The New York Post: Melania Trump makes first public appearance in more than 3 weeks

WASHINGTON — Melania Trump made her first official appearance at the White House on Monday night since her hospitalization more than three weeks ago.

Strutting in black high heels and a black dress, the first lady walked unassisted into a White House reception Monday evening to honor families of service members killed in the line of duty.

The White House closed the event to the press to honor the privacy of the military families, but one Gold Star family member happened to be a reporter for the Daily Caller, who caught Melania’s post-surgery debut entrance on video.

President Donald Trump addressed his wife’s hospitalization to the more than 40 Gold Star families who were invited.

“Melania had a little problem a couple weeks ago but she wouldn’t miss this for anything,” he said, according to the Daily Caller’s Jena Greene, whose father, Marine Lt. Col. David S. Greene, was killed in Iraq in 2004 when his helicopter was shot down.

Trump joked about speculation that Melania had left him given her prolonged absence. But the president reassured his guests that the First Couple is still together. “Isn’t that right honey,” Trump said.

The first lady later tweeted official photos of the ceremony showing her sitting aside her husband in the front row. Vice President Mike Pence and wife Karen were also in attendance.


Melania Trump issued a statement Monday night calling it a “privilege” to honor America’s “fallen heroes and their families” at the White House.

“To all those who have lost loved ones in service to our country, our nation grieves with you,” Melania said in a statement. “It is a solemn reminder that we, the American people, are able to live as freely as we do because of the selfless sacrifices of our men and women in uniform. We remain indebted to each of them and we honor them today, together, with their families.”

Melania Trump hadn’t been seen publicly since May 10. The White House announced four days later she was at Walter Reed Medical Center after undergoing a “successful” kidney procedure for a “benign” condition.

She was hospitalized for almost a week and stayed out of the public eye as she recovered. Melania won’t join Trump on two upcoming foreign trips to Canada and Singapore, where he’s to meet North Korean leader Kim Jong Un on June 12.

This report originally appeared on NYPost.com.


http://www.marketwatch.com/news/story.asp?guid=%7B12A3BFBA-6873-11E8-93A3-AD9A88B6DE5A%7D&siteid=rss&rss=1

Visionstate Corp. Announces Board Changes

EDMONTON, Alberta, June 04, 2018 (GLOBE NEWSWIRE) — Visionstate™ Corp. (TSX-V:VIS) Visionstate (or “the Company”) today announced that Perry Kinkaide has resigned from the Company’s Board of Directors, effective immediately. The Company thanks Mr. Kinkaide for his service for the past few years.

John Putters, President of Visionstate, stated “On behalf of the Board and the company, I thank Perry for the contributions he has made during his tenure and wish him continued success in the future.”

The Company also announced that Mr. Kevin Gilbank has joined its Board of Directors. He has over 15 years of oil and gas and infrastructure experience with a specialization in operations, project management, clean energy project development, and team leadership.  Kevin has held increasingly senior roles within Shell Canada and has been pivotal in the growth of TERIC Power.  Kevin holds a professional engineering designation as well as a Biomechanical Engineering Masters of Applied Science from the University of Ottawa, a Bachelor of Mechanical Engineering Degree (Honours) through the University of Dundee in the United Kingdom and a Mechanical Engineering Technology Diploma from Durham College.

About Visionstate Corp.

Visionstate Corp (TSX-V:VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of sustainability, analytics and the Internet of Everything. Visionstate provides investors access to holdings in disruptive technologies that include artificial intelligence (AI), blockchain platforms and cryptocurrency. Through Visionstate Inc. it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state of the art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across North America. An extension of that product, CINDI™, has the potential to transform the guest service experience in the hotel industry. With the recent acquisition of Chatbot Incubator, specializing in applications for artificial intelligence, development is underway to make CINDI into a personal concierge, offering personalized services in every guest room. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.

For more information please visit www.visionstate.com and follow @Visionstate on Twitter and Facebook.

Visionstate is listed on the TSX-V exchange under the ticker symbol “VIS”; additional investor information is available on SEDAR.

Forward Looking Statements

This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Visionstate’s business and the environment in which the business operates.  Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend” and similar expressions to the extent they relate to the Company or its management.  The forward-looking statements are not historical facts, but reflect Visionstate’s current expectations regarding future results or events.  These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations.  Visionstate assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information about Visionstate, please contact John Putters at (780) 425-9460 or jputters@visionstate.com.

John Putters
Phone: 780.425.9460
Email: jputters@visionstate.com 

http://globenewswire.com/news-release/2018/06/05/1516648/0/en/Visionstate-Corp-Announces-Board-Changes.html

The Wall Street Journal: Manafort attempted to tamper with witnesses, Mueller claims

WASHINGTON — Special counsel Robert Mueller’s office accused former Trump campaign chairman Paul Manafort of trying to tamper with potential witnesses in the criminal lobbying case he faces in Washington.

In a court filing late Monday, Mueller’s office sought to revoke Manafort’s release before his trial, saying he had tried to communicate with two contacts who had worked with him on a project at issue in the case. The specific allegations involve Manafort’s dealings with “former senior European politicians” who allegedly worked with Manafort to secretly act as paid lobbyists for Ukraine.

That contact with the witness violated the conditions the court laid out for Manafort’s release from jail while his case remains pending, the special counsel prosecutors said as they asked for the judge to hold a hearing on the issue.

After his October arrest, Manafort was released from custody on a $10 million bond and subject to home confinement. He hasn’t yet satisfied the financial conditions of the bond.

An expanded version of this report appears on WSJ.com.



Also popular on WSJ.com:

Why robocalls win even if you don’t answer.

Sports site The Athletic expands aggressively, betting on subscriptions.


http://www.marketwatch.com/news/story.asp?guid=%7BEDC1B934-686A-11E8-93A3-AD9A88B6DE5A%7D&siteid=rss&rss=1

What is the full phrase for ‘GmbH’, and what do the words in this acronym mean in English?

A:

In Germany, there are two types of companies: publicly traded and privately held.

The acronym ‘GmbH‘, which is written after the name of a German company, designates it as a private entity. The letters stand for Gesellschaft mit beschränkter Haftung which, translated literally, means a ‘company with limited liability‘. GmbH companies are incorporated and, as such, are legal entities unto themselves. They can be owned by individuals, public companies, or any other sort of legal entity.

German companies that are publicly traded are designated as such by the letters ‘AG‘ after the company name. ‘AG’ is an abbreviation for the German word Aktiengesellschaft, which literally translates to ‘stock corporation‘ or ‘shares corporation’ in English.

