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Cash-hoarding Japanese firms please investors as share buybacks hit record

A man walks past in front of a stock quotation board showing the price of the SoftBank Corp. and Nikkei share average outside a brokerage in Tokyo
A man walks past in front of a stock quotation board showing the price of the SoftBank Corp. and Nikkei share average outside a brokerage in Tokyo, Japan December 19, 2018. REUTERS/Issei Kato

February 18, 2019

By Ayai Tomisawa and Alun John

TOKYO/HONG KONG (Reuters) – Japanese share buybacks have hit a record this fiscal year and are set to maintain the booming growth as cash-rich companies bow to pressure from investors and the government to boost returns and improve governance.

In recent weeks, SoftBank Group Corp, Sony, Itochu Corp and other companies have announced plans to buy back shares worth more than 1.3 trillion yen, bringing the total value of buybacks flagged since April 1 to over 6.5 trillion yen ($58.92 billion).

That is already the most for any fiscal year since 2003 when the current buyback rules were introduced, according to financial data service firm I-N Information Systems.

(GRAPHIC: Japan Buyback – https://tmsnrt.rs/2E9ABPV)

Investors have long criticized Japanese companies for hoarding cash rather than investing it or returning it to shareholders, pushing down their returns on equity (ROE), a measure of the amount of profit a company generates from the money invested in it.

Buying back shares reduces a company’s equity base, boosting its ROE.

“This past month has seen a lot of very positive shareholder-friendly activity from a wide array of Japanese companies,” said Seth Fischer, founder and chief investment officer of Oasis Management, citing actions by SoftBank, Sony, Haseko, Tokyo Tatemono and Toppan Printing.

“To attract foreign investors, companies should continue this path of increasing shareholder returns, while continuing to improve their corporate governance.”

Activist investor Oasis, among others, has been vocal in urging Japanese companies to boost returns. In December, Oasis failed to block the sale of Alpine Electronics to its larger affiliate Alps Electric, but Alps did announce a 45 billion yen buyback in January, the third largest buyback that month.

Japan Inc is under pressure to appease foreign investors after they sold 13 trillion yen of Japanese stocks in 2018, more than four times the net sales in 2015 and 2016, and a sharp reversal of the net 1.9 trillion yen bought in 2017.

“Recently, the global economy is weak and the Japanese market has fallen as foreign fast money has been selling aggressively,” said Archibald Ciganer, co-head of Japanese equity at money manager T.Rowe Price.

“But those Japanese companies that have good governance are taking advantage of cheaper stock prices and putting a floor under their stock price through buybacks.”

Share buybacks have had political pushback elsewhere. In the United States, Senator Marco Rubio last week announced plans to tax buybacks in an effort to encourage companies to reinvest spare cash instead of returning it to shareholders.

In Japan, though, policy makers have been urging companies to pay more attention to the wishes of investors, most notably through the country’s corporate governance and stakeholders codes. Guidelines released last year urged firms to focus on their financial management policies, including the amount of cash they had on hand.

According to Ministry of Finance data, Japanese companies had internal reserves worth a record 446.5 trillion yen at the end of their latest fiscal year.

Japanese companies’ ROEs are expected to fall below 10 percent this fiscal year for their first decline in three years, according to Nomura Securities.

“Many Japanese companies simply have too much cash on their balance sheets weighing down their ROEs. Better capital structure management is definitely needed,” said Kin Chan, chief investment officer of Argyle Street Management.

(GRAPHIC: Foreign investors outflow – https://tmsnrt.rs/2BMtYl1)

A revision to Japan’s corporate governance code last year, designed to push companies to sell stakes in other companies, is also driving buybacks.

“Dissolving cross shareholdings, and increasing dividends and buybacks are two ways to make Japanese companies more attractive to foreign investors,” said Patrick Moonen, principal multi asset strategist at Netherlands-based NN Investment Partners.

Further buybacks are expected. Analysts at Goldman Sachs predict that buybacks will reach 7.8 trillion yen for the 12 months to the end of March 2020.

Currently, 56 percent of Japanese non-financial companies in the benchmark Topix index sit on net cash – meaning they have funds left over even if they paid all debts tomorrow. That compares with less than 20 percent in the United States or Europe, according to figures from brokerage CLSA.

“I tell investors that the presents are still under the Christmas tree,” said Nicholas Smith, CLSA’s Japan strategist.

