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LONDON (Reuters Breakingviews) - Martin Sorrell’s exorbitant pay packages at WPP were supposedly justified by the CEO’s intimate knowledge of the advertising business and roster of high-level contacts. Now that the 73-year-old is starting from scratch again that value will be put to the test. Sir Martin Sorrell, Chairman and Chief Executive Officer of advertising company WPP, attends a conference at the Cannes Lions Festival in Cannes, France, June 23, 2017. REUTERS/Eric Gaillard - RC14CDD347A0 Sorrell left WPP just six weeks ago following a probe into alleged personal misconduct, which he denies. He’s put 40 million pounds into a new vehicle called S4 Capital, named after the four generations of his family. The business will soon have a London listing after agreeing a reverse takeover with 2 million pound cash shell Derriston, announced on Wednesday. S4 has raised another 11 million pounds from institutional investors, and has non-binding commitments for a further 150 million pounds of equity funding. That will give Sorrell 200 million pounds of firepower – roughly the same as WPP’s net spend on acquisitions last year - to buy up small marketing, technology and media businesses. Indeed, S4’s focus on “technology, data and content” echoes the M&A section of the 15 billion pound group’s annual report, which Sorrell transformed from a cash shell called Wire and Plastic Products. S4 is no WPP-killer, however. Even assuming it puts all the cash at its disposal to work, its equity value would be about 1 percent of the bigger group’s market capitalisation. And Sorrell’s 1.4 percent shareholding in WPP at the end of March - according to Thomson Reuters data - gives him a 215 million pound incentive not to take too much business away from the company he ran for more than three decades. Nevertheless, the acquisition vehicle will test whether Sorrell’s bulging book of contacts can help find promising young businesses and sell their services to large corporations. In his last three years at WPP the company earned an average annual return on capital employed of 10 percent, using Berenberg estimates. That performance helped justify Sorrell’s controversial 70 million pound pay package for 2015. Yet those returns could have been down to WPP’s scale and huge client base rather than the CEO’s personal input. Sorrell will need to use all his entrepreneurial flair – and shrug off the whiff of impropriety from the still-secret misconduct allegations – to prove that S4 is more than a shell. Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time. Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Advertise with Us Advertising Guidelines Cookies Terms of Use Privacy All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2018 Reuters. All Rights Reserved.

Sorrell’s new shell tests value of old contacts

(Reuters) - Call-center operator Convergys Corp ( CVG.N ) is in talks with several interested buyers, the Wall Street Journal reported on Friday, citing people familiar with the matter. The company’s shares closed up 12.6 percent at $25.30 on Friday, giving Cincinnati-based Convergys a market value of about $2.3 billion. Potential buyers include both industry rivals and private-equity firms, according to the report. A Convergys spokeswoman said the company does not comment on market rumors. Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila

Convergys in talks with multiple potential buyers: WSJ

BOULOGNE-BILLANCOURT, France--(BUSINESS WIRE)-- Regulatory News: Carrefour (Paris:CA) announces that Atacadão S.A. (Grupo Carrefour Brasil), the parent company of all Groupe Carrefour’s activities in Brazil, has published today its Q1 2018 earnings release. All information related to this release is available on Grupo Carrefour Brasil’s website ( http://www.grupocarrefourbrasil.com.br/ ). About Carrefour With a multiformat network of 12,300 stores in over 30 countries, Carrefour Group is one of the world's leading food retailers. Carrefour serves 105 million customers worldwide and posted sales of 88.24 billion euros in 2017. The Group has more than 380,000 employees who contribute to making Carrefour the world leader in the food transition for all, offering quality food every day, accessible everywhere and at a reasonable price. For more information, visit www.carrefour.com , Twitter (@CarrefourGroup) and LinkedIn (Carrefour). View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005647/en/ Carrefour Group Communications Tél : +33 (0) 1 41 04 26 17 or Investor Relations Tél : +33 (0) 1 41 04 28 83 Source: Carrefour

Carrefour: Q1 2018 Earnings Release for Grupo Carrefour Brasil

Reiterates Strong Outlook SINGAPORE--(BUSINESS WIRE)-- Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa”, “K&S” or the “Company”), following the filing of its quarterly report on Form 10Q for the second fiscal quarter, and the amendment of its Form 10Q for the first fiscal quarter and Form 10K for fiscal 2017, today announced final results of its second fiscal quarter ended March 31, 2018. The Company reaffirmed its previously reported second quarter net revenue of $221.8 million, and reported diluted EPS of $0.51 and a non-GAAP diluted EPS of $0.54. The Company also reaffirmed its third quarter revenue guidance of approximately $255 million to $270 million. During its second fiscal quarter, K&S repurchased $21.5 million of common stock in open market transactions at an average price of $23.90 per share. Quarterly Results - U.S. GAAP Fiscal Q2 2018 Change vs. Fiscal Q2 2017 (As Restated) Change vs. Fiscal Q1 2018 (As Restated) Net Revenue $221.8 million up 11.1% up 3.8% Gross Profit $99.4 million up 7.7% up 2.3% Gross Margin 44.8% down 140 bps down 70 bps Income from Operations $38.4 million up 5.2% down 2.0% Operating Margin 17.3% down 100 bps down 100 bps Net Income $36.3 million up 11.0% up 152.2% Net Margin 16.4% - up 4890 bps EPS – Diluted (a) $0.51 up 13.3% up 151.5% (a) GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. For the three months ended December 30, 2017, 1.2 million shares of restricted stock units and stock options were excluded due to the Company's net loss. Quarterly Results - Non-GAAP Fiscal Q2 2018 Change vs. Fiscal Q2 2017 (As Restated) Change vs. Fiscal Q1 2018 (As Restated) Income from Operations $40.5 million up 6.3% down 4.5% Operating Margin 18.2% down 90 bps down 160 bps Net Income $38.2 million up 11.4% down 3.0% Net Margin 17.2% - down 120 bps EPS - Diluted $0.54 up 14.9% down 1.8% * A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of Non-GAAP Financial Results” section. Dr. Fusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, “Looking ahead, the entire organization continues to be extremely committed to pursuing several near and long-term goals in parallel. Our ongoing progress within LED, memory, recurring revenue and advanced packaging strategies has improved our financial performance and growth prospects." The Company does not anticipate that the delays associated with filing its second quarter 2018 results have had a material adverse impact on the Company's operations or business prospects. Second Quarter Fiscal 2018 Financial Highlights Net revenue of $221.8 million. Gross margin of 44.8%. Net income of $36.3 million or $0.51 per share; Non-GAAP net income of $38.2 million or $0.54 per share. Cash, cash equivalents, and short-term investments were $628.2 million as of March 31, 2018. Third Quarter Fiscal 2018 Outlook The Company currently expects net revenue in the third fiscal quarter of 2018 ending June 30, 2018 to be approximately $255 million to $270 million. For the first three quarters of 2018, this guidance represents an increase of 17.6% over the same period in the prior year. Looking forward, Dr. Fusen Chen commented, "Our core products' alignment with several major industry trends, our share gains within LED and recurring revenue as well as our ongoing development progress to further expand the advanced packaging portfolio provide additional confidence in our ability to generate strong results going forward." Use of Non-GAAP Financial Results In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company's non-GAAP results exclude amortization related to intangible assets acquired through business combinations, goodwill impairment, costs associated with restructuring, income tax expense related to the Tax Cuts and Jobs Act of 2017 as well as tax benefits or expense associated with the foregoing non-GAAP items. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors. Management uses both U.S. GAAP metrics as well as non-GAAP operating income, operating margin, net income, net margin and net income per diluted share to evaluate the Company's operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors' ability to view the Company's results from management's perspective. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibit. About Kulicke & Soffa Kulicke & Soffa (NASDAQ: KLIC) is a leading provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing and industrial segments. As a pioneer in the semiconductor space, K&S has provided customers with market leading packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions and organic development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of tools to its core offerings. Combined with its extensive expertise in process technology and focus on development, K&S is well positioned to help customers meet the challenges of packaging and assembling the next-generation of electronic devices ( www.kns.com ). Caution Concerning Results and Forward Looking Statements In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include, but are not limited to, statements that relate to our future revenue, increasing, continuing or strengthening demand for our products, replacement demand, our research and development efforts, our ability to control costs, and our ability to identify and realize new growth opportunities within segments, such as automotive and industrial as well as surrounding technology adoption such as system in package and advanced packaging techniques. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: the risk that customer orders already received may be postponed or canceled, generally without charges; the risk that anticipated customer orders may not materialize; the risk that our suppliers may not be able to meet our demands on a timely basis; the volatility in the demand for semiconductors and our products and services; the risk that identified market opportunities may not grow or developed as we anticipated; volatile global economic conditions, which could result in, among other things, sharply lower demand for products containing semiconductors and for the Company’s products, and disruption of capital and credit markets; the risk of failure to successfully manage our operations; the possibility that we may need to impair the carrying value of goodwill and/or intangibles established in connection with one or more of our prior acquisitions; acts of terrorism and violence; risks, such as changes in trade regulations, currency fluctuations, political instability and war, which may be associated with a substantial non-U.S. customer and supplier base and substantial non-U.S. manufacturing operations; the impact of changes in tax law; and the factors listed or discussed in Kulicke and Soffa Industries, Inc. 2017 Annual Report on Form 10-K/A and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share and employee data) (Unaudited) Three months ended Six months ended March 31, 2018 April 1, 2017 As Restated March 31, 2018 April 1, 2017 As Restated Net revenue $ 221,772 $ 199,613 $ 435,463 $ 349,252 Cost of sales 122,325 107,350 238,814 188,562 Gross profit 99,447 92,263 196,649 160,690 Operating expenses: Selling, general and administrative 30,339 29,107 54,875 55,447 Research and development 28,657 25,020 58,907 46,525 Amortization of intangible assets 2,022 1,521 3,965 3,044 Restructuring (7 ) 112 1,307 112 Total operating expenses 61,011 55,760 119,054 105,128 Income from operations 38,436 36,503 77,595 55,562 Other income (expense): Interest income 2,986 1,579 4,961 2,751 Interest expense (270 ) (261 ) (536 ) (523 ) Income before income taxes 41,152 37,821 82,020 57,790 Income tax expense 4,800 5,151 115,212 7,724 Share of results of equity-method investee, net of tax 39 — 23 — Net income / (loss) $ 36,313 $ 32,670 $ (33,215 ) $ 50,066 Net income / (loss) per share: Basic $ 0.52 $ 0.46 $ (0.47 ) $ 0.71 Diluted $ 0.51 $ 0.45 $ (0.47 ) $ 0.69 Weighted average shares outstanding: Basic 70,361 70,964 70,467 70,909 Diluted 71,425 72,270 70,467 72,039 Three months ended Six months ended Supplemental financial data: March 31, 2018 April 1, 2017 March 31, 2018 April 1, 2017 Depreciation and amortization $ 4,744 $ 3,831 $ 9,212 $ 7,775 Capital expenditures 6,153 15,877 12,410 18,106 Equity-based compensation expense: Cost of sales 126 106 258 247 Selling, general and administrative 1,443 2,450 3,766 5,184 Research and development 653 522 1,307 1,249 Total equity-based compensation expense $ 2,222 $ 3,078 $ 5,331 $ 6,680 As of March 31, 2018 April 1, 2017 Backlog of orders 1 $ 177,754 $ 181,201 Number of employees 3,276 3,340 1. Represents customer purchase commitments. While the Company believes these orders are firm, they are generally cancellable by customers without penalty. KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands) (Unaudited) As of March 31, 2018 September 30, 2017 ASSETS CURRENT ASSETS Cash and cash equivalents $ 340,151 $ 392,410 Restricted cash 535 530 Short-term investments 288,000 216,000 Accounts and other receivable, net of allowance for doubtful accounts of $680 and $79 respectively 224,484 198,480 Inventories, net 118,831 122,023 Prepaid expenses and other current assets 23,754 23,939 TOTAL CURRENT ASSETS 995,755 953,382 Property, plant and equipment, net 75,619 67,762 Goodwill 57,478 56,318 Intangible assets, net 60,180 62,316 Deferred income taxes 10,922 27,771 Equity investments 1,479 1,502 Other assets 2,577 2,056 TOTAL ASSETS $ 1,204,010 $ 1,171,107 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 82,716 $ 51,354 Accrued expenses and other current liabilities 85,133 124,847 Income taxes payable 19,340 16,780 TOTAL CURRENT LIABILITIES 187,189 192,981 Financing obligation 16,257 16,074 Deferred income taxes 27,800 27,152 Income taxes payable 83,626 6,438 Other liabilities 9,211 8,432 TOTAL LIABILITIES 324,083 251,077 SHAREHOLDERS' EQUITY Common stock, no par value 513,315 506,515 Treasury stock, at cost (182,354 ) (157,604 ) Retained earnings 539,871 569,080 Accumulated other comprehensive income 9,095 2,039 TOTAL SHAREHOLDERS' EQUITY 879,927 920,030 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,204,010 $ 1,171,107 KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three months ended Six months ended March 31, 2018 April 1, 2017 March 31, 2018 April 1, 2017 Net cash provided by operating activities $ 6,740 $ 12,929 $ 57,073 $ 42,978 Net cash used in investing activities, continuing operations (35,273 ) (29,740 ) (83,456 ) (32,399 ) Net cash used in financing activities, continuing operations (20,850 ) (785 ) (24,241 ) (643 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (1,120 ) (627 ) (1,630 ) 1,360 Changes in cash, cash equivalents and restricted cash (50,503 ) (18,223 ) (52,254 ) 11,296 Cash, cash equivalents and restricted cash, beginning of period* 391,189 453,426 392,940 423,907 Cash, cash equivalents and restricted cash, end of period $ 340,686 $ 435,203 $ 340,686 $ 435,203 Short-term investments 288,000 139,000 288,000 139,000 Total cash, cash equivalents, restricted cash and short-term investments $ 628,686 $ 574,203 $ 628,686 $ 574,203 *Certain time deposits as at October 1, 2016 have been corrected from cash equivalents to short-term investments for comparative purposes. Reconciliation of U.S. GAAP Income from Operating to Non-GAAP Income from Operation and Operating Margin (in thousands, except percentages) (unaudited) Three months ended March 31, 2018 April 1, 2017 As Restated December 30, 2017 As Restated Net revenue 221,772 199,613 213,691 U.S. GAAP Income from operations 38,436 36,503 39,159 U.S. GAAP operating margin 17.3% 18.3% 18.3% Pre-tax non-GAAP items: Amortization related to intangible assets acquired through business combination- selling, general and administrative 2,022 1,521 1,943 Restructuring (7) 112 1,314 Non-GAAP Income from operations 40,451 38,136 42,416 Non-GAAP operating margin 18.2% 19.1% 19.8% Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and U.S. GAAP net income per share to Non-GAAP net income per share (in thousands, except per share data) (unaudited) Three months ended March 31, 2018 April 1, 2017 As Restated December 30, 2017 As Restated Net revenue 221,772 199,613 213,691 U.S. GAAP net income/(loss) 36,313 32,670 (69,528) U.S. GAAP net margin 16.4% 16.4% (32.5)% Pre-tax non-GAAP adjustments: Amortization related to intangible assets acquired through business combination- selling, general and administrative 2,022 1,521 1,943 Restructuring (7) 112 1,314 Income tax expense- Tax Reform — — 105,688 Net income tax benefit on non-GAAP items (111) (30) (36) Total non-GAAP adjustments 1,904 1,603 108,909 Non-GAAP net income 38,217 34,273 39,381 Non-GAAP net margin 17.2% 17.2% 18.4% U.S. GAAP net (loss)/income per share: Basic 0.52 0.46 (0.99) Diluted (a) 0.51 0.45 (0.99) Non-GAAP adjustments per share: Basic 0.03 0.02 1.54 Diluted 0.03 0.02 1.52 Non-GAAP net income per share: Basic 0.54 0.48 0.56 Diluted (b) 0.54 0.47 0.55 (a) GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. For the three months ended December 30, 2017, 1.2 million shares of restricted stock units and stock options were excluded due to the Company's net loss. (b) Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options. View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005485/en/ Kulicke & Soffa Industries, Inc. Joseph Elgindy, +1-215-784-7518 Investor Relations & Strategic Initiatives F: +1-215-784-6180 Source: Kulicke & Soffa Industries, Inc.

Kulicke & Soffa Finalizes Second Quarter 2018 Results

High-level trade talks between the United States in China start in Washington on Thursday without Peter Navarro, 's hawkish advisor, after confusion earlier this week about his participation. Navarro participated in a kickoff dinner Wednesday night, but would not be taking part in the official meetings beginning Thursday at the Treasury Department, according to a source with knowledge of the discussion. However, a White House official insisted Navarro would take part in some of the talks Thursday, though not some of the meetings including higher-level officials. Navarro has pushed for a tough response to China, which has put him at odds with counterparts in the Trump administration. On Wednesday night, the trade advisor told associates he would attend the talks after originally being excluded, a source said. One source of questions around Navarro's participation was an alleged episode during the American delegation's early May trip to Beijing that set him at odds with Treasury Secretary Steven Mnuchin . During one trade meeting at which Chinese officials talked at length about history and international relations, Navarro used an expletive in telling his Chinese counterparts he did not need a history lesson, according to a source briefed on the exchange. However, another source with personal knowledge of the discussions said Navarro did not "curse out" Chinese officials and described the bilateral discussions as "cordial." The person suggested that the story about Navarro started as part of a coordinated "shivving campaign" that points back to Mnuchin. Navarro has problems with how Mnuchin has negotiated with Chinese officials, a source familiar with the discussions said. The person said Navarro took issue with Mnuchin canceling team trade discussions in Beijing and negotiating with the Chinese delegation himself. The trade advisor has also taken issue with the path of the talks, believing the Treasury secretary is not doing enough to protect U.S. intellectual property, the source said. Nicholas Asfouri | AFP | Getty Images White House economic adviser Peter Navarro (C) walks through a hotel lobby as he heads to the Diaoyutai State Guest House to meet Chinese officials for ongoing trade talks in Beijing on May 4, 2018. The Treasury Department did not immediately respond to a request for comment about the apparent tension between Navarro and Mnuchin. The uncertainty over Navarro's role clouds critical Washington trade talks between the U.S. and China, which follow a separate round of negotiations in Beijing earlier this month. The world's two largest economies are looking to defuse escalating tensions that have prompted fears about heavy tariffs and a potential trade war. In a statement Wednesday, the White House said Mnuchin would lead the talks, along with Commerce Secretary Wilbur Ross and United States Trade Representative Robert Lighthizer. The White House added that "additional senior administration officials" would attend, but did not name Navarro. On Wednesday, a White House official told CNBC that "Peter is going to be participating in the event" and he is "part of the talks." Trump has long pledged to crack down on China for alleged unfair trade practices and theft of U.S. intellectual property by Chinese companies. But he seeks to do so without retaliatory measures from China that threatened to damage the U.S. agricultural industry. According to a list obtained by CNBC, China's delegation in Washington includes more than a dozen high-ranking government officials managing the country's central bank, agricultural policy and telecommunications industry. — CNBC's Eamon Javers contributed to this report WATCH: Conflicting reports about Navarro's role in China talks show chapters Conflicting reports about Navarro's role in China talks 19 Hours Ago | 01:29

China hawk Peter Navarro is not involved in Trump team's trade meetings with Chinese officials

Bulls bet on energy, these big-cap tech names 2 Hours Ago

Bulls bet on energy, these big-cap tech names

M&S targets rapid change after latest profit drop 10:47am EDT - 01:44 Marks & Spencer says it needs to modernise urgently to survive after a second straight annual profit fall and a 321 million pound charge for a store closure programme. As Ciara Lee reports, shares in the iconic British brand have fallen by more than a quarter over the past year. Marks & Spencer says it needs to modernise urgently to survive after a second straight annual profit fall and a 321 million pound charge for a store closure programme. As Ciara Lee reports, shares in the iconic British brand have fallen by more than a quarter over the past year. //reut.rs/2GKsRBE

M&S targets rapid change after latest profit drop

Novartis AG Chief Executive Officer Vas Narasimhan said the Swiss drugmaker “made a mistake” in signing up lawyer Michael Cohen to give the company insight on President Donald Trump’s health-care plans. “Yesterday was not a good day for Novartis,” Narasimhan wrote to employees Thursday in a letter reviewed by Bloomberg News. A day earlier, the drug company said it had paid $1.2 million to a firm led by Cohen , who is at the center of a U.S. law enforcement probe, as well as a civil lawsuit related to payments to an exotic dancer. “We made a mistake in entering into this engagement and, as a consequence are being criticized by a world that expects more from us,” Narasimhan said in the letter. “What defines us now is how we respond to this difficult situation.” Novartis hired Cohen’s company in 2017 . The company said it quickly determined that the lawyer’s firm would be unable to provide the services it anticipated and decided not to engage further, but was contractually bound to keep making monthly payments of $100,000. While Novartis said it got little from Cohen, the arrangement dragged Novartis (nvs) into Special Counsel Robert Mueller’s probe into suspected Russian meddling in the U.S. presidential election. The company said it was contacted by Mueller’s office in November, though now considers its role in that inquiry closed. The latest developments come just as the company seeks to move beyond a string of legal troubles and its new CEO looks to reshape the company’s culture and reputation. Separately, AT&T (t) paid Cohen up to $600,000 for insights and asked him to look into its proposed $85 billion merger with Time Warner (twx) as it sought government antitrust approval, according to a person familiar with the matter. Novartis shares fell 0.5% in early trading in Zurich, having dropped 6% this year. Narasimhan, a 13-year company veteran, took the helm earlier this year, replacing Joe Jimenez. He said in his letter that he went to sleep “frustrated and tired” and woke up “full of determination.” “I look to you to remain resilient and keep your focus on serving patients,” he said.

Novartis CEO Says Hiring Trump Lawyer Michael Cohen Was Mistake | Fortune

May 2 (Reuters) - Fortis Healthcare Ltd: * CLARIFIES ON NEWS ITEM ON 2 SUITORS FOR CO RAISING OFFERS * SAYS AS ON DATE MALVINDER AND SHIVINDER SINGH DO NOT HOLD ANY SHARE * DENY STATEMENT THAT MALVINDER MOHAN SINGH AND SHIVINDER MOHAN SINGH HOLD MAJORITY STAKE IN RHT HEALTH TRUST Source text: bit.ly/2HK9M3Z Further company coverage:

BRIEF-Fortis Healthcare Clarifies Singh Brothers Do Not Hold Any Stake In RHT Health Trust

(Reuters) - Canada's main stock index opened slightly lower on Friday, weighed down by the energy index as oil prices fell more than 2 percent towards $77 a barrel. * At 9:31 a.m. ET (1331 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 38.99 points, or 0.24 percent, at 16,074.63. (Reporting by Shreyashi Sanyal in Bengaluru)

CANADA STOCKS-TSX slips at open as oil fall

Scores of Palestinians killed. Thousands wounded. That’s the toll exacted over the past seven weeks by Israeli Defense Forces (IDF) against protesters along the security fence separating Gaza from Israel. Unless the situation gets defused quickly, the carnage is likely to get much worse. Relatives of Palestinian Tahreer Wahba, 17, who died of wounds sustained during a protest at the Israel-Gaza border, mourn during his funeral in Khan Younis in the southern Gaza Strip April 23, 2018. REUTERS/Suhaib Salem Since early April, weekly “Great March of Return” demonstrations have focused on the plight of more than 700,000 Palestinian refugees driven from their homeland in 1948. Exacerbated by the Trump administration’s move of the U.S. Embassy from Tel Aviv to Jerusalem on Monday – when 60 Palestinians died and about 2,700 were injured – and further fueled by Israeli independence anniversary celebrations and Tuesday’s Palestinian commemoration of Al Nakba (“The Catastrophe”), another catastrophe appears to be unfolding. Here’s how to avert even more death and despair. As the peace process has stalled, living conditions in Gaza have grown increasingly desperate: only an average of five hours of electricity per day , dwindling supplies of food and medicine, staggeringly high unemployment rates (nearly 45 percent overall, and over 60 percent among young people), rising levels of water pollution (more than 90 percent is contaminated) and disease (sewage pumps need electricity), and an economy that has virtually come to a halt. A Palestinian woman washes dishes in her kitchen by candle light during a power cut in the northern Gaza Strip, July 13, 2017. REUTERS/Mohammed Salem Even so, based on my observations and conversations with key NGO leaders and others during my recent visit to Gaza, nothing’s wrong there that, on a humanitarian level, can’t be significantly improved in a few months. The larger political question, which has defied resolution for 70 years, will take much longer. But a fundamental tenet of civilized behavior in the modern world is that human beings shouldn’t die of disease, starvation, or other forms of neglect while political conflicts are addressed. Gaza is not Syria or Yemen. Much of the infrastructure is intact and working when the electricity is on, and the basic institutions – homes, schools, hospitals, businesses – still function, albeit precariously. Smoke rises as Israeli soldiers are seen on the Israeli side of the border with the Gaza Strip, Israel, May 14, 2018. REUTERS/Amir Cohen What must be done? First, Gaza needs electricity 24/7. Electricity has been an issue in Gaza since the Israel Defense Forces destroyed Gaza City’s only power plant in 2006 in retaliation for the kidnapping of an Israeli soldier by Hamas – a savagely disproportionate response. Even so, the power can be fully restored. Egypt and Israel can supply fuel to existing power plants, and both can turn on electric lines into Gaza. They have done so in the past in limited measure, and they could readily do so now. This would bolster public and private collaborations currently underway to provide Gazans with water and sanitation. Second, Washington needs to restore full funding to USAID and to the United Nations Relief and Works Agency (UNRWA), which provides education, medical care, and food aid to more than half of Gaza’s 2 million people. The United States, UNRWA’s largest donor nation, gave $355 million to UNRWA in 2017 for Gaza, but the Trump administration has pledged only $125 million in 2018 — and has thus far announced it is withholding $110 million of that commitment. A senior official told me during my visit that unless full funding is restored by the end of May, UNRWA will further curtail its stretched-thin medical and food programs, and also lay off 9,000 teachers and close 275 schools, leaving 273,000 children and youth without classes to attend after summer break. Without education, the children and youth of Gaza will increasingly have nothing left to lose – a lethal incubator of anger and violence within Gaza, and a potentially overwhelming security risk to Israel. UNRWA funding could be restored now. Third, 12 years of restrictions on border crossings have had devastating consequences. More than 90 percent of Gazan children under the age of 12, who make up one-third of the population, have never left Gaza ; the only Israelis most have ever seen are pointing tanks and guns their way. Also, workers from Gaza can no longer cross the border to work, shortchanging both Gaza and Israel. In addition, two senior hospital officials in Gaza City told me that there are no CT scanners, MRI machines, or radiation equipment (and relatively little chemotherapy medication) in Gaza. Patients who have cancer – and especially women with breast cancer – must travel to Ramallah. However, many of these patients are denied permits to travel. As a result, Gaza’s cancer survival rates are significantly lower than in countries like Israel and the United States. People with serious illnesses should not be sentenced to death in the name of Israeli security. The most egregious border restrictions could be lifted. In the fourth chapter of Genesis, which Jews, Christians, and Muslims claim as sacred scripture, the story is told of two brothers – Cain and Abel – who offer sacrifices to God from their flocks. According to the story, God favors Abel’s offering more than Cain’s, who responds by luring Abel out into the field and killing him. When God asks Cain what has happened to Abel, Cain feigns ignorance: “I do not know. Am I my brother’s keeper?” God says to Cain, “What have you done? Listen! Your brother’s blood cried out to me from the ground.” In moral terms, those who can help avert the looming humanitarian crisis in Gaza should help – turn on the power, write the check, ease the border. Three powerful men – America’s Donald Trump, Israel’s Benjamin Netanyahu and Egypt’s Abdel Fattah al-Sisi – could make a profound difference, and thereby set the peace process on a different course. If they refuse to act? Shame on them. Once the blood of exponentially more Gazans cries out from the ground, the moral judgment on those who refused to help will be even harsher, and the political impasse will grow even greater. There’s still time to avert another catastrophe. About the Author Galen Guengerich is senior minister of All Souls Unitarian Church in New York City and a member of the Council on Foreign Relations. The views expressed in this article are not those of Reuters News. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy All Quote: s delayed a minimum of 15 minutes. 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Commentary: How to avert more death and despair in Gaza

May 15, 2018 / 4:34 AM / Updated 14 hours ago NHL: Fleury finds his ruthless streak to slow down Jets Steve Keating 3 Min Read WINNIPEG, Canada (Reuters) - Marc-Andre Fleury quickly gained revenge on the Winnipeg fans who had mercilessly taunted the Vegas Golden Knights netminder on Saturday when the Jets pumped three goals past him in the opening minutes of the NHL Western Conference finals. May 14, 2018; Winnipeg, Manitoba, CAN; Vegas Golden Knights goaltender Marc-Andre Fleury (29) makes a save against Winnipeg Jets center Adam Lowry (17) during the second period in game two of the Western Conference Final of the 2018 Stanley Cup Playoffs at Bell MTS Place. Mandatory Credit: James Carey Lauder-USA TODAY Sports Fleury took the barbs and a 4-2 loss with good humour but replaced the smiles with his game face on Monday as he delivered a stellar 30-save performance to backstop the Golden Knights to a 3-1 victory to send series back to Las Vegas level at 1-1. “I expected that they (would) come out flying again,” said Fleury, refusing to gloat. “Everybody steps up at some point and everybody is contributing to the success of our team. That’s why we’ve been consistent in the season and the playoffs.” Related Coverage Golden Knights' Tatar may return to lineup A triple Stanley Cup winner with the Pittsburgh Penguins, it was always going to take more than chants of “Fleurrrry, Fleurrrry” no matter how loud to rattle the ice cool French-Canadian. May 14, 2018; Winnipeg, Manitoba, CAN; Vegas Golden Knights goaltender Marc-Andre Fleury (29) makes a save against Winnipeg Jets center Bryan Little (18) during the third period in game two of the Western Conference Final of the 2018 Stanley Cup Playoffs at Bell MTS Centre. Mandatory Credit: Terrence Lee-USA TODAY Sports Fleury’s sparkling play during the first two round of the post-season that featured series wins over the Los Angeles Kings and San Jose Sharks put him firmly in the Conn Smythe trophy discussion as the playoffs most valuable player. Monday’s effort in Game Two of the best-of-seven series will have only enhanced his claims. His .951 save percentage coming into the West Finals was the best in NHL history for a goalie with at least 10 playoff starts but he has also surrendered three or more goals in five of his last six contests. Slideshow (3 Images) Despite the Game One wobble, Fleury remains key to Vegas’ hopes of capping a remarkable debut campaign by becoming the first expansion team in a major North American professional league to claim a championship on their first attempt. As they did in Game One, the Jets came out firing on all cylinders but Fleury withstood the barrage while Tomas Tatar and Jonathan Marchessault each counted to give the Golden Knights a 2-0 first period lead. “They came out pretty hard and Fleury had to make three or four real good save the first seven or eight minutes,” Vegas coach Gerard Gallant said. “We rebounded after that and got that 2-0 lead and it was a different game.” Fleury would not surrender a goal until midway through the final period when Kyle Connor, parked at the side of net, rifled a shot that somehow found its way between the netminder’s pads, sparking a roar from the Winnipeg crowd. The buzz, however, lasted just 88 seconds before Marchessault collected his second goal of the game with a nifty backhand over Jets goaltender Connor Hellebuyck. Additional reporting by Rod Nickel; Editing by John O'Brien

NHL: Fleury finds his ruthless streak to slow down Jets

May 8, 2018 / 9:58 PM / Updated an hour ago Nigerian migrants sue Italy for aiding Libyan coast guard Steve Scherer 5 Min Read ROME (Reuters) - Nigerian migrants who survived a deadly sea crossing last year filed a lawsuit against Italy for violating their rights by supporting Libya’s efforts to return them to North Africa, their lawyers said on Tuesday. Violeta Moreno-Lax of the Global Legal Action Network looks on during a news conference at the Foreign Press association in Rome, Italy, May 8, 2018. REUTERS/Max Rossi Seventeen plaintiffs petitioned the European Court of Human Rights last week, Violeta Moreno-Lax, a legal advisor for the Global Legal Action Network, told reporters. She was among four lawyers and several humanitarian groups involved in the case. The migrants say Italy violated multiple articles of the European Convention on Human Rights, including that people not be subjected to torture, held in slavery, or have their lives put in danger. The United Nations, rights groups and news organisations say migrants face these conditions in Libya. This is the first lawsuit to be filed against Italy for its decision to back the Libyan Coast Guard. The country lost a case in the same court in 2012 for directly handing over migrants intercepted at sea to Libyan authorities. The legal process can take up to three years but should the migrants win they can be awarded damages, and Italy would be forced to abandon its policy of equipping, training and coordinating the Libyan Coast Guard, Moreno-Lax said. “Using the Libyan Coast Guard as a proxy to turn back migrant boats is just a new way of camouflaging (Italy’s) strategy of fighting irregular migration in the Mediterranean by trapping them in what the Italian Foreign Ministry itself has qualified as ‘the hell’ of Libya,” Moreno-Lax said. The lawsuit highlights a stand-off between humanitarian groups seeking to save lives on the open seas and Italian authorities backed by the European Union who are trying to stop people from making the dangerous crossing in the first place. A spokesman for Italy’s Interior Ministry, which has spearheaded the policy, had no immediate comment. Libyan naval spokesman Ayoub Qassem said the coast guard does its job within the terms agreed with Italy. “Regarding the abuse and violations against the migrants, these are all considered as individual acts ... We can’t say Libyan state institutions commit these acts,” Qassem said. Forensic Oceanography researcher Charles Heller looks on during a news conference at the Foreign Press association in Rome, Italy, May 8, 2018. REUTERS/Max Rossi SEA CROSSINGS DOWN Italy has supplied Libya with seven refurbished vessels so far, and three more have been promised, while the EU has trained about 190 Libyan coastguards. Italy is also coordinating communications with the Libyan Coast Guard about possible boats in distress, according to court documents filed recently in Sicily. Between 2014 and 2017, more than 600,000 migrants arrived on Italian shores, but crossings have fallen dramatically since Italy and Libya signed a memorandum of understanding aimed at stemming the migration flow in February of last year. During the first five months of this year, arrivals from Libya fell more than 80 percent versus last year to 6,700 during, official data show. Over the same period, the Libyan Coast Guard intercepted almost 6,000 migrants and refugees. In 2017, the Libyans turned back almost 19,000. Two of the plaintiffs in the lawsuit were intercepted and returned to Libya. They said they were held for two months in a detention centre where they were subjected to beatings and extortion, and where even basic food and healthcare was not provided, before returning to Nigeria with the International Organization for Migration. All the plaintiffs were rescued at sea on Nov. 6 as at least 20 migrants drowned when a part of their rubber boat deflated. German humanitarian ship Sea Watch 3 rescued 59 people that day and collected the body of a small child, all of whom were brought to Italy. The Libyan naval vessel, which had been donated by Italy and was operated mainly by a crew trained by the EU, returned 47 to Libya. In a video shot by Sea Watch, the Libyans are seen beating the migrants they intercepted with a rope, and the vessel then speeds off with a man clinging to the side. Among the survivors returned to Libya, two were subsequently sold to a smuggler and tortured with electricity in an attempt to extort money from their families, said Charles Heller, co-founder of the Forensic Oceanography project, which prepared a report to support the lawsuit. Additional reporting by Aidan Lewis in TUNIS and Ahmed Elumami in TRIPOLI; Editing by Matthew Mpoke Bigg

Nigerian migrants sue Italy for aiding Libyan coast guard

For the sixth year in a row and the 14th time, total, Walmart has secured the No. 1 spot on the Fortune 500 list. With revenue of $500.3 billion, the retailer tops the annual list of America's largest companies, which was released on Monday . Exxon Mobil places second with a revenue of $244.4 billion, roughly half of Walmart's, while Berkshire Hathaway, Apple and UnitedHealth Group round out the top five. Walmart has made the Fortune 500 list 24 times since the magazine published the first list in 1955, and over half of those times it has been No. 1. Founder Sam Walton first envisioned something more modest: A retail business that would serve rural areas and " help customers, cut costs and share profits ." While getting his degree in economics at the University of Missouri at Columbia in the 1930s, Walton waited tables , delivered newspapers and clerked at a five-and-dime. He opened the first Walmart store in Arkansas in 1962. His company grew rapidly and went public in 1970. Sales associates who had remained with the company and received Walmart shares saw their own wealth grow, CNBC anchor David Faber reports in the documentary " The Age of Walmart ." Ever since Walton gave up his role as CEO in 1988, the company has been led by four chief executives: David Glass , Lee Scott , Michael Duke and current CEO Doug McMillon, none of whom was directly related to him. show chapters These billionaires are handing over their fortune to charity and not their kids 9:50 AM ET Thu, 13 July 2017 | 01:16 Walton and his wife Helen raised four children: Rob, John, Jim, and Alice. In 1992, President George H. W. Bush awarded Walton the Presidential Medal of Freedom. The Walmart founder passed away the same year. By then, his family was already the richest in the nation, and his New York Times obituary called him "the most successful merchant of his time." Yet he drove a

Walmart is the No. 1 Fortune 500 company for the 6th straight year

Images of April Tuesday, May 01, 2018 - 01:38 Images taken by Reuters photographers around the world in April 2018, including the inter-Korean summit, deadly protests on the Gaza-Israel border, a migrant caravan seeking asylum in the U.S. and the Toronto van attack. Produced by David Lucas. Images taken by Reuters photographers around the world in April 2018, including the inter-Korean summit, deadly protests on the Gaza-Israel border, a migrant caravan seeking asylum in the U.S. and the Toronto van attack. Produced by David Lucas. //reut.rs/2r81njM

Images of April

Kudlow: ZTE push 'primarily an enforcement issue' 1 Hour Ago Larry Kudlow, National Economic Council director, discusses the Trump administration's views on trade with China, including the deal around ZTE.