The laws of a country determine which types of companies are legally recognized within the country’s borders. One of the most commonly used acronyms is ‘PLC’, which is used throughout the United Kingdom to indicate a Public Limited Company, or a company that is publicly traded with owners having limited liability. Throughout the world, ‘S.A.’ is used to indicate a privately held company, though its exact meaning varies depending on the country in which the company is registered. The words translate broadly as ‘anonymous society‘ in English.

More information on company extensions can be found here.

For related reading, see The Requirements for Being a Public Limited Company and The Basics of Forming a Limited Liability Company (LLC).

https://www.investopedia.com/ask/answers/05/051305.asp?utm_campaign=rss_headlines&utm_source=rss_www&utm_medium=referral

Asia Markets: Asian markets give up some of Monday’s gains

Asian equities went downhill as the morning progressed Tuesday following the region’s broad gains Monday and a further advance overnight in the U.S.

Hong Kong
HSI, -0.05%
 , Monday’s best performer, led the way lower after three days of gains. Tencent
0700, +0.53%
  was up 0.3% while Sunny Optical
2382, +1.27%
  climbed 1.3%. But like elsewhere in the region, energy stocks were sliding after oil’s start-of-week selling. CNOOC
0883, -0.88%
  and Sinopec
0386, -2.70%
  were down about 2%.

Chinese large caps pulled back in early trading from Monday’s decent gains, with the Shanghai Composite
SHCOMP, +0.05%
  off 0.2% on weakness in energy names on oil’s overnight drop. But smaller stocks picked up the slack, with the startup-heavy ChiNext rebounding 0.8% and the Shenzhen Composite
399106, +0.70%
  up 0.3%

Japan’s Nikkei
NIK, +0.10%
  was up 0.5% as technology names traded higher. Softbank Group
9984, +1.93%
  and Line Corp.
3938, +2.04%
 were both up more than 2%, while Sony Corp.
6758, +1.05%
  gained 1%

Malaysia
FBMKLCI, -0.37%
 , Taiwan
Y9999, -0.13%
 , Korea
SEU, -0.25%
  and Australia
XJO, -0.44%
  were all down about a quarter percentage point. New Zealand’s benchmark
NZ50GR, +1.20%
  was nearly up that much as it caught up following Monday’s holiday there.


http://feeds.marketwatch.com/~r/marketwatch/financial/~3/caRZnOAUSwg/story.asp

LG: A case study of successful Enterprise Resource Planning

Enterprise Resource Planning (ERP) solutions are great, but successful implementation requires careful thought, consideration and engagement from all stakeholders. This article discusses two examples for ERP solutions of different scenarios, scales and requirements.

LG implementation of HRMS

When the global giant LG Electronics (LG) – with 114 subsidiaries, and more than 82,000 employees across 40 countries – tried to harmonize its Human Resources (HR) functions, the challenges were of a similarly giant scale. High maintenance costs, local controls lacking transparency, inefficient decision-making, under-utilization of resources, manual processes, etc. made it difficult for LG to operate as a global company. So it decided to take the ERP route.

The challenges for LG included:

  • Location-specific multiple systems leading to unclear top-level reporting, lack of optimum resource utilization
  • Location-specific processes lacking transparency and automation needs for a global reporting
  • Disengaged employees, limited outlook, no room for information or best-practices sharing
  • Limited localized resources for employee learning and training
  • Difficulties with decision-making, with significant business impact

LG’s familiarity with Oracle technology made it easier to finalize a solution. It offered large data hosting, seamless migration of old data, easy scalability, multiple modules addition as needed and centralized access and control. LG hired Oracle Consulting to build a single centralized system that integrates available Oracle HR modules for uniform use at global level, thereby replacing location specific system dependency.

Achieved Benefits

The ERP solution, which included a data mart, performance management system, staff portal and e-learning application, enabled the following benefits for LG:

  • Centrally managed single system with minimal maintenance costs
  • Transparency in the recruitment and employee appraisal processes, which hiring, engaging and rewarding performance based on the right competencies and proven performance
  • Real-time reporting for higher management and tracking of set goals and objectives
  • Informed decision-making due to readily available real time reports
  • Centralized control over HR processes, with flexibility for regions to implement localized changes
  • Efficiency improvement for HR functions
  • Cost savings
  • Easy sharing of best practices across the various centers
  • Easy-access, self-service function for employees
  • Facilitated learning for common tasks through document sharing and online tutorials, resulting in time and cost savings
  • Increased employee morale, productivity and engagement

It was not a cakewalk, given the large and distributed scale of ERP system implementation. Spanned over five years (2002-2006) in five planned phases with a clearly set objective, the ERP solution enabled LG to mitigate the challenges posed by vastly spread global centers, for its Human Resource Management System requirements. Today, LG continues to benefit with the automated ERP solution, and continues to enhance it further as needed.

ERP solution for Fuze Energy Drinks

Fuze Energy Drinks, going through a rapid growth path, found its existing systems obsolete to meet the growing business needs.  Primary challenges were:

  • Management of rapidly growing stocks and inventory
  • Planning and managing production matched to demand and supply
  • Reporting needs for financial decision-making

Fuze was looking for a cost-effective, easy-to-maintain solution, without getting into the hassles of computer maintenance. Their ERP vendor (Pyramid Consulting) offered the Sage Accpac ERP solution, which was completely web-hosted and was a proven system for the manufacturing industry, with specific modules matching their needs. It offered automation for inventory management, production lines and real-time financial reporting with no on-site maintenance, allowing Fuze to concentrate on its core business, instead of adding overhead for computer system maintenance.

Realized Benefits

The system had a quick and easy setup, with no installation costs. Among the happy results:

  • Automation modules for inventory and orders ensured full and timely production reports, including alerts on stock that was “past the expiry date” or “about to expire.”
  • Production reporting resulted in full control on product lines, improving demand and supply status.
  • Accounting entries enabled timely decision-making, based on real-time data.
  • Web-hosted solutions prevented the need to purchase in-house computer hardware. It also ensured easy and timely access to the system from variety of devices.
  • Off-site computer hosting significantly lowered costs, limiting them to annual maintenance charges.

In addition, the contract Fuze signed with Pyramid stipulated vendor engagement and availability for any ad hoc training, as needed.

