) real estate depreciation and amortization, (ix) foreign currency gains or losses and (x) income or loss from discontinued operations. Core Earnings may also be adjusted periodically to exclude certain one-time events pursuant to changes in GAAP and certain non-cash items.
Although pursuant to the Third Amended and Restated Management Agreement RSO calculates incentive compensation using Core Earnings excluding incentive fees payable to the Manager, beginning with the three months and year ended December 31, 2017 RSO includes incentive fees payable to the Manager in Core Earnings for reporting purposes.
Core Earnings does not represent net income or cash generated from operating activities and should not be considered as an alternative to GAAP net income or as a measure of liquidity under GAAP. RSO's methodology for calculating Core Earnings may differ from methodologies used by other companies to calculate similar supplemental performance measures, and, accordingly, its reported Core Earnings may not be comparable to similar performance measures used by other companies.
The following table provides a reconciliation from GAAP net (loss) income allocable to common shares to Core Earnings allocable to common shares for the periods presented (in thousands, except per share data): For the Three
Months Ended
March 31, 2018 2017 Net (loss) income allocable to common shares - GAAP $ (12,582 ) $ 2,700 Adjustment for realized gain on CRE assets — — Net (loss) income allocable to common shares - GAAP, adjusted (12,582 ) 2,700 Reconciling items from continuing operations: Non-cash equity compensation expense 967 788 Non-cash (recovery of) provision for CRE loan losses (799 ) 860 Realized loss on core activities (4) (2,167 ) — Non-cash amortization of discounts or premiums associated with borrowings 778 414 Net income from limited partnership interest owned at the initial measurement date (1) — (358 ) Income tax (benefit) expense from non-core investments (2)(3) (32 ) 1,499 Net realized loss on non-core assets (2)(3) 215 — Net loss (income) from non-core assets (3) 397 (1,429 ) Reconciling items from discontinued operations and CRE assets: Net interest income on legacy CRE loans held for sale (322 ) (1,324 ) Realized gain on liquidation of CRE loans — (6,954 ) Fair value adjustments on legacy CRE loans held for sale 4,672 — Net loss (income) from other non-CRE investments held for sale 478 (25 ) (Income) loss from discontinued operations, net of taxes (247 ) 561 Core Earnings allocable to common shares (5) (8,642 ) (3,268 ) Reconciling items for nonrecurring activities: Loss on redemption of Series B Preferred Stock 7,482 — Realized loss on core activities 2,167 — Core Earnings allocable to common shares, adjusted $ 1,007 $ (3,268 ) Weighted average common shares - diluted 31,111 30,752 Core Earnings per common share - diluted (5) $ (0.28 ) $ (0.11 ) Core Earnings per common share, adjusted - diluted $ 0.03 $ (0.11 )
(1) Initial measurement date is December 31, 2016. (2) Income tax expense from non-core investments and net realized gain on non-core assets are components of net income or loss from non-core assets. (3) Non-core assets are investments and securities owned by RSO at the initial measurement date in (i) commercial finance, (ii) middle market lending, (iii) residential mortgage lending, (iv) legacy CRE loans designated as held for sale and (v) other non-CRE assets included in assets held for sale. (4) Payment of pending settlement of a securities litigation, previously accrued in 2017. (5) Core Earnings include a non-recurring charge of $7.5 million, or $(0.24) per common share-diluted, for the three months ended March 31, 2018 in connection with the redemption of the remaining Series B Preferred Stock. RSO has five operating segments: commercial real estate debt investments; commercial finance; middle market lending; residential mortgage lending; and corporate & other. The commercial real estate debt investments operating segment includes our activities and operations related to commercial real estate loans and commercial real estate-related securities. The commercial finance operating segment includes the activities and operations related to syndicated corporate loans, syndicated corporate loan-related securities and direct financing leases. The middle market lending operating segment includes the activities and operations related to the origination and purchase of middle market corporate loans. The residential mortgage lending operating segment includes the activities and operations related to originating and servicing residential mortgage loans and investments in residential mortgage-backed securities. The corporate & other segment includes corporate level interest income, interest expense, inter-segment eliminations not allocable to any particular operating segment and general and administrative expense.
As part of the plan to exit non-CRE businesses, the entire middle market lending and substantially all of the residential mortgage lending segments are reported as discontinued operations. The following table presents a reconciliation of GAAP net income (loss) allocable to common shares to Core Earnings allocable to common shares for the three months ended March 31, 2018 presented by operating segment (in thousands, except per share data):
Commercial
Real Estate
Debt
Investments Corporate
& Other Core
Subtotal Commercial
Finance Middle
Market
Lending Residential
Mortgage
Lending Total Net income (loss) allocable to common shares - GAAP $ 12,302 $ (24,366 ) $ (12,064 ) $ (470 ) $ 819 $ (867 ) $ (12,582 ) Reconciling items from continuing operations: Non-cash equity compensation expense — 967 967 — — — 967 Non-cash recovery of CRE loan losses (799 ) — (799 ) — — — (799 ) Realized loss on core activities (4) — (2,167 ) (2,167 ) — — — (2,167 ) Non-cash amortization of discounts or premiums associated with borrowings — 778 778 — — — 778 Income tax benefit from non-core investments (2)(3) — — — (32 ) — — (32 ) Net realized loss on non-core assets (2)(3) — — — 215 — — 215 Net loss from non-core assets (3) — — — 286 — 111 397 Reclassification of allocated expenses to non-CRE activities — (185 ) (185 ) 1 — 184 — Reconciling items from discontinued operations and CRE assets: Net interest income on legacy CRE loans held for sale (322 ) — (322 ) — — — (322 ) Fair value adjustments on legacy CRE loans held for sale 4,672 — 4,672 — — — 4,672 Net loss from other non-CRE investments held for sale — 478 478 — — — 478 (Income) loss from discontinued operations, net of taxes — — — — (819 ) 572 (247 ) Core Earnings allocable to common shares (5) 15,853 (24,495 ) (8,642 ) — — — (8,642 ) Reconciling items for nonrecurring activities: Loss on redemption of Series B Preferred Stock — 7,482 7,482 — — — 7,482 Realized loss on core activities — 2,167 2,167 — — — 2,167 Core Earnings allocable to common shares, adjusted $ 15,853 $ (14,846 ) $ 1,007 $ — $ — $ — $ 1,007 Weighted average common shares - diluted 31,111 31,111 31,111 31,111 31,111 31,111 31,111 Core Earnings per common share - diluted (5) $ 0.51 $ (0.79 ) $ (0.28 ) $ — $ — $ — $ (0.28 ) Core Earnings per common share, adjusted - diluted $ 0.51 $ (0.48 ) $ 0.03 $ — $ — $ — $ 0.03
(1) Initial measurement date is December 31, 2016. (2) Income tax expense from non-core investments and net realized gain on non-core assets are components of net income or loss from non-core assets. (3) Non-core assets are investments and securities owned by RSO at the initial measurement date in (i) commercial finance, (ii) middle market lending, (iii) residential mortgage lending, (iv) legacy CRE loans designated as held for sale and (v) other non-CRE assets included in assets held for sale. (4) Payment of pending settlement of a securities litigation, previously accrued in 2017. (5) Core Earnings include a non-recurring charge of $7.5 million, or $(0.24) per common share-diluted, for the three months ended March 31, 2018 in connection with the redemption of the remaining Series B Preferred Stock.
SCHEDULE II
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUMMARY OF SECURITIZATION PERFORMANCE STATISTICS
(unaudited)
Distributions, Coverage Tests and Liquidations
The following table sets forth the distributions made by and coverage test summaries for RSO's active securitizations for the periods presented (in thousands):
Name Cash Distributions Overcollateralization Cushion (1) End of Designated
Principal
Reinvestment
Period For the Three
Months Ended
March 31, 2018 For the Year
Ended December
31, 2017 At March 31, 2018 At the Initial
Measurement Date RCC 2015-CRE3 (2) $ 1,428 $ 8,672 $ 61,469 $ 20,313 February 2017 RCC 2015-CRE4 (2) $ 1,887 $ 8,554 $ 72,184 $ 9,397 September 2017 RCC 2017-CRE5 (2) $ 10,601 $ 6,643 $ 19,655 $ 20,727 July 2020 Apidos Cinco CDO (3) $ — $ 2,056 N/A $ 17,774 N/A
(1) Overcollateralization cushion represents the amount by which the collateral held by the securitization issuer exceeds the maximum amount required. (2) The designated principal reinvestment period for Resource Capital Corp. 2015-CRE3, Resource Capital Corp. 2015-CRE4 and Resource Capital Corp. 2017-CRE5 is the period in which principal repayments can be utilized to purchase loans held outside of the respective securitization that represent the funded commitments of existing collateral in the respective securitization that were not funded as of the date the respective securitization was closed. Additionally, the indenture for each securitization does not contain any interest coverage test provisions. (3) Apidos Cinco CDO was substantially liquidated in November 2016. The following table sets forth the distributions made by and liquidation details for RSO's liquidated securitizations for the periods presented (in thousands):
Name Cash Distributions Liquidation Details For the Three
Months Ended
March 31, 2018 For the Year
Ended December
31, 2017 Liquidation Date Remaining Assets at
the Liquidation
Date (1) RCC 2014-CRE2 (2) $ — $ 33,050 August 2017 $ 92,980
(1) The remaining assets at the liquidation date were measured at fair value and returned to RSO in exchange for its preference share and equity notes in the securitization. (2) Cash distributions for the year ended December 31, 2017 include preference share and equity notes distributions at liquidation of $25.6 million for Resource Capital Corp. 2014-CRE2.
