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Jaiprakash Associates gets RBI nod to exchange USD 150 mn bond

first_imgNew Delhi, Nov 1 (PTI) Debt-ridden Jaiprakash Associates today said the RBI has approved the companys plan to exchange existing convertible bonds worth USD 150 million due in 2017 with those maturing in 2020-21.The bondholders had already approved the proposed exchange offer in June this year.In a filing to the BSE, Jaiprakash Associates informed that “the RBI has approved the proposed exchange offer on October 30”.In terms of the notice and the extraordinary resolution, the company and the lead bondholders have agreed to further extend the “long stop date” to November 30, it added.The company said its finance committee of board of directors will meet on November 16 to take necessary steps in this regard.In June, Jaiprakash Associates had said that bondholders agreed to exchange outstanding existing foreign currency convertible bonds (FCCBs) worth USD 150 million. The bonds were issued in September 2012 with maturity in 2017 and a coupon rate of 5.75 per cent.As per the proposal, the bondholders agreed to exchange their current bonds with FCCBs worth USD 38.64 million bearing the same coupon rate with maturity in 2021 and amortising bonds worth USD 81.69 million with coupon rate of 4.76 per cent and maturity in 2020.The company agreed to make certain upfront payments to bondholders who decided to waive defaults of existing bonds under this proposed exchange offer, subject to certain conditions, including the approval from the RBI.Jaypee Group is facing a debt crisis and its group firm Jaypee Infratech has been taken over by a National Company Law Tribunal (NCLT)-appointed IRP (Insolvency Resolution Professional) for recovery of bad loans.advertisementThe group is facing huge protest from home buyers due to significant delays in delivery of projects and doubt over its financial health.Jaiprakash Associates, which is the flagship company of the Jaypee group, is selling its assets to repay debt.It is a diversified infrastructure company engaged in segments like engineering, construction and real estate development, cement manufacturing, hospitality and sports management.In a notice to shareholders for the annual general meeting (AGM) held on September 23, Jaiprakash Associates had said it has taken various steps to reduce its debt, including sale of cement plants.The company has divested a substantial portion of its cement business with a capacity of 17.2 MTPA (million tonnes per annum) to Aditya Birla Group firm UltraTech Cement at an enterprise value of Rs 16,189 crore.It also plans to sell entire 74 per cent stake in Bhilai Jaypee Cement Ltd for an enterprise value of Rs 1,450 crore and the deal is expected to be concluded by year-end.Bhilai Jaypee Cement owns 1.1 MTPA clinker plant at Satna in Madhya Pradesh and 2.2 MTPA cement grinding unit at Bhilai, Chhattisgarh. PTI MJH MKJlast_img read more