The Bottom Line

ERP systems are usually big ticket projects with high costs and varying timeframes. Case studies of successful ERP implementations allow for the careful selection of vendors, systems and solutions; a clear understanding of existing gaps and objectives to be met; and sufficient and continuous engagement from the client with the vendor, as requirements keep changing dynamically over the implementation phase. Simply leaving implementation to the vendor may not be the best idea. Working with the vendor in a partnering role produces the best results. 

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Kayne Anderson MLP Investment Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2018

HOUSTON, June 04, 2018 (GLOBE NEWSWIRE) — Kayne Anderson MLP Investment Company (the “Company”) (NYSE:KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of May 31, 2018.

As of May 31, 2018, the Company’s net assets were $2.2 billion, and its net asset value per share was $18.70. As of May 31, 2018, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 442% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 314%.

 
Kayne Anderson MLP Investment Company
Statement of Assets and Liabilities
May 31, 2018
(Unaudited)
    (in millions)   Per Share
Investments   $   3,499.3     $   30.32  
Cash and cash equivalents       55.4         0.48  
Deposits       0.2       0.00  
Accrued income       0.5       0.00  
Receivable for securities sold       1.7         0.01  
Income tax receivable       1.3         0.01  
Other assets       1.2         0.01  
Total assets       3,559.6         30.83  
         
Notes       716.0         6.20  
Unamortized notes issuance costs     (2.5 )       (0.02 )
Preferred stock       292.0         2.53  
Unamortized preferred stock issuance costs     (1.9 )       (0.02 )
Total leverage       1,003.6         8.69  
         
Other liabilities       26.1         0.22  
Deferred tax liability       371.6         3.22  
Total liabilities       397.7         3.44  
         
Net assets   $   2,158.3     $   18.70  
         
The Company had 115,429,599 common shares outstanding as of May 31, 2018.
         

Long-term investments were comprised of Midstream MLP (84%), Midstream Company (14%), Shipping MLP (1%) and General Partner MLP (1%).

The Company’s ten largest holdings by issuer at May 31, 2018 were:

               
    Units / Shares
(in thousands)
  Amount
(in millions)
  Percent of
Long-Term
Investments
 
1. Enterprise Products Partners L.P. (Midstream MLP) 17,877   $516.6   14.8 %  
2. Energy Transfer Partners, L.P. (Midstream MLP) 18,385   349.1   10.0 %  
3. ONEOK, Inc. (Midstream Company) 4,698   320.2   9.2 %  
4. Williams Partners L.P. (Midstream MLP)* 7,094   282.3   8.1 %  
5. MPLX LP (Midstream MLP)** 7,054   262.3   7.5 %  
6. Western Gas Partners, LP (Midstream MLP) 3,932   203.2   5.8 %  
7. Plains All American Pipeline, L.P. (Midstream MLP) 8,465   198.9   5.7 %  
8. Buckeye Partners, L.P. (Midstream MLP)*** 5,651   194.8   5.6 %  
9. Targa Resources Corp. (Midstream Company) 3,332   162.0   4.6 %  
10. Magellan Midstream Partners, L.P. (Midstream MLP) 1,930   134.9   3.9 %  
_____________          
* On May 17, 2018, Williams Companies, Inc. (“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all common units of WPZ in a stock-for-unit transaction.  As of May 31, 2018, the Company did not own any WMB shares.

** Includes 4,798 common units ($172.3 million) and 2,256 preferred units ($90.0 million).

*** Includes 3,391 common units ($122.3 million) and 2,260 Class C units ($72.5 million).

 

Kayne Anderson MLP Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, whose common stock is traded on the NYSE. The Company’s investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related partnerships and their affiliates (collectively, “MLPs”), and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward- looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Company’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Company’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objective will be attained.

Contact:

KA Fund Advisors, LLC
877-657-3863
http://www.kaynefunds.com/

http://globenewswire.com/news-release/2018/06/05/1516646/0/en/Kayne-Anderson-MLP-Investment-Company-Provides-Unaudited-Balance-Sheet-Information-and-Announces-its-Net-Asset-Value-and-Asset-Coverage-Ratios-at-May-31-2018.html

Kayne Anderson Energy Development Company Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2018

HOUSTON, Texas, June 04, 2018 (GLOBE NEWSWIRE) — Kayne Anderson Energy Development Company (the “Company”) (NYSE:KED) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of May 31, 2018.

As of May 31, 2018, the Company’s net assets were $193 million, and its net asset value per share was $17.86. As of May 31, 2018, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 463% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 327%.                                                                                               

 
Kayne Anderson Energy Development Company
Statement of Assets and Liabilities
May 31, 2018
(Unaudited)
    (in millions)   Per Share
Investments   $ 294.9     $ 27.32  
Cash and cash equivalents     3.4       0.31  
Accrued income     0.1       0.01  
Receivable for securities sold     0.4       0.04  
Income tax receivable     0.6       0.05  
Other assets     0.3       0.03  
Total assets     299.7       27.76  
         
Term loan     60.0       5.56  
Unamortized term loan issuance costs   (0.3 )     (0.03 )
Preferred stock     25.0       2.32  
Unamortized preferred stock issuance costs          (0.1 )     (0.01 )
Total leverage     84.6       7.84  
         
Other liabilities     1.9       0.18  
Deferred income tax liability     20.4       1.88  
Total liabilities     22.3       2.06  
         
Net assets   $ 192.8     $ 17.86  
           
         
The Company had 10,793,733 common shares outstanding as of May 31, 2018.
         
         

Long-term investments were comprised of Midstream MLP (80%), Midstream Company (18%) and Shipping MLP (2%).

The Company’s ten largest holdings by issuer at May 31, 2018 were:

    Units / Shares
(in thousands)
    Amount
(in millions)
    Percent of
Long-Term
Investments
             
1. Energy Transfer Partners, L.P. (Midstream MLP) 1,898   $36.0   12.2%
2. ONEOK, Inc. (Midstream Company) 410   28.0   9.5%
3. Western Gas Partners, LP (Midstream MLP) 512   26.5   9.0%
4. Enterprise Products Partners L.P. (Midstream MLP) 885   25.6   8.7%
5. Williams Partners L.P. (Midstream MLP)* 581   23.1   7.8%
6. Targa Resources Corp. (Midstream Company) 417   20.3   6.9%
7. Buckeye Partners, L.P.  (Midstream MLP)** 514   17.6   6.0%
8. MPLX LP (Midstream MLP) 438   15.7   5.3%
9. Tallgrass Energy Partners, LP (Midstream MLP)*** 266   11.6   3.9%
10. Plains GP Holdings, L.P. (Midstream MLP) 415   10.2   3.5%
________________________          

* On May 17, 2018, Williams Companies, Inc.(“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all common units of WPZ in a stock-for-unit transaction.  As of May 31, 2018, the Company did not own any WMB shares.

