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VolkerWessels reports setback for OpenIJ construction; VolkerWessels reconfirms outlook for 2017

Koninklijke VolkerWessels N.V., a market-leading, multi-branded construction company in the Netherlands, takes an additional substantial provision regarding the OpenIJ construction project in IJmuiden. VolkerWessels reconfirms its outlook that full year EBITDA and net result from continuing operations will increase and expects full year EBITDA margin to be in line with its medium term objectives.

Rijkswaterstaat awarded the OpenIJ consortium the contract to design, construct, finance and maintain a new sea lock at IJmuiden in mid-2015. The contract value is approximately €600 million. Construction activities are carried out by a 50/50 joint venture between BAM and VolkerWessels. Based on the latest project reports it became evident that the expected loss on the construction of OpenIJ in IJmuiden is higher than previously anticipated.

The loss mainly relates to the redesign of the two caissons (the construction holding the lock doors) to prevent torsion and cracking during immersion. The new design specified reinforced caissons and heavy temporary structures. Recent implementation works revealed significantly higher costs for specialist materials and equipment and personnel over the prolonged construction period.

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Boeing KC-46A Tanker for U.S. Air Force Completes First Flight; Newest aircraft moves closer to delivery after airborne operational checks

Boeing KC-46A Tanker for U.S. Air Force Completes First Flight; Newest aircraft moves closer to delivery after airborne operational checks

The first Boeing [NYSE: BA] KC-46A tanker that will be delivered to the U.S. Air Force next year successfully completed its first flight and airborne tests today, taking off from Paine Field at 10:32 a.m. PST and landing approximately three-and-one-half hours later.

“Today’s flight is another milestone for the Air Force/Boeing team and helps move us closer to delivering operational aircraft to the warfighter,” said Col. John Newberry, U.S. Air Force KC-46 System program manager.

During the flight, Boeing test pilots took the tanker to a maximum altitude of 39,000 feet and performed operational checks on engines, flight controls and environmental systems as part of the Federal Aviation Administration (FAA)-approved flight profile. Prior to subsequent flights, the team will conduct a post-flight inspection and calibrate instrumentation.

“We’re very proud of this aircraft and the state-of-the-art capabilities it will bring to the Air Force,” said Mike Gibbons, Boeing KC-46A tanker vice president and program manager. “We still have some tough work ahead of us, including completing our FAA certification activities, but the team is committed to ensure that upon delivery, this tanker will be everything our customer expects and more.”

The newest tanker is the KC-46 program’s seventh aircraft to fly to date. The previous six are being used for testing and certification and to date have completed 2,200 flight hours and more than 1,600 “contacts” during refueling flights with F-16, F/A-18, AV-8B, C-17, A-10, KC-10 and KC-46 aircraft.

The KC-46, derived from Boeing’s commercial 767 airframe, is built in the company’s Everett facility. Boeing is currently on contract for the first 34 of an expected 179 tankers for the U.S. Air Force.

The KC-46A is a multirole tanker that can refuel all allied and coalition military aircraft compatible with international aerial refueling procedures and can carry passengers, cargo and patients.

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The global survey - Taking Diabetes to Heart - developed in partnership with Novo Nordisk, runs until March 2018 and is open to all people with type 2 diabetes.

Diabetes currently affects 425 million adults worldwide1, with most cases being type 2 diabetes. Cardiovascular disease, which includes stroke, coronary heart disease and peripheral artery disease3, is the leading cause of disability and death in people with type 2 diabetes1,4.

To date, 943 responses to the survey have been received from 32 countries and interim findings show that:

•             1 in 3 respondents living with type 2 diabetes consider their risk of CVD to be low2

•             26% of respondents had either never learned about CVD or received information on CVD several years following their type 2 diabetes diagnosis2

•             1 in 6 respondents had never discussed their type 2 diabetes and CVD risk with a healthcare professional2

"The interim results of Taking Diabetes to Heart reiterate the importance of raising awareness of the association between type 2 diabetes and cardiovascular disease to promote prevention, timely diagnosis and appropriate treatment to help reduce the current burden that the two conditions represent," said Dr Shaukat Sadikot, outgoing IDF President. "With the world facing an increase in the prevalence of type 2 diabetes, better understanding the link between these conditions is needed more than ever."

"Cardiovascular disease is the leading cause of disability and death among people living with type 2 diabetes. Too few individuals with diabetes are being informed by healthcare professionals of their cardiovascular risk and the impact that risk may have on their longevity and quality of life," said Alan Moses, senior vice president and chief medical officer of Novo Nordisk. "We encourage more people in the diabetes community to complete the Taking Diabetes to Heart survey to strengthen the global findings that will inform future efforts to help improve outcomes."