SCHEDULE III
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
STRATEGIC PLAN UPDATE
(unaudited)
In November 2016, RSO's board of directors approved the Plan, pursuant to which RSO is primarily focused on making CRE debt investments. The Plan includes disposing of certain non-core businesses and investments and underperforming legacy CRE loans ("Identified Assets"), as well as maintaining a dividend policy based on sustainable earnings. As part of the Plan, certain Identified Assets were reclassified as discontinued operations and/or assets held for sale during the fourth quarter of 2016. The following table delineates these disposable investments by business segment and details the current net book value of the businesses and investments included in the Plan (in millions, except amounts in footnotes):
Identified
Assets at
Plan Inception Impairments/
Adjustments
on Non-
Monetized
Assets (1)(2) Impairments/
Adjustments
on Monetized
Assets (1) Monetized
through
March 31,
2018 (3)
Net Book
Value at
March 31,
2018 (3) Discontinued operations and assets held for sale: Legacy CRE loans (4) $ 194.7 $ (18.3 ) $ (11.7 ) $ (107.4 ) $ 57.3 Middle market loans 73.8 (17.0 ) (0.8 ) (54.0 ) 2.0 Residential mortgage lending segment (5) 56.6 (1.7 ) (9.6 ) (43.7 ) 1.6 Other assets held for sale 5.9 — 3.9 (8.9 ) 0.9 Subtotal - discontinued operations and assets held for sale $ 331.0 $ (37.0 ) $ (18.2 ) $ (214.0 ) $ 61.8 Investments in unconsolidated entities 86.6 — 38.3 (124.3 ) 0.6 Commercial finance assets 62.5 — — (62.3 ) 0.2 Total $ 480.1 $ (37.0 ) $ 20.1 $ (400.6 ) $ 62.6
(1) Reflects adjustments as a result of the designation as assets held for sale or discontinued operations, which occurred during the third and fourth quarters of 2016 except as noted in (2) below. (2) The impairment adjustment to middle market loans includes $5.4 million of fair value adjustments that occurred prior to the inception of the Plan. (3) Residential mortgage lending segment and investments in unconsolidated entities include pro forma adjustments of $3.6 million and $4.3 million, respectively, for proceeds received in April 2018. Middle market loans include pro forma adjustments of $14.8 million for proceeds received in May 2018. (4) Legacy CRE loans includes $118.2 million par value of loans at the inception of the Plan that were not reflected on the consolidated balance sheets until RSO's investment in Resource Real Estate Funding CDO 2007-1 was liquidated in November 2016. (5) Includes $1.9 million of cash and cash equivalents not classified as assets held for sale in the residential mortgage lending segment at March 31, 2018.
SCHEDULE IV
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
CRE LOAN ACTIVITIES
(unaudited)
The following table summarizes RSO's CRE loan activities and fundings of previous commitments, at par, for the periods then ended (in millions):
For the Three Months Ended
March 31,
2018 December 31,
2017 September 30,
2017 June 30,
2017 March 31,
2017 December 31,
2016 September 30,
2016 June 30,
2016 New CRE loan commitments $ 127.1 $ 229.0 $ 157.7 $ 84.7 $ 128.9 $ 50.6 $ 86.5 $ 10.5 New CRE preferred equity
investment 19.2 — — — — — — — Total CRE loan commitments and
investments 146.3 229.0 157.7 84.7 128.9 50.6 86.5 10.5 Payoffs and paydowns (1) (51.5 ) (185.7 ) (129.5 ) (133.6 ) (110.7 ) (69.1 ) (155.9 ) (107.2 ) Previous commitments funded 10.5 4.0 8.0 13.3 6.3 12.9 15.4 21.7 New unfunded loan commitments (13.6 ) (24.6 ) (23.0 ) (8.9 ) (14.9 ) (3.5 ) (6.7 ) (3.3 ) Net CRE loans funded $ 91.7 $ 22.7 $ 13.2 $ (44.5 ) $ 9.6 $ (9.1 ) $ (60.7 ) $ (78.3 ) (1) Activity does not include legacy CRE loans classified as assets held for sale.
SCHEDULE V
RESOURCE CAPITAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Loan Investment Statistics
The following table presents information on RSO's allowances for loan losses and its loans held for sale portfolio at the dates indicated (amounts in thousands, percentages based on amortized cost):
March 31,
2018 December 31,
2017 (unaudited) Allowance for loan losses: Specific allowance: CRE whole loans $ 2,500 $ 2,500 Total specific allowance 2,500 2,500 General allowance: CRE whole loans 2,029 2,828 Total general allowance 2,029 2,828 Total allowance for loans $ 4,529 $ 5,328 Allowance as a percentage of total loans 0.3 % 0.4 % Loans held for sale: Syndicated corporate loans (1) $ — $ 13 Total loans held for sale $ — $ 13 (1) The fair value option was elected for syndicated corporate loans held for sale.
The following table presents unaudited CRE loan portfolio statistics at March 31, 2018, excluding legacy CRE loans classified as assets held for sale (percentages based on carrying value at March 31, 2018): Loan type: Whole loans 98.6 % Preferred equity investment 1.4 % Total 100.0 % Collateral type: Multifamily 48.6 % Office 20.2 % Retail 18.3 % Hotel 8.6 % Manufactured Housing 2.0 % Industrial 1.4 % Self-Storage 0.9 % Total 100.0 % Collateral by NCREIF U.S. region: Southwest (1) 28.3 % Pacific (2) 24.5 % Mountain (3) 12.7 % Southeast (4) 10.8 % Northeast (5) 9.0 % Mid Atlantic (6) 8.8 % East North Central 5.1 % West North Central 0.8 % Total 100.0 %
(1) CRE loans in Texas represent 26.2% of the total loan portfolio. (2) CRE loans in Southern and Northern California represent 14.3% and 7.8%, respectively, of the total loan portfolio. (3) CRE loans in Arizona represent 5.4% of the total loan portfolio. (4) CRE loans in Florida represent 8.1% of the total loan portfolio. (5) CRE loans in Pennsylvania represent 5.2% of the total loan portfolio. (6) CRE loans in North Carolina represent 5.8% of the total loan portfolio.
CONTACT:
DAVID J. BRYANT
CHIEF FINANCIAL OFFICER
RESOURCE CAPITAL CORP.
717 Fifth Avenue
New York, NY 10022
212-621-3210
Source:Resource Capital Corp. | http://www.cnbc.com/2018/05/03/globe-newswire-resource-capital-corp-reports-results-for-three-months-ended-march-31-2018-and-announces-name-change.html |
The likely agenda for today's trilateral summit in Tokyo | The likely agenda for today's trilateral summit in Tokyo 18 Hours Ago Michael Kovrig of the International Crisis Group says North Korea, trade and economic issues and the improvement of relations between China, Japan and South Korea are likely high on the agenda of today's summit in Tokyo. | https://www.cnbc.com/video/2018/05/08/the-likely-agenda-for-todays-trilateral-summit-in-tokyo.html |
Garmin reports record first quarter revenue and double-digit earnings growth | SCHAFFHAUSEN, Switzerland--(BUSINESS WIRE)-- Garmin Ltd. (Nasdaq: GRMN) today announced results ended March 31, 2018.