** Includes 271 common units ($9.8 million) and 243 Class C units ($7.8 million).

*** On March 26, 2018, Tallgrass Energy GP, LP (“TEGP”) and Tallgrass Energy Partners, LP (“TEP”) announced an agreement under which TEGP will acquire all TEP common units in a stock-for-unit merger. As of May 31, 2018, the Company owned 79 common shares ($1.7 million) of TEGP.

Kayne Anderson Energy Development Company is a non-diversified, closed-end investment company registered under the Investment Company Act of 1940. The Company’s investment objective is to generate both current income and capital appreciation primarily through equity and debt investments. The Company will seek to achieve this objective by investing at least 80% of its net assets together with the proceeds of any borrowings (its “total assets”) in securities of companies that derive the majority of their revenue from activities in the energy industry, including: (a) Midstream Energy Companies, which are businesses that operate assets used to gather, transport, process, treat, terminal and store natural gas, natural gas liquids, propane, crude oil or refined petroleum products; (b) Upstream Energy Companies, which are businesses engaged in the exploration, extraction and production of natural resources, including natural gas, natural gas liquids and crude oil, from onshore and offshore geological reservoirs; and (c) Other Energy Companies, which are businesses engaged in owning, leasing, managing, producing, processing and sale of coal and coal reserves; the marine transportation of crude oil, refined petroleum products, liquefied natural gas, as well as other energy-related natural resources using tank vessels and bulk carriers; and refining, marketing and distributing refined energy products, such as motor gasoline and propane to retail customers and industrial end-users.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Company’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; commodity pricing risk; leverage risk; valuation risk; non-diversification risk; interest rate risk; tax risk; and other risks discussed in the Company’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

Contact:

KA Fund Advisors, LLC
877-657-3863
http://www.kaynefunds.com/

 

http://globenewswire.com/news-release/2018/06/05/1516645/0/en/Kayne-Anderson-Energy-Development-Company-Provides-Unaudited-Balance-Sheet-Information-and-Announces-its-Net-Asset-Value-and-Asset-Coverage-Ratios-at-May-31-2018.html

Kayne Anderson Energy Total Return Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2018

HOUSTON, June 04, 2018 (GLOBE NEWSWIRE) — Kayne Anderson Energy Total Return Fund, Inc. (the “Fund”) (NYSE:KYE) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of May 31, 2018. 

As of May 31, 2018, the Fund’s net assets were $378 million, and its net asset value per share was $10.26.  As of May 31, 2018, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 463% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 344%.

         
Kayne Anderson Energy Total Return Fund, Inc.
Statement of Assets and Liabilities
May 31, 2018
(Unaudited)
    (in millions)   Per Share
Investments   $   531.1     $   14.41  
Cash and cash equivalents       4.6         0.13  
Deposits       0.3         0.01  
Accrued income       1.7         0.05  
Receivable for securities sold       2.9       0.08  
Other assets       0.5         0.01  
Total assets       541.1         14.69  
         
Notes       115.0         3.12  
Unamortized notes issuance costs     (0.4 )       (0.01 )
Preferred stock       40.0         1.09  
Unamortized preferred stock issuance costs     (0.6 )       (0.01 )
Total leverage       154.0         4.19  
         
Payable for securities purchased     6.4       0.17  
Other liabilities       2.7         0.07  
Total liabilities       9.1         0.24  
         
Net assets   $   378.0     $   10.26  
         
The Fund had 36,841,723 common shares outstanding as of May 31, 2018.
 

As of May 31, 2018, equity and debt investments were 95% and 5%, respectively, of the Fund’s long-term investments of $531 million.  Long-term investments were comprised of Midstream Company (69%), MLP (25%), Other Energy (1%) and Debt (5%).

The Fund’s ten largest holdings by issuer at May 31, 2018 were:

      Units / Shares
(in thousands)
  Amount
(in millions)
  Percent of
Long-Term
Investments
1. ONEOK, Inc. (Midstream Company) 754   $51.4    9.7 %
2. Targa Resources Corp. (Midstream Company) 813   39.5   7.4 %
3. The Williams Companies, Inc.  (Midstream Company)* 1,401   37.6   7.1 %
4. Plains GP Holdings, L.P. (Midstream Company) 1,503   36.9   7.0 %
5. Capital Product Partners L.P. (Midstream Company) 3,333   26.4   5.0 %
6. Energy Transfer Partners, L.P. (MLP) 1,338   25.4   4.8 %
7. KNOT Offshore Partners LP (Midstream Company) 1,128   23.7   4.5 %
8. Enbridge Energy Management, L.L.C. (Midstream Company) 2,363   22.4   4.2 %
9. Kinder Morgan, Inc. (Midstream Company) 1,204   20.1   3.8 %
10. Pembina Pipeline Corporation. (Midstream Company) 549   19.1   3.6 %
_____________            
* On May 17, 2018, Williams Companies, Inc. (“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all common units of WPZ in a stock-for-unit transaction.  As of May 31, 2018, the Fund did not own any WPZ units.  

Kayne Anderson Energy Total Return Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 whose common stock is traded on the NYSE. The Fund’s investment objective is to obtain a high total return with an emphasis on current income. The Fund intends to achieve this investment objective by investing in a portfolio of companies in the energy sector, principally including publicly-traded energy-related master limited partnerships and limited liability companies taxed as partnerships and their affiliates, and other companies that derive at least 50% of their revenues from operating assets used in, or providing energy-related services for, the exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objective will be attained.

Contact:

KA Fund Advisors, LLC
877-657-3863
http://www.kaynefunds.com/

 

http://globenewswire.com/news-release/2018/06/05/1516647/0/en/Kayne-Anderson-Energy-Total-Return-Fund-Provides-Unaudited-Balance-Sheet-Information-and-Announces-its-Net-Asset-Value-and-Asset-Coverage-Ratios-at-May-31-2018.html

Kayne Anderson Midstream/Energy Fund Provides Unaudited Balance Sheet Information and Announces its Net Asset Value and Asset Coverage Ratios at May 31, 2018

HOUSTON, June 04, 2018 (GLOBE NEWSWIRE) — Kayne Anderson Midstream/Energy Fund, Inc. (the “Fund”) (NYSE:KMF) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of May 31, 2018. 