Kudlow: ZTE push 'primarily an enforcement issue'

May 3, 2018 / 8:29 PM / Updated 3 minutes ago Investor who mesmerized Musk on conference call opened 'Pandora's box' Supantha Mukherjee 3 Min Read (Reuters) - A 25-year-old investor of Tesla Inc ( TSLA.O ), whose 23-minute conversation with Chief Executive Officer Elon Musk dominated a post-earnings conference call, said he had opened “Pandora’s box” and elevated the level of conversation possible on the routine calls. FILE PHOTO: Elon Musk listens at a press conference following the first launch of a SpaceX Falcon Heavy rocket at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. REUTERS/Joe Skipper/File Photo On Wednesday, Musk strayed from the usual Q&A protocol with analysts that cover the electric car company and fielded more than a dozen straight questions from YouTube investment channel owner Galileo Russell, who had previously recommended buying Tesla shares on his HyperChange TV. The spotlight turned to Russell when Musk tired of traditional Wall Street queries said “we’re going to go to YouTube.” Russell’s questions ranged from battery pack technology on the Semi truck to the possibility of opening up the infrastructure of Superchargers to other automakers for revenue, and Musk was all ears. “Analysts have different incentives and so I think I kind of opened Pandora’s box through for what’s possible on an earnings call,” he told Reuters on Thursday. “They know they ask worse questions than me and that’s why Musk gave me the floor for so long,” he said, referring to the Wall Street professionals. Russell described himself as a finance nerd whose site follows his personal investments. He has been investing since the age of 14 and has followed Tesla for a decade ( bit.ly/2rh99Zs ) “I managed over $500,000 for private clients coming out of college and prior to that I was part of this startup that managed money and I invested all in Tesla at $29 per share,” he said. While analysts were upset with Musk’s treatment of Wall Street, several praised Russell’s questions. “It was actually pretty refreshing to have someone come in and be able to ask more strategic questions,” Ark Invest’s Tasha Keeney said. Ark owns 360,000 Tesla shares in their funds. One of the analysts Musk cut short, RBC Capital’s Joseph Spak, also had good things to say about Russell. The blogger to be fair had some good, but very big picture questions, he said. Reporting by Supantha Mukherjee and Sonam Rai in Bengaluru; Editing by Bernard Orr

Investor who mesmerized Musk on conference call opened 'Pandora's box'

How is the stock market set up heading into summer? It's hard to make a confident case the summer of 2018 will either be "hot fun" or particularly cruel. The weight of the evidence tilts toward some more aimless knocking around, punctuated by a few bursts of excitement, and probably a couple of attempts by the bears to raid investors' picnic. Memorial Day weekend marked four months since the major indexes peaked in a crescendo of heedless optimism and maximum momentum, and the past two have seen them settle into a tight band. Call it rediscovered stability or stalemate or indecision, but whatever the characterization, the S&P 500 has been well-anchored near the middle of its 2018 range. At Friday's close of 2721, the index was up 5.4 percent from its Feb. 8 closing low, and it would take a 5.5 percent gain from here to match the Jan. 26 all-time high. The tape showed impressive resilience in April, refusing to buckle despite several trips toward the lower end of the 2018 range. But the thrust behind rallies has been unimpressive and the strength has been selective and shifting within the market. The forces holding the market in this zone are well-known to the point of being taken for granted now: supported by fast-rising corporate profits, solid consumer trends and favorable credit conditions, while hampered by somewhat higher bond yields, suspense about rising inflation and persistent questions about how much profitable life is left in this cycle. It's tough to see how any of these factors resolve themselves decisively in one direction or the other in the next couple of months. The long-term trend still favors the bulls and will continue to so long as the S&P holds within a few percent of the current level. Yet on a tactical basis in the short term, the aggressive equity optimists have a bit more to prove. Recent rallies have failed to surmount the threshold on the S&P 500 — around the 2750 mark — from which stocks fell hard two months ago on a swirl of China trade salvos, Facebook privacy scandal and the latest Federal Reserve rate hike. The valuation of stocks relative to bond yields — to cite one big-picture relationship — has been steady at levels that seem neutral based on the past decade or so. The 10-year Treasury hit 2.94 percent in a rush higher on Feb. 21; the yield finished Friday at 2.93 percent on a pullback. On both dates, the S&P sat a bit above 2700. There's nothing necessarily rigid about that relationship over time, but these asset classes seem engaged in a sort of uneasy equilibrium for the moment. Back to lows? Global strategist Michael Hartnett at Bank of America Merrill Lynch has set out what would likely need to happen for the market to break one way or the other out of its sticky range. For a drop to fresh lows, a slide in U.S. GDP and earnings forecasts and some sort of credit "contagion." (It would be a decidedly odd, though not unprecedented, year if earnings were up 15 percent or more, as now anticipated, and stocks stayed flat or fell.) To regain the January highs, he thinks the Fed and President Trump must "blink" and cut back on rate hikes and trade aggression, respectively, while stock buybacks and perhaps a reanimated tech-stock lovefest emerges. It's quite unclear much of this would have time to develop, say, by July 4, though of course markets attempt to front-run the next economic plot point. Researchers who study the aggregate bets of the big-money index-options traders for clues about which way the index might be pulled say the pricing of bets expiring in late August suggest a flattish summer that chops around but shouldn't be too far from 2700. (These traders' positions collectively don't always bunch together near the current index price, for those wondering.) The good news is, options dealers don't see deep and lasting damage to come in summer, but they also aren't betting on a summer surge. The familiar seasonal patterns have not been all that helpful to traders and investors in recent years, proving that they are merely broad tendencies and not cues for action. Still, for what they're worth, this year they seem a headwind. The hackneyed "sell in May" idea that May-October returns have been weak over the decades has failed in recent years as stocks made good headway in that half a year. But it's in years when the market was down year to date through April — as it was this year — when the historical weakness mostly shows up. In such years, the May-October S&P 500 return has averaged a 2.9 percent loss. And Stock Trader's Almanac chimes in that June in midterm election years since 1950 ranks dead last for average returns. 2014 a guide? I've been keeping an eye on the comparison of this year's market path with that of 2014. Why? Both years were preceded by unusually strong years (2013 and 2017) with extraordinarily low volatility. Early in each 2014 and this year, there was a nasty shakeout lower amid complacent investor sentiment. In each year, too, the Fed was entering a new phase of removing "easy money" policy — ending QE in 2014 and reducing its balance sheet this year while lifting short-term rates. As the charts show, the paths are not dissimilar, though the January run-up and February drop this year were more dramatic. As of Memorial Day weekend in 2014, the S&P was up 2.8 percent, and now is up 1.8 percent. In 2014, credit markets stayed firm and the economy and earnings held up well, but as the highlighted box shows, the market made very little net headway through October before a strong finish to the year. Source: Yahoo Finance Source: Yahoo Finance Not a prediction, just something to ponder over the long days of summer.

Santoli: Choppy, sideways trading likely ahead this summer

Over the years, CNBC's Jim Cramer found that when it comes to investing, some of the best advisors have been none other than his two teenage daughters. "We all know that teenagers are incorrigible. The last thing they want to hear about is stocks. They have bigger fish to fry. To which I say, so what? I'm not going to tell them what to buy. I'm going to let them tell me," the " Mad Money " host said. Cramer started with the stock of Domino's . The "Mad Money" host thought it was a good speculative stock after CEO Patrick Doyle took up reforming the quality of the ingredients. "But that's not what made this stock a 'Mad Money' crown jewel. Nope, it was the technology behind DPZ," Cramer said, adding that until his kids discovered the Domino's ordering app, they preferred local pizza restaurants to the national chain. Cramer's daughters, like so many other millennials, hate talking on the phone, especially given the risk of the person on the other end getting their orders wrong or giving them an incorrect estimate for when their food would be delivered. The Domino's app, along with eliminating the human aspect of ordering and letting you see how close to done your pizza is, also lets you pay online, another plus for the younger audience. "All of this technology was totally lost on me," Cramer said. "I never minded the phone, was always patient about when the pizza would arrive, never cared about the interchange with the delivery person. I kind of liked it. In short, I was not like the target audience. That's why I always call Domino's a tech company that sells pizza." Cramer's kids gave him similar insight into the stock of Apple . His youngest daughter wanted a second iPod not because she lost the first, but because she wanted another color. Both of his daughters are also steadfast members of the Apple ecosystem when it comes to personal computers and iPhones, even though they dislike the plug and earbud changes. "When my kids come to me and beg me for a Samsung, you know what? You might hear me say some different things about Apple than I currently do," Cramer said. Since his daughters are not big sports fans, they entertain themselves by watching Netflix . They were on Facebook early, and Instagram soon after. "Google it, Dad," is a household phrase. Right there are three key components of Cramer's acronym for the top-tier, high-growth technology stocks of Facebook, Amazon , Netflix and Google, now Alphabet : FANG. "What if the picks themselves aren't any good? What if they are errant?" the "Mad Money" host asked. "OK, that's the cost of learning." He learned with GoPro and Fitbit , two companies whose stocks have seriously underperformed since their respective initial public offerings despite being huge fads with younger generations. "You see, that's the beautiful thing about teen investing. You can lose it and no one may end up noticing in the end," Cramer said. "You pull the same kind of thing later in real life, like me, it's got consequences. But the bottom line is that for now you can learn from your teenage children. Trust me. Invest with them. And you won't regret it." WATCH: How teens can help you be a better investor show chapters Cramer: Yes, disinterested teens can actually make the best investors 11 Hours Ago | 06:18 Questions for Cramer? Call Cramer: 1-800-743-CNBC Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

Cramer: Yes, disinterested teens can actually make the best investors

3:44 PM EDT Good afternoon and happy Friday, readers. This is Sy. President Donald Trump delivered his long-awaited speech on drug pricing Friday. The president, who once famously said pharmaceutical companies were “getting away with murder” on prices and often sent biotech shares tumbling with his harsh rhetoric, offered a number of proposals meant to tackle the sky-high prescription drug costs borne by many in a plan dubbed “American Patients First.” But most of the proposed reforms may largely spare the drug industry itself—a possible reason that both S&P and NASDAQ biotech indices rose nearly 3% following the address. And a lack of specifics may have fueled 2% to 4% stock spikes for other health care companies like CVS , McKesson , and Express Scripts . Trump and Department of Health and Human Services (HHS) Secretary Alex Azar laid out the main planks of the drug pricing blueprint in a White House Rose Garden address. The overall message was that players up and down the drug supply chain—including insurers, pharmacy benefits managers (PBMs), pharma firms, and federal agencies—along with foreign governments, are taking advantage of or failing American patients. The administration’s plan has four main pillars: increasing competition; better negotiation on prices; incentives to lower list drug prices; and reducing patients’ out-of-pocket spending. These broad goals would ostensibly be achieved through a variety of regulatory and legislative measures. Some are pretty technical, such as giving the Medicare Part D prescription drug program authority to negotiate lower prices for certain drugs under Medicare Part B. Others are more aspirational and politically controversial, such as Trump’s broadsides against foreign countries that supposedly “free ride” by paying less money for drugs than Americans through their single payer systems. It’s unclear how increasing costs for foreign governments and patients would help reduce prices in the U.S., but Trump nonetheless framed the issue as “putting American patients first.” Azar also asserted that pharmaceutical company ads on TV should disclose prices (although he didn’t specify which ones would be listed given the convoluted U.S. price negotiation regimen). There’s a lot to parse through (you can read the entire blueprint here ). But the document also asks more questions than it provides in the way of immediate action, as the University of Pittsburgh professor Walid Gellad noted on Twitter . For instance, will PBMs be forced to share more of the rebates they negotiate with drug makers (a largely opaque process that many critics say is lifting up prices) directly with consumers? It’s also important to consider what the blueprint doesn’t include—such as a plan to allow Medicare to directly negotiate drug prices and establish a formulary, or permitting lower-priced drug imports from other countries. Those were proposals loathed by the biopharma industry that Trump had previously floated; they didn’t make it into Friday’s speech, drawing a deep sigh of relief from the sector. I sat down with Steve Ubl, CEO of the drug industry’s main lobbying group, PhRMA, yesterday preceding Trump’s speech. “We fully expect the president will put forward ideas we don’t agree with,” he told me, pointing to the Medicare Part B/Part D initiative. But he also emphasized that other parts of the medical supply chain deserve just as much, if not more, scrutiny than drug makers do. This issue isn’t going away anytime soon—but Trump’s address doesn’t appear to have rocked big pharma’s (or other industry players’) apple cart. Read on for the day’s news, and have a wonderful weekend. Sy Mukherjee @the_sy_guy DIGITAL HEALTH The VA finalizes its telehealth rule. The Department of Veterans Affairs has finalized a long-awaited rule aimed at increasing veterans’ access to telehealth. Proponents of telemedicine have lauded the regulation, which would allow digital doctor visits across state lines, as a possible model for broader digital health policy. ( FierceHealthcare ) Advertisement INDICATIONS Novartis CEO: ‘Yesterday was not a good day.’ Novartis CEO Vas Narasimhan has this to say about the company’s $1.2 million to Trump lawyer Michael Cohen: “Yesterday was not a good day for Novartis,” Narasimhan wrote in a letter to employees Thursday. “We made a mistake in entering into this engagement and, as a consequence are being criticized by a world that expects more from us. What defines us now is how we respond to this difficult situation.” ( Fortune ) THE BIG PICTURE Tackling the new Ebola outbreak. Congo is facing an outbreak of Ebola in a remote area of the country; there have now been 32 suspected cases including 18 deaths. The World Health Organization (WHO), Reuters reports, is scrambling to prevent a repeat of the 2014 Ebola crisis in Africa, during which the global agency was roundly criticized for its response. “We are very concerned and planning for all scenarios, including the worst case scenario,” said Peter Salama, WHO’s Deputy Director-General of Emergency Preparedness and Response. ( Reuters ) Advertisement

Brainstorm Health: Trump Drug Price Speech, Ebola Outbreak, Novartis’ Bad Day

May 10 (Reuters) - Athersys Inc: * Q1 LOSS PER SHARE $0.08 * Q1 REVENUE $1.1 MILLION VERSUS I/B/E/S VIEW $1 MILLION Source text for Eikon: Further company coverage:

BRIEF-Athersys Reports Q1 Loss Per Share $0.08

JERUSALEM (Reuters) - Israeli Defense Minister Avigdor Lieberman on Friday rejected Palestinian President Mahmoud Abbas’ apology for his remarks on Jews. FILE PHOTO: Israeli Defence Minister Avigdor Lieberman attends a ceremony for the appointment of a new head for Israel's Coordination of Government Activities in the Territories (COGAT), in Nabi Samuel, in the occupied West Bank, May 1, 2018. REUTERS/Ronen Zvulun Abbas, 82, known as Abu Mazen, said on Friday it “was not my intention” to offend Jews. But Lieberman wrote on Twitter: “Abu Mazen is a wretched Holocaust denier, who wrote a doctorate of Holocaust denial and later also published a book on Holocaust denial. That is how he should be treated. His apologies are not accepted.” Reporting by Stephen Farrell

Israeli defense minister rejects Abbas apology over remarks on Jews

Italian market stabilizes amid political turmoil 58 Mins Ago Class CNBC's Andrea Cabrini reports the Italian stock market is stabilizing after yesterday's sell-off and bond yields are holding steady.

Italian market stabilizes amid political turmoil

Published 2 Hours Ago Bowery Farming is using robotics and software to raise crops in warehouses outside of big cities. Jose Andres, Carla Hall and David Barber are among the star chefs who have invested in Bowery's indoor farming venture. The U.N. projects that by 2050 , food production will need to increase by about 60 percent to feed the growing global population. show chapters Updated Moments Ago | 01:56 A start-up called Bowery Farming is putting an urban twist on agriculture, raising leafy greens and herbs in a high-tech warehouse a few miles outside of New York City, and celebrity chefs are starting to invest. Using a mix of software, cameras, lights and robotics, Bowery can control precisely how plants grow. CEO and co-founder Irving Fain says chefs love the company's systems because they allow Bowery to make customized ingredients for them, giving kale a softer leaf or arugula a more peppery taste, for example. According to Fain, 1 square foot within one of these indoor farms is 100 times more productive than 1 square foot of arable land. CNBC took a look inside of the company's first farm in New Jersey with investor and celebrity chef Carla Hall, who is the Emmy-winning co-host of "The Chew" on ABC. "I visited the farm and tasted the food," she said. "It moved from a concept and an idea that is sustainable to deliciousness." SOURCE: Magdalena Petrova CNBC Today, the company grows and sells its own brand of baby kale, butterhead lettuce, arugula, mixed kales and basil. Some are available in and around New York including at Whole Foods markets, and restaurants Craft and Temple. Both are run by Tom Colicchio, also an investor. Fain thinks of Bowery's food as "post-organic." "We grow with no pesticides, herbicides or insecticides, no agrochemicals at all," he said. "And we're able to grow 365 days a year, independent of weather." SOURCE: Magdalena Petrova CNBC Bowery isn't alone in its mission to feed the world without using as much water, energy or chemicals, to raise crops. Other indoor farming innovators like Plenty, AeroFarms and Freight Farms have also attracted venture capital. Especially because the planet has lost a third of its arable land in the past 40 years, Fain said he welcomes all players in sustainable agriculture. The U.N.'s Food and Agriculture Organization projects that by 2050 , food production will need to increase by about 60 percent to feed the growing global population. SOURCE: Magdalena Petrova CNBC Bowery has raised $27.5 million in venture funding to build its indoor farms across the U.S. and to sell produce grown there to select restaurants and groceries. Investors in Bowery include Alphabet 's venture arm GV, General Catalyst, GGV and First Round Capital. But the company more recently attracted funding from a long list of culinary icons including Hall, Colicchio and Jose Andres.

Bowery Farming is growing crops in warehouses to create food like customized kale

U.S. stock funds are on track for a third straight month of outflows as investors grow wary of the aging bull market. Investors pulled a combined $3.8 billion from U.S. stock exchange-traded funds and mutual funds in the week ended April 25, bringing April’s outflows to almost $8.4 billion, according to the Investment Company Institute. AllianceBernstein's Highway Men To Live Large in Nashville

Investors Exit U.S. Equity Funds for Third Straight Month

May 11, 2018 / 11:02 AM / Updated 30 minutes ago Kremlin says changing law to allow Putin another term in office not on agenda Reuters Staff 2 Min Read MOSCOW (Reuters) - The Kremlin said on Friday that a suggestion by regional lawmakers to change the constitution to allow President Vladimir Putin to serve another presidential term when his current term ends in 2024 was not on Putin’s agenda. Russian President Vladimir Putin delivers a speech during the Victory Day parade, marking the 73rd anniversary of the victory over Nazi Germany in World War Two, at Red Square in Moscow, Russia May 9, 2018. Maxim Shipenkov/Pool via REUTERS Lawmakers in the southern region of Chechnya this week suggested Russia adopt a law that would allow the president to serve three terms in a row. The constitution currently bars anyone from serving more than two consecutive terms. “This is a constitutional question,” Kremlin spokesman Dmitry Peskov told reporters on a conference call on Friday when asked about the proposal. “It is not an item on the president’s agenda.” Peskov said Putin had made his position on changing the constitution clear in the past. Putin in 2008 left the Kremlin after completing two presidential terms in line with the constitution and stepped aside to allow his close ally, Dmitry Medvedev, to serve a single presidential term while he served as prime minister. Putin then returned to the presidency in 2012 and won another six-year term this year, prompting speculation about what he will do when his current term ends in 2024 when he will be 71 years old. Reporting by Vladimir Soldatkin; Editing by Andrew Osborn

Kremlin says changing law to allow Putin another term in office not on agenda

KABUL, April 30 (Reuters) - The suicide attack that killed nine Afghan journalists as they gathered to cover a bomb explosion in the capital Kabul on Monday was the deadliest day for the country’s media since a U.S.-led campaign ousted the Taliban in 2001. Police had blocked off the site of the first blast and photographers, cameramen and reporters were standing around in a loose group when the bomber struck, killing seven journalists outright and wounding several, two of whom later died. The bomber appeared to have deliberately targeted journalists, presenting a press card to police before joining the group standing near the first blast site, interior ministry spokesman Najib Danesh said. In all, 26 people died in the two blasts, which were claimed by Islamic State. Among the dead were Shah Marai, veteran chief photographer for Agence France-Presse in Afghanistan, who had worked for the agency for 22 years. Also killed was Maharam Durani, a young female producer who had joined Radio Azadi, a local station, only a week earlier. Reuters photographer Omar Sobhani, an old friend and colleague of Shah Marai, was standing next to him when the bomb exploded. “We were standing on a slight rise to get a better shot when I heard a bang and saw him on the ground. I was stunned, I couldn’t believe it,” said Sobhani, who suffered minor wounds. “He was a very good photographer - the best - but he was also a very good man.” Among a litany of setbacks since the Taliban were ousted in 2001 and tens of thousands of deaths, Afghanistan’s lively and independent media sector has stood out as a success but it has suffered heavy losses. According to the Afghanistan Journalists Safety Committee, at least 80 journalists and media workers have been killed working in the country since 2001. But there had never been a day when so many were killed in the same attack. As well as AFP and Radio Azadi, which lost two employees in the attack, local stations Tolo News, 1TV and Mashal TV also lost staff. Shah Marai’s career stretched back to the days of the Taliban when he joined AFP as a driver before becoming a full time photographer in 2002, chronicling Afghanistan’s long and uncertain struggle to find peace. By contrast, Maharam Durani’s career was just beginning. A final year student who had joined Radio Azadi as a producer on a women’s programme just a week earlier, she had stopped off at the site on her way to work in case she could help, said Hameed Momand, head of Radio Azadi in Kabul. It was the worst attack on journalists since 2016, when seven Tolo TV employees were killed by a Taliban suicide attacker who rammed a car bomb into a bus driving them home from the station. The Taliban had warned earlier that they considered journalists legitimate targets. Globally, it was the worst attack on journalists in a single incident since 31 reporters and photographers were killed in a massacre in the southern Philippines in 2009. Editing by Kay Johnson and Raju Gopalakrishnan

Kabul suicide attack deadliest day for Afghan journalists

DALLAS--(BUSINESS WIRE)-- Income Opportunity Realty Investors, Inc. (NYSE American:IOR), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2018. Our primary business is investing in real estate and mortgage note receivables. Land held for development or sale is our sole operating segment. The Company has invested in over 170 acres of land held for development or sale in Farmers Branch, Texas. The project, in total, is a 1,200 acre assembly of properties at the demographic center of the Dallas – Fort Worth Metroplex. Surrounded by three major highways and adjacent to current and future public transportation systems, the project is in a prime location for future growth and development. Revenues Land held subject to a sales contract is our sole operating segment. There was no income generated from this segment for the three months ended March 31, 2018, nor for the prior period ended March 31, 2017. Expenses There were no property operating expenses for the three months ended March 31, 2018, as there were no property operating expenses during the prior period. General and administrative expenses were $123,000 for the three months ended March 31, 2018. This represents a decrease of $7,000, as compared to the prior period general and administrative expenses of $130,000. This decrease was primarily due to a decrease in regular audit and tax fees offset by an increase in administration expenses paid to a related party. Advisory fees were $164,000 for the three months ended March 31, 2018. This represents an increase of $2,000, as compared to the prior period advisory fees of $162,000. Advisory fees are computed based on a gross asset fee of 0.0625% per month (0.75% per annum) of the average of the gross asset value. Net income fee decreased $7,000 for the three months ended March 31, 2018 to $53,000, compared to $60,000 during the prior period. The net income fee paid to our Advisor is calculated at 7.5% of net income. Other income (expense) Interest income was $1.0 million for the three months ended March 31, 2018. This represents a decrease of approximately $100,000 as compared to interest income of $1.1 million for the three months ended March 31, 2017. This decrease was primarily due to a decrease in the receivable amount owed from our Advisor. About Income Opportunity Realty Investors, Inc. Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, holds a portfolio of equity real estate in Texas, including undeveloped land. The Company invests in real estate through direct equity ownership and partnerships. For more information, visit the Company’s website at www.incomeopp-realty.com . INCOME OPPORTUNITY REALTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) For the Three Months Ended March 31, 2018 2017 (dollars in thousands, except per share amounts) Revenues: Rental and other property revenues $ - $ - Expenses: Property operating expenses (including $0 and $0 for the three months ended 2018 and 2017, respectively, from related parties) - - General and administrative (including $42 and $54 for the three months ended 2018 and 2017, respectively, from related parties) 123 130 Net income fee to related party 53 60 Advisory fee to related party 164 162 Total operating expenses 340 352 Net operating loss (340 ) (352 ) Other income (expenses): Interest income from related parties 1,042 1,089 Total other income 1,042 1,089 Income before taxes 702 737 Net income $ 702 $ 737 Earnings per share - basic and diluted Net income $ 0.17 $ 0.18 Weighted average common shares used in computing earnings per share 4,168,214 4,168,214 INCOME OPPORTUNITY REALTY INVESTORS, INC. CONSOLIDATED BALANCE SHEETS March 31, December 31, 2018 2017 (unaudited) (audited) (dollars in thousands, except par value amount) Assets Real estate land holdings subject to sales contract, at cost $ 22,717 $ 22,717 Total real estate 22,717 22,717 Notes and interest receivable from related parties 13,568 14,030 Total notes and interest receivable 13,568 14,030 Cash and cash equivalents 2 2 Receivable and accrued interest from related parties 50,790 49,631 Other assets 1,517 1,517 Total assets $ 88,594 $ 87,897 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and other liabilities $ 5 $ 10 Total liabilities 5 10 Shareholders’ equity: Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,214 shares in 2018 and 2017 42 42 Treasury stock at cost, 5,461 shares in 2018 and 2017 (39 ) (39 ) Paid-in capital 61,955 61,955 Retained earnings 26,631 25,929 Total shareholders' equity 88,589 87,887 Total liabilities and shareholders' equity $ 88,594 $ 87,897 View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006788/en/ Income Opportunity Realty Investors, Inc. Investor Relations Gene Bertcher, 800-400-6407 investor.relations@incomeopp-realty.com Source: Income Opportunity Realty Investors, Inc.

Income Opportunity Realty Investors, Inc. Reports First Quarter 2018 Results

WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Tuesday he does not anticipate major oil price hikes after renewed sanctions hit Iranian production because some countries are willing to increase output to offset such losses. U.S. Treasury Secretary Steven Mnuchin is seen as he and a U.S. delegation member for trade talks with China, leave a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee Mnuchin, speaking to reporters at a news briefing, declined to identify countries which may add output, saying there had been conversations with “different parties that would be willing to increase oil supply to offset this. So my expectation is not that oil prices will go higher - to a certain extent, some of this was already in the market on oil prices.” Mnuchin said that licenses for Boeing Co and Airbus to sell aircraft and components to Iran will be revoked as a result of the reimposed sanctions on Tehran. “Under the original deal, there were waivers for commercial aircraft, parts and services and the existing licenses will be revoked,” Mnuchin said. Reporting by David Lawder; Editing by James Dalgleish

U.S. Treasury's Mnuchin does not see Iran sanctions hiking oil prices

PALO ALTO, Calif., May 7, 2018 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), the modern platform for machine learning and analytics optimized for the cloud, announced that it will report its first quarter fiscal year 2019 (ended April 30, 2018) financial results on June 6, 2018, after the close of market, and host a conference call to discuss the results at 2:00 pm Pacific Time (5:00 pm Eastern Time). Conference Call and Webcast Information The conference call can be accessed as follows: Participant Toll Free Number: +1-833-231-7247 Participant International Number: +1-647-689-4091 Conference ID: 3085608 A webcast of the conference call can be accessed from the News & Events section of the Company's website at https://investors.cloudera.com/events/Events/default.aspx . A replay of the webcast will be available for at least two weeks following completion of the call. About Cloudera At Cloudera, we believe that data can make what is impossible today, possible tomorrow. We empower people to transform complex data into clear and actionable insights. We deliver the modern platform for machine learning and analytics optimized for the cloud. The world's largest enterprises trust Cloudera to help solve their most challenging business problems. Learn more at cloudera.com . Connect with Cloudera About Cloudera: cloudera.com/about-cloudera.html Read our blogs: blog.cloudera.com/ and vision.cloudera.com/ Follow us on Twitter: twitter.com/cloudera Visit us on Facebook: facebook.com/cloudera See us on YouTube: youtube.com/user/clouderahadoop Join the Cloudera Community: community.cloudera.com Read about our customers' successes: cloudera.com/customers.html Cloudera and associated marks are trademarks or registered trademarks of Cloudera, Inc. All other company and product names may be trademarks of their respective owners. This press release contains forward-looking statements including, among other things, statements regarding the expected performance and benefits of Cloudera's offerings. The words "believe," "may," "will," "plan," "expect," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (SEC), including our Form S-1 Registration Statement, and our future reports that we may file with the SEC from time to time, which could cause actual results to vary from expectations. Cloudera assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release. View original content with multimedia: http://www.prnewswire.com/news-releases/cloudera-sets-date-to-announce-first-quarter-fiscal-year-2019-results-300643141.html SOURCE Cloudera, Inc.