a month agoNabil Fekir Q&A: Real Betis star on season start, Rubi & Europe

first_imgTagsOpinionAbout the authorCarlos VolcanoShare the loveHave your say Nabil Fekir Q&A: Real Betis star on season start, Rubi & Europeby Carlos Volcanoa month agoSend to a friendShare the loveWhile Real Betis have stumbled in the first weeks of the season, Nabil Fekir is happy with how he’s settled. We caught up with the midfielder to discuss his first impressions… Question: Well… to begin with, thank you very much for welcoming LaLiga to your new home, here at Real Betis. First of all, welcome to LaLiga, Nabil, it’s a pleasure that you are here. What attracted you to LaLiga?Answer: Well, everyone knows this championship, it’s one of the best championships in the world and coming here to play was something I was really looking forward to from the very beginning and well, now I have been able to make that challenge come true.Q: What did you see in Real Betis’ project that brought you here?A: I had a meeting with the directing board and it went well, they explained me the project they had and that they wanted to be on the top of the table, and also take a ticket to Europe next season, I liked that and I did not hesitate one second. Q: How do you see the team now, not having had a perfect start?A: Frankly, we have a great team. It is true that in the two first games, the results were not the expected but there are new players and a new coach and a new technical staff. We need to let time go by so that everyone learns to get to know each other and learn to work together and I hope that we do that very soon. Q: Before the interview we spoke about Sevilla, a very sunny, hot city, very attractive to live in. What do you think about your new home?A: I like it very much, frankly, it’s very, very good. It is true that it is a bit hotter than in France but it’s a pleasure to be here. It makes me happy. This is a calm city, there are many fans and it is a pleasure to see that so many people are involved with the club. Q: Have you had the time to visit around the city a bit?A: Yes, I have, and as I said, it’s a nice city, very calm, small and very comfortable to live in. Q: How did you adapt to the club and how did they welcome you here?A: To be honest, the welcome to the club was really, really good. They all welcomed me very well: the players, the board and the technical staff. They all did their best so that everything worked out well and it’s great they put so much effort in making a player feel good. Q: We have already talked about the first two games of the season, that left a bitter taste, but you all showed a good level. What’s there to improve in the team?A: We can improve it all, as I have said, this is the beginning of the season and I hope that the team is able to play together, finding the automatisms needed and that we are on a good mood. I don’t have any doubts on the way we train and I know that there’s great quality so I hope that we start winning from Saturday on and that the machine starts working perfectly.Q: Back there we can see the Benito Villamarín, how do you feel the support of Real Betis fans?A: As I said previously, they are amazing fans. We need them and we will need them all throughout the season. It’s now our turn to do everything we have to do so that they are happy and everyone is satisfied. Q: You have played under Rubi and you have completed the pre-season with him, you know him a bit better now. What have you learnt from him? What is he asking from you?A: He asks for me to play with freedom. We are working on the tactics and the positions. He is a new coach and that is brand-new for us. But, so far, everything’s going well and we home that we continue working in the same way we are doing now. We are working well and that’s the important thing. Q: Individually, you have shown a great level and you have marveled the world of Spanish football with your good game against Real Valladolid and your superb goal at Camp Nou. How are you feeling?A: I am feeling very well, I am happy here. Furthermore, the most important thing is the team, not me as an individual. We are a team and the most important thing is that the team wins and that things go well, but anyway, I am going to do everything possible to give my best for this club. Q: Can you tell us more about the goal you scored at Camp Nou?A: We recovered the ball upfront, after, Sergio gave it on to Loren and then Loren gave me a through pass and I put the ball where I had to put it to’ be able to score.Q: When you scored, you seemed relieved, is that a correct feeling?A:No, I was not stressed out, but obviously I like to score goals, especially being an offensive player as I am. It’s always nice to score to gain confidence but as I said, I am not the most important thing. The team is the most important thin and if the team is going well, I will be fine. Q: What do you think is the team’s goal for the season?A: The goal for the season is that we do well on the pitch, that we are focused and on a good mood, and that we can have the chance to fight for the upper spots of the table and to return to Europe, because we have a group with great quality and that is the goal we have set at the beginning of the season. Q: We have talked about Europe, I imagine that’s a dream for the team, playing in Europe and, if possible in the Champions League, right?A: Well, that will be complicated, but we are going to give our best. We have to be ambitious and I believe all players here are ambitious and that we are all eager to play at the highest level, and the highest level is in Europe and we are going to give our all to achieve it. Q: We all know that Real Betis have an astonishing midfield: Canales, Guardado, William Carvalho, Tello and yourself… How do you connect with each other and how do you play together?A: We understand each other well, as you said, it’s a high-level midfield, with great players and in a great club and now, I will have been here for a month already, we are starting to get to know each other well and everything is going better and better. Q: Joaquin is probably the most charismatic player at Real Betis and he is a club legend. How is he personally and as a player?A: He is very good, I have no complaints. He gives us his good humor and it is important to have someone like him on the team that gives his support to everyone. He has a good spirit and the mood you always have to have and in spite of being a 38-year-old he still has great quality and you can see that on the pitch. Q: Let’s go back to talking about your way of playing. We can see that it has maybe varied a bit from Lyon to Betis, because it seems as though here you have more freedom to do whatever you want and to move around freely. Is that so?A: Well, in Lyon I had a lot of freedom too, but I had been a long time there and I needed new challenges. I came here with great ambition and they paid a high amount for me and so I will give my all to show the level that they are expecting from me.Q: How do you explain the fans of Real Betis the that the team will have on the pitch under Rubi and after the great signings of Borja Iglesias and yourself?A: Well the is based on the possession. We try to hurt the opponents and we use the spaces in the best way possible with Borja upfront, intriguing them with the attackers. I hope that we can already express everything we have on the pitch.Q: Now, in LaLiga you have met many teammates from Les Bleus: Griezmann, Dembélé, Varane. Lemar, Umtiti… it seems as though LaLiga is in vogue in France. A: Yes, that’s good. As I said, this is a very attractive championship that attracts the greatest players and I hope that it continues being as it5 is and that we always have great players in this championship. Q: I imagine that the people in the club have told you about the great rivalry there is between Sevilla FC and Real Betis, how do you see Sevilla FC?A: It is true that it is the derby, but we have to take it game after game and I try to think about the present moment. This is game after game and we will already think about preparing the game against them in the week of ther derby. We will do our best to win that game. Q: Have they already explained you that the city is divided between the red and the green colours in the derby days?A: Yes, they have told me something about it, but there is nothing better than just seeing things by yourself and as I said, I am at ease, there are many games before the derby and we are preparing them, when we get to the derby week, we will focus on that game. Q: What would be the dreamt result for you in both derbies? A: The most important thing is to win. As we say in France, you don’t play a derby, you win a derby, so the most important thing is that we play a good game and that we bring it home. Q: To finish, What’s the coolest or funniest thing that happened to you ever since you arrived at Real Betis?A: Ever since I arrived at Betis… I think it was the hazing in the stage in Mexico, when they made me sing. last_img read more

