the EU

the EU

Google

Google

Legal Fight

Legal Fight

Google

Google

a European Union anti-trust

a European Union anti-trust

challenge

challenge

2.4 billion-euro antitrust fine

2.4 billion-euro antitrust fine

Google

Google

a European Union anti-trust

a European Union anti-trust

penalty

penalty

a 1.06 billion-euro $ 1.26 billion fine

a 1.06 billion-euro $ 1.26 billion fine

Intel Corp

Intel Corp

EU court

EU court

fine

fine

the next few days

the next few days

European Commission

European Commission

Google

Google

challenge

challenge

2.4 billion-euro antitrust fine

2.4 billion-euro antitrust fine

Google

Google

fine

fine

later this year

later this year

penalties

penalties

Regulators

Regulators

Google

Google

penalties

penalties

today

today

The commission

The commission

Intel

Intel

the EU 's antitrust division

the EU 's antitrust division

case

case

The Court of Justice

The Court of Justice

Intel

Intel

appeal

appeal

a 1.06 billion-euro $ 1.26 billion fine

a 1.06 billion-euro $ 1.26 billion fine

Intel

Intel

the lower court

the lower court

ruling

ruling

a 1.06 billion-euro $ 1.26 billion fine

a 1.06 billion-euro $ 1.26 billion fine

EU

EU

fine

fine

Intel

Intel

push out

push out

Intel

Intel

computer manufacturers

computer manufacturers

bought all or most of their chips

bought all or most of their chips

bought

bought

a German retail chain

a German retail chain

keep AMD-based devices off its shelves

keep AMD-based devices off its shelves

Intel

Intel

paid

paid

Microsoft Corp

Microsoft Corp

Mastercard Inc.

Mastercard Inc.

EU

EU

The court

The court

challenges

challenges

within days

within days

Google

Google

appeal

appeal

Google

Google

challenge

challenge

June 27

June 27

fine

fine

Google

Google

fine

fine

further fines

further fines

Google

Google

fines

fines

further fines

further fines

Google

Google

fines

fines

the comparison shopping service

the comparison shopping service

shut off

shut off

Intel Corp

Intel Corp

improperly disregarded

Court of Justice

Court of Justice

Intel

Intel

improperly disregarded

hurt rivals

Google

Google

hurt rivals

abuse of dominance

Google

Google

abuse of dominance

Google

Google

endless fights

Google

Google

endless fights

Rare Setback

EU

EU

Rare Setback

illegal conduct

Google

Google

illegal conduct

have a chilling effect

Google

Google

have a chilling effect

feared competitor

Google

Google

feared competitor

Good News for Google 's Legal Fight With the EU
Google got some good legal news on the eve of its challenge to a European Union anti-trust penalty .
An EU court 's decision in Intel Corp 's fight to overturn a 1.06 billion-euro $ 1.26 billion fine provided the boost to the U.S. search giant by requiring regulators to back up economic findings and do a better job gathering evidence from rivals and customers .
The ruling -- a rare courtroom setback for the European Commission -- arrived in the nick of time for Google , which must file a challenge to its own 2.4 billion-euro antitrust fine in the next few days .
Regulators are also preparing to impose fresh penalties against Google in related cases and against another U.S. technology giant , Qualcomm Inc. , later this year .
In the ruling Wednesday , the Court of Justice said that a lower court improperly disregarded Intel 's arguments that EU needed to provide economic evidence to back up its findings .
That may help companies such as Google , which will try to show that what they do benefits customers even if it might hurt rivals , said Ioannis Kokkoris , a law professor from Queen Mary University in London .
`` This is certainly a defeat for the European Commission and indicates a certain relaxation of the formalistic case law on abuse of dominance , '' said Assimakis Komninos , a lawyer at White & Case .
`` The ECJ 's decision is also good news for consumers , because dominant companies may now have more flexibility in offering rebates to high-volume buyers . ''
Endorsement
The ruling , however , might not be the panacea that some tech companies in seemingly endless fights with EU Competition Commissioner Margrethe Vestager had been hoping for .
The court reserved its toughest words for lower court judges -- not regulators -- and many EU antitrust officials have been campaigning for more economic data for years .
`` The commission would presumably have preferred to have had an outright victory in the Intel case today , but some people '' in the EU 's antitrust division `` may be pleased at this endorsement of the economic effects-based approach '' to antitrust cases , said Jay Modrall , a lawyer for Norton Rose LLP in Brussels .
The Court of Justice decision did n't delve into three key parts of Intel 's appeal when it overturned the lower court 's 2014 ruling .
This included the amount of the fine and the EU 's characterization of some of the rebates .
Intel fell foul of EU antitrust rules for using discounts to push out smaller rival Advanced Micro Devices Inc. when computer manufacturers bought all or most of their chips from Intel .
The EU said it also paid a German retail chain to keep AMD-based devices off its shelves .
Intel argues that its discounts were in line with industry practice .
Rare Setback
The court 's refusal to fully back the EU on Intel marks a change from its overwhelming thumbs up for regulators when it shut down challenges from Microsoft Corp. and Mastercard Inc. .
That could help Google as it weighs whether to file an appeal within days .
Google had two months and 10 days to file a legal challenge to a June 27 fine and an order to `` stop its illegal conduct '' over its shopping search results .
The clock starts ticking when the company gets a hard copy of the EU decision , which would put the deadline at Sept. 9 , a date neither Google , the European Commission , nor the EU court would confirm .
The company separately faces a Sept. 28 deadline to comply with the order to give equal treatment to shopping search rivals .
It risks further fines if it does n't do so .
Google `` will have to do something to avoid these fines , '' one of the company 's external lawyers , Maurits Dolmans , told a Brussels conference on Monday .
`` One option is to file interim measures '' asking the court to halt the EU 's order and `` another option is to shut off the comparison shopping service , '' he said , insisting he spoke in his personal capacity .
The ruling also gives regulators less discretion in how they meets with executives to gather evidence , saying there should n't be a difference between formal and informal meetings .
Officials `` must record the interview in full , '' the court said .
Such records could potentially handed over to the target of an investigation and could potentially have a chilling effect on companies that want meetings with the EU to remain secret to avoid retaliation from a feared competitor .

Good News for Google ' s Legal Fight With the EU Google got some good legal news on the eve of its challenge to a European Union anti-trust penalty . An EU court ' s decision in Intel Corp ' s fight to overturn a 1.06 billion-euro $ 1.26 billion fine provided the boost to the U.S . search giant by requiring regulators to back up economic findings and do a better job gathering evidence from rivals and customers . The ruling - - a rare courtroom setback for the European Commission - - arrived in the nick of time for Google , which must file a challenge to its own 2.4 billion-euro antitrust fine in the next few days . Regulators are also preparing to impose fresh penalties against Google in related cases and against another U.S . technology giant , Qualcomm Inc . , later this year . In the ruling Wednesday , the Court of Justice said that a lower court improperly disregarded Intel ' s arguments that EU needed to provide economic evidence to back up its findings . That may help companies such as Google , which will try to show that what they do benefits customers even if it might hurt rivals , said Ioannis Kokkoris , a law professor from Queen Mary University in London . ` ` This is certainly a defeat for the European Commission and indicates a certain relaxation of the formalistic case law on abuse of dominance , ' ' said Assimakis Komninos , a lawyer at White & Case . ` ` The ECJ ' s decision is also good news for consumers , because dominant companies may now have more flexibility in offering rebates to high-volume buyers . ' ' Endorsement The ruling , however , might not be the panacea that some tech companies in seemingly endless fights with EU Competition Commissioner Margrethe Vestager had been hoping for . The court reserved its toughest words for lower court judges - - not regulators - - and many EU antitrust officials have been campaigning for more economic data for years . ` ` The commission would presumably have preferred to have had an outright victory in the Intel case today , but some people ' ' in the EU ' s antitrust division ` ` may be pleased at this endorsement of the economic effects-based approach ' ' to antitrust cases , said Jay Modrall , a lawyer for Norton Rose LLP in Brussels . The Court of Justice decision did n't delve into three key parts of Intel ' s appeal when it overturned the lower court ' s 2014 ruling . This included the amount of the fine and the EU ' s characterization of some of the rebates . Intel fell foul of EU antitrust rules for using discounts to push out smaller rival Advanced Micro Devices Inc . when computer manufacturers bought all or most of their chips from Intel . The EU said it also paid a German retail chain to keep AMD-based devices off its shelves . Intel argues that its discounts were in line with industry practice . Rare Setback The court ' s refusal to fully back the EU on Intel marks a change from its overwhelming thumbs up for regulators when it shut down challenges from Microsoft Corp . and Mastercard Inc . . That could help Google as it weighs whether to file an appeal within days . Google had two months and 10 days to file a legal challenge to a June 27 fine and an order to ` ` stop its illegal conduct ' ' over its shopping search results . The clock starts ticking when the company gets a hard copy of the EU decision , which would put the deadline at Sept . 9 , a date neither Google , the European Commission , nor the EU court would confirm . The company separately faces a Sept . 28 deadline to comply with the order to give equal treatment to shopping search rivals . It risks further fines if it does n't do so . Google ` ` will have to do something to avoid these fines , ' ' one of the company ' s external lawyers , Maurits Dolmans , told a Brussels conference on Monday . ` ` One option is to file interim measures ' ' asking the court to halt the EU ' s order and ` ` another option is to shut off the comparison shopping service , ' ' he said , insisting he spoke in his personal capacity . The ruling also gives regulators less discretion in how they meets with executives to gather evidence , saying there should n't be a difference between formal and informal meetings . Officials ` ` must record the interview in full , ' ' the court said . Such records could potentially handed over to the target of an investigation and could potentially have a chilling effect on companies that want meetings with the EU to remain secret to avoid retaliation from a feared competitor .


