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BRIEF-Bigger Capital Fund Reports An 8 Pct Passive Stake In Akers Biosciences

January 2, 2018 / 9:31 PM / Updated 8 minutes ago BRIEF-Bigger Capital Fund Reports An 8 Pct Passive Stake In Akers Biosciences Reuters Staff 1 Min Read Jan 2 (Reuters) - Biosciences Inc: * BIGGER CAPITAL FUND LP REPORTS AN 8 PCT PASSIVE STAKE IN AKERS AS OF DEC 21, 2017 - SEC FILING Source text : ( bit.ly/2lHEjFS ) Further company coverage:

https://www.reuters.com/article/brief-bigger-capital-fund-reports-an-8-p/brief-bigger-capital-fund-reports-an-8-pct-passive-stake-in-akers-biosciences-idUSFWN1OX0NY

Global Markets: Asia shares reach decade top on China data, dollar in doldrums

NEW YORK (Reuters) - European stocks closed lower on Tuesday, the first trading day of 2018, while Wall Street advanced and the U.S. dollar fell to its weakest in over three months against key currencies. A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 2, 2018. REUTERS/Lucas Jackson MSCI’s gauge of stocks across the globe .MIWD PUS gained 0.61 percent. The index had set scores of record highs and rose by one-fifth in value in 2017. Major stock indexes closed 2017 with their best performance since 2013. In the U.S. market, the advance came amid strong economic growth and corporate earnings, low interest rates and hopes, now realized, of U.S. corporate tax cuts. U.S. equity indexes advanced on Tuesday, buoyed by gains in technology and consumer discretionary stocks. Increases in Apple ( AAPL.O ), Facebook ( FB.O ), Alphabet ( GOOGL.O ) and Microsoft ( MSFT.O ) shares pulled the S&P 500 index higher on Tuesday. “People are back to looking at what have been the winners. It has been very momentum driven,” said Rick Meckler, president of hedge fund LibertyView Capital Management LLC in Jersey City, New Jersey. The Dow Jones Industrial Average .DJI rose 59.79 points, or 0.24 percent, to 24,779.01, the S&P 500 .SPX gained 17.15 points, or 0.64 percent, to 2,690.76 and the Nasdaq Composite .IXIC added 91.91 points, or 1.33 percent, to 6,995.30. In Europe, equities closed lower after autos stocks fell following weaker car registrations data. Trading was also cautious ahead of the launch of a major reform of European financial markets. The pan-European STOXX 600 index fell 0.21 percent along with euro zone stocks .STOXXE, down 0.19 percent. Shares rose in Asia. Shanghai blue chips .CSI300 climbed 1.41 percent and MSCI's 24-country emerging market stock index .MSCIEF jumped to a multi-year high after the Caixin index of Chinese industry rose to a four-month high of 51.5 in December, confounding forecasts for a decline. FALLING DOLLAR The dollar index .DXY, tracking the greenback against a basket of major currencies, fell 0.23 percent. It was hampered by market expectations of a slower pace of interest rate increases by the Federal Reserve amid a tepid U.S. inflation picture. The dollar had already hit a three-month low .DXY on Friday, bringing its losses for 2017 to 9.8 percent, its worst performance since 2003. Other currencies gained. The euro EUR= rose 0.3 percent to $1.2044 and hit a four-month high on Tuesday after data showed that euro zone manufacturers ramped up activity last month at the fastest pace in more than two decades. The Japanese yen strengthened 0.28 percent at 112.35 per dollar, while sterling GBP= was last trading at $1.3594, up 0.69 percent on the day. U.S. Treasury yields rose in line with European government yields. A European Central Bank official said the bank’s massive bond purchase program might not continue later this year. A reversal of year-end buying has also driven U.S. Treasury yields higher, said Brian Rehling, co-head of global fixed income strategy for Wells Fargo Investment Institute in St. Louis. “Lots of institutions buy Treasuries to hold over year-end for liquidity. To see that reversal early in the year is not a surprise,” Rehling said. Benchmark U.S. 10-year notes US10YT=RR last fell 16/32 in price to yield 2.4687 percent, from 2.411 percent late on Friday. The 30-year bond US30YT=RR last fell 45/32 in price to yield 2.8105 percent, from 2.741 percent late on Friday. U.S. crude CLcv1 fell 0.13 percent to $60.34 per barrel and Brent LCOcv1 was at $66.52, down 0.52 percent. Oil prices earlier had enjoyed their strongest start to a year since 2014 amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. Copper CMCU3 lost 0.42 percent to $7,216.50 a tonne, but that follows a rise of 31 percent in 2017 to a four-year top. Spot gold XAU= added 1.0 percent to $1,315.15 an ounce, after advancing by 13 percent in 2017 for its best performance in seven years. Additional reporting by Marc Jones, Dmitry Zhdannikov and Helen Reid in London, Henning Gloystein in Singapore, Sruthi Shankar in Bengaluru, and Richard Leong and Gertrude Chavez-Dreyfuss in New York; Editing by Bernadette Baum and Nick Zieminski

https://in.reuters.com/article/global-markets/global-markets-asia-shares-reach-decade-top-on-china-data-dollar-in-doldrums-idINKBN1ER05A

Donald Trump is the only person in Washington who doesn't seem worried about a shutdown

Fears of a government shutdown coursed through Washington, D.C., on Thursday, as House and Senate leaders negotiated a spending bill and federal agencies prepared to furlough workers. But if you watched President Donald Trump touting his recently passed tax cuts outside Pittsburgh, Pa., you might never have known it. Over the course of a 20-minute speech at a heavy-equipment manufacturing plant, Trump, who read from a teleprompter, didn't mention the looming closure of government once. "Who knows?" Before the speech, Trump said, "Who knows?" when reporters asked if he thought the federal government would be forced to close. The president has consistently claimed that Democrats in Congress actually want a government shutdown, in order to detract attention away from the recently enacted Republican tax cuts. Democrats are insisting that DACA protections for undocumented immigrants who were brought to the United States as children be extended as part of any longer-term spending bill. Both Trump and Republican leaders have previously said they would support a fix to keep the 800,000 immigrants from being at risk of deportation. Mandel Ngan | AFP | Getty Images President Donald Trump speaks during a tour of the H&K Equipment Company in Coraopolis, Pennsylvania on January 18, 2018. But last week, Trump rejected a bipartisan Senate group's immigration deal that lawmakers said would have enshrined DACA protections and would have met Trump's demands, which included funding for a barrier on the Southern border, and changes to extended family migration and the visa "lottery." Ever since then, the White House has put out mixed messages about what Trump wants, sowing confusion in Congress and angering lawmakers in both parties. "I'm looking for something that President Trump supports," Republican Senate Majority Leader Mitch McConnell said on Wednesday, "and he's not yet indicated what measure he's willing to sign." A government shutdown would mean hundreds of thousands of federal workers would be forced to go without pay, and important public services would be suspended. Lawmakers are desperate to avoid this scenario, as well as the resulting public backlash. But judging from the president's twitter account – an often instantaneous reflection of what Trump is thinking about – Trump isn't nearly as desperate. Only three of the 36 tweets from Trump's account this week mentioned the word "shutdown," and two sought to blame Democrats. One of them, on Thursday, made a shutdown sound all but inevitable. Trump tweet Complicating matters for Republicans is Trump's well documented willingness to blame members of his own party when it is politically expedient for him to do so. During last year's failed repeal of Obamacare, Trump refused to take responsibility for the legislative breakdown, blaming GOP lawmakers instead. "I'm not going to blame myself. I'll be honest, they are not getting the job done," Trump told reporters at a Cabinet meeting in October, adding that some Republicans, "should be ashamed of themselves." Already on Thursday, the White House appeared to be downplaying the impact of a possible shutdown, while at the same time preparing to lay blame on Congress if the government shuts down. "We're all focused myopically on what is happening today and whether the government will shut down," While House legislative director Marc Short told Politico. "What's missing from this conversation is the complete dysfunction ofd Congress, and its inability to complete the appropriations process." As if on cue, less than an hour before a scheduled House vote on a spending bill Thursday night, Trump tweeted at lawmakers. "Our military needs it!" he wrote. TRUMP tweet Trump, meanwhile, is scheduled to leave Washington on Friday afternoon for his private Mar-a-Lago club in Florida, where he will mark the one-year anniversary of his inauguration by holding a fundraiser. A White House spokesman would not not say on Friday whether he plans to change his travel plans if Congress doesn't reach a deal. WATCH: What happens when the government shuts down show chapters This is what happens when the U.S. government shuts down 6 Hours Ago | 02:07

https://www.cnbc.com/2018/01/18/donald-trump-the-only-man-in-washington-not-worried-about-a-shutdown.html

Actor Casey Affleck withdraws as 2018 Oscar presenter: academy

03 PM / Updated 19 minutes ago Actor Casey Affleck withdraws as 2018 Oscar presenter Dan Whitcomb 3 Min Read LOS ANGELES (Reuters) - Oscar-winning Casey Affleck, who has been accused by female crew members on earlier films, has withdrawn as a presenter at the 2018 Academy Awards, a spokeswoman for the organization said on Thursday. Affleck, 42, who won the best actor Oscar last year for his performance in the family drama “Manchester by the Sea,” was expected to present this year’s best actress award in keeping with Academy of Motion Picture Arts and Sciences tradition. “We appreciate the decision to keep the focus on the show and on the great work of this year.” the academy spokeswoman said. A publicist for Affleck, Mara Buxbaum, confirmed that Affleck would not be attending this year’s ceremony, which is scheduled for March 4 at the Dolby Theatre in Los Angeles, but declined further comment. Affleck, the younger brother of actor and director Ben Affleck, topped challenges from Denzel Washington and Ryan Gosling to win the 2017 award. He also took home a Golden Globe and numerous trophies from film critics groups. The win came despite 2010 sexual harassment accusations that resurfaced in the run-up to the ceremony. Two lawsuits alleging unwanted advances were filed by female crew members on another movie and were settled out of court for undisclosed sums. An attorney for Affleck denied the accusations at the time. Affleck adopts a lower public profile than his brother Ben and appears uncomfortable in the spotlight. He was first nominated for an Oscar in 2008 for his lead role in “The Assassination of Jesse James by the Coward Robert Ford.” While Ben Affleck has opted for big movies like “Batman v Superman: Dawn of Justice,” Casey Affleck has focused his career on smaller, independent ventures with strong character-driven plots such as “Gone Baby Gone.” In 2010, he wrote and directed Joaquin Phoenix in “I‘m Still Here,” a mockumentary about Phoenix’s supposed transition from acting to becoming a rap musician. Two years ago he quietly separated from his wife, actress Summer Phoenix, after a nine-year marriage that produced two sons. Reporting by Dan Whitcomb; Editing by G Crosse and Alistair Bell

https://www.reuters.com/article/us-oscars-caseyaffleck/actor-casey-affleck-withdraws-as-2018-oscar-presenter-academy-idUSKBN1FE2Z7

EU mulls new link between budget and civic rights

January 22, 2018 / 7:23 PM / Updated 2 hours ago EU mulls new link between budget and civic rights Reuters Staff 3 Min Read BRUSSELS (Reuters) - The EU’s justice commissioner is working on a proposal that could oblige member states such as Poland, which has clashed with Brussels over reforms to its courts, to pass tests on the independence of their judicial systems before receiving funding. Vera Jourova said there was agreement within the executive European Commission to work on ideas to encourage strong judiciaries in planning for the new budget from 2021. “One way could be to insist that independent justice systems are necessary for effective control of the use of EU funds,” she said. “I would like to propose that link.” A Commission spokesman said on Monday the work by Jourova was part of broader preparations for a new, seven-year EU budget plan, due to be published in May, and was in line with policy outlines the EU executive has put forward since last year. The remarks by Jourova, the Commission’s Czech member, come as the EU executive is challenging Poland, a major recipient of Union funds, to amend judicial reforms which Brussels says will hurt democracy and its oversight of EU trading rules. Facing the prospect of filling a hole left in the budget by Britain’s exit from the EU, and irritated by Poland and other governments in the ex-communist east on a range of issues, some wealthy Western governments have pushed for a clearer link between getting subsidies and abiding by EU standards. The German commissioner in charge of the budget, Guenther Oettinger, warned Poland this month that it could lose some of its 7 billion euros annual funding if it fails to heed Brussels’ complaints about undermining the rule of law. More broadly, Jourova is also hoping for a review of EU policy on judicial standards in the second half of this year. EU officials say that might, for example, include regular reviews of the performance of national justice systems, along the lines of existing biennial reviews of government economic policies, which are meant to promote “convergence” toward EU-wide goals. As a former national official handling the regional funding that is a key part of EU efforts to bring poor regions closer to the prosperity of others, Jourova stressed that she saw any new rules applying to all EU funding for all states, not just to so-called “cohesion” policy. She also said it should not be seen as a punitive measure but designed to encourage good practice. She also said discussion on the proposals could be used to help simplify some of the hurdles to applying for EU funds. Any Commission proposal seen as too radical by governments risk being killed off by member states. Reporting by Alastair Macdonald; Editing by Catherine Evans

https://uk.reuters.com/article/uk-eu-poland-budget/eu-mulls-new-link-between-budget-and-civic-rights-idUKKBN1FB2OM

BRIEF-Sandridge Energy Rejects Icahn's Proposal To Replace Two Of Five Directors

January 23, 2018 / 9:42 PM / Updated 10 minutes ago BRIEF-Sandridge Energy Rejects Icahn's Proposal To Replace Two Of Five Directors Reuters Staff Jan 23 (Reuters) - Sandridge Energy Inc: * SANDRIDGE ENERGY ISSUES LETTER TO SHAREHOLDERS * SANDRIDGE ENERGY INC - ISSUED A LETTER TO SHAREHOLDERS FOLLOWING ITS MEETINGS WITH LARGE SHAREHOLDERS LAST WEEK * SANDRIDGE ENERGY - BOARD HAS DECIDED THAT “IT IS NOT IN BEST INTERESTS” TO ACCEPT ICAHN‘S PROPOSAL TO REPLACE TWO OF FIVE DIRECTORS * SANDRIDGE ENERGY- BOARD DECIDED “NOT IN BEST INTERESTS” TO ACCEPT ICAHN‘S PROPOSAL TO CHANGE BYLAWS FOR SUPERMAJORITY VOTE ON MAJOR ACQUISITIONS, AMONG OTHERS * SANDRIDGE ENERGY- DECIDED “NOT IN BEST INTERESTS” TO ACCEPT ICAHN‘S PROPOSAL TO TERMINATE SHORT-TERM SHAREHOLDER RIGHTS PLAN OR RAISE TRIGGER TO 25% * SANDRIDGE ENERGY - WITH RESPECT TO ICAHN‘S PROPOSALS ON SHORT TERM RIGHTS PLAN, BOARD TO AMEND PLAN TO INCREASE TRIGGER THRESHOLD TO 15% * SANDRIDGE ENERGY - WITH RESPECT TO ICAHN‘S PROPOSALS ON SHORT TERM RIGHTS PLAN, BOARD ALSO DECIDED TO ELIMINATE “ACTING IN CONCERT” LANGUAGE * SANDRIDGE ENERGY INC - “IN ANY EVENT, BOARD WILL READILY CONSIDER A PREMIUM TAKEOVER PROPOSAL FROM ANY PARTY, INCLUDING MR. ICAHN” Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-sandridge-energy-rejects-icahns-pr/brief-sandridge-energy-rejects-icahns-proposal-to-replace-two-of-five-directors-idUSFWN1PI19E

Spark Energy, Inc. Announces Buyout of Verde Earnout Obligations

HOUSTON, Jan. 15, 2018 (GLOBE NEWSWIRE) -- Spark Energy, Inc. ("Spark" or the "Company") (NASDAQ:SPKE), an independent retail energy services company, announced today that the Company and Verde Energy USA Holdings, LLC (“Verde”) have agreed to terminate the earnout provisions of the purchase and sale transaction in which Spark acquired Verde’s operating subsidiaries in July 2017. Pursuant to the Membership Interest and Stock Purchase Agreement (“MIPA”) entered into between the Company, its subsidiary, and Verde on May 5, 2017, the Company was obligated to pay 100% of the Adjusted EBITDA earned by the Verde Companies for the 18 months following closing that exceeds certain thresholds, subject to the Verde Companies’ ability to achieve defined customer count criteria. In connection with such obligations, Verde’s existing management continued to operate the business as a separate entity during the earnout period. The buyout transaction provides for a lump sum payment of approximately $6.0 million in June 2019 in substitution of the existing earnout obligations. With the buyout of the earnout provision, Spark management will assume complete control over Verde’s operations, effective immediately. “The early buyout of the Verde earnout gives us the opportunity to begin immediate improvement in our bottom line results,” said Nathan Kroeker, Spark Energy’s President and Chief Executive Officer. “As I mentioned on our last earnings call, one of our near-term strategic priorities is to maximize process efficiencies and synergies through the integration of recent acquisitions. By ending the Verde earnout almost a year early, we are able to accelerate and realize synergies of the acquisition that should increase our Adjusted EBITDA performance in future periods.” About Spark Energy, Inc. Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 94 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives. We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should note that new materials, including press releases, updated investor presentations, and financial and other filings with the Securities and Exchange Commission are posted on the Spark Energy Investor Relations website at ir.sparkenergy.com . Investors are urged to monitor our website regularly for information and updates about the Company. Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology including "may," "should," "likely," "will," "believe," "expect," "anticipate," "estimate," "continue," "plan," "intend," "project," or other similar words. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurance that such expectations will prove correct. However, a variety of factors could cause actual results to differ materially from those projected in the forward-looking statements, including (i) restrictions in our debt agreements and collateral requirements, (ii) our ability to borrow funds and access credit markets, (iii) our level of indebtedness, (iv) our ability to successfully and efficiently integrate acquisitions into our operations, (iv) federal, state and local regulation, including the industry's ability to prevail on its challenge to the New York Public Service Commission's orders enacting new regulations that seek to impose significant new restrictions on retail energy providers operating in New York, (v) other business risks affecting our liquidity and results of operations. Additional important risk factors that could cause actual results to differ materially from expectations are disclosed in Item 1A of Spark's Form 10-K for the year ended December 31, 2016 and subsequent Form 10-Qs and other reports filed with the SEC. While Spark makes these statements and projections in good faith, neither Spark nor its management or affiliates can guarantee that anticipated future results will be achieved. Spark assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by Spark, whether as a result of new information, future events, or otherwise. Contact: Spark Energy, Inc. Investors: Christian Hettick, 832-200-3727 Media: Eric Melchor, 281-833-4151 Source:Spark Energy, Inc.

http://www.cnbc.com/2018/01/15/globe-newswire-spark-energy-inc-announces-buyout-of-verde-earnout-obligations.html

Suspense builds as Amazon narrows field for second headquarters

Suspense builds as Amazon narrows field for second headquarters 1 Hour Ago CNBC's Scott Cohn reports on a narrowed field of 20 contenders to be home to Amazon's second headquarters.

https://www.cnbc.com/video/2018/01/18/suspense-builds-as-amazon-narrows-field-for-second-headquarters.html

Trump, China and Armageddon

It’s the end of the world as we know it--or so we’re told, not just by R.E.M., but also this week by the venerable Economist , which carries a lengthy special report pondering “The Next War.” The issue’s lead essay warns that “powerful, long-term shifts in geopolitics and the proliferation of new technologies” are eroding America’s global dominance, obliging thinking people everywhere to think about the unthinkable. “Conflict on a scale and intensity not seen since the second world war is once again plausible,” the essay intones. “The world is not prepared.” The Bulletin of Atomic Scientists , too, is sounding the alarm . On Thursday, the group moved the “ Doomsday Clock ,” its symbolic predictor of the likelihood of nuclear apocalypse, to “2 minutes to midnight.” The new setting is 30 seconds closer to catastrophe than last year, signaling that the world is as close to nuclear disaster, in the group’s assessment, as it has ever been. The Economist, in highlighting higher risk of global conflict, cites the Pentagon’s new national defense strategy , which identifies “great power competition” between the US, China and Russia as the “central challenge to US prosperity and security.” The report deems China and Russia greater threats to US security than jihadism. ( Fortune flagged that report for CEO Daily readers last week.) The Economist cites North Korea as the world’s most immediate security flashpoint. But it twits US president Donald Trump’s refusal to uphold America’s traditional role as world leader as the main long-run threat to global stability. “Mr Trump says he wants to make America great again, but is going about it in exactly the wrong way,” Economist editors opine. “He shuns multilateral organizations, treats alliances as unwanted baggage and openly admires the authoritarian leaders of America's adversaries. It is as if Mr Trump wants America to give up defending the system it created and to join Russia and China as just another truculent revisionist power instead.” Strong stuff. Officials from the Bulletin of Atomic Scientists also decry American abdication of global leadership under Trump as a key source of global instability. Trump’s decision this week to impose steep tariffs on imports of washing machines and solar panels did little to allay such concerns. A host of publications, including the BBC and Bloomberg , warned that, should push come to shove, China has many options for retaliation in a trade war. Former Morgan Stanley economist Stephen Roach, in an essay entitled “How to Lose a Trade War,” decried Trump’s trade policies as “backward looking at best” and putting growth of the US economy at risk. Trump himself seems unfazed by such concerns. In his speech to the World Economic Forum at Davos, to which he is the first US president to attend since Bill Clinton in 2000, the US leader declared that America’s economy is “ roaring back ” and “open for business.” Enjoy the weekend! Clay Chandler @claychandler [email protected] China in Davos Closed door policy. The CEO of China's second-largest e-commerce company, JD.com, has accused the U.S. of "serious" protectionist practices against Chinese companies, which would ultimately hurt the American economy. Speaking at the World Economic Forum in Davos, Switzerland, Richard Liu outlined his firm's ambitions to become a global retailer, but cited the U.S. as a particularly difficult market. Reuters Us or them. Global business and political leaders have to pick between "two fundamentally different outlooks": Xi's vision of a "shared future" or Trump's "America First" policy, Chinese state media Xinhua wrote in a post-Davos commentary this week. The article also claimed that this year's Davos theme "Creating a Shared Future in a Fractured World" was drawn directly from the catchphrase Xi has often used since coming to power in 2012, and which featured in his 2017 Davos speech. Quartz Come in, we're open. China will further open up its economy this year with new reform measures, some of which will "exceed the expectations of the international community," Xi Jinping's top financial advisor Liu He said in Davos this week. The new reforms mark the 40th anniversary of China's shift away from a closed economy, and is "not only important for China, but also for the whole world," Liu said. Bloomberg Say no to wars . Alibaba founder and e-commerce mogul Jack Ma likewise warned against protectionism and trade wars in his Davos speech, shortly after two of his companies were set back by the Trump administration's toughened stance against China. Alibaba was blacklisted in the U.S. for the second year running for trafficking in counterfeit goods, and financial arm Ant Financial's big to buy MoneyGram was blocked by American regulators earlier this month. CNBC Technology and Innovation Buzzfeed scales the Firewall . Buzzfeed has inked a content licensing deal with Bytedance, a Beijing-based company known for its social media services such as news aggregator Jinri Toutiao and Youtube-like Xigua platform. Under the agreement, BuzzFeed's content, including its popular Tasty cooking videos, will be distributed to Bytedance's over 300 million daily active users. Bloomberg Tencent goes to Hollywood. Tencent is buying a less than 10% stake in Skydance Media, the Hollywood company behind "Terminator" and "Mission Impossible". The two firms will co-finance movies, TV shows and videogame projects while trading their expertise in their respective markets. Wall Street Journal B is for Mobike . Chinese bike-sharing incumbent Mobike has filled its coffers with another $1 billion. The investors in its latest fundraising round are unclear, though Chinese group-buying site Meituan-Dianping is said to have held a long-standing interest in the Tencent-backed start-up. Caixin Global Didi rolls out . Didi Chuxing, Chinese ride-hailing giant, launched its own branded bike-sharing service in the southwestern city of Chengdu this week. Its turquoise-hued Qingju brand does not require users to put an initial deposit to start riding, as it common in the sector. Didi is the lead investor in bike-sharing service Ofo with a 25% stake and bought over Bluegogo after it went bust in December. Caixin Global JD jockeys for more . JD.com is looking to sell 15% of its logistics unit, JD Logistics, to early investors including Tencent. A third of the shares on offer will go to Tencent as part of the deal, which will likely complete mid-February. The news follows last week's reports that JD Logistics is planning to raise US$2 billion ahead of a possible initial public offering. China Money Network In Case You Missed It Baidu's Robin Li is Helping China Win the 21st Century TIME Chinese Drugmakers Are Getting Opioids Into the U.S. Through the Postal Service TIME These cloned monkeys are pretty cute. The next steps could get ugly Fast Company Davos Lauds China's Climate Efforts Even as Emissions Rise New York Times 'Me Too,' Chinese Women Say. Not So Fast, Say the Censors New York Times Trump imposes steep tariffs on imported solar panels and washing machines CNN Chinese doctor told bookseller Gui Minhai to seek medical care abroad, daughter says SCMP Politics and Trade The Kushners cut back. Jared Kushner's family-owned real estate company will stop seeking $150 million from Chinese investors for its One Journal Square building project in New Jersey. The project, which the Kushner family marketed under the EB-5 program that grants temporary visas to wealthy foreign investors and which they boasted had "government support" and "celebrity developers", raised ethical questions about using the family's White House ties to raise money. Associated Press Mirror, mirror. Beijing is reluctant to act against North Korea, because it sees echoes of itself in Pyongyang, argues The Diplomat writer and China Channel founder Bonnie Girard. North Korea's dictatorial rule and extreme poverty is an uncomfortably close reflection of the Chinese Cultural Revolution and its impoverish agrarian past, a source of humiliation for both the Chinese leadership and its citizens. The Diplomat Stop thief! Sinovel Wind Group, a Chinese wind turbine maker was convicted this week for stealing trade secrets from Massachusetts-based AMSC, causing the latter to lose more than $800 million. The Trump administration earlier this week slapped tariffs on imports of solar panels, a focus area for Chinese industry. It is also investigating the illegal transfer of U.S. commercial secrets by Chinese firms. CNN Money Chip switch. Chipmaker Qualcomm has inked memorandums of understanding for sales totaling at least $2 billion with leading Chinese phone makers such as Lenovo, Oppo, Vivo and Xiaomi. The support from Chinese marques comes after Broadcom made an unsolicited takeover bid for Qualcomm in November, but their potential merger would raise regulatory scrutiny in China, where Qualcomm was previously fined over anti-trust issues. Reuters Summaries by Debbie Yong. @debyong [email protected] Find past issues , and sign up for other Fortune newsletters .

http://fortune.com/2018/01/27/trump-china-and-armageddon/

Oil dips away from 2014 highs on rising U.S. rig count, but analysts say market supported

January 15, 2018 / 12:41 AM / Updated an hour ago Oil hovers near three-year high despite rising U.S. output Nia Williams , Rod Nickel 3 Min Read CALGARY, Alberta (Reuters) - Oil hovered near a three-year high above $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, although analysts warned of a “red flag” due to surging U.S. production. FILE PHOTO: A driver reads a newspaper as he sits on a spare tire attached to a parked oil tanker at a truck terminal in Mumbai, India, January 10, 2018. REUTERS/Shailesh Andrade/File Photo International benchmark Brent crude futures LCOc1 last traded 29 cents higher at $70.16 by 1937 GMT, having risen to a high of $70.37 a barrel earlier in the session. U.S. West Texas Intermediate (WTI) crude futures CLc1 gained 51 cents at $64.81 a barrel. Both benchmarks hit levels not seen since December 2014, although trading was thin due to a holiday in the United States. A production-cutting pact between the Organization of the Petroleum Exporting Countries, Russia and other producers has given a strong tailwind to oil prices. Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts. “It’s catching a lot of people by surprise and I think (prices) are sustainable,” said Phil Flynn, an analyst at Price Futures Group. “We’re seeing the reality of strong demand and declining supplies.” Bank of America Merrill Lynch on Monday raised its 2018 Brent price forecast to $64 a barrel from $56, forecasting a deficit of 430,000 barrels per day (bpd) in oil production compared to demand this year. “OPEC and non-OPEC producers remain committed to production cuts at the same time world oil demand continues to increase,” said Andrew Lipow, president of Lipow Oil Associates in Houston. “As we go through 2018, the market is also going to continue to look at geopolitical supply disruptions that could occur in Libya, Nigeria and Venezuela.” RED FLAG Still, some analysts have warned that the 13 percent rally since the start of the year could peter out due to global refinery maintenance and rising North American production. U.S. energy companies added 10 oil rigs in the week to Jan. 12, taking the number to 752, energy service firm Baker Hughes ( GE.N ) said on Friday. That was the biggest increase since June 2017. In Canada, energy firms almost doubled the number of rigs drilling for oil last week to 185, the highest level in 10 months. Vienna-based consultancy JBC Energy expects U.S. production to grow by 600,000 bpd in the first quarter of 2018 compared to a year earlier. “From a fundamental perspective, the surge in U.S. managed money raises a clear red flag for us. We see the U.S. complex as decidedly bearish over the next two months.” But Flynn said a fast climb in U.S. output is not so clear. “The realities of the shale market are starting to sink in. Shale producers have to add a lot of rigs, frack crews and add a lot of investment. It takes time to raise that production.” Ron Bousso in London and Henning Gloystein in Singapore; Editing by Louise Heavens and Bill Trott

https://uk.reuters.com/article/uk-global-oil/oil-dips-away-from-2014-highs-on-rising-u-s-rig-count-but-analysts-say-market-supported-idUKKBN1F4026

Call center jobs await deported Salvadorans

Call center jobs await deported Salvadorans 4:20pm EST - 01:57 Salvadorans who are forced to return home from the United States next year could receive a warm welcome from El Salvador's growing call center industry, eager to boost its ranks with English speakers. ▲ Hide Transcript ▶ View Transcript Salvadorans who are forced to return home from the United States next year could receive a warm welcome from El Salvador's growing call center industry, eager to boost its ranks with English speakers. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2D87Bc9

https://www.reuters.com/video/2018/01/13/call-center-jobs-await-deported-salvador?videoId=383885644

No. 20 Clemson tops Notre Dame but loses F Grantham

Senior guard Gabe DeVoe scored 17 points to lead four teammates in double figures, as No. 20 Clemson defeated Notre Dame, 67-58, in an Atlantic Coast Conference game Saturday at Littlejohn Coliseum in Clemson, S.C. Clemson improved to 16-3 overall and 5-2 in ACC play, while the Fighting Irish slipped to 13-7, 3-4 with their fourth consecutive ACC loss. The Tigers are 11-0 at Littlejohn Coliseum this season, including 4-0 in ACC games, and defeated Notre Dame for the first time in six tries since the Irish joined the league in basketball five seasons ago. The bad news for Clemson? Senior forward Donte Grantham suffered an apparent knee injury with 10:54 left in the game and did not return. Grantham, the Tigers’ second-leading scorer, had 11 points before the injury. Junior guard Shelton Mitchell scored 10 of his 12 points in the second half while Marcquise Reed also had 12. Freshman guard T.J. Gibbs had 18 points for Notre Dame, and sophomore forward John Mooney came off the bench to add a career-high 13 points. Senior forward Martinas Geben added 10 points and nine rebounds. Clemson never trailed in the contest. The Tigers made their first seven shots from the floor to start the game, jumping out to a 17-8 lead behind DeVoe, who had 14 points in the first half. The Tigers extended their advantage to as many as 11 on three occasions in the first half before a late flurry by Notre Dame enabled the Fighting Irish to cut their deficit to just three, 33-30, by halftime. The Fighting Irish pulled within one point, 47-46, with 10 minutes remaining, but Mitchell scored five straight points to give Clemson some breathing room. Notre Dame cut its deficit to three, 59-56, on a 3-pointer by Matt Farrell with 2:20 remaining, but Clemson freshman Aamir Simms responded with a 3-pointer -- the first of his career at Littlejohn Coliseum -- and the Tigers connected on four of seven free throws in the final 46 seconds to keep Notre Dame at bay. Farrell was held to a season-low six points and Notre Dame shot just 38.7 percent, its third-lowest percentage of the season. --Field Level Media

https://www.reuters.com/article/basketball-ncaa-cle-ndam-recap/no-20-clemson-tops-notre-dame-but-loses-f-grantham-idUSMTZEE1KVO3IC1

Sen. Portman: The biggest tax reform story is flying under the radar

7 Hours Ago | 03:14 Some corporations have reacted to the passage of sweeping tax reform legislation by announcing stock buybacks, raising wages or planning to give bonuses. Sen. Rob Portman , R-Ohio, says the best news is yet to come. "I've talked to a number of CEOs over the past several months about the tax reform as it relates to international business. They can now be competitive here in America," Portman told CNBC's " Squawk Box " on Thursday. "I think you'll see some big news coming up as to companies that are literally moving factories from overseas back to the United States," he said. A bevy of changes to the tax code at the individual, corporate and international level came into effect at the start of 2018. Large companies are getting a big cut to the corporate tax rate — down to 21 percent from 35 percent — and a new expensing period that allows them to deduct the cost of some assets. And a number of companies have announced perks and financial gifts for employees. Some of them have directly cited the new tax law as the reason for giving out bonuses or buying back stock. In Portman's state, for instance, Columbus-based Nationwide Insurance announced on Wednesday that it will give a $1,000 bonus to most of its 33,000 employees. Other companies, such as Wells Fargo and Fifth Third , promised to raise their minimum wages in the wake of the new tax law. Individual tax cuts and beefed-up deductions have also come into effect, though most of them will expire in 2025. Portman chalked up the unpopularity of the tax bill to the general distrust surrounding Washington, but reiterated the sense of corporate optimism he said he's witnessed since it became law. "Companies that are invested in Ohio are now saying they're going to put more money into Ohio," Portman said. "They're telling me that because the lower rates and the expensing makes it better to put an investment in America rather than in Japan or in China or in Germany." Kevin Breuninger Special to CNBC.com Related Securities

https://www.cnbc.com/2018/01/04/sen-portman-the-biggest-tax-reform-story-is-flying-under-the-radar.html

IMAX Corporation To Announce Fourth-Quarter And Full- 2017 Financial And Host Conference Call

NEW YORK, Jan. 24, 2018 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX) today announced it will hold a quarterly conference call to discuss its fourth-quarter and full-year 2017 financial results on Tuesday, Feb. 27, at 4:30 p.m. Eastern Time. The Company also plans to post its fourth-quarter and full-year 2017 earnings release directly to its investor relations website at investors.imax.com shortly before the start of the call. This call is being webcast by Nasdaq and can be accessed at investors.imax.com . To access the call via telephone, interested parties in the US and Canada should dial (888) 394-8218 approximately 5 to 10 minutes before the call begins. Other international callers should dial (647) 484-0475. The conference ID for the call is 8365766. A replay of the call will be available via webcast at investors.imax.com or via telephone by dialing (888) 203-1112 (US and Canada), or (647) 436-0148 (international). The Conference ID for the telephone replay is 8365766. About IMAX Corporation IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theaters to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe. IMAX is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of September 30, 2017, there were 1,302 IMAX theater systems (1,203 commercial multiplexes, 13 commercial destinations, 86 institutional) operating in 75 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970." IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com . You may also connect with IMAX on Facebook ( www.facebook.com/imax ), Twitter ( www.twitter.com/imax ) and YouTube ( www.youtube.com/imaxmovies ). This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q. For additional information please contact: Media: IMAX Corporation, New York Ann Sommerlath 212-821-0155 [email protected] Business Media: Sloane & Company, New York Whit Clay 212-446-1864 [email protected] Investors: Michael Mougias 212-821-0187 [email protected] Entertainment Media: Principal Communications Group, Los Angeles Melissa Zuckerman/Paul Pflug 323-658-1555 [email protected] [email protected] View original content with multimedia: http://www.prnewswire.com/news-releases/imax-corporation-to-announce-fourth-quarter-and-full-year-2017-financial-results-and-host-conference-call-300587774.html SOURCE IMAX Corporation

http://www.cnbc.com/2018/01/24/pr-newswire-imax-corporation-to-announce-fourth-quarter-and-full-year-2017-financial-results-and-host-conference-call.html

Trump, Lighthizer discuss China, NAFTA trade talks: White House

PALM BEACH, Florida (Reuters) - President Donald Trump was briefed on Saturday by U.S. trade envoy Robert Lighthizer on U.S. trade with China and talks on revising the North American Free Trade Agreement with Canada and Mexico, a White House spokeswoman said, as the administration considers several new tariff moves in coming weeks. The meeting comes as Trump mulls whether to impose broad restrictions on steel and aluminum imports and punitive actions against China arising from an investigation into Beijing’s alleged theft of intellectual property. Lighthizer also briefed Trump on China’s economy and pending trade enforcement actions, as well as the NAFTA negotiations, White House spokeswoman Lindsay Walters said in a statement from Florida, where Trump is staying at his Mar-a-Lago resort. She did not provide details. Lighthizer currently is preparing for the next round of NAFTA talks in Montreal. Washington has taken a hard line in the negotiations, which appear stalled with just two rounds of left, saying that concessions are the only way for Canada and Mexico to keep the deal. Canada this week welcomed Trump’s suggestion that NAFTA talks could be extended beyond March when Mexico’s presidential election campaign kicks into high gear. Trump’s opportunity to impose new tariffs or trade quotas follows a U.S. Commerce Department Section 232 investigation that looked into whether foreign steel imports are a threat to U.S. national security. The department submitted the long-awaited report to the White House on Thursday. Next week, the results of a separate investigation of rising aluminum imports will go to the White House. China’s excess production capacity for both steel and aluminum has emerged as a major trade irritant for the United States and Europe, prompting them to consider new steps to protect domestic industries and jobs from a flood of Chinese imports. Meanwhile, China reported on Friday that exports and imports growth slowed in December after surging in the previous month, adding to signs of ebbing economic momentum as the government extends a crackdown on financial risks and factory pollution. A synchronized uptick in the global economy over the past year has been a boon to China and much of trade-dependent Asia, with Chinese exports in 2017 growing at their quickest pace in four years. The sharp December imports slowdown, however, is raising concerns that the world’s second-biggest economy faces domestic-demand pressure as authorities turn off cheap credit and restrict speculative financing. Reporting by Steve Holland; Writing by Lesley Wroughton; Editing by Will Dunham and Bill Trott

https://www.reuters.com/article/us-usa-trade-nafta/trump-lighthizer-discuss-china-nafta-trade-talks-white-house-idUSKBN1F20V6