Highlights 2018 include:
Total revenue of $711 million, growing 11% over the prior year, with outdoor, fitness, aviation, and marine collectively growing 18% over the prior year quarter and contributing 80% of total revenue Gross margin improved to 60.0% compared to 58.1% in the prior year quarter Operating margin improved to 20.0% compared to 18.2% in the prior year quarter Operating income grew 22% GAAP and pro forma EPS (1) was $0.68 Launched the G500H TXi, a new generation of touchscreen flight decks for helicopters Began shipping the Forerunner® 645M, our first GPS running watch with integrated music and Garmin Pay contactless payments Recently held our second annual Connect IQ™ Summit hosting developers from around the world
(in thousands, 13-Weeks Ended except per share data) March 31, April 1, Yr over Yr 2018 2017 Change Net sales $ 710,872 $ 641,510 11% Outdoor 144,258 115,875 24% Fitness 166,035 137,831 20% Aviation 145,713 122,871 19% Marine 113,554 104,445 9% Auto 141,312 160,488 -12% Gross margin % 60.0% 58.1% Operating income % 20.0% 18.2% GAAP diluted EPS $ 0.68 $ 1.26 -46% Pro forma diluted EPS (1) $ 0.68 $ 0.52 31% (1) See attached table for reconciliation of non-GAAP measures including pro forma diluted EPS Executive Overview from Cliff Pemble, President and Chief Executive Officer:
“We achieved record first quarter revenue with double digit consolidated growth led by strong growth in our outdoor, fitness, aviation and marine segments,” said Cliff Pemble, president and chief executive officer of Garmin Ltd. “Both the outdoor and fitness segments delivered solid, double digit revenue growth, and we remain confident in our wearable product offerings. We are pleased with our first quarter results and look forward to launching new, compelling products throughout the remainder of the year.”
Outdoor:
During the first quarter of 2018, the outdoor segment grew 24% with significant contributions from our fēnix® adventure line of wearables. Gross margin improved to 65% while operating margin remained strong at 30%, resulting in operating income growth of 27%. We introduced the tactix® Charlie, a tactical themed GPS wearable, and began shipping the Descent™ dive watch, bringing an attractive design to underwater adventurers. Looking forward, we remain focused on opportunities in wearables and other product categories within the outdoor market.
Fitness:
During the first quarter of 2018, the fitness segment posted revenue growth of 20% primarily driven by our advanced wearables. Gross and operating margins increased year-over-year to 58% and 20%, respectively, resulting in an operating income growth of 81%. During the first quarter, we started shipping our first GPS running watch with integrated music and Garmin Pay contactless payments. We recently introduced the Edge® 130, a compact GPS cycling computer, the Edge 520 Plus, an advanced cycling computer, and the Varia™ RTL510 rearview radar. Both computers allow cyclists to plan and download their route in advance and brings connectivity to riders. The updated Varia radar enhances the safety features from the first generation and the new design easily mounts to most road-use bikes. Even though the market for basic activity trackers has continued to rapidly mature, we continue to see opportunities for advanced wearables within the fitness segment.
Aviation:
The aviation segment posted solid first quarter revenue growth of 19%. Gross and operating margins were strong at 75% and 33%, respectively, resulting in operating income growth of 25%. During the quarter, we started delivering the G500/600 TXi flight decks including the G500H TXi helicopter variant. We continue to invest in upcoming certifications with our OEM partners, and ongoing aftermarket opportunities.
Marine:
The marine segment posted revenue growth of 9% driven by our recent Navionics® acquisition. Gross margin increased year-over-year to 59%, while operating margin declined to 12%. During the first quarter of 2018, we introduced the GCV 20 ultra-high definition scanning sonar that delivers higher resolution imaging at greater depths. Additionally, we were selected as the exclusive marine electronics supplier to the Independent Boat Builders, Inc., the industry’s largest purchasing cooperative network of leading boat brands. We remain focused on innovations and achieving market share gains within the inland fishing category.
Auto:
The auto segment recorded a revenue decline of 12% in the first quarter of 2018, primarily due to the ongoing PND market contraction somewhat offset by growth in certain niche product lines. Gross and operating margins were 43% and 2%, respectively. During the quarter, we announced a new generation dēzl™ 780, with built in Wi-Fi® and dash cam capabilities bringing advanced safety features and alerts to the trucking industry. Looking forward, we are focused on disciplined execution to bring desired innovation to the market and to optimize profitability in this segment.
Additional Financial Information:
Total operating expenses in the quarter were $284 million, an 11% increase from the prior year. Research and development increased 16% driven by the incremental costs associated with acquisitions, investments in the outdoor and fitness segments for the development of advanced wearable products and continued innovation in the aviation segment. Selling, general and administrative expenses increased 15% driven primarily by personnel related expenses and incremental costs associated with acquisitions. Advertising expenses decreased 20% year over year primarily due to reduced media spending and lower cooperative advertising.
The effective tax rate in the first quarter of 2018 was 16.0% compared to the pro forma effective tax rate of 21.2% (see attached table for reconciliation of this non-GAAP measure) in the prior year quarter. The decrease in the effective tax rate is primarily due to the benefits from the U.S. tax reform and the impact of the release of reserves.
In the first quarter of 2018, we generated $188 million of free cash flow (see attached table for reconciliation of this non-GAAP measure). We continued to return cash to shareholders with our quarterly dividend of approximately $96 million. We ended the quarter with cash and marketable securities of approximately $2.4 billion.
As announced in February 2018, the Board will recommend to the shareholders for approval at the annual meeting to be held on June 8, 2018 a cash dividend in the total amount of $2.12 per share (subject to adjustment in the event that the Swiss Franc weakens more than 35% relative to the USD), payable in four equal installments on dates to be approved by the Board.
2018 Guidance:
We are maintaining our 2018 guidance for revenue of approximately $3.2 billion and pro forma EPS of $3.05 (see attachment for reconciliation of this non-GAAP measure).
Revenue Standard Adoption
We adopted the new revenue standard in the first quarter of 2018. The prior periods presented here have been restated to reflect adoption of this new standard. See Appendix A for further discussion of the new revenue standard.
Webcast Information/Forward-Looking Statements:
The information for Garmin Ltd.’s earnings call is as follows:
When: Wednesday, May 2, 2018 at 10:30 a.m. Eastern Where: http://www.garmin.com/en-US/company/investors/events/
How: Simply log on to the web at the address above or call to listen in at 855-757-3897 An archive of the live webcast will be available until May 1, 2019 on the Garmin website at www.garmin.com . To access the replay, click on the Investor Relations link and click over to the Events Calendar page.
This release includes projections and other regarding Garmin Ltd. and its business that are commonly identified by words such as “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, currency movements, expenses, pricing, new products to be introduced in 2018, statements relating to possible future dividends and the Company’s plans and objectives are . The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the K for the year ended December 31, 2017 filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of Garmin’s 2017 Form 10-K can be downloaded from http://www.garmin.com/aboutGarmin/invRelations/finReports.html .
Non-GAAP Financial Measures
This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company's use of these measures are included in the attachments.