Goldman Sachs

Goldman Sachs

competitor

competitor

Goldman Sachs

Goldman Sachs

known

known

risky-loan sales

risky-loan sales

Goldman Sachs

Goldman Sachs

sales

sales

investment grade lending

investment grade lending

Goldman Sachs

Goldman Sachs

lending

lending

now

now

in America

in America

leverage lender

leverage lender

Goldman

Goldman

fifth-largest

fifth-largest

Back in 2009

Back in 2009

Goldman

Goldman

ranked

ranked

So far this year

So far this year

the group

the group

to 168 companies

to 168 companies

nearly $ 40bn

nearly $ 40bn

lent

lent

Goldman

Goldman

In investment grade lending rankings

In investment grade lending rankings

jumped

jumped

Monday

Monday

Thermo Fisher

Thermo Fisher

agreed

agreed

Thermo Fisher

Thermo Fisher

$ 5.2 bn in debt

$ 5.2 bn in debt

Goldman

Goldman

financing

financing

Dutch drugmaker Patheon NV

Dutch drugmaker Patheon NV

at an enterprise value of $ 7.2 bn

at an enterprise value of $ 7.2 bn

Thermo Fisher

Thermo Fisher

purchase

purchase

financing

financing

Goldman

Goldman

M&A advice

M&A advice

provided

provided

Goldman

Goldman

status

status

Goldman

Goldman

base

base

Goldman

Goldman

helping

helping

Goldman

Goldman

in the advisory business

in the advisory business

shift

shift

in the advisory business

in the advisory business

Goldman

Goldman

revenues

revenues

boutique investment banks

boutique investment banks

the deal advisory pie

the deal advisory pie

take an ever bigger bite out of

take an ever bigger bite out of

investment banking co-heads

investment banking co-heads

head of its global financing group

head of its global financing group

Marc Nachmann

Marc Nachmann

Goldman

Goldman

promoting

promoting

Goldman

Goldman

in lending

in lending

aggressive

aggressive

flexes its lending muscles

Goldman

Goldman

flexes its lending muscles

diversify its revenue stream

Goldman

Goldman

diversify its revenue stream

lending muscle

Goldman

Goldman

lending muscle

growing at a slower pace

Goldman

Goldman

growing at a slower pace

Marc Nachmann

Marc Nachmann

Goldman flexes its lending muscles
Banks with large balance sheets and a penchant for lending cash to companies chasing deals have a new competitor in town : Goldman Sachs .
The US investment bank -- led by Lloyd Blankfein above and best known for its advisory work on M&A and equity deals -- is making a big push into risky-loan sales as well as investment grade lending as it seeks to diversify its revenue stream .
Goldman is now the fifth-largest leverage lender in America , according to Dealogic .
Back in 2009 , it ranked 14th .
So far this year , the group has lent nearly $ 40bn to 168 companies -- that 's $ 3bn more than all of 2015 .
In investment grade lending rankings , Goldman has also jumped into fifth place from 10th last year .
The latest example of Goldman 's new lending muscle came on Monday as it agreed to commit $ 5.2 bn in debt financing to help Thermo Fisher purchase Dutch drugmaker Patheon NV at an enterprise value of $ 7.2 bn .
The press release noted debt financing would come from Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC .
The bank also provided M&A advice to Thermo Fisher .
Historically , Goldman has preferred its status as `` the sellside '' adviser of choice on M&A deals , creating a loyal base of clients after helping them fend off unwanted bidders or negotiating hefty premiums .
The shift for Goldman comes as revenues in the advisory business have been growing at a slower pace and as boutique investment banks continue to take an ever bigger bite out of the deal advisory pie .
Just last week , the bank announced that it was promoting Marc Nachmann , head of its global financing group , who will become one of its three investment banking co-heads .
Nachmann , a German national , is relocating from New York to London -- perhaps a sign that the bank is looking to be more aggressive in lending on deals in Europe .

Goldman flexes its lending muscles Banks with large balance sheets and a penchant for lending cash to companies chasing deals have a new competitor in town : Goldman Sachs . The US investment bank - - led by Lloyd Blankfein above and best known for its advisory work on M & A and equity deals - - is making a big push into risky-loan sales as well as investment grade lending as it seeks to diversify its revenue stream . Goldman is now the fifth-largest leverage lender in America , according to Dealogic . Back in 2009 , it ranked 14th . So far this year , the group has lent nearly $ 40bn to 168 companies - - that ' s $ 3bn more than all of 2015 . In investment grade lending rankings , Goldman has also jumped into fifth place from 10th last year . The latest example of Goldman ' s new lending muscle came on Monday as it agreed to commit $ 5.2 bn in debt financing to help Thermo Fisher purchase Dutch drugmaker Patheon NV at an enterprise value of $ 7.2 bn . The press release noted debt financing would come from Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC . The bank also provided M & A advice to Thermo Fisher . Historically , Goldman has preferred its status as ` ` the sellside ' ' adviser of choice on M & A deals , creating a loyal base of clients after helping them fend off unwanted bidders or negotiating hefty premiums . The shift for Goldman comes as revenues in the advisory business have been growing at a slower pace and as boutique investment banks continue to take an ever bigger bite out of the deal advisory pie . Just last week , the bank announced that it was promoting Marc Nachmann , head of its global financing group , who will become one of its three investment banking co-heads . Nachmann , a German national , is relocating from New York to London - - perhaps a sign that the bank is looking to be more aggressive in lending on deals in Europe .


the medication

the medication

Johnson & Johnson

Johnson & Johnson

expand

expand

studies

studies

Zytiga

Zytiga

Nicholas James

Nicholas James

studies

studies

J&J

J&J

studies

studies

The studies

The studies

J&J

J&J

funded

funded

$ 2.26 billion

$ 2.26 billion

generated

generated

Karim Fizazi

Karim Fizazi

study

study

Zytiga

Zytiga

Pfizer Inc.

Pfizer Inc.

market

market

Zytiga plus hormone therapy

Zytiga plus hormone therapy

study

study

the U.K. and Switzerland

the U.K. and Switzerland

study

study

Boosts Survival

Zytiga

Zytiga

Boosts Survival

magnitude of clinical benefit

Johnson & Johnson

Johnson & Johnson

Zytiga

Zytiga

magnitude of clinical benefit

prolonged life

Zytiga

Zytiga

prolonged life

Zytiga

Zytiga

Zytiga

Zytiga

competing against

Pfizer Inc.

Pfizer Inc.