The results of Taking Diabetes to Heart will serve to define the actions that are required to improve the health outcomes of people with type 2 diabetes. The initiative will culminate in a comprehensive report with country-specific results and resources to help support knowledge and awareness of CVD among people with type 2 diabetes around the world.

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Stagecoach Group plc - Interim results for the half-year ended 28 October 2017 (Profit before tax £96.7m (H1 2017: £89.5m) )

Earnings per share in line with our expectation

·      Earnings per share 13.6 pence (H1 2017: 12.7 pence)

·      Adjusted earnings per share 13.6 pence (H1 2017 restated: 13.9 pence)

·      Interim dividend maintained at 3.8 pence per share

·      Profit before tax £96.7m (H1 2017: £89.5m)

Positive progress in all divisions

·      Management action on regional UK bus pricing, services operated and commercial initiatives - delivering in line with our expectations

o  Revenue per vehicle mile up 2.7%

o  Journeys per vehicle mile up 0.3%

·      Positive London Bus tender outcomes: 4.5% net increase in vehicle miles

·      Improved revenue trends in North America

·      Progress and opportunities in UK rail market

o  Progressing negotiations with Department for Transport on new Virgin Trains East Coast contract

o  Extension of East Midlands Trains franchise to March 2019 confirmed, with plan for further Direct Award franchise beyond that

o  Good progress towards new Virgin Trains West Coast Direct Award franchise from April 2019

o  Shortlisted for new South Eastern franchise

o  UK rail franchises moving to a more balanced risk profile

·      No change to our expectation of 2017/18 earnings per share

Chief Executive, Martin Griffiths, said:

"I am pleased to report half-year financial results in line with our expectation and an interim dividend maintained at 3.8 pence per share.

"We have made positive progress across our businesses.  In UK rail, we are working with the Department for Transport towards new contracts at Virgin Trains East Coast and Virgin Trains West Coast.  Our East Midlands Trains franchise has been extended through to March 2019, with the prospect of us agreeing a further direct award franchise from March 2019, and we are part of shortlisted bids for new South Eastern and West Coast Partnership franchises.

"In bus, the actions we have taken on pricing, services operated and commercial initiatives across our regional UK bus operations are delivering the results we expected, while our London bus business has had success in winning new contracts.  In North America, we have seen improved revenue trends, new contract wins and growth in profit. 

"We are focussed on making further progress in the second half of the year and have maintained our expectation of full year adjusted earnings per share."

Interim management report

The Directors of Stagecoach Group plc are pleased to present their report on the Group for the half-year ended 28 October 2017.

Overview

Our strategy is designed to protect and grow our existing, core businesses where we have deep knowledge and expertise.  We aim to provide a safe, value-for-money experience for customers.  Our focus on operational excellence underpins that with an emphasis on providing reliable, good quality transport services.  We have an ongoing investment programme which includes investing in our vehicle fleet but also in deploying new technology that enhances the customers' experience and improves the efficiency of our operations.  We bid for selected rail franchises and bus contracts to secure new business where the trade-off between risk and return is acceptable.  We are also investing in the future of transport as we continue to take a longer term perspective on the business opportunities.

We have met our expectation of earnings per share for the half-year ended 28 October 2017. Revenue for the period was £1,800.4m (H1 2017: £2,002.1m), with the reduction principally due to the expiry of our South West Trains franchise in August.  Notwithstanding that, total operating profit, before non-software intangible asset amortisation and exceptional items increased to £114.8m (H1 2017 restated: £113.8m).  Unadjusted total operating profit rose to £114.8m (H1 2017: £108.9m). Earnings per share before non-software intangible amortisation and exceptional items were 13.6p (H1 2017 restated: 13.9p).  Basic, unadjusted earnings per share increased 0.9p to 13.6p (H1 2017: 12.7p).

We have maintained the interim dividend at 3.8p per share.  We continue to believe that the business is able to support the current rate of dividend, taking account of the outlook for profitability and cash flows.  As usual, we will consider the final dividend for the year in June and, while we currently have no plans to reduce the rate of dividend, we anticipate that any dividend growth at that time will be modest. The 3.8p dividend is payable to shareholders on the register at 26 January 2018 and will be paid on 7 March 2018. Shareholders who wish to participate in the dividend re-investment plan for this dividend should elect to do so by sending their requests to the Company's registrars to arrive by 14 February 2018.

In the regional UK bus market, where independent research confirms that we continue to offer lower than average fares, the actions we have taken on pricing, services operated and commercial initiatives have had the intended impact on bus revenue and passenger volumes. While there are regional variations in bus performance, we are seeing growth in a number of parts of the country, including those with more robust regional economies. We are taking steps to address weak performance in the inter-city coach market and have started to see revenue trends improve. In the competitive London bus market, we are pleased that through contract wins during the first half of our financial year, we have achieved a net increase in contracted annual bus mileage.