Tennis-Suarez Navarro hits back to reach quarter-finals

January 21, 2018 / 3:00 AM / Updated 3 hours ago Tennis-Suarez Navarro hits back to reach quarter-finals Reuters Staff 2 Min Read MELBOURNE, Jan 21 (Reuters) - Spain’s Carla Suarez Navarro became the first player through to the quarter-finals of the Australian Open as she dug herself out of a hole to beat Estonian Anett Kontaveit 4-6 6-4 8-6 on Sunday. Kontaveit was bidding to reach the last eight of a grand slam for the first time and the 22-year-old had victory in her grasp when she took the first set and broke twice to lead 4-1 in the second set on a muggy day alongside the Yarra river. Unseeded Suarez Navarro was given heart when Kontaveit double-faulted to hand one break of serve back and the 29-year-old stormed back to take the second set. The deciding set was a real battle and Kontaveit again looked like closing it out when she broke at 4-4 but she faltered and was broken as she served for the match. Suarez Navarro enjoyed an outrageous slice of luck when Kontaveit served to stay in the match at 6-7, striking a forehand that hit the net tape twice before wobbling over to give her a second match point. She missed that one but on her third opportunity Kontaveit smacked a forehand long to send Suarez Navarro into the quarter-finals at Melbourne Park for the third time where she will face either second seed Caroline Wozniacki or Magdalena Rybarikova. (Reporting by Martyn Herman; Editing by Greg Stutchbury)

https://uk.reuters.com/article/tennis-ausopen-suareznavarro/tennis-suarez-navarro-hits-back-to-reach-quarter-finals-idUKL4N1PG01S

LIVE MARKETS-Pressure's on: European earnings in the spotlight

January 30, 2018 / 3:18 PM / in 36 minutes LIVE MARKETS-Pressure's on: European earnings in the spotlight Reuters Staff 17 Min Read Jan 30 (Reuters) - Welcome to the home for real time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to share your thoughts on market moves: [email protected] PRESSURE'S ON: EUROPEAN EARNINGS IN THE SPOTLIGHT (1500 GMT) The pressure is on for European equities in 2018 to deliver a convincing sequel to last year's impressive earnings comeback. The recovery in earnings underpins investors' conviction the region is a buy, and should the numbers show signs of fading, international and cross-asset investors may start pulling back. "In Europe we'd had an absence of top line growth. Our hope and belief is now as that top line growth reappears there should be some decent operating leverage to come through," says Marcus Morris-Eyton, portfolio manager, European equities at Allianz Global Investors. Valuations still make Europe relatively attractive, too. "In Europe you have valuations at a 30 percent discount to U.S." Investors' hopes for European earnings come against a backdrop of global earnings expectations also rising strongly (see chart) - but Europe, the latest to emerge from its drawn-out earnings slump, is particularly feeling the heat. (Helen Reid) STOXX 600 ON TRACK FOR WORST DAY IN SIX WEEKS (1412 GMT) Whether you prefer calling it a 'correction' or a 'blip', things have taken a turn for the worse in afternoon trading. The STOXX 600 just hit a session low and is now trading down 0.8 percent, on track for its biggest one-day fall in six weeks, since Dec 20. Banks and miners are still leading the slide which accelerated as U.S. futures sank. The bank sector is down 1.4 percent and set for its worst fall in five months. Dow, S&P 500 and Nasdaq futures are trading down 0.7 to 1 percent as the rise in bond yields weighs and Apple again falls 1.1 percent in premarket trading. The VIX index of S&P 500 volatility has crept up to its highest level since Dec 1, crossing the 14 mark for the first time in nearly two months. Just as, with January nearing a close, New Year greetings and resolutions go stale, so the New Year 'melt-up' seems to have reached an existential impasse. (Helen Reid) LOOKING FOR HEDGES? CONSIDER THE SMI (1320 GMT) Rising bond yields, trade war worries, stretched stock valuations have generated a mild risk-off mood and with the "correction" word sneaking back into market commentary, fund managers are looking for ways to protect their portfolios. Strategists at Natixis recommend considering Switzerland and its top share index SMI as they draw a comparison to Japan's Nikkei. Japan and Switzerland both enjoy currencies with a safe haven status, making their equity markets an interesting case but Natixis has found a key difference. "It is no secret that JPY and Nikkei Index are inversely correlated. Businesses in Japan have enjoyed benefits from cheaper currency and expansionary monetary policy. On the other hand, SMI Index and CHF have not shown strong relation to one another," they say. "Switzerland’s export GDP growth has been similar to that of Japan and the two central banks conducted an asset purchasing program, though SNB operated in a quiet and discreet way during 2009-2010, with a negative policy rate. Factors for JPY and Nikkei correlation have not had an impact on the Swiss financial market," they add. As a result the SMI could be a relatively good bet even when risk-off is on the rise. "In addition to a stronger performance during risk-on periods, the SMI index also provides greater excess return than Nikkei during risk-off periods," they conclude. (Danilo Masoni) **** MEANWHILE, THE EURO BREAK-UP INDEX HITS AN ALL-TIME LOW (1254 GMT) "At the beginning of 2018 the euro zone is more robust than ever," writes behavioural finance analysis house sentix. Its Euro Break-Up Index has hit its lowest ever level, indicating investors are less fearful than ever of the currency union unravelling. This month's reading shows that just 6.9 percent of all surveyed investors expect the euro to break up in the next 12 months. That compares to the high of 73 percent in July 2012 in the depths of the euro zone debt crisis. The one area of concern? Italy: sentix's sub-index for the country rose this month to 5.22%, meaning investors see it "as most likely to be regarded as a candidate for exit from the euro". Analysts at sentix expect this to increase until Italy's election on March 4. (Helen Reid) EUROPEAN EQUITIES: GROWTH VS VALUE (1207) As we pointed out in yesterday's blog, years of low interest rates helped propel the performance of growth stocks as investors were happy to buy into the promise of future earnings. The rise in bond yields may increase the appeal of "jam today" in he form of "value" stocks. Allianz Global Investors is watching carefully to see if bond yields are rising more because of solid economic growth, or due to an inflation risk coupled with subdued growth. If it’s the former, “then people won’t want to pay so much of a premium for resilient growth if they can get more cyclical recovery,” said Simon Gergel, Chief Investment Officer for UK Equities. If the latter, “then I think the typical growth stocks will probably do better”. Gergel sees the UK market polarized between higher growth international companies that are seen as more resilient like Unilever or Diageo and then smaller domestic cyclical players facing the brunt of Brexit economic risk and a potential change of government. Among Gergel’s more recent buys: Barclays, Bovis Homes, Land Securities . He also holds IG Group, National Grid, Shell (took some profits recently), BP. (Tom Pfeiffer) **** TELECOMS FACE REGULATORY TECTONIC SHIFT AS FANGS TARGETED (1143 GMT) HSBC has taken a look at the interface of telecoms and technology regulation and for once there's good news for phone companies, which have been the top underperformers in Europe over the last few years whereas tech has done brightly. "After years of being on the receiving end of onerous rules imposed at the behest of Silicon Valley (i.e., net neutrality), there is now a tectonic shift underway for telecoms. The FANGs (Facebook, Amazon, Netflix, Google) have fallen from grace, and telecoms operators are looking to capitalise on this," HSBC analysts led by Stephen Howard say in a note. "We very much doubt operators can seize the role of ‘innovation dynamo’ from the technology giants, and even net neutrality regulation is secure for the present (at least in Europe). However, one advantage of the new climate is that regulators now have, in the form of the FANGs, a fresh set of targets with a far higher media profile than that of the stolid telecoms operators," they add. Arguably any regulatory benefit may take time to materialise, but some investors are starting to consider the shifting regulatory environment as they look for fresh long-term opportunities. As you can see in the chart telecoms have led sectoral underperformers in Europe over the last 3 years, while tech has led the gainers. (Danilo Masoni) INSURANCE SECTOR REACHES A "CRITICAL JUNCTURE" (1126 GMT) Among the positivity on cyclicals (though not on a day like today), this is the positive view on Europe's insurance sector from Jefferies analysts. They estimate that the value of the sector gains 6 percent for a 50bps upward move in yields. Jefferies adds that an increase in yields benefits the primary life sector most. "The primary conglomerates remain highly investible, in our view, with our investment focus on those companies continuing to refine capital allocation," Jefferies analysts say in a note. However, they do add that, in the event of a 10 percent equity market sell-off, reinsurance and non-life biased stocks such as Allianz and Zurich are the most defensive under such a scenario. (Kit Rees) MORE INVESTORS LOOK AT DIALLING DOWN RISK (1054 GMT) PIMCO’s European global wealth management team say they've found some of their financial intermediary clients in Europe have been looking at reducing risk in their portfolios. This has proven tricky in an environment of zero or negative real returns on cash, PIMCO adds. But they have two potential solutions: low volatility absolute return strategies and core bond strategies, especially those with a U.S. focus. "Increasing core bond exposure is the more contrarian view; many clients say they plan to decrease allocations in the coming year," Ryan P. Blute, managing director and head of PIMCO’s global wealth management business in EMEA, says in a note. "However, core bonds can play an important diversification role in a portfolio, and U.S. Treasuries in particular remain a source of high quality duration, historically outperforming when there are significant declines in equity or credit markets." (Kit Rees) TECH OUTPERFORMS, BUT APPLE AND SUPPLIERS REMAIN UNDER PRESSURE(1038 GMT) While tech is outperforming the market today in a recovery from yesterday's jitters, Frankfurt-listed shares in Apple are falling 1.6 percent to hit their lowest in three months. The bearish sentiment from that Nikkei report we mentioned earlier still seems to be taking its toll, and it's interesting to note that iPhone suppliers Dialog Semiconductor, AMS and ASMI are among the worst-performing in the sector. (Helen Reid) IS A CORRECTION ON THE CARDS? (0845 GMT) A negative day like today lays bare investor concerns about a more potent pullback in equity markets. "Given current complacency and positioning, when things go wrong there may be quite a violent market reaction and I think we are moving more into that territory in 2018," Nicholas Brooks, head of research and investment strategy at Intermediate Capital Group, said, adding that he thinks we are due a correction. Brooks recommends moving into lower-beta sectors and companies and seeking out businesses with high cash flows in relatively defensive sectors. (Kit Rees and Tom Pfeiffer) OPENING SNAPSHOT: CYCLICAL SLIDE PULLS EUROPEAN SHARES LOWER (0817 GMT) European shares have opened lower thanks to falls among commodities-related sectors and financials - almost all sectors are in the red. Is this the start of a pullback? But elsewhere it's all about earnings, with a sprinkling of M&A. Alfa Laval and Swatch are the biggest risers after their updates, while UBM is also up there after Informa confirmed its deal with the conference organiser. Here's your opening snapshot: (Kit Rees) WHAT'S ON THE RADAR FOR EUROPEAN STOCKS (0750 GMT) Taking its cue from Wall Street and Asia, Europe’s stock market is set to suffer losses with futures down 0.6 to 0.8 percent across the major benchmarks. A slide in Apple shares was the catalyst for the weaker U.S. session, after a Nikkei report said the tech giant would halve its iPhone X production. The report came out during European trading hours on Monday and weighed on iPhone suppliers including AMS, Dialog Semiconductor and STMicro, but there may be further pressure on the chipmakers and tech stocks in this session as investors grow skittish about high valuations and the equity ‘melt-up’ with the MSCI World entering its longest ever period without a correction of more than 5 percent. Mining stocks could also be a weight, indicated lower in pre-market as base metals lose ground with the strengthening dollar. Under the benchmark level, a slew of company results should keep traders busy today. Europe’s top tech company, SAP, will be a focus after its results came in shy of expectations and it bought a U.S. software firm for $2.4 billion. The stock is indicated down 1 percent in pre-market. Swatch meanwhile is seen rising 3 to 4 percent after impressive guidance and accelerating sales. (Helen Reid) EARLY MORNING ROUND-UP (0739 GMT) Here are the company headlines grabbing our attention in Europe this morning: SAP talks up cloud business, buys $2.4 bln U.S. sales software firm Debt-ridden Altice to further reduce share capital Philips delivers on Q4 sales growth on higher order intake SCA 2017 operating profit just beats forecasts, dividend higher France's Elis doubles targeted cost synergies from Berendsen acquisition Swatch "very positive" on 2018 after H2 sales accelerate Renault-Nissan group pips VW to become top-selling carmaker in 2017 Cevian Capital raises Ericsson stake to 9 pct PZ Cussons Says Profitability Expected To Improve In H2 Volkswagen faces inquiry call over diesel fume tests on monkeys Biggest investor in Italy's Safilo has no intention to change its stake Luxottica sees strong adj. net profit growth after FY sales meet guidance Hedge fund Elliott increases stake in Fox takeover target Sky Alfa Laval CEO sees slower Marine unit demand in Q1 after bumper Q4 (Kit Rees and Tom Pfeiffer) FUTURES POINT TO PULL-BACK IN EUROPEAN STOCKS (0710 GMT) As expected futures have gapped significantly at the open - down 0.5 to 0.7 percent across the board now. Looks like the risk-off mood across the Atlantic will sour today's trading in Europe as well. The chipmakers and Apple suppliers will again be ones to watch, as will all those cyclical sectors leading the rally year-to-date. (Helen Reid) CORRECTION BECOMING INCREASINGLY LIKELY, SAYS GS (0656 GMT) The S&P 500 has had the longest period since 1929 without a correction of more than 5 percent, Goldman Sachs finds, saying a correction is overdue. The MSCI World has also entered its longest period ever without a correction of more than 5 percent. "As inflows into equities rise strongly alongside increasing optimism, the equity market becomes more vulnerable to disappointments," GS writes. They're staying bullish, though - seeing a sharp correction as more likely than a full-blown bear market. One interesting observation they make is that this year the S&P 500 and the VIX volatility index have been rising together. "The increase in volatility amid a market rally may, in part, reflect increasing risks, and may also reflect a bullish willingness to spend premium to add to upside exposure." GS recommends buying on dips, but would also buy hedges as protection. If you're more of a glass half full kind of person, then you can keep looking at global growth - running at above 5%, the strongest pace since 2010 - and global earnings - where expectations are finally being revised up sharply. (Helen Reid) SAP ANNOUNCES $2.4 BLN ACQUISITION, ALTICE TO FURTHER CUT SHARE CAPITAL (0636 GMT) With tech a notable focus yesterday, and ahead of the U.S. giants reporting later this week, all eyes will be on results from European firms in the sector to see how they stack up. Germany's SAP, Europe's top tech company, just announced a $2.4 billion acquisition of U.S. cloud software company Callidus Software Inc - a sweetener on 2017 results which came in at the lower end of market expectations. The firm's guidance was in line with analysts' expectations - but we'll have to see what they make of this purchase. At the intersection of health and tech, Dutch firm Philips reported Q4 sales growth in line with expectations. Elsewhere in stocks to watch today there's telecoms and cable group Altice which is reducing its share capital to help improve returns while it restructures. And it's a sad day for Volkswagen whose position as world's top-selling carmaker was just nabbed by the Renault-Nissan alliance. (Helen Reid)

https://www.reuters.com/article/europe-stocks/live-markets-pressures-on-european-earnings-in-the-spotlight-idUSL8N1PP5W2

Amazon, Berkshire, JPMorgan create healthcare company to cut costs

Amazon, Berkshire, JPMorgan create healthcare company to cut costs 6:08am IST - 01:21 Amazon, Berkshire Hathaway, and JPMorgan Chase will form a healthcare company aimed at cutting costs for their U.S. employees. Aleksandra Michalska reports. Amazon, Berkshire Hathaway, and JPMorgan Chase will form a healthcare company aimed at cutting costs for their U.S. employees. Aleksandra Michalska reports. //reut.rs/2nsujBj

https://in.reuters.com/video/2018/01/30/amazon-berkshire-jpmorgan-create-healthc?videoId=389805416

Suncor, Teck buy part of Total stake in Canada oil sands mine

January 3, 2018 / 11:30 PM / Updated 11 minutes ago Suncor, Teck buy part of Total stake in Canada oil sands mine Reuters Staff 2 Min Read WINNIPEG, Manitoba/CALGARY, Alberta, Jan 3 (Reuters) - S uncor Energy Inc, Canada’s second-largest energy producer, said on Wednesday it and Teck Resources Ltd have taken higher stakes in the Fort Hills oil sands mine from partner Total SA, resolving a dispute over building costs. Under terms of the deal, Suncor and Teck will fund more of the C$17 billion ($13.56 billion) project’s capital cost - C$300 million and C$120 million more respectively. Suncor’s share of the project will be 53.06 percent, compared to 20.89 percent for Teck and 26.05 percent for Total. Fort Hills in northern Alberta produced 6,000 barrels per day during fourth-quarter test runs and is expected to fully start production in mid-January when the first of three secondary extraction trains starts up, Suncor said in a statement after markets closed. Fort Hills’ startup comes as increasing oil sands supply outpaces Canadian pipeline capacity, creating a deepening price discount for Western Canada Select compared to benchmark West Texas Intermediate (WTI). ($1 = 1.2538 Canadian dollars) (Reporting by Rod Nickel in Winnipeg, Manitoba and Nia Williams in Calgary, Alberta; Editing by James Dalgleish)

https://www.reuters.com/article/suncor-energy-teck-resources-fort-hills/suncor-teck-buy-part-of-total-stake-in-canada-oil-sands-mine-idUSL1N1OY164

Apple Faces Two Federal Probes Over iPhone Battery Issue

Apple Inc. is being investigated by the Justice Department and the Securities and Exchange Commission over potential securities violations related to the company’s disclosure of a software update that slowed older iPhones, people familiar with the matter said. The two probes add pressure on the tech giant to address criticism from customers and lawmakers after it acknowledged in December that it was throttling the performance of older iPhones as batteries aged. The company later apologized for the issue and slashed the price... To Read the Full Story Subscribe Sign In

https://www.wsj.com/articles/apple-facestwo-federal-probesover-iphone-battery-issue-1517348203

Hong Kong legal chief steps down early amid judicial turbulence

HONG KONG (Reuters) - Hong Kong’s legal chief, whose watch was marked by instances of perceived interference by China in the city’s rule of law, stepped down on Friday, more than four years before the end of his term. An independent legal system sits at the core of the wide-ranging autonomy promised after Britain handed its former colony back to China in 1997 under a “one country, two systems” formula that guarantees it freedoms not enjoyed on the mainland. Hong Kong leader Carrie Lam said Justice Secretary Rimsky Yuen had resigned for personal reasons, after starting his second five-year term in July. “He has been a pillar of strength in upholding the rule of law in Hong Kong,” Lam said. But Yuen’s time in office was punctuated by several controversies, including two rare protests by hundreds of lawyers. Yuen, 53, was one of the key officials tasked with promoting a contentious political reform package in 2014, which later helped trigger the months-long “Umbrella Movement” street protests demanding, in vain, full democracy for the city. He was targeted by demonstrators after reports last year that he had overruled several senior public prosecutors to seek jail terms for three democrats involved in those protests, including Joshua Wong, the bespectacled young activist who became the public face of the demonstrations. He was also criticized for pushing through an immigration arrangement that would allow Chinese officials to implement mainland laws inside a downtown high-speed railway station. Yuen and Communist Party officials in Beijing argued that parts of the station would be legally regarded as “mainland Chinese territory”, so the city’s mini-constitution, the Basic Law, which explicitly says national laws don’t apply in Hong Kong, would not be applicable. The Hong Kong Bar Association called Beijing’s move “the most retrograde step to date in the implementation of the Basic Law”. On each occasion, “the ultimate decision was made in accordance with the law”, Yuen said on Friday, even though some people might not like the results. Yuen also reportedly tried to dissuade Beijing from interfering in a court case against pro-independence lawmakers last year, and spoke openly about how “matters that can be properly handled within Hong Kong’s legal or judicial system should be left to be dealt with at the Hong Kong level as much as possible”. The Chinese parliament ultimately issued an interpretation of the law, pre-empting the judge’s decision, effectively barring the lawmakers from their posts. That prompted 2,000 lawyers to march in protest against what they said was the most blatant interference in the city’s judicial independence. Incoming Justice Secretary Teresa Cheng, 59, said her “prime mission” would be to uphold the rule of law and that she would pursue criminal prosecutions “without any interference”. Reporting by Venus Wu and Wyman Ma; Editing by James Pomfret, Greg Torode and Nick Macfie

https://www.reuters.com/article/us-hongkong-politics/hong-kong-legal-chief-steps-down-early-amid-judicial-turbulence-idUSKBN1EU0GK

BRIEF-Mabvax Therapeutics Holdings Provides Business Strategy Update

54 PM / Updated 8 minutes ago BRIEF-Mabvax Therapeutics Holdings Provides Business Strategy Update Reuters Staff Jan 16 (Reuters) - Mabvax Therapeutics Holdings Inc : * MABVAX THERAPEUTICS HOLDINGS, INC. PROVIDES BUSINESS STRATEGY UPDATE * MABVAX THERAPEUTICS - ON TRACK TO EXECUTE CORPORATE AND CLINICAL MILESTONES IN FIRST HALF OF 2018 * MABVAX - CURRENTLY IN “ADVANCED DISCUSSIONS” WITH A VARIETY OF INTERESTED PARTIES FOR POTENTIAL MULTIPLE DEAL PROPOSALS Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-mabvax-therapeutics-holdings-provi/brief-mabvax-therapeutics-holdings-provides-business-strategy-update-idUSASB0C104

U.S. Ran $23 Billion Budget Deficit in December, Treasury Says

WASHINGTON—The federal budget deficit for December narrowed from a year ago, amid flat government spending and higher tax receipts, the Treasury Department said Thursday. Federal spending still exceeded revenue by $23 billion last month, compared with a $27 billion budget gap in December 2016. Through the first three months of the fiscal year, which began Oct. 1, the deficit was about 7% wider than it was the same period a year earlier, the Treasury said. ...

https://www.wsj.com/articles/u-s-ran-23-billion-budget-deficit-in-december-treasury-says-1515698035

BRIEF-United Bancorp Reports Q4 EPS of $0.16

January 25, 2018 / 6:15 PM / in an hour BRIEF-United Bancorp Reports Q4 EPS of $0.16 Reuters Staff 1 Min Read Jan 25 (Reuters) - United Bancorp Inc: * UNITED BANCORP, INC. REPORTS 2017 DILUTED EARNINGS PER SHARE (EXCLUDING THE NET DEFERRED TAX ASSET REVALUATION) OF $0.75, WHICH IS A 5.63% INCREASE OVER DILUTED EARNINGS PER SHARE OF $0.71 REPORTED IN 2016, AND A FORWARD DIVIDEND YIELD OF 3.62% FOR THE YE * UNITED BANCORP INC - QTRLY NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES $4.1 MILLION VERSUS $3.8 MILLION * UNITED BANCORP INC - QTRLY EARNINGS PER SHARE $0.16 * UNITED BANCORP INC - IN Q4 & FOR YEAR ENDED DEC 31, 2017, CO RECORDED A $0.04/SHARE, ONE-TIME WRITE DOWN AS A RESULT OF TAX CUTS AND JOBS ACT Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-united-bancorp-reports-q4-eps-of-0/brief-united-bancorp-reports-q4-eps-of-0-16-idUSASB0C2F8

BRIEF-Catalyst Biosciences Initiates Phase 2/3 Trial Of Marzeptacog Alfa (Activated)

January 4, 2018 / 5:44 PM / Updated 7 minutes ago BRIEF-Catalyst Biosciences Initiates Phase 2/3 Trial Of Marzeptacog Alfa (Activated) Reuters Staff 1 Min Read Jan 4 (Reuters) - Catalyst Biosciences Inc: * CATALYST BIOSCIENCES INITIATES PHASE 2/3 TRIAL OF MARZEPTACOG ALFA (ACTIVATED) FOR PROPHYLAXIS IN HEMOPHILIA A OR B WITH INHIBITORS * CATALYST BIOSCIENCES INC - ‍INTERIM DATA FOR PHASE 2 MARZAA TRIAL​ EXPECTED TO BE ANNOUNCED IN FIRST HALF OF 2018 Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-catalyst-biosciences-initiates-pha/brief-catalyst-biosciences-initiates-phase-2-3-trial-of-marzeptacog-alfa-idUSASB0BZQR

South Korean president: Denuclearization ‘is our basic stance’

South Korean president: Denuclearization ‘is our basic stance’ 3 Hours Ago

https://www.cnbc.com/video/2018/01/10/south-korean-president-denuclearization-is-our-basic-stance.html

CALLIDUS SOFTWARE INC. SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces Investigation of Buyout

WILMINGTON, Del.--(BUSINESS WIRE)-- Rigrodsky & Long, P.A.: Do you own shares of Callidus Software Inc. (NASDAQ GM: CALD )? Did you purchase any of your shares prior to January 29, 2018? Do you think the proposed buyout is fair? Do you want to discuss your rights? Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Callidus Software Inc. (“Callidus” or the “Company”) (NASDAQ GM: CALD ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by SAP SE (“SAP”) (NYSE: SAP ) in a transaction valued at approximately $2.4 billion. Under the terms of the agreement, shareholders of Callidus will receive $36.00 in cash for each share of Callidus common stock. If you own common stock of Callidus and purchased any shares before January 29, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail at [email protected] . Rigrodsky & Long, P.A. , with offices in Wilmington, Delaware, Garden City, New York, and San Francisco, California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions . Attorney advertising. Prior results do not guarantee a similar outcome. View source version on businesswire.com : http://www.businesswire.com/news/home/20180130006294/en/ Rigrodsky & Long, P.A. Seth D. Rigrodsky Gina M. Serra 888-969-4242 302-295-5310 Fax: 302-654-7530 [email protected] http://www.rigrodskylong.com Source: Rigrodsky & Long, P.A.

http://www.cnbc.com/2018/01/30/business-wire-callidus-software-inc-shareholder-alert-rigrodsky-long-p-a-announces-investigation-of-buyout.html

Balance of power

Balance of power 7:31am EST - 01:58 In the age of #metoo, gender equality has taken on a profound new importance for companies. Advocates want Davos discussions to lead to results at higher rungs on the corporate ladder. ▲ Hide Transcript ▶ View Transcript In the age of #metoo, gender equality has taken on a profound new importance for companies. Advocates want Davos discussions to lead to results at higher rungs on the corporate ladder. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2DEdJJC

https://www.reuters.com/video/2018/01/24/balance-of-power?videoId=388378009

BRIEF-Marrone Bio Innovations ‍Signs Exclusive Distribution Agreement With Great Harvest Agri Chemicals Corp

45 PM / in 9 minutes BRIEF-Marrone Bio Innovations ‍Signs Exclusive Distribution Agreement With Great Harvest Agri Chemicals Corp Reuters Staff 1 Min Read Jan 25 (Reuters) - Marrone Bio Innovations Inc: * MARRONE BIO INNOVATIONS INC - ‍SIGNED AN EXCLUSIVE DISTRIBUTION AGREEMENT WITH GREAT HARVEST AGRI CHEMICALS CORPORATION​ Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-marrone-bio-innovations-signs-excl/brief-marrone-bio-innovations-signs-exclusive-distribution-agreement-with-great-harvest-agri-chemicals-corp-idUSFWN1PK1EQ

U.S. to provide $60 million for Palestinians, withhold $65 million

January 16, 2018 / 7:06 PM / Updated 18 minutes ago U.S. to provide $60 million in Palestinian aid, withhold $65 million Arshad Mohammed 4 Min Read WASHINGTON (Reuters) - The United States will give a U.N. agency $60 million (43.50 million pounds) in aid for Palestinians but withhold a further $65 million for now, a U.S. official said on Tuesday as the Trump administration appeared to carry out a threat it made two weeks ago to cut funding. Boxes containing aid from the U.N. Relief and Works Agency (UNRWA) are seen ahead of their transfer to the Gaza Strip, inside the Kerem Shalom border crossing terminal between Israel and Gaza Strip January 16, 2018. REUTERS/Amir Cohen While saying the decision would sustain schools and health services, the U.S. official echoed U.S. President Donald Trump in calling on other nations to provide more funds because he believes the United States pays more than its share. The decision to keep back some money is likely to compound the difficulty of reviving Israeli-Palestinian peace talks and to further undermine Arabs’ faith that the United States can act as an impartial arbitrator, particularly following Trump’s Dec. 6 announcement reversing decades of U.S. policy and recognize Jerusalem as Israel’s capital. A Palestinian official quickly criticized Washington’s decision to keep back some of the money and United Nations Secretary-General Antonio Guterres said he was unaware of any change on aid but he was “very concerned” about the possibility of a cut in funding. The U.S. official, who spoke on condition of anonymity, said the United Nations Relief and Works Agency for Palestinian Refugees (UNRWA) that will receive the money needed to be fundamentally reevaluated “in the way it operates and the way it is funded.” “Without the funds we are providing today, UNRWA operations were at risk of running out of funds and closing down. The funds provided by the United States will prevent that from happening for the immediate future,” the official said, saying the additional “$65 million will be held for future consideration.” In a Twitter post on Jan. 2, Trump said that Washington gives the Palestinians ”HUNDRED OF MILLIONS OF DOLLARS a year and get no appreciation or respect. “They don’t even want to negotiate a long overdue peace treaty with Israel ... with the Palestinians no longer willing to talk peace, why should we make any of these massive future payments to them?” Trump added in his tweet. While the U.S. official did not link the U.S. decision to Trump’s tweet, he made a point often advanced by the president by saying the United States had been UNRWA’s single largest donor for decades and demanded other nations do more. “It is time other countries, some of them quite wealthy, step in and do their part to advance regional security and stability,” the official said. Trump’s aides initially debated whether to cut off all UNRWA aid after the tweet, a second U.S. official said. But those opposed to the idea argued that it could further destabilize the region, the official said. “This decision confirms the U.S administration is continuing in wiping out the rights of the Palestinian people,” Palestine Liberation Organization official Wasel Abu Youssef told Reuters. “First was declaring Jerusalem as the capital of Israel and today the refugee issue,” he said. Historically, U.S. administrations had said the status of Jerusalem must be decided in Israeli-Palestinian peace talks. The city is holy to three major monotheistic faiths. At the United Nations, Guterres told reporters that the services provided by UNRWA were “of extreme importance, not only for the wellbeing of these populations ... but also in my opinion and an opinion that is shared by most international observers, including some Israeli ones, it is an important factor of stability.” “So if UNRWA will not be in a position to provide the vital services and the emergency forms of support that UNRWA has been providing this will create a very, very serious problem and we will do everything we can to avoid this situation,” he said. Reporting By Arshad Mohammed; Additional reporting by Matt Spetalnick in Washington, Nidal al-Mughrabi in Gaza and Michelle Nichols at the United Nations; Editing by Cynthia Osterman and Grant McCool

https://uk.reuters.com/article/uk-israel-palestinians-usa/u-s-to-provide-60-million-for-palestinians-withhold-65-million-idUKKBN1F52G8

China December forex reserves rise to $3.1 trillion, highest since September 2016 - central bank

January 7, 2018 / 7:15 AM / Updated 14 minutes ago China December forex reserves rise to $3.1 trillion, highest since September 2016 - central bank Reuters Staff 2 Min Read BEIJING (Reuters) - China’s foreign exchange reserves rose to their highest in more than a year in December and grew at a faster-than-expected pace, as tight regulations and a strong yuan continued to discourage capital outflows, data showed on Sunday. FILE PHOTO - Chinese banknotes are seen at a vendor's cash box at a market in Beijing February 14, 2014. REUTERS/Kim Kyung-Hoon/File Photo Notching up their 11th straight month of gains, reserves rose $20.2 billion in December to $3.14 trillion, the highest since September 2016 and the biggest monthly increase since July, central bank data showed on Sunday. That compares with an increase of $10 billion in November. Economists polled by Reuters had expected reserves to rise by $6 billion to $3.125 trillion. Capital flight had been seen as a major risk for China at the start of 2017, but a combination of tighter capital controls and a faltering dollar helped the yuan stage a strong turnaround, bolstering confidence in the economy. The yuan rose around 6.8 percent against the greenback in 2017, recovering from a 6.5 percent loss in 2016 and reversing three straight years of depreciation. The value of gold reserves rose to $76.47 billion at the end of December, from $75.833 billion at the end of November, data on the PBOC website also showed. Related Coverage

https://uk.reuters.com/article/uk-china-economy-forex-reserves/china-december-forex-reserves-rise-to-3-1-trillion-highest-since-september-2016-central-bank-idUKKBN1EW06H

Houlihan Lokey posts 3Q profit

LOS ANGELES (AP) _ Houlihan Lokey Inc. (HLI) on Monday reported fiscal third-quarter earnings of $61.6 million. On a per-share basis, the Los Angeles-based company said it had profit of 93 cents. Earnings, adjusted for pretax gains, were 69 cents per share. The investment banking company posted revenue of $258.9 million in the period. Houlihan Lokey shares have climbed 12 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $51.07, an increase of 63 percent in the last 12 months. This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HLI at https://www.zacks.com/ap/HLI

https://www.cnbc.com/2018/01/29/the-associated-press-houlihan-lokey-posts-3q-profit.html

FCC Chairman Opposes Government Takeover of 5G Wireless Build-Out

WASHINGTON—A top federal regulator said Monday he opposes a government takeover of the next-generation 5G wireless system, casting further doubt on an idea that has been floated by some Trump administration officials. In a statement, Federal Communications Commission Chairman Ajit Pai said, “I oppose any proposal for the federal government to build and operate a nationwide 5G network.” Some... RELATED VIDEO The Modern Cell Carrier: How We Got Here The U.S. wireless industry is dominated by four major players: Verizon, AT&T, T-Mobile and Sprint. Now that just about everyone has a cellphone, each operator is looking for new ways to grow. But how did we go from the days of one giant landline monopoly to four competitive cell companies? Illustration: Shaumbe Wright/WSJ To Read the Full Story Subscribe Sign In

https://www.wsj.com/articles/fcc-chairman-opposes-government-takeover-of-5g-wireless-build-out-1517242169

Bellus3D scans a 3D picture of your face in just seconds

8 Hours Ago | 00:58 A new product can take 3D images of your face in just seconds. It's built by a company named Bellus3D and plugs into an Android phone. Then, using built-in cameras, will scan your face and show you an exact replica of yourself. Kind of creepy, but it might one day have some real world uses. Bellus3D says it's working with partners and developers so that its technology might one day be used to provide realistic 3D images of people inside VR, for medical purposes (maybe imagining a before and after of plastic surgery, for example) and potentially for shopping -- like using a 3D image to see how clothes might fit before you buy them, for example. Bellus3D is only available for developers now and production and delivery is expected to begin in the first quarter of this year. Todd Haselton Technology Product Editor Playing

https://www.cnbc.com/2018/01/08/bellus3d-scans-a-3d-picture-of-your-face-in-just-seconds.html

Syrian opposition says boycott Sochi in protest at Russia reneging promises

AMMAN, Jan 30 (Reuters) - The head of the Syrian opposition delegation to a Russia-sponsored conference on Tuesday said his group was boycotting the meeting because of broken promises to end the bombardment of civilians and remove Syrian state emblems from the premises. Ahmed Tomah said in a video statement received by Reuters that his group had decided to go back to Turkey in protest. The Turkish delegation would represent the Syrian opposition delegation’s demands, he said in the statement, which was recorded at Sochi airport. (Reporting by Suleiman Al-Khalidi; Editing by Peter Graff)

https://www.reuters.com/article/mideast-crisis-syria-sochi/syrian-opposition-says-boycott-sochi-in-protest-at-russia-reneging-promises-idUSL8N1PP4MA

Jim Kelliher Joins Drift as Chief Financial Officer to Help Scale the World’s Leading Conversational Marketing and Sales Platform

Former Actifio and LogMeIn CFO brings 20+ years of operating experience to the Drift team. BOSTON--(BUSINESS WIRE)-- Drift, the world’s first and only conversational marketing and sales platform, today announced that Jim Kelliher has joined as the company’s first Chief Financial Officer. Jim will be responsible for all financial and administrative operations at Drift, including human resources, legal, IT, and facilities. Prior to Drift, Jim served as the CFO of Actifio, a venture-backed company in the enterprise data management space, which he joined in January 2015. Prior to Actifio, Jim served as the CFO of LogMeIn from 2006 to 2015 and played a pivotal role in taking LogMeIn public in July 2009, and scaling the company from 50 employees and $10M in revenue when he joined to over 1,000 employees and $250M in revenue. “Last year I asked many of our advisors, investors, and mentors who the best CFO they ever worked with was and they all had the same answer: Jim Kelliher. We met shortly after that, and today I couldn’t be happier to welcome Jim to the team,” said Drift Founder & CEO David Cancel. “Over the past year, Drift has grown from 25 people to 100, opened a new office in San Francisco, and increased revenue by more than 10x. I’m thrilled to be able to partner with Jim on this next phase of growth and scaling Drift in 2018 and beyond.” “The Drift team has been able to build a brand, create a movement, and become one of the fastest-growing SaaS companies at this stage. The opportunity here is tremendous,” Jim said. “Joining at the Series B stage has been my sweet spot over the course of my career, and I’m excited to get back in there at Drift and build the systems and processes to help the company scale.” In addition to his time at Actifio and LogMeIn, Jim was the CFO of IMlogic, a venture-backed enterprise instant messaging company. Before that he served in a number of financial executive roles, including stints as VP of Finance and International Chief Financial Officer of PTC, a publicly traded software development company. Jim serves on the Board of Directors of Adaptive Insights, a venture funded SaaS based business analytics company based in Palo Alto, and previously served on the Board of Fleetmatics Group PLC, a NYSE publicly traded SaaS company, prior to its acquisition by Verizon in November 2016. He holds a B.S. in Accountancy from Bentley University. About Drift Drift is the world’s first and only conversational marketing and sales platform. With its quickly evolving set of tools and playbooks, Drift makes it easier for businesses to buy from businesses. Customers use Drift to provide a modern buying experience for potential customers, generate more qualified leads, and dramatically accelerate the sales cycle. Based in Boston, Massachusetts, Drift is a venture-backed company founded by serial marketing technology entrepreneurs David Cancel and Elias Torres. To learn more about how Drift is making it easier for businesses to buy from businesses by visiting https://www.drift.com/ . //www.businesswire.com/news/home/20180103005348/en/ Drift Dave Gerhardt Director of Marketing [email protected] Source: Drift

http://www.cnbc.com/2018/01/03/business-wire-jim-kelliher-joins-drift-as-chief-financial-officer-to-help-scale-the-worldas-leading-conversational-marketing-and-sales.html

