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USMNT Makes Numerous Roster Swaps; Pulisic Among 7 to Depart Camp

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USMNT Makes Numerous Roster Swaps; Pulisic Among 7 to Depart Camp As expected, interim USA manager Dave Sarachan made a number of roster swaps as the U.S. men's national team heads to Europe to complete its stretch of friendlies at Ireland and France. Reported by SI.com 1 hour ago.

IMMOFINANZ with strong operating development in the first quarter of 2018 - cost savings take effect

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DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Quarter Results

29.05.2018 / 17:57
The issuer is solely responsible for the content of this announcement.
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· *Results of operations double to EUR 35.5 million *
· *Like-for-like rental income rises by 3.7% *
· *Financing cost fall by 38.6% to EUR -16.4 million *
· *FFO 1 roughly triples to EUR 29.1 million *
· *Net LTV at 40.6% and financing costs (excl. derivatives) further reduced to 1.93% *
· *Earnings before tax of EUR 27.2 million (EUR 107.0 million) and net profit from continuing operations at EUR 4.3 million (EUR 101.7 million) following strong positive valuation effects for investments in CA Immo and BUWOG in previous year*
· *Income tax (EUR -22.9 million) influenced, among others, by the liquidation of Aviso Zeta and deferred taxes for the possible sale of the CA Immo investment*
· *EPRA NAV per share improves to EUR 2.88 (31.12.2017: EUR 2.86)*
· *Outlook confirmed for FFO 1 of over EUR 100.0 million in 2019 (excl. CA Immo)**KEY FIGURES *(IN MEUR)* //* *Q1 2018** // **Δ** in % // Q1 2017*
 
*Rental income **// **59.0 // 3.3% // 57.1*
*Results of asset management **// **45.0 // 14.1% // 39.5*
*Results of property sales **// **3.5 // n/a // -6.0*
*Results of property development **// **1.8 // n/a // -5.8*
*Results of operations **// **35.5 // >= 100.0% // 17.8*
*Financial results // **-4.5 // n/a // 93.0*
*Earnings before tax // 27.2 // -74.5% // 107.0*
*Net profit from continuing operations // **4.3 // -95.7% // 101.7*
*Net profit // **1.0 // -98.8% // 80.7*
*FFO 1 before tax (excl. results of property sales and development)* *// **29.1 // >= 100.0% // 9.7 *
*FFO 2 before tax (incl. results of property sales)* *// **32.7 // >= 100.0% // 3.7*

*IMMOFINANZ doubled the results of operations to EUR 35.5 million in the first quarter of 2018 (Q1 2017: EUR 17.8 million). Rental income rose by 3.3% to EUR 59.0 million. The results of asset management increased by a sound 14.1% to EUR 45.0 million following a substantial reduction in property expenses. Both the results of property sales and the results of property development turned clearly positive: the results of property sales improved to EUR 3.5 million (EUR -6.0 million) and the results of property development to EUR 1.8 million (EUR -5.8 million).*
 
"The measures implemented during the past restructuring phase are taking effect, and we can now see the expected improvement in our indicators. A significant increase in the efficiency of our portfolio led to a year-on-year reduction of approximately EUR 4.3 million, or 21%, in property expenses. In addition, financing costs fell by nearly 39%, or more than EUR 10 million, due to our extensive refinancing operations in 2017", explained Oliver Schumy, CEO of IMMOFINANZ, on this development. "The 'new' IMMOFINANZ is now very well positioned for further growth."
 
Financing costs were significantly lower, as expected, at EUR -16.4 million (Q1 2017: EUR -26.7 million). The share of profit/loss from equity investments amounted to EUR 8.9 million, whereby the previous year was influenced, above all, by strong positive valuation effects from the investments in CA Immo and BUWOG (Q1 2017: EUR 134.1 million). Financial results totalled EUR -4.5 million for the reporting period (Q1 2017: EUR 93.0 million). Earnings before tax (EBT) totalled EUR 27.2 million (Q1 2017: EUR 107.0 million). Income tax amounted to
EUR -22.9 million (Q1 2017: EUR -5.3 million) and was influenced, among others, by the liquidation of Aviso Zeta and the recognition of deferred taxes for the possible sale of the CA Immo investment.
 
Net profit from continuing operations equalled EUR 4.3 million (Q1 2017: EUR 101.7 million). The total net profit for the IMMOFINANZ Group (including a subsequent effect from the sale of the logistics portfolio) amounted to EUR 1.0 million (Q1 2017: EUR 80.7 million).
 
Sustainable FFO 1 before tax (excluding the results of property sales and property development) roughly tripled to EUR 29.1 million (Q1 2017: EUR 9.7 million) including EUR 7.6 million for the economic interest in FFO 1 of CA Immo. FFO 2 before tax (including the results of property sales) totalled EUR 32.7 million (Q1 2017: EUR 3.7 million).
 
*Financing costs decline to 1.93% *
 
Average financing costs continued to decline and, at the end of March, equalled 1.93% excluding derivatives (31 December 2017: 1.97%) and 2.27% including derivatives (31 December 2017: 2.31%). The net loan-to-value ratio improved to 40.6% (31 December 2017: 40.8%). Cash and cash equivalents rose to EUR 509.4 million (31 December 2017: EUR 477.9 million).
 
