African markets to cross list exchange traded funds

first_img17 August 2015Discussions are under way between market participants in South Africa, Nigeria and Kenya to launch the cross listing of exchange traded funds (ETFs), which will lead to improved liquidity on Africa’s exchanges.ETF issuers are working to cross list new and existing ETFs on other exchanges, while the exchanges themselves are putting in place the right frameworks to enable this.ETFs are a collection of equities, commodities or bonds bundled together in a fund to ensure that investor risks are evenly spread across this range of securities. They are only written off specific index-related securities that are listed on a stock exchange, which makes it possible to invest in a diverse range of securities through a single exchange traded product.The concept of cross listing an ETF is the same as cross listing a share, or listing it on more than one exchange. It provides domestic investors with access to opportunities from another market, in the convenient and cost effective form of an ETF.By cross listing ETFs on African exchanges, investors will be given access to liquid company shares tracked by indices such as the FTSE/JSE Top 40, the FTSE/NSE Kenya 15 Index, and the MSCI/Nigeria.Fastest growing asset class“ETFs are one of the fastest growing asset-class categories in the world. By collaborating with Africa’s largest stock exchanges, we hope to spearhead this trend in Africa,” explains Donna Oosthuyse, the director for capital markets at the JSE.The cross listing of ETFs will fulfil two main functions: investors will have exposure to a diverse range of top-performing South Africa, Nigerian and Kenyan companies in a convenient and cost-effective way; and the cross-listings of ETFs will improve the liquidity of Africa’s largest stock exchanges.Oosthuyse says that the advantages for companies included in the ETF indices, and for the exchanges from whence they come, are that ETFs need to be “fully covered”.“This means that the asset manager that is managing the ETF portfolio has to buy and sell the underlying shares on the home exchange, depending on the activity of buying and selling of the ETF.”Home market liquidityIf an ETF from Kenya or Nigeria, for instance, is listed on the JSE, she adds, then the asset manager in Kenya or Nigeria has to buy and sell the constituent shares on the home market, as units in the ETF are bought and sold. This drives liquidity in the home market.“In addition to this, it provides extra visibility on the shares on that exchange to new investors who in all likelihood don’t yet trade on that market.”Haruna Jalo-Waziri, the executive director of business development at the Nigerian Stock Exchange, says: “This collaboration underscores our commitment to providing investors with a wide range of investment products to help them realise their financial goals. ETFs are becoming attractive to many investors offering them portfolio diversification and reduced cost of investing.“We are proud once again to be collaborating with reputable exchanges in Africa to bring this new and exciting investment opportunity to bolster trade across multiple markets.”Building African Financial Markets SeminarMeanwhile, as part of an on-going effort to deepen and promote liquidity, choice of products and investor interest across African markets, the JSE and the African Securities Exchanges Association (ASEA), supported by the World Bank Group, will be hosting the third Building African Financial Markets Seminar from 16 to 18 September.The conference will gather key representatives from stock exchanges, regulatory bodies, stockbroking firms and other market participants from several African countries. Ideas on how to grow Africa’s capital markets will be discussed.Source: APOlast_img read more