Vermilion Energy to acquire Spartan Energy in deal valued at 14B

first_imgCALGARY – International oil and gas producer Vermilion Energy Inc. is taking advantage of low valuations for “unloved” Canadian energy assets in a $1.4-billion deal to buy a Saskatchewan-focused rival, its CEO said Monday.The company will issue $1.23 billion worth of Vermilion shares and assume about $175 million in debt to buy fellow Calgary-based producer Spartan Energy Corp. in a transaction expected to close in June.CEO Tony Marino said Vermilion has been watching the Saskatchewan energy sector for about five years and first entered the field in 2014 because it of its light oil-producing wells and good pipeline access to markets in the United States.“The Canadian sector continued to be more and more unloved over time, especially in the past year in the capital markets, and with our evaluation methodology and criteria we had, we found it came to represent better and better value,” he said on a conference call.“Spartan is probably the best example of this out there in that you have a company that is quite capable of rapid production growth.”In January, Vermilion bought an unnamed private company with production of about 1,150 barrels of oil per day from wells near the southern Saskatchewan-Manitoba border for about $91 million in cash.The Spartan deal is expected to add about 23,000 barrels of oil equivalent per day, taking Vermilion’s overall output to about 95,000 boe/d.The deal is an opportunistic one for Vermilion and allows Spartan to escape “an increasingly frustrating” market where investors haven’t rewarded its operational expertise with a fair stock price, said analyst Kristopher Zack of Desjardins Capital Markets in a report.He said he doesn’t think a superior bid will emerge, despite Spartan getting only a five per cent premium over Friday’s closing price, noting there is a $40-million break fee if the deal isn’t completed.Both company’s boards of directors have endorsed the deal but it must receive at least two-thirds approval from shareholders to be finalized.Marino said the deal will increase Vermilion’s percentage of production from North America to about 60 per cent from 46 per cent but it will continue its strategy to have geographically diverse holdings.The company has European production from operations in Ireland, France, Netherlands and Germany and also produces oil from an offshore project in Australia.Vermilion said it is increasing its overall 2018 production guidance to a midpoint of 88,000 boe/d from 76,000 boe/d previously — it reported about 72,800 boe/d in the fourth quarter.It said it will increase its 2018 capital budget to $430 million from $325 million to reflect spending planned for the acquired lands.Follow @HealingSlowly on Twitter.Companies in this story: (TSX:VET, TSX:SPE)last_img read more

Most actively traded companies on the TSX

first_imgSome of the most active companies traded Tuesday on the Toronto Stock Exchange:Toronto Stock Exchange (16,159.50, down 47.82 points).RNC Minerals. (TSX:RNX). Metals. Down 41 cents, or 35.65 per cent, to 74 cents on 64.1 million shares.Aurora Cannabis Inc. (TSX:ACB). Healthcare. Up 50 cents, or 4.07 per cent, to $12.77 on 53 million shares.Baytex Energy Corp. (TSX:BTE). Energy. Down two cents, or 0.52 per cent, to $3.81 on 8.7 million shares.Wallbridge Mining Co. Ltd. (TSX:WM). Metals. Up two cents, or 6.67 per cent, to 32 cents on 8.1 million shares.Aphria Inc. (TSX:APH). Healthcare. Down 38 cents, or 1.91 per cent, to $19.54 on 7.3 million shares.First Quantum Minerals Ltd. (TSX:FM). Base metals. Down 24 cents, or 1.5 per cent, to $15.72 on 7.3 million shares.Companies reporting major news:Transat A.T. (TSX:TRZ). Down 10 cents or 1.27 per cent to $7.77. The travel company has taken its first concrete step toward getting shovels in the sand on its $750-million plan develop a hotel chain in the Riviera Maya and the Caribbean, announcing a deal Tuesday to buy land on Mexico’s Yucatan Peninsula. Transat said it aims to build a beach resort on a newly purchased lot in the village of Puerto Morelos — less than 40 kilometres from Cancun — and on an adjacent property, for which it has signed a promissory agreement. The combined deal would cost between US$54 million and US$57 million, Transat said.Shopify Inc. (TSX:SHOP). Down $1.19 or 0.57 per cent to $208.45. The founder of Shopify says Canada shouldn’t be too quick to celebrate when U.S. technology giants head north of the border. Tobi Lutke outlined his frustration at how Canadian talent and intellectual property seeps out of the country in a Tuesday interview with The Canadian Press, where he touched on the dangers of U.S. technology brands starting up branch offices in Canada.Aurora Cannabis. Inc. (TSX:ACB). Up 50 cents or 4.1 per cent to $12.77. The licensed marijuana producer says it is “more than ready” for the legalization of recreational pot next month, with enough supply to meet all its commitments to provinces and territories. Aurora’s chief corporate officer Cam Battley also says the cannabis firm doesn’t expect to need supply agreements with other licensed producers to bridge inventory gaps. Canada officially legalizes recreational cannabis for adult use on Oct. 17.last_img read more