La Rochelle reach quarter-finals, Saracens sneak through

January 21, 2018 / 6:46 PM / Updated 8 minutes ago La Rochelle reach quarter-finals, Saracens sneak through Reuters Staff 2 Min Read PARIS (Reuters) - French side La Rochelle reached the Champions Cup quarter-finals on their first appearance in Europe’s premier club competition with a 16-7 win over Harlequins as holders Saracens sneaked through on Sunday. England’s Saracens beat Northampton Saints 62-14 on Saturday but faced an anxious wait to see if they would advance as one of the top three runners-up. They will face Leinster for a last-four spot after the Irish side made sure they would be top seeds in the last eight by beating Top 14 leaders Montpellier 23-14 on Saturday. La Rochelle, who lie second in the Top 14, qualified at the top of Pool 1 and will take on Scarlets, who became the first Welsh team to reach the last eight in six years by beating three-times champions Toulon 30-27 on Saturday. Toulon advanced as one of the best runners-up and will face a tough challenge in the last eight from Ireland’s Munster, who demolished Castres 48-3 on Sunday to win Pool 4 ahead of Racing 92 who beat Leicester 23-20. In the quarter-finals, Racing will face fellow French side Clermont Auvergne, who topped Pool 2 after beating Ospreys 24-7. Reporting by Julien Pretot, Editing by Ed Osmond

https://uk.reuters.com/article/uk-rugby-union-champions/la-rochelle-reach-quarter-finals-saracens-sneak-through-idUKKBN1FA12N

Hezbollah - Syrian war will be over in 1-2 years

January 3, 2018 / 8:36 PM / Updated 2 hours ago Hezbollah - Syrian war will be over in 1-2 years Reuters Staff 1 Min Read BEIRUT (Reuters) - The leader of Lebanon’s Iran-backed Hezbollah group said on Wednesday the Syrian war, now in its seventh year, will be finished in one or two years at most. FILE PHOTO: Lebanon's Hezbollah leader Sayyed Hassan Nasrallah appears on a screen during a live broadcast as he speaks to his supporters during the ceremony of Ashura in Beirut, Lebanon October 1, 2017. REUTERS/Aziz Taher/File Photo In an interview with Lebanon’s pro-Iran al-Mayadeen channel, Sayyed Hassan Nasrallah also said Israeli strikes on Hezbollah positions in Syria did not, and will not, prevent supplies of weapons reaching the group. Hezbollah and other Iran-backed groups have backed Syria’s President Bashar al-Assad during the conflict which erupted in 2011. Writing by Lisa Barrington; Reporting by Laila Bassam in Beirut

https://uk.reuters.com/article/uk-lebanon-hezbollah-syria/hezbollah-syrian-war-will-be-over-in-1-2-years-idUKKBN1ES1W3

UPDATE 1-Venezuela to resume local trading of hard-currency securities

January 25, 2018 / 5:10 PM / in 34 minutes UPDATE 1-Venezuela to resume local trading of hard-currency securities Reuters Staff (Recasts with dollar-denominated securities) By Corina Pons and Deisy Buitrago CARACAS, Jan 25 (Reuters) - Venezuela will allow securities denominated in hard currency to trade on a local bourse, the central bank said on Thursday, allowing citizens to legally acquire foreign exchange without going through the country’s 15-year-old currency controls. The crisis-stricken OPEC nation is struggling under hyperinflation and product shortages that economists widely blame on currency controls that even ruling Socialist Party officials recognize have been plagued with corruption. Creating legal mechanisms to obtain dollars could make it easier for businesses to import raw materials or machine parts. But it is unlikely to ease the economic crisis because the local bolivar currency has lost more than 99 percent of its value on the black market, leaving local firms largely unable to afford products acquired abroad. “This currency arrangement will reopen the market for securities for private citizens,” Central Bank Director Pedro Maldonado said in a press conference. “Any private company that wants to issue debt in hard currency can sell it on the Bicentenary Exchange,” he said, referring to a state-run bourse. Between 2004 and 2010, local trading of dollar securities served as a parallel foreign exchange market known as “permuta” that provided hard currency to buyers who did not have permits to acquire it at a state-backed favorable rate. The government of late President Hugo Chavez shut down the legal avenue for such trading in 2010, arguing that speculators were using it to damage the economy. Buying dollars on the black market continues to be seen as legally suspect despite being routine. The central bank separately said the government-backed DICOM auction system, which was halted last year, will start selling euros. President Nicolas Maduro suspended DICOM in responses to financial sanctions by Washington. Venezuela’s exchange controls provide dollars at the official rate of 10 bolivars for import of priority goods such as food and medicine. The black market rate is currently 263,803 per dollar, according to web-site DolarToday, which is the most widely-used reference. The central bank did not say what the new DICOM exchange rate would be. A Powerpoint presentation about DICOM says buyers will “pay the price they proposed.” Before the auctions were halted, DICOM was selling dollars at 3,345 bolivars. Though the DICOM rate has been consistently more favorable than the black market, businesses generally say it is of little use because it sells limited volumes, meaning it does not provide a steady supply of hard currency for imports. (Reporting by Corina Pons; Writing by Brian Ellsworth; Editing by Susan Thomas)

https://www.reuters.com/article/venezuela-economy/update-1-venezuela-to-resume-local-trading-of-hard-currency-securities-idUSL2N1PK14B

Turkish border town hit by rockets, 13 wounded: governor

ANKARA (Reuters) - Two rockets fired from the Syrian region of Afrin struck the Turkish border town of Kilis on Wednesday, wounding 13 people, the local governor said. The rockets hit two locations in the city center, including a mosque during prayer times, Governor Mehmet Tekinarslan said. Eight people were wounded, with two in critical condition, at the mosque, and another five injured at the second location. Turkish media footage showed security forces clearing the areas of civilians following the attacks, as ambulances and emergency teams arrived at the site. As Turkey’s operation against the Syrian Kurdish YPG militia in Afrin entered its fifth day, several rockets have hit the Turkish border towns of Kilis and Reyhanli. On Saturday, as Turkey started its operation, rockets fired across the border hit Reyhanli, killing a Syrian national and wounding 46 people, the local governor’s office said. Another five were wounded when rockets hit Kilis, a Reuters witness said. Reporting by Tuvan Gumrukcu and Ece Toksabay; Editing by David Dolan Our Standards: The Thomson Reuters Trust Principles.

https://www.reuters.com/article/us-mideast-crisis-syria-turkey-rocket/rocket-hits-turkish-border-town-wounds-at-least-10-dogan-idUSKBN1FD29D

Turkey says U.S. needs to withdraw from Syria's Manbij region immediately

Turkey says U.S. needs to withdraw from Syria's Manbij region immediately Reuters Staff 1 Min Read ANKARA (Reuters) - The United States needs to withdraw from northern Syria’s Manbij region immediately, Turkish Foreign Minister Mevlut Cavusoglu said on Saturday. President Tayyip Erdogan on Friday said Turkish forces would sweep Kurdish fighters from the Syrian border and could push all the way east to the frontier with Iraq, including Manbij - a move which risks a possible confrontation with U.S. forces allied to the Kurds. Speaking to reporters, Cavusoglu also said Turkey wanted to see concrete steps by the United States to end its support for the Syrian Kurdish YPG militia. Ankara said earlier it had been told by U.S. National Security Adviser H.R. McMaster that Washington would not provide the YPG with weapons anymore. Reporting by Tuvan Gumrukcu; Editing by Mark Potter

https://in.reuters.com/article/mideast-crisis-syria-turkey-usa/turkey-says-u-s-needs-to-withdraw-from-syrias-manbij-region-immediately-idINKBN1FG0FA

First Connecticut Bancorp, Inc. reports fourth quarter 2017 net income of $497,000 or $0.03 diluted earnings per share

FARMINGTON, Conn., Jan. 24, 2018 (GLOBE NEWSWIRE) -- First Connecticut Bancorp, Inc. (NASDAQ:FBNK), the holding company for Farmington Bank, reported net income of $497,000 or $0.03 diluted earnings per share for the quarter ended December 31, 2017 compared to net income of $4.2 million or $0.27 diluted earnings per share for the quarter ended December 31, 2016. Excluding non-recurring items, the Company reported a 32% increase in core net income to $5.5 million, or $0.34 diluted earnings per share for the quarter ended December 31, 2017 compared to core net income of $4.1 million, or $0.27 diluted earnings per share for the quarter ended December 31, 2016. Net income for the full year was $16.2 million or $1.02 diluted earnings per share compared to $15.2 million or $1.00 diluted earnings per share in the prior year. Excluding non-recurring items, core net income for the full year was $20.9 million, or $1.32 diluted earnings per share as compared to $14.8 million, or $0.97 diluted earnings per share in the prior year. Core net income excludes non-recurring items. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted, which lowered the Company’s federal tax rate from 35% to 21% effective January 1, 2018. As a result of the tax reduction, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense for the fourth quarter of 2017. However, the tax rate reduction will increase future earnings. The Tax Act impact on earnings per share for the year 2018 is an estimated $0.24 - $0.25 increase. “I am once again pleased to report strong core earnings for the fourth quarter of $0.34 per share and $1.32 per share for the year. Since going public in 2011, we have had six consecutive years of earnings per share growth. An increase in core earnings combined with internal operational efficiencies continues to have a positive effect on return on assets, return on equity and our efficiency ratio,” stated John J. Patrick Jr., First Connecticut Bancorp’s Chairman, President and CEO. “Additionally, we increased our dividend $0.06 or 67% during 2017 as we continue to reward shareholders with a combination of share price appreciation and increased dividend yield.” Financial Highlights Organic loan growth remained strong during the fourth quarter of 2017 as loans increased $49.5 million to $2.7 billion at December 31, 2017 primarily due to a $34.8 million increase in commercial real estate loans and a $19.7 million increase in residential real estate loans. Loans increased $200.6 million or 8% from a year ago. Overall deposits increased $51.5 million to $2.4 billion in the fourth quarter of 2017 compared to the linked quarter and increased $219.0 million or 10% from a year ago. Loans to deposits ratio was 113% for the quarter ended December 31, 2017 compared to 113% in the linked quarter and 115% in the fourth quarter of 2016. Checking accounts grew by 2% or 864 net new accounts in the fourth quarter of 2017 and 8% or 4,136 net new accounts from a year ago. Net interest income decreased $320,000 to $20.5 million in the fourth quarter of 2017 compared to the linked quarter and increased $2.4 million compared to the fourth quarter of 2016. Core net interest income decreased $191,000 compared to the linked quarter. Net interest margin was 2.91% in the fourth quarter of 2017 compared to 2.95% in the linked quarter and 2.75% in the prior year quarter. Net interest margin, excluding $165,000 prepayment penalty fees, was 2.93% in the linked quarter of 2017. Efficiency ratio was 65.06% in the fourth quarter of 2017 compared to 66.38% in the linked quarter and 70.64% in the prior year quarter. Noninterest expense to average assets was 2.05% in the fourth quarter of 2017 compared to 2.11% in the linked quarter and 2.13% in the prior year quarter. Tangible book value per share was $17.08 for the quarter ended December 31, 2017 compared to $17.12 on a linked quarter basis and $16.37 at December 31, 2016. Asset quality remained strong as loan delinquencies 30 days and greater represented 0.63% of total loans at December 31, 2017 compared to 0.66% of total loans at September 30, 2017 and 0.68% at December 31, 2016. Non-accrual loans represented 0.58% of total loans at December 31, 2017 compared to 0.57% of total loans at September 30, 2017 and 0.69% of total loans at December 31, 2016. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 compared to 0.82% of total loans at September 30, 2017 and 0.85% at December 31, 2016. The Company paid a quarterly cash dividend of $0.15 per share during the fourth quarter, an increase of $0.01 compared to the linked quarter and an increase of $0.06 from a year ago. Fourth quarter 2017 compared with third quarter 2017 Net interest income Net interest income decreased $320,000 to $20.5 million in the fourth quarter of 2017 compared to the linked quarter primarily due to a 5 basis point increase in interest-bearing liabilities yield to 0.89%. Net interest margin was 2.91% in the third quarter of 2017 compared to 2.95% in the linked quarter. Net interest margin, excluding $165,000 prepayment penalty fees, was 2.93% in the linked quarter. The cost of interest-bearing liabilities increased 5 basis points to 89 basis points in the fourth quarter of 2017 compared to 84 basis points in the linked quarter. Provision for loan losses Provision for loan losses was $299,000 for the fourth quarter of 2017 compared to $217,000 for the linked quarter. Net charge-offs in the quarter were $53,000 or 0.01% to average loans (annualized) compared to $52,000 or 0.01% to average loans (annualized) in the linked quarter. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 and September 30, 2017. Noninterest income Total noninterest income decreased $142,000 to $3.2 million in the fourth quarter of 2017 compared to the linked quarter primarily due to a $274,000 decrease in net gain on loans sold offset by a $129,000 increase in other noninterest income. Net gain on loans sold decreased to $598,000 from $872,000 primarily due to a decrease in volume of loans sold. Other noninterest income increased $129,000 to $484,000 primarily due to a $95,000 increase in mortgage banking derivatives. Other noninterest income includes swap fees totaling $242,000 in the fourth quarter of 2017 compared to $251,000 in the linked quarter. Noninterest expense Noninterest expense decreased $532,000 to $15.4 million in the fourth quarter of 2017 compared to the linked quarter primarily due to a $123,000 decrease in furniture and equipment expenses, a $139,000 decrease in marketing expenses and a $132,000 decrease in other operating expenses. Income tax expense Income tax expense was $7.5 million in the fourth quarter of 2017 and $2.4 million in the third quarter of 2017. As a result of the Tax Act, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense in the fourth quarter of 2017. Fourth quarter 2017 compared with fourth quarter 2016 Net interest income Net interest income increased $2.4 million or 13% to $20.5 million in the fourth quarter of 2017 compared to the prior year quarter due primarily to a $216.1 million increase in the average loans balance and a 17 basis point increase in the loans yield to 3.69% offset by a $985,000 increase in interest expense. Net interest margin was 2.91% in the fourth quarter of 2017 compared to 2.75% in the prior year quarter. The cost of interest-bearing liabilities increased 12 basis points to 89 basis points in the fourth quarter of 2017 compared to 77 basis points in the prior year quarter. Provision for loan losses Provision for loan losses was $299,000 for the fourth quarter of 2017 compared to $616,000 for the prior year quarter. Net charge-offs in the quarter were $53,000 or 0.01% to average loans (annualized) compared to $350,000 or 0.06% to average loans (annualized) in the prior year quarter. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 and 0.85% of total loans at December 31, 2016. Noninterest income Total noninterest income decreased $378,000 to $3.2 million in the fourth quarter of 2017 compared to the prior year quarter primarily due to a $327,000 decrease in net gain on loans sold and a $182,000 decrease in other noninterest income offset by a $126,000 increase in fees for customer services. Net gain on loans sold decreased to $598,000 from $925,000 primarily due to a decrease in volume of loans sold. Other noninterest income decreased primarily due to a $283,000 recovery in fair value in mortgage servicing rights in the prior year quarter offset by a $99,000 impairment on a SBIC fund in the prior year quarter. Noninterest expense Noninterest expense increased $288,000 to $15.4 million in the fourth quarter of 2017 compared to the prior year quarter primarily due to a $455,000 increase in salaries and employee benefits expense offset by a $232,000 decrease in other operating expenses. Salaries and employee benefits increased $455,000 to $9.6 million primarily due to general salary increases which became effective in mid-March. Other operating expenses decreased $232,000 to $2.6 million primarily due to a $134,000 reduction in 3rd party services. Income tax expense Income tax expense was $7.5 million in the fourth quarter of 2017 compared to $1.8 million in the prior year quarter. As a result of the Tax Act, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense in the fourth quarter of 2017. Income tax expense in the fourth quarter of 2016 included a $137,000 write-off of a deferred tax asset associated with the establishment of the Bank’s foundation in 2011. For the year ended December 31, 2017 compared with the year ended December 31, 2016 Net interest income Net interest income increased $9.2 million or 13% to $80.4 million for the year ended 2017 compared to $71.3 million for the year ended 2016 primarily due to a $234.1 million increase in the average loans balance and an 11 basis point increase in the loans yield to 3.68% offset by a $2.3 million increase in interest expense. Net interest margin was 2.93% for the year ended 2017 compared to 2.80% for the year ended 2016. The total interest-earning assets yield increased 18 basis points to 3.57% for the year ended 2017 compared to 3.39% for the year ended 2016 primarily due to an increase in yield on our loan and securities portfolios. The cost of interest-bearing liabilities increased 4 basis points to 82 basis points for the year ended 2017 compared to 78 basis points for the year ended 2016. Provision for loan losses Provision for loan losses was $1.6 million for the year ended 2017 compared to $2.3 million for the year ended 2016. Net charge-offs for the year ended 2017 were $632,000 or 0.02% to average loans compared to $1.0 million or 0.04% to average loans for the year ended 2016. The allowance for loan losses represented 0.82% of total loans at December 31, 2017 compared to 0.85% at December 31, 2016. Noninterest income Total noninterest income increased $761,000 to $13.5 million for the year ended 2017 compared to $12.7 million for the year ended 2016. Fees for customer services increased $252,000 to $6.4 million for the year ended 2017 compared to the year ended 2016 driven by our growth in checking accounts and debit card fees. Net gain on loans sold decreased $508,000 to $2.6 million for the year ended 2017 compared to the year ended 2016 as a result of a decrease in volume of loans sold. Bank owned life insurance income increased $211,000 to $1.6 million for the year ended 2017 compared to the year ended 2016 primarily due to $194,000 more in bank owned life insurance proceeds in 2017 than in the prior year. Other noninterest income increased $801,000 to $2.7 million for the year ended 2017 compared to the year ended 2016 primarily due to a $206,000 increase in swap fee income, a $161,000 increase in loan servicing fees for others and $319,000 SBIC fund impairment in the prior year offset by a $159,000 decrease in mortgage banking derivatives. Other noninterest income includes swap fees totaling $1.8 million compared to $1.6 million in the prior year. Noninterest expense Noninterest expense increased $1.8 million to $62.3 million for the year ended 2017 compared to $60.5 million for the year ended 2016. Salaries and employee benefits increased $1.6 million to $38.6 million for the year ended 2017 compared to the year ended 2016. The increase is primarily due to general salary increases which became effective in mid-March and $343,000 in severance expense. Marketing increased $400,000 primarily due to efforts to increase the Bank’s sales support in central Connecticut and western Massachusetts. Other operating expenses decreased $325,000 to $10.5 million for the year ended 2017 compared to the prior year primarily due to a $296,000 decrease in directors’ share-based compensation expense as a result of the majority of the 2012 Stock Incentive Plan fully vesting in September 2016. Income tax expense Income tax expense was $13.9 million for the year ended 2017 compared to $5.9 million for the year ended 2016. As a result of the Tax Act, the Company recorded a reduction in the value of its net deferred tax asset resulting in a charge of $5.0 million to income tax expense in the fourth quarter of 2017. Income tax expense in 2016 included a $137,000 write-off of a deferred tax asset associated with the establishment of the Bank’s foundation in 2011. December 31, 2017 compared to December 31, 2016 Financial Condition Total assets increased $212.7 million or 8% at December 31, 2017 to $3.0 billion compared to $2.8 billion at December 31, 2016, reflecting a $199.7 million increase in net loans. Our investment portfolio totaled $162.2 million at December 31, 2017 compared to $136.6 million at December 31, 2016, an increase of $25.7 million. Net loans increased $199.7 million or 8% at December 31, 2017 to $2.7 billion compared to $2.5 billion at December 31, 2016 due to our continued focus on commercial and residential lending. Deposits increased $219.0 million or 10% to $2.4 billion at December 31, 2017 compared to $2.2 billion at December 31, 2016 primarily due to an increase in retail deposits as we continue to develop and grow relationships in the geographical areas we serve. We had municipal deposit balances totaling $437.1 million and $394.5 million at December 31, 2017 and 2016, respectively. Federal Home Loan Bank of Boston advances decreased $31.6 million to $255.5 million at December 31, 2017 compared to $287.1 million at December 31, 2016. Asset Quality At December 31, 2017 the allowance for loan losses represented 0.82% of total loans and 142.15% of non-accrual loans, compared to 0.82% of total loans and 145.06% of non-accrual loans at September 30, 2017 and 0.85% of total loans and 122.60% of non-accrual loans at December 31, 2016. Loan delinquencies 30 days and greater represented 0.63% of total loans at December 31, 2017 compared to 0.66% of total loans at September 30, 2017 and 0.68% of total loans at December 31, 2016. Non-accrual loans represented 0.58% of total loans at December 31, 2017 compared to 0.57% of total loans at September 30, 2017 and 0.69% of total loans at December 31, 2016. Net charge-offs in the quarter were $53,000 or 0.01% to average loans (annualized) compared to $52,000 or 0.01% to average loans (annualized) in the linked quarter and $350,000 or 0.06% to average loans (annualized) in the prior year quarter. Capital and Liquidity The Company remained well-capitalized with an estimated total capital to risk-weighted asset ratio of 12.38% at December 31, 2017. Tangible book value per share is $17.08 compared to $17.12 on a linked quarter basis and $16.37 at December 31, 2016. The Company had 600,945 shares remaining to repurchase at December 31, 2017 from prior regulatory approval. Repurchased shares are held as treasury stock and will be available for general corporate purposes. At December 31, 2017, the Company continued to have adequate liquidity including significant unused borrowing capacity at the Federal Home Loan Bank of Boston and the Federal Reserve Bank, as well as access to funding through brokered deposits and pre-approved unsecured lines of credit. About First Connecticut Bancorp, Inc. First Connecticut Bancorp, Inc. (NASDAQ:FBNK) is a Maryland-chartered stock holding company that wholly owns Farmington Bank. Farmington Bank is a full-service, community bank with 24 branch locations throughout central Connecticut and western Massachusetts, offering commercial and residential lending as well as wealth management services. Established in 1851, Farmington Bank is a diversified consumer and commercial bank with an ongoing commitment to contribute to the betterment of the communities in our region. For more information regarding the Bank’s products and services and for First Connecticut Bancorp, Inc. investor relations information, please visit www.farmingtonbankct.com . Conference Call First Connecticut will host a conference call on Thursday, January 25, 2018 at 10:30am Eastern Time to discuss fourth quarter results. Those wishing to participate in the call may dial-in to the call at 1-888-336-7151. The Canada dial-in number is 1-855-669-9657 and the international dial-in number is 1-412-902-4177. A webcast of the call will be available on the Investor Relations Section of the Farmington Bank website for an extended period of time. Forward Looking Statements In addition to historical information, this earnings release may contain for purposes of applicable securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be . Such may or may not include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements are subject to numerous assumptions, risks and uncertainties. There are a number of important factors described in documents previously filed by the Company Commission, and other factors that could cause the Company's actual results to differ materially from those contemplated by such . The Company undertakes no obligation to publicly release the results of any revisions to those which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures In addition to evaluating the Company’s financial performance in accordance with U.S. generally accepted accounting principles (“GAAP”), management routinely supplements their evaluation with an analysis of certain non-GAAP financial measures, such as core net income, the efficiency ratio and tangible book value per share. A reconciliation to the most directly comparable GAAP financial measure; net income in the case of core net income and the efficiency ratio and stockholders’ equity in the case of tangible book value per share, appears in the accompanying Reconciliation of Non-GAAP Financial Measures table. We believe that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, our performance trends and financial position. Specifically, we provide measures based on what we believe are our operating earnings on a consistent basis and exclude non-core operating items which affect the GAAP reporting of results of operations. The Company believes that core net income is useful for both investors and management to understand the effects of items that are non-recurring and infrequent in nature. The Company believes that the efficiency ratio, which measures the costs expended to generate a dollar of revenue, is useful in the assessment of financial performance, including non-interest expense control. The Company believes that tangible book value per share is useful to evaluate the relative strength of the Company’s capital position. The Company does not have goodwill and intangible assets for any of the periods presented. As such, tangible book value per common share is equal to book value per common share. We utilize these measures for internal planning and forecasting purposes. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and results, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure. First Connecticut Bancorp, Inc. Selected Financial Data (Unaudited) At or for the Three Months Ended December 31, September 30, June 30, March 31, December 31, (Dollars in thousands, except per share data) 2017 2017 2017 2017 2016 Selected Financial Condition Data: Total assets $ 3,050,286 $ 3,001,679 $ 2,992,126 $ 2,904,264 $ 2,837,555 Cash and cash equivalents 35,350 44,475 46,551 36,427 47,723 Securities held-to-maturity, at amortized cost 74,985 56,848 50,655 50,320 33,061 Securities available-for-sale, at fair value 87,251 87,299 112,443 105,541 103,520 Federal Home Loan Bank of Boston stock, at cost 15,537 15,954 19,583 16,418 16,378 Loans, net 2,725,633 2,676,411 2,644,618 2,585,521 2,525,983 Deposits 2,434,100 2,382,551 2,245,004 2,287,852 2,215,090 Federal Home Loan Bank of Boston advances 255,458 271,458 389,458 282,057 287,057 Total stockholders' equity 272,459 273,193 268,836 264,667 260,176 Allowance for loan losses 22,448 22,202 22,037 21,349 21,529 Non-accrual loans 15,792 15,305 16,022 15,976 17,561 Impaired loans 30,194 29,924 30,007 32,407 34,273 Loan delinquencies 30 days and greater 17,254 17,808 16,059 17,346 17,271 Selected Operating Data: Interest income $ 25,551 $ 25,604 $ 24,116 $ 23,212 $ 22,160 Interest expense 5,023 4,756 4,293 3,962 4,038 Net interest income 20,528 20,848 19,823 19,250 18,122 Provision for loan losses 299 217 710 325 616 Net interest income after provision for loan losses 20,229 20,631 19,113 18,925 17,506 Noninterest income 3,158 3,300 3,876 3,165 3,536 Noninterest expense 15,387 15,919 15,878 15,152 15,099 Income before income taxes 8,000 8,012 7,111 6,938 5,943 Income tax expense 7,503 2,415 2,109 1,845 1,757 Net income $ 497 $ 5,597 $ 5,002 $ 5,093 $ 4,186 Performance Ratios (annualized): Return on average assets 0.07 % 0.74 % 0.68 % 0.71 % 0.59 % Core return on average assets 0.73 % 0.73 % 0.68 % 0.70 % 0.58 % Return on average equity 0.72 % 8.17 % 7.43 % 7.67 % 6.43 % Core return on average equity 7.86 % 8.01 % 7.36 % 7.59 % 6.36 % Net interest rate spread (1) 2.71 % 2.77 % 2.74 % 2.76 % 2.57 % Net interest rate margin (2) 2.91 % 2.95 % 2.92 % 2.94 % 2.75 % Non-interest expense to average assets (3) 2.05 % 2.11 % 2.12 % 2.12 % 2.13 % Efficiency ratio (4) 65.06 % 66.38 % 66.31 % 67.85 % 70.64 % Average interest-earning assets to average interest-bearing liabilities 129.44 % 128.50 % 128.46 % 129.85 % 130.20 % Loans to deposits 113 % 113 % 119 % 114 % 115 % Asset Quality Ratios: Allowance for loan losses as a percent of total loans 0.82 % 0.82 % 0.83 % 0.82 % 0.85 % Allowance for loan losses as a percent of non-accrual loans 142.15 % 145.06 % 137.54 % 133.63 % 122.60 % Net charge-offs (recoveries) to average loans (annualized) 0.01 % 0.01 % 0.00 % 0.08 % 0.06 % Non-accrual loans as a percent of total loans 0.58 % 0.57 % 0.60 % 0.61 % 0.69 % Non-accrual loans as a percent of total assets 0.52 % 0.51 % 0.54 % 0.55 % 0.62 % Loan delinquencies 30 days and greater as a percent of total loans 0.63 % 0.66 % 0.60 % 0.67 % 0.68 % Per Share Related Data: Basic earnings per share $ 0.03 $ 0.37 $ 0.33 $ 0.34 $ 0.28 Diluted earnings per share $ 0.03 $ 0.35 $ 0.32 $ 0.32 $ 0.27 Dividends declared per share $ 0.15 $ 0.14 $ 0.12 $ 0.11 $ 0.09 Tangible book value (5) $ 17.08 $ 17.12 $ 16.86 $ 16.62 $ 16.37 Common stock shares outstanding 15,952,946 15,952,946 15,942,614 15,923,514 15,897,698 Weighted-average basic shares outstanding 15,174,285 15,143,379 15,107,190 15,068,036 14,973,610 Weighted-average diluted shares outstanding 15,882,690 15,820,659 15,791,112 15,691,338 15,502,481 (1) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities on a tax-equivalent basis. (2) Represents tax-equivalent net interest income as a percent of average interest-earning assets. (3) Represents core noninterest expense annualized divided by average assets. See "Reconciliation of Non-GAAP Financial Measures" table. (4) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income. See "Reconciliation of Non-GAAP Financial Measures" table. (5) Represents ending stockholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding. The Company does not have goodwill and intangible assets for any of the periods presented. See "Reconciliation of Non-GAAP Financial Measures" table. First Connecticut Bancorp, Inc. Selected Financial Data (Unaudited) At or for the Three Months Ended December 31, September 30, June 30, March 31, December 31, (Dollars in thousands) 2017 2017 2017 2017 2016 Capital Ratios: Equity to total assets at end of period 8.93 % 9.10 % 8.98 % 9.11 % 9.17 % Average equity to average assets 9.23 % 9.10 % 9.18 % 9.28 % 9.18 % Total Capital (to Risk Weighted Assets) 12.38 % * 12.50 % 12.45 % 12.67 % 12.80 % Tier I Capital (to Risk Weighted Assets) 11.45 % * 11.57 % 11.53 % 11.74 % 11.84 % Common Equity Tier I Capital 11.45 % * 11.57 % 11.53 % 11.74 % 11.84 % Tier I Leverage Capital (to Average Assets) 9.23 % * 9.23 % 9.36 % 9.45 % 9.39 % Total equity to total average assets 9.05 % 9.07 % 9.17 % 9.25 % 9.18 % * Estimated Loans and Allowance for Loan Losses: Real estate Residential $ 989,366 $ 969,679 $ 962,732 $ 954,764 $ 907,946 Commercial 1,063,755 1,028,930 1,020,560 992,861 979,370 Construction 90,059 86,713 74,063 60,694 49,679 Commercial 429,116 436,172 431,243 420,747 430,539 Home equity line of credit 165,070 166,791 168,278 168,157 170,786 Other 5,650 5,733 5,410 5,375 5,348 Total loans 2,743,016 2,694,018 2,662,286 2,602,598 2,543,668 Net deferred loan costs 5,065 4,595 4,369 4,272 3,844 Loans 2,748,081 2,698,613 2,666,655 2,606,870 2,547,512 Allowance for loan losses (22,448 ) (22,202 ) (22,037 ) (21,349 ) (21,529 ) Loans, net $ 2,725,633 $ 2,676,411 $ 2,644,618 $ 2,585,521 $ 2,525,983 Deposits: Noninterest-bearing demand deposits $ 473,428 $ 437,372 $ 445,049 $ 437,385 $ 441,283 Interest-bearing NOW accounts 623,135 652,631 547,868 622,844 542,764 Money market 559,297 549,674 522,070 521,759 532,681 Savings accounts 237,380 233,330 241,898 239,743 233,792 Certificates of deposit 540,860 509,544 488,119 466,121 464,570 Total interest-bearing deposits 1,960,672 1,945,179 1,799,955 1,850,467 1,773,807 Total deposits $ 2,434,100 $ 2,382,551 $ 2,245,004 $ 2,287,852 $ 2,215,090 First Connecticut Bancorp, Inc. Consolidated Statements of Condition (Unaudited) December 31, September 30, December 31, 2017 2017 2016 (Dollars in thousands) Assets Cash and due from banks $ 33,320 $ 35,452 $ 44,086 Interest bearing deposits with other institutions 2,030 9,023 3,637 Total cash and cash equivalents 35,350 44,475 47,723 Securities held-to-maturity, at amortized cost 74,985 56,848 33,061 Securities available-for-sale, at fair value 87,251 87,299 103,520 Loans held for sale 5,295 6,902 3,270 Loans (1) 2,748,081 2,698,613 2,547,512 Allowance for loan losses (22,448 ) (22,202 ) (21,529 ) Loans, net 2,725,633 2,676,411 2,525,983 Premises and equipment, net 16,845 17,005 18,002 Federal Home Loan Bank of Boston stock, at cost 15,537 15,954 16,378 Accrued income receivable 8,979 8,039 7,432 Bank-owned life insurance 57,511 57,156 51,726 Deferred income taxes 7,662 13,965 14,795 Prepaid expenses and other assets 15,238 17,625 15,665 Total assets $ 3,050,286 $ 3,001,679 $ 2,837,555 Liabilities and Stockholders' Equity Deposits Interest-bearing $ 1,960,672 $ 1,945,179 $ 1,773,807 Noninterest-bearing 473,428 437,372 441,283 2,434,100 2,382,551 2,215,090 Federal Home Loan Bank of Boston advances 255,458 271,458 287,057 Repurchase agreement borrowings 10,500 10,500 10,500 Repurchase liabilities 34,496 21,538 18,867 Accrued expenses and other liabilities 43,273 42,439 45,865 Total liabilities 2,777,827 2,728,486 2,577,379 Stockholders' Equity Common stock 181 181 181 Additional paid-in-capital 185,779 185,319 184,111 Unallocated common stock held by ESOP (9,539 ) (9,796 ) (10,567 ) Treasury stock, at cost (29,620 ) (29,620 ) (30,400 ) Retained earnings 131,887 133,337 123,541 Accumulated other comprehensive loss (6,229 ) (6,228 ) (6,690 ) Total stockholders' equity 272,459 273,193 260,176 Total liabilities and stockholders' equity $ 3,050,286 $ 3,001,679 $ 2,837,555 (1) Loans include net deferred fees and unamortized premiums of $5.1 million, $4.6 million and $3.8 million at December 31, 2017, September 30, 2017 and December 31, 2016, respectively. First Connecticut Bancorp, Inc. Consolidated Statements of Income (Unaudited) Three Months Ended For The Year Ended December 31, September 30, December 31, December 31, (Dollars in thousands, except per share data) 2017 2017 2016 2017 2016 Interest income Interest and fees on loans Mortgage $ 19,143 $ 19,165 $ 16,451 $ 73,922 $ 64,612 Other 5,494 5,535 5,058 21,185 19,613 Interest and dividends on investments United States Government and agency obligations 613 602 335 2,287 1,620 Other bonds 4 6 10 24 50 Corporate stocks 259 242 231 916 912 Other interest income 38 54 75 149 179 Total interest income 25,551 25,604 22,160 98,483 86,986 Interest expense Deposits 3,888 3,423 3,010 13,248 11,456 Interest on borrowed funds 1,031 1,230 924 4,374 3,826 Interest on repo borrowings 95 95 96 381 385 Interest on repurchase liabilities 9 8 8 31 64 Total interest expense 5,023 4,756 4,038 18,034 15,731 Net interest income 20,528 20,848 18,122 80,449 71,255 Provision for loan losses 299 217 616 1,551 2,332 Net interest income after provision for loan losses 20,229 20,631 17,506 78,898 68,923 Noninterest income Fees for customer services 1,663 1,662 1,537 6,403 6,151 Net gain on loans sold 598 872 925 2,597 3,105 Brokerage and insurance fee income 59 54 47 218 213 Bank owned life insurance income 354 357 361 1,628 1,417 Other 484 355 666 2,653 1,852 Total noninterest income 3,158 3,300 3,536 13,499 12,738 Noninterest expense Salaries and employee benefits 9,564 9,668 9,109 38,595 36,983 Occupancy expense 1,261 1,312 1,211 5,073 4,890 Furniture and equipment expense 931 1,054 983 3,954 4,082 FDIC assessment 436 419 424 1,693 1,603 Marketing 578 717 523 2,570 2,170 Other operating expenses 2,617 2,749 2,849 10,451 10,776 Total noninterest expense 15,387 15,919 15,099 62,336 60,504 Income before income taxes 8,000 8,012 5,943 30,061 21,157 Income tax expense 7,503 2,415 1,757 13,872 5,942 Net income $ 497 $ 5,597 $ 4,186 $ 16,189 $ 15,215 Earnings per share: Basic $ 0.03 $ 0.37 $ 0.28 $ 1.07 $ 1.02 Diluted 0.03 0.35 0.27 1.02 1.00 Weighted average shares outstanding: Basic 15,174,285 15,143,379 14,973,610 15,123,568 14,821,391 Diluted 15,882,690 15,820,659 15,502,481 15,797,039 15,196,011 First Connecticut Bancorp, Inc. Consolidated Average Balances, Yields and Rates (Unaudited) For The Three Months Ended December 31, 2017 September 30, 2017 December 31, 2016 Average Balance Interest and Dividends (1) Yield/ Cost Average Balance Interest and Dividends (1) Yield/ Cost Average Balance Interest and Dividends (1) Yield/ Cost (Dollars in thousands) Interest-earning assets: Loans $ 2,714,017 $ 25,272 3.69 % $ 2,697,978 $ 25,342 3.73 % $ 2,497,897 $ 22,092 3.52 % Securities 147,768 676 1.81 % 159,450 660 1.64 % 131,837 402 1.21 % Federal Home Loan Bank of Boston stock 14,860 200 5.34 % 18,284 190 4.12 % 15,200 174 4.55 % Federal funds and other earning assets 7,833 38 1.92 % 10,089 54 2.12 % 60,518 75 0.49 % Total interest-earning assets 2,884,478 26,186 3.60 % 2,885,801 26,246 3.61 % 2,705,452 22,743 3.34 % Noninterest-earning assets 124,537 126,234 128,332 Total assets $ 3,009,015 $ 3,012,035 $ 2,833,784 Interest-bearing liabilities: NOW accounts $ 624,372 $ 916 0.58 % $ 644,947 $ 832 0.51 % $ 552,444 $ 443 0.32 % Money market 558,743 1,212 0.86 % 519,265 982 0.75 % 557,864 1,109 0.79 % Savings accounts 235,058 65 0.11 % 233,878 63 0.11 % 229,052 64 0.11 % Certificates of deposit 517,252 1,695 1.30 % 489,203 1,546 1.25 % 471,023 1,394 1.18 % Total interest-bearing deposits 1,935,425 3,888 0.80 % 1,887,293 3,423 0.72 % 1,810,383 3,010 0.66 % Federal Home Loan Bank of Boston Advances 252,775 1,031 1.62 % 320,219 1,230 1.52 % 226,766 924 1.62 % Repurchase agreement borrowings 10,500 95 3.59 % 10,500 95 3.59 % 10,500 96 3.64 % Repurchase liabilities 29,796 9 0.12 % 27,695 8 0.11 % 30,245 8 0.11 % Total interest-bearing liabilities 2,228,496 5,023 0.89 % 2,245,707 4,756 0.84 % 2,077,894 4,038 0.77 % Noninterest-bearing deposits 454,278 446,428 434,659 Other noninterest-bearing liabilities 48,593 45,905 61,023 Total liabilities 2,731,367 2,738,040 2,573,576 Stockholders' equity 277,648 273,995 260,208 Total liabilities and stockholders' equity $ 3,009,015 $ 3,012,035 $ 2,833,784 Tax-equivalent net interest income $ 21,163 $ 21,490 $ 18,705 Less: tax-equivalent adjustment (635 ) (642 ) (583 ) Net interest income $ 20,528 $ 20,848 $ 18,122 Net interest rate spread (2) 2.71 % 2.77 % 2.57 % Net interest-earning assets (3) $ 655,982 $ 640,094 $ 627,558 Net interest margin (4) 2.91 % 2.95 % 2.75 % Average interest-earning assets to average interest-bearing liabilities 129.44 % 128.50 % 130.20 % (1) On a fully-tax equivalent basis. (2) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities on a tax-equivalent basis. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents tax-equivalent net interest income divided by average total interest-earning assets. First Connecticut Bancorp, Inc. Consolidated Average Balances, Yields and Rates (Unaudited) For The Years Ended December 31, 2017 2016 Average Balance Interest and Dividends (1) Yield/ Cost Average Balance Interest and Dividends (1) Yield/ Cost (Dollars in thousands) Interest-earning assets: Loans $ 2,654,943 $ 97,615 3.68 % $ 2,420,859 $ 86,374 3.57 % Securities 151,878 2,524 1.66 % 150,582 1,881 1.25 % Federal Home Loan Bank of Boston stock 16,842 703 4.17 % 17,738 701 3.95 % Federal funds and other earning assets 8,006 149 1.86 % 36,679 179 0.49 % Total interest-earning assets 2,831,669 100,991 3.57 % 2,625,858 89,135 3.39 % Noninterest-earning assets 122,324 129,826 Total assets $ 2,953,993 $ 2,755,684 Interest-bearing liabilities: NOW accounts $ 616,962 $ 2,850 0.46 % $ 513,256 $ 1,544 0.30 % Money market 533,213 4,143 0.78 % 512,396 4,119 0.80 % Savings accounts 235,608 252 0.11 % 223,499 241 0.11 % Certificates of deposit 486,449 6,003 1.23 % 469,493 5,552 1.18 % Total interest-bearing deposits 1,872,232 13,248 0.71 % 1,718,644 11,456 0.67 % Federal Home Loan Bank of Boston Advances 283,683 4,374 1.54 % 257,281 3,826 1.49 % Repurchase agreement borrowings 10,500 381 3.63 % 10,500 385 3.67 % Repurchase liabilities 27,814 31 0.11 % 42,700 64 0.15 % Total interest-bearing liabilities 2,194,229 18,034 0.82 % 2,029,125 15,731 0.78 % Noninterest-bearing deposits 441,347 412,155 Other noninterest-bearing liabilities 46,804 60,008 Total liabilities 2,682,380 2,501,288 Stockholders' equity 271,613 254,396 Total liabilities and stockholders' equity $ 2,953,993 $ 2,755,684 Tax-equivalent net interest income $ 82,957 $ 73,404 Less: tax-equivalent adjustment (2,508 ) (2,149 ) Net interest income $ 80,449 $ 71,255 Net interest rate spread (2) 2.75 % 2.61 % Net interest-earning assets (3) $ 637,440 $ 596,733 Net interest margin (4) 2.93 % 2.80 % Average interest-earning assets to average interest-bearing liabilities 129.05 % 129.41 % (1) On a fully-tax equivalent basis. (2) Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities on a tax-equivalent basis. (3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities. (4) Net interest margin represents tax-equivalent net interest income divided by average total interest-earning assets. First Connecticut Bancorp, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) The table below presents a reconciliation of non-GAAP financial measures with financial measures defined by GAAP for the three months ended December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017 and December 31, 2016. The Company believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Company. At or for the Three Months Ended December 31, September 30, June 30, March 31, December 31, (Dollars in thousands, except per share data) 2017 2017 2017 2017 2016 Net Income $ 497 $ 5,597 $ 5,002 $ 5,093 $ 4,186 Adjustments: Plus: Severance expense - - 343 - - Plus: Mortgage servicing rights (recovery) impairment - - - - (283 ) Less: Prepayment penalty fees (36 ) (165 ) - (84 ) - Less: Bank-owned life insurance proceeds - - (271 ) - - Total core adjustments before taxes (36 ) (165 ) 72 (84 ) (283 ) Tax (expense) benefit on core adjustments 13 58 (120 ) 29 99 Tax rate reduction due to Tax Cuts and Jobs Act 4,981 - - - - Deferred tax asset write-off (1) - - - - 137 Total core adjustments after taxes 4,958 (107 ) (48 ) (55 ) (47 ) Total core net income $ 5,455 $ 5,490 $ 4,954 $ 5,038 $ 4,139 Total net interest income $ 20,528 $ 20,848 $ 19,823 $ 19,250 $ 18,122 Less: Prepayment penalty fees (36 ) (165 ) - (84 ) - Total core net interest income $ 20,492 $ 20,683 $ 19,823 $ 19,166 $ 18,122 Total noninterest income $ 3,158 $ 3,300 $ 3,876 $ 3,165 $ 3,536 Plus: Mortgage servicing rights (recovery) impairment - - - - (283 ) Less: Bank-owned life insurance proceeds - - (271 ) - - Total core noninterest income $ 3,158 $ 3,300 $ 3,605 $ 3,165 $ 3,253 Total noninterest expense $ 15,387 $ 15,919 $ 15,878 $ 15,152 $ 15,099 Less: Severance expense - - (343 ) - - Total core noninterest expense $ 15,387 $ 15,919 $ 15,535 $ 15,152 $ 15,099 Core earnings per common share, diluted $ 0.34 $ 0.35 $ 0.31 $ 0.32 $ 0.27 Core net interest rate margin (2) 2.91 % 2.93 % 2.92 % 2.92 % 2.75 % Core return on average assets (annualized) 0.73 % 0.73 % 0.68 % 0.70 % 0.58 % Core return on average equity (annualized) 7.86 % 8.01 % 7.36 % 7.59 % 6.36 % Core non-interest expense to average assets (annualized) 2.05 % 2.11 % 2.12 % 2.12 % 2.13 % Efficiency ratio (3) 65.06 % 66.38 % 66.31 % 67.85 % 70.64 % Tangible book value (4) $ 17.08 $ 17.12 $ 16.86 $ 16.62 $ 16.37 (1) Represents a write-off of the remaining deferred tax asset associated with the establishment of the Bank’s foundation in 2011. (2) Represents tax-equivalent core net interest income as a percent of average interest-earning assets. (3) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income. (4) Represents ending stockholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding. The Company does not have goodwill and intangible assets for any of the periods presented. First Connecticut Bancorp, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) The table below presents a reconciliation of non-GAAP financial measures with financial measures defined by GAAP for the years ended December 31, 2017 and December 31, 2016. The Company believes the use of these non-GAAP financial measures provides additional clarity in assessing the results of the Company. At or for the Year Ended December 31, (Dollars in thousands, except per share data) 2017 2016 Net Income $ 16,189 $ 15,215 Adjustments: Plus: Employee severance 343 - Less: Prepayment penalty fees (285 ) (380 ) Less: Off-balance sheet commitment change in accounting estimate - (423 ) Less: Bank-owned life insurance proceeds (271 ) (77 ) Total core adjustments before taxes (213 ) (880 ) Tax (expense) benefit on core adjustments (20 ) 282 Deferred tax asset write-off (1) - 137 Tax rate reduction (2) 4,981 - Total core adjustments after taxes 4,748 (461 ) Total core net income $ 20,937 $ 14,754 Total net interest income $ 80,449 $ 71,255 Less: Prepayment penalty fees (285 ) (380 ) Total core net interest income $ 80,164 $ 70,875 Total noninterest income $ 13,499 $ 12,738 Less: Bank-owned life insurance proceeds (271 ) (77 ) Total core noninterest income $ 13,228 $ 12,661 Total noninterest expense $ 62,336 $ 60,504 Plus: Off-balance sheet commitments change in accounting estimate - 423 Less: Employee severances (343 ) - Total core noninterest expense $ 61,993 $ 60,927 Core earnings per common share, diluted $ 1.32 $ 0.97 Core net interest rate margin (3) 2.92 % 2.78 % Core return on average assets (annualized) 0.71 % 0.54 % Core return on average equity (annualized) 7.71 % 5.80 % Core non-interest expense to average assets (annualized) 2.10 % 2.21 % Efficiency ratio (4) 66.38 % 72.94 % Tangible book value (5) $ 17.08 $ 16.37 (1) Represents a write-off of the remaining deferred tax asset associated with the establishment of the Bank’s foundation in 2011. (2) Represents the reduction in the value of the Company's deferred tax asset as a result of the Tax Cuts and Jobs Act enacted on December 22, 2017, which lowered the Company's federal tax rate from 35% to 21%. (3) Represents tax-equivalent core net interest income as a percent of average interest-earning assets. (4) Represents core noninterest expense divided by the sum of core net interest income and core noninterest income. (5) Represents ending stockholders’ equity less goodwill and intangible assets (excluding mortgage servicing rights) divided by ending common shares outstanding. The Company does not have goodwill and intangible assets for any of the periods presented. CONTACT: Jennifer H. Daukas Senior Vice President Corporate Secretary/Investor Relations Officer One Farm Glen Boulevard, Farmington, CT 06032 P 860-284-6359 | F 860-409-3316 [email protected] farmingtonbankct.com Source:First Connecticut Bancorp, Inc.