(Reporting by Ayai Tomisawa in Tokyo and Alun John in Hong Kong; Editing by Muralikumar Anantharaman)

Source: OANN

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War Room – 2019-Feb-20, Wednesday – Alabama Mother Who Joined ISIS Denied Reentry In to The United States

Owen Shroyer is back on the War Room to discuss the Oath Keeper’s upcoming call to action on the border. He is then joined by Billboard recording artist Ricky Rebel and his fashion designer Andre Soriano to discuss MAGA apparel at the Grammy’s. Laura Loomer pops in to discuss her protest in front of Twitter’s NY City Headquarters and a spokesperson for Covfefe Coffee details Amazon’s recent attack on their products.

GUEST // (OTP/Skype) // TOPICS:
Dave Roberts//In Studio
Andre ... See More Soriano//Skype
Ricky Rebel//Skype
Laura Loomer//OTP
Coffee Spokesperson//OTP

Source: The War Room

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Beat the Censors — Sign Up For Infowars “Show” Alerts to Bypass Big Tech

What’s the best way to keep up-to-date on Infowars’ live special broadcasts? Sign up to receive text notifications right to your phone!

As tech giants like Apple, Facebook, Google and others have de-platformed Alex Jones, it’s more important than ever to establish a direct line with Infowars and bypass censorship efforts.

There are currently three different text alerts you can subscribe to.

• Text: NEWS to: 33222 to get breaking news, including articles, videos or live shows covering hardcore info.

• Text: SHOW to: 33222 for daily transmissions. Each time Infowars launches a SPECIAL live video feed you’ll get the direct link to tune in & share!! Currently we only send alerts for The Alex Jones Show, but we’ll soon add alerts for The David Knight Show and War Room with Owen Shroyer.

• Text: WINNING to: 33222 for ultra-rare, super exclusive coupon codes for the Infowars Store.

We’ll never spam you and you can unsubscribe at anytime. There is no charge for this service from Infowars. Message and data rates may apply.

Also, be sure to download the Infowars Official App for Android, available only at the Google Play Store: infowars.com/app.

Source: InfoWars

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China rescuers pull survivor from blast rubble as death toll rises

Villagers stand outside their damaged houses following an explosion at a pesticide plant owned by Tianjiayi Chemical, in Xiangshui county
Villagers stand outside their damaged houses following an explosion at a pesticide plant owned by Tianjiayi Chemical, in Xiangshui county, Yancheng, Jiangsu province, China March 22, 2019. REUTERS/Aly Song

March 23, 2019

By David Stanway

YANCHENG, China (Reuters) – Rescuers pulled a survivor from rubble early on Saturday in the wake of a massive explosion at a pesticide plant in eastern China that flattened buildings, blew out windows more than a mile away and killed at least 64 people.

Officials said more than two dozen people were still missing and hundreds had been injured in Thursday’s blast at the Chenjiagang Industrial Park in the city of Yancheng, in Jiangsu province on China’s east coast.

The cause of the explosion was under investigation, but an editorial in the China Daily newspaper speculated it was likely to be identified as “a serious accident caused by human negligence”.

The company, Tianjiayi Chemical Co – which produces more than 30 organic chemical compounds, some highly flammable – had been cited and fined for work safety violations in the past, the China Daily had reported.

At the Xiangshui People’s Hospital on Saturday morning, the ward corridors were filled with temporary beds for the wounded.

“I was just going to collect my wages when it blew up,” said a worker who identified himself as Zuo. His head was covered in bloody gauze.

“I don’t even have a home to go to now,” he said.

The hospital was relying on dozens of unpaid volunteers.

“No one is thinking about how people will pay their medical bills at the moment – the priority is rescuing them and worrying about fees later,” said one volunteer surnamed Jiang, who was sent to help out at the hospital by his employers on Friday.

Public anger over safety standards has grown in China over industrial accidents, ranging from mining disasters to factory fires, that have marred three decades of swift economic growth.

In 2015, 165 people were killed in explosions at a chemical warehouse in the northern city of Tianjin, one of the world’s busiest ports, which is not far from the capital, Beijing.

Those blasts were big enough to be seen by satellites and register on earthquake sensors.

Despite repeated government pledges to tighten safety, disasters have hit chemical plants in particular, with 23 people killed in November in a series of blasts during the delivery of a flammable gas at a chemical maker.