The occupancy rate has remained stable since year-end 2017 at 94.2%, and the gross return equalled 6.4% (31 December 2017: 6.4%).
 
The EPRA NAV per share rose to EUR 2.88 (31 December 2017: EUR 2.86). The EPRA triple net asset value per share equalled EUR 2.87 (31 December 2017: EUR 2.84).
 
*Outlook*
 
A structured bidding process for a package sale of the approximately 26% investment in CA Immobilien Anlagen AG was started in April 2018. The outcome of this process is still open, but it is expected to be concluded during summer 2018.
 
Activities are current in progress to obtain the approval of the anti-trust authorities in several countries for the acquisition of a 29.1% investment in S IMMO AG. This transaction should be concluded during summer.
 
The outlook is confirmed for FFO 1 of more than EUR 100 million, excluding the economic interest in CA Immo, in the 2019 financial year. Moreover, an increase in the dividend to eight Euro cents (EUR 0.08) per share is planned for the current 2018 financial year.
 
  
*Results in detail*
 
*Rental income* rose by 3.3% to EUR 59.0 million, compared with EUR 57.1 million in the first quarter of the previous year. Completions and new rentals more than offset the decline in rental income resulting from the sale of properties which no longer correspond to the Group's strategy.
 
The *results of asset management* increased by a sound 14.1% to EUR 45.0 million (Q1 2017: EUR 39.5 million). Property expenses fell substantially by 21.1% year-on-year to EUR -16.1 million (Q1 2017: EUR -20.4 million). This decline resulted primarily from a reduction in fit out costs (EUR -2.2 million versus EUR -3.8 million), vacancy costs (EUR -2.4 million versus EUR -3.4 million), operating costs charged to building owners (EUR -3.9 million versus EUR -4.4 million) and maintenance costs (EUR -3.2 million versus EUR -3.4 million).
 
The *results of property sales* turned positive at EUR 3.5 million in the first quarter of 2018 (Q1 2017: EUR -6.0 million). The *results of property development* improved to EUR 1.8 million (Q1 2017: EUR -5.8 million) based on positive valuation effects from the FLOAT and trivago Campus development projects in Düsseldorf.
 
The *results of operations* doubled to EUR 35.5 million in the first quarter of 2018 (Q1 2017: EUR 17.8 million). Other operating expenses rose to EUR -17.0 million (Q1 2017: EUR -11.1 million), among others due to the payment of a one-time special bonus of EUR -4.0 million to the Executive Board for the successful restructuring of the Group. Other non-recurring effects of approximately EUR -1.4 million involved costs related to the simplification of the corporate structure. After an adjustment for these non-recurring factors, other operating expenses were at EUR -11.6 million. Personnel expenses adjusted for the special bonuses were 9.4% lower than the comparable prior year value at EUR -8.3 million (Q1 2017: EUR -9.1 million).
 
The *revaluation of investment property* totalled EUR -3.7 million (Q1 2017: EUR -3.6 million). *Financing costs* fell, as expected, by a substantial 38.6% to EUR -16.4 million (Q1 2017: EUR -26.7 million) due to the extensive refinancing measures carried out in 2017. *Other financial results* amounted to EUR 1.2 million, compared with EUR -15.6 million in the first quarter of the previous year which was influenced primarily by the valuation of derivatives and the incentivised conversion of the 2018 convertible bond. The *share of profit/loss from equity-accounted investments* amounted to EUR 8.9 million, whereby the previous year was positively influenced, above all, by valuation effects from the investments in CA Immo and BUWOG (Q1 2017: EUR 134.1 million). *Financial results* totalled EUR -4.5 million for the reporting period (Q1 2017: EUR 93.0 million).
 
*Earnings before tax (EBT)* totalled EUR 27.2 million (Q1 2017: EUR 107.0 million). Income tax amounted to EUR -22.9 million (Q1 2017: EUR -5.3 million) and contains EUR -15.2 million of deferred taxes to reflect the income taxes that could become due in later financial years. Included here, among others, are EUR -6.6 million of deferred taxes related to the investment in CA Immo (outside basis differences) which were recognised following the start of the sale process in April. Current income tax expenses of EUR -7.7 million include approximately EUR -3.0 million of taxes that resulted from the liquidation of Aviso Zeta.
 
*Net profit from continuing operations* equalled EUR 4.3 million for the reporting period (Q1 2017: EUR 101.7 million). The *results of discontinued operations* totalled EUR -3.4 million (Q1 2017: EUR -21.0 million). Included here are subsequent costs related to tax proceedings involving the logistics properties which were sold in 2016, but are attributable to IMMOFINANZ as the owner at that time.
 
*Net profit* (including the subsequent effect from the sale of the logistics portfolio) equalled EUR 1.0 million (Q1 2017: EUR 80.7 million).
 
 
The report by IMMOFINANZ AG on the first quarter of the 2018 financial year as of 31 March 2018 will be available on the company's website under http://www.immofinanz.com/en/investor-relations/financial-reports starting on 30 May 2018.
 