Garmin, the Garmin logo, the Garmin delta, fēnix, Edge, Forerunner, and tactix, are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S.; Connect IQ, Descent, dēzl and Varia are trademarks of Garmin Ltd. or its subsidiaries. Wi-Fi is a registered trademark of the Wi-Fi Alliance. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Garmin Ltd. And Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In thousands, except per share information) 13-Weeks Ended March 31, April 1, 2018 2017 Net sales $ 710,872 $ 641,510 Cost of goods sold 284,337 268,704 Gross profit 426,535 372,806 Advertising expense 25,311 31,525 Selling, general and administrative expense 117,065 102,051 Research and development expense 141,957 122,202 Total operating expense 284,333 255,778 Operating income 142,202 117,028 Other income (expense): Interest income 10,227 8,444 Foreign currency gains (losses) 816 (37,497 ) Other income 735 400 Total other income (expense) 11,778 (28,653 ) Income before income taxes 153,980 88,375 Income tax provision (benefit) 24,606 (150,029 ) Net income $ 129,374 $ 238,404 Net income per share: Basic $ 0.69 $ 1.27 Diluted $ 0.68 $ 1.26 Weighted average common shares outstanding: Basic 188,322 188,333 Diluted 189,292 189,031 Garmin Ltd. And Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except per share information) March 31, December 30, 2018 2017 Assets Current assets: $ 898,981 $ 891,488 Marketable securities 167,745 161,687 Accounts receivable, net 409,704 590,882 Inventories, net 547,412 517,644 Deferred costs 29,327 30,525 Prepaid expenses and other current assets 138,114 153,912 Total current assets 2,191,283 2,346,138 Property and equipment, net 604,813 595,684 Restricted cash 279 271 Marketable securities 1,309,185 1,260,033 Deferred income taxes 199,090 195,981 Noncurrent deferred costs 32,428 33,029 Intangible assets, net 421,006 409,801 Other assets 97,138 107,352 Total assets $ 4,855,222 $ 4,948,289 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 136,132 $ 169,640 Salaries and benefits payable 90,137 102,802 Accrued warranty costs 35,422 36,827 Accrued sales program costs 56,266 93,250 Deferred revenue 98,660 103,140 Accrued royalty costs 17,445 32,204 Accrued advertising expense 16,007 30,987 Other accrued expenses 69,949 93,652 Income taxes payable 37,825 33,638 Dividend payable - 95,975 Total current liabilities 557,843 792,115 Deferred income taxes 74,714 76,612 Noncurrent income taxes 140,368 138,295 Noncurrent deferred revenue 83,222 87,060 Other liabilities 1,882 1,788 Stockholders' equity: Shares, CHF 0.10 par value, 198,077 shares authorized and issued; 188,521 shares outstanding at March 31, 2018 and 188,189 shares outstanding at December 30, 2017 17,979 17,979 Additional paid-in capital 1,818,532 1,828,386 Treasury stock (450,160 ) (468,818 ) Retained earnings 2,546,400 2,418,444 Accumulated other comprehensive income 64,442 56,428 Total stockholders' equity 3,997,193 3,852,419 Total liabilities and stockholders' equity $ 4,855,222 $ 4,948,289 Garmin Ltd. And Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) 13-Weeks Ended March 31, April 1, 2018 2017 Operating activities: Net income $ 129,374 $ 238,404 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 16,014 14,658 Amortization 7,132 7,070 (Gain) loss on sale or disposal of property and equipment (15 ) 8 Provision for doubtful accounts 57 (294 ) Provision for obsolete and slow moving inventories 3,959 7,193 Unrealized foreign currency (gain) loss (517 ) 42,571 Deferred income taxes 416 (171,432 ) Stock compensation expense 13,440 8,206 Realized losses on marketable securities 196 291 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 187,693 135,253 Inventories (26,455 ) (41,398 ) Other current and non-current assets 9,037 7,534 Accounts payable (36,708 ) (44,180 ) Other current and non-current liabilities (99,935 ) (81,038 ) Deferred revenue (8,368 ) (12,041 ) Deferred costs 1,807 2,647 Income taxes payable 17,063 6,943 Net cash provided by operating activities 214,190 120,395 Investing activities: Purchases of property and equipment (26,336 ) (25,538 ) Proceeds from sale of property and equipment 121 7 Purchase of intangible assets (1,622 ) (1,222 ) Purchase of marketable securities (140,623 ) (96,049 ) Redemption of marketable securities 65,253 109,526 Acquisitions, net of cash acquired (9,417 ) - Net cash used in investing activities (112,624 ) (13,276 ) Financing activities: Dividends (96,146 ) (96,028 ) Proceeds from issuance of treasury stock related to equity awards 1,926 - Purchase of treasury stock related to equity awards (6,562 ) (3,452 ) Purchase of treasury stock under share repurchase plan - (27,873 ) Net cash used in financing activities (100,782 ) (127,353 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 6,717 6,932 Net increase (decrease) in cash, cash equivalents, and restricted cash 7,501 (13,302 ) Cash, cash equivalents, and restricted cash at beginning of period 891,759 846,996 Cash, cash equivalents, and restricted cash at end of period $ 899,260 $ 833,694 Garmin Ltd. And Subsidiaries Net Sales, Gross Profit and Operating Income by Segment (Unaudited) Reportable Segments Outdoor Fitness Marine Auto Aviation Total 13-Weeks Ended March 31, 2018 Net sales $ 144,258 $ 166,035 $ 113,554 $ 141,312 $ 145,713 $ 710,872 Gross profit 93,285 96,601 66,683 61,012 108,954 426,535 Operating income 43,822 33,374 13,131 3,468 48,407 142,202 13-Weeks Ended April 1, 2017 Net sales $ 115,875 $ 137,831 $ 104,445 $ 160,488 $ 122,871 $ 641,510 Gross profit 73,469 77,741 59,747 70,616 91,233 372,806 Operating income 34,451 18,472 18,145 7,352 38,608 117,028 Garmin Ltd. And Subsidiaries Net Sales by Geography (Unaudited) (In thousands) 13-Weeks Ended March 31, April 1, Yr over Yr 2018 2017 Change Net sales $ 710,872 $ 641,510 11 % Americas 345,975 324,630 7 % EMEA 245,912 225,335 9 % APAC 118,985 91,545 30 % EMEA - Europe, Middle East and Africa; APAC - Asia Pacific and Australian Continent
Non-GAAP Financial Information
To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma net income (earnings) per share, forward-looking pro forma earnings per share, pro forma effective tax rate, forward-looking pro forma effective tax rate and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below.
The tables below provide reconciliations between the GAAP and non-GAAP measures.
Pro forma effective tax rate
The Company’s income tax expense is periodically impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes disclosure of the effective tax rate and income tax provision before the effect of such discrete tax items are important measures to permit investors' consistent comparison between periods. In the first quarter 2018, there were no such discrete tax items identified.
Garmin Ltd. And Subsidiaries Pro Forma Effective Tax Rate (in thousands, except effective tax rate (ETR) information) 13-Weeks Ended April 1, 2017 $ ETR (1) U.S. GAAP income tax provision (benefit) $ (150,029 ) (169.8 %) Pro forma discrete tax items: Switzerland corporate tax election (2) 168,755
Total pro forma discrete tax items 168,755
Income tax provision (Pro Forma) $ 18,726 21.2 % (1) Effective tax rate is calculated by taking the Income tax provision divided by Income before taxes, as presented on the face of the Condensed Consolidated statements of Income. (2) In first quarter 2017, a $169 million tax benefit was recognized resulting from the revaluation of certain Switzerland deferred tax assets. The revaluation is due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with global tax initiatives. As this revaluation is not reflective of income tax expense incurred related to the current period earnings, and therefore affects period to period comparability, it has been identified as a discrete pro forma tax item.
The net release of uncertain tax position reserves, amounting to approximately $3.5 million and $1.0 million in the first quarter 2018 and 2017, respectively, have not been included as pro forma adjustments in the above presentation as such amounts tend to be more recurring in nature, and do not affect comparability between periods.
Pro forma net income (earnings) per share
Management believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent comparison of the Company’s performance between periods.
Garmin Ltd. And Subsidiaries Pro Forma Net Income (Earnings) Per Share (in thousands, except per share information) 13-Weeks Ended March 31, April 1, 2018 2017 Net income (GAAP) $ 129,374 $ 238,404 Foreign currency gains / losses (1) (816 ) 37,497 Tax effect of foreign currency gains / losses (2) 130 (7,945 ) Discrete tax items (3) - (168,755 ) Net income (Pro Forma) $ 128,688 $ 99,201 Net income per share (GAAP): Basic $ 0.69 $ 1.27 Diluted $ 0.68 $ 1.26 Net income per share (Pro Forma): Basic $ 0.68 $ 0.53 Diluted $ 0.68 $ 0.52 Weighted average common shares outstanding: Basic 188,322 188,333 Diluted 189,292 189,031 (1) The majority of the Company’s consolidated foreign currency losses are driven by movements in the Taiwan Dollar, Euro, and British Pound Sterling in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at one of the Company’s subsidiaries. However, there is minimal cash impact from such foreign currency losses. (2) The tax effect of foreign currency gains/losses were calculated using the effective tax rate of 16.0% and a pro forma effective tax rate of 21.2% 2018 and 2017, respectively. (3) The discrete tax items are discussed in the pro forma effective tax rate section above. Free cash flow
Management believes that free cash flow is an important financial measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash less capital expenditures for property and equipment. Management believes that excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operating performance and allows more accurate comparisons of the Company’s operating results to historical performance. This metric may also be useful to investors, but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is cash provided by operating activities.
Garmin Ltd. And Subsidiaries Free Cash Flow (in thousands) 13-Weeks Ended March 31, April 1, 2018 2017 Net cash provided by operating activities $ 214,190 $ 120,395 Less: purchases of property and equipment (26,336 ) (25,538 ) Free Cash Flow $ 187,854 $ 94,857 Forward-looking pro forma tax rate
Forward-looking pro forma tax rate and pro forma earnings per share are calculated before the effect of certain discrete tax items. Management believes certain discrete tax items may not be reflective of income tax expense incurred as a result of current period earnings. Therefore, in order to permit consistent comparison between periods, the tax rate and earnings per share before the effect of such discrete tax items are important measures. At this time management is unable to determine whether or not significant discrete tax items will be identified in fiscal 2018.
Forward-looking pro forma earnings per share (EPS)
In addition to the discrete tax items discussed in the forward-looking pro forma effective tax rate section above, our 2018 pro forma EPS excludes foreign currency exchange gains and losses. The estimated impact of such foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact of such foreign currency gains and losses, net of tax effects, was less than $0.01 for the 13-weeks ended March 31, 2018.
