Trading arm is the key to miner’s value

first_img KCS-content Monday 18 April 2011 8:38 pm Share Trading arm is the key to miner’s value NEGOTIATIONS over Glencore’s valuation are set to focus on the mining giant’s trading arm as commodity investors worry about the possible departure of key traders and the intangible nature of the people side of the business.“When you have hard assets you know the price for a metal and on that basis you are able to have a relatively high level of certainty,” Olivetree Securities’ Christian Georges told City A.M. “Whereas with trading… there’s a question mark over the ability of a trader to get it right.”Glencore argues that its trading arm should add a premium to its value because it makes its “earnings less volatile than those of equivalent pure commodity producers”.Its sizeable share of the market for traded commodities – it trades 60 per cent of marketable zinc and 50 per cent of marketable copper – could also give the company a degree of pricing power, although there is no suggestion that it could manipulate the market.But mining investors are wary of buying into a trading arm where many of the key figures could cash out after a few years. “There’ll be a little bit of pressure on pricing because fund managers won’t want to feel they’re taken advantage of,” says Renaissance Capital’s Jonathan Williams.Many have compared Glencore’s float to that of Goldman Sachs in 1999, with one industry source saying: “They’re seen as flash and arrogant, a bit like the Goldman Sachs of the industry.”A third sky-high valuation from one of the banks on the deal emerged yesterday, with Bank of America Merrill Lynch analysts valuing the company at a maximum of $70bn (£43bn) in addition to the $9-$11bn to be raised by the float. Barclays Capital and Credit Suisse have put similarly high values on the firm.Oriel Securities’ Charles Cooper says that Glencore’s equities assets, which include stakes in Rusal and Xstrata, were worth $20bn alone. But on corporate governance he said: “Who wouldn’t have concerns with a company with stakes in state-run mining enterprises from Armenia to Zimbabwe?” More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comConnecticut man dies after crashing Harley into live bearnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest‘Neighbor from hell’ faces new charges after scaring off home Show Comments ▼ whatsapp whatsapp Tags: NULLlast_img read more

Sports betting amendment passes SD senate

first_img Topics: Legal & compliance Sports betting 12th February 2020 | By Daniel O’Boyle Email Address Subscribe to the iGaming newsletter Legal & compliance A bill to amend the constitution of South Dakota in order to allow sports betting has passed the state senate by a vote of 24-10.The bill, SJR501, was introduced by state senator Bob Ewing and passed by the local Government committee on February 7 by a 5-2 vote before passing in the senate on February 11.The state constitution of South Dakota currently prohibits gambling, except for roulette, keno, craps, “limited” card games and slot machines, provided there are conducted within the city limits of Deadwood, a town in the Black Hills Forest close to the Wyoming border. Senator Ewing’s constituency includes the city of Deadwood and most of Lawrence County, of which Deadwood is the county seat.Under the new constitutional amendment, sports betting would also be allowed, but again only within Deadwood.Read more on iGB North America. Sports betting amendment passes SD senate AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US South Dakotalast_img read more

BlueLife Limited ( Q32017 Interim Report

first_imgBlueLife Limited ( listed on the Stock Exchange of Mauritius under the Property sector has released it’s 2017 interim results for the third quarter.For more information about BlueLife Limited ( reports, abridged reports, interim earnings results and earnings presentations, visit the BlueLife Limited ( company page on AfricanFinancials.Document: BlueLife Limited (  2017 interim results for the third quarter.Company ProfileRanked as one of the leading real estate business entities in the Indian Ocean region, BlueLife Limited deals in land promotion, property development, and hotel and leisure business. There are four segments in which the company operates from. These are land development, yielding property, hotel, and service. Through these four segments, the company develops and sells residential properties, retail and office properties as well as owns and operates two hotels under the name of Radisson Blu Azuri Resort and Spa and Radisson Blu Poste Lafayette Resort and Spa in Mauritius. BlueLife Limited also provides facilities management and services, management and consultancy services and is based in Forbach, Mauritius. BlueLife Limited is listed on the Stock Exchange of Mauritius.last_img read more