Revenue trends in North America have improved. Contract revenue has benefitted from tender wins, including rail replacement work. Reflecting the changes we made to our network to match our services to customer demand, revenue per vehicle mile at our megabus.com business in North America increased 3.2%.

We have made positive progress within our UK Rail business and we welcome the new direction for the UK rail network announced recently by the Secretary of State for Transport as part of plans to deliver improved integration between train and track.  Our franchise term has been extended at East Midlands Trains to March 2019 and Virgin Rail Group is progressing towards agreeing a new Direct Award franchise at Virgin Trains West Coast. In addition, we are making good progress in discussions with the Department for Transport on the terms of our Virgin Trains East Coast contract.  Work on our shortlisted bid for the new South Eastern franchise is progressing and we are encouraged by indications of an improved risk-reward balance in new franchises.  We are also working with SNCF and Virgin on our joint bid for the new West Coast Partnership franchise.

Our expectation of the level of adjusted earnings per share for the full year to 28 April 2018 is unchanged. We remain clear that safe, high-quality and good value public transport has a positive future, particularly as concerns grow about increasing road congestion and poor air quality linked to cars. Public transport will continue to be an enabler of regional economies and communities, helping connect people with employment, education, health and leisure opportunities. Urbanisation, population growth, and demand for improved mobility all point to a strong future for public transport and we remain confident that we can continue to deliver long-term value to our customers and shareholders.

Earlier this year, we carried out our biggest ever survey of employees as part of our drive to foster an environment where everyone has access to opportunities and resources to help them contribute to the success of our business. Engagement levels were good with a 61% response rate and we are acting on the survey results to make further improvements in our businesses.  The Board extends its thanks to everyone across the Group for their contribution to making every customer journey better.

UK Bus (regional operations)

Summary

·      Revenue per vehicle mile up 2.7%

·      Journeys per vehicle mile up 0.3%

·      Investment in enhancing customer experience

·      Fastest growing contactless transit scheme in Europe

·      No change to expected full year profit

Financial performance

The financial performance of the UK Bus (regional operations) Division for the half-year ended 28 October 2017 is summarised below, with operating profit slightly below last year:

Early in 2017, we took action to adjust our pricing and services to respond to changes in customer demand and protect the profitability of the business.  We continue to focus on operating the right routes with prices and service frequencies that offer good value for money and reflect the pattern of customer demand.  Vehicle miles operated in the first half of the year were 2.9% lower than in the equivalent period last year.  The vehicle miles we operate on a commercial basis were reduced by 1.5% with greater reductions in the mileage tendered by local authorities and operated under contract.  Reflecting the actions taken, revenue per vehicle mile grew 2.7%, journeys per vehicle mile grew 0.3% and revenue per journey increased 2.4%.

The growth in commercial revenue reflects the actions we have taken, with improvement in the yield per journey.  Our low-fares strategy remains central to our customer offer.  Combined with a focus on operational excellence and continued investment, that underpins our strategy for growth.  Reflecting that emphasis on operational excellence, we operated 99.6% of our scheduled mileage in the half-year.

We are starting to see improving trends at our megabus.com business in the UK after a period of disappointing performance in the half-year reflecting weakness in the wider inter-city coach market. We are addressing this through improved yield management, reviewing our network and operational plans, and modifying our commercial and marketing strategy.

The decline in concessionary revenue includes the continuing effects of changes in the age of eligibility for free bus travel by older people, as we have previously reported.  We have also seen a reduction in the concessionary reimbursement rate paid to bus operators in Manchester and lower financial support in Wales for bus travel by young people.

We continue to work with local authorities to maximise the community value from the financial support they can provide for socially desirable transport services.  The decline in tender revenue mainly reflects further reductions by local authorities in the tendered bus services that they support.  We do not believe the bottom of this cycle has yet been reached and we anticipate some further cuts in tender services over the next year or so.

While relatively small, the movements in contract and other revenue include the effects of year-on-year changes in the amount and timing of one-off contract and events work.

The main changes in the operating margin shown above are:

·      As expected, staff costs have continued to rise, and not all headcount varies with vehicle miles.  The half-year staff costs include over £1m in respect of the new Apprenticeship Levy applied by the UK Government to fund new apprenticeships.  However, staff costs remain under control with wage awards in the period being in line with our forecast assumptions and stable staff retention rates.

·      Fuel costs have reduced, reflecting market fuel prices and our fuel hedging programme.

·      Other costs have increased, including higher depreciation as a result of our continued fleet investment.