Zytiga

Zytiga

competing against

38 percent less likely to die

Zytiga

Zytiga

38 percent less likely to die

Zytiga

Zytiga

experienced more side effects

Zytiga

Zytiga

experienced more side effects

Zytiga

Zytiga

J&J 's Zytiga Boosts Survival in New , Severe Prostate Cancers
- Findings may change initial treatment for advanced disease
- Two studies published in the New England Journal of Medicine
Johnson & Johnson 's Zytiga helps men newly diagnosed with advanced prostate cancer live longer , according to new findings that could expand use of the medication .
Men who received hormone therapy , the recommended first-time treatment , plus Zytiga were about one-third less likely to die during two studies than those who got standard treatment alone , according to research presented Saturday at the American Society of Clinical Oncology meeting in Chicago .
The findings suggest that the drug , currently used to treat men who worsen after getting standard hormone therapy , should n't be withheld until the cancer starts to spread .
`` Based on the magnitude of clinical benefit , we believe that the upfront care for patients newly diagnosed with advanced prostate cancer should change , '' said Nicholas James , lead author of one of the two studies and professor of clinical oncology at Queen Elizabeth Hospital in Birmingham , U.K.
Zytiga `` not only prolonged life , but also lowered the chance of relapse by 70 percent and reduced the chance of serious bone complications by 50 percent . ''
Prostate cancer is the most common tumor in men , diagnosed in more than 161,000 Americans this year alone , according to the American Cancer Society .
It is the third most common cause of death from cancer , killing nearly 27,000 Americans annually .
Unmet Need
The studies , published in the New England Journal of Medicine , were funded by J&J .
Zytiga generated $ 2.26 billion for the New Brunswick , New Jersey-based company in 2016 .
`` There is a large unmet need to improve treatment for men with newly diagnosed metastatic cancer , who die of the disease within less than five years on average , '' said Karim Fizazi , head of cancer medicine at Gustave Roussy , University Paris-Sud , in Villejuif , France , who led the other study .
Generic hormone therapy prevents the testicles from producing testosterone that spurs cell growth .
The market for treating those who progress after getting the standard treatment has gotten heated , with Zytiga competing against Pfizer Inc. 's Xtandi .
The two drugs use different mechanisms to hinder testosterone 's impact .
In a study of about 1,200 patients , known as Latitude , prostate cancer worsened after 33 months in men given Zytiga plus hormone therapy , compared with 14.8 months for those who did n't get Zytiga .
Those who got the combination were 38 percent less likely to die during the trial follow-up than patients who received standard therapy , and had less pain and went for longer until they needed chemotherapy .
They also experienced more side effects , including high blood pressure and signs of liver problems .
The second study , called Stampede , included nearly 2,000 men in the U.K. and Switzerland .
The three-year survival rate was 83 percent for those given the combination , compared with 76 percent for those getting only standard care .

J & J ' s Zytiga Boosts Survival in New , Severe Prostate Cancers - Findings may change initial treatment for advanced disease - Two studies published in the New England Journal of Medicine Johnson & Johnson ' s Zytiga helps men newly diagnosed with advanced prostate cancer live longer , according to new findings that could expand use of the medication . Men who received hormone therapy , the recommended first-time treatment , plus Zytiga were about one-third less likely to die during two studies than those who got standard treatment alone , according to research presented Saturday at the American Society of Clinical Oncology meeting in Chicago . The findings suggest that the drug , currently used to treat men who worsen after getting standard hormone therapy , should n't be withheld until the cancer starts to spread . ` ` Based on the magnitude of clinical benefit , we believe that the upfront care for patients newly diagnosed with advanced prostate cancer should change , ' ' said Nicholas James , lead author of one of the two studies and professor of clinical oncology at Queen Elizabeth Hospital in Birmingham , U.K . Zytiga ` ` not only prolonged life , but also lowered the chance of relapse by 70 percent and reduced the chance of serious bone complications by 50 percent . ' ' Prostate cancer is the most common tumor in men , diagnosed in more than 161,000 Americans this year alone , according to the American Cancer Society . It is the third most common cause of death from cancer , killing nearly 27,000 Americans annually . Unmet Need The studies , published in the New England Journal of Medicine , were funded by J & J . Zytiga generated $ 2.26 billion for the New Brunswick , New Jersey-based company in 2016 . ` ` There is a large unmet need to improve treatment for men with newly diagnosed metastatic cancer , who die of the disease within less than five years on average , ' ' said Karim Fizazi , head of cancer medicine at Gustave Roussy , University Paris-Sud , in Villejuif , France , who led the other study . Generic hormone therapy prevents the testicles from producing testosterone that spurs cell growth . The market for treating those who progress after getting the standard treatment has gotten heated , with Zytiga competing against Pfizer Inc . ' s Xtandi . The two drugs use different mechanisms to hinder testosterone ' s impact . In a study of about 1,200 patients , known as Latitude , prostate cancer worsened after 33 months in men given Zytiga plus hormone therapy , compared with 14.8 months for those who did n't get Zytiga . Those who got the combination were 38 percent less likely to die during the trial follow-up than patients who received standard therapy , and had less pain and went for longer until they needed chemotherapy . They also experienced more side effects , including high blood pressure and signs of liver problems . The second study , called Stampede , included nearly 2,000 men in the U.K . and Switzerland . The three-year survival rate was 83 percent for those given the combination , compared with 76 percent for those getting only standard care .


Kinder Morgan

Kinder Morgan

issue

issue

by May 31 , 2017

by May 31 , 2017

IPO initial public offering

IPO initial public offering

Kinder Morgan

Kinder Morgan

1.75 billion Canadian dollars

1.75 billion Canadian dollars

raise

raise

project

project

the company

the company

hurdles

hurdles

the company

the company

costs

costs

Kinder Morgan

Kinder Morgan

drop

drop

shipper

shipper

for 80 % of the capacity

for 80 % of the capacity

commitments

commitments

by the end of 2019

by the end of 2019

Kinder Morgan

Kinder Morgan

complete

complete

emissions

emissions

affect

affect

require

require

staunchly oppose the project

Kinder Morgan

Kinder Morgan

staunchly oppose the project

expansion project

Trans Mountain

Trans Mountain

expansion project

Why British Columbia 's Election Impacts Kinder Morgan
On Monday night , British Columbia 's Green Party announced its highly anticipated decision to support the New Democratic Party or NDP in forming a government .
The Green Party also mentioned that Kinder Morgan 's Trans Mountain pipeline expansion project was a `` critical '' issue for the party .
Both the NDP and the Green Party staunchly oppose the project .
Kinder Morgan 's Canadian unit expects to close an IPO initial public offering of 102.9 million restricted voting shares by May 31 , 2017 .
The company intends to raise 1.75 billion Canadian dollars through the offering to partially fund its Trans Mountain expansion project .
It 's important to note that the project already has the federal government 's approval .
However , any hurdles to the project may increase its costs or , at worse , force the company to drop it completely .
The project is backed by long-term shipper commitments for 80 % of the capacity .
Kinder Morgan expects the project to complete by the end of 2019 .
As the above figure shows , the Trans Mountain pipeline is intended to carry oil from Alberta 's rich oil sands reserves to Burnaby , British Columbia .
Extracting oil from oil sands is believed to result in five times more greenhouse gas emissions compared to conventional sources .
Moreover , the process is believed to affect boreal forests and require much more fresh water than conventional oil extraction .

Why British Columbia ' s Election Impacts Kinder Morgan On Monday night , British Columbia ' s Green Party announced its highly anticipated decision to support the New Democratic Party or NDP in forming a government . The Green Party also mentioned that Kinder Morgan ' s Trans Mountain pipeline expansion project was a ` ` critical ' ' issue for the party . Both the NDP and the Green Party staunchly oppose the project . Kinder Morgan ' s Canadian unit expects to close an IPO initial public offering of 102.9 million restricted voting shares by May 31 , 2017 . The company intends to raise 1.75 billion Canadian dollars through the offering to partially fund its Trans Mountain expansion project . It ' s important to note that the project already has the federal government ' s approval . However , any hurdles to the project may increase its costs or , at worse , force the company to drop it completely . The project is backed by long-term shipper commitments for 80 % of the capacity . Kinder Morgan expects the project to complete by the end of 2019 . As the above figure shows , the Trans Mountain pipeline is intended to carry oil from Alberta ' s rich oil sands reserves to Burnaby , British Columbia . Extracting oil from oil sands is believed to result in five times more greenhouse gas emissions compared to conventional sources . Moreover , the process is believed to affect boreal forests and require much more fresh water than conventional oil extraction .