Italy and USA: The political power of arms

first_imgAW139 attack helicopter.When the Italian government announced that a financial maneuver by the government would result in a deficit of around 27 billion euros ($31.3 billion), there was an immediate alarm in the markets and the European Union, the political opposition went on the attack and the president of the republic appealed to the constitution.There was absolute silence, however, both in the government and in the opposition, about the fact that Italy spends a similar amount in one year for military purposes. The 2018 figure is around 25 billion euros; other military items bring it to over 27 billion. That’s more than 70 million euros ($81 million) a day. Though that’s increasing as Italy has committed itself in NATO to bring it up to around 100 million euros ($116 million) a day.Why does no politician question the growing disbursement of public money for weapons, armed forces and military interventions? Because it would mean going against the United States, the “privileged ally” (i.e.. the dominant imperialist state), which requires Italy to continuously increase military spending.For the fiscal year 2019 (which began Oct. 1, 2018), the U.S. arms expenditure exceeds $700 billion, plus other military items, including almost $200 billion for retired soldiers. Total U.S. military spending thus rises to over $1 trillion per year, or a quarter of federal spending [including Social Security and Medicare benefits].A growing investment in war allows the U.S., according to the 2018 National Defense Strategy Summary, to meet its goal to “remain the pre-eminent military power in the world, ensure that the balance of power remains … and advances in our favor an international order that is most conducive to our security and prosperity.”However, military expenditure will cause a deficit of almost $1 trillion in the federal budget in fiscal year 2019. This will further increase the U.S. federal government’s debt, which has risen to around $21.5 trillion.This debt is countered domestically by cuts in social spending and abroad by printing dollars. The U.S. dollar is used as the main currency of the world’s currency reserves and commodity prices.But there are those who grow wealthy from the growing military expenditures. They are the giants of the war industry. Among the world’s 10 largest arms manufacturers, six are based in the U.S.: Lockheed Martin, Boeing, Raytheon Company, Northrop Grumman, General Dynamics and L3 Technologies. These are followed by the British BAE Systems, the French-Dutch Airbus, the Italian Leonardo (formerly Finmeccanica), which climbed to ninth place, and the French Thales.These manufacturers are not just individual giant arms companies. They form the military-industrial complex, closely integrated with institutions and parties, in a wide and deep interweaving of interests. This creates a true arms establishment, whose profits and powers increase as tension and wars increase.The Italian company Leonardo, which derives 85 percent of its revenues from the sale of arms, is integrated in the U.S. military-industrial complex. It supplies products and services not only to the armed forces and the companies of the Pentagon, but also to the intelligence agencies, while in Italy it manages the plant in Cameri making Lockheed Martin F-35 fighters.In September, Leonardo was chosen by the Pentagon, with Boeing as the first contractor, to supply the U.S. Air Force with the AW139 attack helicopter.In August, Fincantieri (controlled by the finance company of the Ministry of Economy and Finance) with Lockheed Martin delivered to the U.S. Navy two additional Coast Guard ships.All this must be kept in mind when one wonders why, in Italian parliamentary and institutional bodies, there is an overwhelming consensus among many of the parties not to cut, but instead to increase military spending.The author is an Italian military analyst who first published this article in the Oct. 2 issue of Il Manifesto. Workers World Managing Editor John Catalinotto translated the article.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Police arrest and beat up journalists during street protests in Abuja

first_img Reporters Without Borders today urged the police authorities to investigate the arrests of two journalists and the beating of three others by police during union-led street protests in the federal capital of Abuja yesterday and the day before against increases of more than 50 per cent in fuel prices.In a letter to police inspector-general Tafa Balogun calling for a full investigation and the punishment of those responsible, Reporters Without Borders said: “It is not normal that journalists covering demonstrations are targeted in this fashion by police.”The organisation acknowledged that press freedom had improved significantly in Nigeria in recent years, but said this week’s police violence showed that some police officers still felt free to think and act as if they would never be punished. “The authorities have the duty to take measures to put an end to this feeling of impunity,” it added.During a demonstration organised in Abuja on 30 June by the National Labour Congress (the main union federation), Funmi Komolafe, a journalist with The Vanguard newspaper, and Ola Awoniyi, a local correspondent for Agence France-Presse, were detained and taken to police regional headquarters, where they were held for more than a hour before being released.Funmi Komolafe and Rotimi Ajayi of The Vanguard and George Osodi, a photographer with the Associated Press, were hit with rifle butts and kicked by police during another demonstration called by the NLC and other unions the next day (yesterday), which drew several thousand participants. Osodi sustained extensive bruising and his equipment was broken. When reached by the AP, a senior police official refused to comment on the incident but asked the three journalists to provide detailed statements. NigeriaAfrica Nigerian news site deliberately blocked, expert report confirms News February 8, 2021 Find out more Reporters Without Borders today urged the police authorities to investigate the arrests of two journalists and the beating of three others by police during union-led street protests in the federal capital of Abuja yesterday and the day before against increases of more than 50 per cent in fuel prices. Receive email alerts January 28, 2021 Find out more Help by sharing this information NigeriaAfrica News to go further News Twitter blocked, journalism threatened in Nigeria July 2, 2003 – Updated on January 20, 2016 Police arrest and beat up journalists during street protests in Abuja RSF_en Organisation June 10, 2021 Find out more Follow the news on Nigeria News Nigerian investigative journalist forced to flee after massacre disclosureslast_img read more