After the blast in Yancheng, police, some wearing face masks, sealed off roads to what was left of the devastated, smoldering plant.

The explosion smashed windows in the village of Wangshang 2 km (1.2 miles) away. Stunned villagers likened it to an earthquake.

A provincial official told Reuters on Saturday the accident has shown that the market for dangerous chemicals has grown too quickly and production to meet demand has expanded too crudely.

President Xi Jinping, who is in Italy on a state visit, ordered all-out efforts to care for the injured and to “earnestly maintain social stability”, state television said.

Authorities must step up action to prevent such incidents and determine the cause of the blast as quickly as possible, Xi said.

“There has recently been a series of major accidents, and all places and relevant departments must fully learn the lessons from these,” the report cited Xi as saying.

Cheng Jie, an official with the environment bureau, told reporters the priority was to ensure contaminated water doesn’t leak into the public water supply system.

The Jiangsu environmental protection bureau said late on Friday that a team of 126 inspectors found various degrees of contamination in local water samples, with nitrobenzene concentrations exceeding standards at one location.

Some volatile organic chemical measurements far exceeded surface water standards, 15 times over in one case, the Jiangsu bureau said.

(Reporting by David Stanway; Writing by John Ruwitch; Editing by Tom Hogue)

Source: OANN

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Kindergarten teacher accused of recording sexually explicit videos with a child, sending them to ex-boyfriend

A kindergarten teacher from Florida is facing jail time for allegedly recording herself sexually abusing a young child and sending the videos to her ex-boyfriend.

Audra Mabel, 34, is now facing child pornography charges after authorities found the videos on ex-boyfriend Justin Ritchie's computer. He was under investigation after a complaint was filed against him for sexually assaulting a child under the age of 12. He also videotaped the alleged assaults, according to reports.

Mabel allegedly sent Ritchie 11 sexually explicit videos of herself, which were made in 2017 while she was living and teaching at a school in Michigan. The child involved in the videos was reportedly not one of her students. However, in one video, Mabel exposes herself to the camera, then turns the camera to reveal what appears to be a classroom full of students, The Detroit Free Press reports.

FLORIDA WOMAN GETS LIFE IN PRISON FOR SITTING ON, SMOTHERING GIRL, 9, AS PUNISHMENT 

Mabel worked at the Lyons School in the Lansing School District in Michigan from November 2016 to June 2017 as a temporary replacement teacher and left at the end of that school year. After that, she reportedly returned to Florida and gained employment at Spring Lake Elementary School in the Seminole County Public School District, just north of Orlando.

In light of the charges against Mabel, the school has fired her and notified parents while clarifying that it does not appear that she committed any crimes with students. They added that parents with any knowledge of inappropriate behavior conducted by her to reach out to the U.S. Attorney's Office in Tampa.

CLICK HERE TO GET THE FOX NEWS APP

Mabel and Ritchie are both being held at the Seminole County Jail without bond.

Source: Fox News National

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China expels ex-Interpol president from public office, party

China has expelled former Interpol President Meng Hongwei from public office and the ruling Communist Party as he awaits trial on corruption charges.

Meng was elected Interpol president in 2016, but his four-year mandate was cut short when he was detained without notice by Chinese authorities last October during a visit to China from Interpol headquarters in France.

At the time, Meng was also one of China's vice ministers of public security.

The party's disciplinary committee said Wednesday that an investigation found Meng guilty of serious legal violations and that he had failed to abide by party principles and implement the party's decisions.

A party statement said Meng abused his power to satisfy his family's "extravagant lifestyle," indulging his wife's use of his authority for personal benefit.

Source: Fox News World

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Golf: Snedeker, Schniederjans shoot 65 in third round at Players

PGA: THE PLAYERS Championship - Third Round
Mar 16, 2019; Ponte Vedra Beach, FL, USA; Ollie Schniederjans (right) and Seamus Power (left) shake hands on the 18th green after completing the third round of THE PLAYERS Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports

March 16, 2019

(Reuters) – Americans Brandt Snedeker and Ollie Schniederjans surged into contention by carding seven-under-par 65s in the third round at the Players Championship in Florida on Saturday.

Their performances came after they had started the day nine strokes behind halfway leaders Rory McIlroy and Tommy Fleetwood at TPC Sawgrass in Ponte Vedra, Florida.

