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Centenera Receives Additional Positive Drill Results from Drill Hole 18-ESP-025, Esperanza Copper-Gold Porphyry Project, San Juan Province, Argentina

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*From surface; 0m to 368m grading 0.81% copper equivalent^1,2*
*(0.59% copper, 0.28g/t gold)*

*Including; 0m to 232m grading 1.00% copper equivalent^1,2*
*(0.74% copper, 0.33g/t gold)*

VANCOUVER, British Columbia, May 08, 2018 (GLOBE NEWSWIRE) -- * Centenera Mining Corporation (“Centenera” or the “Company”) - *(TSX-V:CT) (OTCQB:CTMIF) has received final batch of drill results from drill hole 18-ESP-025 at the Esperanza Copper-Gold Porphyry project.  Drill hole 18-ESP-025 collared in mineralization and continued to drill mineralized rock to end of hole (387m; hole abandoned due to drilling difficulties).  Mineralization remains open at depth.

Laboratory results have been returned (Table 1) for the entire drill hole grading 0.57% copper and 0.27g/t gold; 0.78% copper equivalent^1,2.  This includes 232m from surface grading 0.74% copper and 0.33g/t gold; 1.00% copper equivalent^1,2. 

“In a global context, the complete results from drill hole 18-ESP-025 compare well with drill results from peer copper deposits reported in Q1 this year; the drill hole would have ranked number three only being exceeded by two deep copper deposits (Table 2),” stated Keith Henderson, Centenera’s President & CEO. “Looking at the comparison table it is important to remember that Centenera’s drill intersection is the only one starting from surface. Other factors such as location with respect to infrastructure also upgrade the Esperanza intersection relative to deposits in more remote locations.”

                 
*Table 1:  Complete drill results for drill hole 18-ESP-025*
                 
*Drillhole* *Azimuth* *Dip* *From (m)* *To  (m)* *Interval (m)*^*1* *Copper (%)* *Gold (g/t)* *Copper Equivalent (%)^2*
18-ESP-025 280 -67 387 387 0.57 0.27 0.78
including 368 *368* *0.59* *0.28* *0.81*
including 232 *232* *0.74* *0.33* *1.00*

Notes ^1 True width is not known.  ^2 Copper equivalent = Copper grade % + (0.795 x gold grade g/t), where the conversion factor of 0.795 is calculated by comparing the value of copper $2.20/lb to the value of gold at $1,200/oz and assuming 100% recovery.

 
*Table 2:  Comparison between drill hole 18-ESP-025 and global top ten copper drill intersections published in Q1 2018.*
 
  *Q1 2018 Ranking*^*1* *Company* *Project* *Copper (%)* *Drill Intersection (m)* *Copper (%) x (m) Thickness* *Depth to Top of Intersection* *Location*
  1 Nevsun Resources Timok *0.77* *847* *652* 1354 Serbia
  2 SolGold Cascabel *0.54* *824* *445* 736 Ecuador
  #3 Centenera Mining Esperanza *0.57* *387* *221* surface Argentina
  4 Orion Minerals Prieska *2.39* *81.6* *195* 152 South Africa
  5 Orla Mining Cerro Quema *1.54* *124.5* *192* 75 Panama
  6 Xanadu Mines Kharmgtai *0.26* *623.5* *162* 324 Mongolia
  7 Sierra Metals Yauricocha *1.48* *99* *147* 337 Peru
  8 Venturex Resources Sulphur Springs *3.64* *40* *146* 158 Australia
  9 Surge Copper Ootsa *0.27* *537* *145* 350 BC, Canada
  10 Ero Copper MCSA Mining Complex *6.3* *22.9* *144* 158 Brasil
               

Notes ^1 Ranking is achieved by multiplying copper % by intersection meters.  Note that the ranking is of projects where copper is the primary commodity and does not take account of other commodity credits.  Esperanza has gold credits that are not included in the calculation.  Note also that mineralization in drill hole 18-ESP-025 is the only intersection that begins from surface.

A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/4b90de6d-e1d4-48ef-abbf-83b9b41c7db4

*Figure 1:  East-west cross section showing complete results from 18-ESP-025 and previous drill holes. **The exploration vector to higher grade copper and gold is interpreted to be west, where two target drill holes are highlighted. **Note that all drill holes on the section are open at depth and there is significant untested ground located to west and east. *

A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/8b821313-e6cf-4bed-b3c4-86a3add2ac33

*Figure 2:  Map showing all drill holes completed on the property.  Drilling to the east is testing a gold-bearing system **whereas drill holes to the west is testing a copper-gold porphyry system, which Centenera is focused on. **Section line locations for Figures 1 and 3 are also shown as well as select drill hole traces for targets.  *

*About Esperanza Copper-Gold Porphyry*

The outcropping copper-gold porphyry mineralization at Esperanza was first drill-tested in 2006-2007 by 7 drill holes totalling 2,011 metres. All drill holes intersected significant copper-gold mineralization.  Drilling highlights include:

· Mineralization is outcropping at surface with a pyrite halo extending over a 1,400m x 850m area
· Drill holes generally intersected mineralization at surface
· Mineralization is open in all directions
· Majority of drill holes terminated in mineralization and are open at depth
· Several drill holes demonstrate increasing grade with depth

A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/821ba196-b247-419d-81ba-70d3247a22ae

*Figure 3:  North-south cross section showing complete results from 18-ESP-025 and previous drill holes.*

*Quality Assurance / Quality Control*

Drilling undertaken by Centenera in 2018 has been supervised by on site personnel at the project who rigorously collect and track samples, which are then sealed and shipped to SGS Minerals (“SGS”) for analysis.  SGS's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999.  Analytical accuracy and precision are independently controlled by company using blanks, control reference material and duplicate samples.  