Ohio’s Senate Ag Committee Chair Cliff Hite resigns

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Early this week, State Sen. Cliff Hite, R-Findlay, resigned, effective immediately.Cliff HiteHite represented Ohio’s 1st Senate District since early 2011.In his resignation letter, Hite cited “personal health” issues as a reason for his departure.“It has been an honor and privilege to serve my constituents and the people of Ohio. I look forward to focusing on my personal health and spending more time with my family,” Hite wrote.Hite was serving in his third General Assembly as a member of the Ohio Senate, representing the 1st Senate District, which encompasses an 11 county region of Northwest Ohio including all or part of Auglaize, Defiance, Fulton, Hancock, Hardin, Henry, Logan, Paulding, Putnam, Van Wert, and Williams Counties. Prior to his appointment to the Senate, Hite served two terms in the Ohio House of Representatives.For the fourth time during his tenure in the Senate, Hite presided as the Chairman of the Senate Standing Committee on Agriculture.Prior  to entering public service in Columbus, Hite spent decades teaching high school history and coaching football. He served as Chairman of the Finance Subcommittee on Education and built a reputation as a strong advocate for schools and K-12 students.Hite has received numerous accolades for his service to the people of Ohio’s 1st Senate District. He has been named a Defender of Liberty by the American Conservative Union and has been named Watchdog of the Treasury by the United Conservatives of Ohio every year he has been in office. He has also received the Golden Feather Award from the Ohio Poultry Association and been named Legislator of the Year by the Ohio Farmers Union and the Ohio Nursery & Landscaping Association.Senator Hite holds a Bachelor’s Degree in Secondary Education from the University of Kentucky, where he played quarterback for the Wildcats. He and his wife, Diane, reside in Findlay. The couple has three grown children and four granddaughters.last_img read more

Songa Bulk Adds SecondHand Kamsarmax

first_imgzoom Olso-listed bulker owner Songa Bulk ASA has entered into an agreement to acquire a Kamsarmax bulk carrier built in 2011 at Sanoyas in Japan.The 83, 494-DWT vessel will be delivered during the fourth quarter of 2017, the company said.The shipowner plans to establish a wholly owned subsidiary to take delivery of the vessel.The latest purchase brings Songa Bulk’s total fleet to 13 vessels, which have cost USD 236.4 million so far.These include 2 Capesizes, 8 Kamsarmaxes and 3 Supramaxes.Earlier this week, Songa completed a tap issue of USD 45 million in its Senior Secured Callable Bond Issue, the net proceeds of which have been earmarked for the financing of additional bulker acquisitions.The total nominal amount outstanding in the bond following the tap issue will be USD 120 million.“The additional USD 45 million from the tap issue will let us continue to grow the fleet in line with our strategy. We still find the risk reward ratio attractive in the dry bulk space and we expect to add additional vessels to our fleet shortly,” Arne Blystad, Chairman of the Board of Directors of Songa, said commenting on the tap issue.last_img read more

RCMP trying to locate stolen red sidebyside

first_imgred in colourin good conditionhas a windshield and roofhaving a box on the backThe Fort St John RCMP continue to investigate and are asking anyone who has information about this incident or can assist in locating this vehicle, please contact the Fort St John RCMP at 250-787-8100.Should you wish to remain anonymous, please call Crime Stoppers at 1-800-222-TIPS (8477) or submit a tip online at www.crimestoppersnebc.ca. FORT ST. JOHN, B.C. – RCMP received a report of a stolen 2012 Big Red Honda side by side.On June 10, 2019, the side-by-side was taken from the 10400 block of Bison Rd, Cecil Lake, BC.  The side-by-side was believed to have been stolen sometime between May 18 and June 8, 2019.The side-by-side is described as:last_img read more

Two key Facebook and WhatsApp executives quit

first_imgSan Francisco: Facebook, busy developing more private and encrypted communication across its apps, has lost two of its top executives — Chief Product Officer Chris Cox and WhatsApp Vice President Chris Daniels, CEO Mark Zuckerberg has announced. Embroiled in data privacy scandals amid the unabated spread of fake news on its platform, Facebook has lately seen several high-profile exits, including Jan Koum and Brian Acton, co-founders of WhatsApp. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to Customs”Cox and I have worked closely together to build our products for more than a decade and I will always appreciate his deep empathy for the people using our services and the uplifting spirit he brings to everything he does,” Zuckerberg said in a blog post late Thursday. In a separate Facebook post, Cox said Facebook is turning a new page in its product direction, focused on an encrypted, interoperable, messaging network. “It’s a product vision attuned to the subject matter of today: a modern communications platform that balances expression, safety, security, and privacy. “This will be a big project and we will need leaders who are excited to see the new direction through,” wrote Cox, who was one of the first 15 engineers Facebook hired 13 years back.last_img read more