Cloudera Sets Date to Announce First Quarter Fiscal Year 2019 Results

'The clock is ticking', EU tells Brexit Britain 4:39pm BST - 01:56 As European Affairs ministers discuss the EU's future relationship with Britain, Britain faces warnings that next month's EU summit is the 'ultimate deadline' for progress on issues related to Northern Ireland's border. As Kate King reports, a deepening row in the UK government over EU customs arrangements could make any progress hard to achieve. As European Affairs ministers discuss the EU's future relationship with Britain, Britain faces warnings that next month's EU summit is the 'ultimate deadline' for progress on issues related to Northern Ireland's border. As Kate King reports, a deepening row in the UK government over EU customs arrangements could make any progress hard to achieve. //reut.rs/2rIu7zV

'The clock is ticking', EU tells Brexit Britain

WARSAW (Reuters) - Rescue teams have confirmed the death of one Polish coal miner and can see another miner trapped after an earthquake, but three others are still missing, the chief executive of mine owner JSW, Daniel Ozon, said. Ozon told reporters it will take a few hours for rescuers to reach the trapped miner that they can see. It was not clear if the miner was dead or alive. The 3.4 magnitude quake hit the Borynia-Zofiowka-Jastrzebie coal mine on Saturday morning, initially trapping seven miners at a depth of about 900 metres (2,950 feet). Two miners were rescued on Saturday. Reporting by Marcin Goettig; Editing by Adrian Croft

One miner dead, three still missing after quake at Polish coal mine: mine owner

ISTANBUL (Reuters) - President Tayyip Erdogan has hinted that Turkey might consider imposing a ban on imports of some Israeli goods over the killing of Palestinian protesters by Israeli forces on the Gaza border, media reported on Tuesday. Turkish President Tayyip Erdogan speaks during an iftar dinner in Ankara, Turkey May 21, 2018. Murat Kula/Presidential Palace/Handout via REUTERS Erdogan, who is campaigning for re-election in June, last week hosted Muslim leaders who condemned the events in Gaza and the opening of the United States embassy in Jerusalem. Speaking to reporters on a return flight from Bosnia on Sunday, Erdogan said the 57-member Organisation of Islamic Cooperation (OIC) had recommended that a boycott be imposed on Israeli goods. “I hope that OIC member countries implement a boycott decision in line with the recommendation. Consequently, no product should be brought from there any more. Naturally we will assess this situation in the same way,” Hurriyet newspaper reported Erdogan as saying. A declaration by the OIC on Friday repeated a call for countries to ban “products of the illegal Israeli settlements from entering their markets”, referring to goods produced in the Israeli-occupied West Bank and Golan Heights. It did not seek a ban on all Israeli goods. The declaration also called for “economic restrictions (on) countries, officials, parliaments, companies or individuals” who followed the United States and moved their embassies to Jerusalem. U.S. President Donald Trump’s move to recognise Jerusalem as Israel’s capital and shift the U.S. embassy there reversed decades of U.S. policy, upsetting the Arab world and Western allies. Erdogan said last week that Trump’s move had emboldened Israel to put down the protests at the border with Gaza with excessive force, likening the actions of Israeli forces to Nazi Germany’s treatment of Jews in World War Two, when millions were killed in concentration camps. The violence in Gaza, where more than 60 Palestinians were killed on May 14 led to Turkey and Israel expelling each other’s senior diplomats. Erdogan also traded barbs on Twitter with Israeli Prime Minister Benjamin Netanyahu. Israel was the 10th-largest market for Turkish exports in 2017, buying some $3.4 billion of goods, according to IMF statistics. Data from Turkey’s statistics institute showed that trade volume between the two was at $4.9 billion in 2017. Turkey, which has a trade surplus with Israel, imports plastics and mineral oils among other goods from there. Erdogan said Turkey would reconsider its ties with Israel. “We will put our relations on the table, in particular our economic and trade relations. We have an election ahead of us. After the election we will take our steps in this direction,” Erdogan was Quote: d as saying. Reporting by Daren Butler; Writing by Tuvan Gumrukcu; Editing by Richard Balmforth

Erdogan hints Turkey may ban some Israeli goods because of Gaza violence - media

May 16, 2018 / 12:34 PM / Updated an hour ago Angola sovereign wealth fund takes battle to UK court - source Stephen Eisenhammer 4 Min Read LUANDA (Reuters) - Angola’s sovereign wealth fund has applied to a UK court to order banks to reveal information, another move in its dispute with its former boss, the son of long-serving ex-leader Jose Eduardo dos Santos, and the asset managers hired under him. FILE PHOTO: Angolan President Joao Lourenco inspects a guard of honour on a visit to the Democratic Republic of Congo, Feb. 14, 2018. REUTERS/Kenny Katombe/File Photo President Joao Lourenco, who took over when dos Santos stepped down last year after nearly 40 years in power, has swiftly moved to push aside relatives and allies of dos Santos from positions of power and influence over the economy. The $5 billion (3.7 billion pounds) sovereign wealth fund has been embroiled in a dispute with its former boss, the ex-president’s son Jose Filomeno dos Santos, and the Swiss-based asset manager contracted to invest money for the fund, Quantum Global. The fund is trying to sack the fund manager, accusing it of mismanagement. Quantum Global denies wrongdoing and says the fund has violated its long-term contractual obligations. A source directly familiar with the matter told Reuters the sovereign wealth fund had sought a so-called “Norwich Pharmacal order” to oblige banks to share information with the fund, including data about any accounts held in its name or on its behalf. Such orders, named for a legal case from the 1970s, can be used in British court to force third parties to reveal information. A hearing was held earlier this month at the Rolls Building, a tribunal in London which deals with international disputes, a separate source said. Lourenco has vowed to fight graft after taking power last September and has moved against the family of the previous president, firing dos Santos’s daughter Isabel from her post as head of the state oil firm Sonangol as well as removing Jose Filomeno from the sovereign wealth fund. In a separate case, Jose Filomeno dos Santos has been accused by Angolan prosecutors of participating in an attempted fraud of $500 million against the central bank. He denies wrongdoing. The sovereign wealth fund has already been granted a global freezing order by a UK court covering funds held under its name or by contracted parties. Quantum Global, which is led by Jean-Claude Bastos de Morais, a long-term business partner of Jose Filomeno dos Santos, has denounced what it calls “intimidating tactics,” saying the money it has under management is accounted for and “has increased under Quantum Global’s management”. In a press release dated 11 May, Quantum Global confirmed the sovereign wealth fund had started legal proceedings against it in the UK High Court and that a freezing order had been granted, without giving further details. On Wednesday, Quantum Global did not immediately provide any additional comment. The sovereign wealth fund did not immediately respond to a request for comment. Last month, after a visit by Angolan officials, Mauritius froze bank accounts and suspended business licences linked to QG Investments Africa Management, a firm run by Bastos de Morais and which also invested money on behalf of the sovereign wealth fund. Reporting by Stephen Eisenhammer; Editing by Peter Graff

Angola sovereign wealth fund takes battle to UK court - source

The Denver Broncos met with former NBA general manager Sam Hinkie this offseason as they evaluated their front office processes, according to a report by The Athletic. Jan 24, 2016; Denver, CO, USA; A general view of the field before the AFC Championship football game between the New England Patriots and the Denver Broncos at Sports Authority Field at Mile High. Mandatory Credit: Kevin Jairaj-USA TODAY Sports Hinkie, 40, is best known as the architect of “The Process” during his tenure with the Philadelphia 76ers, in which the team embraced losing as it acquired young assets and a multitude of lottery picks. Hinkie was fired in 2016 after three seasons with the team, just as his efforts began to bear fruit. The 76ers, with young stars including Ben Simmons and Joel Embiid leading the way, made the playoffs this season for the first time since 2012. Known as an analytics guru, Hinkie’s stated focus was on long-term prospects over prolonged marginal success. The Broncos, according to the report, brought Hinkie in to meet with team president John Elway and other team executives and scouts to help them figure out “how to best use the influx of data they’ve received over the years to benefit them in player evaluation, in-game situations, salary cap and contract decisions, and training and rehab matters.” Hinkie hasn’t served in any official NBA capacity since being fired in Philadelphia. —Field Level Media

Report: Broncos turned to NBA's Sam Hinkie for advice

(Reuters) - After sexual assault charges were dropped against former International Monetary Fund Chairman Dominique Strauss-Kahn in 2011, his lawyer Ben Brafman assailed the accuser’s credibility, telling Reuters: “This encounter was quick, it was consensual and she was a willing participant.” FILE PHOTO: Lawyer for former IMF Chief Dominique Strauss-Kahn Ben Brafman listens to a court officer outside of the New York State Criminal Courthouse before a hearing in New York June 6, 2011. REUTERS/Lucas Jackson Brafman on Friday hinted he would take a similar tack defending his latest client, movie producer Harvey Weinstein. But this time Brafman, one of the New York’s most prominent defense lawyers, will make his arguments against the backdrop of the #MeToo movement, which was largely sparked by reports of his client’s sexual misconduct. Outside the Manhattan courthouse where Weinstein, 66, was arraigned on rape and criminal sexual act charges, Brafman said that, if he cross-examined the accusers, a jury would not believe them, “assuming we get 12 fair people who are not consumed by the movement that seems to have overtaken this case.” Weinstein has said he never had non-consensual sex with anyone, and Brafman said his client would plead not guilty to the charges by the Manhattan District Attorney’s Office. Attacking the credibility of accusers through tough cross-examination is a common defense strategy in rape and sexual assault cases, which often boil down to “he said, she said,” according to New York lawyer Lisa Linsky. She said the play-book had not changed in the #MeToo era, and Brafman might argue that the accusers and other women coming forward were motivated by fame or money. In the Strauss-Kahn case, Brafman said at the time he planned to argue that the woman must be lying because she was much larger than the accused. “In a one-on-one she would probably win if this turned into a fist fight,” Brafman told Reuters in 2011. “She is not a small person.” But a number of lawyers questioned whether Brafman would be able to cross-examine Weinstein’s accusers aggressively in the face of overwhelming public sentiment in their favor and against Weinstein. “That is the $64,000 question,” said Gerald Lefcourt, one of Brafman’s peers among New York defense lawyers. Lefcourt said he thought Brafman would find a way. “I think he is conscious of those considerations and will be able to strike the right tone,” said Lefcourt. “That’s what makes him a great trial lawyer.” Shira Scheindlin, a former New York federal judge now in private practice, said the defense will become even more difficult if the judge allows testimony of women other than the accusers as evidence Weinstein had a pattern of conduct. “If five other women have come forward, that’s going to weigh heavily on the jury,” she said, though Brafman would likely argue that such testimony would be prejudicial. Bennett Gershman, a professor at New York’s Pace Law School, said the task for Brafman was “monumental, maybe even impossible” given the depth of public antipathy toward Weinstein. “There is nobody like him,” said Gershman. “He is the poster boy of predatory sexual conduct. Brafman is not going to be able to dislodge that view of him.” Gershman said he thought Brafman’s best strategy would be to stall for time and try to get the best possible plea deal, which would certainly include prison time. But defense lawyer Roy Black said he did not think a deal would be possible. “Given the way the flames of prejudice have been whipped up against him, anything less than life in prison will seem like a sweetheart deal,” said Black. Reporting by Jan Wolfe; Editing by Anthony Lin and Dan Grebler

Weinstein attorney Brafman could face 'impossible' task: lawyers

May 25, 2018 / 2:49 PM / Updated 5 hours ago English Domestic One-Day Competition Scoreboard Reuters Staff 1 Min Read May 25 (OPTA) - Scoreboard at close of play of between Gloucestershire and Hampshire on Friday at Bristol, England Match abandoned without a ball bowled Umpire Nicholas Cook Umpire Paul Pollard Home Scorer Adrian Bull Away Scorer Kevin Baker

English Domestic One-Day Competition Scoreboard

May 14, 2018 / 9:40 PM / Updated 12 hours ago Japanese F2 driver says 'halo' saved his life Reuters Staff 2 Min Read LONDON (Reuters) - Japanese F2 driver Tadasuke Makino reckons the new ‘halo’ head protection device, which made its debut in the junior series and Formula One this season, may have saved his life in a race at the Spanish Grand Prix on Sunday. The Honda-backed driver escaped uninjured after the car driven by compatriot Nirei Fukuzumi was launched into the air during the sprint race at Barcelona’s Circuit de Catalunya. The car came down on top of Makino’s cockpit, with the left-rear wheel hitting the halo, a titanium ring which shields the driver’s head but has been criticised by some on aesthetic grounds. Makino told motorsport.com he thought the tyre would have hit his helmet without the halo and felt the device had saved his life. FIA race director Charlie Whiting, speaking to reporters after the later Formula One race, agreed the Japanese driver could have been the first beneficiary of the decision to implement the device. “We will do an incident investigation on that one because judging by the photos we’ve seen, and the accident itself, it looks very much as if it could have been a lot worse without the halo,” he said. “When you look at the tyre marks on the bodywork behind and all the way down the side of the halo, where the tyre marks start on the halo is exactly where one of the two test loads is applied. “Even if it didn’t actually save his life, it could have been nasty without the halo.” Reporting by Alan Baldwin, editing by Pritha Sarkar

Motor racing-Japanese F2 driver says 'halo' saved his life

Let friends in your social network know what you are reading about Facebook Email Facebook may launch smart speakers internationally before U.S. amid privacy concerns Facebook may launch smart speakers internationally, not in the U.S., because of growing privacy concerns from American users and politicians. Post to Facebook Facebook may launch smart speakers internationally before U.S. amid privacy concerns Facebook may launch smart speakers internationally, not in the U.S., because of growing privacy concerns from American users and politicians. Check out this story on USATODAY.com: https://usat.ly/2reEoDJ Cancel Send A link has been sent to your friend's email address. Posted! A link has been posted to your Facebook feed. Join the Nation's Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Facebook may launch smart speakers internationally before U.S. amid privacy concerns Michelle Castillo and Jordan Novet, CNBC Published 5:47 p.m. ET May 1, 2018 | Updated 6:59 p.m. ET May 1, 2018 CLOSE Speaking in San Jose, California at Facebook's F8 gathering of tech folks, startups and others, Zuckerberg said that 2018 has been an "intense year" just four months in. (May 1) AP Attendees grab their seats at the Facebook F8 2018 developer conference held at the San Jose McEnery Convention Center on May 1, 2018. (Photo: Jefferson Graham, USA TODAY) CONNECT COMMENT EMAIL MORE Facebook is mulling a plan to sell its upcoming smart speakers internationally before launching them in the U.S., as American users and politicians have increased their focus on Facebook and user privacy, according to two people who have had discussions with the company about the devices. The two devices, which Facebook had intended on announcing at its F8 Developer Conference on Tuesday, are the company's answer to Amazon's Echo and Alphabet's Google Home products. The speakers, one of which will come with a camera and a touch screen, will connect directly to Facebook Messenger to make chatting with friends and family through the service much easier. The devices will also come equipped with a smart voice assistant that's tied to Facebook's artificial intelligence program, M. Among other uses, M previously powered a personal assistant chatbot on Messenger, but Facebook shut that incarnation down in January. The M program was not completely shut down, however. Multiple sources say Facebook will now be taking the program and developing it into a voice assistant, complete with voice commands. Facebook has previously worked on speech recognition systems. On Tuesday at F8, Facebook announced M Translations, a Messenger and Marketplace feature that translates foreign languages into a Messenger user's default language. Having a translation feature would be necessary for an international rollout. The company has played around with calling the assistant by some name that begins with the letter "M," multiple sources said. One source noted a potential name was "Marvin."

Facebook may launch smart speakers internationally before U.S. amid privacy concerns

PARIS, May 29 (Reuters) - Annual broadcasting rights for France’s major soccer championship will reach a record of more than 1.15 billion euros ($1.33 billion)over the 2020-2024 period, the head of the country’s professional soccer association said on Tuesday. This represents a jump of 59.7 percent over the previous five-year period, Didier Quillot said. Spanish broadcasting group Mediapro, majority-owned by Chinese private equity fund Orient Hontai, won the best lot out of the seven offered in the auction, Quillot said. The group notably beat Vivendi’s pay-TV channel Canal Plus in the auction, which ended up empty handed. Altice ‘s French unit SFR, once considered as a leading contender, won no lots. ($1 = 0.8660 euros) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; editing by Michel Rose)

France's soccer rights jump; Spain's Mediapro wins best lot

DALLAS, Dean Foods Company (NYSE: DF) today reported first quarter 2018 results. Highlights Q1 loss per diluted share was $0.00 and adjusted earnings per diluted share was $0.14; on track to deliver full-year expectations Volume performance and mix in-line with expectations Strong execution of SG&A cost reductions as part of the Company's enterprise-wide cost productivity plan Reaffirms full-year 2018 adjusted earnings expectation of $0.55 to $0.80 per diluted share (1) Chief Executive Officer Ralph Scozzafava said, "Our execution in the first quarter was solid and I'm pleased with our overall progress. Our volume and mix were in-line with our expectations and the traction that we're getting across our enterprise-wide cost productivity plan is ramping up. We took important initial steps to lower our cost base. The initiatives we executed late last year and in the first quarter of 2018 are clearly working as evidenced by the benefits reading through in our results. We will continue to build upon this momentum to deliver on our target of $150 million in incremental run-rate savings by 2020." First Quarter 2018 Operating Results Financial Summary * Three Months Ended March 31 (In millions, except per share amounts) 2018 2017 Gross Profit GAAP $ 449 $ 462 Adjusted $ 448 $ 465 Operating Income (2) GAAP $ 15 $ 4 Adjusted $ 32 $ 36 Interest Expense GAAP $ 14 $ 17 Adjusted $ 14 $ 16 Net Income (Loss) GAAP $ — $ (10) Adjusted $ 13 $ 12 Diluted Earnings (Loss) Per Share (EPS) GAAP $ — $ (0.11) Adjusted $ 0.14 $ 0.13 * Adjustments to GAAP due to the exclusion of expenses, gains or losses associated with certain transactions and other non-recurring items are described and reconciled to the comparable GAAP amounts in the attached tables. (1) Please refer to "Forward Outlook" and "Non-GAAP Financial Measures" for additional information. We provide guidance on a non-GAAP basis and are unable to provide a full reconciliation to GAAP without unreasonable efforts as we cannot predict the amount or timing of certain elements which are included in reported GAAP results, including mark-to-market adjustments of hedging activities, asset impairment charges, and other non-recurring events or transactions that may significantly affect reported GAAP results. (2) Results for the three months ended March 31, 2017 have been revised to reflect the retrospective adoption of Accounting Standards Update No. 2017-07, Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Cost ("ASU 2017-07"). The adoption of ASU 2017-07 resulted in a net increase to previously reported operating income of $1.1 million for the three months ended March 31, 2017 and a corresponding increase of $1.1 million to other expense for the three months ended March 31, 2017, with no net impact to net income (loss) or earnings (loss) per share. Raw milk costs in the first quarter of 2018 of $14.35 per hundred-weight decreased roughly 13% from the fourth quarter of 2017 and decreased 16% from the first quarter of 2017. Cash Flow Net cash provided by continuing operations for the three months ended March 31, 2018, totaled $39 million. Free cash flow provided by continuing operations, which is defined as net cash provided by continuing operations less capital expenditures, was $22 million for the three months ended March 31, 2018, a $3 million increase as compared to the prior year period. Capital expenditures totaled $17 million for the three months ended March 31, 2018. Debt Total outstanding debt at March 31, 2018, net of $28 million cash on hand, was approximately $884 million. The Company's net debt to bank EBITDA total leverage ratio, on an all-cash netted basis, was flat on a sequential basis at 2.68 times at the end of the first quarter 2018. Forward Outlook "As we move forward in 2018, we are focused on executing our commercial agenda and cost productivity initiatives that will drive our strategic plan. We have been successful in driving early results in the administrative area against our enterprise-wide productivity plan with more work to be done. We will now begin the next phase by right-sizing our network to better match volume. We will incur transitory costs as the execution of our plans will lag the exit of specific customer volume and have firm plans in place to remove the fixed costs from our system within this year. We are also implementing plans to mitigate expected headwinds in non-dairy input costs while executing our strategic initiatives. I'm confident in our ability to execute these actions, and we are therefore reaffirming our full-year adjusted diluted earnings per share range of $0.55 to $0.80. Our full-year free cash flow and capital expenditure guidance remains unchanged," concluded Scozzafava. We provide guidance on a non-GAAP basis and are unable to provide a full reconciliation to GAAP without unreasonable efforts as we cannot predict the amount or timing of certain elements which are included in reported GAAP results, including mark-to-market adjustments of hedging activities, asset impairment charges, and other non-recurring events or transactions that may significantly affect reported GAAP results. Non-GAAP Financial Measures In addition to the results prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), we have presented certain non-GAAP financial measures, including adjusted gross profit, adjusted selling and distribution expenses, adjusted general and administrative expenses, adjusted total operating costs and expenses, adjusted operating income, adjusted interest expense, adjusted income (loss) from continuing operations, adjusted net income (loss), adjusted earnings (loss) from continuing operations per diluted share, adjusted earnings (loss) per diluted share, adjusted EBITDA, Free Cash Flow and total leverage ratio, each as described below. This non-GAAP financial information is provided as supplemental information for investors and is not in accordance with, or an alternative to, GAAP. Additionally, these non-GAAP measures may be different than similar measures used by other companies. We believe that the presentation of these non-GAAP financial measures, when considered together with our GAAP financial measures and the reconciliations to the corresponding GAAP financial measures, provides investors with a more complete understanding of the factors and trends affecting our business than could be obtained absent these disclosures. Our management uses these non-GAAP financial measures when evaluating our performance, when making decisions regarding the allocation of resources, in determining incentive compensation for management, and in determining earnings estimates. A full reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures for the three months ended March 31, 2018, and 2017, is set forth in the tables herein. Adjusted Operating Results We have supplemented the presentation of our reported GAAP gross profit, selling and distribution expenses, general and administrative expenses, total operating costs and expenses, operating income, interest expense, net income (loss) and earnings (loss) per diluted share, with non-GAAP measures that adjust the GAAP measures to exclude the impact of the following (as applicable): asset impairment charges; incremental non-cash trademark amortization triggered by the launch of a national fresh white milk brand; closed deal costs; facility closing, reorganization and realignment costs; debt issuance costs; costs associated with the early retirement of long-term debt; gains (losses) on the mark-to-market of our derivative contracts; costs associated with our enterprise-wide cost productivity plan; separation costs; gains or losses related to discontinued operations and divestitures; litigation settlements (including any related interest accretion); income tax impacts of the foregoing adjustments; and adjustments to normalize our income tax expense at a rate of 26.5%. We believe these non-GAAP measures provide useful information to investors by excluding expenses, gains or losses that are not indicative of the company's ongoing operating performance. In addition, we cannot predict the timing and amount of gains or losses associated with certain of these items. We believe these non-GAAP measures provide more accurate comparisons of our ongoing business operations and are better indicators of trends in our underlying business. In addition, these adjustments are consistent with how management views our business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating the Company's ongoing performance. Further, adjusted gross profit and adjusted operating income are used by management to evaluate key performance indicators of brand mix and low cost, respectively. Adjusted EBITDA Adjusted EBITDA is defined as net income before interest expense, income tax expense, depreciation and amortization, as further adjusted to exclude the impact of the adjustments discussed under "Adjusted Operating Results" above (other than the adjustments for incremental trademark amortization and interest expense and the normalized income tax rate, as Adjusted EBITDA excludes the full amount of these expenses). This information is provided to assist investors in making meaningful comparisons of our operating performance between periods and to view our business from the same perspective as our management. We believe Adjusted EBITDA is a useful measure for analyzing the performance of our business and is a widely-accepted indicator of our ability to incur and service indebtedness and generate free cash flow. We also believe that EBITDA measures are commonly reported and widely used by investors and other interested parties as measures of a company's operating performance and debt servicing ability because such measures assist in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly) and non-operating factors (such as historical cost). Total Leverage Ratio Our total leverage ratio is calculated as net debt divided by Bank EBITDA for the trailing four quarters. Net debt is calculated as consolidated funded indebtedness in accordance with our credit agreement, except on an all cash netted basis. Bank EBITDA is calculated as Adjusted EBITDA, as further adjusted to exclude certain non-cash and non-recurring or extraordinary expenses as permitted in calculating covenant compliance under our credit agreement. Management believes analysts and investors commonly use our total leverage ratio as an indicator of our ability to service existing debt and our liquidity. Free Cash Flow We define Free Cash Flow as net cash provided by operating activities from continuing operations less cash payments for capital expenditures. We believe Free Cash Flow is a meaningful non-GAAP measure that offers supplemental information and insight regarding the liquidity of our operations and our ability to generate sufficient cash flow to, among other things, repay debt, invest in our business and repurchase shares of our common stock. A limitation of Free Cash Flow is that it does not represent the total increase or decrease in the cash balance for the period. Conference Call/Webcast A webcast to discuss the Company's financial results and outlook will be held at 9:00 a.m. ET today and may be heard live by clicking the earnings button on the Company's website at http://www.deanfoods.com . A slide presentation will accompany the webcast. About Dean Foods Dean Foods is a leading food and beverage company and the largest processor and direct-to-store distributor of fresh fluid milk and other dairy and dairy case products in the United States. Headquartered in Dallas, Texas, the Dean Foods portfolio includes DairyPure ® , the country's first and largest fresh, white milk national brand, and TruMoo ® , the leading national flavored milk brand, along with well-known regional dairy brands such as Alta Dena ® , Berkeley Farms ® , Country Fresh ® , Dean's ® , Friendly's ® , Garelick Farms ® , LAND O LAKES ®* milk and cultured products, Lehigh Valley Dairy Farms ® , Mayfield ® , McArthur ® , Meadow Gold ® , Oak Farms ® , PET ® **, T.G. Lee ® , Tuscan ® and more. In all, Dean Foods has more than 50 national, regional and local dairy brands as well as private labels. Dean Foods also makes and distributes ice cream, cultured products, juices, teas, and bottled water. Approximately 16,000 employees across the country work every day to make Dean Foods the most admired and trusted provider of wholesome, great-tasting dairy products at every occasion. about Dean Foods and its brands, visit www.deanfoods.com . *The LAND O LAKES brand is owned by Land O'Lakes, Inc. and is used by license. **PET is a trademark of Eagle Family Foods Group LLC, under license. Some of the statements made in this press release are "forward-looking" and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements relating to: (1) our financial forecast, including projected sales (including specific product lines and the Company as a whole), total volume, price realization, profit margins, net income, earnings per share, free cash flow, our leverage ratio, and debt covenant compliance, (2) the Company's regional and national branding and marketing initiatives, (3) the Company's innovation, research and development plans and its ability to successfully launch new products or brands, (4) commodity prices and other inputs and the Company's ability to forecast or predict commodity prices, milk production and milk exports, (5) the Company's enterprise-wide cost productivity plan and other cost saving initiatives, including plant closures and route reductions, and its ability to achieve expected savings, (6) planned capital expenditures, (7) the status of the Company's litigation matters, (8) the Company's plans related to its capital structure, (9) the Company's dividend policy, (10) possible repurchases of shares of the Company's common stock, and (11) potential acquisitions. These statements involve risks and uncertainties that may cause results to differ materially from those set forth in this press release, including the risks disclosed by the Company in its filings with the Securities and Exchange Commission. Financial projections are based on a number of assumptions. Actual results could be materially different than projected if those assumptions are erroneous. The cost and supply of commodities and other raw materials are determined by market forces over which the Company has limited or no control. Sales, operating income, net income, debt covenant compliance, financial performance and earnings per share can vary based on a variety of economic, governmental and competitive factors, which are identified in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company's ability to profit from its branding and marketing initiatives depends on a number of factors including consumer acceptance of its products. The declaration and payment of cash dividends under the Company's dividend policy remains at the sole discretion of the Board of Directors and will depend upon its financial results, cash requirements, future prospects, restrictions in its credit agreement and debt covenant compliance, applicable law and other factors that may be deemed relevant by the Board. All forward-looking statements in this press release speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based except as required by law. CONTACT: Corporate Communications, Reace Smith, +1-214-721-7766; or Investor Relations, Sherri Baker, +1-214-303-3438 DEAN FOODS COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended March 31 2018(1) 2017(1)(2) Net sales $ 1,980,507 $ 1,995,686 Cost of sales 1,532,004 1,533,467 Gross profit 448,503 462,219 Operating costs and expenses: Selling and distribution 345,996 345,063 General and administrative 75,522 98,664 Amortization of intangibles 5,078 5,155 Facility closing and reorganization costs, net 8,462 9,286 Equity in (earnings) loss of unconsolidated affiliate (1,900) — Total operating costs and expenses 433,158 458,168 Operating income 15,345 4,051 Other expense: Interest expense 14,033 17,464 Other expense, net 470 143 Total other expense 14,503 17,607 Income (loss) before income taxes 842 (13,556) Income tax expense (benefit) 1,107 (3,797) Net loss $ (265) $ (9,759) Average common shares: Basic 91,192 90,710 Diluted 91,192 90,710 Basic income (loss) per common share: Net loss $ — $ (0.11) Diluted income (loss) per common share: Net loss $ — $ (0.11) (1) Results for the three months ended March 31, 2018 reflect the adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers ("ASC 606"). Historically, we presented sales of excess raw materials as a reduction of cost of sales within our unaudited Condensed Consolidated Statements of Operations. On a prospective basis, effective January 1, 2018, in connection with the adoption of ASC 606, we began reporting sales of excess raw materials within the net sales line of our unaudited Condensed Consolidated Statements of Operations. Sales of excess raw materials included in net sales were $151.8 million in the three months ended March 31, 2018. Sales of excess raw materials included as a reduction to cost of sales were $171.0 million in the three months ended March 31, 2017. This change in presentation has no net impact on gross profit. (2) Results for the three months ended March 31, 2017 have been revised to reflect the retrospective adoption of ASU 2017-07. The adoption of ASU 2017-07 resulted in a net increase to previously reported operating income of $1.1 million for the three months ended March 31, 2017 and a corresponding increase of $1.1 million to other expense, net for the three months ended March 31, 2017, with no net impact to net loss or loss per share. DEAN FOODS COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) March 31, 2018 December 31, 2017 ASSETS Cash and cash equivalents $ 28,125 $ 16,512 Other current assets 973,998 1,003,367 Total current assets 1,002,123 1,019,879 Property, plant and equipment, net 1,056,036 1,094,064 Intangibles and other assets, net 386,555 389,886 Total $ 2,444,714 $ 2,503,829 LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities, excluding debt $ 625,173 $ 671,070 Total long-term debt, including current portion 907,200 913,199 Other long-term liabilities 261,981 263,613 Total stockholders' equity 650,360 655,947 Total $ 2,444,714 $ 2,503,829 DEAN FOODS COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended March 31 2018 2017 Operating Activities Net cash provided by operating activities $ 38,953 $ 27,556 Investing Activities Payments for property, plant and equipment (16,508) (8,372) Proceeds from sale of fixed assets 4,179 1,001 Net cash used in investing activities (12,329) (7,371) Financing Activities Net proceeds from (repayment of) debt (6,274) 4,700 Payments of financing costs — (1,709) Cash dividends paid (8,218) (8,178) Issuance of common stock, net of share repurchases for withholding taxes (519) (1,396) Net cash used in financing activities (15,011) (6,583) Change in cash and cash equivalents 11,613 13,602 Cash and cash equivalents, beginning of period 16,512 17,980 Cash and cash equivalents, end of period $ 28,125 $ 31,582 DEAN FOODS COMPANY RECONCILIATION OF NON-GAAP FINANCIAL MEASURES* (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2018 Asset write- downs and (gain) loss on sale of assets Facility closing and reorganization costs, net Mark-to- market on derivative contracts Cost productivity plan Other adjustments Income tax GAAP (a) (b) (c) (d) (e) (f) Adjusted* Gross profit $ 448,503 $ — $ — $ (445) $ — $ — $ — $ 448,058 Selling and distribution 345,996 — — (402) — — — 345,594 General and administrative 75,522 — — — (4,133) (188) — 71,201 Amortization of intangibles 5,078 (3,935) — — — — — 1,143 Equity in (earnings) loss of unconsolidated affiliate (1,900) — — — — — — (1,900) General and administrative and other 78,700 (3,935) — — (4,133) (188) — 70,444 Total operating costs and expenses 433,158 (3,935) (8,462) (402) (4,133) (188) — 416,038 Operating income 15,345 3,935 8,462 (43) 4,133 188 — 32,020 Net income (loss) (265) 3,935 8,462 (43) 4,133 188 (3,535) 12,875 Diluted earnings (loss) per share (g) $ — $ 0.04 $ 0.09 $ — $ 0.05 $ — $ (0.04) $ 0.14 Three Months Ended March 31, 2017 Asset write- downs and (gain) loss on sale of assets Facility closing and reorganization costs, net Mark-to- market on derivative contracts Other adjustments Income tax GAAP (a) (b) (c) (e) (f) Adjusted* Gross profit (1) $ 462,219 $ — $ — $ 3,209 $ — $ — $ 465,428 Selling and distribution (1) 345,063 — — (1,142) — — 343,921 General and administrative (1) 98,664 — — — (14,250) — 84,414 Amortization of intangibles 5,155 (3,935) — — — — 1,220 General and administrative and other (1) 103,819 (3,935) — — (14,250) — 85,634 Total operating costs and expenses (1) 458,168 (3,935) (9,286) (1,142) (14,250) — 429,555 Operating income (1) 4,051 3,935 9,286 4,351 14,250 — 35,873 Interest expense 17,464 — — — (1,080) — 16,384 Net income (loss) (9,759) 3,935 9,286 4,351 15,330 (11,149) 11,994 Diluted earnings (loss) per share (g) $ (0.11) $ 0.04 $ 0.10 $ 0.05 $ 0.17 $ (0.12) $ 0.13 (1) Results for the quarter ended March 31, 2017 have been revised to reflect the retrospective adoption of ASU 2017-07. The adoption of ASU 2017-07 resulted in a net increase to previously reported operating income of $1.1 million for the three months ended March 31, 2017 and a corresponding increase of $1.1 million to other expense, net for the three months ended March 31, 2017, with no net impact to net loss or loss per share. * See Notes to Earnings Release Tables DEAN FOODS COMPANY RECONCILIATION OF NON-GAAP FINANCIAL MEASURES* (Unaudited) (In thousands, except ratio data) Three Months Ended March 31 Trailing Twelve Months Ended March 31, 2018 2017 2018 Reconciliation of Net Income (Loss) to Adjusted EBITDA and Bank EBITDA Net income (loss) $ (265) $ (9,759) $ 71,082 Interest expense 14,033 17,464 61,530 Income tax expense (benefit) 1,107 (3,797) (21,275) Depreciation and amortization 39,441 41,881 163,372 Asset write-downs and loss on sale of assets — — 27,818 Closed deal costs — — 372 Facility closing and reorganization costs, net (b) 8,462 9,286 24,089 Mark-to-market on derivative contracts (c) (43) 4,351 (1,578) Discontinued operations — — (14,166) Cost productivity plan (d) 4,133 — 9,871 Other adjustments (e) 188 14,250 3,398 Adjusted EBITDA $ 67,056 $ 73,676 324,513 Non-cash share-based compensation expense 5,050 Bank EBITDA $ 329,563 March 31, 2018 Reconciliation of net debt and total leverage ratio Total long-term debt, including current portion $ 907,200 Unamortized debt issuance costs 5,397 Cash and cash equivalents (28,125) Net debt $ 884,472 Bank EBITDA 329,563 Total leverage ratio 2.68 Three Months Ended March 31 2018 2017 Reconciliation of Free Cash Flow provided by continuing operations Net cash provided by operating activities $ 38,953 $ 27,556 Payments for property, plant and equipment (16,508) (8,372) Free Cash Flow provided by continuing operations $ 22,445 $ 19,184 * See Notes to Earnings Release Tables Notes to Earnings Release Tables For the three months ended March 31, 2018, and 2017, the adjusted results and certain other non-GAAP financial measures differ from the Company's results under GAAP due to the exclusion of expenses, gains or losses associated with certain transactions and other non-recurring items that we believe are not indicative of our ongoing operating results. For additional information on our non-GAAP financial measures, see the section entitled "Non-GAAP Financial Measures" in this release. In conjunction with our decision to launch DairyPure ® in the first quarter of 2015, we reclassified certain of our indefinite-lived trademarks to finite-lived, resulting in a triggering event for impairment testing purposes. The related adjustment reflects the elimination of amortization expense recorded on these finite-lived trademarks of $3.9 million for each of the three months ended March 31, 2018, and 2017. The adjustment reflects the elimination of severance charges and non-cash asset impairments, net of (gains) losses on related asset sales, for approved facility closings and restructuring plans. The adjustment reflects the elimination of the (gain) loss on the mark-to-market of our commodity derivative contracts. All of our commodity derivative contracts are marked to market in our statement of operations during each reporting period with a corresponding derivative asset or liability on our balance sheet. The adjustment reflects the elimination of certain direct expenses incurred as a result of our enterprise-wide cost productivity plan. The charges were $4.1 million for the three months ended March 31, 2018. The adjustment reflects the elimination of the following: A charge related to litigation settlements reached in the three months ended March 31, 2017; The write off of unamortized deferred financing costs of $1.1 million in connection with the January 4, 2017 amendments to our senior secured revolving credit facility and receivables securitization facility in the three months ended March 31, 2017; and Separation charges related to the previously disclosed departures of certain executive officers. The adjustment reflects the income tax impact of adjustments (a) through (e) and an adjustment to our income tax expense to reflect income tax at a tax rate of 26.5% and 38% for the three months ended March 31, 2018, and 2017, respectively, which we believe represents our normalized effective tax rate as a U.S. domiciled business. The reduction in our normalized effective tax rate beginning in 2018 is associated with the December 22, 2017, enactment of the Tax Cuts and Jobs Act. Includes an adjustment to diluted shares outstanding to reflect an add-back of approximately 174,000 dilutive shares and 566,000 dilutive shares for the three months ended March 31, 2018, and 2017, respectively, which were anti-dilutive for GAAP purposes. : releases/dean-foods-announces-first-quarter-2018-results-300644004.html SOURCE Dean Foods Company