http://www.cnbc.com/2018/01/24/globe-newswire-first-connecticut-bancorp-inc-reports-fourth-quarter-2017-net-income-of-497000-or-0-point-03-diluted-earnings-per-share.html

U.S. Government Bonds Strengthen After BOJ’s Kuroda Stands By Stimulus

0 COMMENTS U.S. government bonds strengthened Tuesday after Bank of Japan Gov. Haruhiko Kuroda undercut speculation that the central bank was close to ending its postcrisis stimulus policies. The yield on the benchmark 10-year U.S. Treasury note settled at 2.622%, compared with 2.663% Monday, logging its first decline after four sessions of increases. Yields fall when bond prices rise. Following the BOJ’s latest policy meeting, Mr. Kuroda said the central bank wasn’t ready to even discuss an exit to its monetary stimulus, given that inflation was still less than halfway to the bank’s target. That message helped bolster government bonds across developed markets, sending a cautionary signal to investors that major central banks could take their time in shifting to tighter monetary policies despite an improved global-growth outlook. Investors and analysts widely agree that bond-buying programs by the BOJ and European Central Bank have played a large role in dragging down yields globally. The purchases have made bonds in those regions more scarce and driven yield-starved investors to buy U.S. fixed-income assets. Investors have speculated recently that better economic data would allow both the BOJ and ECB to stop adding to their bond portfolios, contributing to a large increase in Treasury yields. After finishing 2017 at 2.409%, the 10-year Treasury yield moved above 2.6% last week and settled Monday at its highest level since April 2014. Stoking the speculation about central banks, minutes from the ECB’s December meeting revealed officials “widely” agreed that the bank needed to change its guidance to investors early this year to better reflect the state of the eurozone economy. Earlier this month, the BOJ also bought fewer long-term Japanese government bonds than investors had expected, a move that added to market jitters even as some analysts dismissed it as unimportant. Many investors and analysts expect the Treasurys market to remain under pressure in the coming months, as long as the economy stays on its current trajectory. “In general we think over the next couple of months yields should across the curve grind higher,” said John Herrmann, rates strategist at MUFG Securities in New York. One possibility, he said, is that the Federal Reserve could raise its forecasts for economic growth and inflation, causing a big jump in long-term Treasury yields. Though consumer prices have been rising slowly, many investors expect falling unemployment to eventually lead to higher inflation, which is a main threat to government bonds because it erodes the purchasing power of their fixed payments and can make it easier for the Fed to raise interest rates. Write to Sam Goldfarb at [email protected]

https://www.wsj.com/articles/u-s-government-bonds-strengthen-after-bojs-kuroda-stands-by-stimulus-1516724794

CORRECTED-Brookfield Business Partners to buy Westinghouse for about $4.6 bln

January 4, 2018 / 2:31 PM / Updated 6 minutes ago CORRECTED-Brookfield Business Partners to buy Westinghouse for about $4.6 bln Reuters Staff 1 Min Read (Corrects New York stock symbol for Brookfield Business Partners to BBU.N from BAM.N in first paragraph) Jan 4 (Reuters) - A group of investors led by Brookfield Business Partners LP said on Thursday it would buy bankrupt nuclear services firm Westinghouse Electric Co from Toshiba Corp for about $4.6 billion. Westinghouse filed for bankruptcy in March after two nuclear power plants it had designed and was constructing in the U.S. Southeast had gone billions of dollars over their fixed-cost contracts. The deal is expected to close in the third quarter of 2018. Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila

https://www.reuters.com/article/westinghouse-ma-brookfieldbusinesspartne/brookfield-business-partners-to-buy-westinghouse-for-about-4-6-bln-idUSL4N1OZ3UB

US STOCKS-Wall St set to dip at open, Apple likely to weigh

* Apple drops on reports of slowing iPhone X production * Dr Pepper Snapple soars on deal to merge with Keurig * Lockheed Martin higher after upbeat 2018 earnings forecast * Facebook, Amazon to report this week; payroll data due * Futures down: Dow 40 pts, S&P 6.25 pts, Nasdaq 15.25 pts (Adds details, comment, updates prices) By Tanya Agrawal Jan 29 (Reuters) - U.S. stocks looked set for a softer opening on Monday, easing from record levels hit last week and as investors brace for a busy week in terms of earnings and economic reports. Also likely to weigh was Apple’s 0.76 percent drop in premarket trading after the Nikkei reported the company would make half the number of iPhone Xs than planned this quarter. Apple is set to report results later this week. U.S. Treasury yields were at multi-year highs, extending gains from last week on the back of strong economic data and as investors braced for major central banks to step back from ultra-easy monetary policies. The Federal Reserve’s two-day meeting starts Tuesday. And while no interest rate hike is expected, outgoing Fed Chair Janet Yellen’s last statement will be scrutinized for clues on the future path of rate hikes. The nonfarm payrolls report on Friday is also expected to show the U.S. economy added more jobs in January than in December. Besides Apple, heavyweights Alphabet, Facebook , Microsoft and Amazon are to report results this week, as are Dow components Pfizer and DowDuPont. “The upcoming results should provide further evidence of a strong earnings season under way,” Peter Cardillo, chief market economist at First Standard Financial in New York, wrote in a client note. “Investors’ confidence remains strong and it is likely to strengthen. However, the amount of money being poured into stocks is one more reason to be more cautious than ever.” At 8:33 a.m. ET (1330 GMT), Dow e-minis were down 40 points, or 0.15 percent, with 47,228 contracts changing hands. S&P 500 e-minis were down 6.25 points, or 0.22 percent, with 180,289 contracts traded. Nasdaq 100 e-minis were down 15.25 points, or 0.22 percent, on volume of 50,122 contracts. The three major U.S. indexes are coming off their best four-week run since 2016, propelled by strong earnings and economic data. Fourth-quarter earnings growth for the S&P 500 is now estimated at 13.2 percent, according to Thomson Reuters data, up from 12 percent at the start of the year. A Commerce Department report Monday showed consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased 0.4 percent last month – in line with estimates and compared with November’s 0.8 percent rise. Among stocks, Lockheed Martin rose 3.2 percent in premarket trading after the weapons supplier forecast higher 2018 earnings. Dr Pepper Snapple Group soared 38.7 percent after K-cup maker Keurig Green Mountain said it will buy the soda maker. Avon Products was up 12.8 percent after a group of its shareholders asked the cosmetics maker to explore strategic alternatives, including a possible sale. (Reporting by Tanya Agrawal; Editing by Savio D‘Souza)

https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-set-to-dip-at-open-apple-likely-to-weigh-idUSL4N1PO4F5

UPDATE 1-Britain's FTSE seals new record as banks rally

January 10, 2018 / 4:56 PM / Updated an hour ago UPDATE 1-Britain's FTSE seals new record as banks rally Reuters Staff * FTSE 100 up 0.2 pct at new record * RBS leads banks after upgrade * Sainsbury‘s, Ted Baker rise following Xmas updates * Spreadbetters hit by FCA warning (Updates prices, adds detail) By Kit Rees and Helen Reid LONDON, Jan 10 (Reuters) - A rise in banks and oil stocks boosted the UK’s top share index to a fresh record on Wednesday as climbing bond yields supported financials across Europe. Britain’s blue chip FTSE 100 index was up 0.2 percent at 7,748.51 points, a new closing record and outperforming the broader European market, while mid-caps declined 0.6 percent. British banks joined in a rally with European peers as bond yields rose. The gains in financials added 37 points to the FTSE. “When there’s movement in the bond yields, the UK banks do benefit from that in a number of ways. Firstly, they make higher revenues in terms of their returns,” John Moore, trader at Berkeley Capital, said. “We think UK banks could do quite well despite the uncertainty, purely because we see them as undervalued.” Royal Bank of Scotland led the FTSE 100, up 4.6 percent after Morgan Stanley upgraded its rating on the stock to “overweight”. Morgan Stanley said RBS was the most resilient UK bank in an uncertain outlook. RBS peers HSBC and Standard Chartered also gained 3.7 and 3.3 percent as banks across the region rallied, with the pan-European banks index at a two-year high thanks to rising bond yields. Wednesday was another day dominated by Christmas updates from retailers, with shares in grocer Sainsbury’s advancing 1.9 percent after it beat forecasts slightly in its Christmas trading update. “Sainsbury’s has delivered reassuring trading through what, post the Argos acquisition, is its key quarter for sales and profitability,” analysts at UBS said in a note. This continued a positive theme for food retailers over the festive period as shoppers resisted cutting back on food purchases despite inflationary pressures on the consumer. Peer Morrisons enjoyed a rally in the previous session after its own update. Sainsbury’s however cautioned the market for general merchandise and clothing would be tough in 2018, and mixed results from non-food retailers on Wednesday reflected this difficult environment. Ted Baker shares jumped 9.7 percent to lead the mid-cap index, thanks to a surge in online purchases for the fashion retailer, helping Christmas sales. Other clothing retailers fared considerably less well, with small-cap Moss Brothers tumbling 16 percent and Superdry down 9.3 percent at the bottom of the FTSE 250. Liberum analysts said the weakest retail segments have been electronics, clothing and fashion. Housebuilder Taylor Wimpey found itself at the bottom of the FTSE 100, however, down 4.2 percent on the back of a trading statement. The housebuilder said its full-year results for 2017 would be in line with expectations. Elsewhere a warning from the UK’s Financial Conduct Authority (FCA) put pressure on shares in spreadbetters, with IG Group dropping 4.4 percent, Plus500 down 5.5 percent and CMC Markets down 2.3 percent. The FCA said its review of the industry found “areas of serious concern” in Britain’s contracts for differences (CFDs) market. Reporting by Kit Rees and Helen Reid; editing by Mark Heinrich, William Maclean

https://www.reuters.com/article/britain-stocks/update-1-britains-ftse-seals-new-record-as-banks-rally-idUSL8N1P54PB

Shell ahead in Mexico oil auction, wins five blocks

MEXICO CITY (Reuters) - Royal Dutch Shell ( RDSa.L ) won five of the first eight oil and gas blocks awarded in Mexico’s prized deep waters in the Gulf of Mexico, making the early running in the country’s biggest auction since the energy sector was opened to international oil firms. The stakes are high for Mexican President Enrique Pena Nieto and his ruling party, which is keen to showcase the results of the liberalization ahead of a presidential election in July. Shell, in a consortium with Qatar Petroleum, won four of the first nine blocks on offer in the Perdido basin, which is close to U.S. waters where oil firms already operate and have infrastructure. The Anglo-Dutch company won one block in consortium with Mexican state oil firm Pemex. Pemex won one block, and three blocks were not awarded because they received no bids. Competition for the basin was expected to be fierce, but a consortium of Shell and Qatar Petroleum was the sole bidder on three blocks. “Mexico is the winner here,” said Alberto de la Fuente, president of Shell Mexico. Shell would spend more than the minimum investment it pledged in the bids, he said, but declined to give further details. Shell won a block in an earlier auction in Mexico’s shallow waters in 2017. The company also has a chain of 30 gas stations in Mexico, he said. Three other blocks were awarded in the auction. PC Carigali, a unit of Malaysia’s state oil firm Petronas, was part of three different consortia that won those blocks. “We’re excited,” said Faisal Bakar, Carigali’s country manager in Mexico. “We’re in, we want to explore and we want to find oil and gas.” Carigali also participated in winning bids for two deep water fields in an earlier auction. A Pemex logo is seen at the Energy Mexico Expo 2018 in Mexico City, Mexico January 30, 2018. REUTERS/Carlos Jasso For a full list of winners and bidders, click here. OIL PRICE HELPS The world’s top energy firms have lobbied for decades for access to Mexico’s oil and gas reserves. State oil giant Pemex [PEMX.UL], whose 75-year monopoly over the energy sector ended under Mexico’s 2013 reform, lacked the cash and expertise to extract oil and gas from the rock below the country’s deepest waters. With oil prices CLc1 LCOc1 near a three-year high, energy firms are emerging from a recession. They have more cash now than at any time since 2014, so conditions are better than they were for any of the eight auctions Mexico has held since 2015. The higher oil price helped Shell to put in solid bids, de la Fuente said. Shell was also a big winner in an oil auction for blocks in Brazil’s deepwater in October, snapping up three blocks in the presalt region in the country’s Atlantic waters. Mexico faces stiff competition from Brazil and other regional rivals keen to attract cash from global oil majors. Argentina, Uruguay and Ecuador are also auctioning oil and gas fields this year. The wide-ranging energy reform was Pena Nieto’s highest-profile economic initiative, aimed at attracting hundreds of billions of dollars of investment to turn around a state-run oil industry in decline. The results of previous auctions to attract foreign investment were mixed. Firms that won in the previous auctions have pledged investments of $61 billion. But Mexico needs 10 times that amount to raise oil output back to 2004 levels, the country’s Energy Secretary Pedro Joaquin Coldwell said on Tuesday. The southeastern portion of the Salina basin should also see strong interest, oil executives and industry executives said. (Graphic on the blocks: tmsnrt.rs/2DGpgnB ) Some of the firms that won in previous auctions have made big finds, adding over 2 billion barrels of oil equivalent to reserves. Mexico is expected to hold its first shale oil and gas auction by the end of 2018, the head of the country’s oil regulator said on Wednesday, potentially opening up one of the world’s top reserves of unconventional energy. Related Coverage Factbox: Companies who bid or won in Mexico's deep water oil sale Factbox: Mexican deepwater oil auction offers up potentially lucrative areas Additional reporting by Ana Isabel Martinez in Mexico City, Alexandra Alper in Rio de Janeiro, Nidhi Verma in New Delhi and Osamu Tsukimori in Tokyo; Writing by Simon Webb; Editing by Andrew Hay and Bernadette Baum

https://in.reuters.com/article/us-mexico-oil/long-wait-ends-for-big-oil-as-mexico-auctions-prized-blocks-idINKBN1FK278

Apple’s Latest Trend: Product Delays

As Apple Inc.’s longtime chief operating officer, Tim Cook was known for ensuring that new products hit the market on schedule. With Mr. Cook as CEO, though, Apple’s new gadgets are consistently late, prompting questions among analysts and other close observers about whether the technology giant is losing some of its competitive edge. Of the... RELATED VIDEO Apple AirPods: Why They're Not Available for the Holidays Apple’s delay in shipping its AirPods bluetooth earphones in time for the 2016 holiday season was seen as a rare misstep for the tech giant. WSJ’s Tripp Mickle explains on Lunch Break with Tanya Rivero. Photo: Getty (Originally published Dec. 9, 2017) To Read the Full Story Subscribe Sign In

https://www.wsj.com/articles/apples-latest-trend-product-delays-1515148201

Gap Drafts Metro Boomin for Advertising

Gap is trying to recapture the zeitgeist the way the clothing chain did in its ’90s heyday, this time with a marketing push featuring a new single by a cutting-edge rap producer. The ad campaign, which will debut on TV during Sunday’s Grammy Awards, includes a song created by Metro Boomin, the hit-making artist reshaping the sound of pop music. Gap plans to release the song, a contemporary take on the Thompson Twins’s ’80s smash “Hold Me Now,” on music-streaming services this week. The song will play in the television ad.... To Read the Full Story Subscribe Sign In

https://www.wsj.com/articles/gap-drafts-metro-boomin-for-advertising-1516803058

Freed from Libyan jails, frustrated migrants pose challenge to new Gambia

BANJUL (Thomson Reuters Foundation) - Jobless, restless and frustrated, 24-year-old Saikou Jammeh persuaded his father to sell the family home and give up his life savings to pay for the journey from Gambia to Europe. Jammeh saw no future for himself in Gambia, a tiny impoverished country on West Africa’s coast, so he joined an exodus of young men willing to sacrifice everything to leave. But after being robbed, beaten, and locked in a Libyan prison for several months, Jammeh found himself back where he started - in Gambia with no job prospects and empty pockets. “I felt abandoned by the government,” he said on a busy street in Churchill’s Town, a suburb of the capital Banjul. “I was just sitting, wondering what to do.” Thousands of thwarted migrants like Jammeh are returning to Gambia, straining its fledgling government as officials scramble to get European-funded reintegration projects up and running. President Adama Barrow took office a year ago, ending former leader Yahya Jammeh’s 22 years of autocratic rule, and is under pressure to deliver on promises of sweeping economic reforms. Nearly 2,500 Gambians were flown home by the International Organization for Migration (IOM) last year, most pulled out of prisons in Libya after reports emerged of Africans being sold in slave markets in the lawless country, the U.N. agency said. The returnees are a noticeable presence in the nation of 2 million, posing a bigger threat to stability than in other West African countries wrestling with migration, experts said. “We are not ready to receive all these people,” said Bulli Dibba, permanent secretary of Gambia’s interior ministry. “We are very much concerned for domestic security,” he told the Thomson Reuters Foundation by phone. In November, a group of newly-returned migrants threw rocks at the IOM offices because they were unhappy with the support they had received, according to IOM spokeswoman Florence Kim. “The government is already struggling to deal with unemployment,” added Dibba, a veteran Gambian civil servant. “If we have more people coming in, what will we do with them?” OUT OF REACH Gambians have accounted for about one in 20 migrants arriving in Italy in recent years, making it the country with the highest number of migrants per capita reaching Europe. Trying to stem the flow, the European Union is funding job training and youth empowerment programs across the continent with its 3.2 billion euro ($4 billion) Trust Fund for Africa. While the fund was created in 2015, most of the programs in Gambia only started last year, according to the IOM. “Thank god my life has grown into a plan,” said Saikou Jammeh, who did an EU-funded CCTV installation course after returning, and is now saving money for school. But many young Gambians are missing out. Of the 2,435 migrants who returned to Gambia in 2017, only 170 so far have received reintegration packages from the IOM, which consist of funding for education or business start-ups. The agency has received complaints, and is striving to avoid tensions and divisions within communities, said Kim of the IOM. Give one former migrant more money than their peers and you create competition, she said. Offer returnees more support than their neighbors and it could spur others to leave for Europe. Many of the returned migrants are traumatized, illiterate, or live in remote areas - making them difficult to assist. “I know people who have ideas, but they don’t have any help,” said Donald Greywoode, 36, who quit his office job and set off for Europe on a route known locally as “the back way”. When Greywoode came back, he found himself collecting trash. Without education, training or job opportunities, boredom and resentment could boil over into conflict, analysts said. “The stakes are very, very high,” said Franzisca Zanker, a researcher at Germany’s University of Freiburg, who has studied migration governance in Gambia. UNDETERRED Several returnees told the Thomson Reuters Foundation that they had not wanted to come home, but having been locked up, abused and starved in Libya, were left with no other choice. “We don’t see ourselves as voluntary returnees,” said Mustapha Sallah, 26, who came back from Libya in April. “They said if you don’t want to go home, you die here,” Sallah said. “Leaving was the only option.” Coupled with the lack of opportunity, such frustration could drive people to migrate once more, experts warned. Others said broader economic changes would be needed to keep youth at home. “Even after training all these people in all these skills, if the industry is not there, they will still struggle,” said Kebba Sillah, head of Sterling Consortium, a vocational training institute supported by the EU Trust Fund for Africa. “I think the EU needs to encourage their businesses to come set up here, not just pump in money,” Sillah added. While many returnees said they would never again attempt the treacherous journey through Libya, some still dream of Europe. Jerreh Cham, 22, has received EU funding to complete a satellite installation course and attend business management school since returning from Libya in August. But it is not enough to keep him at home. “My plan is to get my qualification before reaching Europe,” said Cham, sitting in the yard outside his family’s small home. “If I go with my qualification and everything, I don’t think anybody will discount me. I think they will give me my respect.” Reporting by Nellie Peyton, Editing by Kieran Guilbert; Please credit Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, and climate change. Visit www.trust.org

https://www.reuters.com/article/us-gambia-migration-returnees/freed-from-libyan-jails-frustrated-migrants-pose-challenge-to-new-gambia-idUSKBN1FJ06T

Vulcan Materials Closes Acquisition of Aggregates USA

BIRMINGHAM, Ala., Jan. 2, 2018 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC), the nation's largest producer of construction aggregates, today announced that it has completed its planned acquisition of Aggregates USA, LLC. The acquisition, which closed on December 29, includes three granite quarries in Georgia and 16 rail distribution yards in Georgia, South Carolina, and Florida. Pursuant to its previously planned and announced agreement with the United States Department of Justice, Vulcan has divested certain former holdings of Aggregates USA, LLC relating to its operations in Tennessee and Virginia to Blue Water Industries LLC, for a sales price of $290 million. "We look forward to bringing the outstanding employees and operations of Aggregates USA into our Company," said Vulcan's Chairman and Chief Executive Officer Tom Hill. "This acquisition complements and expands our footprint in Georgia, South Carolina and Florida, adds to our product offering, expands our distribution network and service areas, and will help us better serve our customers. The Aggregates USA team has developed an outstanding reputation for quality products and efficient, productive and safe operations. We are delighted that they are now part of the Vulcan team." About Vulcan Materials Vulcan Materials Company, a member of the S&P 500 index with headquarters in Birmingham, Alabama, is the nation's largest producer of construction aggregates—primarily crushed stone, sand and gravel—and a major producer of aggregates-based construction materials, including asphalt and ready-mixed concrete. For additional information about Vulcan, go to www.vulcanmaterials.com . View original content with multimedia: http://www.prnewswire.com/news-releases/vulcan-materials-closes-acquisition-of-aggregates-usa-300576309.html SOURCE Vulcan Materials Company

http://www.cnbc.com/2018/01/02/pr-newswire-vulcan-materials-closes-acquisition-of-aggregates-usa.html

Kindred Announces Spin-off of AGI Research Division

Continues focus on commercial applications of human-like intelligence in machines SAN FRANCISCO--(BUSINESS WIRE)-- Kindred Systems Inc. was founded with the mission of creating human-like intelligence in machines and vision to commercialize its research work in tandem. Over the past few years, Kindred’s Product and Artificial General Intelligence (AGI) divisions have accomplished a tremendous amount in their respective domains, working independently to allow each team to optimize for their objectives. The company has reached a point in its evolution where spinning off the AGI division maximizes the likelihood of success for both divisions, as well as returns to Kindred shareholders. Geordie Rose is stepping down as CEO and President of Kindred to lead this new entity named Sanctuary based in Vancouver, Canada. Kindred co-founder Suzanne Gildert will also be stepping down from her role as Chief Science Officer and will join Sanctuary as co-CEO. Sanctuary’s focus is on the implementation and testing of a specific framework for artificial general intelligence. The new entity will license some of Kindred’s patents and software, and Kindred will maintain a minority ownership in Sanctuary. Kindred’s Board of Directors has appointed Jim Liefer, previously the company’s COO, to serve as CEO and President. As COO, Liefer brought strong executive leadership alongside co-founder, George Babu, for the development and deployment of Kindred’s first commercial product Sort, and will continue to lead the company in its mission to research and develop human-like intelligence in machines. The Kindred team in Toronto will continue its applied research in machine and reinforcement learning, with the San Francisco office focused on robotics, product development and commercialization. With Kindred Sort, the company aims to alleviate the massive pressures facing the retail and fulfillment industry, which includes significant online sales growth, labor shortages, and a lack of advancement in technology. Kindred Sort allows retailers to manage the exploding growth and demand of this sector more efficiently. During the 2017 holiday season, Kindred’s robots sorted thousands of items ordered at speeds averaging over 410 units per hour, and reaching peak speeds of over 531 units per hour, freeing human workers to perform other parts of the fulfillment process critical to meet growing customer demand. “Kindred will maintain its commitment to building human-like intelligence in machines and applying those learnings to create and teach a new intelligent class of robots that will enhance the quality of our day-to-day lives, and in particular, the way we work,” said Liefer. “We look forward to advancing Kindred Sort, achieving new AI and robotic milestones while also helping to drive retail and other industries forward.” Babu, Kindred co-founder and Chief Product Officer will be joining Liefer on Kindred’s Board of Directors. Babu will continue to oversee product strategy and the expansion of Kindred’s partnerships and pilot programs with major global retailers. About Kindred Kindred Systems Inc.’s mission is to build machines with human-like intelligence. The company’s central thesis is that intelligence requires a body. Since its founding in 2014, Kindred has been exploring and engineering systems that enable robots to understand and participate in our world, with the ultimate goal of a future where intelligent machines work together with people. Kindred is headquartered in San Francisco with an office in Toronto. View source version on businesswire.com : http://www.businesswire.com/news/home/20180105005243/en/ The Hatch Agency Judy Huang [email protected] Source: Kindred Systems Inc.

http://www.cnbc.com/2018/01/05/business-wire-kindred-announces-spin-off-of-agi-research-division.html

BRIEF-Victory Group Says Unit As Lender Entered Loan Agreement

Jan 8 (Reuters) - Victory Group Ltd: * VICTORY CAPITAL HOLDINGS LTD AS LENDER ENTERED LOAN AGREEMENT WITH CUSTOMER A TO GRANT LOAN OF HK$2.5 MILLION Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-victory-group-says-unit-as-lender/brief-victory-group-says-unit-as-lender-entered-loan-agreement-idUSFWN1P30H8