Arab Spring Legacy in Tatters Hopes Pinned on Tunisia

first_imgTunis- With chaos in Libya, military takeover in Egypt and Syria’s brutal conflict threatening to extinguish hopes fueled by the Arab Spring, only Tunisia stands out even as its stability hangs in the balance.By the end of 2013, the political forces that emerged from the tumultuous changes in the region nearly three years ago have yet to build the new democratic order or bring about the social transformations demanded by the millions who took to the streets.Some argue that the Egyptian army’s decision in July to depose democratically-elected Islamist president Mohammed Morsi was the death knell for any remaining hope of real change that accompanied the mass uprisings in 2011. “The July 3 coup confirmed the end of the Arab Spring given Egypt’s importance in the region,” said Shadi Hamid, research director at the Brookings Doha Center.“No one can argue that Egypt is moving towards democracy. It is actually going in the opposite direction … There is now an effort to eradicate the Muslim Brotherhood as a political force,” he added.The military takeover in Egypt has certainly cast a shadow over the democratic transition in Tunisia, birthplace of the Arab Spring, where the ruling Islamist party Ennahda has accused its secular opponents of seeking to replicate events in Cairo.“(Tunisia’s) Islamists experienced the military coup as if it happened in Tunisia. Various politicians continue to talk about the putschist threat even though there is nothing to prove it,” said Selim Kharrat, an analyst with the NGO Al-Bawsala.Such fears have only aggravated the mistrust between the country’s rival factions that has dogged negotiations to appoint a caretaker government of technocrats and resolve the political crisis sparked by the murder of opposition MP Mohamed Brahmi in July.Suspicion has also been stoked by the rise in attacks this year by armed Islamists, who are blamed for the killing of Brahmi and another secular politician in February, and whom the security forces have been battling in the Mount Chaambi region near Algeria.Tunisia’s militants have benefited from the chronic instability in neighboring Libya and the surge in arms trafficking since former dictator Moammar Gadhafi’s ouster.More than two years after the NATO-backed rebellion toppled Gadhafi’s regime, Libya lacks a stable government, with jihadist groups mushrooming and the authorities struggling in vain to integrate former rebels into the army.Starkly illustrating the growing lawlessness plaguing the country, gunmen briefly abducted Prime Minister Ali Zeidan from his Tripoli hotel in October, and the following month seized the deputy intelligence chief as clashes in the capital left nearly 50 people dead.“In Libya they have to build a state from scratch. That is going to take time and prolong the transition period which has been marked by armed violence in a country largely controlled by militias,” said Libyan political analyst Khaled Bouchoucha.Distant hopeBy contrast, Tunisia’s revolution has a much better chance of succeeding, Bouchoucha argued, essentially because it has managed to “preserve a strong state” and because the army remains neutral.But as the International Crisis Group, a Brussels-based think-tank, warned last month, the “alarming rise” in jihadist attacks in Tunisia, while still low in intensity, threatens to weaken the state and further polarize the political scene.In its report, entitled “Tunisia’s Borders: Jihadism and Contraband”, ICG said the worrying increase in cross-border arms trafficking was enhancing the jihadists’ disruptive potential and intensifying corruption.“In the long term, only minimal consensus among political forces on the country’s future can enable a truly effective approach to the border question,” it said, adding that an end to the country’s political crisis “seems distant at the time of writing.”As in countries across the region, concern is also growing in Tunisia about the likely blowback from the fighting in Syria, when the thousands of foreign jihadists thought to have joined the rebel ranks there return home.The conflict, which erupted when a brutal government crackdown on peaceful pro-democracy protests in March 2011 inspired by the Arab Spring escalated into full-scale civil war against President Bashar Assad’s regime, has now killed an estimated 126,000 people and left millions displaced.last_img read more