 
*On IMMOFINANZ*
IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of seven core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania and Poland. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points that stand for quality and service. The real estate portfolio has a value of approx. EUR 4.2 billion and covers more than 230 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com
 
 
*For additional information contact:*
Bettina Schragl
Head of Corporate Communications and Investor Relations
T +43 (0)1 88 090 2290
M +43 (0)699 1685 7290
communications@immofinanz.com
investor@immofinanz.com
 
  --------------------

29.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: IMMOFINANZ AG
Wienerbergstraße 11
1100 Wien
Austria
Phone: +43 (0) 1 88090 - 2290
Fax: +43 (0) 1 88090 - 8290
E-mail: investor@immofinanz.com
Internet: http://www.immofinanz.com
ISIN: AT0000809058
WKN: 911064
Listed: Regulated Unofficial Market in Berlin, Frankfurt, Munich, Stuttgart; Warschau, Wien (Amtlicher Handel / Official Market)
 
End of News DGAP News Service Reported by EQS Group 1 hour ago.

Benioff Endorses GDPR for US

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Benioff Endorses GDPR for US Salesforce CEO Marc Benioff described Facebook as the "new cigarettes" in a recent appearance on the TV show CBS This Morning and called for the U.S. to adopt a national privacy law like the GDPR, which just went into effect in Europe. "Maybe this is a time where the government has to step in and regulate not just that product but really our industry," Benioff said, referring to Facebook. Reported by E-Commerce Times 2 hours ago.

REAL STUFF: 'European Pillar of Social Rights' in your pocket

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A new world of work means updating rights and protections in Europe for all workers. European Commissioner Marianne Thyssen believes Europe must address the need for convergence in social protection for all, in order to avoid generational gaps or the risk of poverty among citizens Reported by euronews 1 hour ago.

CLPS Incorporation Announces Closing of $10.5 Million Firm Commitment Initial Public Offering

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Shanghai, China, May 29, 2018 (GLOBE NEWSWIRE) -- CLPS Incorporation (the "Company" or Nasdaq: CLPS), a global leading information technology consulting and solutions service provider focusing on the banking, insurance and financial sectors in China and globally, today announced the closing of a U.S. underwritten initial public offering (“IPO”) of 2,000,000 common shares at a price to the public of $5.25 per share. The Company’s shares began trading on The Nasdaq Capital Market on May 24, 2018.

The Company received aggregate gross proceeds of approximately $10.5 million from this offering, before deducting underwriting discounts, commissions and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 common shares at the public offering price, less underwriting discounts and commissions.

Proceeds from the offering will be used for global expansion, R&D, talent development and working capital and general corporate purposes.

The Benchmark Company, LLC acted as the book running manager and Cuttone & Co., LLC acted as co-manager for this offering.

Schiff Hardin LLP acted as US legal counsel to the Company; Hunter Taubman Fischer & Li LLC acted as legal counsel to the underwriters in connection with this offering.

A registration statement on Form F-1 relating to this offering was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC as of May 23, 2018. The offering of these securities was made only by means of a prospectus, forming a part of the registration statement. The registration statement on Form F-1 and the final prospectus relating to this offering are available on the SEC’s website at www.sec.gov. Copies of the final prospectus relating to this offering may be obtained from The Benchmark Company, LLC by calling 212-312-6700 or prospectus@benchmarkcompany.com.

*This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.*

*About CLPS Incorporation*

Headquartered in Shanghai, China, CLPS Incorporation (the "Company") (Nasdaq: CLPS) is a global leading information technology (“IT”), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company has served as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains eleven delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining four global centers are located in Hong Kong, Taiwan, Singapore and Australia. For further information regarding the Company, please visit: http://ir.clpsglobal.com/.

*Forward-Looking Statements*

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, the Company’s closing of the IPO and the trading of the Company’s shares on NASDAQ. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the IPO will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

*For more information, please contact Investor Relations at:*

*In China:*

CLPS Incorporation

Tian van Acken
Phone: +86-158-0198-4357
Chief Financial Officer
Email: ir@clpsglobal.com  

*In the United States:*

Ascent Investor Relations LLC

Nicolas Palar
Phone: +1-646-932-7202
Email: npalar@ascent-ir.comTina Xiao
Phone: +1-917-609-0333
Email: tina.xiao@ascent-ir.com Reported by GlobeNewswire 1 hour ago.

Workers' rights transformed: Ensuring social protection

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For most workers in Europe's gig economy, access to social protection is not as simple as it was when full-time jobs were the norm. 'Real Economy' looks at how the system can mature and evolve. Reported by euronews 1 hour ago.

Hold the praise for the dark arts of Sergio Ramos

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Hold the praise for the dark arts of Sergio Ramos Football’s loose and ever-shifting moral code has been thrown under the spotlight by Real Madrid’s Champions League triumph over Liverpool, the injury to Mohamed Salah that changed the momentum of Saturday’s final, and the foul by Sergio Ramos that ended the Egyptian’s participation – and possibly his hopes of playing at the World Cup next month.

To some, Real and Spain defender Ramos’s act of dragging Salah to the ground, contributing to Liverpool’s most potent attacking threat suffering a shoulder injury that forced him from the pitch in tears, was an act of skullduggery, sufficiently well disguised to escape serious punishment, and the product of a cynical approach to the game.

For others, it was further evidence of Ramos’s qualities. The 32-year-old is a serial winner – this was a fourth Champions League crown to sit alongside four La Liga titles, a World Cup and two European Championships – and that is testament to his ability to find an edge, by fair means or foul. The end justifies the means. You’d love him if he was on your team, or so it goes.