Enhanced customer experience

We are continuing to make significant investment to further enhance customers' experience.  We are harnessing technology to make travel easier for our customers. Stagecoach bus passengers across the UK can now pay on the bus for their travel using a contactless credit or debit card, Apple Pay or Android Pay. The £12m programme is the fastest growing contactless transit scheme in Europe through 2017. We have added the Scottish Citylink coach network to an expanded national roll-out programme which will see the technology installed on all of our buses across the UK by the end of 2018.

In July 2017, we launched a blueprint to help ensure bus services can effectively serve new housing developments being planned across the country. Failure to integrate public transport to new developments results in a greater cost to the economy in lost productivity, poorer air quality, longer working days because of extra commuting time and a less safe living environment with more cars on the road.

We are continuing to improve our product offer in our local bus networks for young people, who are a key element of our customer base now and in the future. There is an opportunity to use new technology to make bus travel more attractive to Millennials, who research shows are less likely to aspire to car ownership and are more open to the 'sharing economy'.

Commercial initiatives for growth

In addition to the developments explained above, our restructured UK Bus commercial team is pursuing a number of other commercial initiatives to support the growth of the Division, examples of which are as follows:

·      Reflecting changes in travel patterns, we have seen stronger growth on our urban and inter urban networks.  Additional areas of potential growth in these parts of the business have been identified and implementation plans are being developed.

·      Linked to that, we are evaluating opportunities for more demand responsive services in a number of locations.

·      Building on work to understand the segmentation of our existing and potential customer base, we are exploring the development and implementation of a new customer relationship management ("CRM") system to engage and improve customer loyalty and yield.

·      Our work on customer segmentation will also inform improved marketing to drive revenue growth, placing less emphasis on the traditional sector approach of "publicity" and developing closer engagement with prospective customers.

·      While we are thinking about the changing travel landscape, we are also ensuring we continue to perform the basics well.  We are re-visiting how we communicate our offers across all of our offline and online channels, including how we deliver understandable information on journeys and fares.

·      We are reviewing price elasticities, price points and ticketing structures to simplify our ticket offering while continuing to offer value for money and meet customers' expectations.  We are aiming to evolve our ticket offering to reflect changing travel, shopping and working patterns.

·      We see opportunities to increase the volume of work we undertake to support events, festivals and other businesses, where new technology can support an increased capability to grow revenue in these areas.

Outlook

We are encouraged that the effects of the management actions undertaken at the start of 2017 have been in line with our expectations.  Our expectation of the Division's operating profit for the year ending 28 April 2018 is accordingly unchanged.

UK Bus (London)

Summary

·      Positive tender results

·      Maintaining sustainable contract pricing

We are pleased that through the contract tenders on which the outcomes were confirmed during the first half of our financial year, we have achieved a net 4.5% increase in contracted annual bus mileage.  That should benefit our revenue in the next financial year, 2018/19.  The revenue impact of contracts lost in the prior year is reflected in this year's financial performance and is weighted towards the second half of the financial year.

Consistent with the UK Bus (regional operations), the new Apprenticeship Levy has added to the UK Bus (London) Division's staff costs in the half-year.  The current year staff costs also reflect pay awards and the implementation of previously disclosed plans to increase starting rates of pay for bus drivers.

Advertising income fell year-on-year, reflecting lower yields for on-bus advertising experienced by London bus operators more generally.  This is reflected in the reduction in other operating income shown in the table above.  Operating lease costs have moved as a percentage of revenue, principally due to year-on-year changes in end of lease vehicle return costs.

We see significant differences in the level of bus depot capacity versus the demand from Transport for London for bus services across the different areas of London.  We are exploring the extent to which that presents us with opportunities for growth and/or possible re-deployment of capital.

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BAM revises outlook following cost overrun at sea lock IJmuiden

Based on the latest available information, Royal BAM Group nv expects a considerable project loss in 2017 on the sea lock IJmuiden.

Rijkswaterstaat awarded the OpenIJ consortium the contract to design, construct, finance and maintain a new sea lock at IJmuiden in mid-2015. The contract value is approximately €600 million. Construction activities are carried out by a 50/50 joint venture between BAM and VolkerWessels.

The loss mainly relates to the redesign of the two caissons (the construction holding the lock doors) to prevent torsion and cracking during immersion. The new design specified reinforced caissons and heavy temporary structures. Recent implementation works revealed significantly higher costs for specialist materials and equipment and personnel over the prolonged construction period. For BAM, this will lead to an estimated additional project loss of around €55 million in the fourth quarter 2017. As a consequence, BAM expects an adjusted result before tax for the full year 2017 which will be substantially lower compared to 2016.