Dean Foods Announces First Quarter 2018 Results

ROME (Reuters) - Italy’s anti-establishment 5-Star Movement published on Friday a program it agreed with the far-right League, proposing a review of the European Union’s fiscal rules and “limited” deficit spending to fund tax cuts and increased welfare spending.[L5N1SP0LT] Some of the more radical proposals — including seeking to exclude state securities held by the European Central Bank from countries’ debt calculations — were dropped or watered down compared with previous drafts. There are no measures calling into question Italy’s membership of the euro zone, and the measures have no time-frame given for their adoption. Following are highlights of the key economic segments. DEBT AND DEFICIT - The accord says the government will cut debt, not by raising taxes or imposing austerity but by fuelling growth - Will seek a change in EU rules so that expenditure on public investments does not count in budget deficit calculations - Europe’s economic governance, including the Stability and Growth Pact and the fiscal compact, needs to be revised in cooperation with EU partners - The government’s policies will be funded, after the intended revisions of EU treaties, by a multi-year plan “to cut wasteful spending, manage debt and an appropriate and limited recourse to deficit spending” - Proposes to issue short-term Treasury bills as payment to individuals and companies who are owed money by the state, and, in this context, calls for official statistics agencies to “consider the definition of public debt” - Makes no reference to revisions to Italy’s current deficit and debt targets TAXES - Next year’s scheduled sales and excise tax increases, worth 12.5 bln euros, will be canceled. “Anachronistic” gasoline excise tax components also to be eliminated - There will be just two tax rates, set at 15 pct and 20 pct, for individuals and companies, instead of the current rates ranging from 23 pct to 43 pct. Families to receive 3,000-euro annual tax deduction based on household income. No timing for this given - Increase in sanctions, including prison, for tax evasion - Amnesty for people struggling to pay tax arrears PENSIONS - Abolish the ‘Fornero’ pension reform which raised the retirement ages and required future hikes. The pact says 5 billion euros will be needed to cover the cost - Introduce a new points system allowing people to combine their age with the number of years they have paid social security contributions. This must equal 100, with the idea that those who have paid into the system for 41 years can retire once they are at least 59 years old. No timing given - Cut in so-called “golden pensions” of more than 5,000 euros per month which have not been fully funded by contributions into the system UNIVERSAL INCOME - Ensure income of 780 euros a month for the poor by providing universal income support. Recipients are obliged to look for work and accept one of the first three job offers received - Calls for a 2 billion euro investment in employment agencies to better help job seekers - Open dialogue with European Union to guarantee the use of 20 pct of the European Social Fund allocation to help Italy establish the universal income support. No timing given BANKING - Creation of a public investment bank to help the economy, using existing resources - Calls on the EU to “radically reform” its bail-in regime, to ensure greater protection for savers - Tougher penalties for both bosses and regulators in cases of bank failures and possibility of compensation for retail shareholders of resolved banks - Calls for a review of the Basel accords, saying parameters are seriously damaging small businesses in Italy - Calls for state to remain a shareholder in bank Monte dei Paschi, recently bailed out by the government - Calls for a move towards separating investment banking from retail banking - Plans to make it obligatory for banks to obtain court authorization before trying to recover money from debtors LABOUR - Introduce a minimum wage - Reduce labor taxes - Re-introduce voucher payment scheme intended to simplify paperwork and reduce taxes for workers without regular contracts - A ban on unpaid internships INDUSTRY, TRANSPORTATION - Alitalia must not simply be saved, but also relaunched because the country needs a competitive national airline. League economic chief Claudio Borghi told Reuters that the program includes stopping the sale of Alitalia - A high-speed rail line under construction between Turin and Lyon should be re-considered with France ILVA STEEL PLANT - The pact says the health of citizens and the environment around the ILVA steel factory in Taranto needs protecting, calls for an economic “re-conversion” to promote industry in the south based on closing “sources of pollution”. The pact does not say if the whole ILVA site should be shuttered GAMBLING - Phase out slot machines and video lotteries, adopt greater restrictions on gambling industry Reporting by Crispian Balmer, Steve Scherer, Giuseppe Fonte and Gavin Jones; Editing by Hugh Lawsonk, Jon Boyle and Peter Graff

Factbox: Economic proposals in Italy's 5-Star, League government pact

ROME—The leader of the 5 Star Movement said Monday that he proposed to Italy’s president the academic Giuseppe Conte as prime minister of a government supported by his party and the League. Luigi Di Maio told journalists after meeting the president that Mr. Conte, a little-known professor of private law who isn’t elected to parliament, is the premier of choice of both parties. President...

Italy’s Coalition Parties Agree on Prime Minister Candidate

TEL AVIV, Israel and PLANO, Texas, May 17, 2018 (GLOBE NEWSWIRE) -- Top Image Systems, Ltd. (NASDAQ:TISA), a global innovator of intelligent content processing solutions, today announced its financial results for the fourth quarter of 2017 and year ended December 31, 2017. Fiscal 2017 represented an important inflection point for the Company. The over-arching priority for the Company during the year was to deliver improved operational performance and restore the Company to financial health by focusing on achieving continuous efficiency improvements from operations, protecting its core receivables automation and forms processing business, and accelerating investment in higher-velocity hybrid cloud-based process automation solutions, with particular emphasis on accounts payable automation. “I am pleased to report that, as of the end of fiscal 2017, we have made significant progress toward our goal to achieve break-even EBITDA from operations and delivered sequential quarter over quarter growth in our top line revenue, as well as revenue growth over the same period in fiscal 2016, enabling us to position our company for stronger financial performance in fiscal 2018,” commented Brendan Reidy, CEO of Top Image Systems. The Company entered into a Term Sheet with Hale Capital Partners, LP, for the provision of up to $3 million of senior debt financing, bearing interest at a rate of prime plus 5% per annum, in order to provide the Company with additional liquidity if needed. The Company will issue to the HCP Lenders 10-year warrants with an exercise price of 115% of the market price to purchase a number of shares of common stock equal to 40% of the sum of the New Senior Debt Facility. “The investment by Hale Capital Partners, LP, confirms their confidence in and support of the transformational measures that we have undertaken to restore the company to financial health and to pave the way toward profitable operations,” commented Brendan Reidy, CEO of Top Image Systems. Fourth Quarter Highlights • Revenues for the quarter were $7.9 million, compared to $7 million in the same period in 2016 and $7 million in the third quarter of 2017, representing 13% quarter over quarter growth in our top line revenue; • Quarterly operating loss was ($1.2) million, compared to $(1.5) million in the third quarter of 2017 and $3.2 million in the same period in 2016; • Adjusted EBITDA* was a loss of $(0.7) million, the same as in the third quarter of 2017 and $(1.1) million during the same period in 2016; • Quarterly recurring revenues were $4.6 million, representing 58% of total revenue, compared to $4.9 million, representing 70% of total revenues, in the third quarter of 2017 and $4.6 million, representing 65% of total revenues, in the same quarter of 2016; • Quarterly GAAP total expenses were $9.1 million, compared to $8.5 million in the third quarter of 2017. Full Year Fiscal 2017 Highlights • Annual revenues were $29.7 million, compared to $31.6 million last year; • Net loss was $(6.6) million, the same as fiscal 2016; • Operating loss was $(5.8) million, the same as in 2016. • Adjusted EBITDA* was a loss of $(2.8) million, compared to a loss of $(0.6) million for fiscal 2016; • Recurring revenues were $18.7 million, representing 63% of total revenues in fiscal 2017, compared to $19.4 million, representing 61% of total revenues, in 2016; • GAAP total expenses for fiscal 2017 were $35.4 million, compared to total expenses of $37.4 million for fiscal 2016. • Successfully extended multi-year subscription agreements with our top financial service providers, which will generate high-value private cloud recurring revenue streams; • Closed a multi-year, seven-figure agreement with a leading business process outsource service provider in EMEA, providing call center financial process automation and digital mailroom solutions; • Successfully upgraded one of our largest customers, Bosch, to the latest version of eFLOW AP, processing more than 450,000 invoices per month, which was featured by IDC in a published case study ; • Closed a two-year, $3.3 million transaction with a leading multinational energy company to upgrade its existing accounts payable solution to eFLOW AP for SAP; • Selected by a Japanese personal care company with subsidiaries worldwide to implement an accounts payable solution that automates the capture and processing of over 180,000 supplier invoices annually; and • Closed two strategic deals for eFLOW AP for SAP in the US including a multi-year, six-figure transaction processing over 65,000 invoices annually in a hybrid cloud environment. • During fiscal 2017, TIS announced and implemented additional measures to achieve cost reductions through consolidation and restructuring: Consolidation of sales and marketing functions for the Americas into our US headquarters in Plano, Texas, under the leadership of John McCaffrey, Vice President and General Manager of TIS Americas; Integration of the global Engineering teams under Arvind Sharma, Senior Vice President of Engineering; and Implementation of a Customer Success initiative designed to improve customer service levels and to maximize high-value recurring revenue from our installed base of customers. These measures instituted in fiscal 2017 have resulted in a reduction of the Company’s operating expenses by $2 million. Brendan Reidy, CEO of Top Image Systems, commented: “We are confident that we built the foundation for achieving a balance between delivering improved operating results and delivering growth from the applications software business. Our strategy going forward is to continue on our path to return the company to profitable operations. It has not been an easy path toward attaining this goal. Our business transformation journey requires a careful balancing of priorities, beginning with the challenges associated with reducing expenses while delivering modest revenue growth. We are confident that we have rationalized our expense structure, and have the right focus on managing our expenses. Now, we are in a better position to make the necessary prudent investments to grow revenues in our three target market segments where we have demonstrated competitive advantages.” Conference Call The Company will host a conference call and webcast on Thursday, May 17, 2018, at 10:00 am ET, during which the Company’s management will present and discuss the financial results and be available to answer questions from investors. To join the conference call, please dial in to one of the following teleconference phone lines using the numbers listed below. Please begin placing your calls at least five minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the US Toll/International dial-in number. US Toll-Free Dial-in Number: 1-877-407-0784 US Toll/INTERNATIONAL Dial-in Number: 1-201-689-8560 Israel Toll-Free Dial-in Number: 1-809-406-247 The conference call is scheduled to begin at: 7:00 a.m. Pacific Time / 10:00 a.m. Eastern Time / 5:00 p.m. Israel Time To join the live webcast, please click on the following link: https://viavid.webcasts.com/starthere.jsp?ei=1194240&tp_key=41503318e5 For those unable to attend the live call or webcast, from the following day an audio recording of the call will be made available for download from the Investors section of the Top Image Systems website www.topimagesystems.com . Throughout the following three months, the recorded webcast can be viewed by clicking on the same link as for the live webcast: https://viavid.webcasts.com/starthere.jsp?ei=1194240&tp_key=41503318e5 * GAAP and Non-GAAP Financial Measures This release includes GAAP and non-GAAP financial measures, including, without limitation, Adjusted EBITDA (which eliminates the impact of interest, taxes, amortization and depreciation expenses, as well as non-cash stock-based compensation expenses and other non-recurring items not part of regular business), Non-GAAP Net Income (Loss) (which eliminates the impact of amortization expenses as well as non-cash stock-based compensation expenses and other non-recurring items not part of TIS’ ongoing business operations) and Non-GAAP Income (Loss) per share. Non-GAAP measures are reconciled to comparable GAAP measures in the tables below. The presentation of these non-GAAP financial measures should be considered in addition to TIS’ GAAP results provided in the attached financial statements for the fourth quarter ended December 31, 2017, and the other periods presented, and is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The tables below reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure. TIS’ management believes that these non-GAAP financial measures provide meaningful supplemental information regarding TIS’ performance by excluding the impact of certain items that may not be indicative of TIS’ core business operating results. TIS’ management believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing TIS’ performance in addition to the GAAP results. These non-GAAP financial measures also facilitate comparisons to TIS’ historical performance and its competitors’ operating results. TIS includes these non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision-making. TIS Investors Contact: James Carbonara Partner, Hayden IR james@haydenir.com (646) 755-7412 About Top Image Systems Top Image Systems™ (TIS™) Ltd. is a global innovator of on-premise and cloud-based applications that optimize content-driven business processes such as procure to pay operations , remittance processing , integrated receivables, customer response management and more. Whether originating from mobile , electronic, paper or other sources, TIS’ solutions automatically capture, process and deliver content across enterprise applications, transforming information entering an organization into useful and accessible electronic data, delivering it directly and efficiently to the relevant business system or person for action with as little manual handling as possible. TIS’ solutions are marketed in more than 40 countries through a multi-tier network of distributors, system integrators, value-added resellers and strategic partners. Visit the company's website at https://www.topimagesystems.com/ for more information. Forward-Looking Statements Certain matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to be materially different from any future results expressed or implied in those forward-looking statements. Words such as "will," "expects," "anticipates," "estimates," and words and terms of similar substance in connection with any discussion of future operating or financial performance identify forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially including, but not limited to, risks in product development, approval and introduction plans and schedules, rapid technological change, customer acceptance of new products, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of TIS and its competitors, risk of operations in Israel, government regulation, litigation, general economic conditions and other risk factors detailed in the Company's most recent annual report on Form 20-F and other subsequent filings with the United States Securities and Exchange Commission. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Top Image Systems Ltd. Consolidated Balance Sheet as of December 31, December 31, 2017 2016 In thousands Assets Current Assets: Cash and Cash Equivalents $ 2,231 $ 7,636 Restricted Cash 220 119 Trade Receivables, net 5,226 6,717 Other Accounts Receivable and Prepaid Expenses 1,108 829 Total Current Assets 8,785 15,301 Long-Term Assets: Severance Pay Funds 638 1,029 Restricted Cash 163 145 Long-term Deposits and Long-term Assets 77 136 Property and Equipment, net 793 1,000 Intangible Assets, net 2,353 3,623 Goodwill 18,822 18,405 Total Long-term Assets 22,846 24,338 Total Assets $ 31,631 $ 39,639 Liabilities and Shareholders' Equity Current Liabilities: Short-term Bank Loans $ 800 $ 3,017 Trade Payables 1,543 1,237 Deferred Revenues 3,033 3,594 Accrued Expenses and Other Accounts Payable 4,324 3,430 Total Current Liabilities 9,700 11,278 Long-Term Liabilities: Accrued Severance Pay $ 721 $ 1,214 Non-current Deferred Revenues 1,893 2,626 Other Long-term Liabilities 5,148 4,528 Total Long-term Liabilities 7,762 8,368 Total Liabilities $ 17,462 $ 19,646 Total Parent Shareholders' Equity $ 14,119 $ 19,955 Non-controlling Interest 50 38 Shareholders' Equity 14,169 19,993 Total Liabilities and Shareholders' Equi ty $ 31,631 $ 39,639 Top Image Systems Ltd. Statement of Operations for the Three months ended Three months ended Twelve months ended Twelve months ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 In thousands, except per share data License Revenues 1,612 1,232 5,236 5,973 Services Revenues 6,263 5,779 24,432 25,662 Revenues $ 7,875 $ 7,011 $ 29,668 $ 31,635 Cost of License Revenues 143 (575 ) 562 701 Cost of Services Revenues 3,984 4,874 16,093 16,119 Cost of Revenues 4,127 4,299 16,655 16,820 Gross Profit 3,748 2,712 13,013 14,815 Expenses Research & Development 1,260 1,025 4,997 4,581 Sales & Marketing 1,927 1,702 6,586 7,448 General & Administrative 1,657 3,104 6,593 6,910 Amortization Costs 153 124 613 502 Restructuring Charges - (44 ) - 1,142 4,997 5,911 18,789 20,583 Operating (Loss) Profit (1,249 ) (3,199 ) (5,776 ) (5,768 ) Financing income (expenses), net (288 ) (513 ) (603 ) (956 ) Other Income (expenses), net - 6 7 12 (Loss) profit Before Taxes on Income (1,537 ) (3,706 ) (6,372 ) (6,712 ) Tax (expenses) Income 40 (306 ) (204 ) 115 Net (Loss) Profit (1,497 ) (4,012 ) (6,576 ) (6,597 ) Net Income Attributable to Noncontrolling Interest (3 ) (2 ) (12 ) (13 ) Net (Loss) Profit $ (1,500 ) $ (4,014 ) $ (6,588 ) $ (6,610 ) Earnings per Share Basic (Loss) Earnings per Share $ (0.08 ) $ (0.22 ) $ (0.37 ) $ (0.37 ) Weighted Average Number of Shares Used in Computation of Basic Net (Loss) Income per Share 18,120 17,932 18,007 17,926 Diluted (Loss) Earnings per Share $ (0.08 ) $ (0.22 ) $ (0.37 ) $ (0.37 ) Weighted Average Number of Shares Used in Calculation of Diluted Net (Loss) Earnings per Share 18,120 17,932 18,007 17,926 Three months ended Three months ended Twelve months ended Twelve months ended December 31, December 31, December 31, December 31, 2017 2016 2017 2016 In thousands, except per share data Adjusted EBITDA: Net (Loss) Profit $ (1,500 ) $ (4,014 ) $ (6,588 ) $ (6,610 ) Interest 171 69 691 143 Other Financial Expenses 117 444 (88 ) 813 Taxes (40 ) 306 204 (115 ) Depreciation 178 158 704 668 Amortization 159 359 1,294 1,441 Stock-based Compensation Expenses 125 402 797 1,121 Acquisition Related Costs - - - - Restructuring Charge - (44 ) - 1,142 One time termination expenses - - - 117 Debt Reserve Adjustment 128 1,129 183 719 Other - - - - Total Adjusted EBITDA $ (663 ) $ (1,191 ) $ (2,804 ) $ (561 ) Reconciliation of GAAP to Non-GAAP Results: Net (Loss) Profit $ (1,500 ) $ (4,014 ) $ (6,588 ) $ (6,610 ) Amortization 159 359 1,294 1,441 Stock-based Compensation Expenses 125 402 797 1,121 Acquisition Related Costs - - - - Deferred Tax Assets Amortization - - - - Debt Reserve Adjustment 128 1,129 183 719 Restructuring Charge - (44 ) - 1,142 Non-GAAP Net Profit $ (1,089 ) $ (2,168 ) $ (4,315 ) $ (2,187 ) Non-GAAP Net income used for basic earnings per share $ (1,089 ) $ (2,168 ) $ (4,315 ) $ (2,187 ) Shares Used in Basic Earnings per Share Calculation 18,120 17,932 18,007 17,926 Non-GAAP Basic Earnings per Share $ (0.06 ) $ (0.12 ) $ (0.24 ) $ (0.12 ) Non-GAAP Net Income Used for Diluted Earnings per Share $ (1,089 ) $ (2,168 ) $ (4,315 ) $ (2,187 ) Shares Used in Diluted Earnings per Share Calculation 18,120 17,932 18,007 17,926 Non-GAAP Diluted Earnings per Share $ (0.06 ) $ (0.12 ) $ (0.24 ) $ (0.12 ) Source:Top Image Systems Ltd.

Top Image Systems Reports Fourth Quarter and Full Year 2017 Results and Announces That It Has Entered into a Term Sheet with Hale Capital Partners, LP, for the Provision of Up to $3 Million of Senior Debt Financing

May 10 (Reuters) - MongoDB Inc: * WHALE ROCK CAPITAL MANAGEMENT LLC REPORTS 28.74 PERCENT STAKE IN MONGODB INC AS OF MAY 8, 2018 * WHALE ROCK CAPITAL MANAGEMENT LLC SAYS MAY ENGAGE IN DISCUSSIONS WITH MONGODB’S BOARD CONCERNING POTENTIAL BUSINESS COMBINATIONS AND STRATEGIC ALTERNATIVES Source text for Eikon: Further company coverage:

BRIEF-Whale Rock Capital Reports 28.74 Pct Stake In MongoDB

SAN JOSE, Calif. (AP) — The Latest on a plan to build two massive tunnels to remake California's water system (all times local): 10:30 p.m. After hours of public comment, a Northern California water agency is delaying a vote on whether to support Gov. Jerry Brown's controversial plan to build two massive tunnels to remake the state's water system. The Santa Clara Valley Water District board will vote at a special meeting May 8. Wednesday's meeting came just weeks after a state commission recommended funding for a reservoir expansion the district is seeking. If approved, it could renew momentum behind one of the Democratic governor's top priorities eight months before he leaves office. The Santa Clara water district in October approved only a limited role in the project under the condition that Brown scale it back to include just one tunnel. The district's employees are now recommending that the board commit to the full project at $650 million. 12:15 p.m. A Northern California water agency may reverse an earlier decision and grant its full support to Gov. Jerry Brown's controversial plan to build two massive tunnels to remake the state's water system. A decision scheduled for Wednesday night by the Santa Clara Valley Water District board comes just weeks after a state commission recommended funding for a reservoir expansion the district is seeking. If approved, it could renew momentum behind one of the Democratic governor's top priorities eight months before he leaves office. The Santa Clara water district in October approved only a limited role in the project under the condition that Brown scale it back to include just one tunnel. The district's employees are now recommending that the board commit to the full project at $650 million.

The Latest: California water district delays tunnel vote

May 28, 2018 / 8:49 PM / Updated 11 minutes ago Boston Celtics guard Kyrie Irving underwent surgery for deviated septum Reuters Staff 2 Min Read Boston Celtics guard Kyrie Irving wasn’t inside TD Garden for the team’s Game 7 loss to the Cleveland Cavaliers on Sunday, but had a valid reason for his absence. Mar 8, 2018; Minneapolis, MN, USA; Minnesota Timberwolves guard Andrew Wiggins (22) dribbles in the third quarter against Boston Celtics guard Kyrie Irving (11) at Target Center. Mandatory Credit: Brad Rempel-USA TODAY Sports Irving underwent nasal surgery a few days earlier to repair a deviated septum. Celtics president Danny Ainge told reporters Irving didn’t want to be seen after the surgery. Irving has broken his nose multiple times, including earlier this season. He also suffered a deviated septum in one of the previous times he broke his nose. The septum is the thin wall that separates the right and left nasal passages. A deviation is when one of the sides is displaced and decreases the size of one of the passages, reducing airflow and making it difficult to breathe. Irving missed the postseason after undergoing surgery on his left knee late in April. He had been ruled out of the postseason prior to the surgery. Irving underwent an earlier knee surgery in March to have a tension wire removed from the kneecap. Irving averaged 24.4 points, 5.1 assists and 3.8 rebounds in 60 games in his first season in Boston. Boston’s season ended with Sunday’s 87-79 loss to the Cavaliers in the Eastern Conference finals. —Field Level Media

Boston Celtics guard Kyrie Irving underwent surgery for deviated septum

May 22, 2018 / 2:54 PM / in 9 minutes U.S. Treasury chief says any ZTE penalty changes won't hurt security Reuters U.S. Treasury Secretary Steven Mnuchin said on Tuesday that any changes to stiff Commerce Department penalties on Chinese telecommunications equipment maker ZTE Corp will ensure that U.S. national security is maintained and sanctions are enforced. Mnuchin, testifying before a U.S. Senate Appropriations subcommittee, said that any consideration of changes for ZTE “was not a quid-pro-quo or anything else” related to trade. “I can assure you that whatever the Commerce Department decides, the intel community has been part of the briefings and we will make sure that we will enforce national security issues,” Mnuchin said. “If there are any proposed changes on ZTE, the objective was not to put ZTE out of business, the objective was to make sure that they abide by our sanctions programs.” (Reporting by David Lawder and Lindsay Dunsmuir

U.S. Treasury chief says any ZTE penalty changes won't hurt security

May 17, 2018 / 3:33 PM / in 42 minutes Flybe forecasts tough times due to fuel costs, staffing and Brexit Victoria Bryan 3 Min Read DUBLIN, May 17 (Reuters) - Flybe expects rising fuel prices, staffing crunches and Britain’s exit from the European Union to mean a challenging period ahead for carriers, the regional airline’s chief executive said. “We have fuel challenges arriving, foreign exchange, we need to be prepared for pilot shortages. It’s a tough environment,” Christine Ourmieres-Widener told Reuters on the sidelines of a CAPA Centre for Aviation summit in Dublin. The price of crude oil has climbed to above $80 a barrel for the first time since November 2014, spurred by concerns that Iranian exports could fall due to renewed U.S. sanctions and reduce supply in an already tightening market. Ourmieres-Widener said along with a general tightness in the market for pilots, Flybe was also concerned by a lack of engineering resources in Britain. On Brexit, Flybe would like to see more urgency from the British government in agreeing a deal as it is already selling tickets for the period beyond March 2019, the planned departure date of Britain from the EU, but has inserted a clause saying the flights are dependent on post Brexit flying rights. “We have a list of questions,” Ourmieres-Widener, said, citing aircraft leasing and maintenance certification as among issues. “Uncertainty is never good for business,” she added, saying she had held talks with MPs to impress that on them. Earlier, Irish transport minister Shane Ross said Brexit was an unprecedented challenge for the aviation industry. Ourmieres-Widener said while partnerships could help the airline amidst a tough backdrop, it would only enter partnerships if they offered value to Flybe. Britain’s Stobart Group in March scrapped plans to buy Flybe, saying the regional airline had rejected a bid and it had decided against making a higher offer. Asked whether Flybe would consider another offer, Ourmieres-Widener said it would be a decision for the board. “The role of any board is to look at anything to see what is the best solution for shareholders and the employees,” she said. (Reporting by Victoria Bryan Editing by Alexander Smith)

Flybe forecasts tough times due to fuel costs, staffing and Brexit

WASHINGTON (Reuters) - The White House said on Monday that information released by Israel on Iran’s nuclear program provides “new and compelling details” about Tehran’s efforts to develop “missile-deliverable nuclear weapons.” “These facts are consistent with what the United States has long known: Iran had a robust, clandestine nuclear weapons program that it has tried and failed to hide from the world and from its own people,” the White House statement said. U.S. President Donald Trump is due to decide by May 12 whether to pull the United States out of a 2015 international nuclear deal with Iran. (This version of the story was corrected to show White House says Iran had a “robust ... nuclear weapons program) Reporting by Eric Beech; Editing by Sandra Maler

U.S. says Israel's information on Iran nuclear program 'compelling'

Ben Zobrist broke a tie with a two-run double and Kris Bryant followed two batters later with a two-run single, powering a four-run seventh inning that sent the Chicago Cubs to a 6-2 victory over the San Francisco Giants in the opener of a three-game series in Chicago. Kyle Hendricks limited the Giants to two hits and one run over seven innings for the Cubs, who busted out after having been held to one run in two games by the Cleveland Indians earlier in the week. Gorkys Hernandez homered for the Giants, who have scored just five runs in three games on a trip that began with a pair of losses in Houston. After Hendricks and the Giants’ Derek Holland dueled in a 1-1 game through six innings, the Cubs caught a break when Holland hit Javier Baez with a two-strike pitch to open the last of the seventh. Ian Happ then drew a walk, prompting the Giants to replace Holland with left-hander Will Smith. A sacrifice bunt by Addison Russell and walk to pinch hitter Tommy La Stella loaded the bases for Zobrist, who doubled to left field, scoring Baez and Happ for a 3-1 lead. Cory Gearrin came on to strike out Albert Almora Jr. for the second out, before Bryant then singled to center, scoring La Stella and Zobrist for a 5-1 advantage. Holland (2-6) was charged with two of the four runs in the inning, giving him three (two earned) in six-plus innings of work. He walked two and struck out six. Hendricks (4-3), who left for a pinch hitter in the four-run inning, faced only 25 batters in his seven innings. Other than the homer by Hernandez, he allowed a single by Hernandez and two walks. He struck out seven. Hernandez’s home run, his fifth of the season, came in the fourth inning after Hendricks had opened the game by retiring the first nine batters he faced. The Cubs tacked on a run for a 6-1 lead in the eighth off Giants closer Hunter Strickland when Happ walked, stole second and scored on Russell’s one-out single. In losing for the ninth time in their last 10 road games, the Giants completed the scoring in the ninth on a two-out single by Evan Longoria that scored Brandon Belt, who also had singled. Brandon Morrow came on to strike out Mac Williamson to end the game with two runners aboard, notching his 11th save of the season. Anthony Rizzo drove in Chicago’s first run with a one-out single in the first that scored Zobrist, who had opened the inning with a single. Almora, who had followed Zobrist’s hit with one of his own, was thrown out at the plate by Williamson, the Giants’ left fielder, on Rizzo’s single. Zobrist and Bryant had two hits and two RBIs apiece while Happ joined Zobrist with two runs scored for the Cubs, who improved to 1-2 on a five-game homestand. Russell also had two hits for Chicago, which out-hit the Giants 8-4. —Field Level Media

Zobrist, Bryant key late rally as Cubs upend Giants

$2.5B portfolio manager sees inflation as inconvenient truth, predicts major shift in stocks 16 Hours Ago Larry Glazer, Mayflower Advisors, says we could be in for a major market shift. Trading S&P futures now, with CNBC's Jackie DeAngelis and the Futures Now traders, Anthony Grisanti from the NYMEX and Jeff Kilburg at the CME.

$2.5B portfolio manager sees inflation as inconvenient truth, predicts major shift in stocks

May 30, 2018 / 10:47 AM / a few seconds ago Tennis: Svitolina canters into third round in Paris Reuters Staff 1 Min Read PARIS (Reuters) - Elina Svitolina saw off Roland Garros debutante Viktoria Kuzmova of Slovakia 6-3 6-4 to reach the third round of the French Open on Wednesday. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Ukraine's Elina Svitolina in action during her second round match against Slovakia's Viktoria Kuzmova REUTERS/Christian Hartmann The Ukrainian fourth seed, coming off a successful defense of her title in Rome, played solid tennis throughout to set up a meeting with Romanian Mihaela Buzarnescu. Kuzmova, having beaten 2010 champion Francesca Schiavone in the first round, was no pushover in the opening set but there was little she could do when the Ukrainian stepped up a gear. After an early trade of breaks in the second set, Svitolina, twice a quarter-finalist in Paris, broke her opponent’s serve again for 4-3 and held to close it out without a scare. Reporting by Julien Pretot; Editing by Ken Ferris

Tennis: Svitolina canters into third round in Paris

Newport Beach, Calif., May 17, 2018 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. (NYSE American: DPW) (" DPW " or the " Company "), a diversified holding company, announced today it is hosting an investor conference call and webcast on May 21, 2018 after the close of the U.S. financial markets. DPW will host the call and webcast at 3:00 PM Pacific Daylight Time (PDT) to review its financial results for the first quarter of fiscal year 2018 that ended March 31, 2018. The webcast will be hosted by the Company’s Chairman and CEO, Milton “Todd” Ault III, and the Company’s CFO, William Horne, and includes organized notes and a question and answer session. Shareholders, investors and interested parties may observe the webcast either online or by calling in. Anyone interested in participating as an attendee must use this link to register in order to participate prior to 2:00 PM Pacific Daylight Time (PDT) on May 21, 2018: Registration URL: https://zoom.us/webinar/register/WN_xNaAVFcZQG-W2MxDW1vZuA Internet access to the conference call and presentation materials will be available on the Company’s website at www.DPWHoldings.com , by selecting “Investor Relations” and then “Upcoming and Past Events.” A webcast replay, as well as a replay in downloadable MP3 format, will be accessible within two business days after the webcast on the Company’s website at www.DPWHoldings.com . ABOUT DPW HOLDINGS, INC. Headquartered in Newport Beach, CA, DPW Holdings, Inc., ( www.DPWHoldings.com ), is a diversified holding company a growth strategy of acquiring undervalued assets, disruptive technologies, sustainable solutions, and exciting ventures for incubation and development to their full potential for long-term growth and investor returns. The Company through its wholly-owned subsidiary, Coolisys Technologies, Inc., is dedicated to providing world-class technology-based solutions where innovation is the main driver for mission-critical applications and lifesaving services. Coolisys serves the defense, aerospace, naval, homeland security, medical, telecom, datacom, and industrial markets. Coolisys’ growth strategy targets core markets that are characterized by “high barriers to entry” and require specialized products and services that are not likely to be commoditized. Coolisys through its portfolio companies develops and manufactures cutting-edge products and power solutions utilizing its customized digital power management and resonant topology to achieve the highest efficient and highest density power converters and inverters, specialized complex airborne high-frequency radio frequency (RF) and microwave detector-log video amplifiers (DVLA), very high-frequency filters and naval power conversion and distribution equipment. Coolisys manages four entities including Digital Power Corporation, www.DigiPwr.com , a leading manufacturer of power electronics and technology based in Northern California, 1-877-634-0982; Digital Power Limited dba Gresham Power Ltd., www.GreshamPower.com , a designer and manufacturer of power distribution systems primarily for Naval use based in Salisbury, UK.; Microphase Corporation, www.MicroPhase.com , a designer and manufacturer of microwave electronic technology with its headquarters based in Shelton, CT, 1-203-866-8000; and Power-Plus Technical Distributors, www.Power-Plus.com , a value-added wholesale distributor based in Sonora, CA, 1-800-963-0066. Digital Power Lending, LLC, www.DigitalPowerLending.com , a wholly owned subsidiary of the Company, is based in Fremont, CA, and is a California private lending company operating under Financial Lender’s License ##60DBO-77905 dedicated to strategically providing capital to small and middle size businesses for an equity interest in addition to loan fees and interest. Super Crypto Mining, Inc. www.SuperCryptoMining.com is a wholly-owned subsidiary of the Company, is based in Fremont CA that leverages its engineering expertise and existing locations to create crypto currency mining facilities across the globe. Super Crypto Mining, Inc. operates the branded division, Super Crypto Power, www.SuperCryptoPower.com . Excelo, LLC, www.Excelo.com , a wholly-owned subsidiary of the Company, is a national search firm specializing in fulfilling strategic executive, professional and hi-tech placements for businesses delivering world-class services. DPW Holdings, Inc.’s headquarters is located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663; 1-877-634-0982. For Investor inquiries: IR@DPWHoldings.com or 1-888-753-2235. Forward-Looking Statements The foregoing release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the acquisition and the ability to consummate the acquisition. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.DPWHoldings.com . ### Source:DPW Holdings, Inc.