Redmond

Redmond

investments

investments

Since the start of 2017

Since the start of 2017

in 13 companies

in 13 companies

investments

investments

this week

this week

addition

addition

Trusona

Trusona

offers

offers

In May 2016

In May 2016

Microsoft

Microsoft

Microsoft Ventures

Microsoft Ventures

create

create

Late last year

Late last year

Microsoft Ventures

Microsoft Ventures

established

established

Microsoft

Microsoft

invests

invests

By the end of last year

By the end of last year

Microsoft Ventures

Microsoft Ventures

investments

investments

at some point later

at some point later

Microsoft

Microsoft

added

added

another 13 companies

another 13 companies

Microsoft

Microsoft

added

added

PandaDoc

PandaDoc

helps

helps

Frame

Frame

help

help

Agolo

Agolo

software

software

Bonsai

Bonsai

automating

automating

Synack

Synack

crowd source solutions

crowd source solutions

solutions

solutions

CNEX Labs

CNEX Labs

provides

provides

Pickit

Pickit

providing

providing

SnapRoute

SnapRoute

software

software

Microsoft

Microsoft

Ventures

Ventures

investments

investments

Microsoft Ventures : A look at Redmond 's latest 13 investments
Since the start of 2017 , Microsoft Ventures , the company 's venture-funding arm , has made investments in 13 companies .
The latest addition , made public this week , is Trusona , an identity-authentication company .
Trusona offers a password-free login , along with `` the only insured authentication solution '' for enterprises , according to a blurb on the Microsoft Ventures portfolio page .
In May 2016 , Microsoft announced plans to create Microsoft Ventures , a small early-stage investment group targeting startups in the cloud , security and machine-learning markets .
Late last year , Microsoft Ventures established an artificial intelligence AI specific fund .
Microsoft also occasionally invests in other companies outside of its Ventures group .
By the end of last year , there were 19 investments listed on the Microsoft Ventures portfolio page .
I had counted 18 , but that 's before Microsoft at some point later added CloudLanes , a cloud data-management company , to its roster .
Since the start of this year , Microsoft has added another 13 companies to its Ventures investment list .
In addition to Trusona , here are the others :
PandaDoc , a company that `` helps accelerate the way organizations transact ''
Frame , which is designed to help users move Windows desktop applications to the cloud and access them from any device
Agolo , a company that has `` advanced summarization software '' for news , chat , voice , and video
Bonsai , a company focused on automating the management of complex machine-learning algorithms
Synack , a security-testing-focused company that uses `` highly vetted ethical hackers '' to crowd source solutions
Livongo , a consumer-targeted digital health company that works with people with chronic conditions
CNEX Labs , a semiconductor company working on solid-state storage controllers and software for datacenters Prevedere , which provides predictive models of future sales , revenue , and costs using AI
Pickit , a company providing `` professionally curated images sourced from the world 's leading providers '' that can be used inside PowerPoint , Word , Sway , and Windows 10
SnapRoute , creators of open-source software for networking hardware used in datacenters
As Microsoft execs originally indicated , cloud , security and machine-learning continue to be key focus points for its Ventures investments .

Microsoft Ventures : A look at Redmond ' s latest 13 investments Since the start of 2017 , Microsoft Ventures , the company ' s venture-funding arm , has made investments in 13 companies . The latest addition , made public this week , is Trusona , an identity-authentication company . Trusona offers a password-free login , along with ` ` the only insured authentication solution ' ' for enterprises , according to a blurb on the Microsoft Ventures portfolio page . In May 2016 , Microsoft announced plans to create Microsoft Ventures , a small early-stage investment group targeting startups in the cloud , security and machine-learning markets . Late last year , Microsoft Ventures established an artificial intelligence AI specific fund . Microsoft also occasionally invests in other companies outside of its Ventures group . By the end of last year , there were 19 investments listed on the Microsoft Ventures portfolio page . I had counted 18 , but that ' s before Microsoft at some point later added CloudLanes , a cloud data-management company , to its roster . Since the start of this year , Microsoft has added another 13 companies to its Ventures investment list . In addition to Trusona , here are the others : PandaDoc , a company that ` ` helps accelerate the way organizations transact ' ' Frame , which is designed to help users move Windows desktop applications to the cloud and access them from any device Agolo , a company that has ` ` advanced summarization software ' ' for news , chat , voice , and video Bonsai , a company focused on automating the management of complex machine-learning algorithms Synack , a security-testing-focused company that uses ` ` highly vetted ethical hackers ' ' to crowd source solutions Livongo , a consumer-targeted digital health company that works with people with chronic conditions CNEX Labs , a semiconductor company working on solid-state storage controllers and software for datacenters Prevedere , which provides predictive models of future sales , revenue , and costs using AI Pickit , a company providing ` ` professionally curated images sourced from the world ' s leading providers ' ' that can be used inside PowerPoint , Word , Sway , and Windows 10 SnapRoute , creators of open-source software for networking hardware used in datacenters As Microsoft execs originally indicated , cloud , security and machine-learning continue to be key focus points for its Ventures investments .


Barrick Gold

Barrick Gold

Production Growth

Production Growth

miners

miners

Production growth

Production growth

miners

miners

higher volumes

higher volumes

miners

miners

revenues

revenues

miners

miners

earnings

earnings

lower unit costs

lower unit costs

a company

a company

cost structure

cost structure

the past few years

the past few years

Barrick Gold

Barrick Gold

production profile has been in decline

production profile has been in decline

Barrick

Barrick

assets

assets

Barrick

Barrick

reducing its debt

reducing its debt

Lower production growth

Lower production growth

gold

gold

Barrick

Barrick

production

production

Barrick

Barrick

guidance implies a drop

guidance implies a drop

a decline of 1.2 % YoY year-over-year

a decline of 1.2 % YoY year-over-year

Barrick

Barrick

until 2019

until 2019

the company

the company

Barrick

Barrick

Barrick

Barrick

asset sales

asset sales

Peer

Peer

production growth

production growth

production growth outlook

production growth outlook

RING

RING

Barrick

Barrick

GDX

GDX

peers

peers

Newmont Mining

Newmont Mining

project pipeline

project pipeline

Newmont Mining

Newmont Mining

Goldcorp

Goldcorp

production

production

over the next five years

over the next five years

Goldcorp

Goldcorp

its reserves and production

its reserves and production

increase its reserves and production

increase its reserves and production

Kinross Gold 's KGC

Kinross Gold 's KGC

production growth

production growth

Barrick

Barrick

production growth

production growth

Barrick

Barrick

cut costs

cut costs

Barrick

Barrick

cut debt

cut debt

maximize its free cash flow

maximize its free cash flow

Barrick

Barrick

free cash flow

free cash flow

Barrick

Barrick

reducing its debt

reducing its debt

Barrick

Barrick

financial leverage

financial leverage

Rediscover Its 2016 Glory

Barrick Gold

Barrick Gold

Rediscover Its 2016 Glory

entirely negative

Barrick Gold

Barrick Gold

entirely negative

strong production growth outlook

GDX

GDX

RING

RING

strong production growth outlook

Inside Barrick Gold 's Production Growth
Can Barrick Gold Rediscover Its 2016 Glory ?
Production growth and miners
While aiming for higher volumes is n't always the best strategy for miners , it 's one of the most important variables driving their revenues and earnings .
If additional volumes come in at lower unit costs , it positively impacts a company 's overall cost structure .
Barrick Gold 's production profile has been in decline for the past few years .
But the reason is not entirely negative .
Barrick is trying to get rid of its non-core assets and , at the same time , reducing its debt from the proceeds generated through them .
Lower production growth
Barrick is guiding for gold production of 5.3 million ounces -- 5.6 million ounces for 2017 .
This guidance implies a drop of 12.8 % versus its 2014 actual production and a decline of 1.2 % YoY year-over-year .
In the longer-term guidance , the company has guided for a gradual decline -- until 2019 , at least .
Most of the decline in Barrick 's production profile is due to its asset sales .
Peer production growth
Barrick 's close peers GDX RING , in contrast , have strong production growth outlook .
Newmont Mining has a very strong project pipeline , which has also led the company to upgrade its longer-term production guidance slightly in its latest quarterly results .
Goldcorp also has plans in place to boost its production significantly .
Goldcorp is aiming to increase its reserves and production by 20 % over the next five years .
Kinross Gold 's KGC biggest catalyst for production growth lies in the Tasiast Expansion .
While Barrick 's production growth might not stand up to some of its peers , it 's following a value-over-volume strategy and trying to cut costs , cut debt , and maximize its free cash flow .
These factors differentiate miners based on their efficiency .
In the next part , we 'll examine how successful has Barrick been in reducing its debt and financial leverage .