As of May 31, 2018, the Fund’s net assets were $309 million and its net asset value per share was $14.02. As of May 31, 2018, the Fund’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 478% and the Fund’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 345%.

Kayne Anderson Midstream/Energy Fund, Inc.
Statement of Assets and Liabilities
May 31, 2018
(Unaudited)
    (in millions)     Per Share  
Investments   $ 427.3     $ 19.39  
Cash and cash equivalents   10.7     0.49  
Deposits   0.3     0.01  
Accrued income   1.2     0.05  
Receivable for securities sold   2.6     0.12  
Other assets   0.4     0.03  
Total assets   442.5     20.09  
             
Notes   91.0     4.13  
Unamortized notes issuance costs   (0.4 )   (0.2 )
Preferred Stock   35.0     1.59  
Unamortized notes issuance costs   (0.2 )   (0.1 )
Total leverage   125.4     5.69  
             
Payable for securities purchased   6.1     0.28  
Other liabilities   2.2     0.10  
Total liabilities   8.3     0.38  
             
Net assets   $ 308.8     $ 14.02  
             
The Fund had 22,034,170 common shares outstanding as of May 31, 2018.

As of May 31, 2018, equity and debt investments were 95% and 5%, respectively, of the Fund’s long-term investments of $427 million. Long-term investments were comprised of Midstream Company (69%), Midstream MLP (25%), Other Energy (1%), and Debt (5%).

The Fund’s ten largest holdings by issuer at May 31, 2018 were:

    Units / Shares
(in thousands) 
Amount
(in millions) 
Percent of
Long-Term
Investments 
               
1. ONEOK, Inc. (Midstream Company) 658   $44.9   10.5 %
2. The Williams Companies, Inc. (Midstream Company)* 1,296   34.8   8.1 %
3. Targa Resources Corp. (Midstream Company) 714   34.7   8.1 %
4. Plains GP Holdings, L.P. (Midstream Company) 1,392   34.2   8.0 %
5. Pembina Pipeline Corporation (Midstream Company) 566   19.7   4.6 %
6. Energy Transfer Partners, L.P. (Midstream MLP) 986   18.7   4.4 %
7. KNOT Offshore Partners LP (Midstream Company) 781   16.4   3.8 %
8. Kinder Morgan, Inc. (Midstream Company) 975   16.3   3.8 %
9. MPLX LP (Midstream MLP) 439   15.8   3.7 %
10. GasLog Partners LP (Midstream Company) 636   15.5   3.6 %
___________
 
* On May 17, 2018, Williams Companies, Inc.(“WMB”) and Williams Partners L.P. (“WPZ”) announced an agreement under which WMB will acquire all common units of WPZ in a stock-for-unit transaction. As of May 31, 2018, the Fund did not own any WPZ units.

Kayne Anderson Midstream/Energy Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 whose common stock is traded on the NYSE. The Fund’s investment objective is to provide a high level of total return with an emphasis on making quarterly cash distributions to its stockholders by investing at least 80% of its total assets in securities of companies in the Midstream/Energy Sector, consisting of: (a) Midstream Master Limited Partnerships (“MLPs”), (b) Midstream Companies, (c) Other MLPs and (d) Other Energy Companies. The Fund anticipates that the majority of its investments will consist of investments in midstream MLPs and Midstream Companies. See Glossary of Key Terms in the Fund’s quarterly reports.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objective will be attained.

Contact:

KA Fund Advisors, LLC
877-657-3863
http://www.kaynefunds.com/

http://globenewswire.com/news-release/2018/06/05/1516644/0/en/Kayne-Anderson-Midstream-Energy-Fund-Provides-Unaudited-Balance-Sheet-Information-and-Announces-its-Net-Asset-Value-and-Asset-Coverage-Ratios-at-May-31-2018.html

The Wall Street Journal: Guatemala searches for survivors of volcanic eruption as death toll rises

Guatemalan rescue teams assisted by the military worked Monday to search for survivors in the wake of a volcanic eruption that killed at least 62 people and injured scores more.

The nation’s disaster-response agency said 3,265 people had been evacuated from the vicinity of the Volcán del Fuego, which erupted Sunday with a massive plume of smoke and ash, affecting at least 1.7 million people.



The thunderous explosion sent columns of ash up to 33,000 feet into the air, and brought the ash, sand and red-hot mudflows down into nearby villages. Along with causing the human casualties, the eruption destroyed a bridge, knocked out electricity in some parts and led to the temporary closure of the capital’s airport.

“People can’t get out,” said a woman covered in ash as she walked out of the disaster area in a video shown on CNN en Español. “People are buried.” Other footage showed people in trucks desperately fleeing the disaster area as a huge cloud of volcanic ash and mud descended behind them.

José Antonio Rivera said a current of ash and mud had swept away nine members of his family. “I’m the only one left,” he told a local television reporter.

An expanded version of this report appears on WSJ.com.

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Why robocalls win even if you don’t answer.

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http://www.marketwatch.com/news/story.asp?guid=%7B86FFBDF4-6865-11E8-93A3-AD9A88B6DE5A%7D&siteid=rss&rss=1

European Shares May Struggle For Direction

Shutterstock photo


(RTTNews.com) – European stocks may struggle for traction on Tuesday despite tech-inspired gains on Wall Street overnight.

Asian markets remain broadly lower after the previous session’s rally and gold held steady after three sessions of declines while the dollar held near two-week high against the yen amid a rebound in U.S. yields.

Oil prices edged higher in Asian trading after falling nearly 2 percent in the previous session on concerns over growing U.S. production and expectations of higher OPEC supplies.

As Italian concerns abate, investors now look forward to next week’s FOMC meeting for indications whether the Federal Reserve will accelerate the pace of its rate hikes.

The focus also remains on this week’ G7 summit in Canada and the upcoming Trump-Kim summit slated for June 12 in Singapore.

On the data front, like-for-like sales in the United Kingdom rose 2.8 percent year-over-year in May, the British Retail Consortium said earlier today. That beat expectations for an increase of 1 percent following the 4.2 percent contraction in April.

The services sector in China continued to expand in May at a steady pace, the latest survey from Caixin revealed with a services PMI score of 52.9. That was in line with expectations and unchanged from the previous month.

The services sector in Japan also continued to expand in May, albeit at a slower pace, another report showed.