DPW Holdings to Host Investor Call & Webcast May 21, 2018

BAGHDAD, May 12 (Reuters) - Iraqi Prime Minister Haider al-Abadi ordered the reopening of the nation’s airspace and resumption of air traffic on Saturday, state television reported. The shutdown had come into effect at midnight on Friday as a security measure ahead of the voting which started on Saturday morning. There was no significant incident reported by midday. Islamic State militants, who overran a third of Iraq in 2014, had threatened attacks ahead of the elections, the first since the defeat of the militants last year. (Reporting by Maher Chmaytelli Editing by Alexander Smith)

Iraq reopens airspace as elections proceed without incident

WASHINGTON (Reuters) - A senior Chinese official told the United States on Wednesday if it wants peace with North Korea now is the time for a summit between U.S. President Donald Trump and North Korean leader Kim Jong Un. China's Foreign Minister Wang Yi and U.S. Secretary of State Mike Pompeo hold a joint news conference after their meeting at the State Department in Washington, U.S., May 23, 2018. REUTERS/Yuri Gripas “I told our U.S. colleagues that if you want to solve the problem, now is the time. If you want peace, now is the time. If you want to make history, now is the time,” Chinese State Councillor Wang Yi told a news conference with U.S. Secretary of State Mike Pompeo. Reporting by Lesley Wroughton, David Brunnstrom and David Alexander; Editing by Alistair Bell

China tells U.S. 'now is the time' if it wants peace with North Korea

SAN DIEGO, May 04, 2018 (GLOBE NEWSWIRE) -- Obalon Therapeutics, Inc. (NASDAQ:OBLN), a vertically integrated medical technology company with the first and only FDA-approved swallowable, gas-filled intragastric balloon system for the treatment of obesity, today announced that it plans to release its first quarter 2018 financial results after the market closes on Thursday, May 10, 2018. The company will hold a conference call and simultaneous webcast at 5:00 PM, Eastern Time (2:00 PM Pacific Time) on Thursday, May 10, 2018 to discuss the company's financial results and provide a business update. Interested parties may access the conference call by dialing (844) 889-7791 (U.S.) or (661) 378-9934 (international) using passcode 3693617. Media and individuals will be in a listen-only mode. Participants are asked to dial in a few minutes prior to the call to register for the event. The conference call will also be webcast live at: https://edge.media-server.com/m6/p/q4jkh9dx . An archive of the webcast will be available for twelve months following the event on the Obalon Therapeutics website located at http://investor.obalon.com in the “News & Events” section. About Obalon Therapeutics, Inc. Obalon Therapeutics, Inc. (NASDAQ:OBLN) is a San Diego-based company focused on developing and commercializing novel technologies for weight loss. The Obalon management team has over 150 combined years of experience in developing and commercializing novel medical technologies with a track record of financial and clinical excellence. For more information, please visit www.obalon.com . For Obalon Therapeutics, Inc. Investor Contact: William Plovanic Chief Financial Officer Obalon Therapeutics, Inc. Office: +1 760 607 5103 wplovanic@obalon.com Media: Megan Driscoll EvolveMKD Office Phone: +1 646 517 4220 mdriscoll@evolvemkd.com Source:Obalon Therapeutics, Inc.

Obalon Schedules First Quarter 2018 Financial Results Conference Call for May 10, 2018 at 5:00 p.m. Eastern Time

CAIRO (Reuters) - Al Qaeda leader Ayman al-Zawahri, speaking in a recording released on Sunday, the eve of plans by the United States to move its embassy to Jerusalem, said that Tel Aviv was also Muslim land. FILE PHOTO - Al Qaeda's Ayman al-Zawahri speaks from an unknown location, in this still image taken from video uploaded on a social media website June 8, 2011. Social Media Website/File Photo The United States has finalised preparations to move its embassy from Tel Aviv to Jerusalem in a ceremony scheduled for Monday. President Donald Trump, who in December reversed decades of U.S. policy by recognizing Jerusalem as the capital of Israel, has sent his daughter Ivanka and son-in-law Jared Kushner — both White House advisers — as part of a delegation to the ceremony. Trump’s decision on the embassy has enraged Palestinians, who want Arab East Jerusalem, captured in the 1967 Middle East war, to be the capital of their own future state. The status of the city - home to sites holy to the Muslim, Jewish and Christian religions - is one of the biggest obstacles to reaching a peace agreement between Israel and the Palestinians. Trump says he is making good on U.S. legislation and presidential pledges dating back decades. In his four-minute and 43 second message, Zawahri said all Muslim countries have effectively recognized Israel by signing the United Nations charter which calls for respecting the territorial integrity of every member state, including Israel. “Many have even established public or secret relations with Israel and accepted that Tel Aviv or West Jerusalem be the capital of Israel, even though it is also Muslim land that cannot be ceded to Jews,” Zawahri said in the recording posted on a social media channel used by the Islamist militant group. The authenticity of the recording could not immediately be verified. Zawahri’s last public message was issued in February, when he called on Egyptians to topple their government ahead of presidential elections in March that gave President Abdel Fatah al-Sisi a second term in office. Reporting by Omar Fahmy; Writing by Sami Aboudi; Editing by Daniel Wallis

Al Qaeda chief says Israel's Tel Aviv is also Muslim land

BROOKLYN, N.Y., May 8, 2018 /PRNewswire/ -- Etsy, Inc. (NASDAQ: ETSY), the global marketplace for unique and creative goods, today announced financial results for its first quarter ended March 31, 2018. "We are pleased to report that GMS and revenue growth accelerated for the third consecutive quarter in Q1," said Josh Silverman, Etsy, Inc. CEO. "We believe these results underscore the size of the opportunity ahead for Etsy, as well as the continued momentum we are unlocking from our focused execution. We are proud of the tremendous progress we have made in a short amount of time executing against our four key initiatives, and believe we are well positioned to capitalize on the many opportunities ahead." First Quarter 2018 Financial Summary (in thousands except percentages; unaudited) Three Months Ended March 31, % Growth Y/Y 2018 2017 GMS $ 861,075 $ 719,041 19.8 % Revenue $ 120,912 $ 96,891 24.8 % Marketplace revenue $ 87,967 $ 70,562 24.7 % Services revenue $ 32,605 $ 24,144 35.0 % Net income (loss) $ 12,967 $ (421) 3,180.0 % Adjusted EBITDA $ 26,421 $ 9,722 171.8 % Active sellers 1,970 1,801 9.4 % Active buyers 34,693 29,669 16.9 % Percent mobile GMS 54 % 51 % 300 bps Percent international GMS 35 % 32 % 300 bps For information about how we define our metrics, see our Annual Report on Form 10-K for the year ended December 31, 2017, except for Marketplace revenue and Services revenue which are described below. First Quarter 2018 Operational Highlights GMS was $861.1 million in the first quarter of 2018, up 19.8%, compared with the first quarter of 2017. We accelerated GMS growth by 200 bps compared with the fourth quarter of 2017, marking the third consecutive quarter of sequential acceleration in this metric on an as-reported basis. GMS growth was supported by 9.4% year-over-year growth in active sellers and 16.9% year-over-year growth in active buyers. On a currency-neutral basis (excluding the direct impact of currency translation on GMS from goods sold that are listed in non-U.S. dollar currencies) GMS growth was 17.6% compared with 15.2% in the first quarter of 2017. On a currency-neutral basis, we accelerated GMS growth by 110 bps compared with the fourth quarter of 2017. Year-over-year aggregate conversion rate growth increased for the second consecutive quarter led by continued performance on mobile web, which typically carries the lowest conversion rate compared to desktop and our mobile buyer app. Percent mobile GMS was approximately 54% in the first quarter of 2018, up from approximately 51% in the first quarter of 2017 and approximately 52% in the fourth quarter of 2017. We believe this increase was a result of increased mobile traffic, in line with industry trends, and, to a lesser extent, continued improvements in our mobile offerings for Etsy buyers. Percent international GMS was 35% in the first quarter of 2018, up from 32% in the first quarter of 2017 and 33% in the fourth quarter of 2017. International GMS growth was up approximately 30% year-over-year and grew faster than overall GMS during the first quarter, largely due to currency exchange rates, as well as growth in markets where Etsy Payments is not offered, global product work and seller outreach. On a currency-neutral basis, international GMS growth would have been 24%. U.S. GMS growth also accelerated compared to the fourth quarter of 2017, and was up 15% year-over-year. Recent Operational Highlights In the first quarter of 2018, we invested resources in foundational work, which addressed three primary areas: technical debt, operational efficiency, and infrastructure imperatives. We streamlined our code base to enable more nimble development, implemented a new help center, and made strides migrating to the cloud. We also dedicated resources to achieve steady wins that have had an immediate impact on our results, including our four key initiatives. First quarter highlights include: Improving trust & reliability: We launched several product enhancements aimed at bolstering trust on the platform and improving conversion rates. Notable launches include a new iteration of guest checkout on mobile web to improve the commerce experience and the functionality for our buyers. Enhancing search & discovery: Within search and discovery, we continued to launch new product enhancements and build on prior launches to help our buyers around the world find the right product at the right time. We improved context specific ranking to deliver even better results by ranking more listings related to a specific search query. Building world-class marketing capabilities: We continued to focus on utilizing our marketing efforts to drive new and existing buyers to Etsy. In April, we launched Targeted Offers to allow our sellers to offer discounts and coupons to buyers who have added items to their cart. We expect this work will continue to help drive traffic to Etsy, increase buyer and seller retention, and drive awareness for the Etsy brand. Providing best-in-class seller tools and services: In order to reduce the amount of time our sellers spend on administrative tasks, we launched an order management experience to help sellers fulfill orders more accurately and better manage their inventory. In addition, we have enabled sellers to send custom listings from their mobile device, which helps them manage their business on the go. Custom orders are a key differentiator for us and help make the buyer experience special. We have also further optimized Promoted Listings by using context specific ranking to surface more relevant ads. First Quarter 2018 "Q1 was another strong quarter of both revenue and Adjusted EBITDA growth" said Rachel Glaser, Chief Financial Officer. "As an organization, we exercise a disciplined approach to resource investment, focusing our efforts on initiatives that we believe have highest probability to create long-term growth while continuously striving for operational efficiencies." Revenue Categories In connection with the adoption of Accounting Standards Codification 606, Revenue from Contracts with Customers, we renamed our revenue categories Marketplace and Services revenue. Marketplace revenue represents the fees we charge sellers to list items in the marketplace, the fees we charge for transactions between buyers and sellers, and the use of Etsy Payments by our sellers to process payments. Services revenue, formerly called Seller Services revenue, is derived from the optional services we provide to our sellers, which include Promoted Listings, Etsy Shipping Labels, and Pattern by Etsy. Revenue from Etsy Payments, our payments processing product, formerly included in Services revenue, is now included in Marketplace revenue because Etsy Payments is required to be used by Etsy sellers in the countries where it is available. All numbers presented in this press release reflect this reclassification. The following table provides our Marketplace and Services revenue under our previous and current presentation: Quarter-to-Date Period Ended Year-to-Date Period Ended Previous Presentation Updated Presentation Previous Presentation Updated Presentation Marketplace Revenue Services Revenue Marketplace Revenue Services Revenue Marketplace Revenue Services Revenue Marketplace Revenue Services Revenue (in thousands) March 31, 2018 $ 47,834 $ 72,738 $ 87,967 $ 32,605 $ 47,834 $ 72,738 $ 87,967 $ 32,605 December 31, 2017 54,251 82,319 102,261 34,309 179,492 258,453 326,076 111,869 September 30, 2017 42,413 63,371 77,808 27,976 125,241 176,134 223,815 77,560 June 30, 2017 42,069 58,816 75,445 25,440 82,828 112,763 146,007 49,584 March 31, 2017 40,759 53,947 70,562 24,144 40,759 53,947 70,562 24,144 First Quarter 2018 Financial Highlights Total revenue was $120.9 million for the first quarter of 2018, up 24.8% year-over-year, driven by growth in both Marketplace and Services revenue. Marketplace revenue grew 24.7% year-over-year, driven by growth in Etsy Payments, which continued to benefit from the requirement that sellers in eligible countries adopt the service. During the second quarter of 2018, we will anniversary the Etsy Payments adoption requirement, which has been a substantial driver of year-over-year revenue growth, and therefore, we expect Etsy Payments revenue to trend more in-line with GMS growth in future quarters. Marketplace revenue also benefited from growth in transaction fee revenue and, to a lesser extent, growth in listing fee revenue. Services revenue grew 35.0% year-over-year, driven primarily by revenue growth in Promoted Listings, and, to a lesser extent, Etsy Shipping Labels. Gross profit for the first quarter of 2018 was $79.6 million, up 27.9% year-over-year and gross margin was 65.8%, up 160 basis points compared with 64.2% in the first quarter of 2017. Total operating expenses were $65.8 million in the first quarter of 2018, up 2.3% year-over-year. For comparison, in the same quarter last year, operating expenses grew 36.4% year-over-year; the year-over-year deceleration in operating expense growth reflects the impact of our recent actions to streamline our cost structure offset by increased spend in digital marketing and professional services. Net income for the first quarter of 2018 was $13.0 million, with diluted earnings per share of $0.10, compared with a net loss of $0.4 million and a net loss per share of $0.00 in the first quarter of 2017. Etsy's net income in the first quarter of 2018 included interest expense of $3.8 million, including interest related to our Brooklyn headquarters and our convertible debt offering in March 2018, and a $1.9 million foreign exchange gain, primarily non-cash. Non-GAAP Adjusted EBITDA for the first quarter of 2018 was $26.4 million and grew 171.8% year-over-year. Non-GAAP Adjusted EBITDA margin (i.e., Adjusted EBITDA divided by revenue) was 21.9%, up 1,190 bps year-over-year. Adjusted EBITDA performance was driven primarily by revenue growth and increased efficiencies in our operating structure which led to lower employee-related costs. Net cash provided by operating activities was $26.4 million in the first quarter of 2018 compared with $3.3 million in the first quarter of 2017. The increase in net cash provided by operating activities for the quarter was mainly driven by revenue growth and lower employee-related costs. In March 2018, Etsy completed a convertible debt offering issuing $345.0 million aggregate principal amount of 0% Convertible Senior Notes due March 1, 2023 (the "Notes") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The initial conversion price of the Notes represented a premium of approximately 37.5% over the price of Etsy's common stock. In addition, Etsy entered into capped call transactions that effectively increase the premium for conversion of the Notes at maturity to 100% and are generally expected to reduce potential dilution. The net proceeds of these transactions were approximately $300.7 million after deducting the initial purchaser discount, offering expenses and capped call transaction costs. The net proceeds include $41.9 million of proceeds immediately used for share repurchase. Under the stock repurchase program announced in November 2017, Etsy repurchased an aggregate of approximately $68.6 million, or 2,807,393 shares of its common stock in the first quarter of 2018, including 1,588,500 shares repurchased concurrently with the convertible debt offering. Cash, marketable securities, and short-term investments were $601.4 million as of March 31, 2018. 2018 Financial Guidance We are raising our 2018 guidance for GMS growth, revenue growth and Adjusted EBITDA margin. 2018 Original Guidance 2018 Revised Guidance GMS Year-Over-Year Growth 14-16% 16-18% Revenue Year-Over-Year Growth 21-23% 22-24% Adjusted EBITDA Margin 20-22% 21-23% We anticipate that the key factors impacting our 2018 GMS and revenue guidance will be: Continued visit growth. Conversion rate growth driven by product launches enhancing the buying experience. Continued growth in international GMS, which we expect to grow faster than overall GMS, driven by global product enhancements and assuming stable currency rates. Continued Services revenue growth, which we expect to grow at a faster pace than Marketplace revenue growth as we add enhancements and features to our portfolio of services and increase our efforts to grow seller adoption. Also, we expect Promoted Listings to be the primary driver of Services revenue growth in 2018. External headwinds, which we expect may offset some growth, such as E.U.'s GDPR, currency fluctuations, changes to VAT and state sales tax laws, and the potential for geopolitical events that impact trade. We anticipate that the key factors impacting our 2018 Adjusted EBITDA margin guidance will be: Lower operating expense as a percent of revenue stemming from the approximately $35 million in annualized cost savings resulting from increased efficiencies in our operating structure in 2017. We expect to gain the most leverage in general administrative expenses, followed by product development expenses. We expect to spend approximately $10 million to $15 million in 2018 on cloud migration activities, most of which will be expensed through cost of revenue. Throughout the first few phases of the migration, we will maintain some of our existing data center infrastructure to ensure reliability of our platform. As we migrate to the cloud we anticipate spending a smaller portion on existing data center infrastructure and more on cloud capacity. As a result, compared with 2017, we expect to reduce capital expenditures related to maintaining our existing data center infrastructure by $4 million to $5 million in 2018. Once we have fully migrated to the cloud, we expect our total cash costs will decrease compared to our standalone data center infrastructure. Etsy is not able, at this time, to provide GAAP targets for net income margin for 2018 because of the unreasonable effort of estimating certain non-cash items that are excluded from non-GAAP Adjusted EBITDA margin, including, for example, provision or benefit for income taxes and foreign exchange gain or loss, the effect of which may be significant. Webcast and Conference Call Information Etsy will host a webcast to discuss these results at 5:00 p.m. ET today. To access the live webcast and accompanying slide deck, please visit the Etsy Investor Relations website, investors.etsy.com , and go to the Investor Events section. Dial-in details for the conference call are below. Toll free: (855) 852-1946 International: (720) 634-2903 Conference ID: 7577365 A replay will be available following the live webcast and may be accessed on the same website. A telephonic replay will also be available through 10:30 p.m. ET on May 22, 2018 at the same dial-in details noted above. About Etsy Etsy, Inc. is the global marketplace for unique and creative goods. Our mission is to keep commerce human, and we're committed to using the power of business to strengthen communities and empower people. We connect millions of buyers and sellers from nearly every country in the world. Buyers come to Etsy to be inspired and delighted by items that are crafted and curated by creative entrepreneurs. For sellers, we offer a range of tools and services that address key business needs. Etsy was founded in 2005 and is headquartered in Brooklyn, New York. Etsy has used, and intends to continue using, its investor relations website and the Etsy News Blog ( blog.etsy.com/news ) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the Etsy News Blog in addition to following our press releases, SEC filings and public conference calls and webcasts. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements related to our business strategy, financial guidance and key drivers thereof, including the impact of our focus areas and key initiatives, our product launch roadmap and expected impact on future GMS and revenue growth, and the expected impact of external headwinds. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "may," "plans," "will," "intends," or similar expressions and the negatives of those words. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that we expect. These risks and uncertainties include: (1) our history of operating losses; (2) the fluctuation of our quarterly operating results; (3) our ability to implement our business strategy; (4) our ability to attract and retain an active and engaged community of Etsy sellers and Etsy buyers; (5) macroeconomic events that are outside of our control; (6) our ability to recruit and retain employees; (7) the importance to our success of the trustworthiness of our marketplace and the connections within our community; (8) our ability to enhance our current offerings and develop new offerings to respond to the changing needs of Etsy sellers and Etsy buyers; (9) the effectiveness of our marketing efforts; (10) the effectiveness of our mobile solutions for Etsy sellers and Etsy buyers; (11) our ability to expand our business in our core geographic markets; (12) regulation in the area of privacy and protection of user data; (13) our dependence on third-party payment providers; and (14) the potential misuse or disclosure of sensitive information about our members and the potential for cyber-attacks. These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements. Etsy, Inc. Condensed Consolidated Balance Sheets (in thousands; unaudited) As of March 31, 2018 As of December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 533,855 $ 315,442 Short-term investments 67,526 25,108 Accounts receivable, net 31,292 33,677 Prepaid and other current assets 23,738 20,379 Funds receivable and seller accounts 48,586 44,658 704,997 439,264 Restricted cash 5,341 5,341 Property and equipment, net 116,385 117,617 Goodwill 39,228 38,541 Intangible assets, net 3,500 4,100 Other assets 714 720 Total assets $ 870,165 $ 605,583 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,094 $ 13,622 Accrued expenses 35,384 28,743 Capital lease obligations—current 4,861 5,798 Funds payable and amounts due to sellers 48,586 44,658 Deferred revenue 6,464 6,262 Other current liabilities 3,167 3,394 Total current liabilities 106,556 102,477 Capital lease obligations—net of current portion 3,231 4,115 Deferred tax liabilities 32,303 23,786 Facility financing obligation 60,041 60,049 Long-term debt, net 265,415 — Other liabilities 18,132 18,262 Total liabilities 485,678 208,689 Total stockholders' equity 384,487 396,894 Total liabilities and stockholders' equity $ 870,165 $ 605,583 Etsy, Inc. Condensed Consolidated Statements of Operations (in thousands except share and per share amounts; unaudited) Three Months Ended March 31, 2018 2017 Revenue $ 120,912 $ 96,891 Cost of revenue 41,295 34,659 Gross profit 79,617 62,232 Operating expenses: Marketing 26,194 23,454 Product development 20,721 18,116 General and administrative 18,904 22,763 Total operating expenses 65,819 64,333 Income (loss) from operations 13,798 (2,101) Other (expense) income, net (817) 628 Income (loss) before income taxes 12,981 (1,473) (Provision) benefit for income taxes (14) 1,052 Net income (loss) $ 12,967 $ (421) Net income (loss) per share attributable to common stockholders: Basic $ 0.11 $ 0.00 Diluted $ 0.10 $ 0.00 Weighted-average common shares outstanding: Basic 121,267,092 115,696,024 Diluted 125,772,315 115,696,024 Etsy, Inc. Condensed Consolidated Statements of Cash Flows (in thousands; unaudited) Three Months Ended March 31, 2018 2017 Cash flows from operating activities Net income (loss) $ 12,967 $ (421) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Stock-based compensation expense 5,740 4,043 Stock-based compensation expense—acquisitions 714 842 Depreciation and amortization expense 6,320 6,938 Bad debt expense 912 332 Foreign exchange gain (1,850) (2,780) Amortization of debt issuance costs 122 56 Non-cash interest expense 1,077 2,145 Interest on marketable securities (80) 277 (Gain) loss on disposal of assets (4) 49 Deferred income taxes 91 — Changes in operating assets and liabilities 412 (8,172) Net cash provided by operating activities 26,421 3,309 Cash flows from investing activities Purchases of property and equipment (192) (2,700) Development of internal-use software (3,097) (3,956) Purchases of marketable securities (59,811) (23,240) Sales of marketable securities 17,447 42,290 Net cash (used in) provided by investing activities (45,653) 12,394 Cash flows from financing activities Repurchase of stock for tax on RSU vesting (1,780) (797) Repurchase of stock (68,586) — Proceeds from exercise of stock options 10,249 600 Proceeds from issuance of convertible senior notes 345,000 — Payment of debt issuance costs (9,127) — Purchase of capped call (34,224) — Payments on capital lease obligations (1,850) (1,835) Payments on facility financing obligation (3,122) — Net cash provided by (used in) financing activities 236,560 (2,032) Effect of exchange rate changes on cash 1,085 (456) Net increase in cash, cash equivalents and restricted cash 218,413 13,215 Cash, cash equivalents and restricted cash at beginning of period 320,783 186,933 Cash, cash equivalents and restricted cash at end of period $ 539,196 $ 200,148 Currency-Neutral GMS Growth We calculate currency-neutral GMS growth by translating current period GMS for goods sold that were listed in non-U.S. dollar currencies into U.S. dollars using prior year foreign currency exchange rates. As reported and currency-neutral GMS growth for the periods presented below is as follows: Quarter-to-Date Period Ended Year-to-Date Period Ended As Reported Currency Neutral FX Impact As Reported Currency Neutral FX Impact March 31, 2018 19.8 % 17.6 % 2.2 % 19.8 % 17.6 % 2.2 % December 31, 2017 17.8 % 16.5 % 1.3 % 14.5 % 14.3 % 0.2 % September 30, 2017 13.2 % 12.6 % 0.6 % 13.0 % 13.4 % (0.4) % June 30, 2017 11.8 % 12.6 % (0.8) % 12.9 % 13.9 % (1.0) % March 31, 2017 14.2 % 15.2 % (1.0) % 14.2 % 15.2 % (1.0) % Non-GAAP Financial Measures Adjusted EBITDA In this press release, we provide Adjusted EBITDA, a non-GAAP financial measure that represents our net income (loss) adjusted to exclude: interest and other non-operating expense, net; provision (benefit) for income taxes; depreciation and amortization; stock-based compensation expense; foreign exchange gain and restructuring and other exit costs (income). Below is a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure. We have included Adjusted EBITDA in this press release because it is a key measure used by our management and Board of Directors to evaluate our operating performance and trends, allocate internal resources, prepare and approve our annual budget, develop short- and long-term operating plans, determine incentive compensation and assess the health of our business. As our Adjusted EBITDA increases, we are able to invest more in our platform. We believe that Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business as it removes the impact of certain non-cash items and certain variable charges. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are: Adjusted EBITDA does not reflect other non-operating expenses, net of other non-operating income, including net interest expense; Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA does not consider the impact of stock-based compensation expense; Adjusted EBITDA does not consider the impact of foreign exchange gain; Adjusted EBITDA does not consider the impact of restructuring and other exit costs (income); and other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including net income (loss) and our other GAAP results. Reconciliation of Net Income (Loss) to Adjusted EBITDA (Unaudited) Three Months Ended March 31, 2018 2017 (in thousands) Net income (loss) $ 12,967 $ (421) Excluding: Interest and other non-operating expense, net (1) 2,667 2,152 Provision (benefit) for income taxes 14 (1,052) Depreciation and amortization (1) 6,320 6,938 Stock-based compensation expense (2) 5,740 4,043 Stock-based compensation expense—acquisitions (2) 714 842 Foreign exchange gain (1,850) (2,780) Restructuring and other exit costs (income) (3) (151) — Adjusted EBITDA $ 26,421 $ 9,722 (1) Included in interest and depreciation expense amounts above, are interest and depreciation expense related to our headquarters under build-to-suit accounting requirements, which commenced in May 2016. In the three months ended March 31, 2018 and 2017 those amounts are as follows: Three Months Ended March 31, 2018 2017 (in thousands) Interest expense $ 2,250 $ 2,145 Depreciation 819 819 (2) Total stock-based compensation expense included in the Consolidated Statements of Operations is as follows: Three Months Ended March 31, 2018 2017 (in thousands) Cost of revenue $ 546 $ 364 Marketing 478 444 Product development 2,639 2,020 General and administrative 2,791 2,057 Total stock-based compensation expense $ 6,454 $ 4,885 (3) Total restructuring and other exit costs (income) included in the Consolidated Statements of Operations are as follows: Three Months Ended March 31, 2018 2017 (in thousands) Cost of revenue $ (7) $ — Marketing (58) — Product development (79) — General and administrative (7) — Total restructuring and other exit costs (income) $ (151) $ — View original content: http://www.prnewswire.com/news-releases/etsy-inc-reports-first-quarter-2018-financial-results-300644815.html SOURCE Etsy, Inc.

Etsy, Inc. Reports Financial

Iran deal 'not dead' - French FM 5:05am EDT - 00:46 French Foreign Minister Jean-Yves Le Drian says President Macron will contact Iran's president on Wednesday and that the nuclear deal isn't over after President Trump's withdrawal. Rough cut (no reporter narration). French Foreign Minister Jean-Yves Le Drian says President Macron will contact Iran's president on Wednesday and that the nuclear deal isn't over after President Trump's withdrawal. Rough cut (no reporter narration). //reut.rs/2FYEpkt

Iran deal 'not dead' - French FM

LONDON (Reuters) - Sterling’s recent slide is a blip and the currency will bounce back over the coming year, once again approaching pre-Brexit referendum levels, according to a Reuters poll of foreign exchange strategists. Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger Predictions the Bank of England would raise rates this month helped the pound become one of the best performing currencies this year but that accolade has disappeared in recent weeks - alongside nearly all calls for a May hike. [BOE/INT] The pound GBP= fell to a fresh four-month low on Tuesday as the dollar extended its rally and investors trimmed pound holdings before Thursday's BoE meeting, when the central bank is now expected to keep interest rates on hold. Trading around $1.36 on Wednesday, cable will be at $1.37 in a month, $1.40 in six months and $1.42 in a year. Those median forecasts in the May 3-9 poll of around 60 foreign exchange strategists are a touch weaker than the survey taken in April, suggesting most are clinging onto previous views despite the 7 cent-plus plunge over the last few weeks. “Sterling looks oversold right now (and) providing Brexit talks don’t go too badly, markets should price out some of the tail risks still embedded in it,” said Philip Shaw, chief economist at Investec. Net trader positioning on sterling was still short last week, according to Commodity Futures Trading Commission data, although less than the prior week. Asset managers’ net position was more neutral. At the start of 2016, when it looked like a majority of Britons would vote to stay in the European Union, sterling was trading around $1.50 but as the referendum approached and the Leave campaign gathered support, the currency weakened. After the surprise outcome the pound slumped further - as correctly predicted in numerous Reuters polls. But hopes of a smooth departure from the EU, expectations for a rise in the bank rate, and a dollar hit by a growing U.S.-China trade row, restored some strength earlier this year. However, on Tuesday Britain’s upper house of parliament inflicted another embarrassing defeat on Prime Minister Theresa May’s government, challenging her plan to leave the EU’s single market after Brexit. This is the 13th time in recent weeks the government has been defeated in the House of Lords on draft legislation that will formally terminate Britain’s EU membership in March next year. Lawmakers will have to decide later this year whether to back the government or reject the law - with the risk Britain could crash out of the EU in 2019 with no deal in place. Still, there is only a median 20 percent chance of a disorderly Brexit, in which no deal is reached, a Reuters poll found last month. [ECILT/GB] “If there is a major sticking point it is theoretically possible that the UK crashes out without a deal and a transition period. No one thinks that is going to happen, and there are some very good reasons to suggest that it will not, but it is not completely impossible,” Shaw said. Highlighting some of that uncertainty, the 12-month forecast ranges versus the dollar and euro widened from April. Against the common currency, the pound will weaken slightly. On Wednesday a euro EURGBP= was worth 87.4 pence and in a year’s time it will get you 88.3p. Polling by Mumal Rathore and Anisha Sheth; Editing by Ross Finley/Mark Heinrich

Sterling's recent pounding over, set to bounce back: Reuters poll

ISFIYA, Israel, May 04, 2018 (GLOBE NEWSWIRE) -- Check-Cap Ltd. (the “Company” or “Check-Cap”) (NASDAQ: CHEK, CHEKW, CHEKZ), a clinical-stage medical diagnostics company engaged in the development of C-Scan®, an ingestible capsule for preparation-free, colorectal cancer screening, today announced that it has priced an underwritten public offering of 3,189,381 units at a price to the public of $5.50 per unit, for gross proceeds of approximately $17.5 million. Each unit contains one ordinary share (or ordinary share equivalent) and one Series C warrant to purchase one ordinary share. The ordinary shares (or ordinary share equivalents) and the accompanying Series C warrants included in the units can only be purchased together in this offering, but will be issued separately and will be immediately separable upon issuance. H.C. Wainwright & Co. is acting as sole book-running manager for the offering. In connection with the offering, Check-Cap has granted the underwriter a 30-day option to purchase up to additional 478,407 ordinary shares and/or Series C warrants to purchase up to 478,407 ordinary shares. The offering is expected to close on or about May 8, 2018, subject to satisfaction of customary closing conditions. Each Series C warrant has an exercise price of $5.50 per share, is exercisable immediately, and will expire five years from the date of issuance. The Series C warrants will be listed on the Nasdaq Capital Market under the symbol “CHEKZ”. Net proceeds to Check-Cap, after underwriting discounts and commissions and payment of other offering fees and expenses payable by Check-Cap, is expected to be approximately $15.5 million. Check-Cap intends to use the net proceeds of the offering for research and development, clinical trials in Europe and the U.S., manufacturing capabilities, and working capital and other general corporate purposes. A registration statement on Form F-1 relating to this offering was declared effective by the Securities and Exchange Commission (SEC) on May 4, 2018, and a registration statement on Form F-1 relating to this offering was filed and became effective immediately upon filing under Rule 462(b) under the Securities Act of 1933, as amended, on May 4, 2018. The securities may be offered only by means of a prospectus. A preliminary prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov . Copies of the preliminary prospectus, and when available, copies of the final prospectus relating to the offering may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3 rd Floor, New York, NY 10022, by telephone at 646-975-6995 or by email at placements@hcwco.com . This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. About Check-Cap Check-Cap is a clinical-stage medical diagnostics company developing C-Scan®, an ingestible capsule-based system for preparation-free colorectal cancer screening. Utilizing innovative ultra-low dose X-ray and wireless communication technologies, the capsule generates information on the contours of the inside of the colon as it passes naturally. This information is used to create a 3D map of the colon, which allows physicians to look for polyps and other abnormalities. Designed to improve the patient experience and increase the willingness of individuals to participate in recommended colorectal cancer screening, C-Scan removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation. Legal Notice Regarding Forward-Looking Statements This press release contains "forward-looking statements." Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, often signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements,including but not limited to the risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions relating to the offering. For a discussion of these and other risks that could cause such differences and that may affect the realization of forward-looking statements, please refer to the "Special Note On Forward-looking Statements" and "Risk Factors" in the Company's registration statement on Form F-1, as amended (File No. 333-224139), its most recent Annual Report on Form 20-F and other filings with the Securities and Exchange Commission (SEC). Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov . The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. Investor Contacts Vivian Cervantes PCG Advisory 646-863-6274 vivian@pcgadvisory.com Meirav Gomeh-Bauer +972-54-4764979 Meirav@bauerg.com Source:Check-Cap Ltd.