Inside Barrick Gold ' s Production Growth Can Barrick Gold Rediscover Its 2016 Glory ? Production growth and miners While aiming for higher volumes is n't always the best strategy for miners , it ' s one of the most important variables driving their revenues and earnings . If additional volumes come in at lower unit costs , it positively impacts a company ' s overall cost structure . Barrick Gold ' s production profile has been in decline for the past few years . But the reason is not entirely negative . Barrick is trying to get rid of its non-core assets and , at the same time , reducing its debt from the proceeds generated through them . Lower production growth Barrick is guiding for gold production of 5.3 million ounces - - 5.6 million ounces for 2017 . This guidance implies a drop of 12.8 % versus its 2014 actual production and a decline of 1.2 % YoY year-over-year . In the longer-term guidance , the company has guided for a gradual decline - - until 2019 , at least . Most of the decline in Barrick ' s production profile is due to its asset sales . Peer production growth Barrick ' s close peers GDX RING , in contrast , have strong production growth outlook . Newmont Mining has a very strong project pipeline , which has also led the company to upgrade its longer-term production guidance slightly in its latest quarterly results . Goldcorp also has plans in place to boost its production significantly . Goldcorp is aiming to increase its reserves and production by 20 % over the next five years . Kinross Gold ' s KGC biggest catalyst for production growth lies in the Tasiast Expansion . While Barrick ' s production growth might not stand up to some of its peers , it ' s following a value-over-volume strategy and trying to cut costs , cut debt , and maximize its free cash flow . These factors differentiate miners based on their efficiency . In the next part , we ' ll examine how successful has Barrick been in reducing its debt and financial leverage .


Netflix

Netflix

Kevin Spacey

Kevin Spacey

cuts ties

cuts ties

after assault allegations

after assault allegations

` Gore ' movie

` Gore ' movie

House of Cards

House of Cards

canceled

canceled

late Friday evening

late Friday evening

Kevin Spacey

Kevin Spacey

Netflix Inc

Netflix Inc

cut all ties

cut all ties

Kevin Spacey

Kevin Spacey

will not be involved

will not be involved

Netflix

Netflix

production

production

House of Cards

House of Cards

Netflix

Netflix

final act

final act

A day later

A day later

the final season

the final season

Netflix

Netflix

suspended production

suspended production

Netflix

Netflix

canceled

canceled

near Christmas .

near Christmas .

Sony

Sony

release

release

assault allegations

Kevin Spacey

Kevin Spacey

assault allegations

accused of sexual assault

Kevin Spacey

Kevin Spacey

Netflix Inc

Netflix Inc

accused of sexual assault

this hiatus

Netflix

Netflix

this hiatus

produce its own binge-worthy shows

Netflix

Netflix

produce its own binge-worthy shows

Netflix cuts ties with Kevin Spacey
` House of Cards ' will not go on with actor , ` Gore ' movie canceled after assault allegations
Netflix Inc. cut all ties with Kevin Spacey late Friday evening , announcing that signature show `` House of Cards '' could only go on without the actor who has been accused of sexual assault by multiple men this week .
`` Netflix will not be involved with any further production of House of Cards that includes Kevin Spacey , '' a spokeswoman said in an email .
`` We will continue to work with MRC during this hiatus time to evaluate our path forward as it relates to the show . ''
Netflix announced Monday that the sixth season would be the final act for `` House of Cards , '' one of the first premier dramas Netflix released as it began to produce its own binge-worthy shows .
A day later , Netflix suspended production on the final season after CNN reported accusations of sexual assault against Spacey by `` House of Cards '' co-workers .
Netflix also canceled the release of a Gore Vidal movie that Spacey was producing and starring in , called `` Gore . ''
Spacey 's next movie is a Sony production called `` All the Money in the World , '' which is scheduled for release near Christmas .

Netflix cuts ties with Kevin Spacey ` House of Cards ' will not go on with actor , ` Gore ' movie canceled after assault allegations Netflix Inc . cut all ties with Kevin Spacey late Friday evening , announcing that signature show ` ` House of Cards ' ' could only go on without the actor who has been accused of sexual assault by multiple men this week . ` ` Netflix will not be involved with any further production of House of Cards that includes Kevin Spacey , ' ' a spokeswoman said in an email . ` ` We will continue to work with MRC during this hiatus time to evaluate our path forward as it relates to the show . ' ' Netflix announced Monday that the sixth season would be the final act for ` ` House of Cards , ' ' one of the first premier dramas Netflix released as it began to produce its own binge-worthy shows . A day later , Netflix suspended production on the final season after CNN reported accusations of sexual assault against Spacey by ` ` House of Cards ' ' co-workers . Netflix also canceled the release of a Gore Vidal movie that Spacey was producing and starring in , called ` ` Gore . ' ' Spacey ' s next movie is a Sony production called ` ` All the Money in the World , ' ' which is scheduled for release near Christmas .