APPENDIX A – New revenue standard
In the first quarter of 2018 we adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), the new revenue standard. ASC Topic 606 replaces existing revenue recognition rules with a comprehensive revenue measurement and recognition standard. The Company adopted the new revenue standard utilizing the full retrospective method. Under this method, the new revenue standard is applied to each prior period reported in the forthcoming 2018 Form 10-Q and Form 10-K filings. This adoption approach enhances comparability, as all periods presented in the forthcoming filings are reported under the new standard.
The following tables contain restated summarized financial information resulting from the adoption of ASC Topic 606. Amounts related to the income tax effect of the new standard that were previously disclosed as the anticipated adoption impact in our fourth quarter 2017 press release attached as Exhibit 99.1 to our Current Report on Form 8-K and in Note 2 of our fiscal 2017 K filed with the Securities and Exchange Commission (SEC) on February 21, 2018 have been revised in the tables below and in Note 1 of the Company’s first quarter 2018 Form 10-Q filing by immaterial amounts in connection with our adoption of ASC Topic 606. Restated revenue, gross profit and operating income were not affected by this revision. Finalized balance sheet information can be found within Note 1 of the Company’s first quarter 2018 Form 10-Q filing. Historical net cash flows provided by or used in operating, investing, and financing activities were not impacted by adoption of the new revenue standard. Within this appendix, the references to periods such as “FY 17”or “Q1 17” refer to the corresponding periods as reported in the applicable Form 10-K or Form 10-Q filings.
Garmin Ltd. And Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In thousands) Restated (1)
FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Net sales $ 3,045,797 $ 641,510 $ 831,486 $ 751,244 $ 897,319 $ 3,121,560 Cost of goods sold 1,357,272 268,704 347,356 313,721 393,837 1,323,619 Gross profit 1,688,525 372,806 484,130 437,523 503,482 1,797,941 Total operating expense 1,055,661 255,778 274,508 263,875 320,142 1,114,304 Operating income 632,864 117,028 209,622 173,648 183,340 683,637 Total other income (expense) 5,761 (28,653 ) 24,705 16,266 1,115 13,434 Income before income taxes 638,625 88,375 234,327 189,914 184,455 697,071 Income tax provision (benefit) 120,901 (150,029 ) 57,348 38,840 41,905 (11,936 ) Net income $ 517,724 $ 238,404 $ 176,979 $ 151,074 $ 142,550 $ 709,007 (1) Effective for the fiscal year ending December 29, 2018, we have adopted ASC Topic 606. The results above are restated under ASC Topic 606. Garmin Ltd. And Subsidiaries Pro Forma Effective Tax Rate (In thousands, except effective tax rate (ETR) information) Restated (1)
FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Income before income taxes $ 638,625 $ 88,375 $ 234,327 $ 189,914 $ 184,455 $ 697,071 Income tax provision (benefit) 120,901 (150,029 ) 57,348 38,840 41,905 (11,936 ) U.S. GAAP ETR (2)
18.9 % (169.8 %) 24.5 % 20.5 % 22.7 % (1.7 %) Pro forma discrete tax items: Switzerland corporate tax election (3)
- 168,755 - - 11,279 180,034 Impact of share-based award expirations (4)
- - (7,275 ) - (15,345 ) (22,620 ) Total pro forma discrete tax items - 168,755 (7,275 ) - (4,066 ) 157,414 Income tax provision adjusted for pro forma discrete tax items
$ 120,901 $ 18,726 $ 50,073 $ 38,840 $ 37,839 $ 145,478 Pro Forma ETR (2)
18.9 % 21.2 % 21.4 % 20.5 % 20.5 % 20.9 % (1)
Effective for the fiscal year ending December 29, 2018, we have adopted ASC Topic 606. The results above are restated under ASC Topic 606.
(2)
U.S. GAAP ETR is calculated by taking the Income tax provision (benefit) divided by Income before income taxes. Pro Forma ETR is calculated by taking the Income tax provision adjusted for Pro forma discrete tax items divided by Income before income taxes.
(3)
In first quarter 2017, a $169 million tax benefit was recognized resulting from the revaluation of certain Switzerland deferred tax assets. The revaluation is due to the Company’s election in February 2017 to align certain Switzerland corporate tax positions with international tax initiatives. In the fourth quarter 2017, an additional $11 million benefit was recognized as a result of this Switzerland election. These impacts during the transitional period following the election are not reflective of current income tax expense incurred and therefore affect period-to-period comparability.
(4)
Following adoption in fiscal 2017 of Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), the Company may periodically incur tax expense resulting from stock options and stock appreciation rights (SARs) expiring unexercised. New grants of stock options and SARs no longer comprise a significant component of the Company’s compensation arrangements. As the tax expense from expired awards is not related to current period earnings or compensation activities, and affects period-to-period comparability, it has been identified as a pro forma adjustment.
Garmin Ltd. And Subsidiaries Pro Forma Net Income (Earnings) Per Share (in thousands, except per share information) Restated (1)
FY 16 Q1 17 Q2 17 Q3 17 Q4 17 FY 17 Net income (GAAP) $ 517,724 $ 238,404 $ 176,979 $ 151,074 $ 142,550 $ 709,007 Foreign currency gains / losses (2)
31,651 37,497 (15,110 ) (8,579 ) 8,772 22,579 Tax effect of foreign currency gains / losses (3)
(5,992 ) (7,945 ) 3,229 1,755 (1,799 ) (4,712 ) Discrete tax items (4)
- (168,755 ) 7,275 - 4,066 (157,414 ) Net income (Pro Forma) $ 543,383 $ 99,201 $ 172,373 $ 144,250 $ 153,589 $ 569,460 Diluted earnings per share (GAAP) $ 2.73 $ 1.26 $ 0.94 $ 0.80 $ 0.75 $ 3.76 Diluted earnings per share (Pro Forma) $ 2.87 $ 0.52 $ 0.91 $ 0.77 $ 0.81 $ 3.02 Weighted average common shares outstanding: Diluted 189,343 189,031 188,492 188,490 188,915 188,732 (1)
Effective for the fiscal year ending December 29, 2018, we have adopted ASC Topic 606. The results above are restated under ASC Topic 606.
(2)
The majority of the Company’s consolidated foreign currency gains and losses are typically driven by movements in the Taiwan Dollar, Euro, and British Pound Sterling in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at one of the Company’s subsidiaries. However, there is minimal cash impact from such foreign currency gains and losses.
(3)
The tax effect of foreign currency gains and losses is calculated using the pro forma ETR for the respective period, as presented above. The quarterly tax effects may not cross-foot to the annual tax effect due to quarterly variances in pro forma ETR.
(4)
The discrete tax items are discussed in the pro forma effective tax rate section above.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005404/en/
Garmin
Investor Relations Contact:
Teri Seck, 913-397-8200
investor.relations@garmin.com
or
Media Relations Contact:
Ted Gartner, 913-397-8200
media.relations@garmin.com
Source: Garmin | http://www.cnbc.com/2018/05/02/business-wire-garmin-reports-record-first-quarter-revenue-and-double-digit-earnings-growth.html |
Navios Maritime Acquisition Corporation Announces the Date for the Release of First Quarter 2018 Results, Conference Call and Webcast | MONACO, May 07, 2018 (GLOBE NEWSWIRE) -- Navios Maritime Acquisition Corporation ("Navios Acquisition") (NYSE:NNA) announced today that it will host a conference call on Thursday, May 10, 2018 at 8:30 am ET, at which time Navios Acquisitions' senior management will provide highlights and commentary on earnings results for the first quarter ended March 31, 2018. The Company will report results for the first quarter ended March 31, 2018, prior to the conference call.
A supplemental slide presentation will be available on the Navios Acquisition website at www.navios-acquisition.com under the "Investors" section by 8:00 am ET on the day of the call.
Conference Call details:
Call Date/Time: Thursday, May 10, 2018 at 8:30 am ET
Call Title: Navios Acquisition Q1 2018 Financial Results Conference Call
US Dial In: +1.877.480.3873
International Dial In: +1.404.665.9927
Conference ID: 148 5837
The conference call replay will be available shortly after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 148 5837
This call will be simultaneously Webcast. The Webcast will be available on the Navios Acquisition website, www.navios-acquisition.com , under the "Investors" section. The Webcast will be archived and available at the same Web address for two weeks following the call.
About Navios Maritime Acquisition Corporation
Navios Acquisition (NYSE:NNA) is an owner and operator of tanker vessels focusing on the transportation of petroleum products (clean and dirty) and bulk liquid chemicals. For more information about Navios Acquisition, please visit our website: www.navios-acquisition.com .