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London: Former UK minister Iain Duncan Smith: EU needs to 'back off' or 'move on'

The former Conservative leader Iain Duncan Smith has suggested the UK should walk away from the Brexit negotiations if the European Union does not change its position.

Mr. Duncan Smith said the EU needed to “back off” or the UK will “get on with other arrangements which are not going to be beneficial to you”.

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Non-US Manufacturing ISM. Report On Business

US NMI® registered 57.4 percent, which is 2.7 percentage points lower than the October reading of 60.1 percent.

Business Activity Index at 61.4%

New Orders Index at 58.7%

Employment Index at 55.3%

US economic activity in the non-manufacturing sector grew in November for the 95th consecutive month, say the nation’s purchasing and supply executives in the latest Non-Manufacturing ISM® Report On Business®.

Institute for Supply Management: (ISM) Non-Manufacturing Business Survey Committee: "The NMI® registered 57.4 percent, which is 2.7 percentage points lower than the October reading of 60.1 percent. This represents continued growth in the non-manufacturing sector at a slower rate.

The Non-Manufacturing Business Activity Index decreased to 61.4 percent, 0.8 percentage point lower than the October reading of 62.2 percent, reflecting growth for the 100th consecutive month, at a slightly slower rate in November.

The New Orders Index registered 58.7 percent, 4.1 percentage points lower than the reading of 62.8 percent in October. The Employment Index decreased 2.2 percentage points in November to 55.3 percent from the October reading of 57.5 percent.

The Prices Index decreased by 2 percentage points from the October reading of 62.7 percent to 60.7 percent, indicating prices increased in November for the sixth consecutive month. According to the NMI®, 16 non-manufacturing industries reported growth.

The rate of growth has lessened in the non-manufacturing sector after two very strong months of growth. Comments from the survey respondents indicate that the economy and sector will continue to grow for the remainder of the year."

INDUSTRY PERFORMANCE

The 16 non-manufacturing industries reporting growth in November — listed in order — are: Retail Trade; Wholesale Trade; Utilities; Transportation & Warehousing; Real Estate, Rental & Leasing; Educational Services; Health Care & Social Assistance; Arts, Entertainment & Recreation; Other Services; Public Administration; Information; Finance & Insurance; Construction; Management of Companies & Support Services; Accommodation & Food Services; and Professional, Scientific & Technical Services. The only industry reporting contraction in November is Agriculture, Forestry, Fishing & Hunting.

WHAT RESPONDENTS ARE SAYING ...

"Domestic business is strong, with positive growth indicators for 2018 from both internal sources and client feedback." (Management of Companies & Support Services)

"Construction labor continues to be constrained in the West." (Construction)

"Steady; no material changes." (Finance & Insurance)

"We continue to struggle with understanding the [potential] changes to the Affordable Care Act, and are trying to be flexible in how we respond. Also, Hurricane Maria has affected some of our pharmaceutical supplies." (Health Care & Social Assistance)

"Mixed bag of goods for November 2017. Typical seasonal increases for specific braising cuts of beef as the holidays approach. Some volatility on produce items such as brussel sprouts. Expect cream to spike due to holiday season." (Accommodation & Food Services)

"Business seems to be leveling off. Attribute this to the holiday season that is approaching." (Professional, Scientific & Technical Services)

"Business is strong, but not as strong as Q3." (Retail Trade)

"Bookings would suggest a strong run to the end of the year." (Wholesale Trade)

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Defence cooperation: Council adopts conclusions on EU-NATO cooperation, endorsing common set of new proposals for further joint work

                Council conclusions on the Implementation of the Joint Declaration by the President of the European Council, the President of the European Commission and the Secretary General of the North Atlantic Treaty Organization

1.            In line with its Conclusions of 6 December 2016 and of 19 June 2017, the Council welcomes the continued close and mutually reinforcing co-operation with NATO in areas of shared interest, both strategically and operationally, in crisis management in support of international peace and security as well as on defence capability development where requirements overlap. For the EU, the Implementation of the Joint Declaration remains a key political priority. It constitutes an essential element of broader efforts aimed at strengthening the Union's ability to act as a security provider and strengthen its ability to cooperate with partners, as recently restated in the Council conclusions on security and defence in the context of the EU Global Strategy of 13 November 2017.

2.            The Council welcomes further progress made in the implementation of the common set of proposals (42 actions) and in this regard acknowledges the second progress report submitted jointly by the High Representative/Vice President/Head of the European Defence Agency and the Secretary General of NATO in accordance with the Council Conclusions of 6 December 2016.

3.            With a view to consolidating progress and ensuring further advances in all areas listed in the Joint Declaration, the Council endorses a common set of new proposals attached in the annex, to be incorporated in the original set of proposals. They constitute further concrete actions for the implementation of the Joint Declaration developed jointly by the EU (EEAS and Commission services, with the EDA) and NATO, including new topics such as counter-terrorism, women, peace and security and military mobility.