vice chairman

vice chairman

P&G

P&G

names

names

two other top executives

two other top executives

P&G

P&G

promotes

promotes

today

today

vice chairman

vice chairman

CEO and chairman David Taylor

CEO and chairman David Taylor

chief financial officer Jon Moeller

chief financial officer Jon Moeller

named

named

P&G

P&G

Two other high-level P&G executives

Two other high-level P&G executives

promotions

promotions

company president

company president

one

one

P&G

P&G

named

named

vice chairman

vice chairman

July 1

July 1

Cincinnati

Cincinnati

Moeller

Moeller

the company

the company

adds the title

adds the title

Taylor

Taylor

He

He

joining

joining

vice chairman

vice chairman

P&G

P&G

retired

retired

vice chairman

vice chairman

P&G

P&G

Moeller

Moeller

compensation

compensation

fiscal 2015-16

fiscal 2015-16

more than $ 6.8 million

more than $ 6.8 million

Moeller

Moeller

received

received

the previous year

the previous year

Moeller

Moeller

more than $ 7 million

more than $ 7 million

took home

took home

CFO

CFO

January 2009

January 2009

Moeller

Moeller

named

named

cost analyst for food products

cost analyst for food products

Moeller

Moeller

P&G

P&G

joined

joined

team manager for product supply

team manager for product supply

P&G

P&G

Alexandra `` Alex '' Keith

Alexandra `` Alex '' Keith

joined

joined

July 1

July 1

group president for Global Beauty

group president for Global Beauty

Patrice Louvet

Patrice Louvet

Alexandra `` Alex '' Keith

Alexandra `` Alex '' Keith

P&G

P&G

succeed

succeed

effective July 17

effective July 17

June 30

June 30

Louvet

Louvet

resigned

resigned

president of that division

president of that division

July 1

July 1

Keith

Keith

Markus Strobel

Markus Strobel

succeed

succeed

sustained and meaningful impact

Jon

Jon

P&G

P&G

sustained and meaningful impact

critical role

Jon

Jon

P&G

P&G

critical role

history of strong business results

Alex

Alex

history of strong business results

outstanding beauty know-how

Alex

Alex

outstanding beauty know-how

Alex

Alex

tremendously successful

Markus

Markus

SK-II

SK-II

tremendously successful

deep experience

Alex

Alex

Markus

Markus

beauty and the skin care category

beauty and the skin care category

SK-II

SK-II

deep experience

right leadership team to drive growth

our beauty business

our beauty business

Markus

Markus

Alex

Alex

right leadership team to drive growth

P&G names vice chairman , promotes two other top executives
CEO and chairman David Taylor today named chief financial officer Jon Moeller as vice chairman .
Two other high-level P&G executives also got promotions , with one being named a company president , Taylor revealed today to the leadership team of the Cincinnati-based maker of consumer goods such as Olay skin care .
Moeller , 53 , a 29-year veteran of the company who is based in Cincinnati , will remain CFO when he adds the title of vice chairman on July 1 .
He wo n't be joining the board , over which Taylor presides .
P&G last had a vice chairman in 2014 , the year that both Werner Geissler and Dimitri Panayotopoulos retired with that title .
P&G declined to reveal whether Moeller 's compensation would increase .
He received more than $ 6.8 million in fiscal 2015-16 , down nearly 3 percent from the more than $ 7 million he took home in the previous year .
`` This appointment recognizes his sustained and meaningful impact across P&G and reflects the critical role Jon continues to play in executing P&G 's transformation , including leadership for our Global Business Services and information technology organizations , '' Taylor said .
Moeller was named CFO in January 2009 .
He had previously been treasurer .
He joined P&G in 1988 as a cost analyst for food products .
A Covington resident , he is president of the board of the Cincinnati Art Museum .
He also is on the board of Monsanto Co. .
Alexandra `` Alex '' Keith , 49 , who joined P&G in 1989 as a team manager for product supply and is now president of Global Skin & Personnel Care business , will succeed Patrice Louvet as group president for Global Beauty on July 1 .
Louvet , 52 , resigned June 30 to become CEO of New York-based Lauren , effective July 17 .
She will relocate from Singapore to Geneva .
`` Alex comes into the role with a history of strong business results , outstanding beauty know-how , and a deep understanding of the industry and markets , '' Taylor said .
Markus Strobel , 52 , now vice president and general manager for P&G 's Global Skin & Personal Care business , will succeed Keith as president of that division on July 1 .
The 26-year veteran of the company is based in Singapore .
Before moving to Asia , he was vice president and brand franchise leader of Braun , one of P&G 's billion-dollar brands .
`` Markus has been tremendously successful leading SK-II , and like Alex , has deep experience in beauty and the skin care category , specifically , '' Taylor said .
`` They are the right leadership team to drive growth in our beauty business . ''

P & G names vice chairman , promotes two other top executives CEO and chairman David Taylor today named chief financial officer Jon Moeller as vice chairman . Two other high-level P & G executives also got promotions , with one being named a company president , Taylor revealed today to the leadership team of the Cincinnati-based maker of consumer goods such as Olay skin care . Moeller , 53 , a 29 - year veteran of the company who is based in Cincinnati , will remain CFO when he adds the title of vice chairman on July 1 . He wo n't be joining the board , over which Taylor presides . P & G last had a vice chairman in 2014 , the year that both Werner Geissler and Dimitri Panayotopoulos retired with that title . P & G declined to reveal whether Moeller ' s compensation would increase . He received more than $ 6.8 million in fiscal 2015 - 16 , down nearly 3 percent from the more than $ 7 million he took home in the previous year . ` ` This appointment recognizes his sustained and meaningful impact across P & G and reflects the critical role Jon continues to play in executing P & G ' s transformation , including leadership for our Global Business Services and information technology organizations , ' ' Taylor said . Moeller was named CFO in January 2009 . He had previously been treasurer . He joined P & G in 1988 as a cost analyst for food products . A Covington resident , he is president of the board of the Cincinnati Art Museum . He also is on the board of Monsanto Co . . Alexandra ` ` Alex ' ' Keith , 49 , who joined P & G in 1989 as a team manager for product supply and is now president of Global Skin & Personnel Care business , will succeed Patrice Louvet as group president for Global Beauty on July 1 . Louvet , 52 , resigned June 30 to become CEO of New York-based Lauren , effective July 17 . She will relocate from Singapore to Geneva . ` ` Alex comes into the role with a history of strong business results , outstanding beauty know-how , and a deep understanding of the industry and markets , ' ' Taylor said . Markus Strobel , 52 , now vice president and general manager for P & G ' s Global Skin & Personal Care business , will succeed Keith as president of that division on July 1 . The 26 - year veteran of the company is based in Singapore . Before moving to Asia , he was vice president and brand franchise leader of Braun , one of P & G ' s billion-dollar brands . ` ` Markus has been tremendously successful leading SK-II , and like Alex , has deep experience in beauty and the skin care category , specifically , ' ' Taylor said . ` ` They are the right leadership team to drive growth in our beauty business . ' '


states

states

test waters

test waters

AT&T

AT&T

catch

catch

AT&T

AT&T

alternatives

alternatives

by AT&T

by AT&T

first responder network

first responder network

AT&T

AT&T

letting

letting

state suitors

state suitors

push

push

AT&T

AT&T

standards

standards

before the FCC at its June open meeting

before the FCC at its June open meeting

The opt out procedures

The opt out procedures

opt out procedures

opt out procedures

$ 6.5 billion plus 20 MHz of spectrum

$ 6.5 billion plus 20 MHz of spectrum

AT&T

AT&T

awarded

awarded

buildout

buildout

$ 40 billion

$ 40 billion

AT&T

AT&T

pledges

pledges

the network

the network

available

available

of the nationwide network

of the nationwide network

opt out

opt out

states

states

their own comparable statewide networks

their own comparable statewide networks

fund

fund

outside companies

outside companies

a handful of states

a handful of states

for alternative networks

for alternative networks

proposals

proposals

services

services

AT&T

AT&T

providing

providing

state

state

requirements

requirements

state

state

approval

approval

for the required spectrum

for the required spectrum

lease

lease

from opt-out states

from opt-out states

state

state

business

business

companies like Rivada Networks

companies like Rivada Networks

on the FirstNet contract to AT&T

on the FirstNet contract to AT&T

lost out

lost out

states

states

pause

pause

states

states

operate their own core networks

operate their own core networks

operate

operate

for FCC review

for FCC review

deadlines

deadlines

at a recent conference

at a recent conference

for the states to join

for the states to join

the states

the states

proposition

proposition

will

will

attractive from a business standpoint

AT&T

AT&T

attractive from a business standpoint

AT&T

AT&T

states that opt-in

states that opt-in

happy with the stringent requirements

companies like Rivada Networks

companies like Rivada Networks

happy with the stringent requirements

outwardly maintained confidence

AT&T

AT&T

outwardly maintained confidence

reason for concern

AT&T

AT&T

reason for concern

As states test waters , AT&T hopes to catch all with FirstNet first responder network
States have started exploring alternatives to the $ 40-billion nationwide first responder network in the works by AT&T , but the Dallas telco has no interest in letting them wiggle away .
While state suitors push to make the opt-out process easier , AT&T is arguing to maintain standards it says are stringent for a reason , to protect the `` enormously high stakes '' of the issue at hand , according to a Federal Communication Commission filing .
The opt out procedures are set to go before the FCC at its June open meeting , and AT&T and FirstNet will present their draft plans to the states around June 19 .
The government-backed project FirstNet earlier this year awarded AT&T $ 6.5 billion plus 20 MHz of spectrum to support the buildout of a nationwide network for first responders , an initiative that has ties to the 9/11 Commission .
The company pledges $ 40 billion over the life of the 25-year contract .
While the network will on first priority be made available to first responders , it 's attractive from a business standpoint for its ability to serve AT&T 's commercial needs .
As a part of the statute that created FirstNet , states are able to opt out of the nationwide network and fund their own comparable statewide networks .
None have so far committed to doing so , but a handful of states have asked outside companies to submit proposals for alternative networks .
`` Joining the FirstNet network is one of the most economical and technologically advanced decisions a leader can make for its state , '' said Chris Sambar , senior vice president for AT&T -- FirstNet , in a statement to the Dallas Business Journal .
`` The sooner an opt-in decision is made , the sooner we can begin providing services to the state and its public safety community . ''
Sambar said states that opt-in could start to see benefits of AT&T 's existing network for their first responders as soon as this year .
On AT&T 's side is the process for opting out , which is both strenuous and complex .
A state 's plan has to meet interoperability requirements and obtain Federal Communications Commission approval , as well as secure a lease for the required spectrum from the National Telecommunications and Information Administration .
If the FCC denies the state 's plan , the state can appeal to the U.S. District Court in D.C. Companies seeking business from opt-out states -- including companies like Rivada Networks , which lost out on the FirstNet contract to AT&T -- are not happy with the stringent requirements , which they say are giving states pause .
Points of contention range from whether states can operate their own core networks to the deadlines for FCC review .
AT&T has outwardly maintained confidence that states will come around and that even the RFPs some have issued are n't reason for concern .
`` I think once the states have an opportunity to evaluate in totality what it means to be in and what would be necessary to be out , I think it 's a very compelling proposition for the states to join , '' said John Donovan , who heads AT&T Technology and Operations , at a recent conference .
`` We expect that most if not all will . ''