The Reserve Bank of Australia has left interest rates unchanged at the historic low of 1.5 percent for the 20th consecutive meeting, citing sluggish wage growth and tepid inflation.

Overnight, U.S. stocks rose despite lingering trade worries and data showing a bigger-than-expected pullback in factory orders for April.

The Dow Jones Industrial Average rose 0.7 percent and the S&P 500 added half a percent while the tech-heavy Nasdaq Composite gained 0.7 percent to reach a fresh record closing high, led by shares of Apple and Amazon.

European markets finished Monday’s session higher as worries about Italy and Spain eased and investors took heart from news of potential corporate mergers and acquisitions.

The pan-European Stoxx Europe 600 index gained 0.3 percent. The German DAX rose 0.4 percent, France’s CAC 40 index inched up 0.1 percent and the U.K.’s FTSE 100 added half a percent.

 Read the original article on RTTNews (http://www.rttnews.com/2901631/european-shares-may-struggle-for-direction.aspx) 

For comments and feedback: contact editorial@rttnews.com





Referenced Symbols: AAPL ,

http://articlefeeds.nasdaq.com/~r/nasdaq/symbols/~3/FK4sRWnl78s/european-shares-may-struggle-for-direction-20180605-00051

Trip.com Hong Kong Launches Airport Transfer Car Service

HONG KONG, June 05, 2018 (GLOBE NEWSWIRE) — Ctrip (NASDAQ:CTRP) Asia’s leading Online Travel Agency (OTA) and the world’s second largest, announced that its international airport transfer car service is now available on Trip.com’s Hong Kong website, making it easier for Trip.com’s customers to book airport pick-up and drop-off services whenever they travel abroad. The page is available in both English and Traditional Chinese. As of May, 2018, customers are able to book airport transfer services on www.hk.trip.com in over 55 countries, 200 cities and 250 airports worldwide.

While Trip.com Hong Kong is the first to launch, Airport transfer car services will continue to expand to the other language Trip.com sites. With the launch of airport transfer car service, Trip.com is another step closer to realizing one-stop travel shop capabilities and offering its customers a seamless end to end travel experience. The airport transfer car service aims to provide a solution for travelers who are seeking the comfort and ease of a personal chauffeur and fulfills overseas travel ground transportation needs. Skytransfer, Ctrip’s own English-language airport transfer car service platform, is the first service available on Trip.com, but it will soon be joined by other leading international ground transportation brands, offering Trip.com users an even wider selection of airport transfer services in thousands of locations around the world.

“Providing international airport transfer car services plays an important role in accelerating Ctrip Group’s globalization efforts,” says Chris An, CEO of Ctrip’s International Ground Transportation Department, “The service will focus on connecting airports, hotels, and tourist destinations. We will leverage our strengths in global supply chain capabilities to offer professional car services, especially in Japan, South Korea and Southeast Asia.”

Service capabilities include:

  • Broad range of latest model vehicles from standard 5-seats sedans to luxury limousines
  • Professional, private chauffeurs who can speak English and/or local languages
  • Complimentary meet and greet service at the airport or designated pick-up points
  • Generous complimentary waiting time (up to 60 minutes)
  • Child seats available upon request
  • Online payment with support for 22 currencies
  • 24/7 customer support

The launch of international airport transfer services marks a big step in Trip.com’s ongoing efforts to meet the needs of today’s international travelers. And it’s effort in continuing building out the one-stop travel shop capabilities. Going forward, Trip.com will continue to build partnerships with more service providers in more locations and begin to provide other ground transportation services including point-to-point transfers, hourly charters, and chauffeur-driven tours, allowing travelers more choice in how they get around when traveling abroad.

Book online now! https://hk.trip.com/?language=EN&locale=en_hk

About Ctrip.com International, Ltd.:
Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers’ book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

About Trip.com:
Trip.com is a part of the Ctrip Group, providing international users with a one-stop travel booking service in 13 languages online and on its mobile app. With more than 1.2 million hotels in 200 countries and regions, Trip.com has built an extensive hotel network to give customers a fantastic choice of accommodation. Trip.com’s flight network has over 2 million individual flight routes connecting more than 5,000 cities around the globe. Through its extensive global partnership network, Trip.com offers users unparalleled selection and unbeatable rates on flights, hotels, and other travel products.

About Skytransfer.com:
Skytransfer is a Ctrip’s global ground transportation platform specializing in English-language private airport transfers. Whether you’re arriving in a new destination or on your way to catch a flight, you can count on Skytransfer for a private and professional chauffeured service. Skytransfer was launched in 2017 to address the need for a global standard in high-quality private ground transportation amidst the rapidly expanding international travel market. As of May 2018, Skytransfer’s service covers more than 250 airports in more than 200 cities across Asia, North America, and Europe, and it aims to expand its coverage to 800 airports by the end of 2018. Skytransfer is currently available for booking on Trip.com HK, Skyscanner and Skytransfer.com.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9fdbcbd9-6948-448b-a811-2a891898f631 

http://globenewswire.com/news-release/2018/06/05/1516643/0/en/Trip-com-Hong-Kong-Launches-Airport-Transfer-Car-Service.html

Small Corporate Offering Registration (SCOR)

What is a ‘Small Corporate Offering Registration (SCOR)’

A Small Corporate Offering Registration (SCOR) is a simplified means for smaller companies to raise capital by issuing shares. SCOR provides an exemption from the normal registration requirements of federal securities laws for companies that offer and sell up to $1 million of their securities in any 12-month period. Aside from raising capital, SCOR may be employed as a part of succession planning and other business ownership and liquidity-related purposes. A Small Corporate Offering Registration is often referred to by its Securities and Exchange Commission (SEC) rule name, “Rule 504 of Regulation D” or “Reg D of Rule 504.” It is often referred to as an over-the-counter sale of securities, as the securities are not traded on an exchange. Instead, they may be traded directly between brokers and dealers either online or over the phone.

Breaking Down ‘Small Corporate Offering Registration (SCOR)’

The SCOR registration was enacted to give smaller companies better access to capital. Most bank loans go to larger companies in spite of the fact that small businesses account for half of U.S. gross national product (GNP). The SCOR registration documentation, with its question and answer format and electronic filing, is easier to fill out and may be completed without the assistance of a certified public accountant (CPA) or a securities lawyer. Such a filing may be made without registering with the SEC. Companies can use several means to sell their shares, such as selling agents who are paid on commission, or by the internet or traditional advertising. There is no limit on how many buyers or type of buyer. An entire SCOR offering may be sold to a single buyer as part of a succession plan or outright sale of a business. U.S and Canadian corporations and LLCs that meet certain guidelines may file for a SCOR registration. 

