News Article | May 9, 2017
NWS) (NASDAQ: NWSA) will be discussing their earnings results in their Q3 Earnings Call to be held May 9, 2017 at 5:30 PM Eastern Time. To listen to the event live – visit https://www.investornetwork.com/company/22354. The replay will be available online at https://www.investornetwork.com/company/22354. Investor Network (IN) is a new financial content community, serving millions of unique investors market information, earnings, commentary and news on the what's trending. Dedicated to both the professional and the average traders, IN offers timely, trusted and relevant financial information for virtually every investor. IN is an Issuer Direct brand, to learn more or for the latest financial news and market information, visit www.investornetwork.com. Follow us on Twitter @investornetwork.
News Article | May 9, 2017
NEW YORK--(BUSINESS WIRE)--News Corporation (“News Corp” or the “Company”) (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months ended March 31, 2017. Commenting on the results, Chief Executive Robert Thomson said: "In the third quarter, we saw particular progress in our quest to be more digital and global, while there was tangible improvement in operating efficiencies. We posted solid revenue growth and substantial earnings growth, highlighted by momentum in Digital Real Estate Services, where realtor.com® continued to expand traffic, revenue and profitability. At News and Information Services, while print advertising remains volatile, we saw some moderation this quarter. Overall, the segment was a source of growth this quarter – in both revenues and profitability – driven by, in particular, the robust performance of in-store product at News America Marketing, digital subscriber gains of more than 300,000 at the Wall Street Journal and the benefits of ongoing cost control. The quarter was also characterized by an intensifying social and commercial debate over the dysfunctionality of the digital duopoly, and the lack of transparency in audience and advertising metrics. With brands in search of authenticated audiences and trusted advertising environments, we firmly believe that our mastheads offer veracity and value, and we are rapidly developing a new digital ad platform to offer clearly defined demographics from across our range of prestigious properties.” The Company reported fiscal 2017 third quarter total revenues of $1.98 billion, compared to $1.89 billion in the prior year period. Reported revenues reflect growth at the News and Information Services segment, driven by News America Marketing and the acquisitions of Australian Regional Media (“ARM”) and Wireless Group plc (“Wireless Group”), partially offset by lower print advertising revenues, as well as continued strong performance at the Digital Real Estate Services and Book Publishing segments. Adjusted Revenues (which exclude the impact of foreign currency, acquisitions and divestitures as defined in Note 1) increased 3% compared to the prior year. Income (loss) from continuing operations for the quarter was break-even as compared to ($128) million in the prior year. Reported results were driven by higher Total Segment EBITDA, as discussed below, which reflects the absence of a one-time pre-tax charge of $280 million for the settlement of litigation and related claims at News America Marketing in the prior year (the “NAM Group settlement charge”). The growth was partially offset by higher tax expense and the absence of a $107 million tax benefit in the prior year related to the NAM Group settlement charge, lower contribution from Other, net and lower equity earnings of affiliates, primarily driven by costs related to Foxtel’s shutdown of Presto and the loss resulting from the change in the fair value of Foxtel’s investment in Ten Network Holdings. The Company reported third quarter Total Segment EBITDA of $215 million, compared to ($122) million in the prior year, which included the NAM Group settlement charge mentioned above. Adjusted Total Segment EBITDA (as defined in Note 1) was 30% higher compared to the prior year, primarily due to the continued growth in the Digital Real Estate Services segment and at News America Marketing, as well as an adjustment to the deferred consideration accrual related to the acquisition of Unruly, partially offset by a one-time corporate charge of $11 million associated with a change in the Company’s executive management. Loss per share from continuing operations available to News Corporation stockholders was ($0.01) as compared to ($0.26) in the prior year. Adjusted EPS (as defined in Note 3) were $0.07 compared to $0.04 in the prior year. Revenues in the quarter increased $32 million, or 3%, compared to the prior year. Adjusted Revenues increased 1% compared to the prior year. Advertising revenues increased 4% due to higher in-store product revenues at News America Marketing, primarily driven by an increase in client spending and, to a lesser extent, timing-related benefits. Advertising revenues also benefited by $21 million from the acquisition of Wireless Group and $20 million from the acquisition of ARM. These factors were partially offset by weakness in the print advertising market. Circulation and subscription revenues decreased 1%, but increased 3% excluding an $18 million impact from negative foreign currency fluctuations, due to higher subscription pricing and selected cover price increases, partially offset by lower print volume. Segment EBITDA for the quarter was $123 million compared to ($187) million in the prior year. Fiscal 2016 third quarter Segment EBITDA would have been $93 million, excluding the NAM Group settlement charge of $280 million. Excluding that settlement charge, Fiscal 2017 third quarter Segment EBITDA would have increased $30 million, or 32%, as compared to the prior year. The increase was driven by higher revenues at News America Marketing, lower expenses across the businesses due to lower print volume and ongoing cost efficiencies, as well as a $12 million adjustment to the deferred consideration accrual related to the acquisition of Unruly. Digital revenues represented 24% of segment revenues in the quarter, compared to 23% in the prior year; for the quarter, digital revenues for Dow Jones and the newspaper mastheads represented 29% of their revenues. Digital subscribers and users across key properties within the News and Information Services segment are summarized below: Revenues in the quarter increased $16 million, or 4%, compared