After benign conditions for the first two rounds, the breeze switched to the north on the back of a cool front, but scores were still hot.

Snedeker notched seven birdies and Schniederjans was helped by an eagle at the par-five ninth, where he holed out from 70 yards.

They signed for 10-under 206, finishing as the halfway leaders set off at 12-under.

“I saw this coming all week, had some great practice rounds,” nine-times PGA Tour winner Snedeker said.

He said he had played well the first two rounds, only to spoil his score with a double-bogey each day.

“I was really focusing on not making a bogey (today), given my first two days, how well I played,” Snedeker said.

“I was able to hit some quality iron shots and make some good putts.”

Tiger Woods also started the day nine shots back, but went in the wrong direction with a 72 that included three bogeys on the front nine, and three birdies on the back.

Woods appeared in good spirits, however, flashing his beaming smile on several occasions as he joked around with playing companion Kevin Na.

“I struggled hitting the putts hard enough,” he said.

Irishman Seamus Power enjoyed an early St Patrick’s Day present when he made a hole-in-one at the 155-yard third.

He shot 73 for two-under 214.

There have been three aces this week, one each at the third, 13th and 17th holes.

(Reporting by Andrew Both in Cary, North Carolina)

Source: OANN

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FILE PHOTO: File photo of a Chevron gas station sign in Del Mar, California
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, in this April 25, 2013 file photo. REUTERS/Mike Blake/File Photo

April 26, 2019

(Reuters) – U.S. oil and natural gas producer Chevron Corp reported a 27 percent fall in quarterly earnings on Friday, hit by lower crude prices and weaker margins in its refining and chemicals businesses.

Net income attributable to the company fell to $2.65 billion, or $1.39 per share, for the first quarter ended March 31, from $3.64 billion, or $1.90 per share, a year earlier.

Earlier in the day, larger rival Exxon Mobil Corp reported earnings well below analysts’ estimates, as margins in its refining business were hurt by higher Canadian prices and heavy scheduled maintenance.

(Reporting by Arathy S Nair in Bengaluru; Editing by Saumyadeb Chakrabarty)

Source: OANN

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FILE PHOTO: Ford logo is seen at the North American International Auto Show in Detroit, Michigan
FILE PHOTO: The Ford logo is seen at the North American International Auto Show in Detroit, Michigan, U.S., January 15, 2019. REUTERS/Brendan McDermid/File Photo

April 26, 2019

(Reuters) – Ford Motor Co said on Friday the U.S. Department of Justice had opened a criminal investigation into the automaker’s emissions certification process in the United States.

The potential concern does not involve the use of defeat devices, the company said in a regulatory filing. (https://bit.ly/2VqjHpl)

Ford had voluntarily disclosed the matter to the U.S. Environmental Protection Agency and the California Air Resources Board in February.

(Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel)

Source: OANN

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Hundreds of Cuban migrants are reported to be on the run Friday in Mexico after a crowd of more than 1,000 burst out of a troubled immigration detention center on its southern border.

Mexico’s National Immigration Institute said the mass escape Thursday in Tapachula – which the Associated Press called the largest in recent memory — involved around 1,300 Cuban migrants, although 700 of them have since returned voluntarily.

The migrants reportedly streamed out of the compound without any resistance, as the institute said its agents weren’t armed and “there was no confrontation.”

Federal police with riot shields later rushed in to control the situation, as a crowd of angry Cubans whose relatives were being held at the facility gathered outside. The Cubans claimed their relatives reported overcrowding and unsanitary conditions at the facility.

A Federal Police officer stands guard outside an immigration detention center in Tapachula, Chiapas state, Mexico, late Thursday, following a breakout.

A Federal Police officer stands guard outside an immigration detention center in Tapachula, Chiapas state, Mexico, late Thursday, following a breakout. (AP)

BORDER PATROL UNION CHIEF BLASTS CONGRESS OVER MIGRANT CARAVANS: ‘WHAT ARE YOU DOING ABOUT IT’?

“My wife and child have been in there for 27 days in bad conditions,” said Usmoni Velazquez Vallejo, as he waited outside for news. “There is overcrowding, insufficient food and there isn’t even medicine for them.”

Another Cuban detainee told the AFP: “We have many there… we are very tight, we sleep on the floor.”

It’s the third time since October that migrants at the facility staged an uprising, according to the news agency.