*Qualified Person*

Keith J. Henderson, P.Geo., is the Company's qualified person as defined by National Instrument 43-101 and has reviewed the scientific and technical information that forms the basis for portions of this news release. He has approved the disclosure herein.  Mr. Henderson is not independent of the Company, as he is an employee, a shareholder and holds incentive stock options.

*About Centenera Mining Corporation*

Centenera is a mineral resource company trading on the TSX Venture Exchange under the symbol CT and on the OTCQB exchange under the symbol CTMIF.  The Company is focused 100% on mineral resource assets in Argentina.  The Company intends to focus its 2018 exploration activities on drill-testing its flagship Esperanza copper-gold project.

Other assets include the El Quemado lithium pegmatite project in Salta Province and the Organullo gold project.  The Organullo project has approximately 8,000 metres of historical drilling and assay results.  Organullo has a geological target range from 19.8 million tonnes grading at 0.94 g/t gold (600,000 ounces) to 31.6 million tonnes grading 0.92 g/t gold (940,000 ounces) using a 0.5 g/t gold cut-off-grade. It should be noted that these potential exploration target quantities and grades are conceptual in nature, that insufficient exploration and geological modelling has been done to define a mineral resource, and that it is uncertain if further exploration will result in the delineation of a mineral resource.

On Behalf of the Board of Directors of

*CENTENERA MINING CORPORATION*

"Keith Henderson"

President & CEO

For further details on the Company readers are referred to the Company's web site (www.centeneramining.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.

For further information, please contact:               

Keith Henderson

Phone: 604-638-3456

E-mail: info@centeneramining.com

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

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs in respect of the Project and otherwise, anticipated exploration program results from exploration activities, the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the successful negotiation and execution of a definitive Option Agreement for the Project, the discovery and delineation of mineral deposits/resources/reserves on the Project, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project, including the geological mapping, prospecting and sampling program being proposed for the Project (the "Program"), actual results of exploration activities, including the Program, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for the Property acquisition, or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's Management Information Circular (April 2016) and as discussed in the annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on forward looking information. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein. Reported by GlobeNewswire 45 minutes ago.

Senvion unveils new 4.2 MW turbines for North American market

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DGAP-News: Senvion S.A. / Key word(s): Miscellaneous

08.05.2018 / 15:00
The issuer is solely responsible for the content of this announcement.
--------------------

*Senvion unveils new 4.2 MW turbines for North American market*

*Denver, Hamburg: *Senvion, a leading global manufacturer of wind turbines, unveils its 4.2 MW platform, the 4.2M140 and 4.2M148, based on the company's robust and proven 3.XM series. The Senvion 4.2 MW turbines are best suited for low and medium wind sites and are an excellent choice for the US.

*Lance Marram, CEO Senvion of North America, explains*: "The 4.2M140 and 148 are the logical next step in our product line for the US, and initial market indications are extremely positive. The 4.2 MW platform is driving down LCoE, maximizing yields and -considering our strong track record- creating long term business case certainty for our customers' investments." *Marram adds:* "Over the last year we have made significant strides in technology and supply chain to strengthen our competitive edge; the 4.2 MW platform is a clear result of that."

The 4.2M140 and 4.2M148 type turbines provide a modular approach and technical advancements such as lighter, longer and more efficient rotor blades. The company's dynamic control technologies enable the 4.2M140 and 148 to safely maximize energy production, and adapt to specific to regional requirements, such as noise, site conditions, and grid.

The 4.2 MW is a direct evolution of Senvion's proven 3. XM series. These turbines are set to generate a significant increase in AEP, while driving down LCoE. Senvion's highly modular platform, enables delivery of very competitive products across wind regimes. The 4.2M140 and 148 are designed for more efficiency, higher availability and lower transport, installation, and service costs.

The 4.2M140 and the 4.2M148 are another milestone in Senvion's modularization and standardization strategy. Coupled with the company's focus on its partnership approach and project specific solutions, Senvion is well positioned to generate high-yields and high returns for its customers.

Meet Senvion at AWEA Windpower 2018: Booth 4634.
 

*About Senvion:*
Senvion is a leading global manufacturer of onshore and offshore wind turbines. The company develops, produces and markets wind turbines for almost any location - with rated outputs of 2 MW to 6.33 MW and rotor diameters of 82 metres to 152 metres. Furthermore, the company offers its customers project specific solutions in the areas of turnkey, service and maintenance, transport and installation, as well as foundation planning and construction. The Senvion systems are mainly designed in the major TechCenters in Osterrönfeld and Bangalore and manufactured at its German and Portuguese plants in Bremerhaven, Vagos and Oliveira de Frades as well as in Żory-Warszowice, Poland and Baramati, India. With approximately 4,500 employees worldwide, the company makes use of the experience gained from the manufacture and installation of more than 7,500 wind turbines around the world. The company's operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Sweden, and Poland as well as on a global level in the USA, China, Australia, Japan, India, Chile and Canada. Senvion S.A. is listed on the Prime Standard of the Frankfurt Stock Exchange.
 

*Media Contact Senvion Holding:*
Immo von Fallois
phone: +49 40 5555 090 3770
mobile: +49 172 6298 408
email: immo.von.fallois@senvion.com *Media contact Senvion USA:*
Ilana Kelemen
phone: +1 514-935-4595 ext.223
mobile: +1 514-234-5788
email : ilana.kelemen@senvion.com
*Investor Relations contact Senvion:*
Dhaval Vakil
phone: +44 20 3859 3664
mobile: +44 7788 390 185
email: dhaval.vakil@senvion.com    --------------------

08.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------

Language: English
Company: Senvion S.A.
46a, avenue John F. Kennedy
L-1855 Luxembourg
Luxemburg
Phone: +352 26 00 5305
Fax: +352 26 00 5301
E-mail: press@senvion.com
Internet: www.senvion.com
ISIN: LU1377527517, XS1223808749, XS1223809390
WKN: A2AFKW
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; Dublin, Luxemburg
 
End of News DGAP News Service Reported by EQS Group 32 minutes ago.