*Read more*: How much prize money will Arsenal and others make from Europe?

It might be effective and his determination to win is indeed admirable but, for those defending Ramos, this seems like a good time to reflect on whether our willingness to applaud the dark arts of football may have gone too far.

Is an honest approach now to be deemed hopelessly naive when there are other, more modern ways to indicate virtue – which handily don’t affect competitiveness – such as not celebrating against a former team?

Of course, Ramos could not have known that dragging Salah down would lead to that severity of injury, and there is no suggestion that he set out to hurt him. But at the very least a forceful challenge was sure to unsettle the Liverpool man.

The essence of such an act is: it’s worth a try because it might hurt, upset or put off an opponent. A similar logic was at play when Luis Suarez bit Giorgio Chiellini at the 2014 World Cup, incurring a four-month ban.Ramos dragged Mohamed Salah to the ground, injuring the Liverpool player (Source: Getty)

Moral confusion isn’t just a foreign affliction, though. It abounds in England, where debate continues to rage over diving, not least by a number of leading players for the national team.

If a forward is touched by a defender are they entitled to fall, even if the contact did not cause it? Is the act of tricking a player into making the challenge, thus facilitating the dive, a skill to be prized in itself? Some, such as Tottenham manager Mauricio Pochettino, have suggested as much.

We have also become wearily accustomed to the praising of tactical fouls – the type of deliberate bringing down of an opponent designed to halt an attack, usually at the expense of a yellow card. 

Fail to cheat in this way and a culpable player faces the likelihood of being castigated by whichever Neville brother happens to be on co-commentary duty.

Football is a contact sport and players don’t have to be saints, but – without wishing to encourage the petition to ban Ramos that attracted half a million signatories – let’s not go too far the other way and elevate these tactics to a higher plane.

It’s worth asking ourselves what type of football it is that we want. Reported by City A.M. 1 hour ago.

Italy's populists have lots of rage but no answers to Europe’s woes

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The establishment is myopic in dismissing ordinary folk as racist Neanderthals but the populist parties offer nothing but voodoo economics Reported by Haaretz 1 hour ago.

The Swiss Stock Market Pulled Back On Broad Weakness

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The Swiss stock market declined during the first 2 hours of trade Tuesday, but settled into a range for the rest of the session. Markets across Europe were under pressure due to concerns over the political situations in both Spain and Italy. Reported by RTTNews 1 hour ago.

Study: Christians in west Europe less tolerant of immigrants

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Christians in western Europe are less accepting of immigrants and non-Christians than people without religious affiliations, a study published Tuesday that was based on a 15-country survey found. Reported by FOXNews.com 1 hour ago.

What you need to know on Wall Street today

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What you need to know on Wall Street today *Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.*

*Goldman is moving into an unglamorous part of banking*

Goldman Sachs is quietly building out a business in a humdrum area of the market that helps big corporations manage and move their money. It's a far cry from the Wall Street bank's traditional business of advising companies on mergers and acquisitions and helping them raise capital.

The project is the latest in a series of Goldman moves into basic banking that have left many on Wall Street scratching their heads. Long known for its expertise in trading derivatives, advising on takeovers and managing money for the super wealthy, the bank has sought to diversify by capitalizing on a banking charter received during the financial crisis.

Read more about what Goldman is building here. 

 

*Crypto is staging a comeback*

Crypto markets are making a big comeback as political uncertainty grips Italy and Europe.

At the time of writing, a number of major cryptos were sporting big gains, including ethereum and bitcoin cash. Bitcoin, the largest cryptocurrency by market capitalization, was trading up 4.8% at $7,446 a coin, according to Markets Insider data.

Here's our story.

 

*Designers at SoFi and Robinhood explain how they trick users into actually saving (and making) money*

Personal finance apps like SoFi and Robinhood have gained traction with customers — especially millennials — thanks to the ease with which they let users sock money away, save towards big goals, and make big purchases more possible.

At the heart of their success: A good product which combines smart design with financial psychology to convince users to meet the goals they set for themselves.

Here's how the best companies in fintech design their apps to convince users to save and make money.

 

*Trump tough talk on China continues *

The Trump administration on Tuesday moved forward with restrictions on Chinese investment in the US and tariffs on $50 billion worth of Chinese goods despite talks that seemed to alleviate trade tensions between the two countries.

The White House announced Tuesday that the crackdown on Chinese trade would take effect in June. It said the final list of goods subject to a new 25% tariff would be released June 15, with more details on investment restrictions coming by the end of the month.

 

*In markets news*

· A risky part of the market has swelled beyond financial-crisis levels — and it could make the next meltdown a whole lot worse
· Investors with trillions at stake are 'gorging like pigs at the trough' — and the smallest misstep could make a painful crash even worse

Join the conversation about this story »

NOW WATCH: BlackRock's $1.8 trillion bond chief says Wall Street is looking at the wrong thing when it comes to the yield curve Reported by Business Insider 1 hour ago.

Cameroon legend Samuel Eto'o backs South African Lebogang Manyama to succeed abroad

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Cameroon legend Samuel Eto'o backs South African Lebogang Manyama to succeed abroad The Cameroon legend has backed the former Citizen star to succeed in Europe despite a dismal season Reported by Goal.com 46 minutes ago.