Senate approves interception of communications bill that threatens press freedom

first_imgNews AustraliaAsia – Pacific News Organisation Google experiments drop Australian media from search results February 22, 2021 Find out more News to go further News Receive email alerts Follow the news on Australia January 21, 2021 Find out more A bill passed by the Australian Senate on 30 March 2006 that allows the security forces to intercept phone calls, e-mail messages and SMS messages without proper legal controls threatens the confidentiality of journalists’ sources and, together with a new anti-terrorism law, jeopardises the independence of press coverage of terrorism and organised crime, Reporters Without Borders said today.”Combating terrorism and organised crime is necessary but it should not endanger press freedom and free expression,” the organisation said. “Some of the provisions of this law clearly undermine the protection of journalists’ communications and jeopardise the free coverage of the fight against terrorist groups. If this bill is approved by the House of Representatives, Australia will have one of the most repressive laws of its kind of any democracy.”When the bill comes before the House of Representatives for the last time, speaker David Hawker should intervene and seek the withdrawal of all the provisions that threaten press freedom, Reporters Without Borders added.The Senate last week made no major changes to the wording of the bill already passed by the House of Representatives, which allows the authorities, including the secret services, to intercept the phone and email conversations of any person including journalists without a proper warrant. This poses a major threat to the confidentiality of journalists’ sources.As a result of amendments to the 2004 telecommunications act, the government already has access to telephone and electronic communications. A recent investigation by the New South Wales Council for Civil Liberties found that nearly 80 per cent of orders for the interception of communications are not granted by proper judges.According to the Media, Entertainment and Arts Alliance (journalists’ union), any Australian could become a potential target as soon as the law takes effect. Irene Graham of the Electronic Frontiers Australia said the minimal changes which parliamentarians have made to the bill are not enough to dispel the concerns about its impact.The reinforced Australian Anti-Terrorism Act 2005 adopted by parliament on 6 December 2005 provides for sentences of up to five years in prison for getting in contact with someone suspected of terrorism. Journalists investigating terrorist activities could be arrested by the police, especially if they publish the names of suspects.Under the new law, reporters will not have the right to refuse to reveal their sources in terrorism cases, and the security forces will be able to raid news organisations in order to search for evidence in such cases. The law also envisages heavy prison sentences for anyone inciting violence or terrorist attacks against Australia.The Australian Anti-Terrorism Act 2005 provides for prison sentences for any person inciting others to disobey Australian law. Former Prime Minister Malcolm Fraser described it as rolling back several centuries of progress in human rights. RSF condemns Facebook’s blocking of journalistic content in Australia AustraliaAsia – Pacific The senate has just passed a bill that threatens the confidentiality of journalists’ sources and allows the security forces to intercept communications. It comes on the heels of an anti-terrorism law passed last year that already contained provisions undermining press freedom. RSF_en April 3, 2006 – Updated on January 20, 2016 Senate approves interception of communications bill that threatens press freedom Help by sharing this information On eve of the G20 Riyadh summit, RSF calls for public support to secure the release of jailed journalists in Saudi Arabia November 19, 2020 Find out morelast_img read more

Sheep rustling rampant in Donegal

first_img Sheep rustling rampant in Donegal By News Highland – June 9, 2011 Minister McConalogue says he is working to improve fishing quota 70% of Cllrs nationwide threatened, harassed and intimidated over past 3 years – Report Man arrested in Derry on suspicion of drugs and criminal property offences released Previous articleYoung drivers urged not to copy what they see in Donegal RallyNext articleNo truth that Greencastle inshore fishermen turned away yachts in stormy conditions News Highland Pinterest HSE warns of ‘widespread cancellations’ of appointments next week Twitter News Google+ Google+center_img Dail to vote later on extending emergency Covid powers Facebook Facebook RELATED ARTICLESMORE FROM AUTHOR Twitter Pinterest Dail hears questions over design, funding and operation of Mica redress scheme WhatsApp A strategy must be developed to combat the rising problem of sheep theft.The industry is worth almost 40 million euro alone to the region of Donegal and accounted for 16% of the national flock last year.Donegal North-East Deputy, Joe McHugh has called on the Minister for Agriculture and the Minister for Justice to develop a strategy to curb the growing problem.He says that thieves are cutting tags from the sheep and inserting new registrations, and the stolen sheep are still making it onto the food market.Deputy McHugh says we should follow Scotland’s lead in deterring thieves….[podcast][/podcast] WhatsApplast_img read more