to the prior year, primarily due to strong sales from Hidden Figures by Margot Lee Shetterly, the continued popularity of Hillbilly Elegy by J.D. Vance and the release of Carve the Mark by Veronica Roth, as well as the continued expansion of HarperCollins’ global footprint. Digital sales increased 7% compared to the prior year and represented 22% of Consumer revenues for the quarter. Segment EBITDA for the quarter increased $1 million, or 3%, as compared to the prior year. Revenues in the quarter increased $25 million, or 13%, compared to the prior year, primarily due to the continued growth at REA Group and Move. The growth was partially offset by the $9 million and $4 million impact from REA Group’s divestiture of its European business and Move’s sale of its TigerLead® product, respectively. Segment EBITDA in the quarter increased $36 million, or 92%, compared to the prior year, primarily due to the higher revenues noted above, $13 million of lower legal costs at Move and the absence of $7 million of transaction costs related to iProperty in the prior year, partially offset by increased costs related to higher revenues and increased marketing expenses. Adjusted Revenues and Adjusted Segment EBITDA increased 15% and 68%, respectively. In the quarter, revenues at REA Group increased 10% to $117 million from $106 million in the prior year due to an increase in Australian residential depth revenue, driven by favorable product mix and pricing increases, and a $6 million impact from favorable foreign currency fluctuations. The growth was partially offset by a $9 million, or 9%, decline in revenue resulting from the sale of REA Group’s European business in December 2016. Move’s revenues in the quarter increased 15% to $100 million from $87 million in the prior year, primarily due to the continued growth in its ConnectionSM for Buyers product and non-listing Media revenues. The growth was partially offset by a $4 million decline in revenue associated with the sale of TigerLead® in November 2016. Based on Move’s internal data, average monthly unique users of realtor.com®’s web and mobile sites for the fiscal third quarter grew 9% year-over-year to approximately 55 million; traffic in March grew 13% year-over-year to over 58 million monthly unique users. Revenues in the quarter increased $15 million, or 14%, compared to the prior year primarily due to the acquisition of Sky News and favorable foreign currency fluctuations. Segment EBITDA in the quarter was flat compared to the prior year. Adjusted Revenues and Adjusted Segment EBITDA, which exclude the impact from favorable foreign currency fluctuations and Sky News, increased 1% and 3%, respectively. Equity (losses) earnings of affiliates for the third quarter were ($23) million compared to $2 million in the prior year. On a U.S. GAAP basis, Foxtel revenues for the third quarter increased $13 million, or 2%, to $591 million from $578 million in the prior year period. In local currency, Foxtel revenues decreased 3%. Foxtel’s total closing subscribers were 2.8 million as of March 31, 2017, with closing cable and satellite subscribers 1% lower compared to the prior year period. In the third quarter, cable and satellite churn was 16.1% compared to 14.3% in the prior year. Churn was at a more normalized level of 13.5% in March. Foxtel’s net income was nil, compared to $32 million in the prior year period, primarily due to $21 million in losses related to Foxtel management’s decision to cease Presto operations in January 2017 and a $14 million loss resulting from the change in the fair value of Foxtel’s investment in Ten Network Holdings. Equity (losses) earnings of affiliates for Foxtel of ($16) million and $4 million for the three months ended March 31, 2017 and 2016, respectively, reflect the Company's share of Foxtel's net income, less the Company's amortization of $16 million and $12 million, respectively, related to the Company's excess cost over its share of Foxtel's finite-lived intangible assets. Foxtel EBITDA decreased $13 million, or 9%, to $131 million from $144 million in the prior year. In local currency, Foxtel EBITDA decreased 13%, primarily due to lower revenues and planned increases in programming costs, specifically investments in sports. Foxtel operating income for the three months ended March 31, 2017 and 2016 was $79 million and $85 million, respectively, after depreciation and amortization of $52 million and $59 million, respectively. Operating income decreased primarily as a result of the lower revenues and increased programming spend noted above, partially offset by lower depreciation cost and the positive impact of foreign currency fluctuations. The following table presents net cash provided by continuing operating activities and a reconciliation to free cash flow available to News Corporation: Net cash provided by continuing operating activities decreased by $365 million for the nine months ended March 31, 2017 as compared to the prior year period, which was primarily due to higher NAM Group settlement payments of $234 million during the period, lower dividends received of $30 million, as well as higher working capital due to timing. Free cash flow available to News Corporation in the nine months ended March 31, 2017 was ($19) million compared to $362 million in the prior year period. The decrease was primarily due to lower cash provided by continuing operating activities as discussed above along with higher REA Group free cash flow, partially offset by lower capital expenditures. Free cash flow available to News Corporation is a non-GAAP financial measure defined as net cash provided by continuing operating activities, less capital expenditures (“free cash flow”), less REA Group free cash flow, plus cash dividends received from REA Group. Free cash flow available to News Corporation excludes cash flows from discontinued operations. The Company considers free cash flow available to News Corporation to provide useful information to management and investors about the amount of cash that is available to be used to strengthen the Company’s balance sheet and for strategic opportunities including, among others, investing in the Company’s business, strategic acquisitions, dividend payouts and repurchasing stock. A limitation of free cash flow available to News Corporation is that it does not represent the total increase or decrease in the cash balance for the period. Management compensates for the limitation of free cash flow available