Small Corporate Offering Registration (SCOR) Filing

Companies that are in compliance with regulation 504 do not have to file with the SEC to make an offering but do have to file a Form D. This electronic form is a brief notice to regulators that contains the names and addresses of a company’s executives, directors and promoters, some key information about the offering, and little else. Such filings can be found in the SEC’s EDGAR database and must be made no later than 15 days after the first sale of securities in the offering. For more, see Filing a Form D Notice from the SEC.

Small Corporate Offering Registration (SCOR) Requirements

There are a number of requirements a company must meet to qualify for a SCOR registration. For example:

  • Financial statements: Statements from the filing company’s last fiscal year must be attached. They need not be audited but it is generally better if they are. They should be prepared using in accordance with generally accepted accounting principles (GAAP).
  • Offering Details: SCOR may be used to register offerings of common or preferred stock (including convertible preferred) and options, warrants, or rights, and membership interests in an LLC. Shares must be priced at a minimum of $1; up to $1 million may be issued in any 12-month period. 
  • Company Types: Several types of companies are NOT permitted to use the SCOR program. They include: partnerships, petroleum exploration and production companies; mining and other extraction companies; holding or portfolio companies; commodity pools, equipment leasing or real estate programs; blind pools, companies regulated by a regulator other than the SEC; certain public companies and a few other exceptions. For more, see the state of Washington’s guide to SCOR programs.

Small Corporate Offering Registration (SCOR) State Requirements

Individual states may have their own SCOR program filing requirements. New Jersey, for example, requires the filing of several forms and the payment of fees.The forms are: 

  • Form U-1: Uniform Application to Register Securities
  • Form U-2: Uniform Consent to Service of Process
  • Form U-2A: Uniform Form of Corporate Resolution
  • Form U-7: Small Corporate Offering Registration (SCOR)
  • Form NJBOS-3: New Jersey addendum to registration 

https://www.investopedia.com/terms/s/small-corporate-offering-registration-scor.asp?utm_campaign=rss_headlines&utm_source=rss_www&utm_medium=referral

Koch-Backed Groups Launch Campaign to End Tariffs

WASHINGTON—Three organizations financed by conservative billionaire industrialists Charles and David Koch are launching a multimillion-dollar campaign against President Donald Trump’s tariffs on imports.

The groups said Monday that the multiyear initiative will include advertising, education of activists, lobbying, policy analysis and “grass roots mobilization.” The groups—Freedom Partners Chamber of Commerce, Americans for Prosperity and The Libre Initiative—released a list of trade recommendations that focus on encouraging…

https://www.wsj.com/articles/koch-financed-groups-launch-campaign-to-halt-u-s-import-tariffs-1528155570?mod=pls_whats_news_us_business_f

United Airlines attempts to fix boarding process headaches

Airlines are working to get passengers onto the plane faster.

The perennial struggle is familiar to most air travelers: the gate agent announces it’s time to board and dozens of people swarm the gate waiting for their group to be called. United Airlines
UAL, +1.05%
 wants to streamline that process after complaints from passengers. It is experimenting with eliminating three of its five boarding groups, narrowing the system down to just two categories.

“Our customers have told us they want a better experience when boarding, including more communication and we are looking for ways to improve it for them,” a company spokeswoman told MarketWatch.

United is implementing the changes through a trial at its two biggest hubs: Chicago O’Hare and Houston George Bush Airports, as well as Los Angeles International Airport, the company announced Friday. The latest changes run counter to a strategy announced by American Airlines in 2017. American “simplified” its boarding process by creating nine distinct boarding groups. Delta Airlines
AAL, +1.95%
  has four zones.

Boarding is just one of many headaches passengers complain about regarding air travel: In 2017, flyers surveyed by website Airfarewatchdog.com said air travel “leaves a lot to be desired.”



Last year was a public relations nightmare for some airlines. In April 2017, a video of a man being dragged from a full United Airlines flight went viral online, bringing into question the policy of overbooking flights.

But customer satisfaction with air travel increased 6 points in 2018, according to a study released last month by J.D. Power, largely due to efforts to improve travel across the airline industry, according to Brian Sumers, airline reporter for travel industry site Skift.

Airlines are updating their in-flight menus and experimenting with mindfulness and meditation perks, and providing exercise in flights. Some airlines are even floating the idea of using air cargo space that currently transports luggage for human passengers.

“This is a great time to be a traveler,” Sumers said. “For the most part, planes are on-time, cabins are clean, service is acceptable, and the food, while rarely free, is increasingly edible. And when things do go wrong, airlines are empowering customers—especially those who download mobile apps—to make their own decisions about rebooking.”

United Airlines came in fifth place in the J.D. Powers customer satisfaction ranking, preceded by American Airlines at No. 4, Air Canada at No. 3, Delta Air Lines at No. 2, and Alaska Airlines at No.1.


http://feeds.marketwatch.com/~r/marketwatch/pf/~3/QQzmm4Em-TA/story.asp

The Moneyist: My father suffers from dementia—and my siblings forced him to sign a new will

Dear Moneyist,

My father is a widower who never remarried. In 2015, he was tested by an expert physician and was found to have early-stage dementia. A few months after the dementia diagnosis, my three siblings retained a lawyer to draft a new will for our father without our father’s knowledge. I was at my father’s house when the lawyer and two of my siblings arrived unannounced, along with two witnesses from the lawyer’s firm.

Before that moment when the lawyer arrived with legal documents ready for signing, my father had never met with the lawyer. When Dad asked the lawyer why he needed to sign a will, he was told that his prior will — my siblings had a copy of it — was not properly witnessed. After struggling to read the new will, my father signed it.

Don’t miss: My husband has terrible credit, so I’m buying a house alone—but I want pullout beds for his kids

The lawyer left with the will and did not give Dad a copy. The lawyer never sent Dad a bill for legal services. My sister later told me that my three siblings each paid one-third of the legal bill as required by their written retainer agreement with the lawyer.

Since signing the new will in 2015, my father’s condition has deteriorated and he appears to be mentally incompetent. If the facts surrounding my father’s will were proven to a probate judge, would the will be invalidated?

After doing some research on my own, I believe there is a federal law known as the Older Americans Act, and similar laws in many states, that are supposed to protect senior citizens from those who interfere in the financial affairs of older people.