Vinicius Junior must be patient at Real Madrid – Savio

first_imgVinicius Junior must bide his time at Real Madrid and focus on adapting to the team’s style of play, says retired Brazilian winger SavioAfter an impressive pre-season with Los Blancos in their US tour, Vinicius was left as an unused substitute in their UEFA Super Cup defeat to Atletico Madrid and last Sunday’s opening day win over Getafe in La Liga.With a €40m price tag on him following his summer move from Brazilian side Flamengo, expectations are high for the 18-year-old.But Vinicius is not the only talented youngster at Real and he will have to work hard for opportunities in the first-team.“I understand the situation and the desire of Vinicius to play as soon as possible,” said Savio, according to Marca.“It is normal for Real Madrid fans to want to see him on the field, but I also know that it is not easy.“They have a top-quality squad, with young players who they occupy the same position.“In the United States he did very well, but he has to be calm, very calm, and work hard.“He has to adapt to the Real Madrid style, the Spanish style and the style of play in Europe.“He has to improve his tactical ability and adapt with his teammates and see the standard of the Spanish league.“He is a very young player, he is 18 years old.“You have to be calm, he must know how to wait for his chance and when he has to try to do his best.”Sergio Ramos, Real MadridZidane reveals Sergio Ramos injury concern for Real Madrid Andrew Smyth – September 14, 2019 Zinedine Zidane has put Sergio Ramos’ availability for Real Madrid’s trip to Sevilla next weekend in doubt after withdrawing him against Levante.Hoj é dia de estreia na @LaLiga Que Deus nos abençoe! #halamadrid pic.twitter.com/k0IE0yKLno— Vinicius Jr (@vini11Oficial) August 19, 2018But Savio is certain that his young compatriot will be given chances by coach Julen Lopetegui later on this season.“I also understand the part of the club and the coach, that you have to go slowly to get to know the player and to start playing him at the right time,” he continued.“Here in Brazil I really want to see him on the field because he is a very young player, but a very talented one.“He has a lot of speed, a lot of technique and is good at dribbling.“But he has a lot of things to do, he has to be calm and work.“He is at the club where everyone wants to play.“I really like him as a player and as a person and I am very happy that he is at Real Madrid.”Real’s upcoming home game against Leganes may provide Vinicius his first opportunity of competitive action for the club.last_img read more

Pochettino cautious ahead of Everton clash

first_imgDespite their recent run of good form, Tottenham manager Mauricio Pochettino believes they cannot get carried away and must work on their self-confidence.Tottenham have won eight out of their last 10 games in all competitions, and are now just six points off the top of the Premier League table, but Pochettino is not complacent as he understands how quickly results can change.“At the moment we are playing well, but the moment we lose games it’s going to turn quick. I know that very well. This is normal,” Pochettino told Sky Sports.“I try to understand everything. In this football club if some bad results arrive it’s going to turn again. All the positives will be reversed and become negatives.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…“We are happy, but not so happy. I think there’s still massive work to do. But when I say ‘worst feeling’ I don’t speak about the inside of the club. I talk about the perception outside.“We are still fragile, not solid enough as a club to support some good and some bad because the perception of the people can affect the club.“I think we are changing a lot and we are going to change, if we have time, to do that. But our self-belief is still so fragile.”last_img read more

Howe Ive had a chat with Zola over Wilson

first_imgAFC Bournemouth manager Eddie Howe revealed he’s talked to Gianfranco Zola over his comments regarding Chelsea’s interest in Callum WilsonEarlier this week, the Blues assistant coach praised Wilson and revealed that a striker of his quality will be of interest to many clubs, aside from Chelsea.But Howe sought out for Zola for talks over his comments after Chelsea’s 1-0 Carabao Cup win against Bournemouth.“I spoke to Gianfranco afterwards and yeah we had a little chat about that situation,” said Howe, according to Sky Sports.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…“But Gianfranco is an incredible person and a really nice guy. And, you know, Callum from our perspective is a huge part of what we are doing here.”Wilson has managed eight goals and five assists in 16 Premier League games for Bournemouth this term.Bournemouth will face Brighton on Saturday, where they will hope to avoid a fourth straight defeat.last_img read more

Official New Porto player Pepe excited to return to former club

first_imgAfter turning down a move to Arsenal, former Real Madrid defender, Pepe has been signed by Porto.Pepe is excited to have returned to his former club, where he believes it is where he learned so much to compete with central defenders at Real Madrid.“For all the players who arrived at Real Madrid, for all the center-backs, it was a graveyard for center-backs,” he said in an interview with Porto’s media channels as quoted by Marca.“None of them made it.“But Porto prepared me for this and I was there for 10 years.“There were many great center-backs who came, with big names, but they couldn’t stick like I did.”The move back to Porto sees the player back on the same team as Iker Casillas.Jose Mourinho, Lionel MessiMourinho: “Lionel Messi made me a better coach” Andrew Smyth – September 14, 2019 Jose Mourinho believes the experience of going up against Barcelona superstar Lionel Messi at Real Madrid made him a greater coach.“I’m very happy,” he said of the reunion.“It might be that this had an influence on the decision.“When I got here I asked him if he speaks Portuguese, like when he asked me if I spoke Spanish when I arrived at Real Madrid.“He told me that he understands it, but that he’s still embarrassed.“I told him he’s better than I was [at Spanish].”last_img read more