Daily CryptoCann Report: South Korea looks to re-legalize ICOs, L.A. cannabis company MedMen begins trading on the CSE

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It was a strong start to the week for cryptocurrency with all the top five coins on the rise. Bitcoin Cash (BCH-USD) was the top gainer, rising more than 10% to US$976.40. Ethereum (ETH-USD) jumped nearly 9% to US$557.74 followed by Ripple (XRP-USD) which was up nearly 8% to US$0.59. Bitcoin (BTC-USD) rose more than 4% to US$7,435.29 while EOS (EOS-USD) was up more than 3% to US$11.87. The National Assembly of South Korea is working towards re-legalizing initial coin offerings after imposing a ban on ICOs last September, according to a report by Business Korea. Known as the Fourth Industrial Revolution committee, the group will form a task force to establish guidelines and transparency for cryptocurrency trading. READ: Daily CryptoCann Report: CryptoKitties creator faces lawsuit; Traffickers sell cannabis to undercover police “The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support,” said the special committee in a statement. In Europe, German prosecutors sold seized cryptocurrency for a total of US$13.9mln, according to a report by Der Tagesspiegel. The cryptocurrency was collected as a result of criminal proceedings against Lesen und Lauschen, an online platform selling e-books and audiobooks illegally. German officials sold 1,312 Bitcoins, 1,399 Bitcoin Cash, 220 Ethereum and other digital currencies. The Bayern Central Cybercrime office ordered an emergency sale due to price volatility. READ: Daily CryptoCann Report: Ashton Kutcher donates US$4mln in Ripple; The Garden State faces a marijuana shortage MedMen Enterprises Inc (CSE:MMEN), one of the largest U.S. cannabis companies, began its first day of trading on the Canadian Securities Exchange. The company owns and operates nine licensed cannabis facilities, including its flagship store located on New York City’s Fifth Avenue. The Los Angeles-based company recently signed a joint venture agreement with Cronos Group to open MedMen stores in Canada once cannabis is legalized throughout the country. Marapharm Ventures Inc (CSE:MDM, OTCQX:MRPHF) has entered into an agreement to expand its operations in Washington state. The newly acquired land is in the city of Tonasket, just south of the Canadian border. The area is ideal for sun-grown production, seeing around 300 days of sunshine every year. "We are excited to assist our Washington partners commence planting and growing in Tonasket. For the 'cannassieur,' it is the experience of seeking unique nuances of flavor imparted by the earth which can be detected in sun-grown cannabis,” said CEO Linda Sampson. Shares of the British Columbia-based company were up nearly 8% to US$0.39. Reported by Proactive Investors 54 minutes ago.

U.S. stocks tumble on worries about Europe's stability

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U.S. stocks tumbled Tuesday — falling the most in more than a month — as they joined a global selloff sparked by concern that Italy’s political woes will destabilize Europe. Treasuries surged, oil plunged and the yen rallied.

Selling in American equities speeded up after European shares closed... Reported by L.A. Times 47 minutes ago.

BANK OF AMERICA: The wildly turbulent market is only getting 'messier' — here are 7 ways traders can still smash benchmarks

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BANK OF AMERICA: The wildly turbulent market is only getting 'messier' — here are 7 ways traders can still smash benchmarks· *The market is experiencing turbulent conditions as worries over Italy's political issues spread globally amid fears they'll hurt the stability of Europe.*
· *Bank of America Merrill Lynch has formulated a seven-part game plan for active managers to continue adding to an already impressive run of performance in 2018.*

--------------------

Conventional wisdom suggests that when the stock market is on rocky footing, that's when the best opportunities become available.

Stocks break free of the herd-like trading that characterizes calmer conditions and start fluctuating based on specific fundamentals. If you do your homework and make the right picks, it can be a lucrative time. And that's certainly been true so far in 2018 as active managers have gotten off to their best start in history.

"One driver for the return of alpha in 2018 may be the fact that the market has grown 'messier,'" Savita Subramanian, head of US equity and quant strategy at Bank of America Merrill Lynch, wrote in a client note. "Stock expertise matters during messy markets. Historically, higher idiosyncratic risk has been accompanied by stronger active returns."

But there's also increased downside risk associated with trading more volatile stocks. With that in mind, it's important to note that "expertise" implies traders are making well-informed, correct decisions, which then translates to outsized returns.

And while that's all well and good, knowing that you should be raking in big returns and actually doing it are two entirely different things. 

That's where BAML comes in. Subramanian has outlined seven ways for active managers to continue beating their benchmarks to a historic degree.

To put it in Subramanian's words, it's a "game plan that we think improves the odds of generating alpha over time."

*1) Pick your battles*

BAML notes that not all idiosyncratic stock moves are created equal, and stresses the importance of choosing companies from the right sectors.

"The stock-picker's paradise resides in ... tech, healthcare, and consumer industries ... where brand, pipeline, and innovation are likely bigger drivers than macro factors," BAML said.

*2) **Focus on stocks that act like stocks*

"By simply limiting the universe of stocks to companies with above average 'idiosyncratic,' or company-specific risk, we found that these attributes were rewarded by a much wider margin," BAML said.