Control4 Unveils Certified Showrooms in 140 Locations Worldwide

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Control4 Unveils Certified Showrooms in 140 Locations Worldwide SALT LAKE CITY--(BUSINESS WIRE)--Control4 Corporation (NASDAQ: CTRL), a leading global provider of smart home solutions, is revolutionizing how people learn about, experience, and interact with Control4 smart home solutions with the opening of 140 Control4 Certified Showrooms at Control4 Authorized Dealer locations across the U.S., Canada, UK, China, and Australia. Consumers in cities around the world can find a Certified Showroom location here and register to attend a local #C4Yourself Day eve Reported by Business Wire 50 minutes ago.

Publication of ZDP Prospectus

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The information contained in this announcement is restricted and is not for publication, release or distribution, in whole or in part, directly or indirectly, to any US Persons (as defined below) or in or into the United States of America, any member states of the European Economic Area (other than the Netherlands and the United Kingdom), Canada, Australia, Japan or South Africa or any other jurisdiction, or to any other person, where to do so would constitute a violation of applicable law.

*NBPE Announces Publication of ZDP Prospectus *

8 May 2018

Further to the announcement on 4 May 2018 of the potential issuance of 2024 ZDP Shares, NB Private Equity Partners Limited ("*NBPE*" or the "*Company*"), a closed-end private equity investment company, announces that it today published a prospectus (the *"Prospectus"*) containing full details of the issue of up to 50 million new 2024 zero dividend preference shares (*"2024 ZDP Shares"*) by way of an Initial Placing and Offer for Subscription of 2024 ZDP Shares.

The Prospectus has been approved by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten). Copies of the Prospectus will made available shortly on the Company's website at www.nbprivateequitypartners.com and on the National Storage Mechanism at http://www.morningstar.co.uk/uk/NSM.

Capitalised terms used but not defined in this announcement shall, unless the context requires otherwise, have the same meaning as in the Prospectus.

*For further information, please contact:*

*  NBPE Investor Relations                                   +1 214 647 9593*

*Stifel Nicolaus Europe Limited*

Neil Winward

Mark Bloomfield

Tom Yeadon *+44 20 7710 7600*

* *
*Estera International Fund Managers (Guernsey) Limited*

Dwayne Mahrer

James Christie *+44 1481 742742*

* *

*  Neustria Partners                                               +44 20 3021 2580*

 Nick Henderson                                                      Nick.Henderson@neustriapartners.com

 Robert Bailhache                                                                                                 Robert.Bailhache@neustriapartners.com

Charles Gorman                                                                                                  Charles.Gorman@neustriapartners.com

*ABOUT NB PRIVATE EQUITY PARTNERS LIMITED*
NBPE is a closed-end private equity investment company with class A ordinary shares admitted to trading on the Premium Segment of the Main Market of the London Stock Exchange and Euronext Amsterdam. NBPE has 2022 ZDP Shares admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange. NBPE holds a diversified portfolio of direct equity investments, direct income investments and fund investments selected by the NB Alternatives group of Neuberger Berman, diversified across private equity asset class, geography, industry, vintage year, and sponsor.

LEI number: 213800UJH93NH8IOFQ77

*ABOUT NEUBERGER BERMAN*

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies-including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds-on behalf of institutions, advisors and individual investors globally. With offices in 20 countries, Neuberger Berman's team is more than 1,900 professionals. For four consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $299 billion in client assets as of March 31, 2018. For more information, please visit our website at www.nb.com.

*IMPORTANT NOTICES*

This statement is made pursuant to article 5:25e of the Dutch Financial Supervision Act (Wet op het financieel toezicht) which requirement stems from the EU Transparency Directive. Pursuant to article 5:25e and article 5:25m of the Dutch Financial Supervision Act this Interim Management Statement has been made generally available by means of a press release and by publication on NBPE's website (www.nbprivateequitypartners.com) and has been filed with the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten).

This press release appears as a matter of record only and does not constitute an offer or invitation to sell or a solicitation of an offer to purchase any security, or otherwise engage in an investment activity. Past performance is not a reliable indicator of current of future results. The value of investments may go down as well as up and investors may not get back any of the amount invested.

In accordance with the Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products ("PRIIPs") and its implementing and delegated acts (the "PRIIPs Regulation"), NBAA has prepared a key information document (the "KID") in respect of the 2024 ZDP Shares. The KID is made available by NBAA to "retail investors" prior to them making an investment decision in respect of the 2024 ZDP Shares at www.nbprivateequitypartners.com.

If you are distributing 2024 ZDP Shares, it is your responsibility to ensure that the KID is provided to any clients that are "retail clients".

The Company and NBAA are co-manufacturers of the 2024 ZDP Shares for the purposes of the PRIIPs Regulation of Stifel is not a manufacturer for these purposes. Stifel makes no representations, express or implied, nor accepts any responsibility whatsoever for the contents of the KID prepared by NBAA nor accepts any responsibility to update the contents of the KID in accordance with the PRIIPs Regulation, to undertake any review processes in relation thereto or to provide the KID to future distributors of the 2024 ZDP Shares. Stifel and its affiliates accordingly disclaim all and any liability whether arising in tort or contract or otherwise which it or they might have in respect of the key information documents prepared by NBAA or the Company. Investors should note that the procedure for calculating the risks, costs and potential returns in the KID are prescribed by laws. The figures in the KID may not reflect actual returns for the Company and anticipated performance returns cannot be guaranteed.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. NBPE is registered with the Dutch Authority for the Financial Markets as a collective investment scheme which may offer participations in The Netherlands pursuant to article 2:66 of the Financial Markets Supervision Act (Wet op het financial toezicht).