People who smoke marijuana weigh less

first_imgPeople who smoke marijuana or cannabis weigh less as compared to adults who don’t, a new study suggests. The findings are contrary to the belief that marijuana users who have a serious case of the munchies that will ultimately lead to weight gain. “Over a three-year period, all participants showed a weight increase, but interestingly, those who used marijuana had less of an increase compared to those that never used,” said lead author Omayma Alshaarawy from the Michigan State University. Also Read – An income drop can harm brainFor the study, published in the International Journal of Epidemiology, the research team looked at the Body Mass Index (BMI) of 33,000 participants, aged 18 and older, then compared the numbers. While the actual weight difference among users and non-users was modest, around two pounds for a 5-foot-7-inch participant weighing about 200 pounds at the start of the study, the variance was prevalent among the entire sample size. “An average two-pound difference doesn’t seem like much, but we found it in more than 30,000 people with all different kinds of behaviours and still got this result,” Alshaarawy said. The researcher cautions that marijuana should not be considered a diet aid. “There’s too many health concerns around cannabis that far outweigh the potential positive, yet modest, effects it has on weight gain,” Alshaarawy said. “People shouldn’t consider it as a way to maintain or even lose weight.”last_img read more

British Open Tiger Woods Impresses With 69 in First

Playing in his first major tournament in 11 months and four months after back surgery, Tiger Woods made an impressive account of himself Thursday in the first round of the Open Championship at Hoylake, shooting a 3-under 69 on a day ripe for scoring.Woods had told the gathered media that he was healthy and getting stronger and expected to play well this week. He started the round with a pair of bogeys. Not good. But, as he has all his illustrious career, Woods stayed the course and ran off four birdies in a five-hole stretch on the back nine.“I knew I could do it,” Woods said. “That’s why I was telling you guys it was so important for me to play at Congressional. The fact that I was able to recover every day, and the fact that I was stronger, more explosive the more days I played.“I’m only going to get better from that point. And I’m getting stronger, I’m getting faster, I’m getting more explosive. The ball is starting to travel again. And those are all positive things.”Woods made a significant save for par on No. 4, an eight-footer after another poor putt, and that seemed to settle him down as he birdied the fifth and played the first nine in 1-over 36.Woods failed to birdie the par-5 10th, but holed a putt from off the green for a birdie at the 11th, the start of four birdies in five holes. A bogey at the 14th was the result of one of the four fairways he missed, but he rebounded to birdie the next two.An opportunity to get another at the par-5 18th was derailed by an approach shot into a greenside pot bunker that left Woods with an awkward stance. Prior to the shot, he stopped in mid-swing due to the sound of cameras clicking.“I’ve had numerous years of dealing with this,” Woods said. “There’s a lot of moving parts out there. And you’ve just got to stay focused and plod my way around.”Woods did a good job of that. He said he wasn’t nervous, that playing at Congressional last month helped him get some of that out of the way.If anything, Woods was perturbed he didn’t do better. When asked if it was like the old days, Woods quipped: “It wasn’t that long ago. I won five times last year.”Hitting mostly irons off tees — he did use a driver on the 16th hole just as he did during his 2006 victory here, the only one he used for the tournament — Woods hit 10 of 14 fairways and 14 of 18 greens.Still, it’s just one day, albeit a strong one. He ended the day three shots behind leader Rory McElroy, who did not bogey in a round of 66.“Pretty much everything,” Woods said when asked about what he needs to improve on moving forward. “I need to get everything a little bit better. That’s the case all of time, anyways. But at Congressional, I made just some terrible mistakes mentally. My decisions weren’t very crisp and I wasn’t decisive enough. Today was totally different. And consequently I shot a better score.” read more