*3) Take the road less traveled ... especially by the sell side*

"The more eyeballs on a stock, the less alpha you’re likely to harvest," BAML said. "Another pitfall avoided by steering clear of the sell-side darlings is crowding. In three of the last five years, the most overweighted stocks by active managers have underperformed the most underweighted stocks. What do crowded stocks tend to have in common? High sell-side coverage."

*4) Add some Environmental, Social and Governance (ESG) stocks*

"Adding an ESG factor to many traditional shorter-term fundamental factors enhanced returns and reduced risk in all factors we examined in our backtest," BAML said.

*5) Extend your time horizon*

"With resources, trading strategies, systems and eyeballs increasingly trained on short term stock dislocations, alpha over short time horizons has become increasingly hard to come by," BAML said. "But with the paucity of resources, investment strategies and eyeballs focused on the longer-term outlooks, the alpha opportunity over a longer time horizon has dramatically increased."

*6) Know your biases*

"Our historical holdings database reveals that active funds have maintained persistent biases over time," BAML said. "While there is some justification for these biases, they are not necessarily the right tilts to have in every market environment."

*7) Cheaters sometimes prosper*

"Long-only portfolios managing against the losing benchmark tend to have an unfair edge in that they can tilt their portfolio to stocks in the winning benchmark," BAML said. "And history suggests that this is a common practice – style funds tend to outperform during periods in which their style benchmark is the laggard, and vice versa."

*SEE ALSO: Mega-mergers are surging at a record pace — and history warns a market crash is looming*

Join the conversation about this story »

NOW WATCH: Jeff Bezos on breaking up and regulating Amazon Reported by Business Insider 40 minutes ago.

Israel detains Gaza Freedom Flotilla

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A Europe-bound boat carrying 17 passengers, some of whom were injured in recent clashes with Israeli forces, has been captured a short distance from the Gaza port. Reported by euronews 16 minutes ago.

7 Reasons To Head To Hungary For Sziget This Summer

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7 Reasons To Head To Hungary For Sziget This Summer The line up! The location! The culture!

It’s Hungary’s most famous festival acclaimed for an escapist experience like no other. A festival, holiday and city break combined into one week - yes, that’s right, WEEK of music, booze and the best in international arts and culture, all in the enchanting surroundings of Budapest’s Óbuda Island (the proclaimed ‘Island of Freedom’).

It’s really no wonder most of its punters rave about it and return year on year. But why should you aboard the Sziget ship?

*1. It’s a WEEK long! *
Just to reiterate, that’s 7 days long. The time it took Craig David to get from a bottle of Moet on a Monday to a chilled Sunday with his new girl (via making love every day on the way).

This is pretty much what Sziget feels like, FYI. Those of us that get that deflated feeling - or post-fest-depression - after returning to normality after a long weekend need not to worry. That feeling can be delayed until you’re so gloriously warn out you can’t imagine a place in the world better than your own bed and a gallon of green tea.

Top tip: give yourself at least a couple of days recovery before returning to work. We speak from experience. (N.B. If you can’t hack a week, three day tickets are still available).

*2. Sziget is an entire Island nicknamed the ‘Island of Freedom’ *
What better way to feel truly transported away from bleak reality than to escape to a literal island. The iconic bridge from the main city of Budapest to the city’s Óbuda Island - the largest of its kind - is the gate to an utopian world. Set your out-of-office at the gate and forget about it.

There are no restrictions on Sziget Island; forget unimaginative colour-named camping areas a marathon from the stage, at Sziget you have the freedom to camp anywhere on the Island; pitch your tent right next to the main stage if you fancy, or away from the basslines in the forest, surrounded by impressive art installations and dreamy light displays.

Camping opposite your favourite Chinese food stall is always a great shout for early morning snackage, by the way. With beachside tiki bars and far better weather than the UK, Sziget is a 2-in-1 holiday festival that will by far trump your Reading imperial-vodka-in-bottle ventures.

*3. It’s in the thriving city of Budapest *
Festival, holiday escape, but not to forget a city break in one of Europe’s top destinations. If spending a week down and dirty in a tent doesn’t do it for you, a quick ride on the metro takes you to the glorious main city of Budapest and all its cultural offerings alongside accommodation alternatives.

Hostels, hotels and classic Hungarian Air B&Bs are all just a short journey from the festival, Sziget’s city pass providing free travel around the city, as well as discounts to its infamous baths and selective attractions. If the full festival experience is, indeed, your jam, it’s worth pushing through some early morning hangovers to explore the city before the music starts. If you can...

*4. The line-up is ridiculous*
If there's anything key to take out of this year’s Sziget Festival, is that it’s line-up is CRAZY GOOD. From pop royalty Dua Lipa and Lana Del Rey to long-time favourites Gorillaz and Arctic Monkeys, not to forget Sir Kendrick Lamar. Sziget is famed for its versatile line-up year on year, featuring the best in new music alongside big names across a whole host of genres. Check out Shame, SG Lewis and Ben UFO alongside the likes of Stormzy, Wolf Alice and Kaleo.

Championing the best in music from the UK, US and far beyond - an opportunity to enjoy some of the most exciting artists from eastern Europe and Scandinavia - it really is an international celebration of everyone’s favourite art form. Punters tip: Arctic Monkeys will be incredible, but head to the tribute act stage afterward for guaranteed fun; nothing can beat belting out various guilty pleasures with a crowd of assorted first-languages.

