Executive creative director of Saatchi & Saatchi Singapore and Malaysia, Bruce Matchett has retired...
BREAKING: @AdaniAustralia 's Carmichael mine could be delayed by up to two years according to Qld's resource investment commissioner. #qldpol #auspol
"Retail and wholesale, especially retail, is the entry industry for those people who are new to the market and are looking for jobs, looking to enter the market," he said.
Despite the reset of variable compensation and typical seasonal increase of fringe costs, we plan to manage our operating expenses prudently in the first quarter and throughout the year. Based on our current forecast we expect operating expenses on a full year basis to be relatively flat versus 2018.
To contact the reporters on this story: Peter Waldman in San Francisco at pwaldman@bloomberg.net;Sheridan Prasso in Hong Kong at sprasso@bloomberg.net;Todd Shields in Washington at tshields3@bloomberg.net
GAAP net income was $192.2 million, compared to a net loss of $148.1 million in the fourth quarter in 2017, and a decrease of 14% sequentially, resulting in diluted earnings per share of $0.55. The year-over-year change in GAAP net income was primarily due to a lower effective tax rate.
And based on the equipment being replaced in our sulfuric acid plant in the fourth quarter of this year, we'll see an increase in our capital spend. Now to be clear, there is no change to our expected turnaround expense impact of $35 million to $40 million, which is what we've highlighted previously, but we will see a higher level of CAPEX in 2019 related to repair and maintenance spend. The second driver of the year-over-year increase is based on a cash outflow in 2019 related to equipment purchased for our spring 202 plant turnaround. Based on the proximity of our turnaround schedule with activities in the first quarter of 2019, and then early in the second quarter of 2020, there will be a higher amount of cash outflow this year for equipment being commissioned in next year's turnaround.
While most of our portfolio comprise of liquid middle market loans, we believe changes in liquid credit risk premiums reflect the cost of deals in the market including those about the probability of defaults -- loss due to default and the required compensation to take such risk.
Before taking questions, I'd like to touch upon a regulatory topic affecting BDC investors. As most of you are familiar in December the SEC issued a release proposing a new 3% rule that would allow 40-odd companies sell more than 3% of the outstanding shares of other investment companies.
Coats has also described the experience of briefing the president—how he will frequently interrupt with questions or detours such that the briefers have to keep returning to the central points. Anonymous officials were less charitable in describing the experience to Time magazine recently, saying that Trump displayed “willful ignorance” or reacted with anger to facts he didn’t like. Two of them told Time that they’d been warned not to tell Trump information that contradicted positions he’d taken in public—which would seriously undercut the entire point of intelligence briefings, and offer further evidence of a dangerous disinterest in crafting fact-based policies. The Office of the Director of National Intelligence declined to comment on the report for The Atlantic.
The campaign to blunt Huawei’s rise appears to be one of Trump’s most successful diplomatic initiatives. Australia, New Zealand and Japan have acceded to U.S. requests to bar Huawei’s 5G equipment. The allies have also banded together to provide aid to the Solomon Islands and Papua New Guinea to enable them to reject a Huawei submarine cable carrying broadband connections, saying the line represents a national security threat at its connection point in Australia.
Baidu Inc., after falling well behind China’s two internet giants, looks in danger of losing even more ground if the country continues its economic downturn.
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