Investor Relations Contact
Navios Maritime Acquisition Corporation
+1.212.906.8644
info@navios-acquisition.com
Source:Navios Maritime Acquisition | http://www.cnbc.com/2018/05/07/globe-newswire-navios-maritime-acquisition-corporation-announces-the-date-for-the-release-of-first-quarter-2018-results-conference-call.html |
Senate votes to reinstate Obama-era net neutrality rules - MarketWatch | Published: May 16, 2018 4:46 p.m. ET Share
But measure faces long odds of passage in the House
By John D. McKinnon Getty Images The seal of the Federal Communications Commission hangs inside the hearing room at the FCC headquarters in Washington.
The Senate voted Wednesday to reinstate Obama-era open-internet rules, handing a symbolic defeat to the Trump administration over its efforts to roll back those regulations.
The measure, adopted by 52 to 47, still faces long odds of passage in the House. The White House also says it supports the current rules, adopted by the GOP-run Federal Communications Commission late last year, and many Republicans believe President Donald Trump would veto the reinstatement measure if it ever reached his desk.
The Obama-era FCC’s net neutrality rules, adopted in 2015, required internet service providers such as cable and wireless firms to treat all online traffic equally. The rules barred them from blocking and throttling websites, or creating fast and slow lanes. | https://www.wsj.com/articles/senate-votes-to-reinstate-obama-era-net-neutrality-rules-1526501624?mod=searchresults&page=1&pos=1 |
Democratic Voters Reject Establishment Choice in Nebraska, Clouding November Hopes | The victory of Kara Eastman over former Rep. Brad Ashford, the Democratic Party establishment’s favored candidate in a Nebraska primary Tuesday, has left the party at risk of being less competitive in a district that may be key to winning a majority in the House of Representatives in November.
Her upset win in an Omaha House district underscores the limits of often-cautious Democratic Party leaders’ influence in primary elections at a time when their voters and liberal grass-roots activists are hungry for a more confrontational... | https://www.wsj.com/articles/democratic-voters-reject-establishment-choice-in-nebraska-clouding-november-hopes-1526509545 |
QIC Expands Senior Leadership Team in U.S. and Australia | NEW YORK and LOS ANGELES, May 4, 2018 /PRNewswire/ -- Australia-based global diversified alternative investment firm QIC today announced several senior executive appointments reflecting the firm's expanding presence, investment portfolio and client focus in the U.S., a market of increasing importance for QIC and its clients.
Brian Delaney, who has been Executive Director, Strategy, Clients & Global Markets, since 2012, has been appointed to the newly created position of Senior Managing Director – U.S. In this role, he will lead QIC's efforts to foster client relationships and business development opportunities in the U.S., provide insights on investment trends to inform corporate strategy, and share market intelligence with the firm's investment teams. He will also chair a new QIC U.S. Leadership Forum comprising representatives from QIC Global Real Estate, Global Infrastructure and Global Private Capital, responsible for implementing QIC's U.S. strategy.
Mr. Delaney will continue to serve on QIC's Executive Committee and report to QIC CEO Damien Frawley. He will relocate to the U.S. to assume this position and be based in QIC's Los Angeles office.
David Asplin, currently Managing Director – Global Business Development, has been named Chief Operating Officer – Global Real Estate. In this newly created position, Mr. Asplin will manage the performance of QIC's Global Real Estate business as it enters its next phase of growth, reporting directly to and working closely with Steve Leigh, Managing Director – Global Real Estate. He will continue to serve on QIC's Executive Committee and be based in QIC's Brisbane office.
Both appointments are effective July 1, 2018.
QIC recently reached an important milestone in its U.S. expansion, completing its acquisition of Forest City Enterprises' interest in six U.S. shopping centers and assuming operational control of all 12 shopping centers in QIC's U.S. portfolio. Today QIC has more than 200 employees based in the U.S., and, in addition to the 12 shopping centers, its U.S. investment portfolio includes three infrastructure investments.
Mr. Frawley said, "Brian's appointment reflects the value that QIC places on further developing client relationships and business opportunities in the U.S. With the U.S. having become our second largest market in terms of both employees and assets, Brian's role will be crucial in growing our networks, particularly as we build QIC's brand and reputation in the U.S. and raise capital for the QIC U.S. Shopping Center Fund."
Mr. Delaney commented, "I'm excited to assume this role at an important time in QIC's growth in the U.S. I look forward to working with my colleagues across our U.S. offices to further embed QIC's culture of high performance and inclusion, which has underpinned our achievements in recent years."
Commenting on Mr. Asplin's appointment, Mr. Frawley said, "David is a proven leader and experienced funds management executive who has been successful in guiding our global business development efforts. His leadership, skills and discipline will be important assets in managing the business performance of QIC Global Real Estate, the largest of our business units, and working to achieve the financial targets we have set for that business, especially now that we have assumed ownership and full operational control of our U.S. mall portfolio."
In conjunction with Mr. Asplin's appointment, QIC is putting in place an enhanced management structure for its Global Real Estate business to accommodate its greater size and complexity. The expanded team includes the appointments of Stuart Miller as Global Director – Asset Strategy, to lead strategic planning across U.S. assets; Brenton Watson as Executive Vice President – Asset Management U.S., focusing on performance of U.S. assets; and Joe Boehm, Executive Vice President – Retail, with responsibility for U.S. retail partnerships and leasing.
Before joining QIC, Mr. Delaney was with AMP Capital Investors for 14 years as Director of the Client, Product & Marketing division. In that position, he was responsible for all institutional, retail and self-managed super fund (SMSF) strategy and served as Chair of the AMP Capital-Brookfield Joint Venture covering global asset classes. He serves on the Boards of Directors of Lonsec Fiscal Holdings and Basketball Australia and is a former director of the Investment Management & Consultant Association (IMCA) and CCube Financial Software.
Mr. Asplin joined QIC in 2012 as Director of Investor Services for QIC Global Real Estate, with responsibility for client services, sales, marketing and product development, and later became Director of Investment Specialists for QIC. He was appointed Managing Director – Global Business Development in 2014. Prior to joining QIC, Mr. Asplin held senior positions at LaSalle Investment Management, Challenger Financial Services and Colonial First State.
About QIC
QIC is a global diversified alternative investment firm offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$85.6 billion/US$65.7 billion in funds under management.[1] QIC has over 1000 employees and serves more than 110 clients. Headquartered in Brisbane, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, Cleveland, Fort Lauderdale, San Francisco, London and Copenhagen.
IMPORTANT INFORMATION
QIC Limited ACN 130 539 123 ("QIC") is a wholesale funds manager and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a government-owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) ("Corporations Act"). QIC does not hold an Australian financial services ("AFS") licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC Private Capital Pty Ltd ("QPC"), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC's subsidiaries are required to comply with the Corporations Act. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority ("FCA"), the United States Securities and Exchange Commission ("SEC") and the Korean Financial Services Commission.
For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.
The statements and any opinions in this document (the "Information") are for commentary purposes only and do not take into account any investor's personal, financial or tax objectives, situation or needs. The Information is not intended to constitute personal legal or investment advice and it does not constitute, and should not be construed as, an offer to sell or solicitation of an offer to buy, securities or any other investment, investment management or advisory services. Past performance is not a reliable indicator of future performance.
Copyright QIC Limited, Australia. All rights are reserved.
[1] As at 31 March 2018
View original content: http://www.prnewswire.com/news-releases/qic-expands-senior-leadership-team-in-us-and-australia-300642818.html
SOURCE QIC | http://www.cnbc.com/2018/05/04/pr-newswire-qic-expands-senior-leadership-team-in-u-s-and-australia.html |
Fissures spread from Hawaii volcano, threatening more homes | May 8, 2018 / 10:16 AM / Updated an hour ago Fissures spread from Hawaii volcano, threatening more homes Terray Sylvester 3 Min Read
PAHOA, Hawaii (Reuters) - Emergency crews said they were poised to evacuate more people as fissures kept spreading from Hawaii’s erupting Kilauea volcano, five days after it started exploding. Lava engulfs a Ford Mustang in Puna, Hawaii, U.S., May 6, 2018 in this still image obtained from social media video. WXCHASING via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT: WXCHASING. NO NEW USES AFTER JUNE 5, 2018. UNITED STATES OUT. TPX IMAGES OF THE DAY
Around 1,700 people have already been ordered to leave their homes after lava crept into neighbourhoods and deadly volcanic gases belched up through cracks in the earth.
The evacuation zone could now grow as fissures are spreading into new areas on the eastern side of the Big Island, Hawaii Civic Defense Administrator Talmadge Magno told a community meeting
“If things get dicey, you got to get out,” he said. “If you live in the surrounding communities ... be prepared. Evacuation could come at any time.”
Kilaueax has opened 12 volcanic vents since it started sending out fountains and rivers of lava on Thursday, officials said. Lava was not flowing from any of the vents on Monday.