Check-Cap Announces Pricing of $17.5 Million Upsized Underwritten Public Offering

Brandon Nimmo continued his breakout season Thursday night, collecting four hits and reaching base in all five plate appearances as the visiting New York Mets blanked the Milwaukee Brewers 5-0 at Miller Park. Left-hander Steven Matz (2-3) tossed six scoreless innings, allowing four hits and three walks while striking out three. Paul Sewald tossed two perfect innings before Jacob Rhame worked a one-hit ninth to complete New York’s five-hit shutout. The Mets won for the fifth time in seven games. The Brewers had a three-game winning streak snapped and lost for just the second time in eight games. Nimmo doubled leading off the first, tripled and scored the Mets’ first run on Wilmer Flores’ sacrifice fly in the third, doubled and scored New York’s third run on Asdrubal Cabrera’s two-RBI double in the fifth, walked in the sixth and beat out an infield single in the eighth. He has reached base in his past eight plate appearances dating back to Wednesday, when he walked, homered and singled in his final three at-bats. Nimmo, who has been thrust into everyday duty due to injuries to outfielders Yoenis Cespedes and Juan Lagares, has the highest on-base percentage (.450) among major-leaguers with at least 100 plate appearances. Flores had an RBI single in the fifth, and Devin Mesoraco added a run-scoring double in the seventh for the Mets, who scored just four runs in a three-game series against the Miami Marlins that ended Wednesday. Mesoraco and Amed Rosario had two hits each. The Brewers mounted their lone threat in the third, when they loaded the bases with one out before Matz retired Hernan Perez on a popup and induced Manny Pina to fly out. Milwaukee right-hander Zach Davies (2-4) yielded four runs on six hits and two walks over four-plus innings. He struck out two. —Field Level Media

Nimmo's four-hit night propels Mets past Brewers

Selective foreign business is the secret to Global Payments' growth, CEO says 18 Hours Ago Jim Cramer hears from Global Payments CEO Jeff Sloan, who reveals how his company has been able to maintain notably fast growth.

Selective foreign business is the secret to Global Payments' growth, CEO says

May 29, 2018 / 8:43 PM / Updated 12 hours ago Centre Te'o ruled out of England's South Africa tour Reuters Staff 1 Min Read (Reuters) - Centre Ben Te’o will miss England’s tour of South Africa next month after sustaining a thigh muscle injury, the Rugby Football Union (RFU) said on Tuesday. Rugby Union - England Training - Brighton College, Brighton, Britain - May 15, 2018 England's Ben Te'o during training Action Images via Reuters/Andrew Couldridge England coach Eddie Jones has made three changes to his initial 34-man squad, with the 31-year-old Worcester player Te’o requiring minor surgery. Northampton back Piers Francis, Wasps number eight Nathan Hughes and uncapped Gloucester fullback Jason Woodward were drafted in as replacements for injured trio Te’o, Cameron Redpath (knee) and Jack Willis (knee). The squad began their final preparations at Pennyhill Park on Tuesday before flying to South Africa on Saturday for the three-test series. England, who suffered three successive Six Nations defeats earlier this year, lost 63-45 to the Barbarians in a non-cap match at Twickenham on Sunday. They will face South Africa in Johannesburg (June 9), Bloemfontein (June 16) and Cape Town (June 23). Reporting by Hardik Vyas in Bengaluru; editing by Ken Ferris

Rugby-Centre Te'o ruled out of England's South Africa tour

May 10, 2018 / 12:58 PM / Updated 6 hours ago Condoleezza Rice: NCAA rules 'incomprehensible' Reuters Staff 3 Min Read Condoleezza Rice, head of the Commission on College Basketball, described NCAA rules prohibiting payments to student-athletes as “incomprehensible” on Wednesday. ICSS - Securing Sport - Harold Pratt House, New York - 4/11/15 66th U.S. Secretary of State Condoleezza Rice speaks on Day 2 of Securing Sport 2015 - the annual conference of the International Centre for Sport Security (ICSS) Photo Andrew Kelly for ICSS Livepic - 14153310 During a phone interview with USA Today Sports, Rice said she thought the commission’s report, which called for an end to the “one-and-done” rule among several other notable changes, was “pretty clear” that college athletes should be able to profit from their names, images and likenesses. However, she reiterated that this should only be possible after the NCAA’s ongoing legal cases are resolved. “We believe that students ought to be able to benefit from name, image and likeness, but you can’t decide a program until you know the legal parameters,” Rice said. “That was the point. I think some of the commentary suggested that we didn’t really speak on this issue. I think we did speak on this issue, it’s just that we understand there’s a legal framework that has to be developed first. ... “Sometimes when something’s incomprehensible, you have to go ahead and say, ‘This is incomprehensible,’ which means it probably isn’t right. And I thought that in the report, we were pretty clear, that we think the framework doesn’t work.” Regarding one-and-done, which is an NBA rule, Rice said it won’t be eliminated until 2019-20 at the earliest due to the 2018-19 players that have already been recruited under the current system. Rice suggested at the time of the commission’s report if the rule isn’t changed, the NCAA may have to add its own rules — perhaps barring freshmen from playing or making the scholarship of a player who leaves early unavailable after he leaves. The commission’s findings, shared two weeks ago, also recommended that college players should be allowed to return to school if undrafted and that high school and collegiate athletes should be able to sign with a certified agent before deciding to test the NBA draft waters. The 12-person commission also called for independent investigations into rule-breaking and cheating in college programs, pushing for stiffer penalties — possibly including lifetime bans — for offenders. The NCAA will take the recommendations into consideration, president Mark Emmert said in a statement upon the sharing of the report, adding that he hopes to have changes in place by August. “The NCAA appreciates the thorough review and comprehensive work by the Commission on College Basketball,” Emmert said. “The Board of Governors and Division I Board of Directors will now review the independent commission’s recommendations to determine the appropriate next steps.” —Field Level Media

Condoleezza Rice: NCAA rules 'incomprehensible'

WASHINGTON (Reuters) - The Federal Reserve board will hold a public vote on whether to lift growth restrictions on scandal-hit Wells Fargo following pressure from Democratic Senator Elizabeth Warren, the Massachusetts lawmaker said on Friday. FILE PHOTO: A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake/File Photo The Fed’s policy shift could make it tougher for Wells Fargo to shake off the unprecedented sanctions that the bank said on Thursday are expected to crimp earnings by around $100 million. In February, the Fed ordered Wells Fargo to keep its assets below $1.95 trillion until it had improved its governance and risk controls following a wave of sales practices scandals. The regulator previously said Fed staff would assess the adequacy of the bank’s remediation plan, which would also be reviewed by an independent third party. During a congressional hearing in March and in a follow-up letter, however, Senator Warren pressed Fed Chair Jerome Powell to submit the bank’s remediation plan to a board vote and to consider publishing the third-party review. On May 10th, Powell wrote to Warren that he accepted the request for a board vote. “After further consideration, the decision about terminating the asset growth restriction will be made by a vote of the Board of Governors,” Powell wrote in the letter published by Warren’s office on Friday. He added that when the third-party review is ready, “we will review that report to determine whether and to what extent the report can be publicly disclosed.” The Fed declined to comment on Friday beyond Powell’s letter. A spokeswoman for Wells Fargo declined to comment on the Fed’s decision. On Thursday, Wells Fargo told investors the cap would hurt earnings less than it thought this year. The bank previously expected the asset cap to hit after-tax net income by up to $400 million, but lower deposit and loan growth gave it room under the limit and caused it to cut that figure to less than $100 million, Treasurer Neal Blinde said. The bank said in financial filings that it had received detailed feedback from the Fed regarding its remediation plan. In order to have enough time to incorporate this feedback, Chief Executive Tim Sloan said the bank was planning to operate under the cap for the first part of 2019. “I’m glad the Fed’s Board of Governors changed course,” Warren said in a statement. “The Fed must strictly enforce its order to show Wells Fargo that it means business.” Reporting by Michelle Price; Editing by Dan Grebler

Fed to put Wells Fargo remediation plan to public board vote: letter

TACOMA, Wash.--(BUSINESS WIRE)-- TrueBlue, Inc. (NYSE:TBI) announced today its fiscal first quarter 2018 results. Revenue was $554 million, a decrease of 2 percent, compared to revenue of $568 million in the fiscal first quarter of 2017. Net income per diluted share was $0.22, an increase of 100 percent, compared to $0.11 in the fiscal first quarter of 2017. Adjusted net income per diluted share 1 was $0.31, an increase of 48 percent, compared to $0.21 in the fiscal first quarter of 2017. “We are off to a strong start this year with earnings per share growth of 100 percent,” TrueBlue CEO Steve Cooper said. “While revenue was down modestly, growth in our PeopleScout business accelerated to over 20 percent, and we are taking the right actions to return the PeopleReady business to growth. Programs to reduce the cost of services are working, resulting in our ninth consecutive quarter of gross margin expansion and a three percent increase in gross profit for the quarter.” “We are making good progress with our digital strategy. Prospective PeopleScout clients are excited about our new talent acquisition technology, Affinix TM , and adoption of our PeopleReady mobile staffing technology, JobStack TM , is increasing. We have the right strategy to differentiate our services and position the business for profitable long-term growth.” TrueBlue also announced today the divestiture of PlaneTechs, a provider of skilled mechanics and technicians to the aviation sector, which was completed in March. PlaneTechs made up less than 2 percent of total company revenue and the divestiture is not expected to have a meaningful impact on operating income. The action will further enable the company to focus on larger market, higher growth, and higher profit margin opportunities. 2018 Outlook The company estimates revenue for the fiscal second quarter of 2018 to range from $585 million to $600 million. It also expects net income per diluted share to range from $0.32 to $0.38. Adjusted net income per diluted share is expected to range from $0.47 to $0.53. Management will discuss fiscal first quarter 2018 results on a webcast at 2 p.m. PT (5 p.m. ET), today, Monday, Apr. 30. The webcast can be accessed on TrueBlue’s website: www.trueblue.com . About TrueBlue: TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions that help clients achieve business growth and improve productivity, while connecting approximately 740,000 people with work in 2017. TrueBlue's PeopleReady segment offers industrial staffing services, PeopleManagement offers contingent and productivity-based on-site industrial staffing services, and PeopleScout offers Recruitment Process Outsourcing (RPO) and Managed Service Provider (MSP) solutions to a wide variety of industries. Learn more at www.trueblue.com . 1 See the financial statements accompanying the release and the company’s website for more information on non-GAAP terms. Forward-looking Statements This document contains forward-looking statements relating to our plans and expectations, all of which are subject to risks and uncertainties. Such statements are based on management’s expectations and assumptions as of the date of this release and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in our forward-looking statements including: (1) national and global economic conditions, (2) our ability to attract and retain customers, (3) our ability to maintain profit margins, (4) new laws and regulations that could have a material effect on our operations or financial results, (5) our ability to successfully complete and integrate acquisitions (6) our ability to attract sufficient qualified candidates and employees to meet the needs of our customers, (7) our ability to successfully execute on new business strategies and initiatives such as the consolidation of our service lines and leveraging of mobile technology, and (8) uncertainty surrounding the interpretation and application of the recent 2017 Tax Cuts and Jobs Act and any reduction or change in tax credits we utilize, including the Work Opportunity Tax Credit. Other information regarding factors that could affect our results is included in our Securities Exchange Commission (SEC) filings, including the company's most recent reports on Forms 10-K and 10-Q, copies of which may be obtained by visiting our website at www.trueblue.com under the Investor Relations section or the SEC's website at www.sec.gov . We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Any other reference to future financial estimates are included for informational purposes only and subject to risk factors discussed in our most recent filings with the SEC. In addition, we use several non-GAAP financial measures when presenting our financial results in this document. Please refer to the reconciliations between our GAAP and non-GAAP financial measures in the appendix to this document and on our website at www.trueblue.com under the Investor Relations section for a complete perspective on both current and historical periods. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. TRUEBLUE, INC. SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) 13 Weeks Ended (in thousands, except per share data) Apr 1, 2018 Apr 2, 2017 Revenue from services $ 554,388 $ 568,244 Cost of services 411,120 428,815 Gross profit 143,268 139,429 Selling, general and administrative expense 125,763 121,844 Depreciation and amortization 10,090 11,174 Income from operations 7,415 6,411 Interest and other income (expense), net 2,204 74 Income before tax expense 9,619 6,485 Income tax expense 864 1,811 Net income $ 8,755 $ 4,674 Net income per common share: Basic $ 0.22 $ 0.11 Diluted $ 0.22 $ 0.11 Weighted average shares outstanding: Basic 40,443 41,637 Diluted 40,694 41,937 TRUEBLUE, INC. SUMMARY CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) Apr 1, 2018 Dec 31, 2017 ASSETS 26,636 $ 28,780 Accounts receivable, net 322,388 374,273 Other current assets 29,806 25,226 378,830 428,279 57,142 60,163 Restricted cash and investments 242,766 239,231 Goodwill and intangible assets, net 323,468 331,309 Other assets, net 51,745 50,049 Total assets $ 1,053,951 $ 1,109,031 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities $ 197,753 $ 212,419 Long-term debt, less current portion 69,621 116,489 Other long-term liabilities 222,641 225,276 Total liabilities 490,015 554,184 Shareholders’ equity 563,936 554,847 shareholders’ equity $ 1,053,951 $ 1,109,031 TRUEBLUE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 13 Weeks Ended (in thousands) Apr 1, 2018 Apr 2, 2017 Cash flows from operating activities: Net income $ 8,755 $ 4,674 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 10,090 11,174 Provision for doubtful accounts 2,209 1,446 Stock-based compensation 3,409 3,304 Deferred income taxes 1,370 726 Other operating activities (572 ) 1,080 Changes in operating assets and liabilities: Accounts receivable 42,679 49,077 Income tax receivable (2,842 ) 9,565 Other assets (1,964 ) 3,627 Accounts payable and other accrued expenses (4,878 ) (15,015 ) Accrued wages and benefits (9,991 ) (16,071 ) Workers’ compensation claims reserve (4,579 ) (1,957 ) Other liabilities 1,149 2,488 Net cash provided by operating activities 44,835 54,118 Cash flows from investing activities: Capital expenditures (1,911 ) (6,167 ) Divestiture of business 8,500 — Purchases of restricted investments (3,299 ) (14,975 ) Maturities of restricted investments 6,417 4,423 Net cash provided by (used in) investing activities 9,707 (16,719 ) Cash flows from financing activities: Net proceeds from stock option exercises and employee stock purchase plans 395 491 Common stock repurchases for taxes upon vesting of restricted stock (2,086 ) (2,400 ) Net change in revolving credit facility (46,301 ) (57,367 ) Payments on debt (567 ) (567 ) Net cash used in financing activities (48,559 ) (59,843 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (760 ) (339 ) Net change in cash, cash equivalents, and restricted cash 5,223 (22,783 ) Cash, cash equivalents and restricted cash, beginning of period 73,831 103,222 Cash, cash equivalents and restricted cash, end of period $ 79,054 $ 80,439 TRUEBLUE, INC. NON-GAAP FINANCIAL MEASURES AND NON-GAAP RECONCILIATIONS In addition to financial measures presented in accordance with U.S. GAAP, we monitor certain non-GAAP key financial measures. The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures of other companies. Non-GAAP Measure Definition Purpose of Adjusted Measures EBITDA and Adjusted EBITDA EBITDA excludes from net income: - interest and other income (expense), net, - income taxes, and - depreciation and amortization. Adjusted EBITDA, further excludes: - Work Opportunity Tax Credit third-party processing fees, and - cloud-based software implementation costs. - Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. - Used by management to assess performance and effectiveness of our business strategies. - Provides a measure, among others, used in the determination of incentive compensation for management. Adjusted net income and Adjusted net income, per diluted share Net income and net income per diluted share, excluding: - gain on divestiture, - amortization of intangibles of acquired businesses, as well as accretion expense related to acquisition earn-out, - cloud-based software implementation costs, - tax effect of each adjustment to U.S. GAAP net income, and - adjusted income taxes to the expected effective tax rate. - Enhances comparability on a consistent basis and provides investors with useful insight into the underlying trends of the business. - Used by management to assess performance and effectiveness of our business strategies. 1. RECONCILIATION OF U.S. GAAP NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED NET INCOME, PER DILUTED SHARE (Unaudited) Q1 2018 Q1 2017 Q2 2018 Outlook* 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended (in thousands, except for per share data) Apr 1, 2018 Apr 2, 2017 Jul 1, 2018 Net income $ 8,755 $ 4,674 $ 12,900 — $ 15,400 Gain on divestiture (1) (1,393 ) — — Amortization of intangible assets of acquired businesses (2) 5,221 5,864 5,100 Cloud-based software implementation costs (3) 1,715 — 2,200 Tax effect of adjustments to net income (4) (887 ) (1,642 ) (1,200) Adjustment of income taxes to normalized effective rate (5) (675 ) (5 ) — Adjusted net income $ 12,736 $ 8,891 $ 19,000 — $ 21,500 Adjusted net income, per diluted share $ 0.31 $ 0.21 $ 0.47 — $ 0.53 Diluted weighted average shares outstanding 40,694 41,937 40,700 2. RECONCILIATION OF U.S. GAAP NET INCOME TO EBITDA AND ADJUSTED EBITDA (Unaudited) Q1 2018 Q1 2017 Q2 2018 Outlook* 13 Weeks Ended 13 Weeks Ended 13 Weeks Ended (in thousands) Apr 1, 2018 Apr 2, 2017 Jul 1, 2018 Net income $ 8,755 $ 4,674 $ 12,900 — $ 15,400 Income tax expense 864 1,811 2,500 — 2,900 Interest and other income (expense), net (2,204 ) (74 ) (400) Depreciation and amortization 10,090 11,174 10,200 EBITDA 17,505 17,585 25,100 — 28,100 Work Opportunity Tax Credit processing fees (6) 195 272 200 Cloud-based software implementation costs (3) 1,715 — 2,200 Adjusted EBITDA $ 19,415 $ 17,857 $ 27,500 — $ 30,500 * Totals may not sum due to rounding (1) In mid-March 2018, we entered into an asset purchase agreement with a private, strategic buyer for the sale of our PlaneTechs service line, which resulted in a pre-tax gain of $1.4 million. (2) Amortization of intangible assets of acquired businesses as well as accretion expense related to the SIMOS acquisition earn-out. (3) Implementation costs for cloud-based systems. (4) Total tax effect of each of the adjustments to U.S. GAAP net income using the expected ongoing rate of 16 percent for 2018, due to the enacted U.S. Tax Cuts and Jobs Act, and 28 percent for 2017. (5) Adjustment of the effective income tax rate to the expected ongoing rate of 16 percent for 2018, due to the enacted U.S. Tax Cuts and Jobs Act, and 28 percent for 2017. (6) These third-party processing fees are associated with generating the Work Opportunity Tax Credits, which are designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates and reduce our income taxes. TRUEBLUE, INC. SEGMENT INFORMATION 3. SEGMENT DATA (Unaudited) 13 Weeks Ended (in thousands) Apr 1, 2018 Apr 2, 2017 Revenue from services: PeopleReady $ 316,835 $ 332,624 PeopleManagement 183,892 191,686 PeopleScout 53,661 43,934 Total company 554,388 568,244 Segment profit (1): PeopleReady $ 9,525 $ 9,994 PeopleManagement 5,649 5,533 PeopleScout 11,905 8,665 Total segment profit 27,079 24,192 Corporate unallocated expense (7,664 ) (6,335 ) Total company Adjusted EBITDA 19,415 17,857 Work Opportunity Tax Credit processing fees (2) (195 ) (272 ) Cloud-based software implementation costs (3) (1,715 ) — EBITDA 17,505 17,585 Depreciation and amortization (10,090 ) (11,174 ) Interest and other income (expense), net 2,204 74 Income before tax expense 9,619 6,485 Income tax expense (864 ) (1,811 ) Net income $ 8,755 $ 4,674 (1) We evaluate performance based on segment revenue and segment profit. Segment profit includes revenue, related cost of services, and ongoing operating expenses directly attributable to the reportable segment. Segment profit excludes goodwill and intangible impairment charges, depreciation and amortization expense, unallocated corporate general and administrative expense, interest, other income and expense, income taxes, and costs not considered to be ongoing costs of the segment. Segment profit is comparable to segment adjusted EBITDA amounts reported in prior periods. (2) These third-party processing fees are associated with generating the Work Opportunity Tax Credits, which are designed to encourage employers to hire workers from certain targeted groups with higher than average unemployment rates and reduce our income taxes. (3) Implementation costs for cloud-based systems. View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006179/en/ TrueBlue, Inc. Derrek Gafford, 253-680-8214 EVP & CFO Source: TrueBlue, Inc.

TrueBlue Reports Fiscal First 2018 Results

May 21, 2018 / 5:11 PM / Updated 12 minutes ago Tesla's Model 3 review falls short of Consumer Reports endorsement Reuters Staff 1 Min Read (Reuters) - Consumer Reports on Monday said that flaws with Tesla Inc’s Model 3 sedan prevented it from earning its recommendation. A man cleans a Tesla Model 3 car during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee The report said even though tests found plenty to like about the Model 3, it had “big flaws” including long stopping distances and difficult-to-use controls. Tesla’s stopping distance of 152 feet from 60 mph was far worse than any contemporary car tested by Consumer Reports and about seven feet longer than the stopping distance of a Ford F-150 full-sized pickup, the magazine said. Tesla said: “Tesla’s own testing has found braking distances with an average of 133 feet when conducting the 60-0 mph stops using the 18” Michelin all season tire and as low as 126 feet with all tires currently available. “Unlike other vehicles, Tesla is uniquely positioned to address more corner cases over time through over-the-air software updates, and it continually does so to improve factors such as stopping distance.”

Tesla's Model 3 review falls short of Consumer Reports endorsement

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Chipmaker stocks jumped late Tuesday after Apple reported steady iPhone sales, easing fears of a significant decline. Skyworks Solutions climbed 3 percent in after-hours trading, following gains of 4.77 percent during Tuesday's session. The VanEck Vectors Semiconductor ETF (SMH) climbed 0.8 percent. Micron Technology shares rose more than 1 percent, shares of Cirrus Logic gained nearly 3 percent, and Broadcom climbed 2 percent. Apple said it sold 52.2 million iPhones in the quarter ended March , up from 51 million a year ago. The figure for the latest quarter did miss expectations of 53 million, according to FactSet consensus estimates. However, some analysts have feared worse. Last week, Bernstein analyst Toni Sacconaghi cut his fiscal-year earnings-per-share estimate for Apple based on his team's analysis of supply chain companies that "increasingly point[ed] to weakness. " WATCH: iPhone sales & Apple's cash burn show chapters Unclear iPhone X will be a real product for Apple, says analyst 22 Hours Ago | 04:31

Semiconductor stocks climb after Apple eases fears of iPhone slump

May 7 (Reuters) - Black Knight Inc: * BLACK KNIGHT REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 EARNINGS PER SHARE $0.29 * Q1 REVENUE $270.3 MILLION VERSUS I/B/E/S VIEW $267.7 MILLION * SEES FY 2018 REVENUE $1.102 BILLION TO $1.122 BILLION * Q1 EARNINGS PER SHARE VIEW $0.40 — THOMSON REUTERS I/B/E/S * FULL YEAR 2018 ADJUSTED REVENUES ARE EXPECTED TO BE IN RANGE OF $1,105 MILLION TO $1,125 MILLION * FY2018 EARNINGS PER SHARE VIEW $1.78, REVENUE VIEW $1.12 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Our

Black Knight Q1 Earnings Per Share $0.29

May 19, 2018 / 2:51 PM / Updated 9 hours ago Liikanen declines to rule out European Central Bank top job Reuters Staff 2 Min Read HELSINKI (Reuters) - Bank of Finland Governor Erkki Liikanen declined on Saturday to rule out his candidacy for the job of head of the European Central Bank, although he said he was not campaigning for it. Governors Jorgovanka Tabakovic of National Bank of Serbia and Erkki Liikanen of the Bank of Finland wait for the International Monetary Fund Governors family photo during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018. REUTERS/Yuri Gripas Liikanen, 67, has been seen as a potential compromise candidate from a northern country to succeed Italian ECB President Mario Draghi when Draghi’s term ends in 2019. “These discussions always start too early... I’m not campaigning for any position. But there might be situations where one is asked ‘will you do your duty’. Then, one must consider it,” Liikanen said on Saturday in an interview with public broadcaster YLE. Liikanen is considered a moderately hawkish member of the ECB’s governing council, and loyal to Draghi. The search for a replacement for Draghi is seen as pitting the ECB’s hawkish northern members against southern European countries viewed as more dovish on policy. Bundesbank President Jens Weidmann, the most outspoken figure from the hawkish wing, kept the door open for a run at the top job in remarks earlier on Saturday. Liikanen has been touted as a northerner who might be perceived as less divisive by southern European countries than Weidmann. He is stepping down from the helm of Finnish central bank in July after 14 years in the job, and will be replaced by Olli Rehn, the EU’s former economic chief. In his interview, he said his stance on price stability has remained unchanged: “When inflation accelerates to more than 2 percent... I demand raising interest rates. When it remains considerably below that level, we must stimulate the economy. My stance is symmetrical, regardless of whether we are above or below our target.” Reporting by Jussi Rosendahl; Editing by Peter Graff

Liikanen declines to rule out ECB top job

PHILADELPHIA, May 7, 2018 /PRNewswire/ -- At close of regular business on May 4, 2018, Aberdeen Asset Managers Limited ("AAML"), part of Aberdeen Standard Investments ("ASI"), completed the previously announced agreement with Alpine Woods Capital Investors, LLC ("Alpine") to transfer certain assets related to the investment management business of Alpine (the "AAML/Alpine Agreement") following the appropriate shareholder approvals, including the approval of new investment advisory agreements for three closed-end funds (and for AWP, also a subadvisory agreement with Aberdeen Asset Management Inc., or "AAMI") and respective shareholder approval of reorganizations of Alpine-advised mutual funds into a newly organized series of Aberdeen Funds, with more than $3.6 billion in assets under management. Closed-end funds ASI assumed responsibility for the management of Alpine Global Dynamic Dividend Fund ("AGD"), Alpine Total Dynamic Dividend Fund ("AOD") and Alpine Global Premier Properties Fund ("AWP") (each a "Fund" and collectively, the "Funds") from Alpine. As noted within each Fund's proxy statement, the Fund names will be changed in order to identify the manager more closely with the Funds and to differentiate them in a competitive market with many known brands. The current investment policies and strategies of the Funds will remain unchanged, so there will be continuity of strategy for the Funds. AAML and its affiliates have extensive experience managing U.S. registered closed-end funds, with dedicated fund support. The name changes are as follows: Prior Fund Name Ticker New Fund Name Assets under Management (US$) as of 5/1/2018 Web Address Alpine Global Premier Properties Fund AWP Aberdeen Global Premier Properties Fund $605,244,836 aberdeenawp.com Alpine Total Dynamic Dividend Fund AOD Aberdeen Total Dynamic Dividend Fund $1,077,487,441 aberdeenaod.com Alpine Global Dynamic Dividend Fund AGD Aberdeen Global Dynamic Dividend Fund $145,458,046 aberdeenagd.com In connection with the closing of the acquisition and shareholder approval, effective as of May 4, 2018, the four new Trustees of AWP, AOD and AGD are P. Gerald Malone, Martin Gilbert, Nancy Yao Maasbach and John Sievwright. The day-to-day management of AOD and AGD will be the responsibility of ASI's Global Equity team, and AWP will be managed by the Global Real Estate team. The teams work in a collaborative fashion, with all team members having both portfolio management and research responsibilities. ASI welcomed two new colleagues from Alpine Woods to join the teams managing AOD and AGD; Joshua Duitz has joined the Global Equity Team and will work primarily on the dynamic dividend funds which he has managed since 2012 and Bruce Ebnother, managing the real estate products since 2011, has joined the Global Real Estate team. Mutual Funds Following the reorganization approved by shareholders, each target fund below transferred all of its assets and liabilities to the corresponding acquiring fund. Target Funds Each a Series of Alpine Series Trust Surviving Funds Each a Series of Aberdeen Funds Assets under Management (US$) as of May 1, 2018 Alpine Dynamic Dividend Fund Aberdeen Dynamic Dividend Fund $160,546,376 Alpine Rising Dividend Fund Aberdeen Income Builder Fund $98,983,628 Alpine Global Infrastructure Fund Aberdeen Global Infrastructure Fund $124,218,036 Alpine International Real Estate Equity Fund Aberdeen International Real Estate Equity Fund $122,633,898 Alpine Realty Income and Growth Fund Aberdeen Realty Income and Growth Fund $91,706,123 Alpine High Yield Managed Duration Municipal Fund Aberdeen High Yield Managed Duration Municipal Fund $211,938,198 Alpine Ultra Short Municipal Income Fund Aberdeen Ultra Short Municipal Income Fund $997,691,189 The day-to-day management of the Aberdeen Dynamic Dividend Fund and Aberdeen Global Infrastructure Fund will be the responsibility of ASI's Global Equities team. The two fixed-income funds, Aberdeen High Yield Managed Duration Municipal Fund and Aberdeen Ultra Short Municipal Income Fund, will be managed by ASI's U.S. Fixed Income team. The day-to-day management of the Aberdeen International Real Estate Equity Fund and Aberdeen Realty Income and Growth Fund will be the responsibility of ASI's Global Real Estate team. The Aberdeen Income Builder Fund will be managed by ASI's U.S. Equity team. In addition to Josh Duitz and Bruce Ebnother noted above, ASI welcomed Jonathan Mondillo and Mark Taylor from Alpine who will join ASI's U.S. Fixed Income team. Joshua Duitz joined the Global Equity team and will work primarily on the Aberdeen Dynamic Dividend Fund and Aberdeen Global Infrastructure Fund, which he has managed since 2012. Bruce Ebnother, who has managed real estate products since 2011, joined the Global Real Estate team. Jonathan Mondillo and Mark Taylor will continue to work on the Aberdeen High Yield Managed Duration Municipal Fund and Aberdeen Ultra Short Municipal Income Fund which they have managed since 2015 and 2016, respectively. Aberdeen Asset Management PLC, the parent company of AAML and AAMI, is an independent asset manager founded in 1983 and is a subsidiary of Standard Life Aberdeen plc. Standard Life Aberdeen plc and its affiliates offer a comprehensive range of investment capabilities, and overall manage worldwide assets of with $778.8 billion as of December 31, 2017, on behalf of clients in 80 countries. Closed-end investment management companies have formed part of Aberdeen's business since its inception and remain an important element of its client base in the United States and globally. Notes to editors Aberdeen Standard Investments has relationships with around 500 financial sponsors across approximately 1000 funds globally. Aberdeen Standard Investments is a leading global asset manager dedicated to creating long-term value for our clients, and is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. With over 1,000 investment professionals we manage $684.6 billion* of assets worldwide. We have clients in 80 countries supported by 50 relationship offices. This ensures we are close to our clients and the markets in which they invest. We are high-conviction, long-term investors who believe teamwork and collaboration are the key to delivering repeatable, strong investment performance. We are resolute in our commitment to active asset management. Aberdeen Standard Investments is the asset management business of Standard Life Aberdeen plc, one of the world's largest investment companies. Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million shareholders and is listed on the London Stock Exchange. The Standard Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen Asset Management PLC on August 14, 2017. *Standard Life Aberdeen AUM/AUA is US$778.8 billion as of December 31, 2017. Important Information Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments. In the United States, Aberdeen Standard Investments is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd., Aberdeen Asset Management Ltd., Aberdeen Asset Management Asia Ltd., Aberdeen Asset Capital Management, LLC, Standard Life Investments (Corporate Funds) Ltd., and Standard Life Investments (USA) Ltd. View original content with multimedia: http://www.prnewswire.com/news-releases/aberdeen-standard-investments-announces-completion-of-reorganization-of-assets-from-alpine-woods-capital-investors-llc-into-the-aberdeen-funds-trust-and-new-investment-advisory-agreements-with-three-closed-end-funds-300643600.html SOURCE Aberdeen Standard Investments

Aberdeen Standard Investments Announces Completion Of Reorganization Of Assets From Alpine Woods Capital Investors, LLC Into The Aberdeen Funds Trust And New Investment Advisory Agreements With Three Closed-End Funds

LONDON, May 4 (Reuters) - Formula E founder and chief executive Alejandro Agag has made a 600 million euro ($716.34 million) bid to take full ownership of the company, the all-electric series said on Friday. A Formula E spokesman said the Spanish entrepreneur had written to the chairman of the board of directors setting out his plans. “I strongly believe in the future of Formula E and this offer is an expression of that confidence,” Agag wrote in the letter. “For this reason I would like to make a proposal to buy all the shares in the company at a value of 600 million euros equity value.” Formula E’s shareholders include John Malone’s Liberty Global and Discovery Communications. Excerpts from the letter were published by the motorsport.com website, whose owner the Motorsport Network last year also acquired a stake in Formula E. $1 = 0.8376 euros Reporting by Alan Baldwin, editing by Christian Radnedge

Motor racing-Formula E boss Agag makes 600m euro ownership bid

May 11, 2018 / 8:18 AM / Updated 7 hours ago Npower hits million British energy customers with price hike Sabina Zawadzki 3 Min Read LONDON (Reuters) - Npower will raise domestic fuel costs for one million British customers, saying its standard variable dual fuel price for gas and electricity would increase 5.3 percent from mid-June. FILE PHOTO: A sign hangs outside the building of electricity provider npower in Solihull, Britain, March 7, 2016. REUTERS/Darren Staples/File Photo Friday’s price rise announcement comes despite intense political scrutiny of energy bills and follows hikes by Centrica-owned ( CNA.L ) British Gas, Iberdrola-owned ( IBE.MC ) Scottish Power and EDF Energy, part of France’s EDF ( EDF.PA ). Innogy-owned ( IGY.DE ) Npower’s price rise means customers on its dual fuel tariff who pay by direct debit will have an average energy bill of around 1,230 pounds a year. Related Coverage Factbox - Energy price changes by utilities in Britain The rise is made up of an average rise of 4.4 percent on gas and 6.2 percent on electricity, Npower said in a statement. “The price change largely stems from increases in policy and wholesale energy costs, which are widely acknowledged to have continued to rise since Npower implemented its last price change in March 2017,” it added. British gas prices TRGBNBPWKD have become more volatile and experienced a huge spike during a sudden freeze in late February, in part due to the closure of a large storage site which acted as buffer during cold months. Baseload power prices TRGBBD1 are broadly higher this month than a year ago too. But the wholesale price constitutes less then half of retail prices. Other charges, some policy-driven to encourage a switch to renewable fuels, make up the rest. Britain’s dominant energy companies, which also include E.ON ( EONGn.DE ) and SSE Plc ( SSE.L ), face price caps on the standard variable tariffs which the government plans to implement in time for winter, as well as fierce competition from smaller rivals. The government has said British energy prices are a “rip-off” after it emerged household bills have doubled over the last decade, despite a series of market liberalisation reforms. Reporting by Sabina Zawadzki, editing by Oleg Vukmanovic and Alexander Smith