Troopers Conducting High Visibility Enforcement Effort For Holiday Weekend

first_imgAccording to a ‘Focused Enforcement’ state trooper dispatch, while the troopers are out to curb DUIs, they will also be on the lookout for additional driver behaviors that often contribute to fatal crashes, such as speeding and driving too fast for conditions. The focused enforcement by the Alaska State Troopers and Alaska Wildlife Troopers over the holiday is intended to prevent major injury and fatality crashes through enhanced enforcement. Don’t hesitate to make a REDDI report any time of the year by calling 911! To learn more about REDDI (Report Every Dangerous Driver Immediately) visit http://www.dot.alaska.gov/stwdplng/hwysafety/REDDI.shtml. Facebook0TwitterEmailPrintFriendly分享The Alaska State and Wildlife Troopers started the Annual Click It or Ticket high visibility enforcement effort on Monday. The effort runs through June 2. Colonel Barry Wilson, Director of the Alaska State Troopers: “Memorial Day weekend serves as a kick-off to summer. People celebrate with barbecues, camping and other family gatherings. We want people to go out and have a good time. We just ask that you do it with a plan in place to get home safe… wear your seat belt. Additionally, if you choose to consume alcohol, don’t drive impaired, be sure to have a designated driver, stay the night or call a cab. Again, if you plan to celebrate on Memorial Day weekend, have a plan to get home safe.”last_img read more

LG Display Q1 net profit down almost 100 percent YoY seen as

first_imgLG Display announced its first quarter earnings on Wednesday, showing a steep decline in operating and net profits for the display-panel-making affiliate of LG Electronics. The TV and smartphone display manufacturer reported a 99.8 percent drop in Q1 2016 net profit to 1.2 billion won ($1 million) from 475.8 billion won in the same period the previous year.According to the Financial Times, LG Display’s operating profit during the January-March period was 39.5 billion won ($34.43 million), which is the poorest since Q1 2012 and a 95 percent decrease from the same period in 2015. The sales had also dropped 14.7 percent year-on-year (YoY) to 5.9 billion won, the report added.LG Display warned of challenging market conditions, citing slow global economic growth and industry oversupply.LG Display makes display panels for TVs, smartphones, tablets, monitors and notebooks. A major share — 38 percent — of the company’s revenue is sourced from the TV panels, while mobile and monitors make up 23 percent and 15 percent, respectively. Tablets and notebooks together accounted for 24 percent of the company’s Q1 2016 revenue. The company had total revenue of 5.989 trillion won ($5.22 billion) during the period.LG Display broke down the specifics of its quarterly earnings and said the Q1 panel shipments by surface area declined 7.7 percent compared to Q4 2015. The average selling price also declined 17 percent, which shifted the company’s focus towards displays measuring 60 inches to rake in greater profits.LG Display is hopeful for the second-quarter earnings. “Panel shipments in the second quarter of 2016 are expected to increase by a mid-single-digit percentage compared to the first quarter,” Reuters quoted LG Display’s Chief Financial Officer Don Kim as saying.According to the company, the upcoming global sports events such as UEFA Euro 2016 and the Olympic Games in Rio de Janeiro, and China’s Labor Day sales, will increase the shipments and warrant new product launches.Samsung leads the market for small-size OLED displays for smartphone, while LG Display’s dominance is in the large-size TV panels. LG Display is one of the largest providers of Apple’s LCD panels for iPhones and flexible OLED panels for the Apple Watch. But there have been reports that Samsung is trying to win Apple’s exclusive partnership to supply OLEDs for future iPhones.”LG Display is likely to be left empty-handed next year in terms of OLED supply for Apple’s premium phones as it has no capacity for small-size OLED production,” Kim Young-Woo at SK Securities was quoted as saying by FT.last_img read more