to News Corporation by also relying on the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP which incorporates all cash movements during the period. COMPARISON OF ADJUSTED INFORMATION TO U.S. GAAP INFORMATION Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, adjusted net income from continuing operations available to News Corporation stockholders, Adjusted EPS and free cash flow available to News Corporation are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company’s underlying business performance and to provide for more meaningful comparisons of the Company’s operating performance between periods. These measures also allow investors and analysts to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2 and 3 and the reconciliation of net cash provided by continuing operating activities to free cash flow available to News Corporation is included above. News Corporation’s earnings conference call can be heard live at 5:30pm EDT on May 9, 2017. To listen to the call, please visit http://investors.newscorp.com. This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory factors. More detailed information about these and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, except as required by law. News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers throughout the world. The company comprises businesses across a range of media, including: news and information services, book publishing, digital real estate services, cable network programming in Australia, and pay-TV distribution in Australia. Headquartered in New York, the activities of News Corporation are conducted primarily in the United States, Australia, and the United Kingdom. More information is available at: www.newscorp.com. The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, costs associated with the U.K. Newspaper Matters, the NAM Group settlement charge, where applicable, and foreign currency fluctuations (“Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA,” respectively) to evaluate the performance of the Company’s core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period. The calculation of Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for amounts determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors. The following tables reconcile reported revenues and reported Total Segment EBITDA to Adjusted Revenues and Adjusted Total Segment EBITDA for the three and nine months ended March 31, 2017 and 2016. Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2017 and 2016 are as follows: The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the three months ended March 31, 2017 and 2016. The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the nine months ended March 31, 2017 and 2016. Segment EBITDA is defined as revenues less operating expenses, selling, general and administrative expenses and the NAM Group settlement charge. Segment EBITDA does not include: Depreciation and amortization, impairment and restructuring charges, equity (losses) earnings of affiliates, interest, net, other, net, income tax (expense) benefit and net income attributable to noncontrolling interests. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s business segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources within the Company’s businesses. Segment EBITDA provides management, investors and equity analysts with a measure to analyze the operating performance of each of the Company’s business segments and its enterprise value against historical data and competitors’ data, although historical results may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Total Segment EBITDA is a non-GAAP measure and should be considered in addition to, not as a substitute for, net income (loss), cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment and restructuring charges, which are significant components in assessing the Company’s financial performance. The Company believes that the presentation of Total Segment EBITDA provides useful information regarding the Company’s operations and other factors that affect the Company’s reported results. Specifically, the Company believes that by excluding certain one-time or non-cash items such as impairment and restructuring charges and depreciation and amortization, as well as potential distortions between periods caused by factors such as financing and capital structures and changes in tax positions or regimes, the Company provides users of its consolidated financial statements with insight into both its core operations as well as the factors that affect reported results between periods but which the Company believes are not representative of its core business. As a result, users of the Company’s consolidated financial statements are better able to evaluate changes in the core operating results of the Company across different periods. The following table reconciles Total Segment EBITDA to Income (loss) from continuing operations. NOTE 3 – ADJUSTED NET (LOSS) INCOME FROM CONTINUING OPERATIONS AVAILABLE TO NEWS CORPORATION STOCKHOLDERS AND ADJUSTED EPS The Company uses net (loss) income from continuing operations available to News Corporation stockholders and diluted earnings per share from continuing operations (“EPS”) excluding expenses related to U.K. Newspaper Matters, Impairment and restructuring charges, “Other, net” and the NAM Group settlement charge, net of tax, recognized by the Company or its equity investees (“adjusted net income from continuing operations available to News Corporation stockholders and adjusted EPS,” respectively) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period. The calculation of adjusted net (loss) income from continuing operations available to News Corporation stockholders and adjusted EPS may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted net (loss) income from continuing operations available to News Corporation stockholders and adjusted EPS are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for consolidated net income available to News Corporation stockholders and net income per share as determined under GAAP as a measure of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors. The following tables reconcile reported net (loss) income from continuing operations available to News Corporation stockholders and reported diluted EPS to adjusted net (loss) income from continuing operations available to News Corporation stockholders and adjusted EPS for the three and nine months ended March 31, 2017 and 2016.