Capitol Federal® Financial, Inc. Reports First Quarter Fiscal Year 2018 Results

TOPEKA, Kan., Jan. 29, 2018 /PRNewswire/ -- Capitol Federal Financial, Inc. (NASDAQ: CFFN) (the "Company") announced results today for the quarter ended December 31, 2017. Detailed results will be available in the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2017, which will be filed with the Securities and Exchange Commission ("SEC") on or about February 8, 2018 and posted on our website, http://ir.capfed.com . For best viewing results, please view this release in Portable Document Format (PDF) on our website. Highlights for the quarter include: dividends paid of $50.4 million, or $0.375 per share; net income of $31.8 million, including a $7.5 million income tax benefit related to the revaluation of net deferred tax liabilities resulting from the Tax Cuts and Jobs Act (the "Tax Act") enacted in December 2017; basic and diluted earnings per share of $0.24; and net interest margin of 1.83% (2.20% excluding the effects of the leverage strategy). Comparison of Operating Results for the Three Months Ended December 31, 2017 and September 30, 2017 For the quarter ended December 31, 2017, the Company recognized net income of $31.8 million, or $0.24 per share, compared to net income of $20.6 million, or $0.15 per share, for the quarter ended September 30, 2017. The increase in net income was due primarily to a decrease in income tax expense resulting from the enactment of the Tax Act on December 22, 2017, the impact of which was an increase in basic and diluted earnings per share of $0.08 for the current quarter. The Tax Act made significant changes to the U.S. corporate income tax laws, such as a permanent reduction in the federal corporate income tax rate from 35% to 21% effective January 1, 2018, and changes to and/or limitations on certain income tax deductions. The Company has a fiscal year end of September 30th, so the change in the income tax rate will result in the use of a blended federal income tax rate for fiscal year 2018. In accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company applied the blended federal income tax rate to pretax income in the current quarter and revalued its deferred tax assets and liabilities as of December 22, 2017 to account for the future impact of a lower income tax rate. The revaluation of the Company's deferred tax assets and liabilities contributed $7.5 million to the decrease in income tax expense in the current quarter. The benefit of the lower income tax rate is partially offset by the Company recognizing more proportional amortization expense related to its low income housing partnerships in fiscal year 2018 resulting from an adjustment to account for a higher portion of those benefits realized prior to the income tax rate change. Management estimates the effective income tax rate for fiscal year 2018 to be between 20% and 21% and approximately 22% for fiscal year 2019. Net interest income decreased $284 thousand, or 0.6%, from the prior quarter to $49.4 million for the current quarter. The net interest margin decreased one basis point from 1.84% for the prior quarter to 1.83% for the current quarter. Excluding the effects of the leverage strategy, the net interest margin would have decreased one basis point from 2.21% for the prior quarter to 2.20% for the current quarter. Interest and Dividend Income The weighted average yield on total interest-earning assets for the current quarter was 2.98%, unchanged from the prior quarter, while the average balance of interest-earning assets decreased $26.0 million between the two periods. Absent the impact of the leverage strategy, the weighted average yield on total interest-earning assets would have decreased one basis point from the prior quarter, to 3.31%. The following table presents the components of interest and dividend income for the time periods presented, along with the change measured in dollars and percent. For the Three Months Ended December 31, September 30, Change Expressed in: 2017 2017 Dollars Percent (Dollars in thousands) INTEREST AND DIVIDEND INCOME: Loans receivable $ 64,189 $ 64,329 $ (140) (0.2)% Cash and cash equivalents 7,114 6,669 445 6.7 Mortgage-backed securities ("MBS") 5,252 5,435 (183) (3.4) Federal Home Loan Bank Topeka ("FHLB") stock 3,095 3,080 15 0.5 Investment securities 994 1,061 (67) (6.3) Total interest and dividend income $ 80,644 $ 80,574 $ 70 0.1 The increase in interest income on cash and cash equivalents was due primarily to a $70.4 million increase in the average balance, as well as a four basis point increase in the weighted average yield, to 1.29% for the current quarter, resulting from an increase in the yield earned on balances held at the Federal Reserve Bank of Kansas City (the "FRB of Kansas City"). Interest Expense The weighted average rate paid on total interest-bearing liabilities for the current quarter increased two basis points from the prior quarter, to 1.29%, while the average balance of interest-bearing liabilities decreased $38.0 million between the two periods. Absent the impact of the leverage strategy, the weighted average rate paid on total interest-bearing liabilities for the current quarter would have increased one basis point from the prior quarter, to 1.29%. The following table presents the components of interest expense for the time periods presented, along with the change measured in dollars and percent. For the Three Months Ended December 31, September 30, Change Expressed in: 2017 2017 Dollars Percent (Dollars in thousands) INTEREST EXPENSE: FHLB borrowings $ 17,917 $ 18,099 $ (182) (1.0)% Deposits 11,961 11,313 648 5.7 Repurchase agreements 1,392 1,504 (112) (7.4) Total interest expense $ 31,270 $ 30,916 $ 354 1.1 The table above includes interest expense on FHLB borrowings both associated and not associated with the leverage strategy. Interest expense on FHLB borrowings not related to the leverage strategy decreased $451 thousand from the prior quarter due mainly to a four basis point decrease in the weighted average rate paid on the portfolio, to 2.08% for the current quarter, along with a $35.5 million decrease in the average balance of the portfolio. Interest expense on FHLB borrowings associated with the leverage strategy increased $268 thousand from the prior quarter due to a five basis point increase in the weighted average rate paid as a result of an increase in interest rates between periods. The increase in interest expense on deposits was due primarily to a five basis point increase in the weighted average rate, to 0.91% for the current quarter. The increase in the weighted average rate was primarily related to the certificate of deposit portfolio, which increased seven basis points to 1.51% for the current quarter. The decrease in interest expense on repurchase agreements was due to the maturity of a $100.0 million repurchase agreement during the quarter. Provision for Credit Losses Capitol Federal Savings Bank (the "Bank") did not record a provision for credit losses during the current quarter or the prior quarter. Based on management's assessment of the allowance for credit losses ("ACL") formula analysis model and several other factors, it was determined that no provision for credit losses was necessary. Net loan charge-offs were $28 thousand during the current quarter compared to $88 thousand in the prior quarter. At December 31, 2017, loans 30 to 89 days delinquent were 0.25% of total loans and loans 90 or more days delinquent or in foreclosure were 0.15% of total loans. Non-Interest Income The following table presents the components of non-interest income for the time periods presented, along with the change measured in dollars and percent. For the Three Months Ended December 31, September 30, Change Expressed in: 2017 2017 Dollars Percent (Dollars in thousands) NON-INTEREST INCOME: Retail fees and charges $ 3,965 $ 3,930 $ 35 0.9% Income from bank-owned life insurance ("BOLI") 534 564 (30) (5.3) Other non-interest income 859 1,401 (542) (38.7) Total non-interest income $ 5,358 $ 5,895 $ (537) (9.1) The decrease in other non-interest income was due primarily to a loss on the sale of loans during the current quarter compared to a gain on the sale of loans during the prior quarter as management continues to test loan sale processes for liquidity purposes, along with a decrease in insurance commissions resulting from the receipt of annual commissions from certain insurance providers during the prior quarter and no such commissions received during the current quarter. Non-Interest Expense The following table presents the components of non-interest expense for the time periods presented, along with the change measured in dollars and percent. For the Three Months Ended December 31, September 30, Change Expressed in: 2017 2017 Dollars Percent (Dollars in thousands) NON-INTEREST EXPENSE: Salaries and employee benefits $ 10,528 $ 11,049 $ (521) (4.7)% Information technology and related expense 3,331 2,758 573 20.8 Occupancy, net 2,765 2,716 49 1.8 Deposit and loan transaction costs 1,407 1,366 41 3.0 Regulatory and outside services 1,140 1,827 (687) (37.6) Federal insurance premium 852 888 (36) (4.1) Advertising and promotional 685 1,398 (713) (51.0) Office supplies and related expense 442 511 (69) (13.5) Other non-interest expense 886 966 (80) (8.3) Total non-interest expense $ 22,036 $ 23,479 $ (1,443) (6.1) The decrease in salaries and employee benefits expense was due primarily to the prior quarter including compensation expense on unallocated Employee Stock Ownership Plan ("ESOP") shares related to the True Blue Capitol dividend paid during the prior fiscal year. The increase in information technology and related expense and the decrease in regulatory and outside services were due mainly to a change in the presentation of certain information technology professional and consulting expenses beginning in fiscal year 2018. Information technology professional and consulting expenses are now being reported in information technology and related expenses rather than regulatory and outside services. The decrease in advertising and promotional expense was due primarily to the timing of media campaigns and sponsorships. The Company's efficiency ratio was 40.26% for the current quarter compared to 42.26% for the prior quarter. The change in the efficiency ratio was due primarily to lower non-interest expense in the current quarter compared to the prior quarter. The efficiency ratio is a measure of a financial institution's total non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. A lower value indicates that the financial institution is generating revenue with a proportionally lower level of expense. Income Tax Expense Income tax expense was $860 thousand for the current quarter, compared to $11.5 million for the prior quarter. The effective tax rate was 2.6% for the current quarter compared to 35.8% for the prior quarter. The lower effective income tax rate and income tax expense were due primarily to revaluing the Company's deferred tax assets and liabilities, as well as applying a lower corporate income tax rate to the Company's current quarter pretax income. Management estimates the effective income tax rate for fiscal year 2018 to be between 20% and 21% and approximately 22% for fiscal year 2019. Comparison of Operating Results for the Three Months Ended December 31, 2017 and 2016 The Company recognized net income of $31.8 million, or $0.24 per share, for the current quarter compared to net income of $20.6 million, or $0.15 per share, for the quarter ended December 31, 2016. The increase in net income was due primarily to a decrease in income tax expense resulting from the Tax Act being signed into law during the quarter. The net interest margin increased 10 basis points, from 1.73% for the prior year quarter to 1.83% for the current quarter. Excluding the effects of the leverage strategy, the net interest margin would have increased 13 basis points, from 2.07% for the prior year quarter to 2.20% for the current quarter. The increase in the net interest margin was due mainly to an increase in interest-earning asset yields, as well as a shift in the mix of interest-earning assets from relatively lower yielding securities to higher yielding loans and a net decrease in the cost of liabilities not related to the leverage strategy. Interest and Dividend Income The weighted average yield on total interest-earning assets increased 22 basis points, from 2.76% for the prior year quarter to 2.98% for the current quarter, while the average balance of interest-earning assets decreased $141.3 million from the prior year quarter. Absent the impact of the leverage strategy, the weighted average yield on total interest-earning assets would have increased 11 basis points, from 3.20% for the prior year quarter to 3.31% for the current quarter. The following table presents the components of interest and dividend income for the time periods presented along with the change measured in dollars and percent. For the Three Months Ended December 31, Change Expressed in: 2017 2016 Dollars Percent (Dollars in thousands) INTEREST AND DIVIDEND INCOME: Loans receivable $ 64,189 $ 61,945 $ 2,244 3.6% Cash and cash equivalents 7,114 2,969 4,145 139.6 MBS 5,252 6,362 (1,110) (17.4) FHLB stock 3,095 2,939 156 5.3 Investment securities 994 1,107 (113) (10.2) Total interest and dividend income $ 80,644 $ 75,322 $ 5,322 7.1 The increase in interest income on loans receivable was due mainly to a $180.8 million increase in the average balance of the portfolio, as well as a three basis point increase in the weighted average yield on the portfolio to 3.56% for the current quarter. Loan growth was funded through cash flows from the securities portfolio. The increase in the weighted average yield was due primarily to a decrease in the amortization of premiums related to correspondent loans. The increase in interest income on cash and cash equivalents was due to a 75 basis point increase in the weighted average yield resulting from an increase in the yield earned on balances held at the FRB of Kansas City. The decrease in interest income on the MBS portfolio was due to a $267.6 million decrease in the average balance of the portfolio, partially offset by a 13 basis point increase in the weighted average yield on the portfolio to 2.25% for the current quarter. Cash flows not reinvested were used primarily to fund loan growth and pay off certain maturing FHLB borrowings. The increase in the weighted average yield was due primarily to adjustable-rate MBS repricing to higher market rates, as well as a decrease in the impact of net premium amortization. Net premium amortization of $854 thousand during the current quarter decreased the weighted average yield on the portfolio by 37 basis points. During the prior year quarter, $1.3 million of net premiums were amortized, which decreased the weighted average yield on the portfolio by 43 basis points. As of December 31, 2017, the remaining net balance of premiums on our portfolio of MBS was $8.8 million. Interest Expense The weighted average rate paid on total interest-bearing liabilities increased 14 basis points, from 1.15% for the prior year quarter to 1.29% for the current quarter, while the average balance of interest-bearing liabilities decreased $110.5 million from the prior year quarter. Absent the impact of the leverage strategy, the weighted average rate paid on total interest-bearing liabilities would have decreased one basis point, from 1.30% for the prior year quarter to 1.29% for the current quarter. The following table presents the components of interest expense for the time periods presented, along with the change measured in dollars and percent. For the Three Months Ended December 31, Change Expressed in: 2017 2016 Dollars Percent (Dollars in thousands) INTEREST EXPENSE: FHLB borrowings $ 17,917 $ 16,117 $ 1,800 11.2% Deposits 11,961 10,396 1,565 15.1 Repurchase agreements 1,392 1,503 (111) (7.4) Total interest expense $ 31,270 $ 28,016 $ 3,254 11.6 The table above includes interest expense on FHLB borrowings both associated and not associated with the leverage strategy. Interest expense on FHLB borrowings not related to the leverage strategy decreased $2.0 million from the prior year quarter due to a $182.3 million decrease in the average balance of the portfolio and a 19 basis point decrease in the weighted average rate paid on the portfolio, to 2.08% for the current quarter. The decrease in the average balance was a result of using cash flows from the securities portfolio and funds generated from deposit growth to pay off certain advances that matured between periods. The decrease in the weighted average rate paid was due to certain advances maturing between periods being replaced at lower effective rates. Interest expense on FHLB borrowings associated with the leverage strategy increased $3.8 million from the prior year quarter due to a 75 basis point increase in the weighted average rate paid as a result of an increase in interest rates between periods. The increase in interest expense on deposits was due primarily to an 11 basis point increase in the weighted average rate, to 0.91% for the current quarter. The increase in the weighted average rate was primarily related to the certificate of deposit portfolio, which increased 18 basis points to 1.51% for the current quarter. The weighted average rate paid on wholesale certificates increased 62 basis points, to 1.33% for the current quarter. Non-Interest Income The following table presents the components of non-interest income for the time periods presented, along with the change measured in dollars and percent. For the Three Months Ended December 31, Change Expressed in: 2017 2016 Dollars Percent (Dollars in thousands) NON-INTEREST INCOME: Retail fees and charges $ 3,965 $ 3,709 $ 256 6.9% Income from BOLI 534 523 11 2.1 Other non-interest income 859 1,036 (177) (17.1) Total non-interest income $ 5,358 $ 5,268 $ 90 1.7 The increase in retail fees and charges was due mainly to increases in debit card income and service charges earned. The decrease in other non-interest income was due primarily to a loss on the sale of loans during the current quarter as management continues to test loan sale processes for liquidity purposes, compared to no loan sales during the prior year quarter. Non-Interest Expense The following table presents the components of non-interest expense for the time periods presented, along with the change measured in dollars and percent. For the Three Months Ended December 31, Change Expressed in: 2017 2016 Dollars Percent (Dollars in thousands) NON-INTEREST EXPENSE: Salaries and employee benefits $ 10,528 $ 10,634 $ (106) (1.0)% Information technology and related expense 3,331 2,834 497 17.5 Occupancy, net 2,765 2,675 90 3.4 Deposit and loan transaction costs 1,407 1,386 21 1.5 Regulatory and outside services 1,140 1,346 (206) (15.3) Federal insurance premium 852 894 (42) (4.7) Advertising and promotional 685 690 (5) (0.7) Office supplies and related expense 442 437 5 1.1 Other non-interest expense 886 701 185 26.4 Total non-interest expense $ 22,036 $ 21,597 $ 439 2.0 The increase in information technology and related expense and the decrease in regulatory and outside services were due mainly to a change in the presentation of certain information technology professional and consulting expenses beginning in fiscal year 2018, as well as those expenses being higher than the prior year. The increase in other non-interest expense was due mainly to an increase in other real estate owned ("OREO") operations expense. The Company's efficiency ratio was 40.26% for the current quarter compared to 41.08% for the prior year quarter. The improvement in the efficiency ratio was due primarily to higher net interest income in the current quarter compared to the prior year quarter. Income Tax Expense Income tax expense was $860 thousand for the current quarter compared to $10.4 million for the prior year quarter. The effective tax rate was 2.6% for the current quarter compared to 33.6% for the prior year quarter. The decrease in effective tax rate was due mainly to the Tax Act being signed into law during the current quarter. Financial Condition as of December 31, 2017 Total assets were $8.99 billion at December 31, 2017 compared to $9.19 billion at September 30, 2017. The $202.8 million decrease was due primarily to a $322.5 million decrease in cash and cash equivalents, partially offset by an increase in FHLB stock. At December 31, 2017, the Bank was not required by the FHLB to redeem the FHLB stock associated with the leverage strategy. At previous quarter ends, this stock was redeemed. The loans receivable portfolio, net, decreased $5.3 million to $7.19 billion at December 31, 2017, from $7.20 billion at September 30, 2017. During the current quarter, the Bank originated and refinanced $146.6 million of loans with a weighted average rate of 3.84% and purchased $99.8 million of one- to four-family loans from correspondent lenders with a weighted average rate of 3.59%. The Bank also entered into participations of $50.4 million of commercial real estate loans with a weighted average rate of 4.19%, of which $45.2 million had not yet been funded as of December 31, 2017. During the current quarter, the Bank funded $24.8 million of new and existing commercial real estate loans. The Bank is continuing to manage the size of its loan portfolio as it manages its liquidity levels. Loan volume has primarily been maintained through the rates offered to correspondent lenders. Generally, over the past couple years, cash flows from the securities portfolio have been used primarily to purchase loans and in part to pay down FHLB advances. By moving cash from lower yielding assets to higher yielding assets and repaying higher cost liabilities, we have been able to maintain our net interest margin. In addition to the repayment of securities, the Bank has emphasized growth in the deposit portfolio in part to pay down FHLB advances. The ratio of securities and cash to total assets was approximately 15% at December 31, 2017, which is approximately where management would like to maintain that percentage. In the long run, management considers a 10% ratio of stockholders' equity to total assets at the Bank an appropriate level of capital. At December 31, 2017, this ratio was 13.5%. The Bank has continued to utilize a leverage strategy to increase earnings in fiscal year 2018. The leverage strategy during the current quarter involved borrowing up to $2.10 billion either on the Bank's FHLB line of credit or by entering into short-term FHLB advances, depending on the rates offered by FHLB. The borrowings were repaid prior to quarter end for regulatory purposes. The proceeds from the borrowings, net of the required FHLB stock holdings, which yielded 6.4% during the current quarter, were deposited at the FRB of Kansas City. Net income attributable to the leverage strategy is largely derived from the dividends received on FHLB stock holdings, plus the net interest rate spread between the yield on the cash at the FRB of Kansas City and the rate paid on the related FHLB borrowings, less applicable federal insurance premiums and estimated taxes. Net income attributable to the leverage strategy was $767 thousand during the current quarter, compared to $642 thousand for the prior year quarter and $633 thousand in the September 30, 2017 quarter. The increase was due primarily to a decrease in the fiscal year 2018 estimated effective tax rate applied to pretax income attributable to the leverage strategy. Total liabilities were $7.64 billion at December 31, 2017 compared to $7.82 billion at September 30, 2017. The $185.1 million decrease was due mainly to decreases in repurchase agreements and deposits. Repurchase agreements decreased due to the maturity of a $100.0 million repurchase agreement during the quarter. Deposits decreased $43.7 million, to $5.27 billion at December 31, 2017, due mainly to a decrease in wholesale certificates. Stockholders' equity was $1.35 billion at December 31, 2017 compared to $1.37 billion at September 30, 2017. The $17.7 million decrease was due primarily to the payment of $50.4 million in cash dividends, partially offset by net income of $31.8 million. The cash dividends paid during the current quarter totaled $0.375 per share and consisted of a $0.29 per share cash true-up dividend related to fiscal year 2017 earnings per the Company's dividend policy, and a regular quarterly cash dividend of $0.085 per share. On January 23, 2018, the Company announced a regular quarterly cash dividend of $0.085 per share, or approximately $11.4 million, payable on February 16, 2018 to stockholders of record as of the close of business on February 2, 2018. At December 31, 2017, Capitol Federal Financial, Inc., at the holding company level, had $90.6 million on deposit at the Bank. For fiscal year 2018, it is the intent of the Board of Directors and management to continue with the payout of 100% of the Company's earnings to its stockholders. Dividend payments depend upon a number of factors including the Company's financial condition and results of operations, regulatory capital requirements, regulatory limitations on the Bank's ability to make capital distributions to the Company, and the amount of cash at the holding company. In October 2015, the Company announced a stock repurchase plan for up to $70.0 million of common stock. The repurchase plan does not have an expiration date. The Company has not repurchased any shares under the repurchase plan through the date of this release. The following table presents the balance of stockholders' equity and related information as of the dates presented. December 31, September 30, December 31, 2017 2017 2016 (Dollars in thousands) Stockholders' equity $ 1,350,611 $ 1,368,313 $ 1,368,175 Equity to total assets at end of period 15.0% 14.9% 15.0% The following table presents a reconciliation of total to net shares outstanding as of December 31, 2017. Total shares outstanding 138,230,735 Less unallocated ESOP shares and unvested restricted stock (3,814,255) Net shares outstanding 134,416,480 Consistent with our goal to operate a sound and profitable financial organization, we actively seek to maintain a "well-capitalized" status for the Bank in accordance with regulatory standards. As of December 31, 2017, the Bank and Company exceeded all regulatory capital requirements. The following table presents the Bank's regulatory capital ratios at December 31, 2017. Regulatory Requirement For Bank "Well-Capitalized" Ratios Status Tier 1 leverage ratio 10.9% 5.0% Common equity tier 1 capital ratio 27.3 6.5 Tier 1 capital ratio 27.3 8.0 Total capital ratio 27.5 10.0 A reconciliation of the Bank's equity under GAAP to regulatory capital amounts as of December 31, 2017 is as follows (dollars in thousands): Total Bank equity as reported under GAAP $ 1,216,888 Accumulated Other Comprehensive Income ("AOCI") (3,074) Total tier 1 capital 1,213,814 ACL 8,370 Total capital $ 1,222,184 Capitol Federal Financial, Inc. is the holding company for the Bank. The Bank has 47 branch locations in Kansas and Missouri, and is one of the largest residential lenders in the State of Kansas. News and other information about the Company can be found at the Bank's website, http://www.capfed.com . Except for the historical information contained in this press release, the matters discussed may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions. The words "may," "could," "should," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions are intended to identify forward-looking statements. Forward-looking statements that involve risks and uncertainties, including changes in economic conditions in the Company's market area, changes in policies or the application or interpretation of laws and regulations by regulatory agencies and tax authorities, other governmental initiatives affecting the financial services industry, changes in accounting principles, policies or guidelines, fluctuations in interest rates, demand for loans in the Company's market area, the future earnings and capital levels of the Bank, which would affect the ability of the Company to pay dividends in accordance with its dividend policies, changes in deferred tax liability and asset activity, competition, and other risks detailed from time to time in documents filed or furnished by the Company with the SEC. Actual results may differ materially from those currently expected. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. SUPPLEMENTAL FINANCIAL INFORMATION CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands, except per share amounts) December 31, September 30, 2017 2017 ASSETS: Cash and cash equivalents (includes interest-earning deposits of $9,582 and $340,748) $ 29,120 $ 351,659 Securities: Available-for-sale ("AFS"), at estimated fair value (amortized cost of $498,469 and $410,541) 501,884 415,831 Held-to-maturity at amortized cost (estimated fair value of $770,425 and $833,009) 770,806 827,738 Loans receivable, net (ACL of $8,370 and $8,398) 7,189,744 7,195,071 FHLB stock, at cost 195,470 100,954 Premises and equipment, net 84,591 84,818 Other assets 218,544 216,845 TOTAL ASSETS $ 8,990,159 $ 9,192,916 LIABILITIES: Deposits $ 5,266,217 $ 5,309,868 FHLB borrowings 2,174,146 2,173,808 Repurchase agreements 100,000 200,000 Advance payments by borrowers for taxes and insurance 27,804 63,749 Income taxes payable, net 6,440 530 Deferred income tax liabilities, net 17,981 24,458 Accounts payable and accrued expenses 46,960 52,190 Total liabilities 7,639,548 7,824,603 STOCKHOLDERS' EQUITY: Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding — — Common stock, $0.01 par value; 1,400,000,000 shares authorized, 138,230,735 and 138,223,835 shares issued and outstanding as of December 31, 2017 and September 30, 2017, respectively 1,382 1,382 Additional paid-in capital 1,167,692 1,167,368 Unearned compensation, ESOP (37,582) (37,995) Retained earnings 216,045 234,640 AOCI, net of tax 3,074 2,918 Total stockholders' equity 1,350,611 1,368,313 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,990,159 $ 9,192,916 CAPITOL FEDERAL FINANCIAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands) For the Three Months Ended December 31, September 30, December 31, 2017 2017 2016 INTEREST AND DIVIDEND INCOME: Loans receivable $ 64,189 $ 64,329 $ 61,945 Cash and cash equivalents 7,114 6,669 2,969 MBS 5,252 5,435 6,362 FHLB stock 3,095 3,080 2,939 Investment securities 994 1,061 1,107 Total interest and dividend income 80,644 80,574 75,322 INTEREST EXPENSE: FHLB borrowings 17,917 18,099 16,117 Deposits 11,961 11,313 10,396 Repurchase agreements 1,392 1,504 1,503 Total interest expense 31,270 30,916 28,016 NET INTEREST INCOME 49,374 49,658 47,306 PROVISION FOR CREDIT LOSSES — — — NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 49,374 49,658 47,306 NON-INTEREST INCOME: Retail fees and charges 3,965 3,930 3,709 Income from BOLI 534 564 523 Other non-interest income 859 1,401 1,036 Total non-interest income 5,358 5,895 5,268 NON-INTEREST EXPENSE: Salaries and employee benefits 10,528 11,049 10,634 Information technology and related expense 3,331 2,758 2,834 Occupancy, net 2,765 2,716 2,675 Deposit and loan transaction costs 1,407 1,366 1,386 Regulatory and outside services 1,140 1,827 1,346 Federal insurance premium 852 888 894 Advertising and promotional 685 1,398 690 Office supplies and related expense 442 511 437 Other non-interest expense 886 966 701 Total non-interest expense 22,036 23,479 21,597 INCOME BEFORE INCOME TAX EXPENSE 32,696 32,074 30,977 INCOME TAX EXPENSE 860 11,472 10,399 NET INCOME $ 31,836 $ 20,602 $ 20,578 The following is a reconciliation of the basic and diluted earnings per share calculations for the periods indicated. For the Three Months Ended December 31, September 30, December 31, 2017 2017 2016 (Dollars in thousands, except per share amounts) Net income $ 31,836 $ 20,602 $ 20,578 Income allocated to participating securities (13) (8) (13) Net income available to common stockholders $ 31,823 $ 20,594 $ 20,565 Average common shares outstanding 134,372,531 134,189,943 133,696,125 Average committed ESOP shares outstanding 449 124,346 449 Total basic average common shares outstanding 134,372,980 134,314,289 133,696,574 Effect of dilutive stock options 94,329 89,747 253,222 Total diluted average common shares outstanding 134,467,309 134,404,036 133,949,796 Net earnings per share: Basic $ 0.24 $ 0.15 $ 0.15 Diluted $ 0.24 $ 0.15 $ 0.15 Antidilutive stock options, excluded from the diluted average common shares outstanding calculation 498,900 506,539 236,400 Loan Portfolio The following table presents information related to the composition of our loan portfolio in terms of dollar amounts, weighted average rates, and percentages as of the dates indicated. December 31, 2017 September 30, 2017 December 31, 2016 % of % of % of Amount Rate Total Amount Rate Total Amount Rate Total (Dollars in thousands) Real estate loans: One- to four-family: Originated $ 3,940,288 3.69% 54.9% $ 3,959,232 3.70% 55.1% $ 4,027,991 3.70% 57.0% Correspondent purchased 2,453,625 3.54 34.2 2,445,311 3.53 34.0 2,288,368 3.48 32.4 Bulk purchased 338,084 2.31 4.7 351,705 2.29 4.9 400,506 2.24 5.7 Construction 33,063 3.47 0.4 30,647 3.45 0.4 37,524 3.44 0.5 Total 6,765,060 3.57 94.2 6,786,895 3.56 94.4 6,754,389 3.54 95.6 Commercial: Permanent 205,020 4.22 2.9 183,030 4.24 2.6 104,323 4.15 1.5 Construction 80,062 3.89 1.1 86,952 3.80 1.2 76,254 4.10 1.1 Total 285,082 4.13 4.0 269,982 4.10 3.8 180,577 4.13 2.6 Total real estate loans 7,050,142 3.59 98.2 7,056,877 3.58 98.2 6,934,966 3.55 98.2 Consumer loans: Home equity 123,124 5.40 1.7 122,066 5.40 1.7 122,378 4.99 1.7 Other 4,238 4.04 0.1 3,808 4.05 0.1 4,213 4.19 0.1 Total consumer loans 127,362 5.36 1.8 125,874 5.36 1.8 126,591 4.96 1.8 Total loans receivable 7,177,504 3.62 100.0% 7,182,751 3.61 100.0% 7,061,557 3.58 100.0% Less: ACL 8,370 8,398 8,521 Discounts/unearned loan fees 25,110 24,962 25,028 Premiums/deferred costs (45,720) (45,680) (43,402) Total loans receivable, net $ 7,189,744 $ 7,195,071 $ 7,071,410 Loan Activity: The following table summarizes activity in the loan portfolio, along with weighted average rates where applicable, for the periods indicated, excluding changes in ACL, discounts/unearned loan fees, and premiums/deferred costs. Loans that were paid-off as a result of refinances and loans that are sold are included in repayments. Loan endorsements are not included in the activity in the following table because a new loan is not generated at the time of the endorsement. The endorsed balance and rate are included in the ending loan portfolio balance and rate. During the quarter ended December 31, 2017, the Bank endorsed $8.9 million of one- to four-family loans, reducing the average rate on those loans by 49 basis points. For the Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Amount Rate Amount Rate Amount Rate Amount Rate (Dollars in thousands) Beginning balance $ 7,182,751 3.61% $ 7,228,425 3.60% $ 7,182,346 3.59% $ 7,061,557 3.58% Originations and refinances: Fixed 109,102 3.70 102,687 3.82 116,422 3.94 115,560 3.66 Adjustable 37,502 4.26 44,900 4.10 59,372 3.87 36,417 3.82 Purchases and participations: Fixed 85,565 3.73 76,906 3.92 135,041 3.97 143,852 3.69 Adjustable 64,689 3.87 17,046 3.33 17,930 3.24 27,158 2.98 Change in undisbursed loan funds (17,706) 21,823 13,648 37,862 Repayments (283,880) (307,909) (295,988) (239,072) Principal (charge-offs) recoveries, net (28) (88) 39 (74) Other (491) (1,039) (385) (914) Ending balance $ 7,177,504 3.62 $ 7,182,751 3.61 $ 7,228,425 3.60 $ 7,182,346 3.59 The following table presents loan origination, refinance, and purchase activity for the periods indicated, excluding endorsement activity, along with associated weighted average rates and percent of total. Loan originations, purchases, and refinances are reported together. The fixed-rate one- to four-family loans less than or equal to 15 years have an original maturity at origination of less than or equal to 15 years, while fixed-rate one- to four-family loans greater than 15 years have an original maturity at origination of greater than 15 years. The adjustable-rate one- to four-family loans less than or equal to 36 months have a term to first reset of less than or equal to 36 months at origination, and adjustable-rate one- to four-family loans greater than 36 months have a term to first reset of greater than 36 months at origination. For the Three Months Ended December 31, 2017 December 31, 2016 Amount Rate % of Total Amount Rate % of Total Fixed-rate: (Dollars in thousands) One- to four-family: <= 15 years $ 36,915 3.15% 12.5% $ 84,347 2.78% 19.3% > 15 years 151,907 3.82 51.2 246,730 3.52 56.6 Commercial real estate 4,792 4.13 1.6 32,291 3.96 7.4 Home equity 950 5.94 0.3 733 6.09 0.2 Other 103 9.36 — 127 9.90 — Total fixed-rate 194,667 3.71 65.6 364,228 3.39 83.5 Adjustable-rate: One- to four-family: <= 36 months 767 2.75 0.3 1,427 2.42 0.3 > 36 months 35,970 3.14 12.1 52,031 2.76 12.0 Commercial real estate 45,650 4.20 15.4 — — — Home equity 18,826 5.31 6.3 17,933 4.77 4.1 Other 978 3.79 0.3 437 3.30 0.1 Total adjustable-rate 102,191 4.02 34.4 71,828 3.25 16.5 Total originated, refinanced and purchased $ 296,858 3.82 100.0% $ 436,056 3.37 100.0% Purchased and participation loans included above: Fixed-rate: Correspondent - one- to four-family $ 80,773 3.71 $ 155,383 3.43 Participations - commercial real estate 4,792 4.13 32,291 3.96 Total fixed-rate purchased/participations 85,565 3.73 187,674 3.52 Adjustable-rate: Correspondent - one- to four-family 19,039 3.10 25,262 2.73 Participations - commercial real estate 45,650 4.20 — — Total adjustable-rate purchased/participations 64,689 3.87 25,262 2.73 Total purchased/participation loans $ 150,254 3.79 $ 212,936 3.43 One- to Four-Family Loans: The following table presents, for our portfolio of one- to four-family loans, the amount, percent of total, weighted average credit score, weighted average loan-to-value ("LTV") ratio, and average balance per loan as of the dates presented. Credit scores are updated at least semiannually, with the latest update in September 2017, from a nationally recognized consumer rating agency. The LTV ratios were based on the current loan balance and either the lesser of the purchase price or original appraisal, or the most recent Bank appraisal, if available. In most cases, the most recent appraisal was obtained at the time of origination. December 31, 2017 September 30, 2017 December 31, 2016 % of Credit Average % of Credit Average % of Credit Average Amount Total Score LTV Balance Amount Total Score LTV Balance Amount Total Score LTV Balance (Dollars in thousands) Originated $ 3,940,288 58.5% 767 63% $ 135 $ 3,959,232 58.6% 767 63% $ 135 $ 4,027,991 60.0% 766 63% $ 133 Correspondent purchased 2,453,625 36.5 764 68 377 2,445,311 36.2 764 68 375 2,288,368 34.0 764 68 366 Bulk purchased 338,084 5.0 757 62 304 351,705 5.2 757 63 305 400,506 6.0 753 64 307 $ 6,731,997 100.0% 765 64 183 $ 6,756,248 100.0% 765 65 182 $ 6,716,865 100.0% 765 65 178 One- to Four-Family Loan Commitments - The following table summarizes our one- to four-family loan origination and refinance commitments and one- to four-family correspondent loan purchase commitments as of December 31, 2017, along with associated weighted average rates. Loan commitments generally have fixed expiration dates or other termination clauses and may require the payment of a rate lock fee. It is expected that some of the loan commitments will expire unfunded, so the amounts reflected in the table below are not necessarily indicative of future cash needs. Fixed-Rate 15 years More than Adjustable- Total or less 15 years Rate Amount Rate (Dollars in thousands) Originate/refinance $ 8,408 $ 25,039 $ 7,891 $ 41,338 3.58% Correspondent 5,511 70,994 16,002 92,507 3.82 $ 13,919 $ 96,033 $ 23,893 $ 133,845 3.75 Rate 3.21% 3.95% 3.24% The following table presents originated, refinanced, and correspondent purchased activity in our one- to four-family loan portfolio, excluding endorsement activity, along with associated weighted average LTVs and weighted average credit scores for the periods indicated. Of the loans originated during the current quarter, $20.3 million were refinanced from another lender. For the Three Months Ended December 31, 2017 December 31, 2016 Credit Credit Amount LTV Score Amount LTV Score (Dollars in thousands) Originated $ 101,420 77% 763 $ 144,737 76% 771 Refinanced by Bank customers 24,327 66 754 59,153 66 768 Correspondent purchased 99,812 75 766 180,645 72 767 $ 225,559 75 764 $ 384,535 73 769 The following table presents the amount, percent of total, and weighted average rate, by state, of one- to four-family loan originations and correspondent purchases where originations and purchases in the state exceeded five percent of the total amount originated and purchased during the quarter ended December 31, 2017. For the Three Months Ended December 31, 2017 State Amount % of Total Rate (Dollars in thousands) Kansas $ 111,798 49.5% 3.60% Texas 40,960 18.2 3.55 Missouri 39,261 17.4 3.60 Other states 33,540 14.9 3.63 $ 225,559 100.0% 3.60 Commercial Real Estate Loans: During the current quarter, the Bank entered into commercial real estate loan participations of $50.4 million, which included $45.7 million of commercial real estate construction loans. Substantially all of the $45.7 million of commercial real estate construction loans had not yet been funded as of December 31, 2017. The Bank intends to continue to grow its commercial real estate loan portfolio through participations with correspondent lenders and other select lead banks. The following table presents the Bank's commercial real estate loans and loan commitments by industry classification, as defined by the North American Industry Classification System, as of December 31, 2017. Included in the table are fixed-rate loans totaling $323.6 million at a weighted average rate of 4.07% and adjustable-rate loans totaling $128.3 million at a weighted average rate of 4.54%. The weighted average rate of fixed-rate loans is lower than that of adjustable-rate loans due to the majority of the fixed-rate loans in the portfolio at December 31, 2017 having shorter terms. Based on the terms of the construction loans as of December 31, 2017, of the $131.3 million of undisbursed amounts in the table, approximately $24.4 million is projected to be disbursed by March 31, 2018, and an additional $77.2 million is projected to be disbursed by December 31, 2018. It is possible that not all of the funds will be disbursed due to the nature of the funding of construction projects. For outstanding commitments, in certain cases, the weighted average rate presented represents our best estimate. Unpaid Undisbursed Gross Loan Outstanding % of Principal Amount Amount Commitments Total Total (Dollars in thousands) Accommodation and food services $ 135,904 $ 33,663 $ 169,567 $ 11,631 $ 181,198 40.1% Health care and social assistance 46,868 40,969 87,837 23,892 111,729 24.7 Real estate rental and leasing 26,603 34,375 60,978 — 60,978 13.5 Arts, entertainment, and recreation 33,534 — 33,534 — 33,534 7.4 Multi-family 10,168 20,950 31,118 — 31,118 6.9 Retail trade 25,577 1,374 26,951 — 26,951 6.0 Manufacturing 6,428 — 6,428 — 6,428 1.4 $ 285,082 $ 131,331 $ 416,413 $ 35,523 $ 451,936 100.0% Weighted average rate 4.13% 4.40% 4.21% 4.07% 4.20% The following table summarizes the Bank's commercial real estate loans and loan commitments by state as of December 31, 2017. Unpaid Undisbursed Gross Loan Outstanding % of Principal Amount Amount Commitments Total Total (Dollars in thousands) Texas $ 105,618 $ 67,646 $ 173,264 $ — $ 173,264 38.3% Missouri 74,562 41,235 115,797 35,523 151,320 33.5 Kansas 74,481 — 74,481 — 74,481 16.5 Nebraska — 20,950 20,950 — 20,950 4.6 Colorado 14,622 — 14,622 — 14,622 3.2 Arkansas 7,934 — 7,934 — 7,934 1.8 California 6,428 — 6,428 — 6,428 1.4 Montana 1,437 1,500 2,937 — 2,937 0.7 $ 285,082 $ 131,331 $ 416,413 $ 35,523 $ 451,936 100.0% The following table presents the Bank's commercial real estate loan portfolio and outstanding loan commitments, categorized by gross loan amount (unpaid principal plus undisbursed amounts) or outstanding loan commitment amount, as of December 31, 2017. Count Amount (Dollars in thousands) Greater than $30 million 4 $ 156,770 >$15 to $30 million 7 166,271 >$10 to $15 million 3 37,376 >$5 to $10 million 2 14,363 $1 to $5 million 24 70,181 Less than $1 million 15 6,975 55 $ 451,936 Asset Quality The following tables present loans 30 to 89 days delinquent, non-performing loans, and OREO as of the dates indicated. Of the loans 30 to 89 days delinquent at December 31, 2017, approximately 60% were 59 days or less delinquent. Non-performing loans are loans that are 90 or more days delinquent or in foreclosure, and nonaccrual loans that are less than 90 days delinquent but are required to be reported as nonaccrual pursuant to Office of the Comptroller of the Currency ("OCC") reporting requirements even if the loans are current. Non-performing assets include non-performing loans and OREO. Over the past 12 months, OREO properties acquired in settlement of loans were owned by the Bank, on average, for approximately seven months before they were sold. Loans Delinquent for 30 to 89 Days at: December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 Number Amount Number Amount Number Amount Number Amount Number Amount (Dollars in thousands) One- to four-family: Originated 129 $ 11,435 129 $ 13,257 120 $ 10,455 122 $ 10,886 130 $ 11,232 Correspondent purchased 4 1,118 8 1,827 5 1,278 4 739 17 7,809 Bulk purchased 21 4,691 22 3,194 15 2,511 19 3,527 26 4,844 Consumer: Home equity 32 604 30 467 30 412 36 761 38 665 Other 6 33 5 33 5 14 7 34 7 17 192 $ 17,881 194 $ 18,778 175 $ 14,670 188 $ 15,947 218 $ 24,567 30 to 89 days delinquent loans to total loans receivable, net 0.25% 0.26% 0.20% 0.22% 0.35% Non-Performing Loans and OREO at: December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 December 31, 2016 Number Amount Number Amount Number Amount Number Amount Number Amount (Dollars in thousands) Loans 90 or More Days Delinquent or in Foreclosure: One- to four-family: Originated 67 $ 5,981 67 $ 5,515 50 $ 4,264 65 $ 5,348 79 $ 6,647 Correspondent purchased 2 553 1 91 — — 3 901 2 553 Bulk purchased 14 3,693 13 3,371 18 4,805 24 7,097 27 7,982 Consumer: Home equity 25 511 21 406 27 484 22 423 29 456 Other 1 3 1 4 2 10 3 7 7 18 109 10,741 103 9,387 97 9,563 117 13,776 144 15,656 Loans 90 or more days delinquent or in foreclosure as a percentage of total loans 0.15% 0.13% 0.13% 0.19% 0.22% Nonaccrual loans less than 90 Days Delinquent: (1) One- to four-family: Originated 32 3,385 50 4,567 89 9,493 92 10,675 82 11,393 Correspondent purchased 3 768 8 1,690 9 1,589 4 583 6 1,231 Bulk purchased 2 442 4 846 3 1,023 3 809 2 147 Consumer: Home equity 5 86 7 113 12 251 14 346 14 371 42 4,681 69 7,216 113 12,356 113 12,413 104 13,142 Total non-performing loans 151 15,422 172 16,603 210 21,919 230 26,189 248 28,798 Non-performing loans as a percentage of total loans 0.21% 0.23% 0.30% 0.36% 0.41% OREO: One- to four-family: Originated (2) 2 $ 40 4 $ 58 9 $ 200 9 $ 831 10 $ 888 Correspondent purchased — — — — — — — — — — Bulk purchased 2 768 5 1,279 5 1,671 6 1,830 3 1,196 Consumer: Home equity 1 67 1 67 1 82 — — — — Other — — — — — — — — 1 1,278 5 875 10 1,404 15 1,953 15 2,661 14 3,362 Total non-performing assets 156 $ 16,297 182 $ 18,007 225 $ 23,872 245 $ 28,850 262 $ 32,160 Non-performing assets as a percentage of total assets 0.18% 0.20% 0.26% 0.31% 0.35% (1) Represents loans required to be reported as nonaccrual pursuant to regulatory reporting requirements even if the loans are current. At December 31, 2017, September 30, 2017, June 30, 2017, March 31, 2017, and December 31, 2016, this amount was comprised of $1.8 million, $1.8 million, $2.7 million, $2.0 million, and $2.0 million, respectively, of loans that were 30 to 89 days delinquent and are reported as such, and $2.9 million, $5.4 million, $9.7 million, $10.4 million, and $11.1 million, respectively, of loans that were current. (2) Real estate-related consumer loans where we also hold the first mortgage are included in the one- to four-family category as the underlying collateral is one- to four-family property. The following tables present ACL activity and related ratios at the dates and for the periods indicated. For the Three Months Ended December 31, September 30, June 30, March 31, December 31, 2017 2017 2017 2017 2016 (Dollars in thousands) Balance at beginning of period $ 8,398 $ 8,486 $ 8,447 $ 8,521 $ 8,540 Charge-offs: One- to four-family: Originated (3) (27) (4) (17) (24) Bulk purchased — (143) (25) (48) — Total (3) (170) (29) (65) (24) Consumer: Home equity (31) (18) (9) (16) (8) Other — (5) (3) (1) — Total (31) (23) (12) (17) (8) Total charge-offs (34) (193) (41) (82) (32) Recoveries: One- to four-family: Originated — 1 3 — — Bulk purchased — 96 69 — — Total — 97 72 — — Consumer: Home equity 6 8 5 5 8 Other — — 3 3 5 Total 6 8 8 8 13 Total recoveries 6 105 80 8 13 Net (charge-offs) recoveries (28) (88) 39 (74) (19) Provision for credit losses — — — — — Balance at end of period $ 8,370 $ 8,398 $ 8,486 $ 8,447 $ 8,521 Ratio of net charge-offs during the period to average loans outstanding during the period —% —% —% —% —% Ratio of net charge-offs (recoveries) during the period to average non-performing assets 0.16 0.43 (0.15) 0.24 0.06 ACL to non-performing loans at end of period 54.27 50.58 38.72 32.25 29.59 ACL to loans receivable, net at end of period 0.12 0.12 0.12 0.12 0.12 ACL to net charge-offs (annualized) 76.4x 23.6x N/M (1) 28.6x 111.5x (1) The ACL coverage ratio is not presented for this time period due to loan recoveries exceeding loan charge-offs during the period. Troubled Debt Restructurings ("TDRs") - The following table presents the Company's TDRs, based on accrual status, at the dates indicated. At December 31, September 30, June 30, March 31, December 31, 2017 2017 2017 2017 2016 (Dollars in thousands) Accruing TDRs $ 25,670 $ 27,383 $ 27,343 $ 26,209 $ 22,726 Nonaccrual TDRs (1) 9,355 11,742 15,947 16,868 17,983 Total TDRs $ 35,025 $ 39,125 $ 43,290 $ 43,077 $ 40,709 (1) Nonaccrual TDRs are included in the non-performing loan table above. Securities Portfolio The following table presents the distribution of our securities portfolio, at amortized cost, at the dates indicated. The majority of our securities are issued by U.S. government-sponsored enterprises ("GSEs"). Overall, fixed-rate securities comprised 74% of our securities portfolio at December 31, 2017. The weighted average life ("WAL") is the estimated remaining maturity (in years) after three-month historical prepayment speeds and projected call option assumptions have been applied. Weighted average yields on tax-exempt securities are not calculated on a fully taxable equivalent basis. December 31, 2017 September 30, 2017 December 31, 2016 Amount Yield WAL Amount Yield WAL Amount Yield WAL (Dollars in thousands) Fixed-rate securities: MBS $ 611,466 2.15% 2.9 $ 632,422 2.14% 2.9 $ 784,640 2.14% 2.8 GSE debentures 296,327 1.39 1.1 271,300 1.29 1.3 321,246 1.21 1.8 Municipal bonds 26,561 1.51 1.9 28,337 1.65 2.0 33,203 1.78 2.4 Total fixed-rate securities 934,354 1.89 2.3 932,059 1.88 2.4 1,139,089 1.87 2.5 Adjustable-rate securities: MBS 334,921 2.59 5.1 304,153 2.55 4.6 373,409 2.26 4.8 Trust preferred securities — — 0.0 2,067 2.58 19.7 2,112 2.22 20.5 Total adjustable-rate securities 334,921 2.59 5.1 306,220 2.55 4.7 375,521 2.26 4.9 Total securities portfolio $ 1,269,275 2.07 3.0 $ 1,238,279 2.05 3.0 $ 1,514,610 1.97 3.1 MBS: The following table summarizes the activity in our portfolio of MBS for the periods presented. The weighted average yields and WALs for purchases are presented as recorded at the time of purchase. The weighted average yields for the beginning balances are as of the last day of the period previous to the period presented and the weighted average yields for the ending balances are as of the last day of the period presented and are generally derived from recent prepayment activity on the securities in the portfolio as of the dates presented. The beginning and ending WAL is the estimated remaining principal repayment term (in years) after three-month historical prepayment speeds have been applied. For the Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Amount Yield WAL Amount Yield WAL Amount Yield WAL Amount Yield WAL (Dollars in thousands) Beginning balance - carrying value $ 942,447 2.28% 3.5 $ 1,017,145 2.26% 3.6 $ 1,090,870 2.25% 3.9 $ 1,166,326 2.18% 3.5 Maturities and repayments (66,116) (72,966) (71,763) (73,801) Net amortization of (premiums)/discounts (854) (937) (992) (1,015) Purchases: Fixed 25,908 2.46 5.5 — — — — — — — — — Adjustable 50,874 2.35 4.7 — — — — — — — — — Change in valuation on AFS securities (1,021) (795) (970) (640) Ending balance - carrying value $ 951,238 2.31 3.7 $ 942,447 2.28 3.5 $ 1,017,145 2.26 3.6 $ 1,090,870 2.25 3.9 Investment Securities: The following table summarizes the activity of investment securities for the periods presented. The weighted average yields and WALs for purchases are presented as recorded at the time of purchase. The weighted average yields for the beginning balances are as of the last day of the period previous to the period presented and the weighted average yields for the ending balances are as of the last day of the period presented. The beginning and ending WALs represent the estimated remaining principal repayment terms (in years) of the securities after projected call dates have been considered, based upon market rates at each date presented. For the Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Amount Yield WAL Amount Yield WAL Amount Yield WAL Amount Yield WAL (Dollars in thousands) Beginning balance - carrying value $ 301,122 1.33% 1.5 $ 326,786 1.29% 1.6 $ 328,323 1.29% 1.9 $ 355,681 1.27% 2.0 Maturities, calls and sales (3,768) (25,818) (1,538) (28,863) Net amortization of (premiums)/discounts (48) (55) (57) (61) Purchases: Fixed 25,000 2.45 1.0 — — — — — — 1,535 1.30 3.4 Change in valuation on AFS securities (854) 209 58 31 Ending balance - carrying value $ 321,452 1.40 1.2 $ 301,122 1.33 1.5 $ 326,786 1.29 1.6 $ 328,323 1.29 1.9 Deposit Portfolio The following table presents the amount, weighted average rate, and percent of total for the components of our deposit portfolio at the dates presented. December 31, 2017 September 30, 2017 December 31, 2016 % of % of % of Amount Rate Total Amount Rate Total Amount Rate Total (Dollars in thousands) Non-interest-bearing checking $ 250,621 —% % 4.8% $ 243,670 —% 4.6% $ 223,896 —% 4.3% Interest-bearing checking 646,043 0.05 12.3 615,615 0.05 11.6 626,379 0.05 12.1 Savings 352,051 0.31 6.7 349,977 0.24 6.6 338,661 0.21 6.5 Money market 1,195,530 0.38 22.7 1,190,185 0.24 22.4 1,218,545 0.24 23.5 Retail certificates of deposit 2,419,380 1.57 45.9 2,450,418 1.52 46.1 2,414,489 1.44 46.5 Public units 402,592 1.37 7.6 460,003 1.28 8.7 370,704 0.74 7.1 $ 5,266,217 0.94 100.0% $ 5,309,868 0.89 100.0% $ 5,192,674 0.80 100.0% The following table presents scheduled maturities of our certificates of deposit, including public units, along with associated weighted average rates, as of December 31, 2017: Amount Due More than More than 1 year 1 year to 2 years to 3 More than Total Rate range or less 2 years years 3 years Amount Rate (Dollars in thousands) 0.00 – 0.99% $ 380,487 $ 36,521 $ — $ 15 $ 417,023 0.74% 1.00 – 1.99% 646,938 682,969 438,976 411,468 2,180,351 1.62 2.00 – 2.99% 1,264 49,828 112,646 60,860 224,598 2.22 $ 1,028,689 $ 769,318 $ 551,622 $ 472,343 $ 2,821,972 1.54 Percent of total 36.5% 27.3% 19.5% 16.7% Weighted average rate 1.15 1.57 1.88 1.95 Weighted average maturity (in years) 0.5 1.5 2.5 3.9 1.7 Weighted average maturity for the retail certificate of deposit portfolio (in years) 1.8 Borrowings The following table presents the maturity of term borrowings (including FHLB advances, at par, and repurchase agreements), along with associated weighted average contractual and effective rates as of December 31, 2017. FHLB Repurchase Maturity by Advances Agreements Contractual Effective Fiscal Year Amount Amount Rate Rate (1) (Dollars in thousands) 2018 $ 375,000 $ — 1.76% 2.34% 2019 500,000 — 1.56 1.69 2020 350,000 100,000 2.11 2.11 2021 550,000 — 2.27 2.27 2022 200,000 — 2.23 2.23 2023 100,000 — 1.82 1.82 $ 2,075,000 $ 100,000 1.96 2.09 (1) The effective rate includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The following table presents the maturity and weighted average repricing rate, which is also the weighted average effective rate, of certificates of deposit, split between retail and public unit amounts, and term borrowings for the next four quarters as of December 31, 2017. Retail Public Unit Term Maturity by Certificate Repricing Deposit Repricing Borrowings Repricing Repricing Quarter End Amount Rate Amount Rate Amount Rate Total Rate (Dollars in thousands) March 31, 2018 $ 218,667 1.07% $ 118,488 1.21% $ — —% $ 337,155 1.12% June 30, 2018 212,764 1.02 72,794 1.30 100,000 2.82 385,558 1.54 September 30, 2018 152,587 1.08 21,362 1.22 275,000 2.17 448,949 1.75 December 31, 2018 201,106 1.30 30,921 1.41 300,000 1.73 532,027 1.55 $ 785,124 1.12 $ 243,565 1.26 $ 675,000 2.07 $ 1,703,689 1.52 The following tables present borrowing activity for the periods shown. The borrowings presented in the table have original contractual terms of one year or longer. FHLB advances are presented at par. The weighted average effective rate includes the impact of interest rate swaps and the amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The weighted average maturity ("WAM") is the remaining weighted average contractual term in years. The beginning and ending WAMs represent the remaining maturity at each date presented. For new borrowings, the WAMs presented are as of the date of issue. For the Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Effective Effective Effective Effective Amount Rate WAM Amount Rate WAM Amount Rate WAM Amount Rate WAM (Dollars in thousands) Beginning balance $ 2,375,000 2.16% 2.7 $ 2,175,000 2.23% 2.5 $ 2,475,000 2.35% 2.5 $ 2,475,000 2.35% 2.7 Maturities: FHLB advances (100,000) 2.53 (100,000) 3.12 (300,000) 3.24 — — Repurchase agreements (100,000) 3.35 — — — — — — New FHLB borrowings: Fixed-rate — — — 100,000 1.85 3.0 — — — — — — Interest rate swap (1) — — — 200,000 2.05 6.0 — — — — — — Ending balance $ 2,175,000 2.09 2.7 $ 2,375,000 2.16 2.7 $ 2,175,000 2.23 2.5 $ 2,475,000 2.35 2.5 (1) Represents adjustable-rate FHLB advances for which the Bank has entered into interest rate swaps with a notional amount of $200.0 million to hedge the variability in cash flows associated with the advances. The effective rate and WAM presented include the effect of the interest rate swaps. Average Rates and Lives At December 31, 2017, the Bank's gap between the amount of interest-earning assets and interest-bearing liabilities projected to reprice within one year was $185.2 million, or 2.06% of total assets, compared to $641.6 million, or 6.98% of total assets, at September 30, 2017. The decrease in the one-year gap amount was due primarily to a decrease in the amount of cash held at December 31, 2017, along with a decrease in the amount of mortgage-related assets projected to reprice due to higher interest rates. As interest rates rise, borrowers have less economic incentive to refinance their mortgages and agency debt issuers have less economic incentive or opportunity to exercise their call options in order to issue new debt at lower interest rates. This increase in interest rates resulted in lower projected cash flows on these assets over the next year compared to September 30, 2017. The majority of interest-earning assets anticipated to reprice in the coming year are repayments and prepayments on mortgage loans and MBS, both of which include the option to prepay without a fee being paid by the contract holder. The amount of interest-bearing liabilities expected to reprice in a given period is not typically impacted significantly by changes in interest rates because the Bank's borrowings and certificate of deposit portfolios have contractual maturities and generally cannot be terminated early without a prepayment penalty. If interest rates were to increase 200 basis points, as of December 31, 2017, the Bank's one-year gap is projected to be $(305.9) million, or (3.40)% of total assets. This compares to a one-year gap of $81.3 million, or 0.88% of total assets, if interest rates were to have increased 200 basis points as of September 30, 2017. During the current quarter, loan repayments totaled $283.9 million and cash flows from the securities portfolio totaled $69.9 million. The asset cash flows of $353.8 million were reinvested into new assets at current market interest rates. Total cash flows from fixed-rate liabilities that matured or repriced during the current quarter were approximately $600.0 million, including $200.0 million of term borrowings. These offsetting cash flows allow the Bank to manage its interest rate risk and gap position more precisely than if the Bank did not have offsetting cash flows due to its mix of assets or maturity structure of liabilities. Other strategies include managing the Bank's wholesale assets and liabilities. The Bank primarily uses long-term fixed-rate borrowings with no embedded options to lengthen the average life of the Bank's liabilities. The fixed-rate characteristics of these borrowings lock-in the cost until maturity and thus decrease the amount of liabilities repricing as interest rates move higher compared to funding with lower-cost short-term borrowings. These borrowings are laddered in order to prevent large amounts of liabilities repricing in any one period. The WAL of the Bank's term borrowings as of December 31, 2017 was 2.2 years. However, including the impact of interest rate swaps related to $200.0 million of adjustable-rate FHLB advances, the WAL of the Bank's term borrowings as of December 31, 2017 was 2.7 years. The interest rate swaps effectively convert the adjustable-rate borrowings into long-term, fixed-rate liabilities. The Bank uses the securities portfolio to shorten the average life of the Bank's assets. Purchases in the securities portfolio over the past couple of years have primarily been focused on callable agency debentures with maturities no longer than five years, shorter duration MBS, and adjustable-rate MBS. These securities have a shorter average life and provide a steady source of cash flow that can be reinvested as interest rates rise or used to purchase higher-yielding assets. The WAL of the Bank's securities portfolio as of December 31, 2017 was 2.5 years. In addition to the wholesale strategies, the Bank has sought to increase core deposits and long-term certificates of deposit. Core deposits are expected to reduce the risk of higher interest rates because their interest rates are not expected to increase significantly as market interest rates rise. Specifically, checking accounts and savings accounts have had minimal interest rate fluctuations throughout historical interest rate cycles, though no assurance can be given that this will be the case in future interest rate cycles. The balances and rates of these accounts have historically tended to remain very stable over time, giving them the characteristic of long-term liabilities. The Bank uses historical data pertaining to these accounts to estimate their future balances. At December 31, 2017 the WAL of the Bank's non-maturity deposits was 13.5 years. Over the last couple years, the Bank has priced long-term certificates of deposit more aggressively than short-term certificates of deposit with the goal of giving customers incentive to move funds into longer-term certificates of deposit when interest rates were lower. The balance of our retail certificates of deposit with terms of 36 months or longer increased $253.1 million, or 18%, since December 31, 2015. Long-term certificates of deposit reduce the amount of liabilities repricing as interest rates rise in a given time period. Because of the on-balance sheet strategies implemented over the past several years, management believes the Bank is well-positioned to move into a market rate environment where interest rates are higher. The following table presents the weighted average yields/rates and WALs (in years), after applying prepayment, call assumptions, and decay rates for our interest-earning assets and interest-bearing liabilities as of December 31, 2017. Yields presented for interest-earning assets include the amortization of fees, costs, premiums and discounts, which are considered adjustments to the yield. The interest rate presented for term borrowings is the effective rate, which includes the impact of interest rate swaps and amortization of deferred prepayment penalties resulting from FHLB advances previously prepaid. The WAL presented for term borrowings includes the effect of interest rate swaps. The maturity and repricing terms presented for one- to four-family loans represent the contractual terms of the loan. Amount Yield/Rate WAL % of Category % of Total (Dollars in thousands) Investment securities $ 321,452 1.40% 1.2 25.3% 3.7% MBS - fixed 612,450 2.15 2.9 48.1 7.1 MBS - adjustable 338,788 2.59 5.1 26.6 3.9 Total securities 1,272,690 2.07 3.0 100.0% 14.7 Loans receivable: Fixed-rate one- to four-family: <= 15 years 1,177,173 3.08 4.0 16.4% 13.6 > 15 years 4,451,629 3.84 6.0 62.0 51.3 All other fixed-rate loans 277,219 4.22 3.8 3.9 3.2 Total fixed-rate loans 5,906,021 3.71 5.5 82.3 68.1 Adjustable-rate one- to four-family: <= 36 months 260,703 1.80 3.5 3.6 3.0 > 36 months 842,492 3.10 2.6 11.7 9.7 All other adjustable-rate loans 168,288 4.89 3.4 2.4 1.9 Total adjustable-rate loans 1,271,483 3.07 2.9 17.7 14.6 Total loans receivable 7,177,504 3.59 5.1 100.0% 82.7 FHLB stock 195,470 6.49 1.1 2.3 Cash and cash equivalents 29,120 1.36 — 0.3 Total interest-earning assets $ 8,674,784 3.43 4.7 100.0% Non-maturity deposits $ 2,444,245 0.24 13.5 46.4% 32.4% Retail certificates of deposit 2,419,380 1.57 1.8 45.9 32.1 Public units 402,592 1.37 0.8 7.7 5.3 Total deposits 5,266,217 0.94 7.2 100.0% 69.8 Term borrowings 2,175,000 2.09 2.7 95.6% 28.9 FHLB line of credit 100,000 1.47 — 4.4 1.3 Total borrowings 2,275,000 2.06 2.6 100.0% 30.2 Total interest-bearing liabilities $ 7,541,217 1.28 5.8 100.0% Average Balance Sheets The following table presents the average balances of our assets, liabilities, and stockholders' equity, and the related annualized weighted average yields and rates on our interest-earning assets and interest-bearing liabilities for the periods indicated and the weighted average yield/rate on our interest-earning assets and interest-bearing liabilities at December 31, 2017, as well as selected performance ratios and other information as of the dates and for the periods shown. At December 31, 2017, the borrowings and cash related to the leverage strategy was not in place, so the yields/rates presented at December 31, 2017 in the tables below do not reflect the full effects of the leverage strategy. Weighted average yields are derived by dividing annualized income by the average balance of the related assets, and weighted average rates are derived by dividing annualized expense by the average balance of the related liabilities, for the periods shown. Average outstanding balances are derived from average daily balances. The weighted average yields and rates include amortization of fees, costs, premiums and discounts, which are considered adjustments to yields/rates. Weighted average yields on tax-exempt securities are not calculated on a fully taxable equivalent basis. At For the Three Months Ended December 31, December 31, 2017 September 30, 2017 December 31, 2016 2017 Average Interest Average Interest Average Interest Yield/ Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ Rate Amount Paid Rate Amount Paid Rate Amount Paid Rate Assets: (Dollars in thousands) Interest-earning assets: Loans receivable (1) 3.59% $ 7,195,938 $ 64,189 3.56% $ 7,223,607 $ 64,329 3.56% $ 7,015,151 $ 61,945 3.53% MBS (2) 2.31 932,801 5,252 2.25 978,126 5,435 2.22 1,200,425 6,362 2.12 Investment securities (2)(3) 1.40 300,110 994 1.32 326,649 1,061 1.30 356,623 1,107 1.24 FHLB stock 6.49 191,482 3,095 6.41 188,369 3,080 6.49 195,801 2,939 5.97 Cash and cash equivalents (4) 1.36 2,159,019 7,114 1.29 2,088,585 6,669 1.25 2,152,621 2,969 0.54 Total interest-earning assets (1)(2) 3.43 10,779,350 80,644 2.98 10,805,336 80,574 2.98 10,920,621 75,322 2.76 Other non-interest-earning assets 304,850 304,860 296,084 Total assets $ 11,084,200 $ 11,110,196 $ 11,216,705 Liabilities and stockholders' equity: Interest-bearing liabilities: Checking 0.04 $ 844,932 77 0.04 $ 838,141 76 0.04 $ 800,342 74 0.04 Savings 0.31 348,573 248 0.28 351,308 217 0.24 335,192 155 0.18 Money market 0.38 1,189,511 791 0.26 1,214,694 727 0.24 1,191,175 708 0.24 Retail certificates 1.57 2,429,711 9,413 1.54 2,419,930 9,097 1.49 2,444,812 8,768 1.43 Wholesale certificates 1.37 428,246 1,432 1.33 406,862 1,196 1.17 385,224 691 0.71 Total deposits 0.94 5,240,973 11,961 0.91 5,230,935 11,313 0.86 5,156,745 10,396 0.80 FHLB borrowings (5) 2.04 4,146,750 17,917 1.71 4,182,283 18,099 1.71 4,329,037 16,117 1.48 Repurchase agreements 2.53 187,522 1,392 2.90 200,000 1,504 2.94 200,000 1,503 2.94 Total borrowings 2.06 4,334,272 19,309 1.76 4,382,283 19,603 1.76 4,529,037 17,620 1.54 Total interest-bearing liabilities 1.28 9,575,245 31,270 1.29 9,613,218 30,916 1.27 9,685,782 28,016 1.15 Other non-interest-bearing liabilities 144,613 130,112 138,767 Stockholders' equity 1,364,342 1,366,866 1,392,156 Total liabilities and stockholders' equity $ 11,084,200 $ 11,110,196 $ 11,216,705 Net interest income (6) $ 49,374 $ 49,658 $ 47,306 Net interest rate spread (7)(8) 2.15 1.69 1.71 1.61 Net interest-earning assets $ 1,204,105 $ 1,192,118 $ 1,234,839 Net interest margin (8)(9) 1.83 1.84 1.73 Ratio of interest-earning assets to interest-bearing liabilities 1.13x 1.12x 1.13x Selected performance ratios: Return on average assets (annualized) (8) 1.15% 0.74% 0.73% Return on average equity (annualized) (8) 9.33 6.03 5.91 Average equity to average assets 12.31 12.30 12.41 Operating expense ratio (10) 0.80 0.85 0.77 Efficiency ratio (11) 40.26 42.26 41.08 Pre-tax yield on leverage strategy (12) 0.19 0.20 0.19 (1) Calculated net of unearned loan fees and deferred costs. Loans that are 90 or more days delinquent are included in the loans receivable average balance with a yield of zero percent. (2) MBS and investment securities classified as AFS are stated at amortized cost, adjusted for unamortized purchase premiums or discounts. (3) The average balance of investment securities includes an average balance of nontaxable securities of $27.5 million, $28.8 million and $33.3 million for the quarters ended December 31, 2017, September 30, 2017, and December 31, 2016, respectively. (4) The average balance of cash and cash equivalents includes an average balance of cash related to the leverage strategy of $1.92 billion for each of the quarters ended December 31, 2017, September 30, 2017, and December 31, 2016. (5) Included in this line, for the quarters ended December 31, 2017, September 30, 2017, and December 31, 2016, respectively, are FHLB borrowings related to the leverage strategy with an average outstanding amount of $2.01 billion for each of the three periods, interest paid of $6.7 million, $6.4 million and $2.9 million, respectively, at a rate of 1.31%, 1.26% and 0.56%, respectively, and FHLB borrowings not related to the leverage strategy with an average outstanding amount of $2.14 billion, $2.17 billion and $2.32 billion, respectively, interest paid of $11.2 million, $11.7 million and $13.2 million, respectively, at a rate of 2.08%, 2.12% and 2.27%, respectively. The FHLB advance amounts and rates included in this line include the effect of interest rate swaps and are net of deferred prepayment penalties. (6) Net interest income represents the difference between interest income earned on interest-earning assets and interest paid on interest-bearing liabilities. Net interest income depends on the balance of interest-earning assets and interest-bearing liabilities, and the interest rates earned or paid on them. (7) Net interest rate spread represents the difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities. (8) The table below provides a reconciliation between certain performance ratios presented in accordance with GAAP and the performance ratios excluding the effects of the leverage strategy, which are not presented in accordance with GAAP. Management believes it is important for comparability purposes to provide the performance ratios without the leverage strategy because of the unique nature of the leverage strategy. The leverage strategy reduces some of our performance ratios due to the amount of earnings associated with the transaction in comparison to the size of the transaction, while increasing our net income. For the Three Months Ended December 31, 2017 September 30, 2017 December 31, 2016 Actual Leverage Adjusted Actual Leverage Adjusted Actual Leverage Adjusted (GAAP) Strategy (Non-GAAP) (GAAP) Strategy (Non-GAAP) (GAAP) Strategy (Non-GAAP) Return on average assets (annualized) 1.15% (0.22)% 1.37% 0.74% (0.14)% 0.88% 0.73% (0.14)% 0.87% Return on average equity (annualized) 9.33 0.22 9.11 6.03 0.19 5.84 5.91 0.18 5.73 Net interest margin 1.83 (0.37) 2.20 1.84 (0.37) 2.21 1.73 (0.34) 2.07 Net interest rate spread 1.69 (0.33) 2.02 1.71 (0.33) 2.04 1.61 (0.29) 1.90 (9) Net interest margin represents annualized net interest income as a percentage of average interest-earning assets. (10) The operating expense ratio represents annualized non-interest expense as a percentage of average assets. (11) The efficiency ratio represents non-interest expense as a percentage of the sum of net interest income (pre-provision for credit losses) and non-interest income. (12) The pre-tax yield on the leverage strategy represents annualized pre-tax income resulting from the transaction as a percentage of the average interest-earning assets associated with the transaction. View original content: http://www.prnewswire.com/news-releases/capitol-federal-financial-inc-reports-first-quarter-fiscal-year-2018-results-300589302.html SOURCE Capitol Federal Financial, Inc.