All investments are subject to risk. Past performance is no guarantee of future returns. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. There can be no assurance that the final capital entitlement will be repaid in full on the 2024 ZDP Repayment Date. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any Reported by GlobeNewswire 36 minutes ago.

Cricket Australia confirms Adelaide Test to be day affair

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Cricket Australia confirms Adelaide Test to be day affair 8 May 2018Cricket Australia today confirmed that the Adelaide Test against India will not be a day-night affair after the latter expressed reservations over playing with pink ball. The current ICC Playing Conditions stipulate that a day-night Test match can be held only with the agreement of the visiting Board. Reported by All India Radio 38 minutes ago.

Visas for foreign doctors cut in $400m saving to health system

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Budget 2018: The number of GPs brought to Australia on visas each year will be cut from 2,300 to 2,100 to reduce Medicare costs. Reported by SBS 5 minutes ago.

Migrants to wait four years for Centrelink in welfare crackdown

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Budget 2018: Migrants will not be allowed to access Newstart and other welfare benefits until they have lived in Australia for four years. Reported by SBS 7 minutes ago.

Foreign aid frozen but Pacific to get funding bonanza in budget

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Budget 2018: Australia will contribute its biggest ever aid budget to its Pacific neighbours as China expands its influence in the region. Reported by SBS 5 minutes ago.

Commonwealth Bank of Australia reports Q3 results

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Reported by SeekingAlpha 4 hours ago.

Australian Space Agency Lost In Canberra

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Australian Space Agency Lost In Canberra Sydney, Australia (SPX) May 09, 2018

The creation of an Australian Space Agency (ASA) was one of the first budget "sweeteners" leaked by the Australian government in the lead-up to the 2019 Australian federal budget. This suggested that the government expected the idea to resonate as good news, and it has certainly created a wave of hope for Australia's relatively disenfranchised space community. But much of the details remain clou Reported by Space Daily 1 hour ago.

Australia hikes aid in Pacific as China pushes for influence

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Australia hikes aid in Pacific as China pushes for influence Sydney (AFP) May 9, 2018

Australia is refocussing its foreign aid programmes in a move to win hearts and minds in the island nations of the Pacific, as an increasingly assertive China flexes its muscles in the region. The country has pledged more than Aus$1.3 billion (US$970 million) - its largest ever aid commitment to the Pacific - to fund projects including an undersea communications cable to Papua New Guinea a Reported by Terra Daily 1 hour ago.

Australia star Israel Folau denies his homophobic comments are a ploy in contract negotiations

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And the code-hopping back appeared to double down on his stance in a recent social media post Reported by Independent 2 hours ago.

Australian academic, 104, set to end life

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Australia's oldest scientist David Goodall is ready to end his life, having cleared the final hurdle - being cleared by doctors as being of sound mind. Reported by SBS 2 hours ago.

Laureate Education Reports First Quarter 2018 Financial Results

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BALTIMORE, May 09, 2018 (GLOBE NEWSWIRE) -- Laureate Education, Inc. (NASDAQ:LAUR), the global leader in higher education, today announced financial results for the first quarter 2018.*First Quarter 2018 Highlights (compared to first quarter 2017):*

· New enrollments increased 8% on an organic basis (excluding divestitures); adjusted for timing of the intake, organic new enrollments increased 5%.
· Total enrollments increased 2% on an organic basis (excluding divestitures).
· Revenue increased by $29.4 million to $885.3 million; up 3% on an organic constant currency basis.^1
· Operating loss, in a seasonally low quarter, decreased by $35.4 million to $27.5 million.
· Net income for the quarter was $171.5 million, which included a $298.0 million gain related to the completion of the previously announced sales of our Cyprus, Italy and China institutions during the quarter, as compared to a net loss of $120.4 million in the first quarter of 2017.
· Adjusted EBITDA decreased by $1.1 million to $47.5 million; up 16% on an organic constant currency basis in part due to timing impacts.

“I'm pleased to report that 2018 is off to a strong start,” said Eilif Serck-Hanssen, Chief Executive Officer. “Our first quarter results were ahead of guidance and new enrollment growth was robust, increasing 5% for the cycle. We continue to make good progress on all our key strategic initiatives, including simplifying the business while strengthening our balance sheet and improving free cash flow generation. We are well positioned to deliver on our commitment for a strong 2018.”

*First Quarter 2018 Results*

New enrollments for the first quarter of 2018, excluding divestitures, increased 8% compared to our new enrollment activity for first quarter of 2017. Adjusted for timing of the intake (i.e. through April 30, 2018) compared to the prior year, new enrollment growth was 5%, which was in-line with expectations. New enrollment performance reflects strong growth in Brazil, which was up 12%, led by 80% growth in new enrollments in Distance Learning in that segment. Andean & Iberian grew new enrollments 2%, and in the EMEAA segment our Australia business is scaling nicely, with enrollments increasing 15% as compared to the intake period in the prior year. Online & Partnerships new enrollments were down slightly for the intake period, with Walden returning to growth and our partnership business still executing on a planned transition away from lower revenue and margin producing students. Total enrollments at March 31, 2018 increased 2% compared to March 31, 2017 on an organic basis.