News Article | May 8, 2017
NEW YORK--(BUSINESS WIRE)--News Corp announced today that Marc Frons has been appointed Chief Technology Officer. He has served in that role in an interim capacity since October 2016. Latha Maripuri, who currently serves as News Corp’s Chief Information Security Officer, and Christina Scott, Chief Technology Officer for News UK, have both been promoted to Deputy Chief Technology Officer positions, while retaining their existing responsibilities. “This tech triumvirate will ensure that News Corp and our businesses are at the forefront of technological change,” said Robert Thomson, Chief Executive of News Corp. “In his time as interim CTO, Marc has effectively and speedily advanced our digital transformation across the companies. Whether it involves enterprise software, cybersecurity or mobile apps, Marc, Latha and Christina have the expertise and leadership skills we need to expedite the digital development of our news, publishing, real estate and other enterprises.” “News Corp is today home to some of the world’s leading news, publishing and digital real estate businesses,” said Mr. Frons. “The tech transformation underway across the company is exciting and rewarding for all of us who work here, and all who benefit from the creative products delivered digitally to millions every day. Latha, Christina and I look forward to working collaboratively with our colleagues around the globe and around the clock to ensure that our technology is second to none.” Marc Frons joined News Corp in 2015 as Senior Vice President and Global Head of Mobile Platform and Deputy Head of Technology. He was named Interim Chief Technology Officer after Paul Cheesbrough left News Corp to become Chief Technology Officer at 21st Century Fox. Previously, Mr. Frons was Chief Information Officer and Chief Technology Officer of Digital at The New York Times Co. In the early 2000s, he was Chief Technology Officer of Consumer Media at Dow Jones & Co. He also worked as a journalist at several publications, including Newsweek and Business Week. At Smartmoney.com, he was Editor and Chief Technology Officer. Latha Maripuri has been CISO at News Corp since 2015, when she joined the company from IBM, where she served as Director of IBM Security Services. She began her career at IBM in 1998. Christina Scott joined News UK as CTO in 2016. She was formerly with the Financial Times, and previously worked on the technology teams of the BBC and ITV Digital, among other companies. News Corporation (NASDAQ:NWS) (NASDAQ:NWSA) (ASX:NWS) (ASX:NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers throughout the world. The company comprises businesses across a range of media, including: news and information services, book publishing, digital real estate services, and cable network programming and pay-TV distribution in Australia. Headquartered in New York, the activities of News Corp are conducted primarily in the United States, Australia, and the United Kingdom. More information: http://www.newscorp.com.