Troubled son

Dear Troubled,

You must have so many questions about that new will. I am curious to know what it says too. I could take a wild guess that your three siblings made out like bandits. They should have known better. The lawyer should have known better. The only person who should not have known better is your father because he was frail and vulnerable and, as you say, in the early stages of dementia.

The good news: There will be a clear paper trail with dates and documents of both the diagnosis of your father’s illness and the signing of the will. Given that a law firm would actually participate in this kind of flash mob signing of a will, it wouldn’t surprise me if the date on your father’s new will is not correct. Lawyers have been disbarred for less egregious activities.

Don’t miss: My husband has terrible credit, so I’m buying a house alone—and I want pullout beds for his kids

When a person signs a will they must be of sound mind and understand what they are signing. Your father appears to have had neither. That is, he should have at least had testamentary capacity, a legal term that refers to a person’s ability to make a valid will. He would need to know why he was signing it and how much property was at stake. Your siblings and their lawyer treated this situation like the Wild West of lawmaking.

Read also: I paid my boyfriend’s rent and bills to improve his credit score — then he bought a house without telling me

In many cases, it’s very difficult to prove that someone was not of sound mind. In this case, a man who was suffering from Alzheimer’s signed a will 14 years prior to the symptoms of the disease making themselves known. That’s a tough one to prove. In another letter, an elderly man left $1 million to strangers and dead people after changing his will days before he died.

Hire a lawyer. File a petition with the county court to see a copy of this will and nominate yourself as executor of your father’s estate. Talk to your father’s doctor. Gather the relevant documents, including the previous will. These actions by your three siblings are nothing if not brazen and they are counting on you to do nothing, and feel powerless and helpless.

In the name of your father, I urge you to prove them wrong.



Do you have questions about inheritance, tipping, weddings, family feuds, friends or any tricky issues relating to manners and money? Send them to MarketWatch’s Moneyist and please include the state where you live (no full names will be used).

Would you like to sign up to an email alert when a new Moneyist column has been published? If so, click on this link.

Hello there, MarketWatchers. Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas: inheritance, wills, divorce, tipping, gifting. I often talk to lawyers, accountants, financial advisers and other experts, in addition to offering my own thoughts. I receive more letters than I could ever answer, so I’ll be bringing all of that guidance — including some you might not see in these columns — to this group. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.


http://feeds.marketwatch.com/~r/marketwatch/pf/~3/b4eMLE0YkWs/story.asp

Mueller prosecutors accuse Manafort of witness tampering

Federal prosecutors working with special counsel Robert Mueller on Monday accused Paul Manafort, Donald Trump’s former campaign chairman, of attempting to tamper with witnesses in his trial. In court documents released late Monday, prosecutors said Manafort called and sent encrypted text messages to potential witnesses against him, apparently in an attempt to “secure materially false testimony” about Manafort’s lobbying practices. Those efforts violate Manafort’s court-ordered conditions for release, prosecutors said, and they asked the court to revise the terms of his release or else send him back to jail until his trial begins. Last October, Manafort was indicted on nine counts, including conspiracy to launder money and conspiracy to defraud and commit offense against the United States. One trial is set to begin in July, and another in September. The latest filing did not include charges of witness tampering, which could be a separate crime.


http://feeds.marketwatch.com/~r/marketwatch/marketpulse/~3/cdaWFbk_snY/story.aspx

In Biotech, $6 Billion Can Vanish Quickly

The need for big pharmaceutical companies to find new growth opportunities has led to the writing of some eye-popping checks. Those handsome rewards are balanced by some pretty spectacular risks, though.

Investors just got a new reminder of this. Nektar Therapeutics , a small biotech focused on developing new cancer treatments, gave a clinical trial update over the weekend that disappointed investors. Shares lost two-fifths of their value in Monday’s trading. Meanwhile, shares of Bristol-Myers Squibb , BMY 0.40% Nektar’s development partner, fell more than 3%.

The new data unveiled this weekend suggested that melanoma patients aren’t responding to the experimental treatment as well as an earlier batch of patients did. That sparkling initial data revealed last fall helped propel Nektar to a market value that topped $15 billion last week.

The euphoria among biotech investors was understandable. After all, total spending world-wide on cancer drugs and related therapies reached $133 billion in 2017, up from less than $100 billion in 2013, according to a report by IQVIA. Nektar signed a research partnership earlier this year with Bristol-Myers that netted the startup a nearly $2 billion upfront payment.

Big drug companies, which have a constant need to find new growth opportunities as older drugs lose patent protection, have regularly shelled out big money for promising biotechs—even those that have yet to generate meaningful revenue.

Just this year, Celgene spent $9 billion to acquire cancer specialist Juno Therapeutics, and Novartis paid nearly as much for gene therapy startup AveXis.

But the industrywide hunt for new assets doesn’t change the reality that oncology is dominated by relatively few medicines. The top 35 drugs accounted for 80% of total spending last year, according to IQVIA. Meanwhile, more than half of cancer drugs on the market account for less than 2% of total spending on cancer medicine.

The big rewards for biotech investors usually come from betting on unproven medicines. That truth makes events like Monday’s stock rout a routine, if expensive, cost of doing business.

Write to Charley Grant at charles.grant@wsj.com

Appeared in the June 5, 2018, print edition as ‘In Biotech, Billions Can Evaporate Quickly.’

https://www.wsj.com/articles/in-biotech-6-billion-can-vanish-quickly-1528126982?mod=rss_markets_main

The Wall Street Journal: Koch brothers finance campaign to oppose Trump’s tariffs

WASHINGTON — Three organizations financed by conservative billionaire industrialists Charles and David Koch are launching a multimillion-dollar campaign against President Donald Trump’s tariffs on imports.

The groups said Monday that the multiyear initiative will include advertising, education of activists, lobbying, policy analysis and “grass roots mobilization.” The groups — Freedom Partners Chamber of Commerce, Americans for Prosperity and The Libre Initiative — released a list of trade recommendations that focus on encouraging competitive markets and eliminating tariffs.

The effort is an indication of the deep consternation among business groups — normally strong Republican allies — about the effect of the tariffs, which have angered foreign countries, rivals and allies alike. It also serves as a message to Republican lawmakers to hold their ground against tariffs.

Pro-business Republicans worry about the increased cost of industrial supplies that would result from the tariffs, while Farm Belt interests fear retaliation from China and others on exports from the U.S. The tariffs have been welcomed by some Democrats and union members.

An expanded version of this report appears on WSJ.com.



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