Resident Heide Austin said she left her home just west of the current eruption zone after noticing small cracks appearing at the end of her driveway.
One eruption near her home “sounded like a huge blowtorch going off,” said the 77-year-old who lives alone. “That’s when I really got into a frenzy.”
Many of the evacuated people were permitted to return home during daylight hours on Sunday and Monday, during a lull in seismic activity.
Residents of a second area, Lanipuna Gardens, were barred from returning home on Monday due to deadly volcanic gases.
Leilani Estates, about 12 miles (19 km) from the volcano, was evacuated due to the risk of sulphur dioxide gas, which can be life threatening at high levels.
No deaths or major injuries have been reported. At least 35 structures had been destroyed, many of them homes, officials said.
The southeast corner of the island was rocked by a powerful magnitude 6.9 earthquake on the volcano’s south flank on Friday. More earthquakes and eruptions have been forecast.
Kilauea, one of the world’s most active volcanoes, has been in constant eruption for 35 years. Reporting by Terray Sylvester; Editing by Andrew Heavens | https://uk.reuters.com/article/uk-hawaii-volcano/fissures-spread-from-hawaii-volcano-threatening-more-homes-idUKKBN1I914T |
British gaming firm enlists army of players to create Worlds Adrift | May 17, 2018 / 10:22 AM / Updated 39 minutes ago British gaming firm enlists army of players to create Worlds Adrift Eric Auchard 4 Min Read
LONDON (Reuters) - British game maker Bossa Studios will release Worlds Adrift on Thursday, an ambitious adventure game designed to appeal to the Minecraft generation that has taken three years and 50,000 gamers to create.
The London-based independent games designer is pushing technical, logistical and financial boundaries by counting on gamers to build floating islands for their characters to inhabit, which other players can visit via airborne, pirate-like ships.
“Worlds Adrift allows you to go into the game and set your own objectives and go about the game however you choose,” said Henrique Olifiers, one of the company’s three co-founders.
Bossa was set up in 2010 by veteran game designers who first focused on making social games played on Facebook before switching to PC-based online games. It is best known for “Surgeon Simulator” and “I Am Bread”, which have drawn in millions of users with their physics-based, realistic movements.
Its new multiplayer online game is the first to run on the computational platform of Improbable, a second London firm which enables enormous cloud-based simulations to be created, without which Worlds Adrift’s complex, user-generated landscape would be impossible. It is far more sophisticated than prior Bossa games. Related Coverage Factbox: Bookmakers spell out impact of new UK gambling curbs
Bossa aims to create the next big European games franchise, following in the footsteps of household names such as Microsoft-owned ( MSFT.O ) Minecraft, Clash of Clans from Tencent-controlled ( 0700.HK ) Supercell, Candy Crush by Activision Blizzard’s ( ATVI.O ) King, and Angry Birds creator Rovio ( ROVIO.HE ).
Typically only established gaming companies with hundreds of engineers and hundreds of millions of dollars could develop games of the complexity of World’s Adrift which have massive creative potential and are not limited to scripted tasks.
Eight months ago, Bossa Studios raised $10 million in funding in a round led by European venture firm Atomico. It has 82 employees but is expanding rapidly with the recent funding, Olifiers said. Slideshow (4 Images)
Improbable, whose system can be used to digitally simulate real-world locations not just for games but in product design and corporate planning, received a $502 million investment from the Softbank ( 9984.T ) Vision Fund a year ago.
“Unlike any other massively multiplayer online (MMO) game, your actions actually impact the virtual world - and matter,” says Improbable co-founder Herman Narula.
Gamers will build and develop increasingly complex islands which players can visit and interact with other game participants however they wish.
It is a massive fantasy universe designed to appeal to a younger generation of players looking to build games themselves.
The title is aimed at gamers reared on open-ended Minecraft, the second best-selling game of all time, which provides players with building materials to construct buildings and villages. It has attracted a sizeable number of players under the age of 15, although the majority of them are over 28 so far, Olifiers said.
During development those gamers have created 10,000 islands, 450 of which will feature as the game launches in “early access” mode, meaning that it is still under construction and subject to changes. General release is expected within a year, said Olifiers, a Brazilian games journalist-turned-entrepreneur.
Policing the game is left to players, by design, Olifiers said. Creative contributions will be quickly mimicked by others and collaboration will be beneficial. Bad behavior could prompt users to abandon islands where incidents take place, turning them into Robinson Crusoe outposts no one else visits.
The game goes on sale later on Thursday at a fixed price of 19.49 pounds, or $24.99, with no in-game purchases that can pile up costs for committed players. Reporting by Eric Auchard in London; Editing by Elaine Hardcastle | https://www.reuters.com/article/us-videogames-britain-worlds-adrift/british-gaming-firm-enlists-army-of-players-to-create-worlds-adrift-idUSKCN1II1A6 |
Norway plans to auction new salmon production permits in June | OSLO, May 18 (Reuters) - The Norwegian government plans to auction off new production permits for salmon in June, the Ministry of Industry and Fisheries said in a statement late on Wednesday.
The new permits would be allocated through an open auction, where prices and winners in each production area are determined over several bidding rounds, starting on June 18, it added.
The auction will form part of a previously announced plan to expand the industry. (Reporting by Camilla Knudsen; Editing by Himani Sarkar)
| https://www.reuters.com/article/norway-salmon/norway-plans-to-auction-new-salmon-production-permits-in-june-idUSL5N1SP0GA |
JMU Limited Reports Unaudited First Quarter 2018 Financial Results | SHANGHAI, May 31, 2018 /PRNewswire/ -- JMU Limited (the "Company" or "JMU") (NASDAQ: JMU), a leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the foodservice industry in China, today announced its financial results for the three months ended March 31, 2018.
First Quarter 2018 Highlights
Revenues in the first quarter of 2018 were $29.5 million, representing an increase of 50.1% from $19.7 million in the first quarter of 2017. Gross profit was $225 thousand in the first quarter of 2018, improved from $106 thousand in the first quarter of 2017. B2B online platform recorded gross billing of RMB2.2 billion (US$344.2 million) in the first quarter of 2018, measured in terms of gross merchandise value ("GMV"), increasing 5.2% from gross billing of RMB2.1 billion (US$298.1 million) in the first quarter of 2017. Active customer accounts were 33,025 as of March 31, 2018, decreasing 1.6% from 33,559 as of March 31, 2017. Third-party sellers on the Company's online marketplace decreased to 15,710 compared to 16,789 as of March 31, 2017.
Ms. Xiaoxia Zhu, Chairperson and Chief Executive Officer commented, "We are pleased to deliver revenue and gross profit growth in the first quarter of 2018 compared to the same period of 2017. This demonstrates solid execution of our business, which aims to maintain strength in our existing market while also capturing new market opportunities that can contribute to our development."
"Through our strategic partnerships and development of Ready-to-Cook and Ready-to-Eat products, we are able to expand our portfolio of products and services that fulfill a wide range of customer demands. We look forward to continuing to build our company's market position and maintaining operational efficiency as we scale the business." Ms. Zhu concluded.
First Quarter 2018 Financial Performance
Revenues were $29.5 million for the first quarter of 2018, representing an increase of 50.1% from $19.7 million in the first quarter of 2017. The growth of revenue in the first quarter of 2018 was mainly due to the increase in order volumes.
Cost of revenues was $29.3 million for the first quarter of 2018, increasing 49.8% from $19.6 million in the first quarter of 2017, which was generally in line with the growth of the Company's revenues.
Gross profit for the first quarter of 2018 was $225.0 thousand, representing a 112.3% increase from $105.9 thousand in the first quarter of 2017.
Selling and marketing expenses in the first quarter of 2018 decreased 58.0% to $1.6 million from $3.9 million in the first quarter of 2017. As a percentage of total revenue, selling and marketing expense was 5.5% and 19.7% in the first quarter of 2018 and the same period of 2017, respectively.
General and administrative expenses in the first quarter of 2018 were $1.2 million, representing a decrease of 32.8% compared to $1.8 million in the first quarter of 2017. As a percentage of total revenues, general and administrative expenses were 4.2% and 9.3% in the first quarter of 2018 and the same period 2017, respectively. The decrease was primarily a result of the Company's improvement in management and operational efficiency.
Loss from operations in the first quarter of 2018 was $2.6 million, a 53.0% decrease from a loss from operations of $5.6 million in the first quarter of 2017.