News Article | April 25, 2017
—On April 27, 2011, TV weatherman James Spann warned viewers that a “large, multiple-vortex tornado” was bearing down on Tuscaloosa, Ala. “You should have been in your safe place 20 minutes ago,” he said as a camera tracked the funnel clouds, “but if by chance you’re hearing me at the last minute on the radio, get into a safe place right now!” Despite these warnings, 252 Alabamians died that day, victims of the fourth-deadliest tornado season in US history. Mr. Spann, who still serves as chief meteorologist for Birmingham’s WBMA-TV, drew a clear lesson from the tragedy. “What we learned that day is that physical science could not have been better,” he remembers in a phone interview with The Christian Science Monitor, “but what maybe we don't understand is the social science part of it.” The nature of twisters makes their exact timing and location difficult to predict. But since 2011, sociological research and storms like Alabama’s have spurred a shift in forecasting practices. Meteorologists now aim to reduce false alarms – even at the risk of missed storms and delayed warnings – in the hopes that residents will heed the warnings they do issue. “There is a recognition that the false alarm rate is something that we need to take into consideration,” explains economist Kevin Simmons, who researches the statistics of natural disasters. Tornado forecasters’ performance gets measured by three key numbers: “Since around 2011, both tornado lead-time and detection have gotten worse. But the false alarm rate has improved (decreased),” The Washington Post reported on April 20. Harold Brooks, a senior scientist at the National Severe Storms Laboratory, explains that he and other forecasters face a trade-off: Longer lead-times and higher POD’s versus a lower false alarm rate. As forecasters wait for more evidence – from radar, spotter teams, and other sources – before sounding the alarm, they issue fewer false ones. But they’re also more likely to miss some, and give residents less time to take cover. “Our skill hasn’t changed” in recent years, he tells the Monitor over the phone, but they have employed “a higher threshold for warning.” Despite the obvious risks of missing a storm or cutting down on warning time, Dr. Simmons, a professor of economics at Austin College, in Sherman, Texas, says there’s merit in reducing false alarms. “If a tornado strikes an area with a higher-than-average false alarm rate, it's more likely that that tornado would generate fatalities [than in an area] with lower-than-average false alarm rates,” he tells the Monitor. In 2009, he and economist Dan Sutter, currently at Alabama's Troy University, assessed the trade-off between false-alarm rates and POD, finding “strong [statistical] evidence that a higher local, recent FAR significantly increases tornado fatalities and injuries.” As residents hear one false alarm after another, the “cry-wolf effect” takes hold, and they’re less disposed to heed the one warning that could save their lives. Two years after they published these findings, the devastating 2011 season bore them out. In Birmingham, where almost 80 percent of warnings were false, Spann insists, “there's no doubt in my mind a high false alarm ratio in 2011 killed people." The National Weather Service (NWS) reached a similar conclusion in Joplin, Mo., which suffered one of that year’s worst twisters. It found that “the perceived frequency of siren activation (false alarms) led a large number of [residents] to become desensitized or complacent to this method of warning.” Dr. Brooks cites this survey as a key reason behind the new focus on false-alarm rates. It's since edged down, from 73 percent in 2011 to 70 percent in 2015. Sure enough, the same period saw forecasters detecting fewer storms, with POD going from 75 percent to 58 percent. But Eric Waage, director of emergency management for Hennepin County, Minn., says not all of the missed storms give cause for concern. “The most problematic thing we have are these small ... EF-0 tornadoes,” he tells the Monitor via phone. These are the weakest storms on the Enhanced Fujita scale that measures tornado strength in the United States and Canada based on the damage they cause. Spann explains that, because of their short duration, “trying to warn for those suckers ... is like playing Whack-a-Mole." These days, forecasters may find it harder to get enough evidence to warn against these storms. But they also have more room for error. EF-0 and EF-1 storms occasionally make the NWS’s killer tornado list, but most deadly storms are EF-2 and up. Mr. Waage says that “in most places in our state, those small ones aren't really a huge problem. They're hitting cornfields and forests.” The third key tornado metric, lead-time, has also dropped amid the NWS's focus on false alarms, from 15 minutes in 2011 to just eight in 2015. But that national trend obscures local variations. Spann remembers that April 27, 2011 saw lead-times as high as 40 minutes. Since that tragic day, the local NWS office's average lead-times have dropped slightly – and false alarms have plunged. “We've got to get the FAR down,” Spann says, “and if we lose a little lead-time, I don't have any problem with that.” 'We are better than that' A 2011-caliber season hasn’t yet tested this new mind-set, and Brooks, speaking with the Post’s Jason Samenow, cautioned that social science research on this topic is “difficult to conduct and often inconclusive.” But it could provide lifesaving guidance for the Midwest’s “Tornado Alley” and the Southeast’s “Dixie Alley,” at least until the next major leap in meteorology. Last week, President Trump signed a bill aiming to extend tornado prediction time beyond one hour. But Brooks cautions that, to lengthen lead-times without raising too many more false alarms, “we need to move a long way from that [current] skill line, and that's hard.” He says it’s happened before, thanks to Doppler radar and other innovations in the 1990s. One government program, Warn on Forecast, aims to repeat the feat with numerical models, but practical applications remain “years away.” For the moment, forecasters are fine-tuning the balance of lead-time, POD, and false-alarm rate, and authorities are trying to get more people to respond to warnings. “The missing link still is that public awareness,” says Hennepin County’s Waage. To minimize confusion when the skies darken, for instance, he explains that Minnesota has recently standardized its siren procedures. Birmingham, Ala., has also seen a push for greater tornado awareness since 2011, and Spann thinks it’s heading in the right direction. “There have been too many funerals on my watch in 38 years,” as a meteorologist, he reflects. “And we are better than that. And now, working with the social science people, I think that's going to make a huge difference.” [Editor's note: This article has been updated to correctly state the university where Dan Sutter currently works]