UK utility npower hikes energy prices for 1 million customers

FORT WORTH, Texas, May 29, 2018 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and gas mineral and royalty interests across 20 states, today announced that it has agreed to acquire the mineral and royalty interests held by Houston-based Haymaker Minerals & Royalties, LLC and Haymaker Resources, LP (collectively, "Haymaker") in a transaction valued at approximately $404 million. The purchase price for the acquisition is comprised of $210 million in cash and 10 million common units of Kimbell, valued at approximately $194 million. 1 Kimbell will raise the cash portion of the purchase price through a private placement of 7.00% Series A Cumulative Convertible Preferred Units ("Series A Preferred Units") to an affiliate of Apollo Global Management, LLC ("Apollo") for gross proceeds of $110 million and through borrowings of $114 2 million under a new $200 million revolving credit facility. The Boards of Kimbell and Haymaker have unanimously approved the acquisition, which is expected to close in the third quarter of 2018, subject to customary closing conditions. The effective date of the acquisition is April 1, 2018. Following the closing of the acquisition, Haymaker's private equity sponsors, KKR & Co. L.P. ("KKR") and Kayne Anderson Capital Advisors, L.P. ("Kayne"), along with Haymaker management, will collectively own approximately 37% of the then outstanding common units of Kimbell. Bob Ravnaas, Chairman and CEO of Kimbell, said, "This is a transformative acquisition for our company which we expect to deliver significant value and benefits through both increased scale and significant operating leverage that will drive improved profitability. Through this combination of highly complementary minerals portfolios, Kimbell is uniquely positioned to be a major participant in the best-performing, highest-growth oil and gas basins in the Lower 48. We expect the acquisition to be immediately accretive to distributable cash flow per unit and look forward to continued successes in this new and exciting chapter for Kimbell." Karl Brensike, CEO of Haymaker, said, "We are extremely proud of the Haymaker team for assembling this world-class portfolio. Diversified minerals and royalties are just starting to get the recognition they deserve as a lower risk strategy to capitalize on the tremendous advancements being made in the U.S. oil and natural gas industry. We believe this acquisition will kick off a new phase of consolidation across the sector, as private equity looks to divest their mineral interests to longer term holders. Kimbell's diversified asset base and access to capital through their proposed tax structure will position them to continue to make accretive acquisitions over the coming years." Acquisition Highlights 3 Pro forma free cash flow yield 4 of 12% drives accretion to distributable cash flow per unit of >20% based on first quarter 2018 results and using run-rate G&A Increases average daily net production per Kimbell unit for first quarter 2018 by more than 50% on pro forma basis Highly complementary Haymaker acreage increases Kimbell's net royalty acres per unit by 10% on a pro forma basis 52% of the combined net royalty acreage is in the high growth Permian and Mid-Continent areas Conservatively financed with estimated pro forma net debt to EBITDA below 2.0x 5 and ample liquidity under new revolving credit facility Creating a Leading Energy Yield Company Following the closing, Kimbell will have an 11.1 million gross acre position with a total of 73 active rigs on its properties, which represents 7% of total active rigs in the U.S. In addition, 95% of all rigs in the Lower 48 are located in counties where Kimbell will hold mineral interest positions. The acquisition further solidifies Kimbell's position in the Permian by adding mineral interests in the Midland Basin and further bolstering its Mid-Continent position, which includes the SCOOP / STACK. Going forward, Kimbell will remain a liquids-focused company with oil and NGLs accounting for approximately 67% of estimated pro forma 1Q 2018 production. Estimated pro forma net debt / EBITDA will be below 2.0x5 at the closing of the acquisition, with a prudent hedging program in place that will target between 30% and 40% of production on a rolling two-year basis to protect cash flows. Kimbell's management team, led by Kimbell CEO Bob Ravnaas, will operate the combined company following the closing. Series A Cumulative Convertible Preferred Units Kimbell signed a purchase agreement with Apollo for $110 million of the Series A Preferred Units. The private placement of the Series A Preferred Units will close at the same time as the closing of the acquisition. Summary terms of the Series A Preferred Units include: Distributions of 7.00% per annum, paid quarterly in arrears Kimbell may redeem the Series A Preferred Units at any time for cash Beginning on the second anniversary of the closing date, Apollo may elect to convert some or all of the Series A Preferred Units if the common unit price is at a 30% premium to the issue price Voting rights on an as-converted basis with common units New Revolving Credit Facility In conjunction with the closing of the acquisition, Kimbell has received commitments for a fully-underwritten $200 million revolving credit facility with Frost Bank, Wells Fargo Bank and Credit Suisse AG. The borrowing base of Kimbell's current revolving credit facility is $100 million which will increase to $200 million upon closing of the acquisition. At the closing, the Company will have approximately $64 million of availability under its new revolving credit facility, providing for significant liquidity. Proposed Election to Change Tax Status Kimbell believes that the conversion to a taxable entity will enable it to target a significantly larger investor base both domestic and international, increase its liquidity and support its continued growth and consolidation strategy. KKR and Kayne, together with Haymaker management, as well as Apollo have agreed to vote in favor of the Company's proposed election to change to a taxable entity, with the precise structure to be determined by the Board of Directors of Kimbell. Upon consummation of the acquisition and the Series A Preferred Units offering, KKR, Kayne, Haymaker management and Apollo, together with outstanding common units that are controlled by Kimbell's management and Board of Directors, will constitute the requisite majority of unitholders necessary to approve the tax election. The Company will file with the Securities and Exchange Commission ("SEC") an information statement regarding the approval of the tax election and distribute that information statement to its other unitholders. Advisors Credit Suisse Securities (USA) LLC acted as exclusive financial advisor and sole placement agent on the Series A Preferred Units to Kimbell and Baker Botts L.L.P. acted as legal counsel to Kimbell. UBS Investment Bank acted as exclusive capital markets advisor to Kimbell in connection with the election to change to a taxable entity. RBC Richardson Barr acted as exclusive financial advisor to Haymaker, Kirkland & Ellis LLP acted as legal counsel to KKR and Haymaker and DLA Piper LLP acted as legal counsel to Kayne and Haymaker. Kirkland & Ellis LLP also represented Apollo in connection with the Series A Preferred Units offering. Investor and Analyst Conference Call Kimbell will host a conference call and webcast today at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) to discuss this transaction. To access the call live by phone, dial (201) 389-0869 and ask for the Kimbell Royalty Partners call at least 10 minutes prior to the start time. A webcast of the call will also be available live and for later replay on Kimbell's website at http://www.kimbellrp.com under Events and Presentations. The company also has an investor presentation on their website with additional information about the transaction. About Kimbell Royalty Partners Kimbell (NYSE: KRP) is an oil and gas mineral and royalty variable rate master limited partnership based in Fort Worth, Texas. Kimbell is managed by its general partner, Kimbell Royalty GP, LLC, and owns mineral and royalty interests in approximately 5.7 million gross acres in twenty states and in nearly every major onshore basin in the continental United States, including ownership in more than 50,000 gross producing wells with over 30,000 wells in the Permian Basin. To learn more, visit http://www.kimbellrp.com . About Haymaker Minerals & Royalties Founded in 2013, Haymaker has invested capital on behalf of Kayne Anderson and KKR to acquire over 5 million gross mineral acres through over 700 individual transactions. Using sophisticated practices from the software, finance, and upstream E&P industries, Haymaker was able to assemble a diversified portfolio of mineral and royalty interests in over 35,000 producing wells across 26 states and over 500 counties. To learn more, visit www.haymakermineralsandroyalties.com About Kayne Anderson Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy and infrastructure, specialized real estate, growth equity and both private credit and diversified liquid credit. Kayne Anderson's investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. Kayne manages over $26 billion in assets (as of 4/30/2018) for institutional investors, family offices, high net worth and retail clients and employs over 300 professionals in eight offices across the U.S. Through Kayne Anderson Energy Funds ("KAEF"), the firm has raised $7.0 billion of committed capital dedicated to energy private equity investments in primarily upstream and midstream oil and gas companies. Currently, KAEF has over 20 active portfolio companies focused on upstream and midstream oil and gas assets across North America. For more information, please visit www.kaynecapital.com . About KKR KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co. Forward-Looking Statements This news release includes . These involve risks and uncertainties, including certain plans, expectations, goals and statements about the benefits of the proposed acquisition and election to change to a taxable entity, Kimbell's plans, objectives, expectations and intentions, the expected timing of completion of the acquisition, and other statements that are not historical facts. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are . Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. Except as required by law, Kimbell undertakes no obligation and does not intend to update these to reflect events or circumstances occurring after this news release. When considering these , you should keep in mind the risk factors and other cautionary statements in Kimbell's filings with the SEC. These include risks inherent in oil and natural gas drilling and production activities, including risks with respect to low or declining prices for oil and natural gas that could result in downward revisions to the value of proved reserves or otherwise cause operators to delay or suspend planned drilling and completion operations or reduce production levels, which would adversely impact cash flow; risks that the anticipated benefits of the election to change to a taxable entity are not realized; risks related to Kimbell's acquisition and integration of the acquired businesses and assets; the possibility that the proposed acquisition does not close when expected or at all because any conditions to the closing are not satisfied on a timely basis or at all; the risk that the financing required to fund the acquisition is not obtained; uncertainties as to the timing of the acquisition; the possibility that the anticipated benefits of the acquisition are not realized when expected or at all; risks relating to Kimbell's hedging activities; risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks relating to delays in receipt of drilling permits; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or third-party consents; and other risks described in Kimbell's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov . You are cautioned not to place undue reliance on these , which speak only as of the date of this news release. Contact: Rick Black Dennard Lascar Investor Relations krp@dennardlascar.com (713) 529-6600 1 Based on closing unit price of $19.40 on May 25, 2018. 2 Includes revolving credit facility draw related to estimated fees and expenses of the acquisition. 3 For additional information regarding the assumptions used with respect to the acquisition highlights, see the investor presentation available on Kimbell's website. 4 Kimbell defines free cash flow as cash flow from operating activities less capital expenditures divided by market capitalization as of May 25, 2018. 5 As of March 31, 2018 and pro forma for the Delaware Basin asset sale. View original content: http://www.prnewswire.com/news-releases/kimbell-royalty-partners-lp-announces-acquisition-of-mineral-and-royalty-interests-held-by-haymaker-minerals--royalties-llc-and-haymaker-resources-lp-for-404-million-and-proposed-election-to-change-tax-status-300655615.html SOURCE Kimbell Royalty Partners, LP

Kimbell Royalty Partners, LP announces acquisition of mineral and royalty interests held by Haymaker Minerals & Royalties, LLC and Haymaker Resources, LP for $404 million and proposed election to change tax status

The London Metal Exchange will begin offering contracts in metals used in batteries within 18 months to capture the huge opportunities created by the rise of the electric car, according to its chief. Demand for metals including lithium, cobalt, nickel, graphite and manganese has surged with the growth in electric vehicles, particularly in China, which has become the largest electric car market worldwide as the government aggressively pushed development to deal with serious pollution problems. "The battery industry is a big part of metal contracts now trading, as a result of the increasing popularity of electric cars," LME chief executive Matthew Chamberlain told the annual LME Asia Week forum in Hong Kong on Thursday. More from the South China Morning Post: China tells Trump to stay calm over North Korea threat to cancel nuclear summit Meghan and Harry: royal wedding looms large but the British monarchy has also had its brushes with divorce 'Let's climb!' Cate Blanchett leads Cannes women in red carpet #MeToo protest for equality New futures contracts to be launched may include lithium, graphite and manganese, while additional contracts for the already tradeable nickel, copper, cobalt and aluminium will be explored, he said. Chamberlain also said that alongside the battery sector, other new products in the pipeline included gold and silver options. "The LME will introduce a new platform by the end of this year to make it quicker and easier to launch new products. The range of new products should be launched over the next 18 months," he said. The LME is the world's largest metals exchange and is owned by Hong Kong stock market operator Hong Kong Exchanges and Clearing (HKEX). Some 900 people attended the annual conference, including representatives of electric vehicle makers. Brokerage industry officials said the LME's plans for new contracts were well timed, given the growth of the electric vehicle industry. "Manufacturers of electric vehicle batteries would need to trade these metals and hence want to have futures or options contracts to hedge their risks," said Gary Cheung, chairman of the Hong Kong Securities Association, the industry body for local brokers. "With electric cars getting more popular in mainland China and other parts of the world, it is the right timing for the LME to launch related products for these manufacturers to do risk management. If end users could create a good liquidity pool, other investors would also like to trade," Cheung said. The LME saw first quarter overall trading volume rise 3 per cent year on year, partly as a result of a discount on trading costs introduced since October. Chamberlain said that aluminium trading doubled in April as concerns over a trade war between China and the US rose, and that while that may have been a one-time occurrence, turnover in other products would continue to grow due to the discount. Speaking at the same forum, Joseph Chan Ho-lim, Hong Kong's undersecretary for financial services and the treasury, noted that China's grand strategy to create a global trading network, known as the "Belt and Road Initiative", would increase demand for commodity trading. Follow CNBC International on Twitter and Facebook .

LME takes aim at electric car market new contracts for battery metals

May 3, 2018 / 10:21 AM / in 3 minutes DowDuPont's profit tops estimates on growing demand Reuters Staff 2 Min Read (Reuters) - DowDuPont Inc ( DWDP.N ) reported a higher-than-expected first-quarter profit on Thursday as increased prices for its products and demand for packaging, paint and other materials made up for a weak agriculture business. The chemical producer, formed by the merger of Dow Chemical and DuPont last year, clocked up net sales of $21.5 billion for the quarter, which the company said compared to what would have been net sales of $20.5 billion if DowDuPont had been one company in the same quarter a year ago. Adjusted earnings rose 7 percent to $1.12 per share, ahead of analysts’ average estimate of $1.10, according to Thomson Reuters I/B/E/S. “The Materials Science and Specialty Products divisions delivered better-than-expected top- and bottom-line growth with higher prices and volume gains,” Chief Executive Ed Breen said in a statement. “Their growth more than offset weather-related delays that are expected to shift a substantial portion of our agriculture earnings to the second quarter.” The chemical giant said overall sales volumes fell 2 percent, but prices rose 3 percent on a comparable basis. The materials science unit, which makes chemicals that go into making everything from cosmetics to packaging material to brake fluids, saw sales rise 17 percent, on the back of a 8 percent rise in volumes. Its specialty products unit, which makes products that go into making construction materials or the semiconductors and chips used in mobile phones, saw sales rise 11 percent. The two divisions offset a slide of 25 percent in the agriculture division. Reporting by Nivedita Bhattacharjee; editing by Patrick Graham and Saumyadeb Chakrabarty

UPDATE 1-DowDuPont's profit tops estimates on growing demand

Pinterest If you are a woman in these camps, you face even more horrific treatment. You are routinely raped in the most violent of ways, sometimes by multiple assailants, for days on end. If you become pregnant by your rapist, you will be forced to undergo an abortion, many times with no pain killers whatsoever. And if you try to hide your pregnancy, in an attempt to save the life of your unborn child, you will be killed in the most horrific of ways, but only after you watch your baby murdered beforehand. Such descriptions are grotesque, but must be retold—again and again—to serve a constant reminder of the nature of the regime that we are now trying to negotiate with. All the photo-ops and slick media campaigns to rehabilitate the Kim family’s image can’t wash away the blood this regime has on its hands. While I am hopeful that Kim Jong Un may have had his come to Jesus moment and truly wants to give up his nuclear weapons and potentially open his nation economically and politically, history cries out for us to be wary. The Kim family’s victims—including America’s own Otto Warmbier and millions more—demand from us such skepticism. Commentary by Harry J. Kazianis, director of defense studies at the Center for the National Interest. He also serves as executive editor of its publishing arm, The National Interest . He previously served as part of the foreign policy team for the 2016 presidential campaign of Senator Ted Cruz. Follow him on Twitter @Grecianformula . For more insight from CNBC contributors, follow

North Korea freed 3 prisoners. Trump still can't trust Kim Jong-Un - last24ht

May 1, 2018 / 11:23 AM / Updated 5 minutes ago Pushing to bury Iran deal, Israel insists nobody wants war with Tehran Maayan Lubell , Dan Williams 7 Min Read JERUSALEM (Reuters) - Israel said on Tuesday it does not seek war with Iran, a day after presenting purported evidence of past Iranian nuclear arms work, but suggested U.S. President Donald Trump backed its latest attempt to kill a deal aimed at curbing Iran’s atomic ambitions. A senior Israeli official said Prime Minister Benjamin Netanyahu had informed Trump on March 5 about alleged evidence seized by Israel in what Netanyahu on Monday presented as a “great intelligence achievement”. Trump agreed at the meeting that Israel would publish the information before May 12, the date by which he is due to decide whether the United States should quit the nuclear deal with Iran, an arch foe of both countries, the Israeli official said. Word of the consultations between Trump and Netanyahu serves to underscore perceptions of a coordinated bid by both leaders to bury the international agreement, which Trump has called “horrible” and Netanyahu has termed “terrible.” Under the deal struck by Iran and six major powers Tehran agreed to limit its nuclear programme in return for relief from U.S. and other economic sanctions. Trump gave Britain, France and Germany a May 12 deadline to fix what he views as the deal’s flaws - its failure to address Iran’s ballistic missile programme, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some of its terms expire - or he will reimpose U.S. sanctions. In a televised statement on Monday night Netanyahu detailed what he said were Iranian documents that purportedly prove Iran had been developing nuclear arms before the 2015 deal that it signed with the United States and world powers. White House spokeswoman Sarah Sanders told reporters that the Israeli announcement offered proof that the Iran deal was made “under false pretenses” as Trump decides whether to withdraw the United States. “The president has been very clear that he thinks the deal is one of the worst that we’ve ever seen and we’ll keep you posted on when he has made a final decision,” she said. On Tuesday Netanyahu told CNN that “nobody” sought a conflict with the Islamic Republic, a prospect seen by some as a possible result of the deal’s collapse. Asked if Israel is prepared to go to war with Tehran, Netanyahu said: “Nobody’s seeking that kind of development. Iran is the one that’s changing the rules in the region.” But Netanyahu’s presentation said the evidence showed Iran lied going into the deal, a landmark agreement seen by Trump as flawed but by European powers as vital to allaying concerns that Iran could one day develop nuclear bombs. Tehran, which denies ever pursuing nuclear weapons, dismissed Netanyahu as “the boy who cried wolf,” and called his presentation propaganda. “We warn the Zionist regime and its allies to stop their plots and dangerous behaviours or they will face Iran’s surprising and firm response,” Iranian Defence Minister Amir Hatami was quoted as saying by Iranian news agency Tasnim on Tuesday. Hatami called Netanyahu’s accusations “baseless”. Former U.S. Secretary of State John Kerry, in a series of tweets on Tuesday, said the information disclosed by Israel was proof of why the agreement should be retained. Related Coverage White House - Iran's nuclear program further along than indicated in 2015 “There was no negotiation - and all of that changed with (the deal). Blow up the deal and you’re back there tomorrow!” said Kerry, who negotiated the pact. International and Israeli experts said Netanyahu had presented no evidence Iran was in breach of the deal. Rather, it appeared the presentation, delivered almost entirely in English, was composed as an Israeli prelude to Trump quitting the accord. Tzachi Hanegbi, Israeli minister for regional development and a Netanyahu confidant, said the presentation was meant to provide Trump with grounds to bolt the deal. “In 12 days a huge drama will unfold. The American president will likely pull out of the deal,” Hanegbi said in an interview on Israeli Army Radio. “What the prime minister did last night, was to give Trump ammunition against the European naiveté and unwillingness regarding Iran.” The senior Israeli official said Israel knew about the Iranian archive for a year, got hold of it in February and informed Trump about it at a meeting in Washington on March 5. REVIEW Israel had updated China on its Iran material and by the end of this week was scheduled to host experts from Britain, Germany and France who would inspect it, the senior official said. Most of the purported evidence Netanyahu presented dated to the period before the 2015 accord was signed, although he said Iran had also kept important files on nuclear technology since then, and continued adding to its “nuclear weapons knowledge”. Although the presentation was live on Israeli television, Netanyahu made clear his audience was abroad, delivering most of his speech in English, before switching to Hebrew. A 2007 U.S. National Intelligence Estimate judged with “high confidence” that Tehran halted its nuclear weapons programme in the fall of 2003. The IAEA later reached a similar judgement. One Vienna-based diplomat who has dealt with the IAEA for years, when asked what he made of Netanyahu’s speech, said: “Nothing new. Theatrics.” EU foreign policy chief Federica Mogherini said Netanyahu did not question Iran’s compliance with the deal. She noted the deal was made “exactly because there was no trust between the parties, otherwise we would not have required a nuclear deal to be put in place”. Hanegbi acknowledged Netanyahu had not shown Iran had violated the agreement: “The Iranians are clean in regard to the nuclear deal because it is a gift given to them by an exhausted, tired, naive world.” An Israeli official familiar with Netanyahu’s telegenic style - one the Israeli leader has refined over decades in the international arena - said that the two-word headline “Iran Lied” that appeared beside him during the presentation was tailor-made for Trump’s own short, pithy, rhetorical style. U.S. President Donald Trump meets with Israel Prime Minister Benjamin Netanyahu in the Oval Office of the White House in Washington, U.S., March 5, 2018. REUTERS/Kevin Lamarque Noting Trump’s own use of short epithets, the Israeli official said Trump “responds to pithy messaging, and that is what we were going for with this briefing.” Writing by Maayan Lubell; Additional reporting by Dan Williams in Jerusalem, François Murphy in Vienna, Mark Heinrich in London, Alastair Macdonald in Brussels, Bozorgmehr Sharefedin in London and Steve Holland in Washington; Editing by William Maclean and James Dalgleish

Pushing to bury Iran deal, Israel insists nobody wants war with Tehran

PARIS (Reuters) - Rival Libyan factions agreed on Tuesday on a declaration that would create a political framework to pave the way for U.N.-backed elections in December to end the country’s seven-year-old conflict. French President Emmanuel Macron, Libyan Prime Minister Fayez al-Sarraj, Khalifa Haftar, the military commander who dominates eastern Libya, and the participants of the International Conference on Libya listen to a verbal agreement between the various parties regarding the organization of a democratic election this year at the Elysee Palace in Paris, France, May 29, 2018. Etienne Laurent/Pool via Reuters The oil-producing nation splintered following the 2011 NATO-backed revolt that toppled Muammar Gaddafi, and since 2014 has been divided between competing political and military groups based in Tripoli and the east. The United Nations is leading an effort to reunify Libya and to organise national elections. France under President Emmanuel Macron has sought to play a bigger role in coaxing the factions to end the turmoil, which has let Islamist militants gain a foothold and migrant smugglers flourish. The Paris meeting, included eastern-based commander Khalifa Haftar, Tripoli Prime Minister Fayez Seraj, and the leaders of rival parliamentary assemblies, aimed to urge them to agree general principles for ending the conflict and moving towards elections. The four stakeholders said they had agreed on a document to work constructively with the U.N. to realise credible and peaceful elections by Dec. 10 and abide by the results. “Nobody says it will be a path layered with roses. The challenges exist and will continue to grow,” Seraj told a news conference. “Last month there was a terrorist attack and there are a certain number of enemies to this democratic process.” The declaration was not signed as originally planned because the parties do not all recognise each other’s legitimacy and want to consult their home base, but they agreed in principle. The eight-point document includes a call for the immediate unification of the central bank and the phasing out of parallel government and institutions. It makes a commitment to support the creation of a national army and encourage a dialogue on the issue in Cairo. The parties committed to set the constitutional basis for elections and to adopt electoral laws by Sept. 16 with a view to holding legislative and presidential elections on Dec. 10. TEXT CHANGED Libya U.N. envoy Ghassan Salame said he would have his work cut out in the coming weeks, but that he saw a convergence between the will of the Libyan people and the international community. “This convergence must not be lost,” he said. The declaration also agrees to an inclusive political national conference, without setting a timeframe. Unlike an earlier draft, it no longer directly threatens international sanctions on those who impede the accord or dispute the outcome of elections. Claudia Gazzini, senior Libya analyst for the non-governmental International Crisis Group, said the statement was more nuanced than earlier drafts, but set an “extremely optimistic” timeframe for elections and left unclear how the powers of a future president would be decided. Past attempts at peace deals in Libya have often been scuttled by internal divisions among the country’s armed groups and by the different countries backing the local actors. To tackle that, 20 countries and organisations were represented, including Italy, Turkey, United Arab Emirates, Qatar and Libya’s neighbours, who all have influence over different groups on the ground. “By accepting these dates and a protocol, nobody will be able to say they don’t agree, because (all the protagonists) were here today,” Macron said at the news conference. French President Emmanuel Macron accompanies Tunisia's President Beji Caid Essebsi after an international conference on Libya at the Elysee Palace in Paris, France, May 29, 2018. REUTERS/Philippe Wojazer Additional reporting by Aidan Lewis in Tunis; Editing by Andrew Roche

Libyan factions agree to Dec. 10 elections at Paris talks

NOVI, Mich., 2018 First-Quarter Results Earnings per diluted share attributable to Stoneridge, Inc. ("EPS") of $0.46 Adjusted EPS of $0.50 (adjustments related to the step-up in the fair value of the earn-outs related to the Orlaco and PST transactions and certain business realignment costs) Sales of $225.9 million , an increase of 10.6% over Q1 2017 Gross profit of $68.0 million (30.1% of sales) , an increase of 9.4% over Q1 2017 adjusted gross profit Operating income of $16.8 million Adjusted operating income of $18.0 million (8.0% of sales) , an increase of 3.5% over Q1 2017 Adjusted EBITDA of $26.9 million (11.9% of sales) , an increase of 12.9% over Q1 2017 2018 Full-Year Guidance Improvement for Sales and Adjusted EPS; Reaffirm Margin Guidance Sales of $870.0-$890.0 million, an increase in the midpoint of $30.0 million relative to the previous guidance (midpoint implies 7% annual revenue growth) Adjusted EPS of $2.05-$2.20, an increase in the midpoint of $0.13 from previous guidance Previously provided adjusted gross margin, operating margin and EBITDA margin guidance is reaffirmed Stoneridge, Inc. (NYSE: SRI) today announced financial results for the first quarter ended March 31, 2018, with sales of $225.9 million and earnings per share of $0.46. Adjusted EPS was $0.50 for the first quarter, considering adjustments related to the step-up in the fair value of the earn-outs related to the Orlaco and PST transactions in 2017 and certain business realignment costs. For the first quarter of 2018, Stoneridge reported gross profit of $68.0 million (30.1% of sales). Operating income was $16.8 million and adjusted operating income was $18.0 million (8.0% of sales). Adjusted EBITDA was $26.9 million (11.9% of sales). Jon DeGaynor, President and Chief Executive Officer, commented, "Stoneridge delivered another strong quarter of financial performance. Our team continues to drive performance throughout our business. In addition to our financial success during the first quarter, we are announcing some very large pending awards that set the stage for continued growth. This evening we announced a pending award for our first OEM MirrorEye application with a leading commercial vehicle manufacturer scheduled to start production in 2020. MirrorEye will facilitate a change in the commercial vehicle safety environment and both our OE and fleet partners are recognizing the potential of this technology." DeGaynor continued, "In addition to MirrorEye, we announced a pending award for our connectivity products scheduled to start production in early 2019. This award will build on our existing technology platform and utilize our global footprint, including our capabilities in Brazil, to deliver connectivity solutions to a new OEM partner. This win is another example of deepened relationships with our customers and their confidence in our ability to deliver high-quality, technologically advanced systems to their global platforms." First Quarter in Review Net sales in the Control Devices segment decreased by 1.8% relative to the first quarter of 2017 primarily as a result of planned program volume reductions by customers in North America. This was partially offset by an increase in sales volume in the commercial vehicle and Chinese automotive markets as well as favorable foreign currency translation during the first quarter of 2018. Control Devices gross margin improved slightly due to a decrease in overhead as a percentage of net sales. Control Devices adjusted operating margin decreased in the current quarter due to an increase in SG&A and D&D costs in a period of significant new program launches. Net sales in the Electronics segment increased due to an increase in sales volume in the Company's European and North American commercial vehicle products, increased sales of European and North American off-highway vehicle products and a favorable foreign currency translation. Electronics gross margin decreased primarily due to higher production related costs as a percentage of sales, partially offset by higher sales and a favorable mix related to Orlaco product sales. Electronics adjusted operating income increased due to an increase in sales, partially offset by an increase in SG&A and D&D costs to support new program launches and product development. PST's net sales decreased primarily due to a decrease in product sales volume due to seasonality as well as an unfavorable foreign currency translation. This was partially offset by a slight increase in monitoring product and service revenues. PST segment gross and adjusted operating margin improved due to a favorable sales mix and continued cost management actions which resulted in lower direct material and SG&A costs as a percentage of sales. DeGaynor added, "Each of our segments contributed to another quarter of strong financial performance and drove both top and bottom line growth for the Company. As expected, Control Devices delivered sales growth in our emissions and certain actuator products which was offset by expected volume reductions in our shift-by-wire products. The growth in Electronics was driven by strong performance at Orlaco as well as the ramp-up of recently launched programs in our driver information systems and connectivity product segments. We continue to invest in our engineering and development activities, including our MirrorEye technology, to execute launches, deliver quality products to our customers globally and develop future products that will drive growth for the business. Finally, PST continues to drive improvement in margin due to fixed-cost leverage and growth in favorable product lines, including our track and trace business." Cash and Debt Balances As of March 31, 2018, Stoneridge had cash and cash equivalent balances totaling $57.4 million. Total debt as of March 31, 2018, was $122.9 million. Total debt less cash and cash equivalents yields a current net debt to trailing-twelve-month ("TTM") adjusted EBITDA ratio of approximately 0.7x. 2018 Outlook The Company revised its 2018 sales guidance to $870.0-$890.0 million from $840.0-$860.0 million, an increase of $30.0 million to the midpoint of the guidance to $880.0 million. The increased midpoint implies revenue growth of approximately 7% versus 2017 results. The Company reaffirmed its previously provided margin guidance of adjusted gross margin of 31.0%-32.0%, adjusted operating margin of 9.0%-10.0% and adjusted EBITDA margin of 12.5%-13.5%. As a result of the improved outlook for 2018 sales as well as reaffirmed margin guidance, the Company revised its 2018 adjusted EPS guidance to $2.05-$2.20 from adjusted EPS of $1.90-$2.10, excluding (i) the expense resulting from the step-up in the fair value of the earn-out due to Orlaco outperformance, (ii) the expense related to the step-up in the fair value of the earn-out related to the acquisition of the remaining 26% minority interest in PST and (iii) certain business realignment costs. The raised guidance represents an increase of $0.13 to the midpoint of the guidance to $2.13. The midpoint of the guided adjusted EPS range of $2.13 implies year-over-year growth in adjusted EPS of 36%. Conference Call on the Web A live Internet broadcast of Stoneridge's conference call regarding 2018 first-quarter results can be accessed at 9:00 a.m. Eastern time on Thursday, May 3, 2018, at www.stoneridge.com , which will also offer a webcast replay. About Stoneridge, Inc. Stoneridge, Inc., headquartered in Novi, Michigan, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the automotive, commercial, motorcycle, agricultural and off-highway vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com . Forward-Looking Statements Statements in this release contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors: the reduced purchases, loss or bankruptcy of a major customer or supplier; the costs and timing of business realignment, facility closures or similar actions; a significant change in automotive, commercial, off-highway, motorcycle or agricultural vehicle production; competitive market conditions and resulting effects on sales and pricing; the impact of changes in foreign currency exchange rates on sales, costs and results, particularly the Argentinian peso, Brazilian real, Chinese renminbi, euro, Mexican peso and Swedish krona; our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions; customer acceptance of new products; our ability to successfully launch/produce products for awarded business; adverse changes in laws, government regulations or market conditions affecting our products or our customers' products; our ability to protect our intellectual property and successfully defend against assertions made against us; liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers; labor disruptions at our facilities or at any of our significant customers or suppliers; the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis; the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving credit facility; capital availability or costs, including changes in interest rates or market perceptions; the failure to achieve the successful integration of any acquired company or business; risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; and the items described in Part I, Item IA ("Risk Factors") of our 10-K filed with the SEC. In addition, the forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise. Use of Non-GAAP Financial Information This press release contains information about Stoneridge's financial results which is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2017 and 2018 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted gross profit, adjusted operating income, adjusted net income, adjusted earnings per share and adjusted EBITDA are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods. Management believes that free cash flow is useful to both management and investors in their analysis of the Company's ability to service and repay its debt. Adjusted gross profit, adjusted operating income, adjusted net income, adjusted earnings per share and adjusted EBITDA should not be considered in isolation or as a substitute for gross profit, operating income, net income, earnings per share, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three months ended March 31, (in thousands, except per share data) 2018 2017 Net sales $ 225,930 $ 204,311 Costs and expenses: Cost of goods sold 157,961 143,160 Selling, general and administrative 37,261 34,266 Design and development 13,861 11,721 Operating income 16,847 15,164 Interest expense, net 1,354 1,410 Equity in earnings of investee (521) (180) Other (income) expense, net (599) 190 Income before income taxes 16,613 13,744 Provision for income taxes 3,233 4,571 Net income 13,380 9,173 Net loss attributable to noncontrolling interest - (30) Net income attributable to Stoneridge, Inc. $ 13,380 $ 9,203 Earnings per share attributable to Stoneridge, Inc.: Basic $ 0.47 $ 0.33 Diluted $ 0.46 $ 0.32 Weighted-average shares outstanding: Basic 28,249 27,917 Diluted 28,936 28,580 CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, (in thousands) 2018 2017 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 57,404 $ 66,003 Accounts receivable, less reserves of $913 and $1,109, respectively 156,513 142,438 Inventories, net 78,628 73,471 Prepaid expenses and other current assets 26,148 21,457 Total current assets 318,693 303,369 Long-term assets: Property, plant and equipment, net 114,940 110,402 Intangible assets, net 74,699 75,243 Goodwill 39,439 38,419 Investments and other long-term assets, net 32,431 31,604 Total long-term assets 261,509 255,668 Total assets $ 580,202 $ 559,037 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of debt $ 4,160 $ 4,192 Accounts payable 87,095 79,386 Accrued expenses and other current liabilities 54,223 52,546 Total current liabilities 145,478 136,124 Long-term liabilities: Revolving credit facility 116,000 121,000 Long-term debt, net 2,706 3,852 Deferred income taxes 19,605 18,874 Other long-term liabilities 36,796 35,115 Total long-term liabilities 175,107 178,841 Shareholders' equity: Preferred Shares, without par value, 5,000 shares authorized, none issued - - Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 shares issued and 28,490 and 28,180 shares outstanding at March 31, 2018, and December 31, 2017, respectively, with no stated value - - Additional paid-in capital 227,561 228,486 Common Shares held in treasury, 476 and 786 shares at March 31, 2018 and December 31 2017, respectively, at cost (8,505) (7,118) Retained earnings 105,432 92,264 Accumulated other comprehensive loss (64,871) (69,560) Total shareholders' equity 259,617 244,072 Total liabilities and shareholders' equity $ 580,202 $ 559,037 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three months ended March 31, (in thousands) 2018 2017 OPERATING ACTIVITIES: Net income $ 13,380 $ 9,173 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 6,061 5,063 Amortization, including accretion of deferred financing costs 1,807 1,472 Deferred income taxes (243) 2,082 Earnings of equity method investee (521) (180) Share-based compensation expense 1,404 2,339 Tax benefit related to share-based compensation expense (830) (681) Change in fair value of earn-out contingent consideration 904 - Changes in operating assets and liabilities, net of effect of business combination: Accounts receivable, net (14,821) (18,648) Inventories, net (4,694) (2,445) Prepaid expenses and other assets (3,647) (4,760) Accounts payable 7,841 15,734 Accrued expenses and other liabilities 3,030 661 Net cash provided by operating activities 9,671 9,810 INVESTING ACTIVITIES: Capital expenditures (10,505) (7,265) Proceeds from sale of fixed assets 9 - Insurance proceeds for fixed assets 1,403 - Business acquisition, net of cash acquired - (77,538) Net cash used for investing activities (9,093) (84,803) FINANCING ACTIVITIES: Revolving credit facility borrowings 5,000 81,000 Revolving credit facility payments (10,000) (7,000) Proceeds from issuance of debt 155 886 Repayments of debt (1,378) (4,135) Other financing costs - (47) Repurchase of Common Shares to satisfy employee tax withholding (3,713) (1,820) Net cash provided by (used for) financing activities (9,936) 68,884 Effect of exchange rate changes on cash and cash equivalents 759 629 Net change in cash and cash equivalents (8,599) (5,480) Cash and cash equivalents at beginning of period 66,003 50,389 Cash and cash equivalents at end of period $ 57,404 $ 44,909 Supplemental disclosure of cash flow information: Cash paid for interest $ 1,438 $ 1,450 Cash paid for income taxes, net $ 5,056 $ 1,252 Regulation G Non-GAAP Financial Measure Reconciliations Reconciliation to US GAAP Exhibit 1 - Adjusted EPS Reconciliation of Q1 2018 Adjusted EPS (USD in millions) Q1 2018 Q1 2018 EPS Net Income Attributable to Stoneridge $ 13.4 $ 0.46 Add: After-Tax Step-Up in Fair Value of Earn-Out (Orlaco) 0.4 0.01 Add: After-Tax Step-Up in Fair Value of Earn-Out (PST) 0.5 0.02 Add: After-Tax Business Realignment Costs 0.2 0.01 Adjusted Net Income $ 14.4 $ 0.50 Exhibit 2 - Adjusted Gross Profit Reconciliation of Adjusted Gross Margin (USD in millions) Q1 2017 Q1 2018 Gross Profit $ 61.2 $ 68.0 Add: Pre-Tax Step-Up in Acquired Inventory from Orlaco 1.0 Adjusted Gross Profit $ 62.1 $ 68.0 Exhibit 3 – Adjusted Operating Income Reconciliation of Adjusted Operating Income (USD in millions) Q1 2017 Q1 2018 Operating Income $ 15.2 $ 16.8 Add: Pre-Tax Step-Up in Acquired Inventory from Orlaco 1.0 Add: Pre-Tax Transaction Costs Adjustment (Orlaco) 1.2 Add: Pre-Tax Step-Up in Fair Value of Earn-Out (Orlaco) 0.4 Add: Pre-Tax Step-Up in Fair Value of Earn-Out (PST) 0.5 Add: Pre-Tax Business Realignment Costs 0.2 Adjusted Operating Income $ 17.4 $ 18.0 Exhibit 4 – Adjusted EBITDA Reconciliation of Adjusted EBITDA (USD in millions) Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 TTM Q1 2018 Income Before Tax $ 13.7 $ 14.1 $ 11.9 $ 12.9 $ 16.6 $ 55.4 Interest expense, net 1.4 1.5 1.5 1.3 1.4 5.7 Depreciation and amortization 6.5 7.1 7.1 7.3 7.8 29.3 EBITDA $ 21.6 $ 22.7 $ 20.5 $ 21.5 $ 25.8 $ 90.4 Add: Pre-Tax Step-Up in Acquired Inventory from Orlaco 1.0 0.7 0.7 Add: Pre-Tax Transaction Costs Adjustment (Orlaco) 1.2 - Add: Pre-Tax Step-Up in Fair Value of Earn-Out (Orlaco) 2.1 1.8 0.9 0.4 5.2 Add: Pre-Tax Step-Up in Fair Value of Earn-Out (PST) 0.2 0.5 1.9 0.5 3.1 Add: Pre-Tax Business Realignment Costs 1.2 0.2 1.4 Less: Pre-Tax PP&E Gain on Insurance Proceeds (1.9) (1.9) Adjusted EBITDA $ 23.8 $ 25.7 $ 22.8 $ 23.5 $ 26.9 $ 98.9 View original content with multimedia: http://www.prnewswire.com/news-releases/stoneridge-reports-strong-first-quarter-2018-results-300641562.html SOURCE Stoneridge, Inc.