4.            The Council reaffirms that EU-NATO cooperation will continue to take place in the spirit of full openness and transparency, in full respect of the decision-making autonomy and procedures of both organisations and in close cooperation with and full involvement of Member States. It is based on the principles of inclusiveness and reciprocity without prejudice to the specific character of the security and defence policy of any Member State.

5.            The Council confirms that the common set of proposals is not a standalone document and must be read in conjunction with the present Council Conclusions both of which will be implemented in accordance with the principles set out above. The common set of new proposals is being endorsed in a parallel process by NATO through the North Atlantic Council.

6.            The Council recalls that NATO cooperation with the non-NATO EU Member States is an integral part of EU-NATO cooperation and in this regard, the Council welcomes the positive contribution of non-NATO EU Member States to NATO activities. Such activities are an integral part of EU-NATO cooperation and the Council strongly supports their continuation.

7.            The Council invites the High Representative/Vice President/Head of the European Defence Agency to continue progress on implementation, in close cooperation with Member States ensuring their full involvement and transparency, and looks forward to receiving the next report in June 2018, and on an annual basis thereafter.

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IOC SUSPENDS RUSSIAN NOC AND CREATES A PATH FOR CLEAN INDIVIDUAL ATHLETES TO COMPETE IN PYEONGCHANG 2018 UNDER THE OLYMPIC FLAG

THE IOC EXECUTIVE BOARD TODAY STUDIED AND DISCUSSED THE FINDINGS OF THE COMMISSION LED BY THE FORMER PRESIDENT OF SWITZERLAND, SAMUEL SCHMID, ADDRESSING THE SYSTEMATIC MANIPULATION OF THE ANTI-DOPING SYSTEM IN RUSSIA. THIS REPORT ALSO ADDRESSES IN PARTICULAR THE MANIPULATION AT THE ANTI-DOPING LABORATORY AT THE OLYMPIC WINTER GAMES SOCHI 2014 WHICH TARGETED THE OLYMPIC GAMES DIRECTLY. OVER 17 MONTHS OF EXTENSIVE WORK, THE SCHMID COMMISSION GATHERED EVIDENCE AND INFORMATION AND HELD HEARINGS WITH ALL THE MAIN ACTORS. DUE PROCESS, TO WHICH EVERY INDIVIDUAL AND EVERY ORGANISATION IS ENTITLED, WAS FOLLOWED. THIS OPPORTUNITY WAS NOT AVAILABLE TO THE IOC PRIOR TO THE OLYMPIC GAMES RIO 2016.

The conclusions of the Schmid Report, on both factual and legal aspects, confirmed “the systemic manipulation of the anti-doping rules and system in Russia, through the Disappearing Positive Methodology and during the Olympic Winter Games Sochi 2014, as well as the various levels of administrative, legal and contractual responsibility, resulting from the failure to respect the respective obligations of the various entities involved”.

As a consequence, the Schmid Commission recommended to the IOC EB:

"to take the appropriate measures that should be strong enough to effectively sanction the existence of a systemic manipulation of the anti-doping rules and system in Russia, as well as the legal responsibility of the various entities involved (i.e., including uniform, flag and anthem);

while protecting the rights of the individual Russian clean athletes; and

to take into consideration the multiple costs incurred by the two IOC DCs, in particular those linked to the investigations, the various expertise and the re-analysis of the samples of the Olympic Games."

After discussing and approving the Schmid Report, the IOC EB took the following decision:

To suspend the Russian Olympic Committee (ROC) with immediate effect.

To invite individual Russian athletes under strict conditions (see below) to the Olympic Winter Games PyeongChang 2018. These invited athletes will participate, be it in individual or team competitions, under the name “Olympic Athlete from Russia (OAR)”. They will compete with a uniform bearing this name and under the Olympic Flag. The Olympic Anthem will be played in any ceremony.

Not to accredit any official from the Russian Ministry of Sport for the Olympic Winter Games PyeongChang 2018.

To exclude the then Minister of Sport, Mr Vitaly Mutko, and his then Deputy Minister, Mr. Yuri Nagornykh, from any participation in all future Olympic Games.

To withdraw Mr Dmitry Chernyshenko, the former CEO of the Organising Committee Sochi 2014, from the Coordination Commission Beijing 2022.

To suspend ROC President Alexander Zhukov as an IOC Member, given that his membership is linked to his position as ROC President.

The IOC reserves the right to take measures against and sanction other individuals implicated in the system.