Derry man accused of Robbie Lawlor murder

first_img WhatsApp Previous article313 new Covid cases confirmed, 19 of them in DonegalNext articleFinance Minister to meet with Cross Border Workers Coalition News Highland Twitter News, Sport and Obituaries on Monday May 24th Two men, one of them from Derry, have appeared in court in Belfast charged with the murder of Dublin criminal Robbie Lawlor.The 36 year old, who has previously been linked to the murder of Keane Mulready Woods – was shot in north Belfast earlier this year.37 year old Adrian Holland from Woodleigh Terrace in Derry and 45 year old Patrick Francis Teer of Thornberry Hill in Belfast – appeared before Belfast Magistrates Court earlier.They are both charged with the murder of Lawlor – who was gunned down outside a house in the Etna Drive area of Ardoyne in April.They are also charged with being in possession of a star pistol 9 mm with intent to endanger life.Appearing via videolink – when asked if they understood the charged – both replied yes.The district judge adjourned the case until the 8th of January. Community Enhancement Programme open for applications Nine til Noon Show – Listen back to Monday’s Programme WhatsApp Twitter Homepage BannerNews Arranmore progress and potential flagged as population grows Important message for people attending LUH’s INR clinic center_img Facebook Google+ Pinterest Loganair’s new Derry – Liverpool air service takes off from CODA Facebook RELATED ARTICLESMORE FROM AUTHOR Pinterest Derry man accused of Robbie Lawlor murder By News Highland – December 11, 2020 Google+last_img read more

Georgia mother of 2 missing for 4 days after last text saying she was going to meet friend

first_imgHaralson County Sheriffs Office(ATLANTA) — Police are searching for a young mother of two who vanished after leaving for a doctor’s appointment last week.Authorities said Alecia Newsome, 22, was last seen at her home in Haralson County, Georgia, Wednesday when she was heading to see her doctor. Police said she sent her mother a text message later, saying she was on her way to take a friend grocery shopping, but that was the last time anyone has heard from her.The Haralson County Sheriff’s Office said she has not responded to phone calls or messages since Wednesday night and her phone appears to be turned off.Police said she “has never left her young children alone for this amount of time” and urged anyone with information to reach out to the sheriff’s office.She is described as being 5 feet, 4 inches tall and 130 pounds with dark-colored hair.Investigators said they spoke with Don Cox, the friend she said she was going to visit, but authorities have not revealed details from his conversation with police.“She left in a 2004 light blue Chevy AVEO with GA tag RTR9111,” the sheriff’s office said in a Facebook post. “If you see her or have any information on either person, please contact 911 or the Sheriffs office.”Copyright © 2019, ABC Audio. All rights reserved.last_img read more

Zillow buys ShowingTime for $500M

first_imgZillow CEO Rich Barton (Getty, iStock/Photo illustration by Kevin Rebong for The Real Deal)Following a year in which home-buying services went virtual, Zillow has struck a deal to buy an online home-tour scheduler.The listings giant has struck a deal to buy, a home tour scheduler, for $500 million, the companies said Wednesday. ShowingTime coordinates home-showing schedules for a network of nearly 1 million agents and hundreds of multiple listing services.Read moreZillow revenue, losses balloon on iBuying Zillow’s Q3 profits soar Zillow’s iBuying losses mount Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name* Tags iBuyingresidential listingsRich Bartonzillow Email Address* Share via Shortlink The deal coincides with a record quarter for Zillow. The Seattle-based listings giant reported record profits in the fourth quarter of 2020, with $46 million in net income with $789 million in revenue. It lost $101 million during the same period the prior year.In what CEO Rich Barton described as the “scariest of roller-coaster rides that was 2020,” Zillow’s full-year revenue soared 22 percent to $3.3 billion, compared to $2.7 billion in 2019. It lost $162 million for the year, down from $305 million after it temporarily suspended home-buying, a capital intensive business, during the first half of the year.By summer, home sales surged and Zillow was among the beneficiaries of the tide shift.U.S. home sales hit a record high last year, according to the National Association of Realtors. NAR data showed 5.64 million homes traded hands in 2020, up 5.6 percent from 2019 and the highest level since 2006.Zillow was among those homebuyers. After pausing iBuying, Zillow purchased 1,789 homes during the fourth quarter and sold 923.During an earnings call Wednesday, Barton said iBuying is still a “really, really” small part of the market. “But in Zillow offers are the seeds of the future, of a streamlined transaction,” he said. Put another way, he said Zillow’s goal is to give customers a “one-click, trade-in nirvana.”With many people stuck at home, traffic to Zillow’s mobile apps and websites hit a record 201 million average monthly unique users during the fourth quarter, up 16 percent year over year. It had a record 9.6 billion visits for the full year, up 19 percent year over year.“Fantasizing about real estate is not new,” but remote work has untethered people from their offices,” Barton said. “Most of them now have the freedom to move.”Contact E.B. Solomontlast_img read more