What can Brown do for OSU

It has been awhile since Ohio State had a game-breaking return man.One could nominate Ted Ginn Jr. as the last fearsome returner Jim Tressel sent out to field kicks and punts. For the last few years, the enigmatic Ray Small delivered flashes of brilliance, but his career was more defined by off-the-field issues. However, OSU may have finally found its man.Corey Brown, a 6-foot tall, 180-pound recruit from Cardinal O’Hara High School in Springfield, Pa., is known for his speed and, like Ginn Jr., is a high school track star. Brown is an All-American sprinter who holds the Delaware County 200-meter record. He used that speed to become a gifted return man on the football field, an ability that could lead to early playing time, says Steve Helwagen of Bucknuts.com“I think he can potentially return some kicks and punts. Those positions are pretty much wide open,” Helwagen said. “[OSU] lost Lamaar Thomas who was their main kick returner and now DeVier Posey is [the kick returner] by default. I think Ohio State is looking for that game-changer and Brown is another guy in that mix.”The Under Armour All-American Game participant succeeded at multiple positions in high school, including seeing extensive time at running back. In spite of his success in the backfield, Helwagen envisions Brown switching to another position once he arrives in Columbus.“He’s a guy that can go in a lot of different directions, but I think he’ll start out at wide receiver,” Helwagen said. “Ohio State is really deep at wide receiver, so he’s going to really have to do well over the summer and do some big things. However, if there’s a position where you can [gain early playing time], it is wide receiver.”Brown did plenty of big things in high school. He was two-time All-State, three-time All-Philadelphia Catholic League and was named to the Philadelphia Daily News PCL All-Decade team. Furthermore, for his career, Brown had 3,000 yards rushing, 1,500 yards receiving and scored 50 touchdowns.Helwagen sees Brown settling in as a slot receiver, maybe even eventually as the team’s featured pass catcher. Nevertheless, the key for OSU is to get the ball in Brown’s hands and let him make something happen.“You envision him as a flanker or slot guy so he uses that speed to get off the ball quick and create separation on a deep pass or an underneath route,” Helwagen says. “You’ve got to get him the ball in space and let him [use his skills].”One thing Brown may have to acquire once practice starts is a nickname, as OSU has another Corey Brown on the roster. However, the Monroeville, Pa. native is a redshirt freshman cornerback, so as long as the incoming Brown stays on the offensive side of the ball, he should be safe. read more