The center’s holding capacity is officially listed at less than 1,000 people, but the escape of 1,300 meant it was probably at least at double its capacity, since not everyone being held there escaped. Residents in the area said that sometimes the facility has held as many as 3,000 people, and a Mexican newspaper cited by Reuters said Haitians and Central Americans also are among the large group who still have not been tracked down.

Migrants wait for their transfer from an immigration detention center in Tapachula, Chiapas state, Mexico, on Thursday.

Migrants wait for their transfer from an immigration detention center in Tapachula, Chiapas state, Mexico, on Thursday. (AP)

CLICK HERE TO GET THE FOX NEWS APP

Earlier in the day, Mexico’s top human rights official toured the facility.

Elsewhere in the country, a new caravan estimated to contain up to 10,000 migrants is making its way to the U.S.-Mexico border.

The Associated Press contributed to this report.

Source: Fox News World

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Logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro
FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes

April 26, 2019

(Reuters) – Exxon Mobil Corp on Friday reported first-quarter profit fell sharply on lower oil and gas prices and weakness in its refining and chemicals businesses that offset modest production gains.

The largest U.S. oil producer’s first quarter earnings fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year ago.

Analysts had expected Exxon to earn 70 cents per share, according to Refinitiv Eikon estimates.

Shares were trading down about 2.7 percent in premarket trading on Friday.

Exxon’s oil equivalent production rose 2 percent to 4 million barrels per day, up from 3.9 million bpd in the same period the year prior. The company said its output in the Permian Basin, the largest U.S. shale basin, rose 140 percent over a year ago.

(Reporting by Jennifer Hiller; Editing by Chizu Nomiyama)

Source: OANN

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The Washington Post’s media critic went into meltdown after White House Press Secretary Sarah Sanders held a mock press briefing for the children of White House journalists and employees on Take Your Daughters and Sons to Work Day.

Erik Wemple, the newspaper’s chief media critic, slammed Sanders and the White House for organizing a fun day on Thursday for junior would-be journalists, while not holding an actual press conference for the record number of days.

WHITE HOUSE STAFF TO SKIP CORRESPONDENTS’ DINNER AFTER LAST YEAR’S CONTROVERSY

Wemple wrote that Sanders gave to children an important lesson of “the centrality of nonaccountability mechanisms in the affairs of state” after she announced that the mock press briefing was “off the record.”

“When the children head home tonight, perhaps they can pull up archival footage to see how their questions stack up against ye olde press briefings,” he added.

“Accordingly, Sanders was doing more than just providing a fun interlude for the kids; she was headlining a reenactment, anchoring a bona fide historical site.”

— Erik Wemple

“Tuesday, after all, marked a record for number of days without a White House press briefing. Accordingly, Sanders was doing more than just providing a fun interlude for the kids; she was headlining a reenactment, anchoring a bona fide historical site.”

While some correspondents praised the White House for doing “a lot of work to welcome the children and provide “them an excellent experience,” other journalists echoed Wemple’s criticism and pointed out that Sanders hasn’t held a press briefing in over 40 days.

“Kids of WH Press Corps members are getting ready for a briefing with  @PressSec. Their parents have not had one in 45 days,” tweeted CBS News’ White House Correspondent Weijia Jiang.

REPORTER SHOUTS AT SARAH SANDERS AFTER BRIEFING: ‘DO YOUR JOB, SARAH!’

“The irony of it is that they’re pretending that the White House press briefing is a thing, and they’re pretending that this is how the White House operates, but this is not at all how the White House operates … It’s a relic of an earlier time,” another correspondent quoted by the Post said.

“The irony of it is that they’re pretending that the White House press briefing is a thing, and they’re pretending that this is how the White House operates, but this is not at all how the White House operates … It’s a relic of an earlier time.”

— a White HOuse Correspondent

The Post struck a different tune in a column earlier this year, which declared that despite the administration’s criticism of the media, President Trump was “extremely accessible.”

Wemple quoted Martha Joynt Kumar, director of the White House Transition Project, who said that Trump held 338 “short question-and-answer” sessions over his time in office, significantly more than 75 such sessions by former President Barack Obama during his first full two years in office.

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In terms of total instances of access to the media, which include interviews, short sessions, and news conferences, Trump was accessible least 577 times in his first two years in office.

Source: Fox News Politics

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