United Way of Central Maryland Hosts Event Connecting Homeless to Services

first_imgBaltimore Mayor Stephanie Rawlings-Blake addressed the event.Baltimore – Baltimore Mayor Stephanie Rawlings-Blake was on hand to kick off the United Way of Central Maryland’s Project Homeless Connect Sept. 24.“I want to thank you from the bottom of my heart for taking time from your day to help Baltimore’s most vulnerable citizens,” Rawlings Blake said, addressing the hundreds of volunteers who milled around in white T-shirts. “A lot of people say that they care. Far fewer actually show up and do the work to demonstrate their compassion for their brothers and sisters in our city.”The United Way of Maryland’s fourth Project Homeless Connect helped the area’s homeless tap into more than 150 services.This was the fourth year for the event, which was held at the Baltimore Convention Center.Volunteers were matched with homeless adults or homeless families to help them take advantage of the more than 150 services available at the event. There were stations where participants could have photo identification cards made and obtain dental care, housing information and legal services. There was also a huge table full of necessities like water bottles, granola bars, toothbrushes and razors – all for free. Organizers said they planned to host 2,000 volunteers. Shamda Yates was among one of the many people waiting to have their teeth examined and take advantage of the other offerings. She said she came looking to make a positive change in her life. “It was important to me because I really need my ID,” she said. “I just changed my life, so I’m trying to get a job…I’m trying to do some things in life.”last_img read more

Nickelberry Resigns from Howard

first_imgBy Mark F. Gray, AFRO Staff Writer, mgray@afro.comHoward University is looking for a new men’s basketball coach after Kevin Nickelberry resigned following their loss in the College Basketball Invitational Tournament.  The former Bison coach couldn’t save his job despite their most wins in over two decades and their first postseason appearance since 1992 when the university chose not to renew his contract.Despite injuries, suspensions and a shroud of controversy that hovered over the team most of the season, Nickelberry may have done his best job on the Howard sideline in his second tenure there.Kevin Nickelberry resigned from his postion as Howard University’s men’s basketball coach. (Courtesy Photo)“I am blessed to have had the opportunity to serve as head coach at Howard University,” said Nickelberry in a statement released by the school’s athletic department. “I am truly grateful for the opportunity and am proud of what we have been able to accomplish.”Nickelberry improved the talent base and recruited players who raised the profile of the basketball program. His recruiting prowess brought international talent from Africa and France who made immediate impact and steadily improved.In addition to this year’s Mid-Eastern Athletic Conference Player of the Year R.J. Cole and first team all-conference guard Charles Williams, two years ago he also coached the nation’s leading scorer James Daniel.  This past season he stewarded a team with injuries that forced him to play the early part of the season with a truncated lineup, while playing their schedule of “guaranteed” games against major conference opposition that lower division programs take for their financial impact on the athletic program.“Coach Nickelberry has laid a strong foundation for the future success of Howard men’s basketball, I sincerely wish him all the best as he pursues other opportunities in his career,” said Howard athletic director Kery Davis in his statement.However, Nickelberry’s fate may have been sealed before the season began when he was named as a defendant in a lawsuit by two former players allegeding Howard engaged in practices that violated NCAA regulations and they reneged on scholarship promises that derailed their future basketball opportunities.Former players Ausar Madison and Kai Tease filed a $9 million  lawsuit in D.C. Superior Court in October 2018 claiming that during the summer of 2013, Nickelberry “guaranteed” Madison “a perpetual scholarship” set to begin in the 2014-15 season, but reneged on his promise three times.Madison also claimed that Nickelberry said he would receive a scholarship beginning the following year, but never fulfilled the commitment. Madison, who is still a student at Howard, left the basketball program in January 2017 and “has never received any funds from an athletic scholarship,” according to the lawsuit.The lawsuit alleges that Howard knew of Tease’s learning disability and “Nickelberry personally ensured that [he] would receive all the academic support required, supplied and subsidized by Howard.” Tease claims he never received any accommodations and left the university last December.Meanwhile, the optics of last February’s postgame melee following their home loss to the eventual MEAC regular season champions Norfolk State may have been the final nail in his coffin.  After a fight began in the stands then moved to the floor, both teams had to be separated when trying to head into the locker rooms.  Sources tell the {AFRO} that while Nickelberry didn’t encourage his players to participate in the fracas, he didn’t do enough to diffuse the situation either.A national search has begun for a coach to inherit a program that is set to contend for the MEAC Championship immediately.  The National Association of Basketball Coaches (NABC) meets during the Final Four in Minneapolis and Howard’s job opening appears to have caught the attention of several coaches with former ties to major college programs.last_img read more