http://www.cnbc.com/2018/01/29/pr-newswire-capitol-federala-financial-inc-reports-first-quarter-fiscal-year-2018-results.html

SAP buys $2.4 bln U.S. software firm

SAP buys $2.4 bln U.S. software firm 4:08pm EST - 01:06 Europe's top technology company SAP has announced a $2.4 billion U.S. acquisition to help it boost revenues from its cloud platform and CEO Bill McDermott said it would streamline its overall business this year to bolster margins. As Sonia Legg reports, the German company is midway through a strategic transition. Europe's top technology company SAP has announced a $2.4 billion U.S. acquisition to help it boost revenues from its cloud platform and CEO Bill McDermott said it would streamline its overall business this year to bolster margins. As Sonia Legg reports, the German company is midway through a strategic transition. //reut.rs/2DQzSEI

https://www.reuters.com/video/2018/01/30/sap-buys-24-bln-us-software-firm?videoId=389767251

Security Control Room Market Worth 10.00 Billion USD by 2023

PUNE, India, January 29, 2018 /PRNewswire/ -- According to the new market research report " Security Control Room Market by Offering (Display, KVM Switch, Software, Services), Application (Public, Corporate, Industrial Safety), Vertical (Transportation, Utilities & Telecom, Defense, Healthcare), and Region - Global Forecast to 2023 " , published by MarketsandMarkets™, the market is expected to grow from USD 7.20 billion in 2018 to USD 10.00 billion by 2023, at a CAGR of 6.80% between 2018 and 2023. The growth of the security control room market can be attributed to government initiatives, modernized policies, and regulations to increase public security and safety worldwide, as well as the increasing need to keep an eye on criminal activities and forecast natural disasters to avoid huge losses. (Logo: http://photos.prnewswire.com/prnh/20160303/792302 ) Browse 66 market data Tables and 54 Figures spread through 166 Pages and in-depth TOC on " Security Control Room M arket - Global Forecast to 2023 " https://www.marketsandmarkets.com/Market-Reports/security-control-room-market-77299634.html Early buyers will receive 10% customization o n this report The security control room market for services offering is expected to grow at the highest CAGR between 2018 and 2023 Control room technology has various service offerings including installation, managed services, and maintenance and support services. Efficient services are an integral part of a control room as well as being able to work effectively in a critical working environment. This is expected to drive the growth of services offering during the forecast period. The market for the industrial safety application is expected to hold the largest share of the security control room market between 2018 and 2023 Industrial safety applications are evolving at a high rate as these are chiefly used in manufacturing plants such as oil & gas and nuclear plants. Along with the growing industrialization worldwide, the need for industrial safety systems is increasing to protect human resources, industrial machinery, and manufacturing plants, in case any process goes beyond the allowed control margins. A control room in industrial safety plays a critical role as it has to deal with critical operations taking place in a controlled environment. The control room and industrial safety programs play a key role in the management of industrial plants. Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownload.asp?id=77299634 The market for transportation vertical held a major share of the security control room market in 2017 Transportation is a diverse segment that requires control room solutions specific to rail control, port control, traffic management, and fleet management. For most applications, an intelligent transportation system (ITS) minimizes congestion and improves safety, combining security and general surveillance with analysis of large transport network topologies. A typical transport control room operates 24/7 and is specifically designed to provide the best ergonomic solution for the safety and comfort of its operators. North America held the largest share of the security control room market in 2017 North America, being a technologically advanced and developed region, is a leading market for control room technologies. North America has the first-mover advantage in the adoption of new technologies such as smartphones and cloud platforms. Its strong financial position also allows it to heavily invest in leading tools and technologies for effective business operations. These advantages give North American organizations a competitive market edge. Inquiry Before Buy @ https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=77299634 The security control room ecosystem includes manufacturers and resellers such as ABB (Switzerland), Barco (Belgium), Black Box (US), Harris (US), Motorola Solutions (US), Tyler Technologies (US), Eizo Corporation (Japan), Zetron (US), TriTech Software Systems (US), Hexagon Safety & Infrastructure (US), Christie Digital Systems (US), Superion (US), Electrosonic (US), and SAIFOR Group (Spain). Browse Related Reports Large Format Display (LFD) Market by Offering, Display Type (Video Wall & Standalone), Technology (LED-Backlit LCD, Direct-View LED, OLED, E-Paper), Size, Brightness Level, Application (Indoor & Outdoor), Vertical, and Region - Global Forecast to 2023 https://www.marketsandmarkets.com/Market-Reports/large-format-display-market-9304851.html Multifactor Authentication Market by Model (Two-, Three-, Four-, and Five-Factor), Application (Banking and Finance, Government, Military and Defense, Commercial Security, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2022 https://www.marketsandmarkets.com/Market-Reports/multi-factor-authentication-market-877.html Subscribe Reports from Semiconductor Domain @ http://www.marketsandmarkets.com/Knowledgestore.asp About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Rohan MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected] Visit Our Blog@ http://www.marketsandmarketsblog.com/market-reports/electronics-and-semiconductors Connect us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets SOURCE MarketsandMarkets

http://www.cnbc.com/2018/01/29/pr-newswire-security-control-room-market-worth-10-point-00-billion-usd-by-2023.html

BRIEF-Dhampur Sugar Mills Issues Commercial Papers Of 500 Mln Rupees

Jan 17 (Reuters) - Dhampur Sugar Mills Ltd: * SAYS ISSUED COMMERCIAL PAPERS OF 500 MILLION RUPEES Source text - bit.ly/2FMCGQu Further company coverage:

https://www.reuters.com/article/brief-dhampur-sugar-mills-issues-commerc/brief-dhampur-sugar-mills-issues-commercial-papers-of-500-mln-rupees-idUSFWN1PC0OR

Capital One CEO Richard Fairbank Just Became a Billionaire | Fortune

By Bloomberg 2:27 PM EST Richard Fairbank spent three decades building Capital One Financial Corp. into a credit-card powerhouse, using catchy television ads with celebrities asking viewers “What’s in your wallet?” Today, there’s more than $1 billion in his. Fairbank, 67, among the longest-serving bank CEOs in the U.S., has reaped about $500 million from share sales and cash compensation since 2004. His net worth, including current equity holdings, is about $1.1 billion, according to the Bloomberg Billionaires Index. The stock has returned more than 2,200 percent since its 1994 initial public offering, including reinvested dividends, compared with about 650 percent for the S&P 500 Financials Index. Capital One, the third-biggest U.S. credit-card lender, stands to benefit along with competitors including Discover Financial Services as President Donald Trump eased financial regulations and signed legislation that cut the corporate tax rate to 21 percent from 35 percent. “The best is yet to come” for U.S. banks, Gerard Cassidy, an analyst at RBC Capital Markets, said in a note to clients last month. “There is the potential for the industry to experience higher profitability and earnings growth against a backdrop of improved economic conditions, continued strong credit quality, a more constructive regulatory environment and further increases in interest rates.” Fairbank is the fourth U.S. bank CEO to be identified as a billionaire by the Bloomberg index, joining JPMorgan Chase & Co.’s Jamie Dimon, Goldman Sachs Group Inc.’s Lloyd Blankfein and M&T Bancorp’s Bob Wilmers, who died last month. Shares of Capital One rose 1.9 percent this year through Thursday, to a record $101.42, fueled by a stronger economic outlook and corporate tax cuts. Fairbank and Nigel Morris, his colleague at a Washington-area consulting firm, started tinkering with new ways of parsing data to assess credit-card risk in the 1980s. They were hired in 1988 by Signet Bank, where they pioneered concepts such as tailored interest rates and created offers that enticed borrowers to transfer balances from other cards. The business prospered and Signet spun off Capital One in the 1994 IPO, making Fairbank CEO. The company, based in McLean, Virginia, is now the seventh-biggest commercial bank by assets in the U.S. The firm also targets subprime borrowers, a fee-rich business that helped Fairbank double annual profit since 2005 to $3.75 billion in 2016. While Fairbank doesn’t collect a salary, over the past three years he has averaged more than $18 million in cash bonuses and stock and options awards from Capital One, according to the Bloomberg Pay Index. He declined to comment through a company spokeswoman. Fairbank, a father of eight, is one of about a dozen minority owners of Monumental Sports & Entertainment, the group that owns five sports teams including the National Hockey League’s Washington Capitals, the Washington Wizards of the National Basketball Association, as well as the Capital One Arena, where both teams play. Capital One has been a prolific advertiser, pouring $13 billion into marketing since 2008, featuring celebrities including Jennifer Garner, Spike Lee, Charles Barkley, Alec Baldwin and Samuel L. Jackson. SPONSORED FINANCIAL CONTENT

http://fortune.com/2018/01/05/capital-one-ceo-richard-fairbank-billionaire/

BRIEF-National Bank Of Canada Announces Medium Term Notes Program And Nvcc Subordinated Notes Offering

Jan 29 (Reuters) - National Bank Of Canada: * NATIONAL BANK OF CANADA ANNOUNCES MEDIUM TERM NOTES PROGRAM AND NVCC SUBORDINATED NOTES OFFERING * ‍INTENDS TO ISSUE $750 MILLION AGGREGATE PRINCIPAL AMOUNT OF 3.183 PCT MEDIUM TERM NOTES DUE FEBRUARY 1, 2028​ * ‍NOTES ARE EXPECTED TO BE ISSUED ON FEBRUARY 1, 2018 AND WILL MATURE ON FEBRUARY 1, 2028​ Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-national-bank-of-canada-announces/brief-national-bank-of-canada-announces-medium-term-notes-program-and-nvcc-subordinated-notes-offering-idUSASB0C2VS