For the first quarter of 2018, revenue was $885.3 million, an increase of $29.4 million compared to the first quarter of 2017. Operating loss decreased $35.4 million compared to the first quarter of 2017. Net income was $171.5 million, which included a $298.0 million gain related to the sale of the Cyprus, Italy and China institutions, compared to a net loss of $120.4 million in the first quarter of prior year. Diluted earnings per share was $0.59 for the first quarter of 2018.

Adjusted EBITDA was $47.5 million in the first quarter of 2018, a 2% decrease compared to the first quarter of 2017. On an organic constant currency basis, revenue increased 3% and Adjusted EBITDA increased 16% compared to the first quarter of 2017.

^1 Organic constant currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items.

*Balance Sheet and Capital Structure*

Laureate ended the first quarter of 2018 with $479.0 million of cash on hand and $798.5 million in total liquidity, including our undrawn revolver capacity.

On February 1, 2018, we completed an amendment of our Senior Secured Credit Facility that effectively reduced the current interest rate margin applicable to the term loans outstanding under the Senior Secured Credit Facility (the 2024 Term Loan) by 100 basis points. In connection with this amendment, we repaid $350.0 million of the principal balance of the 2024 Term Loan using the proceeds from the sale of our Cyprus and Italy operations, along with borrowings on our revolving credit facility that were subsequently repaid with the China sale proceeds. As a result of the $350.0 million repayment, there will be no further quarterly principal payments required with respect to the 2024 Term Loan and the remaining balance will be due at maturity.

*Series A Convertible Redeemable Preferred Stock (Series A Preferred Stock)*

In December 2016 and January 2017, the Company issued shares of Series A Preferred Stock for total gross proceeds of $400.0 million. The outstanding liquidation value at March 31, 2018 was approximately $420 million as the Company paid in kind certain dividends on the Series A Preferred Stock as provided for in the Certificate of Designations for the Series A Preferred Stock. On April 23, 2018, immediately after the Company’s shelf registration statement on Form S-3 became effective, all of the issued and outstanding shares of the Company’s Series A Preferred Stock were converted into 36.1 million shares of the Company’s Class A common stock, significantly simplifying our capital structure and eliminating the preferred dividend obligation going forward.

*Outlook for Fiscal 2018*

On March 27, 2018, the Chilean Constitutional Court declared unconstitutional Article 63 of the New Higher Education Law, which would have prohibited for-profit organizations from controlling the boards of universities in Chile. As a result, the Company is updating guidance for full-year 2018 to reflect the fully consolidated impact of its operations in Chile, and to reflect a partial year impact for asset sales which have been announced but not yet closed and recent changes in foreign currency rates.

Based on the current foreign exchange spot rates^2, Laureate currently expects its performance for full-year 2018 to be as follows:

· Total enrollments in the range of 1,025,000 to 1,030,000;
· Revenues to be in the range of $4,260 to $4,300 million;
· Adjusted EBITDA to be in the range of $810 to $820 million;
· Capex spending at approximately 7% of revenue;
· Cash interest expense of approximately $250 million, reflecting the improvements in our capital structure;
· Free cash flow, defined as operating cash flow less capex, expected to be approximately $100 million for 2018; and

^2 Based on actual FX rates for January-April 2018, and current spot FX rates (local currency per US dollar) of MXN 19.02, BRL 3.47, CLP 614.72, PEN 3.27, EUR 0.83 for May - December 2018. FX impact may change based on fluctuations in currency rates in future periods.

An outlook for 2018 net income and a reconciliation of the forward-looking 2018 Adjusted EBITDA outlook to net income are not being provided as Laureate does not currently have sufficient data to accurately estimate the variables and individual adjustments for such outlook and reconciliation.

Please see the “Forward-Looking Statements” section in this release for a discussion of certain risks related to this outlook.

*Conference Call*

Laureate will host an earnings conference call today at 8:30 am ET. Interested parties are invited to listen to the earnings call by dialing 1-888-466-9845 (for U.S.- based callers) or 1-847-619-6751 (for international callers), and request to join the Laureate conference call, conference ID 7375174. Replays of the entire call will be available through May 16, 2018 at 1-888-843-7419 (for U.S.- based callers) and at 1-630-652-3042 (for international callers), conference ID 7375174. The webcast of the conference call, including replays, and a copy of this press release and the related slides will be made available through the Investor Relations section of Laureate’s web site at www.laureate.net.

*Forward-Looking Statements*

This press release includes statements that express Laureate’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, ‘‘forward-looking statements’’ within the meaning of the federal securities laws, which involve risks and uncertainties. Laureate’s actual results may vary significantly from the results anticipated in these forward-looking statements. You can identify forward-looking statements because they contain words such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘estimates’’ or ‘‘anticipates’’ or similar expressions that concern our strategy, plans or intentions. All statements we make relating to guidance (including, but not limited to, total enrollments, revenues, Adjusted EBITDA, capital expenditures, cash interest expense, free cash flows and reported earnings per share) and all statements we make relating to net debt leverage and the expansion of our EiP initiative, are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments. All of these forward-looking statements are subject to risks and uncertainties that may change at any time, and, therefore, our actual results may differ materially from those we expected. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations are disclosed in our Annual Report on Form 10-K filed with the SEC on March 20, 2018, our Quarterly Report on Form 10-Q filed with the SEC on May 9, 2018 and other filings made with the SEC. These forward-looking statements speak only as of the time of this release and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

*Presentation of Non-GAAP Measures*

In addition to the results provided in accordance with U.S. generally accepted accounting principles (GAAP) throughout this press release, Laureate has provided a non-GAAP measurement of Adjusted EBITDA. We have included Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Additionally, Adjusted EBITDA is a key input into the formula used by the compensation committee of our board of directors and our Chief Executive Officer in connection with the payment of incentive compensation to our executive officers and other members of our management team. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Adjusted EBITDA is reconciled from the respective measures under GAAP in the attached table “Non-GAAP Reconciliations.”