News Article | February 28, 2017
NEW YORK--(BUSINESS WIRE)--News Corp announced today that HarperCollins Publishers Chief Executive Officer Brian Murray will participate in the Deutsche Bank 25th Annual Media & Telecom Conference on Monday, March 6, 2017 in Palm Beach, Florida. The session will begin at 11:05 a.m. EST. To listen to a live webcast, please visit the News Corp website at http://newscorp.com/investor-relations-2/presentations/. A replay of the webcast is expected to be available at the same location for a period of time following the conference. News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers throughout the world. The company comprises businesses across a range of media, including: news and information services, book publishing, digital real estate services, and cable network programming and pay-TV distribution in Australia. Headquartered in New York, the activities of News Corp are conducted primarily in the United States, Australia, and the United Kingdom. More information: http://www.newscorp.com. HarperCollins Publishers is the second largest consumer book publisher in the world, with operations in 18 countries. With two hundred years of history and more than 120 branded imprints around the world, HarperCollins publishes approximately 10,000 new books every year in 17 languages, and has a print and digital catalog of more than 200,000 titles. Writing across dozens of genres, HarperCollins authors include winners of the Nobel Prize, the Pulitzer Prize, the National Book Award, the Newbery and Caldecott Medals and the Man Booker Prize. HarperCollins, headquartered in New York, is a subsidiary of News Corp and can be visited online at corporate.HC.com.
News Article | February 21, 2017
NEW YORK--(BUSINESS WIRE)--News Corp announced today that News Corp Chief Executive Robert Thomson will participate in the Morgan Stanley 2017 Technology, Media & Telecom Conference on Wednesday, March 1, 2017 in San Francisco. The session will begin at 1:40 p.m. PST. To listen to a live webcast, please visit the News Corp website at http://newscorp.com/investor-relations-2/presentations/. A replay of the webcast is expected to be available at the same location for a period of time following the conference. News Corp (NASDAQ:NWS)(NASDAQ:NWSA)(ASX:NWS)(ASX:NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers throughout the world. The company comprises businesses across a range of media, including: news and information services, book publishing, digital real estate services, and cable network programming and pay-TV distribution in Australia. Headquartered in New York, the activities of News Corp are conducted primarily in the United States, Australia, and the United Kingdom. More information: http://www.newscorp.com.
News Article | February 17, 2017
Satellite imagery captured the beginning of a chain of Eastern Pacific Ocean storms forecast to affect the U.S. West Coast. A close-up satellite view show from Feb. 17 shows a large storm system affecting southern California, while a wider satellite view revealed a second storm system in the Central Pacific Ocean headed toward the east. An almost continuous onshore flow is expected to bring storms to California and portions of the Pacific Northwest in a very active, wet pattern over the next couple of days, according to the National Weather Service. NOAA's GOES-West satellite keeps a constant eye on the western U.S. and the Eastern Pacific Ocean. NOAA manages the Geostationary Operational Environmental Satellite or GOES series of satellites, while NASA/NOAA's GOES Project at NASA's Goddard Space Flight Center in Greenbelt, Maryland uses that data to create images and animations. On Feb. 17 at 1300 UTC (8 a.m. EST) an infrared image showed the large storm system that is expected to bring heavy rain to southern California. Infrared imagery measures temperature and is used to detect clouds at night. NASA/NOAA's GOES Project also provided a wider view from GOES-West that showed the Eastern and Central Pacific Ocean and two systems. Behind the system currently impacting southern California is another low pressure system to the west, in the Central Pacific Ocean. That system is also headed toward the Pacific coast. On Feb. 17, the National Weather Service (NWS) Weather Prediction Center noted "Another series of powerful Pacific storms will bring heavy rain and strong winds to the west coast. Saturated soils from previous rains could lead to additional floods, flash floods, and mudslides along the west coast. However, the most intense rainfall is forecast to inundate Southern California Friday into Saturday [Feb. 18]." Rain and mountain snow is forecast for much of the western U.S. as a deep upper-level low pressure area and associated surface cold front pushes inland, according to forecasters at NWS. That means heavy rainfall for coastal areas and nearby mountains. Some areas are forecast to see as much as 4 inches of rainfall by the morning of Saturday, Feb. 18. On Feb. 17 the NWS in Los Angeles, California issued several warnings. There is a Flash Flood Watch in effect from 7 a.m. PST until Feb. 18 at 11 a.m. PST. The NWS forecast calls for "Periods of heavy rain with rainfall rates around 1 inch per hour at times. Rainfall totals through Saturday morning are expected to average 3 to 6 inches in coastal and valley areas and 5 to 10 inches in favored foothill and mountain locations. The highest rainfall totals are expected along and below south facing slopes from the Santa Ynez Range eastward through the San Gabriel Mountains." There is also a High Surf Advisory in effect until Feb. 19, 10 p.m. PST, and a Wind Advisory in effect from Feb. 17 at 7 a.m. PST until Feb. 17 at 7 p.m. PST. There is a danger of rapid runoff in fire scarred areas, which can result in flash flooding, mudslides or debris flows. Rivers and streams may also rise quickly in response to the significant rainfall. The NWS also noted that warmer temperatures could speed up snow melt across the region.