As states test waters , AT & T hopes to catch all with FirstNet first responder network States have started exploring alternatives to the $ 40 - billion nationwide first responder network in the works by AT & T , but the Dallas telco has no interest in letting them wiggle away . While state suitors push to make the opt-out process easier , AT & T is arguing to maintain standards it says are stringent for a reason , to protect the ` ` enormously high stakes ' ' of the issue at hand , according to a Federal Communication Commission filing . The opt out procedures are set to go before the FCC at its June open meeting , and AT & T and FirstNet will present their draft plans to the states around June 19 . The government-backed project FirstNet earlier this year awarded AT & T $ 6.5 billion plus 20 MHz of spectrum to support the buildout of a nationwide network for first responders , an initiative that has ties to the 9 / 11 Commission . The company pledges $ 40 billion over the life of the 25 - year contract . While the network will on first priority be made available to first responders , it ' s attractive from a business standpoint for its ability to serve AT & T ' s commercial needs . As a part of the statute that created FirstNet , states are able to opt out of the nationwide network and fund their own comparable statewide networks . None have so far committed to doing so , but a handful of states have asked outside companies to submit proposals for alternative networks . ` ` Joining the FirstNet network is one of the most economical and technologically advanced decisions a leader can make for its state , ' ' said Chris Sambar , senior vice president for AT & T - - FirstNet , in a statement to the Dallas Business Journal . ` ` The sooner an opt-in decision is made , the sooner we can begin providing services to the state and its public safety community . ' ' Sambar said states that opt-in could start to see benefits of AT & T ' s existing network for their first responders as soon as this year . On AT & T ' s side is the process for opting out , which is both strenuous and complex . A state ' s plan has to meet interoperability requirements and obtain Federal Communications Commission approval , as well as secure a lease for the required spectrum from the National Telecommunications and Information Administration . If the FCC denies the state ' s plan , the state can appeal to the U.S . District Court in D.C . Companies seeking business from opt-out states - - including companies like Rivada Networks , which lost out on the FirstNet contract to AT & T - - are not happy with the stringent requirements , which they say are giving states pause . Points of contention range from whether states can operate their own core networks to the deadlines for FCC review . AT & T has outwardly maintained confidence that states will come around and that even the RFPs some have issued are n't reason for concern . ` ` I think once the states have an opportunity to evaluate in totality what it means to be in and what would be necessary to be out , I think it ' s a very compelling proposition for the states to join , ' ' said John Donovan , who heads AT & T Technology and Operations , at a recent conference . ` ` We expect that most if not all will . ' '


Abusive Tax Shelter Scheme

Abusive Tax Shelter Scheme

Wells Fargo

Wells Fargo

Liable

Liable

Wells Fargo

Wells Fargo

fake account scandal

fake account scandal

Now

Now

$ 350 million

$ 350 million

20 % IRS negligence penalty

20 % IRS negligence penalty

an abusive tax shelter

an abusive tax shelter

Wells Fargo

Wells Fargo

federal court

federal court

liable

liable

Last year

Last year

tax credits

tax credits

Wells

Wells

Minnesota jury

Minnesota jury

verdict nixed

verdict nixed

the smoke and mirrors STARS transaction

the smoke and mirrors STARS transaction

Wells

Wells

This trial

This trial

Wells Fargo

Wells Fargo

the jury found

the jury found

Wells Fargo

Wells Fargo

the jury found

the jury found

Wells Fargo

Wells Fargo

the jury found

the jury found

Wells Fargo

Wells Fargo

Barclays

Barclays

compensate

compensate

American banks

American banks

the STARS transaction

the STARS transaction

Barclays Bank PLC

Barclays Bank PLC

marketed

marketed

STARS

STARS

litigation

litigation

Three other courts

Three other courts

Barclays Bank PLC

Barclays Bank PLC

courts have rejected

courts have rejected

Barclays

Barclays

the U.S. corporate taxpayers

the U.S. corporate taxpayers

manufacture tax credits

manufacture tax credits

bought into the deal

bought into the deal

Scheme

Wells Fargo

Wells Fargo

Scheme

hits keep coming

Wells Fargo

Wells Fargo

hits keep coming

negligence penalty

Wells Fargo

Wells Fargo

negligence penalty

abusive tax shelter

Wells Fargo

Wells Fargo

abusive tax shelter

significant U.K. tax benefits

Barclays

Barclays

significant U.K. tax benefits

sham

STARS

STARS

sham

done well

STARS

STARS

done well

downright fair

foreign tax credits

foreign tax credits

downright fair

Wells Fargo Found Liable In Abusive Tax Shelter Scheme
After its fake account scandal , the hits keep coming for Wells Fargo .
Now , Wells Fargo has been found liable in federal court for a 20 % IRS negligence penalty in connection with an abusive tax shelter .
Wells had claimed $ 350 million of foreign tax credits based on a tax shelter known as Structured Trust Advantaged Repackaged Securities or STARS .
Last year , a Minnesota jury verdict nixed the tax credits Wells had claimed , concluding that the transaction lacked both economic substance and a non-tax business purpose .
This trial was the second , this time determining if the smoke and mirrors STARS transaction had economic substance .
Wells Fargo contended that STARS was a single , integrated transaction that resulted in low-cost funding .
The jury did n't buy it , finding that in reality , STARS was really two economically distinct and independent transactions : a loan and a trust .
Regarding the loan , the jury found that Wells Fargo entered into the loan solely for tax-related reasons .
Regarding the trust , the jury found that it had no reasonable potential for pretax profit .
Besides , the jury found that Wells Fargo entered into the trust structure solely for tax reasons .
Complexity is a feature of almost every shelter .
How complex was STARS ?
In the transaction , Wells Fargo would voluntarily subject some of its income-producing assets to U.K. taxation by placing them in a trust with a U.K. trustee .
It would then offset those U.K. taxes by claiming foreign‐tax credits on its U.S. returns .
In turn , Barclays would get significant U.K. tax benefits as a result of Wells Fargo 's actions .
Barclays would compensate Wells Fargo for engaging in STARS by making a monthly payment .
Wells Fargo claimed foreign‐tax credits for the U.K. taxes that it paid in connection with STARS , but the IRS disallowed the credits on the ground that STARS was a sham and violated the economic substance requirements .
Barclays Bank PLC marketed the STARS transaction to American banks .
The shelter was designed to exploit differences between the tax laws in the United States and in the United Kingdom .
But STARS has not done well in litigation .
Three other courts have rejected STARS tax shelters that Bank of New York , BB&T Bank and Santander Bank purchased .
See Santander Holdings USA , Inc. v. United States , 844 F. 3d 15 1st Cir. 2016 , pet. for cert. filed , March 20 , 2017 No. 16‐1130 ;
Bank of N.Y. Mellon Corp. v. Comm'r , 801 F. 3d 104 2d Cir. 2015 , cert. denied , 136 S. Ct. 1377 2016 ;
Salem Fin. , Inc. v. United States , 786 F. 3d 932 Fed. Cir. 2015 , cert. denied , 136 S. Ct. 1366 2016 .
STARS started with foreign tax credits , something that is fundamental to U.S. tax law and seems downright fair .
U.S. companies can claim foreign tax credits on their U.S. taxes .
That way they are not taxed twice on the same profits .
But like just about everything else in U.S. tax law , the law is complex and sometimes even Byzantine .
The creative minds who cooked up STARS wanted to manufacture tax credits for Barclays , and for the U.S. corporate taxpayers that bought into the deal .
The idea was to circulate the U.S. income through an entity taxed in the U.K. , the IRS claimed .
But this really was not double-taxed in a way that qualifies for tax credits , said the IRS .
Because of the differences between U.S. and U.K. rules , STARS enabled Barclays to reimburse a U.S. company for half the tax paid in the U.K. without reducing the amount of foreign tax credits that could be claimed by either party .
For that and other reasons , the IRS said this was a shelter , pure and simple .
In large part , the court agreed .