The ROC to reimburse the costs incurred by the IOC on the investigations and to contribute to the establishment of the Independent Testing Authority (ITA) for the total sum of USD 15 million, to build the capacity and integrity of the global anti-doping system.

The IOC may partially or fully lift the suspension of the ROC from the commencement of the Closing Ceremony of the Olympic Winter Games PyeongChang 2018 provided these decisions are fully respected and implemented by the ROC and by the invited athletes and officials.

The IOC will issue operational guidelines for the implementation of these decisions.

How the athletes will be chosen:

To invite individual Russian athletes to the Olympic Winter Games PyeongChang 2018 according to the following guidelines:

The invitation list will be determined, at its absolute discretion, by a panel chaired by Valerie Fourneyron, Chair of the ITA. The panel will include members of the Pre-Games Testing Task Force: one appointed by WADA, one by the DFSU and one by the IOC, Dr Richard Budgett.

This panel will be guided in its decisions by the following principles:

It can only consider athletes who have qualified according to the qualification standards of their respective sport.

Athletes must be considered clean to the satisfaction of this panel:

Athletes must not have been disqualified or declared ineligible for any Anti-Doping Rule Violation.

Athletes must have undergone all the pre-Games targeted tests recommended by the Pre-Games Testing Task Force.

Athletes must have undergone any other testing requirements specified by the panel to ensure a level playing field.

The IOC, at its absolute discretion, will ultimately determine the athletes to be invited from the list.

These invited athletes will participate, be it in individual or team competitions, in the Olympic Winter Games PyeongChang 2018 under the name “Olympic Athlete from Russia (OAR)”. They will compete with a uniform bearing this name and under the Olympic Flag. The Olympic Anthem will be played in any ceremony.

These invited athletes will enjoy the same technical and logistical support as any other Olympic athlete.

The panel, at its absolute discretion, will determine an invitation list for support staff and officials.

This panel will be guided in its decisions by the following principles:

No member of the leadership of the Russian Olympic Team at the Olympic Winter Games Sochi 2014 can be included on the invitation list.

No coach or medical doctor whose athlete has been found to have committed an Anti-Doping Rule Violation can be included on the invitation list. All coaches and medical doctors included on the invitation list must sign a declaration to this effect.

Any other requirement considered necessary to protect the integrity of the Olympic Games.

The IOC, at its absolute discretion, will ultimately determine the support staff and officials to be invited from the list.

IOC President Thomas Bach said: "This was an unprecedented attack on the integrity of the Olympic Games and sport. The IOC EB, after following due process, has issued proportional sanctions for this systemic manipulation while protecting the clean athletes. This should draw a line under this damaging episode and serve as a catalyst for a more effective anti-doping system led by WADA."

He continued: "As an athlete myself, I feel very sorry for all the clean athletes from all NOCs who are suffering from this manipulation. Working with the IOC Athletes’ Commission, we will now look for opportunities to make up for the moments they have missed on the finish line or on the podium."

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Valse betaal-apps, kijk uit, niet accepteren, nooit doen dus!

Je hebt een mooie laptop te koop, dus je plaatst hem op Marktplaats. De koper komt het apparaat bij je ophalen en maakt het geld ter plekke over met zijn betaal-app. Je kijkt mee en ziet dat het geld van zijn of haar rekening wordt afgeschreven. De deal is rond en je ziet de koper met je laptop de deur uit lopen. Toch jammer dat jij het geld nooit op jouw eigen rekening bijgeschreven krijgt. De betaal-app blijkt nep. Geen geld, weg laptop. Je bent opgelicht! Nooit doen dus!

Mensen zetten een product te koop via een tweedehands verkoopsite, zoals Marktplaats. Dit kan een laptop, gouden ketting of spiegelreflexcamera zijn, maar ook een scooter of zelfs (dure) auto. Er komt al snel een reactie van een koper die het product op wil halen. Deze vraag direct of het goed is dat het geld ter plekke overgemaakt wordt. Aangezien het meestal om bedragen van boven de 1000 euro gaat en de koper hier niet mee over straat wil lopen, klinkt dit logisch. Vervolgens wordt gevraagd bij welke bank de verkoper bankiert. De koper geeft vervolgens aan bij een andere bank te bankieren. Dan duurt het altijd een dag voor het geld op de andere bank is bijgeschreven en kan de verkoper dus niet gelijk checken of het geld binnen is of niet. Nooit doen dus!