DIARY-Top Economic Events to March 22

Jan 30 (Reuters) - For other diaries, please see: U.S. Federal Reserve Polling Unit Diary Today in Washington Political and General News This Diary is filed daily. ** Indicates new events TUESDAY, JANUARY 30 PARIS - ECB policymaker Francois Villeroy de Galhau speaks at a Fintech conference in Paris - 1100 GMT. PARIS - French Finance Minister Bruno Le Maire, Belgium Finance Minister Johan Van Overtveldt, Lithuania Finance Minister Vilius Sapoka and Luxembourg Finance Minister Pierre Gramegna speak at a fintech conference in Paris in a panel entitled “Future of finance in Europe at Fintech age” - 1600 GMT. LONDON - Bank of England Governor Mark Carney makes an annual appearance before the House of Lords Economic Affairs Committee - 1530 GMT. FRANKFURT - ECB board member Yves Mersch speaks at the Goethe University - 1630 GMT. WASHINGTON - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to Jan. 31). TOKYO - Bank of Japan to release a summary of opinions from board members at its Jan. 22-23 policy meeting – 2350 GMT. WEDNESDAY, JANUARY 31 ** MADRID - Spanish Economy Minister Luis de Guindos to speak at a book presentation - 1800 GMT. DUBLIN - ECB executive board member Benoit Coeure speaks at the European Financial Forum in Ireland - 0950 GMT. OSLO – Riksbank Governor Stefan Ingves will attend the Norges Bank seminar “Monetary Policy Symposium 2018” and will speak on financial stability risks, monetary policy and the need for macroprudential policy – 0900 GMT. OITA, Japan - Bank of Japan Deputy Governor Kikuo Iwata speaks to business leaders - 0130 GMT. WASHINGTON - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces its decision on interest rates, followed by statement – 1900 GMT. THURSDAY, FEBRUARY 1 BRUSSELS - Speech by executive board member and chief economist of the European Central Bank Peter Praet at the luncheon conference of Cercle de Lorraine – 1115 GMT. FRIDAY, FEBRUARY 2 ** AUSTIN, Texas - Federal Reserve Bank of Dallas President Robert Kaplan participates in a moderated question-and-answer session before the Teacher Retirement System of Texas Annual Conference - 1830 GMT. DUBLIN - French Central Bank Governor François Villeroy and Ireland’s Central Bank Head Philip Lane speak in Dublin - 1400 GMT. KRANJU, Slovenia - ECB executive board member Benoit Coeure gives a speech at a conference on “Deepening of EMU” followed by a panel discussion organized by the University of Ljubljana - 1000 GMT. SAN FRANCISCO - Federal Reserve Bank of San Francisco President John Williams speaks on the economy before the Financial Women of San Francisco - 2030 GMT. SATURDAY, FEBRUARY 3 ** COVENTRY, United Kingdom – Riksbank Deputy Governor Cecilia Skingsley will participate in the Warwick Economics Summit – 1150 GMT. MONDAY, FEBRUARY 5 LONDON - OMFIF lunch discussion with Cecilia Skingsley, deputy governor of the Swedish central bank and co-chair of the World Economic Forum’s working group, examining the prospects for central bank-issued digital currencies - 1200 GMT TUESDAY, FEBRUARY 6 ** FRANKFURT, Germany - ECB holds a conference on improved payment system. LEXINGTON, Kentucky - St. Louis Fed President James Bullard gives presentation on the U.S. economy and monetary policy before the 29th Annual Gatton College of business and Economics Economic Outlook Conference - 1350 GMT. FRANKFURT - Conference for the Center for Financial Studies (CFS) and the Bundesbank on “Money in the Digital Age: What Role for Central Banks?” - 0900 GMT. WEDNESDAY, FEBRUARY 7 ** HONOLULU, Hawaii - Federal Reserve Bank of San Francisco President John Williams speaks on the economy before a community leaders luncheon - 2220 GMT. FRANKFURT - ECB bank supervisory chief Daniele Nouy and board member Sabine Lautenschlager hold news conference - 0900 GMT. DES MOINES, Iowa - Federal Reserve Bank of Chicago President Charles Evans speaks on current economic conditions and monetary policy before the Iowa Bankers Association Bank Management Conference - 1615 GMT. FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled. STOCKHOLM - Riksbank executive board meeting – 0800 GMT. THURSDAY, FEBRUARY 8 ** ATHENS, Greece - The EU’s economic affairs commissioner Pierre Moscovici visits Athens for meetings with Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos for talks on the latest developments and next steps in Greece’s bailout program (to Feb. 9). LONDON - Yves Mersch, member of the European Central Bank’s executive board, gives a city lecture in London. The lecture focuses on central banks and digital currencies, as well as the development of private cryptocurrencies and potential applications of distributed ledger technology - 1000 GMT. NEW YORK - Federal Reserve Bank of Philadelphia President Patrick Harker speaks on “The Economy: Output and Impact for Colleges and Universities” before the National Association of College and University Business Officers 2018 Endowment and Debt Management Forum - 1300 GMT. PIERRE, South Dakota - Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a town hall meeting to discuss monetary policy, bank regulation and other issues, hosted by the Pierre Chamber of Commerce - 1400 GMT. FRANKFURT - Federal Reserve Bank of Dallas President Robert Kaplan speaks on “Monetary Policy Issues in an European Context” before the Global Interdependence Center “Central Banking Series: Frankfurt” – 0915 GMT. MONTEBELLO, QUEBEC, Canada - Bank of Canada Senior Deputy Governor Carolyn Wilkins will give a speech in Montebello, Quebec - 1800 GMT. LONDON - European Central Bank executive board member Yves Mersch gives a lecture - 1000 GMT. LONDON - Bank of England releases its inflation report. LONDON - Bank of England announces its rate decision and publishes the minutes of the meeting – 1200 GMT. WELLINGTON - Reserve Bank of New Zealand’s Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, FEBRUARY 9 STOCKHOLM - Riksbank general council meeting - 1200 GMT. TUESDAY, FEBRUARY 13 DAYTON, Ohio - Federal Reserve Bank of Cleveland President Loretta Mester speaks on the economic outlook at the Dayton Area Chamber of Commerce Government Affairs Breakfast - 1300 GMT. STOCKHOLM - Riksbank monetary policy meeting – 0800 GMT. WEDNESDAY, FEBRUARY 14 STOCKHOLM - Swedish Central Bank interest rate decision and monetary policy report - 0830 GMT. THURSDAY, FEBRUARY 15 WINNIPEG, Canada - Bank of Canada Deputy Governor Lawrence Schembri will give a speech in Winnipeg - 1830 GMT. WINNIPEG, Canada - Speech by Lawrence Schembri, Bank of Canada Deputy Governor at Manitoba Association for Business Economics – 1845 GMT. STOCKHOLM - Riksbank executive board meeting – 0800 GMT. FRIDAY, FEBRUARY 16 STOCKHOLM - Riksbank general council meeting - 1200 GMT. MONDAY, FEBRUARY 19 BRUSSELS - Eurogroup meeting. WEDNESDAY, FEBRUARY 21 WASHINGTON - Federal Open Market Committee will release the minutes from its January policy meeting. FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled. THURSDAY, FEBRUARY 22 FRANKFURT, Germany - ECB releases minutes of January meeting - 1230 GMT. MONDAY, FEBRUARY 26 WASHINGTON - Federal Reserve Bank of St. Louis President James Bullard speaks at a luncheon before the National Association for Business Economics conference, “Promoting Sustained Growth: Policy Tensions and Risks” - 1700 GMT. WASHINGTON - Federal Reserve Vice Chair for Supervision Randal Quarles speaks on “A View From the Federal Reserve Board” before the National Association for Business Economics conference, “Promoting Sustained Growth: Policy Tensions and Risks” - 2000 GMT. WEDNESDAY, FEBRUARY 27 STOCKHOLM - Swedish Central Bank minutes of its monetary policy meeting will be published – 0830 GMT. WEDNESDAY, MARCH 7 WASHINGTON - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. OTTAWA - Bank of Canada key policy interest rate announcement – 1500 GMT. STOCKHOLM - Riksbank executive board meeting – 0800 GMT. THURSDAY, MARCH 8 FRANKFURT - ECB Governing Council meeting, followed by an interest rate announcement and a press conference by President Mario Draghi. TOKYO - Bank of Japan monetary policy meeting (to March 9). TUESDAY, MARCH 13 TOKYO - Bank of Japan releases the minutes of monetary policy meeting held on Jan 22-23 – 2350 GMT. THURSDAY, MARCH 15 OSLO - Norway Central Bank gives its interest rate decision, followed by press conference – 0900 GMT. FRIDAY, MARCH 16 LONDON - Bank of England Financial policy committee statement from its meeting – 0930 GMT. KRISTIANSUND, Norway - Norges Bank Deputy Governors Jon Nicolaisen and Egil Matsen give speeches to Norges Bank’s Regional Network Region North-West. SUNDAY, MARCH 18 ** MIAMI, Florida, United States - Federal Reserve Banks of Atlanta, Chicago and San Francisco co-sponsor conference, “National Interagency Community Reinvestment Conference: Aligning to Build Resilient and Inclusive Communities.” Speakers include Federal Reserve Bank of Atlanta President Raphael Bostic (to March 21). TOKYO - Bank of Japan to release the summary of opinions from board members at its March 08-09 policy meeting – 2350 GMT. TUESDAY, MARCH 20 WASHINGTON - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates. WEDNESDAY, MARCH 21 WASHINGTON - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) announces decision on interest rate, followed by a statement – 1800 GMT. WASHINGTON – U.S. Federal Reserve chairperson holds a news conference regarding the interest rate – 1830 GMT. FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled. THURSDAY, MARCH 22 WASHINGTON - Governor of Norges Bank Oystein Olsen will give speech in Washington. FRANKFURT - ECB general council meeting. WELLINGTON - Reserve Bank of New Zealand’s issues Official Cash Rate (OCR) announcement. LONDON - Bank of England announces its interest rate decision and publishes the minutes of the meeting – 1200 GMT.

https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-march-22-idUSL4N1PO4NJ

Syrian Kurdish YPG says Turkish strikes kill 9

BEIRUT (Reuters) - The Syrian Kurdish YPG militia in the Afrin region said Turkish air strikes killed six civilians and three fighters there on Saturday. YPG spokesman Birusk Hasaka told Reuters one of the fighters belonged to the YPG and the two others were from its all-female affiliate, the YPJ. The attacks also wounded 13 civilians, he said. Turkey opened a new front in Syria’s war on Saturday with airstrikes against Afrin that raised the prospect of worsening relations between Ankara and NATO ally Washington. Reporting by Ellen Francis, Editing by William Maclean

https://www.reuters.com/article/us-mideast-crisis-syria-casualties/syrian-kurdish-ypg-says-turkish-strikes-kill-9-idUSKBN1F912N

Top U.S. House Democrat wants to call 'dozens' more witnesses in Russia probe

January 11, 2018 / 7:18 PM / Updated 36 minutes ago Top U.S. House Democrat wants to call 'dozens' more witnesses in Russia probe Reuters Staff 1 Min Read WASHINGTON (Reuters) - The top Democrat on the U.S. House of Representatives Intelligence Committee, said on Thursday there are dozens of witnesses he would like called before the panel as it investigates whether President Donald Trump’s campaign colluded with Russia to influence the 2016 election. Ranking Member of the House Intelligence Committee Adam Schiff (D-CA) speaks after U.S. Attorney General Jeff Sessions attended a closed door interview with the House Intelligence Committee on Capitol in Washington, U.S., November 30, 2017. REUTERS/Joshua Roberts Those witnesses would include Trump’s daughter Ivanka and Steve Bannon, his former adviser, U.S. Representative Adam Schiff told reporters. He also said he would like Trump’s son-in-law Jared Kushner to appear again before the committee while noting that the choice of witnesses is determined by the panel’s Republican leadership. Reporting by Patricia Zengerle; Editing by Susan Thomas

https://uk.reuters.com/article/uk-usa-trump-russia-congress/top-u-s-house-democrat-wants-to-call-dozens-more-witnesses-in-russia-probe-idUKKBN1F02MY

BRIEF-Klövern Issues Bonds With Final Maturity In February 2021​

Jan 25 (Reuters) - KLOVERN: * KLÖVERN AB: KLÖVERN ISSUES BONDS OF SEK 1,500 MILLION * ‍BONDS HAVE TENOR OF ABOUT THREE YEARS AND FLOATING INTEREST RATE OF THREE-MONTHS STIBOR + 350 BASIS POINTS​ * ‍BONDS HAVE FINAL MATURITY IN FEBRUARY 2021​ Source text for Eikon: Further company coverage: (Gdynia Newsroom)

https://www.reuters.com/article/brief-klvern-issues-bonds-with-final-mat/brief-klvern-issues-bonds-with-final-maturity-in-february-2021-idUSFWN1PK03I

BRIEF-Aker BP raises 2018 dividend plan to $450 mln, sees further increase

Jan 15 (Reuters) - Aker Bp Asa: * ‍DURING 2017, AKER BP INCREASED ITS RESERVES (2P) BY A NET OF 202 MILLION BARRELS OF OIL EQUIVALENTS (MMBOE), TO A TOTAL OF 913 MMBOE​ * ‍TO INCREASE DIVIDENDS FOR 2018 TO USD 450 MILLION * CLEAR AMBITION TO GROW DIVIDENDS FURTHER IN COMING YEARS BY USD 100 MILLION ANNUALLY TO 2021​​ * ‍AKER BP‘S PRO-FORMA PRODUCTION IN 2017 WAS 160 MBOEPD, INCLUDING PRODUCTION FROM HESS NORWAY​ * ‍2018 PRODUCTION IS EXPECTED TO BE BETWEEN 155 AND 160 MBOEPD, WITH AN AVERAGE PRODUCTION COST OF 12 USD/BOE​ * ‍WITH ITS CURRENT PORTFOLIO, COMPANY HAS POTENTIAL TO PRODUCE 330 MBOEPD IN 2023​ * ‍WHILE COMPANY‘S OIL AND GAS RESERVES GREW TO 913 MMBOE AT END OF 2017, CONTINGENT RESOURCES WERE ESTIMATED AT 785 MMBOE AT YEAR-END 2017, EACH WITH AN INCREASE OF APPROXIMATELY 30 PERCENT FROM PREVIOUS YEAR​ * ‍ORGANIC RESERVE REPLACEMENT RATIO (RRR) WAS 2.3 TIMES PRODUCTION, AND TOTAL RRR WAS 4.5 TIMES.​ * ‍HAS AN AMBITION TO DISCOVER A NET OF 250 MMBOE OIL AND GAS IN 2016 - 2020 PERIOD​ * ‍COMPANY WILL CONTINUE ITS ACTIVE EXPLORATION STRATEGY IN 2018 WITH 12 EXPLORATION WELLS TO BE DRILLED, WITH RISKED PRE-DRILL ESTIMATES RANGING FROM 50 - 150 MMBOE NET TO AKER BP​ * ‍FURTHER INFILL WELLS AT ULA AND TAMBAR ARE BEING EVALUATED, AND ODA DEVELOPMENT IS ONGOING​ * ‍TAMBAR RE-DEVELOPMENT IS WELL UNDERWAY, EXPECTING FIRST OIL IN 2018​ * 2018 ‍CAPEX SEEN AT AROUND USD 1.3 BILLION​ * 2018 EXPEX SEEN AT AROUND USD 350 MILLION​ * 2018 DECOM EXPENDITURE SEEN AT AROUND USD 350 MILLION​ * ‍OUTPUT FROM ALVHEIM FPSO INCREASED COMPARED TO PREVIOUS YEAR DUE TO NEW WELLS AT VIPER-KOBRA AND VOLUND INFILLS. FURTHER INFILL WELLS ARE BEING MATURED TO ARREST PRODUCTION DECLINE AND MINIMIZE UNIT PRODUCTION COST​ * ‍AMBITION IS TO PRODUCE ANOTHER 1 BILLION BOE FROM VALHALL AREA​ Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

https://www.reuters.com/article/brief-aker-bp-raises-2018-dividend-plan/brief-aker-bp-raises-2018-dividend-plan-to-450-mln-sees-further-increase-idUSFWN1P9022

Miller helps Golden Knights knock off Hurricanes

EditorsNote: revises ninth graf Colin Miller scored a goal and supplied two assists as the Vegas Golden Knights completed a solid road trip with their best performance, striking early in a 5-1 victory against the Carolina Hurricanes on Sunday night at PNC Arena in Raleigh, N.C. Pierre-Edouard Bellemare, Jonathan Marchessault, James Neal and Brendan Leipsic also scored for Vegas, which was denied reaching the six-goal mark -- something it has done only twice previously this season. The Golden Knights wrapped up a four-game road trip with five of a possible eight team points. Vegas goalie Marc-Andre Fleury stopped 27 shots, including all 18 across the final two periods. The Hurricanes replaced goalie Scott Darling after the third goal came just 12:59 into the game. Defenseman Jaccob Slavin cut the Hurricanes’ deficit to 3-1 with 45 seconds left in the first period with a power-play goal. Carolina was coming off a five-day layoff when it won Saturday night at Detroit, but it was unable to duplicate that kind of performance. The Golden Knights had scored only 45 first-period goals this season, the fewest in any period, so the three-goal burst to begin the game was an unexpected boost. Bellemare opened the scoring at 2:55. Miller’s power-play goal at 12:20 was followed 39 seconds later by Marchessault finding the net. Darling stopped only five of eight shots before Cam Ward, who played a night earlier, was summoned to the ice. Darling’s record dropped to 9-13-6, adding to a disappointing recent stretch for the player who was supposed to claim the No. 1 goaltending role. Ward allowed two goals on 25 shots in his relief effort. Vegas has posted more shots than its opponent in seven consecutive games. Since mid-December, the Hurricanes also have taken 8-1 and 7-1 losses, but those results were on the road. The Hurricanes have lost four consecutive home games, going 0-3-1 on home ice this month. This was the only home game for the Hurricanes between their five-day break and the upcoming All-Star weekend. --Field Level Media

https://www.reuters.com/article/icehockey-nhl-car-vgk-recap/miller-helps-golden-knights-knock-off-hurricanes-idUSMTZEE1MXPKV2B

VW leads at the Detroit auto show with the Jetta

VW leads at the Detroit auto show with the Jetta 1 Hour Ago Michelle Krebs of Auto Trader says that VW is working to gain back trust as it leads with the Jetta at the Detroit auto show.

https://www.cnbc.com/video/2018/01/14/vw-leads-at-the-detroit-auto-show-with-the-jetta.html

Optimism opens up market to 'the bear's bite,' says Jim Paulsen

The stock market has incredible price momentum and broad participation but the challenges are "truly increasing," widely followed strategist Jim Paulsen told CNBC on Tuesday. In fact, he called the optimism of late "really overwhelming." "It's so striking because we haven't had it in the entire recovery. The wall of worry was probably the cornerstone of this bull market. … That is gone," the chief investment officer at the Lethold Group said in an interview with " Power Lunch ." "That opens you up to the bear's bite," he added. The Dow Jones industrial average broke above 26,000 for the first time on Tuesday , less than a month after hitting its record 25,000. However, stocks pulled back later in the afternoon as investors weighed the possibility of a government shutdown. Full-fledged correction? While Paulsen isn't exiting the market right now, he does think it is technically overbought and due for a pause. "The pressures are building … particularly if inflation picks up in any major way here … of not just a pullback but a full-fledged 10 or 15 percent correction sometime this year," he said. In the meantime, if the market continues "roaring ahead," with the S&P 500 breaking through 3,000 and the 10-year Treasury yield heading up toward 3 percent, Paulsen said he then may get more defensive with cash. For now, though, he would look to own more capital goods stocks and fewer consumer and bond-like names.Richard Weiss, chief investment officer of multi-asset strategies at American Century Investments, believes it makes sense right now to sell some equities. "We've ridden this bull for all it's worth," he told "Power Lunch." If investors want to hedge their bets, Weiss suggests cash, which he called the "safest place to be," or the CBOE Volatility Index. "I don't know that there's any safe havens in the [U.S.] stock market at this point," he said. — CNBC's Fred Imbert contributed to this report.

https://www.cnbc.com/2018/01/16/optimism-opens-up-market-to-the-bears-bite-says-jim-paulsen.html

After spat, Niki's German administrator says to work closely with Austrian peer

VIENNA, Jan 16 (Reuters) - After a legal spat, Airline Niki’s German administrator Lucas Floether and his Austrian counterpart Ulla Reisch said in a joint statement on Tuesday that they would cooperate closely on sealing a deal on the future of the insolvent airline. Floether said as recently as Friday that he was considering legal action against an Austrian court ruling that Niki’s main insolvency proceedings had to move to Austria from Germany after Floether had already agreed Niki’s sale to British Airways owner IAG. “The signatures of both administrators will guarantee the buyer legal security for the closing of the sales contract,” Floether and Reisch said, reiterating that bidders from previous rounds could issue fresh offers until Friday. Reporting by Shadia Nasralla and Kirsti Knolle; editing by Jason Neely

https://www.reuters.com/article/niki-ma-iag-administrator/after-spat-nikis-german-administrator-says-to-work-closely-with-austrian-peer-idUSV9N1IZ02Q

Stocks drop the most since August

Stocks drop the most since August 9 Hours Ago Art Hogan of B. Riley FBR gives his take on the market action following yesterday’s wild session.

https://www.cnbc.com/video/2018/01/31/stocks-drop-the-most-since-august.html

Green Plains to Host Fourth Quarter and Full Year 2017 Earnings Conference Call on February 8, 2018

OMAHA, Neb., Jan. 25, 2018 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) and Green Plains Partners LP (NASDAQ:GPP) will host a joint conference call on Thursday, Feb. 8, 2018, at 11 a.m. Eastern time (10 a.m. Central time) to discuss fourth quarter and full year 2017 financial and operating results. Domestic and international participants can access the conference call by dialing 888.438.5524 and 719.325.2354, respectively. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation can be accessed on either Green Plains’ website at http://investor.gpreinc.com/events.cfm or Green Plains Partners’ website at http://ir.greenplainspartners.com . The conference call will be available for replay after 2 p.m. Eastern time on Feb. 8, 2018, through Feb. 19, 2018, by dialing 888.203.1112 and using passcode 3222690 and pin 9876. About Green Plains Inc. Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, cattle feedlots, food ingredients, and commodity marketing and logistics services. The company is the second largest consolidated owner of ethanol production facilities in the world with 17 dry mill plants, producing nearly 1.5 billion gallons of ethanol at full capacity. Green Plains owns a 62.5% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com . About Green Plains Partners LP Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com . Contact Jim Stark Vice President, Investor & Media Relations 402.884.8700 [email protected] Source:Green Plains Inc.;Green Plains Partners LP

http://www.cnbc.com/2018/01/25/globe-newswire-green-plains-to-host-fourth-quarter-and-full-year-2017-earnings-conference-call-on-february-8-2018.html

BRIEF-Aviragen Therapeutics Issued Letter To Stockholders Urging Them To Vote For Proposed Deal With Vaxart

Jan 24 (Reuters) - Aviragen Therapeutics Inc: * AVIRAGEN THERAPEUTICS INC - ISSUED A LETTER TO STOCKHOLDERS URGING THEM TO VOTE FOR PROPOSED DEAL WITH VAXART AT SPECIAL MEETING OF STOCKHOLDERS Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-aviragen-therapeutics-issued-lette/brief-aviragen-therapeutics-issued-letter-to-stockholders-urging-them-to-vote-for-proposed-deal-with-vaxart-idUSFWN1PJ1CD

PRECIOUS-Gold hits over 4-mth high as dollar index slumps to 3-yr lows

* Spot gold may rise to $1,357.54/oz - technicals * Speculators raise net longs in COMEX gold in the week to Jan. 9. * Palladium hits new record highs (Updates prices) By Sethuraman N R Jan 15 (Reuters) - Gold prices touched their highest in more than four months on Monday, buoyed by a weaker U.S. dollar, which slumped to three-year lows against a basket of currencies. Spot gold was up 0.3 percent at $1,342.50 an ounce by 0718 GMT after touching its strongest since Sept. 8 at $1,344.44. Spot gold rose for a fifth straight week last week, gaining 1.4 percent. U.S. gold futures were up 0.5 percent at $1,341.90 an ounce. "While the weaker dollar remained gold's primary driver, investors are keeping an eye on the simmering geopolitical hot spot in the Middle East," said Stephen Innes, APAC head of trading at OANDA. "Iran remains among the most poignant of geopolitical risks this year following President Trump's decision not to ratify Iran's compliance on the nuclear deal ... Gold investors are likely under-positioned for a significant escalation which could lead to considerable price increase." Iran's president said on Sunday the United States had failed to undermine a nuclear deal between Tehran and major powers, and hailed the accord as a "long-lasting victory" for Iran, state television reported. U.S. on Friday delivered an ultimatum to European signatories of the deal to fix the "terrible flaws" of the agreement with Iran, or the United States would pull out. The dollar index dropped 0.2 percent to 90.810. Earlier in the session, it hit a low of 90.622 , its worst since Jan. 2015. The recent drop in U.S. unemployment could spark a surge in inflation that, given the Federal Reserve's current policy framework, could trigger interest-rate hikes that bring on a recession, Boston Federal Reserve President Eric Rosengren warned on Friday. Higher rates could dent demand for non-interest-paying gold. Adding a touch of bullishness to gold was the data from U.S. Commodity Futures Trading Commission (CFTC) on Friday, which showed that hedge funds and money managers raised their net long positions in COMEX gold and silver contracts in the week to Jan. 9. Spot gold may break a resistance at $1,341 per ounce and rise to the Sept. 8, 2017 high of $1,357.54, as suggested by a retracement analysis, according to Reuters technical analyst Wang Tao. Among other precious metals, palladium rose 1 percent to $1,135 on Monday, after hitting a record high of $1,138 early in the session. The metal has seen a sustained rally from high demand in the auto industry amid a supply deficit, analysts said. Spot silver rose 0.7 percent to $17.26 an ounce, after touching a near three-month high at $17.42. Platinum was up 0.3 percent at $996.95, after touching its highest since Sept. 11 at $1,001.40 on Monday. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Sunil Nair and Biju Dwarakanath)

https://www.reuters.com/article/global-precious/precious-gold-hits-4-mth-high-as-dollar-index-slumps-to-3-yr-lows-idUSL3N1PA1CS

Saudi king orders new monthly payments to offset cost of living rise: state TV

RIYADH (Reuters) - Saudi Arabia’s King Salman on Saturday ordered a monthly payment of 1,000 riyals ($267) to state employees over the next year in compensation for rising cost of living after the government hiked domestic gas prices and introduced value-added tax (VAT). In a royal decree published by state news media, the king also ordered the payment of 5,000 riyals to military personnel serving at the front lines with Yemen where the kingdom is fighting a nearly three-year-old war. Saudi Arabia, the world’s top oil exporter, roughly doubled gasoline prices on Monday as part of a broad reform initiative aimed at diversifying its economy. A 5 percent VAT on a broad range of goods and services came into effect on the same day. The new payment orders were an acknowledgment of “the increased burdens for some segments of the population following from the necessary measures which the state took to restructure the economy,” according to the decree. King Salman directed the state to bear the burden of VAT in some situations, including special health and education services as well as the first purchase of a house that is valued at up to 850,000 riyals ($226,660). Allowances for students, retirees and social security recipients were also boosted. The decree did not reveal the total cost of the new allowances, but it appeared to be considerably smaller than some past handouts by Saudi kings, and therefore unlikely to have much impact on economic growth or the state budget deficit. About 1.18 million Saudis are employed in the government sector and there are more than 1.23 million pensioners and beneficiaries of pension payments, the central bank says. That suggests a total package cost of about 23 billion riyals, according to Reuters calculations. That compares to a projected 2018 deficit of 195 billion riyals, according to a budget plan released last month. A package of handouts marking King Salman’s accession to the throne in early 2015 was estimated to cost more than 100 billion riyals. Saudi Arabia will slow plans to eliminate subsidies for a wide range of energy products, according to a new long-term fiscal plan in the 2018 state budget. (This version of the story was refiled to add dropped budget deficit figure; paragraph 8) Reporting by Stephen Kalin and Andrew Torchia; Editing by Chris Reese and Clarence Fernandez

https://www.reuters.com/article/us-saudi-decree-economy/saudi-king-orders-new-monthly-payments-to-offset-cost-of-living-rise-state-tv-idUSKBN1EU254

Paisley holds one-shot lead in South African Open

JOHANNESBURG (Reuters) - Chris Paisley of England carded a round of 70 on Saturday to hold a one-stroke lead going into the final round of the European Tour’s South African Open at the Glendower Golf Club. Paisley, seeking a first title on the tour, is 15 under-par for the tournament and leads home favorite Branden Grace (66). He sank three birdies, but spoilt his card with a bogey on the par-four 16th, just his third dropped shot in 54 holes. Grace, the world number 30 and highest ranked player in the field, finished strongly with five birdies on the back nine for a total of 14 under-par for the tournament. He has eight European Tour career victories but has yet to lift his country’s Open championship, which is the second oldest in the world having first been formally played in 1903. South African Jacques Blaauw (66), American Chase Koepka (68) and Frenchman Adrien Saddier (73) are a further two shots back. Saddier was joint overnight leader with Paisley but after a hot-streak on the greens on Friday he could not find his range in the third round, two-putting 17 holes and three-putting the other. Reporting by Nick Said; Editing by Ken Ferris

https://www.reuters.com/article/us-golf-european/paisley-holds-one-shot-lead-in-south-african-open-idUSKBN1F20MP

CORRECTED(OFFICIAL)-UPDATE 1-China insurers' 2017 universal life insurance funds halve amid crackdown

January 22, 2018 / 10:02 AM / in 25 minutes CORRECTED(OFFICIAL)-UPDATE 1-China insurers' 2017 universal life insurance funds halve amid crackdown Reuters Staff (Official correction on investment yield number in paragraph 9) * Chinese insurers’ 2017 universal life insurance funds fall 50.3 pct * Total premium income up 18 pct on-year vs 27.5 pct in 2016 * CIRC pledges to continue regulatory scrutiny BEIJING, Jan 22 (Reuters) - China’s universal life insurance fund assets dropped 50.3 percent in 2017 from a year earlier, the insurance regulator said on Monday, after a crackdown on financial risks led to a slower pace of growth. The decline comes as authorities intensify a widespread crackdown on risks and foul play in the sector, from the use of short-term high-yield life insurance funds to finance long-term projects to executive corruption. Universal life insurance funds fell 50.3 percent in 2017 to 636.3 billion yuan, said the regulator. A handful of insurance firms, which have issued higher-yielding products such as universal life insurance to raise funds to acquire stakes in market-listed companies, were punished last year. The China Insurance Regulatory Commission (CIRC) has pledged to focus on equity ownership, capital and investment, adding that it will take three years to resolve risks in the insurance industry. Total premium income for China’s insurance industry rose 18 percent in 2017 to 3.66 trillion yuan ($571.33 billion), the CIRC also said on Monday. This compares to an increase of 27.5 percent in 2016 from a year earlier. Total assets for the insurance sector were at 16.75 trillion yuan at the end of December, up 10.8 percent for the year, CIRC said in a press release. The regulator also said total investment income in 2017 reached 835.2 billion yuan, up 18.12 percent on-year, while the investment yield was 5.77 percent, rising 0.11 percentage points from 2016. The insurance industry’s total profit hit 256.7 billion yuan in 2017, up almost 30 percent on-year. Return on stock investment in 2017 hit 118.4 billion yuan, up 355.5 percent, while return on bonds reached 208.7 billion yuan over the same period, up 11.07 percent on-year. $1 = 6.4061 Chinese yuan Reporting by Shu Zhang and Matthew Miller in Beijing; Writing by Engen Tham in Shanghai; Editing by Shri Navaratnam and Sam Holmes

https://www.reuters.com/article/china-insurance-income/corrected-update-1-china-insurers-2017-universal-life-insurance-funds-halve-amid-crackdown-idUSL4N1PH3KV

Carrefour shares edge up after investment in online fashion retailer Showroomprive

January 12, 2018 / 8:31 AM / Updated 2 hours ago Investors want more Carrefour digital deals after Showroomprive purchase Dominique Vidalon 4 Min Read PARIS (Reuters) - Investors welcomed supermarket retailer Carrefour’s ( CARR.PA ) acquisition of a stake in online fashion retailer Showroomprive.com ( SRPG.PA ), and analysts added on Friday they wanted more moves by the company in this area. Customers stand next to shopping trolleys as they shop in a Carrefour hypermarket in Nice, France, April 6, 2016. REUTERS/Eric Gaillard/File Photo Carrefour’s new boss Alexandre Bompard will present a strategy plan on Jan. 23, and his ambitions regarding digital and online businesses could form a key part of this. Carrefour said late on Thursday it will buy 17 percent of Showroomprive.com for 79 million euros (70.37 million pounds), from Steinhoff-owned ( SNHJ.J ) furniture chain Conforama. The acquisition helped lift Carrefour shares by around 1 percent on Friday, outperforming a 0.6 percent rise in the broader European retail sector .SXRP, while Showroomprive shares jumped 50 percent. Analysts at brokerage Bryan Garnier said the deal was “hopefully ... a first step towards more announcements on 23rd January,” and kept a “buy” rating on Carrefour shares. Last July Bompard, former boss of France’s top electronics retailer Fnac Darty ( FNAC.PA ), became CEO at Carrefour, the world’s largest retailer after Walmart ( WMT.N ). Carrefour issued a profit warning in August and Bompard is under pressure to improve results in its core French market. Carrefour has been losing market share to unlisted rival Leclerc, and investors also want Bompard to speed up an expansion into e-commerce where its lags domestic rivals and faces competition from online giant Amazon ( AMZN.O ). He has also faced pressure after French rival Casino ( CASP.PA ) agreed to use Ocado’s ( OCDO.L ) e-commerce platform to expand its online grocery business. “A partnership with a web bulge-bracket might lend more credibility to Carrefour’s digital project, as would a partnership, if not a tie-up with Galeries Lafayette,” Bryan Garnier analysts added in a research note. The Moulin family, which owns department store Galeries Lafayette, is the top shareholder in Carrefour with a near 10 percent stake. Bernstein analysts said the Showroomprive deal could boost traffic in Carrefour stores, although they added it was nevertheless “fairly negligible” and Carrefour faced bigger issues over its underperforming food retail business. FEARS ABOUT BIG JOB CUTS Bompard is also expected to back a restructuring on Jan. 23 that some analysts estimate could involve a billion euros. Options for the French market include turning some stores into franchises, moving others to lease management, closing loss-making ones as well as Sunday opening. There could also be some head office restructuring and more price cuts to attract shoppers, union sources have said. The CGT and Force Ouvriere trade unions fear the restructuring could lead to 4,500-5,000 job cuts in France. Carrefour has declined to comment. Dejan Terglav, FO secretary general, told Reuters on Friday his union was calling for a day of protests on Feb. 8. “If the plan does not suit us, it will be war,” he warned. Carrefour is the largest private sector employer in France, with 115,000 French staff out of a global workforce of 384,000. Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta and David Evans

https://uk.reuters.com/article/uk-carrefour-showroomprive/carrefour-shares-edge-up-after-investment-in-online-fashion-retailer-showroomprive-idUKKBN1F10RY

U.S. Secretary of State to visit Latin America: State Department

WASHINGTON (Reuters) - U.S. Secretary of State Rex Tillerson will travel to Latin America in a few weeks in his first official visit to that region, the State Department said on Thursday. State Department spokeswoman Heather Nauert did not provide more specific dates for the trip or further details. Reporting by David Alexander and Doina Chiacu; editing by G Crosse

https://www.reuters.com/article/us-usa-latam-tillerson/u-s-secretary-of-state-to-visit-latin-america-state-dept-idUSKBN1FE2Y3

South Korea Hospital Fire Kills More Than 30 People

SEOUL—A fire tore through a hospital in South Korea early Friday, killing nearly 40 people and injuring dozens more, authorities said. The country’s deadliest blaze in a decade began around 7:35 a.m. in an emergency room on the first floor of the Sejong Hospital in the southeast city of Miryang, Choi Man-wu, head of the Miryang fire department, told a televised briefing. By...

https://www.wsj.com/articles/south-korea-hospital-fire-kills-more-than-30-people-1516934235

Philippines' president made call on China's sea research - spokesman

MANILA, Jan 15 (Reuters) - Philippine President Rodrigo Duterte personally made a decision to let China conduct scientific research off the Philippines’ Pacific coast, his spokesman said on Monday, despite concern among critics about threats to maritime sovereignty. Presidential spokesman Harry Roque said that as chief architect of foreign policy, Duterte allowed China to work with the University of the Philippines in Benham Rise, an area roughly the size of Greece and believed by some scientists to be rich in biodiversity and tuna. The United Nations declared Benham Rise, off the Pacific coast, part of the continental shelf of the Philippines in 2012. Manila last year renamed it the “Philippine Rise”. Though China does not lay claim to the area, the lingering presence of its vessels for several months in late 2016 triggered concern about its intentions. The Philippines granting of the permission to China was not announced and was revealed a few days ago by a lawmaker who has been fiercely critical of Duterte’s close ties with Beijing. The Philippines and China have a long history of maritime squabbles over sovereignty in the South China Sea, but there has been no disagreement about waters off Manila’s Pacific coast. Roque said anyone opposed to the joint research project should go to Congress and raise the issue there. “If this is not a wise move of the president, then a law could be enacted to prohibit it,” he said. The Philippines would grant permission to any other country that might show interest in conducting maritime research at Benham Rise, he added. (Reporting by Manuel Mogato; Editing by Martin Petty, Robert Birsel)

https://www.reuters.com/article/philippines-china/philippines-president-made-call-on-chinas-sea-research-spokesman-idUSL3N1PA1XH

CANADA STOCKS-TSX steady as energy stocks gain, materials fall

(Adds details on specific comnpanies, updates prices to close) * TSX ends up 1.59 points, or 0.01 percent, at 16,319.24 * Six of the index’s 10 main groups rise * Energy group gains 1.2 percent * Materials sector falls 1 percent TORONTO, Jan 9 (Reuters) - Canada’s main stock index ended flat on Tuesday, as shares of energy and marijuana producers rose and a real estate trust surged on a buyout offer, balancing a dip in the materials group which was pressured by a drop in gold prices. * Pure Industrial Real Estate Trust jumped 20.4 percent to C$8.09, one cent below the all-cash offer a Blackstone Group affiliate made for the Canadian REIT. * The Toronto Stock Exchange’s S&P/TSX composite index closed up 1.59 points, or 0.01 percent, at 16,319.24. * The energy group climbed 1.2 percent, as U.S. crude touched its highest since December 2014, supported by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week in a row. * Shares of Encana Corp advanced 2.8 percent to C$17.01 after the company estimated fourth-quarter production from its core assets would top its own forecast. * The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.0 percent. * Kinross Gold Corp fell 3.9 percent to C$5.17 and Barrick Gold Corp was off 0.8 percent at C$18.14 as gold futures fell 0.7 percent to $1,309.6 an ounce. * Nutrien Ltd, the fertilizer company formed last week by a merger of Potash Corp of Saskatchewan and Agrium, fell 1.7 percent to C$65.70. * Marijuana producers were also among the biggest gainers. Canopy Growth Co climbed 5.5 percent to C$42.07 and Aphria Inc was up 4.1 percent at C$22.89. * Six of the index’s 10 main groups gained, although decliners outnumbered advancers by 1.3-to-1 overall. (Reporting by Alastair Sharp and Fergal Smith; Editing by Susan Thomas and Alistair Bell)

https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-steady-as-energy-stocks-gain-materials-fall-idUSL1N1P41SL