Wells Fargo Found Liable In Abusive Tax Shelter Scheme After its fake account scandal , the hits keep coming for Wells Fargo . Now , Wells Fargo has been found liable in federal court for a 20 % IRS negligence penalty in connection with an abusive tax shelter . Wells had claimed $ 350 million of foreign tax credits based on a tax shelter known as Structured Trust Advantaged Repackaged Securities or STARS . Last year , a Minnesota jury verdict nixed the tax credits Wells had claimed , concluding that the transaction lacked both economic substance and a non-tax business purpose . This trial was the second , this time determining if the smoke and mirrors STARS transaction had economic substance . Wells Fargo contended that STARS was a single , integrated transaction that resulted in low-cost funding . The jury did n't buy it , finding that in reality , STARS was really two economically distinct and independent transactions : a loan and a trust . Regarding the loan , the jury found that Wells Fargo entered into the loan solely for tax-related reasons . Regarding the trust , the jury found that it had no reasonable potential for pretax profit . Besides , the jury found that Wells Fargo entered into the trust structure solely for tax reasons . Complexity is a feature of almost every shelter . How complex was STARS ? In the transaction , Wells Fargo would voluntarily subject some of its income-producing assets to U.K . taxation by placing them in a trust with a U.K . trustee . It would then offset those U.K . taxes by claiming foreign‐tax credits on its U.S . returns . In turn , Barclays would get significant U.K . tax benefits as a result of Wells Fargo ' s actions . Barclays would compensate Wells Fargo for engaging in STARS by making a monthly payment . Wells Fargo claimed foreign‐tax credits for the U.K . taxes that it paid in connection with STARS , but the IRS disallowed the credits on the ground that STARS was a sham and violated the economic substance requirements . Barclays Bank PLC marketed the STARS transaction to American banks . The shelter was designed to exploit differences between the tax laws in the United States and in the United Kingdom . But STARS has not done well in litigation . Three other courts have rejected STARS tax shelters that Bank of New York , BB & T Bank and Santander Bank purchased . See Santander Holdings USA , Inc . v . United States , 844 F . 3d 15 1st Cir . 2016 , pet . for cert . filed , March 20 , 2017 No . 16 ‐ 1130 ; Bank of N.Y . Mellon Corp . v . Comm'r , 801 F . 3d 104 2d Cir . 2015 , cert . denied , 136 S . Ct . 1377 2016 ; Salem Fin . , Inc . v . United States , 786 F . 3d 932 Fed . Cir . 2015 , cert . denied , 136 S . Ct . 1366 2016 . STARS started with foreign tax credits , something that is fundamental to U.S . tax law and seems downright fair . U.S . companies can claim foreign tax credits on their U.S . taxes . That way they are not taxed twice on the same profits . But like just about everything else in U.S . tax law , the law is complex and sometimes even Byzantine . The creative minds who cooked up STARS wanted to manufacture tax credits for Barclays , and for the U.S . corporate taxpayers that bought into the deal . The idea was to circulate the U.S . income through an entity taxed in the U.K . , the IRS claimed . But this really was not double-taxed in a way that qualifies for tax credits , said the IRS . Because of the differences between U.S . and U.K . rules , STARS enabled Barclays to reimburse a U.S . company for half the tax paid in the U.K . without reducing the amount of foreign tax credits that could be claimed by either party . For that and other reasons , the IRS said this was a shelter , pure and simple . In large part , the court agreed .


Walmart Stock

Walmart Stock

Rose

Rose

Fiscal 1Q18

Fiscal 1Q18

Walmart

Walmart

Earnings

Earnings

Walmart

Walmart

valuation

valuation

Walmart

Walmart

price-to-earnings

price-to-earnings

on May 19 , 2017

on May 19 , 2017

Walmart ( WMT )

Walmart ( WMT )

trading at

trading at

The company

The company

trading multiple

trading multiple

trading at

trading at

current

current

Walmart

Walmart

valuation

valuation

Walmart

Walmart

on par

on par

On May 19 , 2017

On May 19 , 2017

trading at

trading at

in fiscal 2018

in fiscal 2018

Walmart

Walmart

sales of $ 496 billion

sales of $ 496 billion

sales

sales

Walmart

Walmart

sales

sales

for fiscal 2018

for fiscal 2018

a 2.0 % -- 3.0 % rise in sales

a 2.0 % -- 3.0 % rise in sales

rise

rise

Walmart

Walmart

2.0 %

2.0 %

rise

rise

Walmart

Walmart

invest

invest

Walmart

Walmart

shoppers

shoppers

the company

the company

turn

turn

in fiscal 2018

in fiscal 2018

the company

the company

rise 0.8 %

rise 0.8 %

rise

rise

increased

increased

pricing

pricing

rise in traffic

Walmart

Walmart

rise in traffic

Walmart

Walmart

negatively impact margins

Walmart

Walmart

negatively impact margins

Walmart

Walmart

adverse currency movement

Walmart

Walmart

adverse currency movement

A Look at Walmart 's Valuation after Fiscal 1Q18 Results
Why Walmart Stock Rose after Fiscal 1Q18 Earnings
Valuation summary
As we discuss Walmart 's valuation , we should point out that the 12-month forward ( PE ) price-to-earnings tends to vary among peers based on numerous factors like growth expectations , capital structure , profitability , business model , and risk-return profiles .
Walmart ( WMT ) stock was trading at a 12-month forward PE multiple of 17.9 x on May 19 , 2017 .
The company 's current trading multiple is lower than the forward PE multiples of the S&P 500 Index SPX and the Consumer Staples Select Sector SPDR ETF XLP , which are trading at forward PE multiples of 18.6 x and 21.3 x , respectively .
In comparison , Walmart 's current valuation is on par with the peer average .
On May 19 , 2017 , Target ( TGT ) , Dollar General ( DG ) , Dollar Tree ( DLTR ) , and Costco Wholesale ( COST ) , were trading at forward PE multiples of 13.3 x , 16.1 x , 17.9 x , and 28.6 x , respectively .
Growth expectations
Analysts expect Walmart to post sales of $ 496 billion in fiscal 2018 , reflecting improved store sales driven by a rise in traffic and continued growth of its digital business .
Earlier , management guided for a 2.0 % -- 3.0 % rise in sales for fiscal 2018 compared to the analysts ' expectation of a 2.0 % rise in its top line .
Walmart 's strategic decision to invest in price has lured value-driven shoppers to its stores .
However , this tactic could negatively impact margins and in turn the company 's EPS .
Analysts project the company 's bottom line to rise 0.8 % in fiscal 2018 , as increased sales could partially be offset by adverse currency movement and low pricing .

A Look at Walmart ' s Valuation after Fiscal 1Q18 Results Why Walmart Stock Rose after Fiscal 1Q18 Earnings Valuation summary As we discuss Walmart ' s valuation , we should point out that the 12 - month forward ( PE ) price-to-earnings tends to vary among peers based on numerous factors like growth expectations , capital structure , profitability , business model , and risk-return profiles . Walmart ( WMT ) stock was trading at a 12 - month forward PE multiple of 17.9 x on May 19 , 2017 . The company ' s current trading multiple is lower than the forward PE multiples of the S & P 500 Index SPX and the Consumer Staples Select Sector SPDR ETF XLP , which are trading at forward PE multiples of 18.6 x and 21.3 x , respectively . In comparison , Walmart ' s current valuation is on par with the peer average . On May 19 , 2017 , Target ( TGT ) , Dollar General ( DG ) , Dollar Tree ( DLTR ) , and Costco Wholesale ( COST ) , were trading at forward PE multiples of 13.3 x , 16.1 x , 17.9 x , and 28.6 x , respectively . Growth expectations Analysts expect Walmart to post sales of $ 496 billion in fiscal 2018 , reflecting improved store sales driven by a rise in traffic and continued growth of its digital business . Earlier , management guided for a 2.0 % - - 3.0 % rise in sales for fiscal 2018 compared to the analysts ' expectation of a 2.0 % rise in its top line . Walmart ' s strategic decision to invest in price has lured value-driven shoppers to its stores . However , this tactic could negatively impact margins and in turn the company ' s EPS . Analysts project the company ' s bottom line to rise 0.8 % in fiscal 2018 , as increased sales could partially be offset by adverse currency movement and low pricing .