Stoneridge Reports Strong First-Quarter 2018 Results

ISTANBUL, May 3 (Reuters) - Turkish lender Yapi Kredi Bank posted a net profit of 1.24 billion lira ($298 million) in the first quarter, up 24.2 percent from a year earlier, it said on Thursday in a statement to the Istanbul stock exchange. ($1 = 4.1658 liras) (Reporting by Birsen Altayli Editing by Daren Butler) Our

Turkey's Yapi Kredi bank Q1 net profit 1.24 bln lira

DALLAS, May 23, 2018 /PRNewswire/ -- Nathan Sims has joined Burns & McDonnell as an aviation systems project manager as the company continues to strengthen its growing aviation team in Dallas-Fort Worth. Sims joins the aviation special systems team to focus on systems integration, wireless networks, baggage handling program management and design services for airlines, airports and other aviation clients across the country. Throughout his career, Nathan has specialized in automated material handling solutions, including delivering and operating ramp technology such as baggage handling and baggage reconciliation systems. "Nathan, an experienced aviation systems professional, makes our Dallas-Fort Worth team even stronger," says Bret Pilney, vice president and leader of the firm's Aviation Group . "This is another way we demonstrate our commitment to expanding the breadth of our service offerings and footprint in Dallas-Fort Worth, a key location for our aviation clients." Sims brings a decade of experience in the air transportation industry to Burns & McDonnell, and he will work to transform operational airport systems through use of emerging technologies. "As critical technology needs rise for our clients, we are focusing on growing a team of professionals to tackle their challenges," says Scott Clark, vice president and regional office manager for Burns & McDonnell in Dallas-Fort Worth . "Adding to the depth of our team will help us be better partners and provide a higher level of service to our clients, here in Dallas-Fort Worth and nationally." Burns & McDonnell plans, designs and builds projects for aviation clients, addressing needs ranging from safety and security to convenience and amenities. The firm has experience working at more than 350 airports in the United States and around the world. To learn more about how Burns & McDonnell is providing solutions for modern airports, read the Capacity for Change report . For photos and support materials, please visit our MEDIA KIT . About Burns & McDonnell Burns & McDonnell is a family of companies made up of more than 6,000 engineers, architects, construction professionals, scientists, consultants and entrepreneurs with offices across the country and throughout the world. We strive to create amazing success for our clients and amazing careers for our employee-owners. Burns & McDonnell is 100 percent employee-owned and is proud to be on Fortune's 2018 list of 100 Best Companies to Work For. burnsmcd.com . View original content with multimedia: http://www.prnewswire.com/news-releases/burns--mcdonnell-expands-depth-of-growing-aviation-team-in-dallas-fort-worth-300653656.html SOURCE Burns & McDonnell

Burns & McDonnell Expands Depth of Growing Aviation Team in Dallas-Fort Worth

VANCOUVER, British Columbia, Platinum Group Metals Ltd. (TSX:PTM) (NYSE American:PLG) (the “Company” or “Platinum Group Metals”) announces that it has commenced a proposed underwritten public offering of units (the “Offering”). Each unit (a “Unit”) will entitle the holder to acquire, for no additional consideration, one common share (“Common Share”) of Platinum Group Metals and one-half of one common share purchase warrant (each whole common share purchase warrant a “Warrant”) of Platinum Group Metals. Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price and for a term to be determined in the context of marketing for the Offering. In addition, the Company intends to grant the underwriters an option to purchase additional Units, Common Shares or Warrants, or any combination thereof, equal to up to 15% of the aggregate number of such securities to be sold in the Offering on the same terms and conditions. BMO Capital Markets is acting as sole book-running manager for the proposed Offering. Roth Capital Partners is acting as co-manager for the proposed Offering in connection with offers and sales outside of Canada. The proposed Offering will be subject to customary conditions, including the approval of the Toronto Stock Exchange and the NYSE American Stock Exchange, and there can be no assurance as to whether or when the proposed Offering may be completed, or as to the actual size or terms of the Offering. The Company intends to use the net proceeds of the Offering: (i) for debt repayment towards a loan facility and production payment termination fees due to Liberty Metals & Mining Holdings, LLC; and (ii) for general corporate and working capital purposes. The Offering is being conducted pursuant to the Company's effective shelf registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec. The proposed offering will be made only by means of a preliminary prospectus supplement, a final prospectus supplement and the accompanying short form base shelf prospectus. A copy of the prospectus supplement and base shelf prospectus relating to the Offering in Canada may be obtained by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca. A copy of the prospectus supplement and base shelf prospectus relating to the Offering in the United States may be obtained by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com . This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Units, Common Shares or Warrants in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. About Platinum Group Metals Ltd. Platinum Group is focused on, and is the operator of, the Waterberg Project, a bulk mineable underground deposit in northern South Africa. Waterberg was discovered by the Company. For further information, please contact: R. Michael Jones, President or Kris Begic, VP, Corporate Development Platinum Group Metals Ltd., Vancouver Tel: (604) 899-5450 / Toll Free: (866) 899-5450 The Toronto Stock Exchange and the NYSE American LLC have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management. This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: will, proposed, shall, believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the Offering, including the terms, timing, potential completion and the use of proceeds of the Offering. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, that the Company may be unsuccessful in satisfying the conditions to closing of the Offering including, but not limited to, obtaining Toronto Stock Exchange and NYSE American approvals; that the Offering may not be completed on the terms and timeline indicated, or at all; that the Company’s use of proceeds of the Offering may differ from those indicated; additional financing requirements; risks of delay in or failure to complete, or difficulty realizing on the proceeds of, the share transaction component of the sale of the Maseve Mine; the Company’s ability to comply with the terms of its indebtedness; cash flow and going concern risks; risks related to the Waterberg definitive feasibility study; risks of delays in the development of the Waterberg Project; variations in market conditions; the nature, quality and quantity of any mineral deposits that may be located; metal prices; other prices and costs; currency exchange rates; any disagreements with other shareholders of the Company’s subsidiaries; the Company's ability to obtain any necessary permits, consents or authorizations required for its activities and to comply with applicable regulations; the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies; the Company’s ability to regain compliance with NYSE American continued listing standards; and other risk factors described in the Company's Form 20-F annual report, annual information form and other filings with the SEC and Canadian securities regulators, including the registration statement, base shelf prospectus and prospectus supplement relating to the Offering, which may be viewed at www.sec.gov and www.sedar.com , respectively. Any forward-looking statement speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. Source:Platinum Group Metals Ltd.

Platinum Group Metals Announces Public Offering of Units

On July 6, 26 works by Helen Frankenthaler go on view at the Provincetown Art Association and Museum (PAAM), in the Cape Cod enclave the artist called home during an especially fruitful phase of her 60-year career. The show will comprise paintings, photographs and ephemera primarily from the 1960s, when she and her then-husband, the painter Robert Motherwell, would decamp to Provincetown in the summer. (The exhibition will travel to the Parrish Art Museum in Water Mill, New York, next year.) A born-and-bred New Yorker,...

Growing Up With Helen Frankenthaler on Cape Cod

May 8, 2018 / 1:12 AM / Updated 27 minutes ago Oil pares losses after U.S. exits Iran deal, dollar gains Herbert Lash 4 Min Read NEW YORK (Reuters) - Crude prices pared losses that earlier on Tuesday ran as deep as 4 percent after U.S. President Donald Trump said the United States will withdraw from the Iran nuclear deal, while the dollar edged off fresh 2018 highs. An investor looks at an electronic screen at a brokerage house in Hangzhou, Zhejiang province, January 26, 2016. REUTERS/China Daily/Files Brent futures, the global crude benchmark, briefly turned positive after Trump announced the U.S. withdrawal from the 2015 international agreement aimed at stopping Iran from obtaining a nuclear bomb. Trump said the United States was reimposing the “highest level of economic sanctions” on Iran, but he did not provide details. Oil prices plunged earlier as markets were rattled by media reports on doubts of whether Trump would withdraw from the Iran nuclear deal as most had expected. U.S. crude CLcv1 settled down $1.67 at $69.06 per barrel and Brent LCOcv1 settled down $1.32 at $74.85. Both contracts continued to pare losses in post trade. It was the busiest day in U.S. front-month contracts since August, and for Brent the busiest in almost a month. Oil prices had been supported by expectations that Trump would pull out of the deal, which could crimp Iranian crude exports and feed geopolitical tensions in the Middle East, home to one-third of the global daily oil supply. “Trump’s announcement had been baked into the cake in recent days, hence we saw prices selling off today given the air of certainty surrounding it,” said Matt Smith, director of commodity research at ClipperData. The dollar advanced to new highs for 2018 against a basket of six trading currencies on worries about political turmoil in Italy but later pared gains on the U.S. decision to withdraw from the Iran deal. Commodity-linked and emerging market currencies slid on worries about the U.S. withdrawal, which would curb risk appetite in financial markets. A trader at the trading floor of KBC bank gives a phone call in Brussels, Belgium August 25, 2015. REUTERS/Yves Herman/Files “Overall it doesn’t change the story on dollar strength,” said John Doyle, vice president of dealing and trading at Tempus in Washington. The dollar index .DXY was last up 0.38 percent at 93.105. The euro EUR= slid 0.49 percent to $1.1861, after earlier hitting $1.1836, its weakest level since late December. The Japanese yen was little changed against the dollar at 109.06 yen JPY= . Stocks on Wall Street closed mixed. Trump’s announcement had been a telegraphed policy position and did not surprise the market, said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. “The door is open to try again which is probably less harsh than what he could have said,” Battle said. MSCI's gauge of global equity markets .MIWD PUS fell 0.03 percent while the pan-European FTSEurofirst 300 index .FTEU3 rose 0.04 percent to close at 1,528.27. The Dow Jones Industrial Average .DJI rose 2.75 points, or 0.01 percent, to 24,360.07. The S&P 500 .SPX fell 0.71 points, or 0.03 percent, to 2,671.92, and the Nasdaq Composite .IXIC added 1.69 points, or 0.02 percent, to 7,266.90. Italian government bond yields jumped, lifting southern European peers, as the possibility of an early election increased with the largest anti-establishment parties polling strongly. The Italy/Germany 10-year government bond yield spread hit its widest in three weeks at 128 basis points, while Italian 10-year yields shot up to yield 1.863 percent. Benchmark U.S. Treasury 10-year notes US10YT=RR last fell 6/32 in price to yield 2.9741 percent. Reporting by Herbert Lash; Aadditional reporting by Caroline Valetkevitch and Sinead Carew in New York; Editing by Nick Zieminski and Leslie Adler

Global Markets: Oil hovers near 3 1/2-year peak, Asia shares up ahead of Trump announcement

May 14 (Reuters) - CRG: * CRG - ANNOUNCED SALE OF ITS 1 MILLION SQUARE FOOT BUILD-TO-SUIT FACILITY IN SAVANNAH, GEORGIA FOR SHAW INDUSTRIES GROUP TO GRIFFIN CAPITAL CO FOR $57 MILLION Source text for Eikon: Further company coverage: Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays. © 2018 Reuters. All Rights Reserved.

BRIEF-CRG Announces $57 Mln Sale Of Build-To-Suit For Shaw Industries Group In Savannah

May 18 (Reuters) - Macy’s Inc: * MACY’S, INC. BOARD DECLARES QUARTERLY DIVIDEND * SETS REGULAR QUARTERLY DIVIDEND OF $0.3775PER SHARE Source text for Eikon: Further company coverage:

BRIEF-Macy’s, Inc. Board Declares Quarterly Dividend

(Reuters) - Cambridge Analytica, the data firm embroiled in a controversy over its handling of Facebook Inc user data, and its British parent firm SCL Elections Ltd are shutting down immediately, the company said on Wednesday. The nameplate of political consultancy, Cambridge Analytica, is seen in central London, Britain March 21, 2018. REUTERS/Henry Nicholls SCL Elections and Cambridge Analytica will begin bankruptcy proceedings, the firm said, after losing clients and facing mounting legal fees in the controversy over reports the company harvested personal data about Facebook users beginning in 2014. “The siege of media coverage has driven away virtually all of the Company’s customers and suppliers,” the company’s statement said. “As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the company into administration.” Related Coverage Cambridge Analytica shouldn't escape scrutiny through closure: UK lawmaker Allegations of improper use of data on 87 million Facebook users by Cambridge Analytica, which was hired by President Donald Trump’s 2016 U.S. election campaign, has hurt the shares of the world’s biggest social network and prompted multiple official investigations. “Over the past several months, Cambridge Analytica has been the subject of numerous unfounded accusations and, despite the company’s efforts to correct the record, has been vilified for activities that are not only legal, but also widely accepted as a standard component of online advertising in both the political and commercial arenas,” the company’s statement said. Window cleaners work outside the offices of Cambridge Analytica in central London, Britain, March 24, 2018. REUTERS/Peter Nicholls The firm is shutting down effective Wednesday and employees have been told to turn in their computers, the Wall Street Journal reported earlier. Cambridge Analytica is a part of SCL Group, a government and military contractor that says it works on everything from food security research to counter-narcotics to political campaigns. SCL was founded more than 25 years ago, according to its website. Cambridge Analytica was created around 2013 initially with a focus on U.S. elections, with $15 million in backing from billionaire Republican donor Robert Mercer and a name chosen by future Trump White House adviser Steve Bannon, the New York Times reported. Cambridge Analytica marketed itself as providing consumer research, targeted advertising and other data-related services to both political and corporate clients. After Trump won the White House in 2016, in part with the firm’s help, Cambridge Analytica CEO Alexander Nix went to more clients to pitch his services, the Times reported last year. The company boasted it could develop psychological profiles of consumers and voters which was a “secret sauce” it used to sway them more effectively than traditional advertising could. One unanswered question in Special Counsel Robert Mueller’s investigation into whether there was any collusion between Trump’s campaign and Russia is whether Russia’s Internet Research Agency or Russian intelligence used data Cambridge Analytica obtained from Facebook or other sources to help target and time anti-Hillary Clinton, pro-Trump and politically and racially divisive messages during the election. Bannon was a former vice president of the London-based firm, and Mueller has asked it to provide internal documents about how its data and analyses were used in the Trump campaign, according to sources familiar with the investigation. Reporting by Munsif Vengattil in Bengaluru; Editing by Patrick Graham and Bill Rigby

Cambridge Analytica shutting down: WSJ

May 7 (Reuters) - HiVi Acoustics Technology Co Ltd * Says Zhuhai-based tech unit was recognized as high-tech enterprise again and could enjoy a tax preference of 15 percent, from 2017 to 2019 Source text in Chinese: goo.gl/azeX1S (Beijing Headline News) Our

HiVi Acoustics Technology unit obtains high-tech enterprise recognition again and to enjoy tax preference

Dodge has two car models, the Challenger and the Charger, but sells nine different versions of the Charger and a whopping 16 different versions of the Challenger. Sedans and other traditional passenger cars are losing their grip on American consumer appetites, but automakers are still finding ways to make money on at least some of them, by doing more with less. Offering different trims, or sharing parts and platforms is nothing new, but the pace at which companies are developing new packages has increased over the last decade or so, said IHS Markit analyst Stephanie Brinley. Advancements in engineering and computing power give automakers a greater range of different features they can package in different ways, such as a variety of engines and powertrains, drive mode settings, cabin features and others things. "The amount of computing power you have today is phenomenal," Brinley told CNBC. That has opened up a lot of new opportunities for engineering teams and allows them to turn out new products a lot faster. Source: General Motors The Chevrolet Camaro ZL1 starts at about $62,000 and is powered by a 650-horsepower V8 engine, a considerable upgrade over the roughly $26,000 base model. "It does feel like the pace has quickened," she said. The segments catering to enthusiasts, such as sports cars and "muscle cars," tend to have the most success with this strategy. "These are high-image vehicles sold to people who are enthusiastic and passionate about what they drive, and they like to feel the car they have is special," she said. And the cars often are special, with changes to the vehicle's engineering that suit it better to certain driving situations. Ford recently added another trim to its Mustang GT, which itself is already a step up from the base model Mustang. The Performance Pack Level 2 is a $6,500 package that gives the GT some extra features, like wider wheels and street-legal tires that can also perform well on a track. The option will only cater to a small demographic. Ford is only selling it in North America and it is only available on manual transmission Mustangs. It follows the first-level GT Performance Package, which is about half the price and has some of the features in the Level 2. Bumping up the chain a bit there is the Shelby GT350, which starts at $57,240, about $30,000 more than the base model. Source: Ford Motor Company The Ford Shelby GT350 Mustang is the most powerful version of the iconic car, named after racer and designer Carroll Shelby. It's the same for the Dodge. The Challenger, for example, starts at about $27,000. But halfway up the long chain of trim levels, the Challenger R/T Scat Pack has 485 horsepower compared with the base model's 305, and costs about $39,000. At the top, there is the Dodge Hellcat Widebody which starts at $71,495. There are also six different trims available for the Chevrolet Camaro — from the base model, which starts at around $26,000 to the supercharged ZL1, which will cost above $60,000. And it is also about meeting customer demand, Brinley said, as many enthusiasts who buy these vehicles want a lot of these features. There is already a pretty large business in aftermarket parts for these vehicles and shops that perform custom work. Source: Fiat Chrysler 2018 Dodge Challenger SRT Hellcat But it is also convenient for automakers. Sports cars tend to see more sales at the beginning of their typically five- to six-year life cycle, and then they taper off, so this a way of keeping that momentum going, Brinley said. These higher trims and special editions can give automakers higher profit margins — though the companies won't say what the margins on any of these vehicles are. It also lets the manufacturers display engineering prowess and it provides a halo that feeds the image of the overall brand. Meanwhile, the companies get a lot of variety out of a single platform, while sharing parts, which allows them to better achieve economies of scale, said Kelley Blue Book analyst Rebecca Lindland. "You have this broad market, it may not be very deep, but it is very broad," Lindland said. For example, Ford sells base model Mustangs to rental fleets and Dodge can sell Chargers to police departments, and then each can sell different versions of the same car to racing enthusiasts. "These types of vehicles can take on a lot of different personalities," she said. "You have these extreme examples of use. But they can do all that for short money, because the investment is in the R&D and the tooling."

How an automaker sells an $80,000 version of a $30,000 car

May 10 (Reuters) - Strad Energy Services Ltd: * QTRLY LOSS PER SHARE $0.01 * QTRLY FUNDS FROM OPERATIONS $0.11 PER SHARE Source text for Eikon: Further company coverage:

BRIEF-Strad Energy Qtrly Loss Per Share $0.01

May 2, 2018 / 3:01 PM / Updated an hour ago TSB chief to lose bonus linked to botched IT upgrade Emma Rumney , Lawrence White 3 Min Read LONDON (Reuters) - The chief executive of British bank TSB, Paul Pester, will not get a bonus linked to the bank’s botched computer system migration, TSB’s Chairman Richard Meddings told lawmakers on Wednesday. FILE PHOTO: A sign is displayed outside a branch of the TSB bank in central London March 12, 2015. REUTERS/Neil Hall/File Photo Pester and Meddings apologized to members of Britain’s Treasury Committee on Wednesday for the migration over the weekend of April 21-22 that left up to 1.9 million customers unable to access their accounts. Customers were still complaining on Wednesday, more than a week later, as one of Britain’s worst-ever bank computer system outages continued. Pester said that 95 percent of attempted logins to the bank’s mobile and digital platforms were now successful, but apologized when members the Treasury Committee confronted him with new complaints from customers about continued problems. Meddings said that neither he nor Pester would leave the bank over the crisis. Both men were criticized repeatedly by the politicians on the committee for their attitude during the hearing, in which they insisted that the “underlying engine” of the bank was working well. “What we are hearing this afternoon is the most staggering example of a chief executive that seems unwilling to realize the scale of the problem,” Conservative member of parliament and chair of the committee Nicky Morgan said. Pester was awarded a bonus worth 1.6 million pounds ($2.18 million) in 2016 linked to the successful completion of the migration, out of a total pay package of 3.7 million pounds, according to the bank’s annual report. It was not immediately clear what the value of the 2017 bonus he was due to receive was, or whether he would forego past awards linked to the migration project. The bank has appointed consulting firm Deloitte to work out a compensation scheme for affected customers, Meddings said. It has also appointed law firm Slaughter and May to investigate what went wrong. “I have given a cast iron guarantee no customers will be left out of pocket,” Pester said. The committee members questioned Pester as to how robust testing of the bank’s systems had been prior to the migration. Reuters reported earlier on Wednesday that rushed testing had contributed to its subsequent failure. Pester said the bank had conducted many tests, but still did not know exactly what had caused the outage. Meddings and Pester said they could not be certain when the ongoing problems with the bank’s systems would be fully resolved. ($1 = 0.7351 pounds)

TSB chief to lose bonus linked to botched IT upgrade

April 30 (Reuters) - Octopus Apollo VCT PLC: * TERMS HAVE BEEN AGREED FOR ACQUISITION OF TAILSCO LTD Source text for Eikon: Further company coverage:

BRIEF-Octopus Apollo Says Terms Have Been Agreed For Acquisition Of Tailsco Ltd

May 3, 2018 / 2:32 PM / Updated an hour ago RPT-UPDATE 1-Table Tennis-Koreas form unified team at world championships Reuters Staff * Combined women’s team to play Japan in semi-finals * Unified Korea had won gold in world championships in 1991 (Repeats to additional clients) May 3 (Reuters) - The two Koreas will field a combined women’s team at the table tennis world championships after the nations decided not to compete against each other in the quarter-finals, the International Table Tennis Federation (ITTF) said on Thursday. North and South Korea requested to field a unified team for the semi-finals of the championships, which will be played against Japan on Friday in Halmstad, Sweden. The last time that a unified Korea team played the world table tennis championships was 1991 in Chiba, Japan, where the women’s team shocked defending champions China to win the gold medal. The decision to form a unified team was a tripartite agreement between the leaders North and South Korean Table Tennis teams and the ITTF. “When I informed the Board of Directors about this development, the unified team received a standing ovation from the delegates who showed their sign of support to this historic move,” ITTF president Thomas Weikert said in a statement. Japan’s Mima Ito said a unified Korea would not necessarily pose a greater challenge to them in the last four. “It doesn’t really matter, we play our own game, we play our own system. We are looking at our own game and not our opponent,” said Ito. “The other team has five players, so it’s the same. We really concentrate on our game - we will do what we want to do. That’s what we plan to do.” The move follows the North and South Korean leaders’ pledge to work for “complete denuclearization” of the Korean peninsula last week. The two Koreas had earlier this year joined forces to field a combined women’s ice hockey team at the Pyeongchang Winter Games after they marched in together for the opening ceremony. (Reporting by Hardik Vyas in Bengaluru; Additional reporting by Phil O’Connor in Stockholm; editing by Pritha Sarkar)

UPDATE 1-Table Tennis-Koreas form unified team at world championships

May 16, 2018 / 2:51 PM / Updated 24 minutes ago Britain says U.S. sanctions on Iran have wide impact, make third-party trade more difficult Reuters Staff 1 Min Read LONDON, May 16 (Reuters) - Britain said on Wednesday that U.S. sanctions against Iran have a clear impact on third-party countries and are making it difficult for firms to assess the risks of doing business there. “It is clear that there is extraterritorial reach to some of these sanctions,” said Rona Fairhead, a trade department minister in parliament’s upper chamber, adding that Britain was working with the United States to make sure trade ties could still exist. She said firms always had to assess financial, commercial and legal risks when doing business, but that the U.S. sanctions were making that process more difficult. (Reporting by William James. Editing by Andrew MacAskill)

Britain says U.S. sanctions on Iran have wide impact, make third-party trade more difficult

May 31, 2018 / 10:45 AM / Updated an hour ago Peru captain Guerrero cleared to play in World Cup after court ruling Reuters Staff 2 Min Read ZURICH (Reuters) - Peru captain Paolo Guerrero was cleared to play at next month’s World Cup after a Swiss court on Thursday agreed to temporarily lift his doping suspension while it considered his appeal against a 14-month ban. FILE PHOTO: Peruvian soccer player Paolo Guerrero gestures as he arrives in Lima, Peru May 15, 2018. REUTERS/Guadalupe Pardo The Swiss Federal Tribunal said in a statement that the 34-year-old would suffer “if he saw himself prevented from participating in a competition that will be the culmination of his career as a footballer, given that he did not act intentionally or with significant negligence.” Guerrero is now free to lead his country in their first World Cup appearance for 36 years. They face France, Australia and Denmark in Group C at the finals which start on June 14. Guerrero tested positive for cocaine — contained in a tea he drank — following a World Cup qualifier away to Argentina in October. He was initially given a 12-month ban, starting in November, by soccer’s world governing body FIFA, which ruled him out of the World Cup. That was reduced to six months on appeal, putting him back in the tournament. However, less than two weeks after the six-month ban ended in May, the Court of Arbitration for Sport (CAS), sport’s highest tribunal, increased the ban to 14 months, again ruling out of the finals. That decision followed an appeal by the World Anti-Doping Agency (WADA) which considered six months as too lenient. Reporting by Michael Shields and Brian Homewood, editing by Ken Ferris

CAS won't fight Peru's Guerrero appeal against ban

KUALA LUMPUR (Reuters) - Amid mounting suspense in Malaysia, former leader Najib Razak is expected to give a statement to an anti-graft agency on Tuesday explaining what he knew about $10.6 million transferred into his bank account from a unit of a state fund he founded. Malaysia's Prime Minister Najib Razak of Barisan Nasional (National Front) and his wife Rosmah Mansor show their ink-stained fingers after voting in Malaysia's general election in Pekan, Pahang, Malaysia, May 9, 2018. REUTERS/Athit Perawongmetha/Files The remorseless humiliation of Najib since his unexpected election defeat on May 9 has left Malaysians waiting to see what happens next to the urbane former prime minister, and his allegedly big-spending wife, Rosmah Mansor. They have been barred from leaving the country, while their home and other properties have been searched, and Najib has been summoned to the Malaysian Anti-Corruption Commission (MACC) to give a statement on just one small part of a massive financial scandal. Finding out what happened to billions of dollars that went missing from state-investment fund 1Malaysia Development Berhad (1MDB) is a priority for Malaysia’s new leader, Mahathir Mohamad, who at the age of 92 came out of political retirement and joined the opposition to topple his former protege. New MACC chief Mohd Shukri Abdull told reporters to expect a “special briefing” on Tuesday. Najib has consistently denied any wrongdoing related to 1MDB since the scandal erupted in 2015, but he replaced an attorney-general and several MACC officers to shut down an investigation. Najib has said $681 million of funds deposited in his personal bank account were a donation from a Saudi royal, rebutting reports that the funds came from 1MDB. Now answering to a different prime minister, the MACC has reopened its investigation, initially focusing on how 42 million ringgit ($10.6 million) went from SRC International to Najib’s account. SRC was created in 2011 by Najib’s government to pursue overseas investments in energy resources, and was a unit of 1MDB until it was moved to the finance ministry in 2012. Mahathir’s office also announced the establishment of a new task force made up of members of the anti-graft agency, police and the central bank, which would liaise with “enforcement agencies in the United States, Switzerland, Singapore, Canada and other related countries,” investigating 1MDB. The U.S. Department of Justice refers to Najib as “Malaysian Official Number 1” in its anti-kleptocracy investigation into 1MDB. DENIAL Addressing loyalists in his home state of Pahang on Sunday, Najib declared: “I did not steal from the people”. He said the chorus of allegations was a smear campaign aimed at ruining the United Malays National Organisation, the party that until now has led every government since Malaysia’s independence six decades ago. Police were filmed taking away at least 284 boxes of potential evidence, notably jewellery, cash, designer clothes and accessories. The publicity given to the search prompted Rosmah to issue a statement through her lawyers complaining of the danger of a “premature public trial”. Speaking to staff at the prime minister’s office on Monday, Mahathir counted the cost of his predecessor’s alleged misgovernance. “We find that the country’s finances, for example, was abused in a way that now we are facing trouble settling debts that have risen to a trillion ringgit,” he said. The previous evening, Mahathir met Xavier Justo, a Swiss national who was the first whistleblower in the 1MDB affair. Justo posted a photograph of himself with Mahathir on his Facebook account. It was documents leaked by Justo, a former director of energy group PetroSaudi International, which ran an energy joint venture with 1MDB from 2009 to 2012, that triggered investigations in at least six countries. Justo was sentenced to three years in prison in Thailand in 2015 on charges of blackmail and attempted extortion after what he now says was a confession made under pressure. He was freed in an amnesty in 2016. SRC came into focus after the Wall Street Journal reported that funds from the company were transferred using multiple companies as fronts, before eventually reaching Najib’s account. As these funds were moved through Malaysian, rather than foreign, financial institutions it was easier for MACC investigators to establish the money trail. Malaysia's outgoing Prime Minister Najib Razak leaves after a news conference following the general election in Kuala Lumpur, Malaysia, May 10, 2018. REUTERS/Athit Perawongmetha/Files Praveen Menon; Writing by Simon Cameron-Moore; Editing by Robert Birsel

Malaysia in suspense ahead of Najib's visit to anti-graft agency