*About Laureate Education, Inc.*

Laureate Education, Inc. is the largest global network of degree-granting higher education institutions, with more than one million students enrolled at 60 institutions in nearly 20 countries at campuses and online. Laureate offers high-quality, undergraduate, graduate and specialized degree programs in a wide range of academic disciplines that provide attractive employment prospects. Laureate believes that when our students succeed, countries prosper and societies benefit. This belief is expressed through the company’s philosophy of being ‘Here for Good’ and is represented by its status as a certified B Corporation® and conversion in 2015 to a Delaware public benefit corporation, a new class of corporation committed to creating a positive impact on society.

*Key Metrics and Financial Tables*
(Dollars in millions, except per share amounts, and may not sum due to rounding)

New and Total Enrollments by segment

  *New Enrollments*   *Total Enrollments*
  *1Q 2018*   *1Q 2017*   *Change*   *As of
3/31/2018*   *As of
3/31/2017*   *Change*
      *Total*   *Organic*       *Total*   *Organic*
Brazil 86,700     82,900     5 %   5 %   291,700     283,900     3 %   3 %
Mexico 28,300     28,100     1 %   1 %   198,900     200,200     (1 )%   (1 )%
Andean & Iberian 92,200     76,500     21 %   21 %   349,100     332,600     5 %   5 %
Central America & U.S. Campuses 18,400     18,600     (1 )%   (1 )%   77,300     76,500     1 %   1 %
EMEAA ^(1) 10,900     11,800     (8 )%   (5 )%   87,400     124,900     (30 )%   — %
Online & Partnerships 9,000     9,100     (1 )%   (1 )%   62,300     67,000     (7 )%   (7 )%
*Laureate* 245,500     227,000     8 %   8 %   1,066,700     1,085,100     (2 )%   2 %
                               
*Laureate (YTD April) ^(2)*             5 %               2 %

^(1) New enrollments affected by the sale of business units in Cyprus, Italy and China (EMEAA segment) during 2018.
^(2) Preliminary close

Consolidated Statements of Operations

  *For the three months ended March 31,*
IN MILLIONS *2018^(3)*   *2017*   *Change*
*Revenues* $ 885.3     $ 855.9     $ 29.4  
Costs and expenses:          
Direct costs 865.4     853.2     12.2  
General and administrative expenses 47.3     65.6     (18.3 )
*Operating loss* (27.5 )   (62.9 )   35.4  
Interest income 6.1     4.7     1.4  
Interest expense (69.5 )   (102.6 )   33.1  
Loss on debt extinguishment (7.5 )   (1.5 )   (6.0 )
(Loss) gain on derivatives (19.3 )   12.1     (31.4 )
Other income, net 2.4     0.4     2.0  
Foreign currency exchange (loss) gain, net (8.8 )   2.3     (11.1 )
Gain on sales of subsidiaries, net 298.0     —     298.0  
Income (loss) from continuing operations before income taxes 174.1     (147.4 )   321.5  
Income tax (expense) benefit (2.5 )   27.1     (29.6 )
*Net income (loss)* 171.5     (120.4 )   291.9  
Net income attributable to noncontrolling interests (2.7 )   (2.5 )   (0.2 )
*Net income (loss) attributable to Laureate Education, Inc.* $ 168.9     $ (122.8 )   $ 291.7  
           
Accretion of Series A convertible redeemable preferred stock and other redeemable noncontrolling interests and equity $ (57.4 )   $ (38.9 )   $ (18.5 )
Net income (loss) available to common stockholders $ 111.5     $ (161.7 )   $ 273.2  

*Basic and diluted earnings (loss) per share:*          
Basic weighted average shares outstanding 187.8     154.3     33.5  
Dilutive weighted average shares outstanding 188.2     154.3     33.9  
Basic earnings (loss) per share $ 0.59     $ (1.05 )   $ 1.64  
Diluted earnings (loss) per share $ 0.59     $ (1.05 )   $ 1.64  

^(3) Financial results for 2018 as compared to 2017 were affected by the sale of business units in Cyprus, Italy and China (EMEAA segment) during 2018.

Revenue and Adjusted EBITDA by segment

IN MILLIONS  
          *% Change*   *$ Variance Components*
*For the three months
ended March 31,* *2018*   *2017*   *Reported*   *Organic
Constant
Currency^(4)*   *Total*   *Organic
Constant
Currency*   *Other*   *Acq/Div.*   *FX*
*Revenues*                                  
Brazil $ 122.8     $ 116.8     5 %   10 %   $ 6.0     $ 11.4     $ —     $ —     $ (5.4 )
Mexico 155.9     150.9     3 %   (4 )%   5.0     (6.0 )   —     —     11.0  
Andean & Iberian 216.2     181.2     19 %   9 %   35.0     16.4     —     —     18.6  
Central America & U.S. Campuses 79.0     76.4     3 %   4 %   2.6     3.1     —     —     (0.5 )
EMEAA 147.0     159.8     (8 )%   8 %   (12.8 )   10.4     —     (29.2 )   6.0  
Online & Partnerships 168.0     177.1     (5 )%   (6 )%   (9.1 )   (10.5 )   —     —     1.4  
Corporate & Eliminations (3.7 )   (6.2 )   40 %   40 %   2.5     2.5     —     —     —  
*Total Revenues* $ 885.3     $ 855.9     3 %   3 %   $ 29.4     $ 27.5     $ —     $ (29.2 )   $ 31.1  
                                   