Net loss attributable to the Company in the first quarter of 2018 was $2.7 million, representing a decrease of 46.3% compared to $5.1 million in the first quarter of 2017. Non-GAAP net loss attributable to the Company, which excludes amortization of acquired intangible assets, impairment loss, share-based compensation, and related provision for income tax benefits, was $2.3 million in the first quarter of 2018 compared to $3.0 million in the same period of 2017. For the quarters ended March 31, 2018 and March 31, 2017, the Company's weighted average number of ordinary shares used in computing loss per ordinary share was 1,476,257,423 and 1,475,946,602, respectively.
As of March 31, 2018, the Company's cash and cash equivalents were $1.5 million, decreasing 68.5% compared to $4.9 million as of December 31, 2017. Total shareholders' equity was $104.8 million as compared to $103.6 million as of December 31, 2017.
Non-GAAP Measures
To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), we use various non-GAAP financial measures that are adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment loss, share-based compensation and related provision for income tax benefits.
Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors' overall understanding of the historical and current financial performance of our operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP financial results. In addition, our calculation of this non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Our non-GAAP information (including non-GAAP loss from operations and net loss attributable to the Company) which is adjusted from results based on U.S. GAAP to exclude amortization of acquired intangible assets, impairment loss , share-based compensation and income tax benefits. A limitation of using these non-GAAP financial measures is that amortization of acquired intangible assets, impairment loss , share-based compensation and related provision for income tax benefits have been and may continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for these limitations by providing reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures. Please see the reconciliation tables at the end of this earnings release.
About JMU Limited
JMU Limited currently operates China's leading B2B online e-commerce platform that provides integrated services to suppliers and customers in the catering industry. With the help of Internet and cloud technologies, JMU has the vision to reshape the procurement and distribution pattern and build a fair business ecosystem in the catering industry in China. JMU is further promoting the use of its platform for small- and medium-sized restaurants and restaurant chains in China.
Through cooperation with national and local industry associations and reputable restaurant groups across China, JMU has formed a leading industrial alliance and has great resource leverage in China's catering industry. JMU works closely with suppliers and customers in the catering industry, providing one-stop procurement services, as well as other value-added services. For more information, please visit: http://ir.ccjmu.com .
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim", "anticipate", "believe", "estimate", "expect", "going forward", "intend", "ought to", "plan", "project", "potential", "seek", "may", "might", "can", "could", "will", "would", "shall", "should", "is likely to" and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about JMU's beliefs and expectations, the business outlook and quotations from management in this announcement, as well as JMU's strategic and operational plans, are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The general economic and business conditions in China may deteriorate. The growth of Internet and mobile user population in China might not be as strong as expected. JMU's plan to enhance customer experience, upgrade infrastructure and increase service offerings might not be well received. JMU might not be able to implement all of its strategic plans as expected. Competition in China may intensify further. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and JMU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contact:
Freda Feng, IR Director
JMU Limited
fengxiaohong@ccjmu.com
Tel: +86-21-6015-1166 ext.8904
Bill Zima
ICR Inc.
bill.zima@icrinc.com
Tel: +1(203)-682-8200
JMU LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(US dollars in thousands, except for number of shares and per share (or ADS) data)
Three Months Ended
March 31,
2017
March 31,
2018
Related parties
3,142
3,648
Third parties
16,540
25,899
Total Revenues
19,682
29,547
Cost of revenues
(19,576)
(29,322)
Gross profit
106
225
Operating expenses:
Selling and marketing
(3,868)
(1,626)
General and administrative
(1,833)
(1,232)
Impairment loss
-
-
Total operating expenses
(5,701)
(2,858)
Loss from operations
(5,595)
(2,633)
Interest expense
(17)
(221)
Other income, net
35
61
Loss before provision for income taxes
(5,577)
(2,793)
Income tax benefits
497
64
Net loss
(5,080)
(2,729)
Net loss per ordinary share
Basic
(0.00)
(0.00)
Diluted
(0.00)
(0.00)
Weighted average shares used in calculating net loss per
ordinary share
Basic
1,475,946,602
1,476,257,423
Diluted
1,475,946,602
1,476,257,423
JMU LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(US dollars in thousands)
Three Months Ended
March 31,
2017
March 31,
2018
Net loss
(5,080)
(2,729)
Other comprehensive income, net of tax of $nil:
Change in cumulative foreign currency translation adjustment
2,150
3,887
Comprehensive (loss)/income
(2,930)
1,158
JMU LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS
(US dollars in thousands)
December 31,
2017
March 31,
2018
ASSETS:
Current assets:
Cash and cash equivalents
4,912
1,545
Accounts receivable, net
3,296
8,376
Inventories
539
589
Prepaid expenses and other current assets, net
2,246
2,092
Amounts due from related parties
3,063
6,641
Total current assets
14,056
19,243
Non-current assets:
Property and equipment, net
1,795
1,741
Acquired intangible assets, net
10,264
10,319
Investment
768
797
Goodwill
108,940
112,999
Deferred tax assets
157
146
Other non-current assets
162
152
Total non-current assets
122,086
126,154
TOTAL ASSETS
136,142
145,397
LIABILITIES AND SHAREHOLDER'S EQUITY:
Current liabilities:
Short-term bank borrowings
7,685
7,971
Accounts and notes payable
3,981
9,127
Accrued expenses and other current liabilities
9,292
7,756
Advance from customers
1,244
933
Amounts due to related parties
604
2,253
Total current liabilities
22,806
28,040
Non-current liabilities:
Other non-current liabilities
1,534
1,619
Deferred tax liabilities
2,565
2,580
Amount due to related parties
5,686
8,322
Total non-current liabilities
9,785
12,521
TOTAL LIABILITIES
32,591
40,561
Commitments and contingencies
Shareholders' equity:
Ordinary shares
15
15
Additional paid-in capital
634,071
634,198
Accumulated deficit
(513,903)
(516,632)
Accumulated other comprehensive loss
(16,632)
(12,745)
Total shareholders' equity
103,551
104,836
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
136,142
145,397
JMU LIMITED
Reconciliation of Non-GAAP financial measures
to comparable GAAP measures
(US dollars in thousands)
Three Months Ended
March 31,
2017
March 31,
2018
Loss from operations
5,595
2,633
Net loss attributable to JMU Ltd.
5,080
2,729
Amortization of acquired intangible assets
a
2,050
324
Provision for income tax benefits
b
(497)
(64)
Share-based compensation
c
534
125
Impairment loss
d
-
-
Non-GAAP loss from operation (a)(c)(d)
3,011
2,184
Non-GAAP net loss attributable to JMU Ltd. (a)(b)(c)(d)
2,993
2,344
Note:
(a) Adjustment to exclude amortization of acquired intangible assets
(b) Adjustment to exclude income tax benefits
(c) Adjustment to exclude share-based compensation
(d) Adjustment to exclude impairment loss
View original content: http://www.prnewswire.com/news-releases/jmu-limited-reports-unaudited-first-quarter-2018-financial-results-300657193.html
SOURCE JMU Ltd | http://www.cnbc.com/2018/05/31/pr-newswire-jmu-limited-reports-unaudited-first-quarter-2018-financial-results.html |
Apple will reportedly introduce new software to help fight iPhone addiction | Adam Jeffery | CNBC Tim Cook, CEO of Apple Inc.
Next Monday during its developer conference Apple will introduce a new feature for iPhones and iPads called "Digital Health," Bloomberg said on Thursday.
Digital Health — said to launch as part of Apple's new iOS 12 operating system — will reportedly help users manage how much time they spend on their iPhones and iPads with tools that show how long users spend inside apps, according to Bloomberg.
Apple will add other features, including new tools for tracking the stock market, Bloomberg said.
Google introduced similar features when it unveiled the new version of Android, currently named Android P, earlier this month. Android P has an app dashboard that will show users how much time they spend inside each app. It will also let Android users set time limits for apps, which means users won't be able to access them after they've used them for a predetermined time during the day. Android P will introduce a "Do Not Disturb" mode that silences all notifications and a "Wind Down" function that turns the phone grayscale at a predetermined time so that people can prepare to go to sleep at night.
Apple typically announces the new version of its operating system during its developer conference and then rolls it out to consumers in the fall. Apple was not immediately available to comment. | https://www.cnbc.com/2018/05/31/apple-digital-health-to-fight-iphone-addiction--report.html |
BRIEF-Wolford Says Fosun Industrial Holdings Limited Is New Majority Shareholder | May 4 (Reuters) - Wolford AG:
* FOSUN INDUSTRIAL HOLDINGS LIMITED IS THE NEW MAJORITY SHAREHOLDER, HOLDING APPROX. 50.87% OF THE SHARE CAPITAL Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| https://www.reuters.com/article/brief-wolford-says-fosun-industrial-hold/brief-wolford-says-fosun-industrial-holdings-limited-is-new-majority-shareholder-idUSFWN1SB14S |