*5. It’s an Instagrammer’s dream *
We would be all ‘leave your phone behind’ and everything, but the whole festival is so madly Instagrammable it would be almost rude not to take a few snaps for the ‘gram. Littered between stages, attractions and tents are spectacular installations waiting to be discovered. Colourful sculptures, unique art projects and innovative visuals are all part of Sziget’s Art of Freedom, a collection of works by young creative minds transforming the island into its own fantasical nation of hedonist celebration, which promotes further its world of music and dancing.

*6. This year’s ‘Love Revolution’ theme *
This year - more than ever - Sziget is all about that four letter word. Love. The festival talks of its global family of ‘Szitizens’ coming together to support causes that could help our planet become a better place. These include sustainability and environmental protection, human rights, promotion of a peaceful, anti-nuclear world and the creation of an environment which completely eliminates sexual, religious or ethnic discrimination.

Attending Sziget is attending more than just a festival, but a communal event towards a better future. There’s much more to get involved in than the music!

*7. You’ll make the best friends *
Sziget is very much an international festival and the place to be if you’re all about meeting friendly, open-minded creatives from all over Europe and the world. Enjoy with your pals from home, but don’t be afraid to go alone! The aura at Sziget is nothing like anything you’ve experience at a Brit festival; round every bend, stage or bar are new pals, awaiting your stories of music from your part of the world.

The alcohol is so cheap - a ‘large wine’ is often served in a pint, and a beer will only set you back a couple of euros - you’re bound to make some boozy buds. Sziget is not only about the music, but how it bring us together - back to basics.

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Sziget Festival takes place August 8th - 15th in Budapest, Hungry. Grab your tickets before they sell out, here. We’ll see you on the Island!

Words: *Alice Mortimer*

Join us on *Vero*, as we get under the skin of global cultural happenings. Follow *Clash Magazine* as we skip merrily between clubs, concerts, interviews and photo shoots. Get backstage sneak peeks and a true view into our world as the fun and games unfold.

***B*uy Clash Magazine** Reported by Clash 22 minutes ago.

George Soros says the EU is in 'existential crisis'

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George Soros says the EU is in 'existential crisis' Billionaire investor George Soros has said the European Union is in an "existential crisis", which could precipitate the next financial meltdown.

Speaking at the annual meeting of European think-tank The European Council on Foreign Relations, giving a keynote on "how to save the European Union", Soros said that "everything that could go wrong has gone wrong" for Europe.

He blamed the financial crisis and the refugee crisis for causing a rising tide of anti-European populism which, when combined with fiscal austerity, has the potential to rock the EU's economies. 

*Read more: *Markets rattled by Italian and Spanish political uncertainty

"We are now facing the termination of the nuclear arms treaty with Iran and the destruction of the transatlantic alliance. This is bound to have a negative effect on the European, and particularly the German, economy," Soros said at the meeting in Paris.

"The strength of the dollar is already precipitating a flight from emerging market currencies. We may be headed for another financial crisis and that's the last thing we need."

Soros added that "territorial disintegration", as exemplified by Brexit, was another sign that Europe was in "existential danger". 

"Brexit is an immensely damaging process, harmful to both sides," he added. 

"Europe needs to do something drastic. It needs to reinvent itself. This initiative needs to be a genuinely grassroots effort."

He emphasised that rather than pushing for a more fully integrated Europe, the Union should take a "multi-track" approach which gives countries more flexibility to decide the role they take within the EU. 

*Read more*: Gina Miller denies links with billionaire Soros and Best for Britain

This was one point on which Henry Newman, director of think tank Open Europe, agreed. 

"The only plan for the future of Europe is coming from President Macron, who almost literally wraps himself in the flag, and from President Juncker who wants 'more Europe'. That's not what people across Europe are asking for or voting for," Newman said. 

"We've seen the Union withstand crises before and get through, so I don't think we should be calling the end of the EU. But there is quite a severe crisis."

Soros's speech came amid a political crisis in Italy, in which President Sergio Mattarella had vetoed the appointment of the economy minister nominated by a coalition of the anti-establishment Five Star Movement and the far-right Northern League. This means another election will have to be held. 

*Read more: *First Brexit, now Italy – the EU power balance is shifting Reported by City A.M. 27 minutes ago.

The Latest: Germany: Rejected asylum-seeker sets self ablaze

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The Latest on Europe's migrant crisis (all times local): 7:55 p.m. German authorities say a rejected asylum-seeker from Iran suffered serious injuries after setting fire to himself at a town office near the southwestern city of Ulm. Reported by FOXNews.com 17 minutes ago.

Fourth Time, Greenberg Traurig Receives Chambers USA Award for Excellence in Real Estate

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For the second consecutive year, and fourth time overall, global law firm Greenberg Traurig, LLP received the Chambers USA Award for Excellence in Real Estate at the Chambers and Partners USA Awards, Thursday, May 24, 2018, in New York City.

NEW YORK (PRWEB) May 29, 2018

For the second consecutive year, and fourth time overall, global law firm Greenberg Traurig, LLP received the Chambers USA Award for Excellence in Real Estate at the Chambers and Partners USA Awards, Thursday, May 24, 2018, in New York City.