News Article | February 22, 2017
Former Hong Kong Chief Executive Donald Tsang, his wife Selina and son Thomas, arrive at the High Court in Hong Kong, China February 20, 2017. REUTERS/Bobby Yip HONG KONG (Reuters) - Former Hong Kong leader Donald Tsang was jailed for 20 months on Wednesday for misconduct in public office, making him the most senior city official to serve time behind bars in a ruling some said reaffirmed the financial hub's vaunted rule of law. The sentence brings an ignominious end to what had been a long and stellar career for Tsang before and after the 1997 handover to Chinese control, service that saw him knighted by the outgoing British colonial rulers. "Never in my judicial career have I seen a man falling from such a height," said High Court justice Andrew Chan in passing sentence. Tsang, 72, wearing one of his trademark bow ties, was escorted in handcuffs to the court from hospital where he'd been staying since Monday night after experiencing breathing difficulties and chest pains. The devout Catholic appeared stoic, occasionally closing his eyes as the judge spoke. Scores of establishment Hong Kong figures, including top former officials and some leading opposition democrats, had written letters vouching for Tsang's good character and longstanding public service in a bid for mitigation. Justice Chan said the seriousness of the offence lay in Tsang's high position as a person of integrity who had breached public trust. He reduced the sentence by 10 months, saying "it was indisputable that the defendant has dedicated himself to public service in the past 40-odd years". Hong Kong returned to China under a "one country, two systems" agreement that ensures its freedoms, including a separate legal system. Its spartan British-built prisons demand strict routines, including light work duties, and offer no special treatment to wealthy or powerful inmates. The nine-person jury on Friday found Tsang guilty of a charge of misconduct in public office. He had deliberately concealed private rental negotiations with property tycoon Bill Wong Cho-bau while his cabinet discussed and approved a digital broadcasting license for a now defunct radio company, Wave Media, in which Wong was a major shareholder. This offence had occurred at the twilight of Tsang's career, just before retiring in 2012, when reports began surfacing of Tsang's lavish spending on overseas duty visits, along with allegations of trips with tycoons by private jet and luxury yacht. Tsang was acquitted of a second misconduct charge. In a regular column published in the AM730 newspaper before sentence was passed, Tsang said working in the government for 45 years was the "biggest honor of his life". "In life, a lot of things are out of our control. But serving Hong Kong was my choice. No matter what the result of the trial is, I have no regrets." His conviction adds to a number of scandals ensnaring powerful officials that have marred the city's reputation as a relatively corruption-free society guarded by a powerful and independent anti-graft agency. His right-hand man, Rafael Hui, who worked under him for two years as the city's second highest-ranking official, was sentenced to seven and a half years in jail in late 2014 for receiving bribes from a billionaire tycoon helming Sun Hung Kai <0016.HK>, one of Asia's largest property developers. After sentencing, Tsang's wife, Selina, said it was a "very dark day" but that her husband would appeal. "We are very sad about today's outcome. But we will face it with strength and courage. We will appeal." Tsang's brother, Tsang Yam-pui, a former chief of police and current head of property developer NWS Holdings <0659.HK>, didn't comment after leaving court. Former Secretary for Justice Wong Yan-lung praised the man who appointed him for helping uphold the rule of law and pushing democratic reforms despite the risks of antagonizing Beijing, according to a letter published by the South China Morning Post. The head of Hong Kong's de facto central bank, Norman Chan, said the city wouldn't have been able to "survive the Asian financial crisis without Donald's contributions", referring to Tsang's decision as Financial Secretary in 1998 to intervene in the stock and futures market to fight off speculative attacks on Hong Kong's currency. Tsang's legal woes look set to continue, however, with the court saying a retrial would be tentatively set for September for another bribery charge on which jurors failed to return a majority verdict.