*Adjusted EBITDA*                                  
Brazil $ (26.0 )   $ (39.1 )   34 %   31 %   $ 13.1     $ 12.0     $ 2.1     $ —     $ (1.0 )
Mexico 30.4     37.9     (20 )%   (24 )%   (7.5 )   (9.0 )   (0.1 )   —     1.6  
Andean & Iberian (6.9 )   (18.5 )   63 %   54 %   11.6     9.9     —     —     1.7  
Central America & U.S. Campuses 17.6     17.1     3 %   4 %   0.5     0.6     —     —     (0.1 )
EMEAA 23.3     29.8     (22 )%   25 %   (6.5 )   4.8     —     (10.4 )   (0.9 )
Online & Partnerships 45.0     54.1     (17 )%   (17 )%   (9.1 )   (9.0 )   —     —     (0.1 )
Corporate & Eliminations (35.9 )   (32.7 )   (10 )%   (10 )%   (3.2 )   (3.2 )   —     —     —  
*Total Adjusted EBITDA* $ 47.5     $ 48.6     (2 )%   16 %   $ (1.1 )   $ 6.1     $ 2.0     $ (10.4 )   $ 1.2  

^(4) Organic Constant Currency results exclude the period-over-period impact from currency fluctuations, acquisitions and divestitures, and other items. Other items include the impact of acquisition-related contingent liabilities for taxes other-than-income tax, net of changes in recorded indemnification assets. Organic Constant Currency is calculated using the change from prior-period average foreign exchange rates to current-period average foreign exchange rates, as applied to local-currency operating results for the current period. The “Organic Constant Currency” % changes are calculated by dividing the Organic Constant Currency amounts by the 2017 Revenues and Adjusted EBITDA amounts, excluding the impact of the divestitures.

Consolidated Balance Sheets

IN MILLIONS *March 31, 2018*   *December 31, 2017*   *Change*
*Assets*          
Cash and cash equivalents $ 479.0     $ 468.7     $ 10.3  
Receivables (current), net 611.5     357.9     253.6  
Other current assets 344.7     359.7     (15.0 )
  Current assets held for sale 58.0     102.6     (44.6 )
Property and equipment, net 1,895.4     1,934.9     (39.5 )
Goodwill and other intangible assets 3,257.0     3,286.2     (29.2 )
Other long-term assets 560.0     489.3     70.7  
  Long-term assets held for sale 311.2     392.4     (81.2 )
*Total assets* $ 7,516.8     $ 7,391.7     $ 125.1  
           
*Liabilities and stockholders' equity*          
Accounts payable and accrued expenses $ 585.0     $ 618.4     $ (33.4 )
Deferred revenue and student deposits 675.5     312.4     363.1  
Total long-term debt, including current portion 2,984.0     3,361.3     (377.3 )
Total due to shareholders of acquired companies, including current portion 74.9     79.6     (4.7 )
Other liabilities 777.5     747.6     29.9  
  Current and long-term liabilities held for sale 190.2     271.1     (80.9 )
*Total liabilities* 5,287.1     5,390.4     (103.3 )
Convertible redeemable preferred stock 447.9     400.3     47.6  
Redeemable noncontrolling interests and equity 14.3     13.7     0.6  
*Total stockholders' equity* 1,767.5     1,587.3     180.2  
*Total liabilities and stockholders' equity* $ 7,516.8     $ 7,391.7     $ 125.1  Consolidated Statements of Cash Flows

  *For the three months ended March 31,*
IN MILLIONS *2018*   *2017*   *Change*
*Cash flows from operating activities*          
Net income (loss) $ 171.5     $ (120.4 )   $ 291.9  
Depreciation and amortization 67.8     64.5     3.3  
(Gain) loss on sales of subsidiaries and disposal of property and equipment, net (297.5 )   0.3     (297.8 )
Loss (gain) on derivative instruments 19.1     (12.3 )   31.4  
Loss on debt extinguishment 7.5     0.5     7.0  
Unrealized foreign currency exchange loss 1.1     1.1     —  
Income tax receivable/payable, net (14.8 )   (8.9 )   (5.9 )
Working capital, excluding tax accounts 39.9     (2.5 )   42.4  
Other non-cash adjustments (1.8 )   41.2     (43.0 )
*Net cash used in operating activities* (7.1 )   (36.4 )   29.3  
*Cash flows from investing activities*          
Purchase of property and equipment (44.2 )   (37.1 )   (7.1 )
Expenditures for deferred costs (3.4 )   (3.5 )   0.1  
Receipts from sales of subsidiaries and property and equipment, net of cash sold 359.5     0.1     359.4  
Settlement of derivatives related to sale of subsidiaries (10.0 )   —     (10.0 )
Investing other, net 0.8     0.1     0.7  
*Net cash provided by (used in) investing activities* 302.7     (40.5 )   343.2  
*Cash flows from financing activities*          
Decrease in long-term debt, net (353.2 )   (43.5 )   (309.7 )
Payments of deferred purchase price for acquisitions (5.5 )   (5.3 )   (0.2 )
Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs —     55.3     (55.3 )
Payment of dividends on Series A Preferred Stock (9.7 )   —     (9.7 )
Proceeds from initial public offering, net of issuance costs —     456.9     (456.9 )
Financing other, net (0.5 )   0.8     (1.3 )
*Net cash (used in) provided by financing activities* (369.0 )   464.1     (833.1 )
Effects of exchange rate changes on cash and cash equivalents and
restricted cash 20.1     10.6     9.5  
Change in cash included in current assets held for sale 23.6     —     23.6  
*Net change in cash and cash equivalents and restricted cash* (29.7 )   397.9     (427.6 )
Cash and cash equivalents and restricted cash at beginning of period 693.7     654.3     39.4  
*Cash and cash equivalents and restricted cash at end of period* $ 664.0     $ 1,052.1     $ (388.1 )