“Fifty years ago we were founded as a real estate firm and have continued to grow in this area, intentionally and strategically. Now at more than 400 lawyers in our practice, it is not just about our size or numbers – it’s the ability to meet our clients’ needs today and the agility to take them into the future. The magnitude of the deals our clients trust us with speak for themselves, and this award from Chambers reinforces our reputation as go-to real estate attorneys,” said Real Estate Co-Chair Robert J. Ivanhoe.

The real estate team, now 400 strong, also received the award in 2017, 2013, and 2010, and has been nominated for the award every year since 2007.

“The network we have built has given our practice the unique position to take our clients full-cycle. Our team is not working in silos or handling deals in one office, we are a team that harnesses our nationwide platform, utilizing our full network for our clients to accomplish their goals,” said Real Estate Co-Chair Corey E. Light.

Ranked nationwide Band 1 in the 2018 Chambers USA Guide, the publisher recognizes Greenberg Traurig’s real estate team as a “powerhouse with unmatched coverage nationwide. Advises across the full spectrum of real estate, including acquisitions and dispositions as well as development-related matters.”

“Receiving this award for the second consecutive year highlights what we are accomplishing as a team. Year after year our team continues to provide outstanding work, handling landmark deals and providing excellent client service,” said Real Estate Practice Co-Chair Richard J. Giusto.

Chambers and Partners, the UK-based publisher of legal guides worldwide, bases the awards on research they conducted for the 2018 edition of the USA Guide. The guide, released May 3, recognizes 160-plus Greenberg Traurig attorneys across the United States.

Below is a summary of some of the Greenberg Traurig-guided transactions on which Chambers and Partners researchers based the award:· Representation of a joint venture between RFR Holding and Kushner Companies in the $600 million buyout of four properties in Dumbo Heights, 81 and 55 Prospect St., 77 Sands St. and 117 Adams St. in Brooklyn , from their partner Invesco.
· Representation of Kayne Anderson Real Estate Advisors (KAREA) with the real estate aspects of a definitive merger agreement under which affiliates of KAREA will acquire Sentio Healthcare Properties, Inc. by way of a merger.
· Representation of the Sacramento Kings in the legal structuring, documentation, implementation and marketing of a mixed-use commercial and residential project within the master new Sacramento City downtown arena development project.
· Representation of Swire Properties in the acquisition of the property, in the structuring of the development of Brickell CityCentre including the retail shopping center, and is continuing to counsel the developer in connection with project financing, the leasing of the retail and office components of the project, the negotiations with the hotel operator, the preparation of the condominium offerings and other development-related issues.
· Representation of maritime consultants Douglas Prothero and Lars Clausen and funds managed by Oaktree Capital Management on the hospitality related documents to create The Ritz-Carlton Yacht Collection, in which Ritz-Carlton will enter the luxury yachting and cruises business.
· Representation of the owner of The Bristol condominium tower in closing its $206 million construction loan. The loan is considered to be one of the largest in Palm Beach County.
· Representation as general real estate counsel on all transactions for the client, which is the new Master Developer for the South Weymouth Naval Air Station. This has involved three dispositions to developers that will be constructing 216 apartments, 200 townhouses and 26 single family homes.
· Representation of Extell Development Company in a $460 million financing provided by RXR Realty in connection with three Extell development projects in New York City.
· Representation of Kimco in connection with the development of Dania Pointe in Dania, Florida. Dania Pointe is a 102 acre premier mixed-use development with almost one million square feet of retail and restaurants in addition to Class A offices, hotels, luxury apartments and public event space.
· Representation of affiliates of Kayne Anderson Real Estate Advisors (KAREA) in the sale of three portfolios of student housing assets to a single buyer in a series of transactions totaling approximately $1.6 billion, representing one of the largest transactions in student housing globally this past year.
· Representation of Square Mile Capital Management LLC, along with joint venture partners Ares Management, LP, Wafra Investment Advisory Group, and Trinity Investments, LLC in the acquisition and financing of The Ritz-Carlton, Kapalua in Maui, Hawaii.
· Representation of Hard Rock International in its joint venture with a wholly-owned subsidiary of investor Carl Icahn to purchase Atlantic City's former Taj Mahal.
· Representation of Greystar in connection with a $201 construction million loan from Canadian lender Otera Capital for a luxury multifamily and retail project in San Jose, California.
· Representation of Kushner Companies, RFR Holdings and LIVWRK on the internal joint venture agreements between three partners. The team then represented the joint venture of the three partners as its client in a joint venture with CIM Group in the acquisition and financing of two Brooklyn properties from the Watchtower Bible and Tract Society, including the iconic 25-30 Columbia Heights and 85 Jay Street in DUMBO Brooklyn from the Watchtower Bible and Tract Society of New York.

About Greenberg Traurig's Real Estate Practice

The Greenberg Traurig Real Estate Practice is a cornerstone of the firm and recognized leader in the industry. The firm’s real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 400 real estate lawyers from around the world, serving clients from key markets in the United States, Europe, the Middle East, and Latin America. The group’s clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The firm’s real estate team advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and the hybrids.

About Greenberg Traurig

Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2017 Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law. Reported by PRWeb 33 minutes ago.
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