News Article | February 21, 2017
NEW YORK, Feb. 21, 2017 (GLOBE NEWSWIRE) -- Dow Jones has launched a next-generation multicast news product, delivered in a faster, lighter format throughout the New York trading community in Equinix, the premier data center and interconnection company for the global financial markets. Dow Jones's multicast news feed will be available in the Equinix Secaucus Campus (NY2, NY4, NY5 and NY6) International Business Exchange (IBX®) data centers. With this new, headline-only product, Dow Jones is expanding the ways financial trading firms can consume news. The Equinix interconnection service enables customers to connect seamlessly and directly to the Dow Jones multicast news feed alongside other data providers and similar services. This direct connection enables Dow Jones's customers to receive vital information with a direct and scalable interconnection. “We are excited to introduce another premium offering for trading clients,” said Joe Cappitelli, General Manager of News, Alerts and Data at Dow Jones. “With this new multicast product delivered across Equinix New York IBX data centers, we are making our high value content available to customers in the manner they want, and in the location where they have asked us to deliver it.” “Dow Jones’s multicast feed is a strong complement to our growing financial ecosystem. As we see an increasing number of financial trading firms colocating in the Secaucus campus, we are confident Dow Jones will accelerate its growth in this ever-changing market,” said John Knuff, vice president, financial services, at Equinix. Equinix’s New York IBX data centers in Secaucus, New Jersey, serve the world's largest financial companies with Equinix International Business Exchange facilities and premium interconnection services. Companies choose Equinix for its data center expertise and unmatched ability to interconnect to a large and diverse mix of business partners in a network-neutral environment. In 2016, Dow Jones Newswires was first to report five potential deals valued above $20 billion, also scooping the three largest technology deals in history in the past two years. About Dow Jones Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest newsgathering operations globally. It produces leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Factiva, Barron’s, MarketWatch, Financial News, DJX, Dow Jones Risk & Compliance, Dow Jones Newswires, and Dow Jones VentureSource. Dow Jones is a division of News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).
News Article | February 27, 2017
LONDON, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Dow Jones Risk and Compliance, a leading provider of anti-money laundering, anti-corruption and sanctions compliance data solutions, has completed the acquisition of RiskAverter from U.S.-based Compliance Strategies International, LLC. RiskAverter’s innovative solution enables companies to automate risk “scoring” so they can quickly and effectively assess third parties in relation to anti-corruption and other regulatory compliance risk areas. The RiskAverter product will be fully integrated within Dow Jones’s workflow application, providing a complete third party risk solution for corporate customers. Due for launch in summer 2017, Dow Jones’s new workflow application will consist of a complete solution to assess, investigate and monitor third party risk, leveraging the RiskAverter technology to score and categorize the risk levels of third parties based on responses to a proprietary questionnaire. In doing so, the solution enables businesses to focus resources on their higher risk third parties, therefore managing the third-party due diligence process more efficiently. The solution also makes recommendations based on the risk category to remediate anti-corruption, human trafficking and other third party risks. “Over the past 14 months we have added both Batch Screening and RiskReports to our RiskCenter offering. The acquisition of RiskAverter will further strengthen our suite of risk and compliance solutions, powered by Dow Jones’s world-class data,” said Joel Lange, managing director of Dow Jones Risk and Compliance. Jim Lord, Compliance Strategies International’s CEO and co-founder, will consult on the RiskAverter product for Dow Jones Risk and Compliance. Before launching RiskAverter, Mr Lord served as an Assistant U.S. Attorney with the United States Department of Justice (DOJ) for over 20 years, acting as Chief of the Corporate Fraud Task Force for the Western District of Washington, and as an expert international adviser and instructor for DOJ throughout the world. Additionally, Dow Jones has hired Gavin Proudley to lead its growing RiskReports division, which provides market leading open source due diligence reports developed by a global, multilingual research team spanning Barcelona, London, New York, Shanghai and Singapore. Mr Proudley previously led corporate intelligence services in the UK at EY, having also worked in the UK’s Ministry of Defence, Foreign Office and Cabinet Office. “Jim Lord and Gavin Proudley are important additions to the Dow Jones Risk and Compliance team, who will support our market leadership through additional product and innovation know-how and deeper industry expertise,” said Chris Lloyd, head of Dow Jones’s Professional Information Business. Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of the world’s largest newsgathering operations globally. It produces leading publications and products including the flagship Wall Street Journal, America’s largest newspaper by paid circulation; Factiva, Barron’s, MarketWatch, Financial News, DJX, Dow Jones Risk & Compliance, Dow Jones Newswires, and Dow Jones VentureSource. Dow Jones is a division of News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).