Baseball Ohio State aims for clean baseball in South Carolina

Ohio State freshman starting pitcher Seth Lonsway delivers a pitch in the first inning of Tuesday’s game in the Scarlet and Gray World Series. Credit: Edward Sutelan | Editor in ChiefAfter an up-and-down weekend against Bethune-Cookman, the Ohio State baseball team will attempt to regain the momentum from its opening weekend success. The Buckeyes (7-5) will travel to Greenville, South Carolina, to participate in the Greenville Drive First Pitch Invitational. Ohio State will take on Furman (2-8) on Friday, Michigan State (2-9) on Saturday, Western Carolina (6-5) on Sunday and Wofford (7-6) in a true road game on Tuesday. Ohio State split its four-game series in Daytona Beach, Florida, against Bethune-Cookman. Coming into this weekend, the Buckeyes hold a 3.12 ERA and a .231 batting average. Although the games on Friday and Saturday are not against teams with exceptional records, their own expectations will fuel the Buckeyes each game. “It’s more about us performing up to our ability than really playing against our opponent at this point,” Ohio State head coach Greg Beals said. Furman comes into the weekend struggling on the mound. Allowing 6.6 runs a game, the Paladins are coming into Friday on a five-game losing streak. Redshirt sophomore pitcher John Bertrand has the best ERA of any starter for Furman at 4.72.Despite the strong play of senior first baseman John Boswell, who boasts a .395 batting average and nine RBIs, the Paladins’ offense only produces 4.8 runs a game. On Saturday, Ohio State will play a struggling Michigan State squad. The Spartans do not have a single starter batting above .280, coming in with a team batting average of .207.Their defense has not fared any better, allowing an average of 8.18 runs a game. Despite the team’s rough start, junior pitcher Mike Mokma holds a 2.60 ERA through three starts on the mound. Western Carolina will bring a more dangerous offense against the talented pitching staff of Ohio State on Sunday. The Catamounts will come into the weekend averaging 8.72 runs a game with a .309 team batting average. The Catamounts have four starters hitting above .300. Sophomore third baseman Justice Bigbie leads the team with a .429 batting average and 16 RBIs.Western Carolina also has a fair amount of power in its lineup. The team has hit 15 home runs this season, which ranks them in the top 25 for home runs in the country. The Buckeyes have allowed an average of 6.4 walks in their losses and only three walks a game in the games they have won this year. Not playing clean baseball is something that Beals pointed to as a big reason behind the losses. “When you look at our losses, you see big innings,” Beals said. “Those big innings have all been fueled by free bases, either by walk, hit batsman or error.” Eliminating mistakes is always important, Beals said, and it will be especially important against a dangerous Western Carolina team. “They get 27 outs,” Beals said. “We can’t give them extra outs and extra opportunities.” Wofford will host the Buckeyes on Tuesday in Spartanburg, South Carolina. The Terriers come into the weekend with a 3.25 ERA. Freshman starting pitcher Hayes Heinecke has burst on the scene with a 2.70 ERA and two wins in three starts for the Terriers. Wofford’s offense, which holds a .286 batting average, is led by sophomore catcher Lawson Hill, who has a .420 batting average. Sophomore outfielder Colin Davis, who bats .391, has five stolen bases this season. The Terriers rank among the best in the nation in stealing bases, swiping 29 bases in 34 attempts this season.Redshirt sophomore catcher Brent Todys will be charged with throwing out runners throughout the game, but he said the mindset does not change when going up against a more aggressive team.“Our number one focus is the batter,” Todys said. “Get him out. Get that guy out pitch by pitch. If a runner happens to go, then that’s when I deal with it.”Beals said the best way to combat solid base running is to stop them from getting on base. In order to do this, getting ahead against the batter is important. Redshirt freshman pitcher Seth Lonsway’s focus is about starting the at bats strong.“Key one is establishing a first-pitch strike on hitters and that just kind of helps the whole at bat, as far as attacking the hitter and just setting ourselves up for success,” Lonsway said. Ohio State will start off the Greenville Drive First Pitch Invitational against Furman at 6 p.m. Friday. They will follow up with a 6 p.m. Saturday game against Michigan State and a 5 p.m. Sunday matchup against Western Carolina. The Buckeyes will then travel to play Wofford at 5 p.m. on Tuesday. read more

Pep pleased with Jesus despite goal drought

first_imgManchester City manager Pep Guardiola has revealed he is delighted with Gabriel Jesus despite the striker’s ongoing goal scoring drought.The Spanish manager remains unconcerned by Jesus’ struggles in front of goal, insisting the striker’s all-round contribution to the Premier League champions is crucial.The Brazil international’s winner at Southampton in the final minute of last season ensured City finished with 100 points with the 21-year-old’s campaign scoring 13 goals from 29 league matches.However, the early months of this current campaign has been full of toil for Jesus, who has just one Premier League goal, which came in the 6-1 thrashing of Huddersfield Town back in August, from nine appearances.Seven of those nine appearances have been as a substitute, however, and Guardiola was deeply impressed by the striker’s performance during Thursday’s 2-0 League Cup win over Fulham.Premier LeaguePremier League Betting: Match-day 5 Stuart Heath – September 14, 2019 Going into the Premier League’s match-day five with a gap already beginning to form at the top of the league. We will take a…“Of course he needs a goal, the strikers they live for that, but the performance was excellent,” said Guardiola, according to the club’s official website.“A lot of movement without the ball and people don’t realise the help [that gives] to the other guys.“He’s a guy who gave us a lot, but he’s still a young player, he can improve, he can be calmer inside the box, but he has the desire and that’s why he’s extended his contract here for many years.“We’re going to try to help him. I’m so satisfied with the way he’s playing this season, but of course, strikers need a goal to be completely ‘okay, I am there’. But we are in November and many things are going to happen in the future.”last_img read more