Greeley and Hansen Appoints Two New Principals

CHICAGO, Jan. 23, 2018 /PRNewswire/ -- Greeley and Hansen, a leading global civil and environmental engineering, architectural, and management consulting firm, has named Joseph Dinkel and Michael J. Hope as principals. Both are accomplished engineers and leaders that exemplify Greeley and Hansen's core values of client commitment and dedication to providing quality service. Dinkel is the Manager of the firm's Mechanical, Electrical, Plumbing, and Instrumentation & Control (MEPIC) Group with overall responsibility for directing staff and providing high-level project delivery oversight. He has broad experience in management, engineering, construction, and project execution for a wide range of water, wastewater, and other infrastructure projects with special expertise in complex HVAC, plumbing, and fire protection systems. Hope currently serves as Co-Managing Director of the North Atlantic Operating Group, leading the firm's day-to-day business operations as well as business development and strategic growth efforts in Pennsylvania, Delaware, and New Jersey. He has extensive experience in managing a diverse range of large, complex water and wastewater programs and facility projects for utility clients in the northeast. "In addition to their depth of technical experience, Joe and Mike have consistently demonstrated the strong leadership and management skills that will help us advance our long-range business goals," said Chairman and Chief Executive Officer Andy Richardson . "Greeley and Hansen is focused on achieving sustained future growth, and Joe and Mike are both highly qualified and motivated professionals who can help accelerate the firm's ongoing efforts to achieve our growth objectives." Dinkel is a registered professional engineer with a B.S. in mechanical engineering from Michigan Technological University. He is Certified in Plumbing Design (CPD) and is also a member of the American Society of Plumbing Engineers and the American Society of Heating, Refrigerating, and Air Conditioning Engineers. Hope is a registered professional engineer and a New Jersey Certified Municipal Engineer with a B.S. in civil engineering from Widener University. He is actively involved in a number of professional organizations, including the American Water Works Association, American Society of Civil Engineers, and New Jersey Water Environment Association. He is a Past President of the New Jersey Society of Professional Engineers and has served in officer and committee roles for other organizations, including the New Jersey Department of Environmental Protection Advisory Committee for Standards for Individual Subsurface Disposal Systems. About Greeley and Hansen Greeley and Hansen is a leader in developing innovative engineering, architecture, and management solutions for a wide array of complex water, wastewater, and related infrastructure challenges. The firm has built upon over 100 years of proven civil and environmental engineering experience in all phases of project development and implementation to become a premier global provider of comprehensive services in the water sector. Greeley and Hansen is dedicated to designing better urban environments worldwide. http://www.greeley-hansen.com/new.htm For more information, contact: Nancy Stankus 312-558-9000 [email protected] View original content with multimedia: http://www.prnewswire.com/news-releases/greeley-and-hansen-appoints-two-new-principals-300586324.html SOURCE Greeley and Hansen

http://www.cnbc.com/2018/01/23/pr-newswire-greeley-and-hansen-appoints-two-new-principals.html

Netflix Q4 earnings preview

Analysts expect Netflix to post a big quarter after the bell on Monday, bolstered by subscriber growth ahead of Netflix's previously announced estimate of 6.3 million. The company's stock rose 2.5 percent in early trading Monday. GBH Insights chief strategy officer and head of technology Daniel Ives believes Netflix's subscription addition estimate was low, and expects that price increases did not drive that many people away, while the movie "Bright" and new seasons of "The Crown" and "Stranger Things" kept users around. Through surveys, GBH Insights believes net ads this quarter will approach 7 million. "They were a little conservative on guidance on domestic given the price increase, but we didn't see any chinks in the armor," Ives said, adding that he expects the company to have a more profitable trajectory relative to the past two years. show chapters Even at this stage of the game, it may not be too late to buy Netflix 2:41 AM ET Fri, 19 Jan 2018 | 01:30 Forrester principal analyst Jim Nail said the holidays tend to be a strong quarter for Netflix, leading him to believe it will post large subscriber ads this quarter than projected. And while it is spending up to $8 billion on content this year, the large figure is a "necessary evil" to remain competitive against other services, Ives said. "We're just continuing to see the cord cutting phenomenon going into Netflix's lap," he said. There are some questions going forward about the negative impact of Disney removing its content from Netflix in 2019 and Disney's larger ownership stake in Hulu due to the Disney- Fox deal , Ives said, but he expects to see the impact more in the latter half of 2018. "If [CEO Reed] Hastings wakes up at night with a nightmare, it's Iger and Disney," Ives said. "Going into this earnings it needs to be a beat and raise type of outlook. The stock has had a huge run. We still think it's in its fifth or sixth inning." It's also questionable whether Netflix can sustain subscriber interest at the current pricing level, and Forrester's Nail expects more price increases to come. While the company doesn't have to have a hit with each show because it's not dependent on advertising, it still has to have enough hits to ensure people will be willing to pay for the service each month. "They redefine what is good and crap," Nail said. "Their business is no longer defined by, 'Does the show generate a big enough audience for advertisers?' What you and I may think is crap, somebody may watch it and like it. They'll see a $12 charge on their credit card bill, but will that show be enough to pay $12 for Netflix?" Analysts expect Netflix to post EPS of 41 cents on revenue of $3.28 billion, according to Thomson Reuters.

https://www.cnbc.com/2018/01/22/netflix-q4-earnings-preview.html

RetireUp Acquires RepPro, Creating a Powerhouse Digital Retirement Planning Solution

CHICAGO, Jan. 11, 2018 /PRNewswire/ -- RetireUp , a retirement planning software for financial advisors, today announced the acquisition of their strategic partner, RepPro , a smart forms and digital business execution platform. This acquisition comes on the heels of the companies' latest joint endeavor, the launch of RetireUp Pro , an end-to-end retirement income planning platform that elevates the client experience from start to finish, while helping advisors accelerate their business. The joint company will assume the RetireUp brand, headquartered in Chicago, IL. "RetireUp was created to bring the complexities of retirement planning to life in a simple and engaging way so the client and the advisor can work together, on the same side of the table," said RetireUp President and Chief Sales Officer, Michael Roth. "When we were introduced to RepPro, there was an automatic synergy between the functionality of the two platforms, as well as the mission both companies shared of making retirement planning more accessible for people and more profitable to advisors. We're incredibly proud about this partnership and believe that RepPro's best-in-class software will continue to improve the workflow at every stage of our advisors' planning process, as we've already seen with our RetireUp Pro product – enabling advisors to allocate valuable time back to serving their clients." Founded in 2012 by a team of financial advisors, RetireUp serves thousands of financial advisors across the nation. The platform is a comprehensive, web-based retirement planning tool which uses engaging charts and graphs to transform complex financial concepts into easy to understand, "big-picture" visuals that invite clients to become active participants in their own financial futures –creating personalized income plans within 30 minutes. Users of RetireUp Pro have full access to RepPro's automated smart forms and business logic, which uses powerful data integration, and a fully automated filing system to expedite administrative tasks from start to finish while reducing human error. As a result of the acquisition, Patrick Kelly, RepPro Co-Founder and CEO , will assume the role of Executive Vice President, Business Development of RetireUp. "Joining RetireUp is an exciting next chapter for RepPro," said Kelly. "The two technologies fit seamlessly together to create the end-to-end business and client solution that advisors have been searching for– especially as they strive to provide scale and next-level client service to compete in the growing marketplace. After launching RetireUp Pro and seeing the overwhelmingly positive response from distributors and their advisors, we're excited to see what's next for RetireUp and the impact we can make together." For information about RetireUp or to request a demo, visit www.retireup.com . For media inquiries, contact [email protected] . About RetireUp RetireUp transforms client conversations into the centerpiece of the Retirement Income Story© - with compelling discussions around the full picture of defined income (Social Security, variable annuities, fixed index annuities, pensions) and other assets. RetireUp's web based tool sets itself apart with a focus on the distribution phase of retirement, the ability to model annuity and insurance products, and an engaging interface. The tool provides a useful balance between basic retirement calculators and complicated retirement planning tools. RetireUp works with enterprises, registered representatives, independent financial advisors and RIAs. For more information go to www.retireup.com . About RepPro RepPro was designed to eliminate the headaches, hassles, and inefficiencies that exist with current processing methods. The platform takes the entire transition process online and creates a system that significantly reduces time and errors. Store your clients' information, fill out and execute their plan, and in the future, accessing a client's information and status is just a few clicks away. For more information go to www.reppro.co . Media Contact: Olivia Gagnon FiComm Partners O: (917) 636-4809 [email protected] View original content with multimedia: http://www.prnewswire.com/news-releases/retireup-acquires-reppro-creating-a-powerhouse-digital-retirement-planning-solution-300581208.html SOURCE RetireUp

http://www.cnbc.com/2018/01/11/pr-newswire-retireup-acquires-reppro-creating-a-powerhouse-digital-retirement-planning-solution.html

IRA balances at record highs

IRA balances at record highs 1 Hour Ago CNBC's Sharon Epperson reports on how to protect retirement accounts as markets hit record levels and send retirement balances higher.

https://www.cnbc.com/video/2018/01/22/ira-balances-at-record-highs.html

Asian shares slip as iron ore softens, euro near 3-year top

January 16, 2018 / 12:50 AM / Updated 28 minutes ago Asian shares hit record high, euro near three-year top Lisa Twaronite 4 Min Read TOKYO (Reuters) - Asian shares erased early modest losses and pushed to a fresh record high, while the euro remained within sight of a 3-year peak on rising expectations that the European Central Bank could pare its monetary stimulus. FILE PHOTO -Men exchange greetings in front of an electronic board displaying the Nikkei average outside a brokerage in Tokyo, Japan January 4, 2018. REUTERS/Kim Kyung-Hoon European stock futures STXEc1 were flat, suggesting a more subdued opening for the region. DAX futures FDXc1 were up 0.1 percent, and FTSE futures FFIc1 and CAC FCEc1 each up 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.5 percent, extending record highs set in the previous session. U.S. markets were closed for a public holiday on Monday. But Australian shares slipped 0.5 percent, as miners were pressured by weaker Chinese iron ore prices. The materials and mining index .AXMM dropped as much as 0.8 percent, with mining giants BHP Billiton Ltd ( BHP.AX ) and Rio Tinto Ltd ( RIO.AX ) each falling over 1 percent before ending off lows. Chinese iron ore futures edged up after tumbling 2 percent on Monday, when stockpiles of the steelmaking commodity at China’s ports surged to the highest since at least 2004. [IRONORE/] Japan's Nikkei stock index .N225 rallied 1 percent after touching its highest intraday level since November 1991 as the yen's recent surge took a breather, with expectations for strong corporate earnings underpinning sentiment. “The yen’s appreciation against the dollar has stopped and this brightened sentiment, along with expectations for robust company quarterly results,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. The euro edged up slightly to $1.2270 EUR= , within sight of its Monday high of $1.2296, its loftiest peak since December 2014. The euro had blipped higher on Monday and German benchmark bond yields hit session highs after European Central Bank rate-setter Ardo Hansson said the central bank could end its bond purchase scheme in one go after September if the economy and inflation develop as expected. Adding to the euro’s ascent, data showed the trade surplus in the 19-country euro area rose to its highest level in eight months, indicating companies were so far weathering the impact of a stronger currency. The dollar index, which gauges the U.S. currency against a basket of six major rivals, wallowed at more than three-year lows. It was last at 90.456 .DXY, after dropping as low as 90.279 on Monday, its deepest nadir since December 2014. Against the yen, the dollar clawed back some lost ground, adding 0.3 percent to 110.82 JPY= . It fell as low as 110.32 yen on Monday, which was its weakest level since Sept. 15. Japanese Finance Minister Taro Aso said on Tuesday that he did not see problems with the dollar weakening to around 110.80 yen, but that big swings in currencies would be problematic. “The dollar’s problems began last week, when investors sold the dollar on expectations that the Bank of Japan might begin to taper its stimulus,” said Mitsuo Imaizumi, Tokyo-based chief foreign-exchange strategist for Daiwa Securities. “It then continued as the euro rose on suggestions that the ECB would take further normalization steps, showing how sensitive markets are to perceived signals from central banks,” he said. Crude oil prices were mixed after rising to their highest levels since December 2014, helped by the dollar’s recent weakness as well as signs that production cuts by OPEC and Russia are tightening supplies. [O/R] Brent crude futures LCOc1 were down 30 cents, or 0.4 percent, at $69.96 a barrel after touching a high of $70.37 a barrel on Monday. U.S. crude futures CLc1 were up 19 cents, or 0.3 percent, at $64.49 a barrel. Additional reporting by Shinichi Saoshiro in Tokyo; Editing by Sam Holmes

https://uk.reuters.com/article/uk-global-markets/asian-shares-slip-as-iron-ore-softens-euro-near-3-year-top-idUKKBN1F501E

Pope Francis to visit Peru as Fujimori pardon roils country

January 12, 2018 / 4:50 PM / Updated 20 minutes ago Pope Francis to visit Peru as Fujimori pardon roils country Mitra Taj , Philip Pullella 5 Min Read LIMA/VATICAN CITY (Reuters) - Pope Francis next week visits Peru, a country divided over former autocrat leader Alberto Fujimori, whose pardon from prison by the current president has reopened wounds from one of the country’s darkest periods. FILE PHOTO - People rest near Lima Cathedral with a banner of Pope Francis prior to his visit to Peru from January 18 to 21, in Lima, Peru, January 3, 2018. REUTERS/Mariana Bazo Peruvians will watch closely to see if the Argentine pope signals any concern over the pardon after he arrives on Thursday from Chile on the second leg of a South America trip, where corruption and the plight of indigenous people will likely come up. President Pedro Pablo Kuczynski, a former Wall Street banker, last month narrowly survived an impeachment bid over a graft scandal with the help of Fujimori’s loyalists in Congress, and pardoned Fujimori three days later. Fujimori, 79, had served less than half of a 25-year sentence for corruption and human rights crimes for commanding death squads to combat a Maoist-inspired insurgency during his 1990-2000 right-wing populist government. Opponents of both Fujimori and Kuczynski will be seeking a papal condemnation, even if only in general terms, of human rights abuses and corruption. “Hopefully the Pope will show solidarity with the victims,” said human rights activist Gisela Ortiz, whose brother was one of nine university students killed in a massacre of civilians that Fujimori was found guilty of ordering. She called on Francis to meet with her and other family members of Fujimori’s victims. “We want to express how worried we are about the injustice we’re living in,” she said. Kuczynski, 79, cited medical reasons for granting Fujimori the pardon and has said it was fundamentally about forgiveness. He denies it was part of a backroom deal. Rosa Rojas, who is also seeking a meeting with the pope, said she still struggles with the loss of her husband and eight-year-old son, who were killed in Fujimori’s battle against the Shining Path rebels. Combat between state security forces and the Shining Path and other guerrillas left an estimated 69,000 dead in Peru between 1980 and 2000, with 75 percent of victims comprised of indigenous people, according to Peru’s truth commission. “With the pardon, wounds that were healing have reopened,” Rojas said. FILE PHOTO - Former Peruvian President Alberto Fujimori accompanied by his son Kenji Fujimori leaves the Centenario hospital in Lima, Peru, January 4, 2018. REUTERS/Alexis Pasquel ‘CORRUPTION IS THE PLAGUE’ Cardinal Pietro Parolin, the Vatican secretary of state, hinted strongly that the pope would address corruption during the trip. Parolin, who ranks only second to the pope in the Church’s hierarchy, told Vatican media that the pope feels fighting corruption is important because “it blocks development and the overcoming of poverty”. During a previous trip to Latin American Francis said: “Corruption is the plague, it’s the gangrene of society”. But Vatican spokesman Greg Burke said there were no plans for the pope to meet the family members of Fujimori’s victims. Despite his downfall, many Peruvians admire Fujimori, crediting him with pacifying Peru, fixing a broken economy and tending to the needs of the poor. Recent polls show that a majority of Peruvians support the pardon. His populist following, led by daughter Keiko and son Kenji, remains one of the country’s most potent political forces. Fujimori’s supporters are also seeking a gesture of papal understanding for the pardon, but Church sources say that is unlikely. Human rights is expected to come up when Francis visits the Amazonian town of Puerto Maldonado to address increasing risks to the region’s indigenous people - including reclusive tribes that shun contact with outsiders - from rampant wildcat gold mining, illegal logging and drug trafficking. “Their territory is increasingly being invaded, their space is becoming smaller and smaller; the livelihoods with which they have survived for so many centuries are being destroyed,” said Father Manuel Jesus Romero. “Fishing, hunting, trees and rivers are more and more in danger. Therefore their lives are in danger,” he told the newsletter of REPAM, a Pan-Amazonian Church Network. The South America trip will be 22nd overseas trip of Francis’ pontificate and the sixth to the continent of his birth. Reporting By Mitra Taj in Lima and Philip Pullela in Vatican City; Editing by Alistair Bell

https://uk.reuters.com/article/uk-pope-peru/pope-francis-to-visit-peru-as-fujimori-pardon-roils-country-idUKKBN1F123G

Major Cryptocurrency Index Excludes Korean Prices Without Warning | Fortune

By David Z. Morris 2:57 PM EST CoinMarketCap, arguably the most prominent global index of cryptocurrency prices, triggered a wave of anxiety and anger this morning when it removed a group of Korean cryptocurency exchanges from its price calculations. Though the change was apparently made at midnight Sunday U.S. EST, CoinMarketCap did not publicize it until midday on Monday, saying that the Korean exchanges showed “extreme divergence in prices from the rest of the world and limited arbitrage opportunity.” This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity. We are working on better tools to provide users with the averages that are most relevant to them. — CoinMarketCap (@CoinMarketCap) January 8, 2018 The move resulted in a sharp drop in CoinMarketCap’s measurement of nearly all cryptocurrencies. That gave the impression that a broad market decline , already in progress, had become even more dramatic overnight. As news of the cause for the sharp drop spread Monday, most cryptocurrency prices began recovering losses. Get Data Sheet , Fortune’s technology newsletter. The delisting itself seems to have been relatively uncontroversial—as CoinDesk points out , local exchanges can sometimes show sharp divergence from global prices, masking broad trends. According to CoinDesk, the Korean exchanges Bithumb, Coinone and Korbit, which consistently had prices well above the global market, were removed from CoinMarketCap’s calculations. Ripple’s David Schwartz acknowledged that the new price is “more accurate and meaningful.” They are outliers due to a shortage of cryptos in Korea and difficulty getting KRW out. The new price is more accurate and meaningful, IMO. — David Schwartz (@JoelKatz) January 8, 2018 But cryptocurrency watchers on Twitter responded with understandable anger to the lateness of CoinMarketCap’s announcement, calling it “unprofessional” and saying it may have triggered panic selling. Do a better job of communicating this type of thing BEFORE you do it! — Steven Blanton (@steveruno) January 8, 2018 Well why didn't you let the community know instead surprised many people and the newbies likely sold (luckily us more seasoned investors held and looked for facts of why the dip before making a rash decision) your actions without notice likely caused a loss of money for many! — Chris B. (@BaradaranChris) January 8, 2018 Some went further, accusing CoinMarketCap of market manipulation. That echoes recent suspicion of insider trading by employees of the Coinbase cryptocurrency exchange. This was one of the most unprofessional deliberate price manipulation I’ve ever seen smh still Hodl though — Mr. Sanchez (@faly_sanchez) January 8, 2018 Cannot find the right words for this really…Either extreme incompetence or pure evil manipulation.Both deserve severe consequences! — Pierre Dekkers (@pierre_dekkers) January 8, 2018 If there’s one clear takeaway from the incident, it’s that the infrastructure of cryptocurrency markets, much like cryptocurrencies themselves, is still evolving, unstable, and subject to shocks based on nothing more than avoidable missteps. SPONSORED FINANCIAL CONTENT

http://fortune.com/2018/01/08/coinmarketcap-removes-korean-exchange-prices/

Trump news: Infrastructure plan would target Trump's rural base: Axios

CNBC.com SHARES A purported draft Trump administration infrastructure plan would aim to spur major projects in the rural areas that helped to propel President Donald Trump to the White House. The proposal would seek to make transportation more efficient and boost access to broadband in rural areas, among other goals, according to the leaked plan published by Axios . Earlier this month, Trump signed an executive order aiming to promote access to broadband. Doing so was also a priority for his 2016 rival, Hillary Clinton . The rural section of the nationwide infrastructure plan would account for about 25 percent of appropriations, according to the document shared by Axios. The proposal does not give estimates for the federal funding involved in the projects. The plan would aim to address five parts of rural infrastructure: transportation, broadband, water and waste, power and electric, and water resources. The draft says states would be "incentivized to partner with local and private investment for completion and operation of projects." White House spokeswoman Lindsay Walters told CNBC that the administration is "not going to comment on the contents of a leaked document but [looks] forward to presenting our plan in the near future." The White House has previously promoted a $1 trillion infrastructure plan. Previous reports indicate it would aim to spur $800 billion in state, local and private spending with $200 billion in federal spending.

https://www.cnbc.com/2018/01/22/trump-news-infrastructure-plan-would-target-trumps-rural-base-axios.html

Bollywood superstar on his Davos award

Bollywood superstar on his Davos award Friday, January 26, 2018 - 01:27 Bollywood megastar Shah Rukh Khan speaks with Reuters' Ciara Lee about the need for gender equality in film and the prestige of winning a WEF Crystal Award for his work with Indian acid attack victims. ▲ Hide Transcript ▶ View Transcript Bollywood megastar Shah Rukh Khan speaks with Reuters' Ciara Lee about the need for gender equality in film and the prestige of winning a WEF Crystal Award for his work with Indian acid attack victims. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2naNbol

https://www.reuters.com/video/2018/01/26/bollywood-superstar-on-his-davos-award?videoId=388592256

Dollar focuses on US government shutdown, losses limited for now

The dollar pared losses against a basket of currencies on Monday, after news that Republican leaders in the U.S. Senate had rounded up enough votes to move a stopgap funding bill that would end a government shutdown. The U.S. government shutdown took effect at midnight on Friday after Democrats and Republicans failed to agree on a last-minute deal to fund government operations. On Monday, Democratic Senate leader Chuck Schumer said the government would reopen in a "few hours." The dollar index , which tracks the greenback against six major currencies, was down 0.21 percent to 90.39, after falling as low as 90.155 earlier in the session. The greenback jumped to 110.96 yen against the Japanese currency.

https://www.cnbc.com/2018/01/21/dollar-focuses-on-us-government-shutdown-losses-limited-for-now.html

Ferrer shows up-and-comer Wu the door in Auckland

January 8, 2018 / 5:44 AM / Updated 15 hours ago Ferrer shows up-and-comer Wu the door in Auckland Reuters Staff 2 Min Read AUCKLAND (Reuters) - Experience was more than a match for youthful exuberance at the Auckland Classic on Monday as four-times champion David Ferrer beat Chinese teenager Wu Yibing 7-6(7) 6-4 to advance to the second round. The 35-year-old Ferrer, who was ranked as high as third in the world in 2013, battled it out from the baseline against his 18-year-old opponent in a first set that lasted 75 minutes. Wu, the world’s top-ranked junior, held a set point in the tiebreak at 6-4 but could not convert and a double fault handed the first set to Ferrer, who is now ranked 38th. The Spaniard then began to show the court craft and tactical nous built up from 15 years on the ATP Tour in the second set as he began to pick off Wu, who became China’s first boys’ grand slam singles champion last year at the U.S. Open. The world’s top-ranked junior, who is playing his first full season on the ATP Tour, continued to play some aggressive, high-risk tennis that allowed him to break when the Spaniard was serving for the match, but it was only delaying the inevitable. Ferrer advanced to the second round to face Portugal’s Joao Sousa, last year’s runner-up, when Wu belted a forehand long after two hours on court. Sousa had earlier overcome Donald Young 6-7(8) 6-4 6-2 in a match that lasted two hours. Canadian Denis Shapovalov will face Brazilian Rogerio Dutra Silva later on Monday. The men’s top four seeds, defending champion Jack Sock, 2009 winner Juan Martin Del Potro, two-times champ John Isner and his American compatriot Sam Querrey, have been given byes into the second round. Reporting by Greg Stutchbury in Wellington; Editing by Peter Rutherford

https://www.reuters.com/article/us-tennis-auckland-men/ferrer-shows-up-and-comer-wu-the-door-in-auckland-idUSKBN1EX0BW

BRIEF-Esense-Lab Signs A$1.1 Mln Distribution & Sales Agreement

Jan 15 (Reuters) - Esense-Lab Ltd: * ESENSE-LAB SIGNS AU$1.1M DISTRIBUTION AND SALES AGREEMENT * DEAL FOR DISTRIBUTION AND MINIMUM SALES OF TERPENES STRAINS IN UNITED ARAB EMIRATES ​ Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-esense-lab-signs-a11-mln-distribut/brief-esense-lab-signs-a1-1-mln-distribution-sales-agreement-idUSFWN1P900B

BRIEF-Endeavour Silver Provides 2018 Production And Cost Guidance

January 25, 2018 / 11:57 AM / in 9 minutes BRIEF-Endeavour Silver Provides 2018 Production And Cost Guidance Reuters Staff 2 Min Read Jan 25 (Reuters) - Endeavour Silver Corp: * ENDEAVOUR SILVER PROVIDES 2018 PRODUCTION AND COST GUIDANCE, TARGETING 20% INCREASE IN PRODUCTION TO 5.8-6.4 MILLION OZ SILVER AND 58-64,000 OZ GOLD FOR 10.2-11.2 MILLION OZ SILVER EQUIVALENT * ENDEAVOUR SILVER - IN 2018, PLANS TO INVEST $48.4 MILLION ON CAPITAL PROJECTS INCLUDING $41.1 MILLION IN SUSTAINING CAPITAL AT FOUR OPERATING MINES * ENDEAVOUR SILVER CORP - AT CURRENT METAL PRICES, SUSTAINING CAPITAL INVESTMENTS WILL BE COVERED BY OPERATING CASH FLOW IN 2018 * ENDEAVOUR SILVER - EXPECTS TO BRING ITS FOURTH MINE INTO COMMERCIAL PRODUCTION IN Q3 AS EL COMPAS CONSTRUCTION PROGRAM NEARS COMPLETION * ENDEAVOUR SILVER CORP - WITH HIGHER FORECAST PRODUCTION, CASH COSTS AND ALL-IN SUSTAINING COSTS ARE EXPECTED TO DECLINE IN 2018 COMPARED TO 2017 * ENDEAVOUR SILVER - CASH COSTS, NET OF GOLD BY-PRODUCT CREDITS, ARE EXPECTED TO BE $6.00-$7.00 PER OZ OF SILVER PRODUCED IN 2018 * ENDEAVOUR SILVER CORP - 2018 CAPITAL BUDGET WILL INCREASE FROM 2017 DUE TO DEVELOPMENT OF NEW EL COMPAS MINE * ENDEAVOUR SILVER - AISC, NET OF GOLD BY-PRODUCT CREDITS, ESTIMATED TO BE $15.00-$16.00 PER OZ OF SILVER PRODUCED IN 2018 Source text for Eikon: Further company coverage:

https://www.reuters.com/article/brief-endeavour-silver-provides-2018-pro/brief-endeavour-silver-provides-2018-production-and-cost-guidance-idUSASB0C2AH

Hollywood stars back #TimesUp war on harassment as donations roll in

LONDON (Thomson Reuters Foundation) - Hollywood stars including Reese Witherspoon, Jessica Chastain and Natalie Portman have backed a campaign against sexual harassment called Time’s Up as donations flood in for a multi-million dollar legal fund to fight abuse cases in the workplace. In an open letter in the New York Times, they said they particularly wanted to “lift up the voices” of women in low-wage industries whose lack of financial stability left them vulnerable to exploitation. “I stand with ALL WOMEN across every industry to say #TIMESUP on abuse, harassment, materialization and underrepresentation,” tweeted Witherspoon who won an Oscar for the Johnny Cash biopic “Walk the Line”. The campaign comes after a slew of allegations of sexual misconduct against Hollywood mogul Harvey Weinstein last year sparked the #MeToo campaign, with women and men using social media to talk about their experiences of harassment. More than 300 show business figures including actors, writers and directors launched the Time’s Up initiative with a full page advert in the New York Times on New Year’s Day, pledging to support workers in all industries fight sexual misconduct. “Let’s all make this resolution for the year: No more accepting sexual harassment and inequality at work as normal. It’s NOT normal,” tweeted actress Jessica Biel. By early Tuesday the initiative, also backed by Eva Longoria and Emma Stone, had raised nearly $14 million of a $15 million target for a legal fund to help victims of sexual harassment in the workplace. “We stand with all those who have endured sexual harassment: those who have come forward and those who have decided to remain quiet. It’s time for change, and we must act now,” the group said on their gofundme page. “The voices of those affected in every industry have been silenced for too long.” They said harassment often continued because those responsible and employers never faced consequences and because of systematic gender inequality. “The struggle for women to break in, to rise up the ranks and to simply be heard and acknowledged in male-dominated workplaces must end; time’s up on this impenetrable monopoly,” they said. The campaign with hashtag #timesup will also push for legislation to penalize companies that tolerate harassment and to discourage the use of nondisclosure agreements to silence victims, according to the New York Times. “Time’s up on silence. Time’s up on waiting. Time’s up on tolerating discrimination, harassment or abuse,” Oscar winner Portman wrote on Instagram. Actors are being encouraged to wear black at the Golden Globe Awards on Sunday to protest against sexual harassment. Editing by Belinda Goldsmith; Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, which covers humanitarian news, women's rights, trafficking, corruption and climate change. Visit news.trust.org to see more stories.

https://www.reuters.com/article/us-women-harassment-actresses/hollywood-stars-back-timesup-war-on-harassment-as-donations-roll-in-idUSKBN1ER10R

BRIEF-Genmab 2017 Net Sales Of DARZALEX At $1.24 Billion

Jan 23 (Reuters) - GENMAB: * ANNOUNCES 2017 NET SALES FIGURES FOR DARZALEX® (DARATUMUMAB) * ‍WORLDWIDE NET SALES OF DARZALEX (DARATUMUMAB) AS REPORTED BY JOHNSON & JOHNSON WERE USD 1,242 MILLION IN 2017​ * ‍NET SALES WERE USD 884 MILLION IN U.S. AND NET SALES IN REST OF WORLD WERE USD 358 MILLION​ Source text for Eikon: Further company coverage: (Gdynia Newsroom)

https://www.reuters.com/article/brief-genmab-2017-net-sales-of-darzalex/brief-genmab-2017-net-sales-of-darzalex-at-1-24-billion-idUSASM000IEI

The Dems’ Farrakhan Problem

Hillary Clinton tried to make Louis Farrakhan an issue when she ran against Barack Obama in 2008. The Nation of Islam leader—infamous for calling Judaism a “gutter religion”—had praised the future president as “the hope of the entire world.” In a February debate, Mrs. Clinton demanded that Mr. Obama reject Mr. Farrakhan’s support, insisting: “There’s a difference between denouncing and rejecting.” Mr. Obama obliged and added: “There’s no formal offer of help from Minister Farrakhan that would involve me rejecting it.” Three...

https://www.wsj.com/articles/the-dems-farrakhan-problem-1517270636

Portugal's potential to rival Californian cannabis

Portugal eyes bid to rival Californian cannabis 4:04pm GMT - 02:07 Portuguese lawmakers have begun debating a draft bill that would legalize medical marijuana as a 20 million dollar cannabis farm opens in the country. Emily Wither reports. Portuguese lawmakers have begun debating a draft bill that would legalize medical marijuana as a 20 million dollar cannabis farm opens in the country. Emily Wither reports. //reut.rs/2AV6NBv

https://uk.reuters.com/video/2018/01/12/portugal-eyes-bid-to-rival-californian-c?videoId=382168487

#MeToo effect: Calls flood U.S. sexual assault hotlines

January 17, 2018 / 11:05 AM / Updated 10 hours ago #MeToo effect: Calls flood U.S. sexual assault hotlines Lisa Lambert 3 Min Read WASHINGTON (Reuters) - The phones at U.S. sexual assault hotlines have been ringing in record numbers as the #MeToo social movement spurs victims to reach out for help, sending organizations scrambling to keep up. Calls spiked when the movement began in October, with people waiting up to three hours to talk to someone at the country’s largest one, the National Sexual Assault Hotline. The number of calls to the hotline operated by the Rape, Abuse & Incest National Network (RAINN) surged 25 percent in November from a year earlier, and another 30 percent in December, according to RAINN. Its 209,480 total calls in 2017 were the most for any year since its founding in 1993. Last fall, actress Alyssa Milano of the television show “Charmed” asked women who had been sexually assaulted or harassed to post “Me Too” in response to allegations made against movie mogul Harvey Weinstein. Weinstein, accused of sexual abuse by dozens of women, has denied having nonconsensual sexual contact with anyone. Reuters has not been able to independently confirm the accusations. Volunteers on the National Sexual Assault Hotline work both over the phone and via web chat at the offices of the U.S.'s largest anti-sexual violence organization, the Rape Abuse Incest National Network, in Washington, U.S., January 12, 2018. REUTERS/James Lawler Duggan At the national hotline’s call center, the lights that workers flip on to indicate they are on the phone never seemed to turn off, said Celia Gamboa, a manager at the national hotline. The chat app most callers prefer was flooded with messages, she said. The #MeToo movement almost always came up. “It wasn’t just a one-time thing,” Gamboa said. “We’re just going to continue to see that type of flow into the future.” Slideshow (2 Images) RAINN added 40 employees to its staff of 200 and stepped up volunteer recruiting, said CEO Scott Berkowitz. That has helped chip away at the wait times, he said. Elsewhere, Network for Victim Recovery of D.C. saw a spike in calls about sexual harassment. Executive Director Bridgette Stumpf said that unfortunately, the center can often only recommend private attorneys for people whose harassment did not include violence, adding such help may be too expensive for many victims. The DC Rape Crisis Center now sees an average of 70 people a week seeking legal, physical or psychological help, up from 30 to 40 before #MeToo, said Executive Director Indira Henard. It also saw a bump in donations last fall following the #MeToo postings. “It is for the record books,” Henard said. “I don’t believe there has ever been a time in our history when we talked about sexual violence and its impact this way.” Reporting by Lisa Lambert; Editing by Scott Malone and David Gregorio

https://www.reuters.com/article/us-usa-harassment-helplines/metoo-effect-calls-flood-u-s-sexual-assault-hotlines-idUSKBN1F6194

Oil prices hit highest since 2014, but analysts warn of overheated market

January 10, 2018 / 1:18 AM / Updated 41 minutes ago U.S. crude inventory fall buoys oil, worries about rally persist David Gaffen 3 Min Read NEW YORK (Reuters) - Crude oil prices rose but backed away from three-year highs on Wednesday after U.S. government data showed an increase in fuel inventories and a falloff in refining activity. U.S. crude inventories fell 4.9 million barrels last week, more than the 3.9-million decline forecast, but bigger-than-expected builds in gasoline and fuel stocks offset that drawdown, the Energy Information Administration reported. [EIA/S] The market was also bolstered modestly by data showing a sharp decline in U.S. production last week that analysts say could have been the result of extreme cold temperatures across the United States to start the year. “The lower draw in crude oil stocks, combined with the strong builds in product stocks is bearish news for prices. But market participants could also use the sharp drop in production as an excuse to buy,” said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany. U.S. West Texas Intermediate (WTI) crude futures were at $63.33 a barrel, up 37 cents, at 12:55 p.m. EST (1755 GMT). Earlier in the session, prices hit $63.67, their highest since Dec. 9, 2014. Brent crude futures were at $68.96 a barrel, 14 cents above their last close. The global benchmark earlier hit $69.37, its highest since May 2015. A broad, global market rally, including stocks, has also been fueling investment into crude oil futures. [MKTS/GLOB] A gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-Hoon The oil market has been buoyant in the last several weeks, with U.S. crude futures at highs not seen since late 2014, and Brent crude less than $1 per barrel away from a milestone that would, too, be a high point since that same time. Oil prices have risen more than 13 percent since early December, and there are indications of overheating. Analysts warned that the market is ignoring U.S. production increases at its peril. The rally has brought out some concerns that the market could overheat, especially as U.S. production is expected to rise to new records later in the year. On Tuesday, the EIA boosted its expectations for production in coming months, and now sees overall production at record highs, surpassing 11 million barrels per day (bpd) by 2019. U.S. crude oil production is expected to hit 10 million bpd next month, leaving only Russia and Saudi Arabia at higher levels. Members of the Organization of the Petroleum Exporting Countries fear current price gains could prompt U.S. shale oil companies to flood the market. OPEC, along with non-members including Russia, cut supply by 1.8 million bpd in a late 2016 agreement that has been extended through the end of this year. The cuts were aimed at reducing a global supply overhang that had dogged oil markets since 2014. Additional reporting by Libby George in London and Henning Gloystein and Roslan Khasawneh in Singapore; editing by Marguerita Choy and David Evans

https://www.reuters.com/article/us-global-oil/oil-prices-hit-highest-since-2014-but-analysts-warn-of-overheated-market-idUSKBN1EZ03D

Apple, Google and Microsoft top list of the most innovative companies in 2018

For the second consecutive year, Apple and Google topped the list of the 50 most innovative companies, according to the Boston Consulting Group . The companies at the top of the list shifted just slightly from last year . Microsoft jumped up by one spot to take third place, while electric-car company Tesla fell from No. 3 to sixth place. Retail giant Amazon climbed from fifth place to fourth place, and Netflix , which made the top 10 in 2017, fell to No. 13. In the most recent report, two new companies managed to push their way into the top 10: ride-hailing app Uber and e-commerce site Alibaba . Geographically, North America produced the most innovative companies, with 27 featured on the list. Europe produced 16 entrants, up from 10 last year. The travel and transportation sector also expanded its showing on the 2018 list, with companies such as Uber, Tesla , SpaceX and Airbnb included. The firm found that the most innovative companies have been fueled by digital technologies. For example, they prioritize mobile products, digital design, big data and also quickly adapt to technological advances. They also tend to develop and test new products faster and more cheaply than other companies. According to the research, the biggest difference between the most innovative companies and the companies that appear much lower on the list is how heavily they have incorporated these digital processes into their businesses. "While 79 percent of strong innovators reported that they had properly digitized innovation processes, only 29 percent of weak innovators make the same claim," the study reports. Drew Angerer | Getty Images Last year, the most innovative companies were those that brought in new ideas from outside sources such as social media and had open and collaborative work environments. Finally, the research notes that business leaders at the most innovative companies do five key things that set them apart from their competition: 1. Leaders dedicate resources: They realize the importance of digital and invest accordingly. 2. Leaders invest in speed: They test ideas earlier and launch products quickly. 3. Leaders take smart risks: They make big bets that are high-risk but also high-reward. 4. Leaders invest in data: They mine and analyze data to glean insight for their products. 5. Leaders secure top talent: They acquire and develop talent across the company. Like this story? Like CNBC Make It on Facebook . See also: 3 reasons millennials want to work for Google and Amazon so badly 75% of senior execs say they'd leave their company for one that values diversity Many of your employees probably don't like their jobs show chapters This tech start-up lets you try out for your job, before you get an offer 3:50 PM ET Thu, 6 Oct 2016 | 01:09

https://www.cnbc.com/2018/01/18/apple-google-and-microsoft-top-list-of-the-most-innovative-companies-in-2018.html