Non-GAAP Reconciliation

  *For the three months ended March 31,*
IN MILLIONS *2018*   *2017*   *Change*
*Net income (loss)* $ 171.5     $ (120.4 )   $ 291.9  
Plus:          
Income tax expense (benefit) 2.5     (27.1 )   29.6  
Income (loss) from continuing operations before income taxes 174.1     (147.4 )   321.5  
Plus:          
Gain on sale of subsidiaries, net (298.0 )   —     (298.0 )
Foreign currency exchange loss (gain), net 8.8     (2.3 )   11.1  
Other income, net (2.4 )   (0.4 )   (2.0 )
Loss (gain) on derivatives 19.3     (12.1 )   31.4  
Loss on debt extinguishment 7.5     1.5     6.0  
Interest expense 69.5     102.6     (33.1 )
Interest income (6.1 )   (4.7 )   (1.4 )
Operating loss (27.5 )   (62.9 )   35.4  
Plus:          
Depreciation and amortization 67.8     64.5     3.3  
EBITDA 40.3     1.6     38.7  
Plus:          
Share-based compensation expense^ (5) (3.8 )   22.4     (26.2 )
EiP implementation expenses ^(6) 10.9     24.6     (13.7 )
Adjusted EBITDA $ 47.5     $ 48.6     $ (1.1 )

^(5) Represents non-cash, share-based compensation expense pursuant to the provisions of ASC Topic 718.
^(6) EiP implementation expenses are related to our enterprise-wide initiative to optimize and standardize our processes, creating vertical integration of procurement, information technology, finance, accounting and human resources. The first wave of EiP began in 2014 and was substantially completed in 2017, and includes the establishment of regional SSOs around the world, as well as improvements to our system of internal controls over financial reporting. Given the success of the first wave of EiP, we have expanded the initiative into other back- and mid-office areas, as well as certain student-facing activities, in order to generate additional efficiencies and create a more efficient organizational structure. Also included in EiP are certain non-recurring costs incurred in connection with the planned dispositions and the completed dispositions during 2018.

*Investor Relations Contact:*

ir@laureate.net

*Media Contacts:*

*Laureate Education*   *Ruder Finn*
Esther Benjamin   Maryam Ayromlou
Esther.Benjamin@laureate.net   ayromloum@ruderfinn.com
U.S.: +1 (443) 301 3091   U.S.: +1 (703) 474 5685
Source: Laureate Education, Inc.     Reported by GlobeNewswire 2 hours ago.

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BMW to recall 312,000 cars in UK due to electrical fault that can leave cars powerless

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A British man crashed and subsequently died after he was forced to avoid a broken-down BMW with no lights or power on a dark A-road

BMW has confirmed to Autocar that it will recall just under 312,000 cars in Britain due to an electrical fault that can cause cars to completely cut out of power.

Affected cars include BMW 1 Series, 3 Series, Z4 and X1 petrol and diesel models produced between March 2007 and September 2011, which, according to BMW, "feature a design of wiring configuration that means vehicle vibrations could potentially cause frictional corrosion on the plug of the power distributor".

Put simply, it means a vehicle's battery could lose connection to the fuse box, rendering the car completely powerless and in danger of breaking down with no ability for the driver to switch its brake or hazard lights on.

Initially, BMW believed 36,410 UK cars built between December 2009 and August 2011 were affected, but it has since said more are involved and so has extended the recall.

A spokesman for the brand said that the UK's Driver and Vehicle Standards Agency has been informed of this extension, and that "customers of affected cars should wait for a letter, which is likely to arrive in about three weeks".

The reason for the wait is because it usually takes around two weeks for the Driver and Vehicle Licensing Agency's registration data to come through.

BMW is issuing a parts change free of charge to fix the issue. The work is said to take under two hours.

The issue has been thrust into the limelight recently because it was linked to a fatal incident that took place in Britain on Christmas Day in 2016. Last week, an inquest said that Narayan Gurung, a 66-year-old former serviceman, was killed after he swerved his Ford Fiesta into a tree to avoid a broken-down BMW that had no lights on in the dark because it was without power.

The inquest revealed that BMW had received complaints of this electrical issue as early as 2011. Around 370,000 cars were thought to be involved at that time, but the manufacturer fixed only around five under warranty.

The UK’s Driving & Vehicle Standards Agency (DVSA) asked BMW to ensure its cars were safe in February 2016, with the government body’s lead engineer, Andrew Tudor, stating that “we do not want a fatality”.

BMW supplier quality engineer Mark Hill said back then that the company believed the issue was not “critical” because it didn’t prevent the car’s steering or brakes from working. He said: “It is not a safety defect because a prior warning is given to the user in the majority of cases.”

BMW proceeded to recall 500,000 cars in the US in 2013, as well as smaller recalls in Australia, Canada and South Africa, to address the problem, leaving questions as to why it did not recall cars in Britain until after Gurung's fatal accident.

BMW has since said that there was no further UK recall because there are technical differences between the UK's cars and each other market's, as well as differences in technical layouts due to left and right-hand drive versions. It said that each vehicle type is being investigated, taking into account the different climatic and environmental conditions of each region.

But the lawyer for Gurung’s case argued that BMW's response fell short of what was asked of it several years ago. He said “The lead engineer from the DVSA has said to you in light of the concern, 'we do not want a fatality'. In other words, the risk that had been identified was a risk of death. If someone’s vehicle suffers a total electrical failure on a motorway or on an A-road, they lose the ability to use their brake lights or hazard lights and that gives rise to serious injury or death. No lights is the biggest concern. Another road user cannot see the powerless car.”

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