De koper komt bij verkoper thuis om het product te bekijken en geeft aan dat hij interesse heeft. Hij haalt zijn telefoon tevoorschijn om hiermee geld over te maken en zegt dat de verkoper mee mag kijken. Deze ziet een betaal-app. Alles lijkt in orde. Op de getoonde rekening staat voldoende geld en er zijn afschrijvingen gedaan. De koper vult naam en rekeningnummer van de verkoper in. Vervolgens is te zien dat het geld ook daadwerkelijk van de rekening afgeschreven wordt. De verkoper maakt nog een foto van het betaalscherm. Omdat hij een andere bank heeft dan de koper, zal het geld pas de volgende dag op zijn rekening bijgeschreven worden. Hij heeft zelf meegekeken, dus hij denkt dat het wel goed zit. Maar niets is minder waar… Nooit doen dus!

Een dag later staat er geen geld op de rekening. Weer een dag later nog niet. De verkoper probeert de koper te bereiken, maar hij is geblokkeerd of de mail komt terug. Het duurt even voor het kwartje valt: hij is opgelicht! Nooit doen dus! 

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Euro daily low: (-0.54%) $1.1803 // US-Dollar gains for second day on US tax reform hopes

The US-Dollar rose for a second straight session on Tuesday, as the currency continued to benefit from optimism surrounding US tax reform.

While the Senate and House of Representative have differences on the US tax bill, it looks like it's just a matter of time before the final bill reaches President Donald Trump for final approval. This scenario will probably continue to provide the greenback support.

Analysts do not exclude the euro to rise above $1.20 yet, but this threshold is strong! After it is broken the euro could go up to $1.30, a level it hasn't traded at since September 2014. 

Overall strategists expect further US-Dollar gains next year to be limited, with the euro likely to be the beneficiary. The euro is in the sweet spot of this global recovery and looks well-positioned for  the investment cycle.

On Monday, the Republican-controlled House of Representatives voted to go to conference with the Senate on tax legislation, setting up formal negotiations on the bill that could take weeks to complete.  The Republican-led Senate is expected to hold a similar conference vote later this week.

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Nestlé extends consumer healthcare portfolio by agreeing to acquire Atrium Innovations

Nestlé today announced that it agreed to acquire privately-held Atrium Innovations, a global leader in nutritional health products, from a group of investors led by Permira Funds for USD 2.3 billion in cash. Atrium's 2017 sales are expected to reach almost USD 700 million.

The move supports Nestlé's pursuit of growth opportunities in consumer healthcare to complement the company's focus on its high-growth food and beverage categories. The transaction is expected to close in the first quarter of 2018 following the completion of customary approvals and closing conditions.

Upon closing, Atrium, with its corporate offices in Quebec, Canada, will become part of Nestlé Health Science. Its existing management team will continue to manage the business, led by Peter Luther, Atrium Innovations President and Chief Executive Officer.

Greg Behar, Nestlé Health Science Chief Executive Officer said: "We value Atrium's history as a highly successful company and welcome its 1,400 employees to the Nestlé family. Their brands are a natural complement to our Consumer Care portfolio, which offers nutritional solutions in the areas of Healthy Aging, Healthy Growing, Gut Health and Obesity Care. Atrium's portfolio will extend our product range with value-added solutions such as probiotics, plant-based protein nutrition, meal replacements and an extensive multivitamin line, enabling consumers to address their health and wellness goals."

Behar added, "Atrium's established brands are in attractive categories and have the potential for continued strong growth as part of Nestlé through category, channel and geographic expansion. It also represents additional offerings in the segment for non-GMO, organic and natural supplements, a fast-growing consumer trend, as well as a new sales channel."

Peter Luther said: "Since Atrium was established in 1999, we have been dedicated to providing premium-quality, science-based, professionally recognized products to consumers and healthcare practitioners. We are very pleased to be joining Nestlé Health Science as we share a common purpose of helping people lead healthier lives by providing good-for-you products made with the highest standards for quality and efficacy. Nestlé will provide Atrium with the resources to accelerate the growth of our brands and reach more people globally."

Atrium's largest brand, Garden of Life®, is the #1 brand in the natural supplement industry in the U.S. Garden of Life, headquartered in Palm Beach Gardens, Florida, manufactures certified organic, non-GMO supplements that are sold in more than 14,000 health food stores and online in the U.S., as well as select markets internationally.

Pure Encapsulations® is a full line of hypoallergenic, research-based dietary supplements, and is the #1 recommended brand in the U.S. practitioner market. Pure Encapsulations, headquartered in Sudbury, Massachusetts, product line is free from common food allergens, GMOs, fillers, binders and artificial colors and is sold in the U.S. via healthcare practitioners, online as well as in pharmacies in several markets in Europe.

The remainder of the Atrium portfolio includes strong specialty brands like Wobenzym®, Douglas Laboratories®, Genestra Brands™, Orthica®, AOV®, Minami®, Klean Athlete®, Pharmax and Trophic™.

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DEME has been awarded a major contract in Latin America for the deepening and maintenance dredging of the Canal Martín García

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