Netflix Picks Brillante Mendoza Drug War Show AMO as First Philippines Series

first_img ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15 Popular on Variety Global streaming giant, Netflix has picked up drug war drama “AMO” as its first series from The Philippines. The show was produced by broadcaster TV5 and directed by Brillante Mendoza. Netflix will roll it out worldwide from April 9, 2018.AMO tells the story of Joseph, a high school student who starts out as a small-time “shabu” peddler, whose involvement in the drug trade eventually gets him entangled in the violent and dangerous circle of drug lords, crooked cops, and corrupt government officials.The series stars Vince Rillon, an upcoming indie film actor from the movies “Captive,” “Fallback,” and “Bagahe,” and Derek Ramsay, a veteran of numerous movies and TV shows.Mendoza is The Philippines’ best-known film director, with credits that include “Service,” “Kinatay” and “Thy Womb.” The most recent of his three Cannes competition titles “Ma Rosa” similarly probes the milieu of small time drug dealers and the endemic violence and corruption of the police. A timely production, it highlighted the brute force of Philippines President Rodrigo Duterte’s controversial war on drugs. It has been estimated that since Duterte’s election, more than 3,000 drug dealers and users have been shot dead by police.center_img “AMO is a bold and suspenseful show that has the potential of capturing thrill-seeking audiences worldwide,” said Robert Roy, VP of Content Acquisition at Netflix.“We are excited to finally be able to share AMO with everyone. Brillante has done a beautiful job in bringing paper to life, and the show’s acquisition provides an additional platform to help share the first-ever Filipino series on Netflix to a worldwide audience,” said TV5 President & CEO, Chot Reyes, in a statement.last_img read more

Rahul pushes for increasing partys base

first_imgAt the brain-storming meeting of the Election Authority of the party, Gandhi is learnt to have expressed his concern over the tardy pace of organizational polls and asked young AICC secretaries to take responsibility to ensure that it gets the needed momentum in states.Re-introducing active membership concept, common membership across all the wings of Congress and enhanching the representation ratio of SCs, STs, OBCs and minorities in Committees are some of the measures that were debated threadbare during the meeting in which Gandhi was present for one and half hour. Also Read – Need to understand why law graduate’s natural choice is not legal profession: CJIThrust was laid on opening up the membership enrolment by introducing multiple channels like web-based application and smart phone application as well as providing “incentives” for a member who enrolls at least 25 members.From the meeting, coming a day before Delhi goes to vote, it emerged that the Congress Vice President was focussing on long-term strategies.Party General Secretary in-charge Organization Janardan Dwivedi could not attend the meeting as he was down with viral fever while some other general secretaries also failed to turn up. Also Read – Health remains key challenge in India’s development: KovindThe membership drive, which was earlier set to have ended on December 31 of last year, was extended for two months is to wrap up this month-end with Gandhi not quite keen on further extending it.The Central Election Authority headed by senior leader Mullapalli Rmachandran submitted some proposals and amendments to better the organizational functioning of the party, which was considered by the apex decision making body of the party, Congress Working Committee in a meeting on January 13. The CWC decided to take inputs from the states on the proposed changes and fine-tune the proposal and if necessary, place them before AICC session likely in March-April.This time there will be open membership and the party plans to carry out rigorous scrutiny to ensure transparent selection.There have been several complaints earlier regarding bogus membership and kin of senior politicians occupying key posts in the party by ‘managing’ elections.In a statement, the party said that since it is seriously considering to introduce active membership concept, the Election Authority exhorted each Congress workers to enrol at least 25 members and maintain its record to access “incentives” to be announced by the party, for every one, who enrolls a minimum of 25 members.last_img read more

Govt to come up with Jagannath temple in Digha

first_imgKolkata: Chief Minister Mamata Banerjee on Thursday announced that the state government would construct a Jagannath temple near Jagannath Ghat in Digha, which has already emerged as a major tourist destination.Banerjee was speaking at the administrative review meeting in East Midnapore. The Jagannath temple would be set up in the district along the footsteps of the temple in Puri, where large numbers of devotees congregate to offer their prayers. Also Read – Rain batters Kolkata, cripples normal life”We are going to construct a temple at Jagannath Ghat in Digha, similar to Puri. The ghat would also be renovated. The Jagannath temple that we see in Puri had been constructed many years ago. We are developing a temple here keeping it in mind,” the Chief Minister said. She instructed the state Tourism department to prepare a Detailed Project Report (DPR) after discussing the matter in detail with the district administration. It may be mentioned here that after coming to power, the Mamata Banerjee government had taken up a beautification drive in the beach town and along the sea shore. Since then, the footfall of tourists in Digha and other beach towns in the district has gone up significantly. Also Read – Speeding Jaguar crashes into Mercedes car in Kolkata, 2 pedestrians killedDuring her meeting with the administrative officials, Banerjee inquired about the latest status of the 3 marine bridges which she had proposed 3-4 years ago. The officials told her that the construction of two bridges would be started within one year, while the third one would take some time. The Chief Minister advised the Public Works Department (PWD) to start all the three projects simultaneously. She instructed the government officials to expedite the project. Banerjee announced that construction of the International Convention Centre at Digha would be completed within the next two months. She laid a great emphasis on the cleanliness of the place. She instructed the local administration to consider if the local Nuliahs (sea divers) can be inducted under the 100 days work scheme to maintain cleanliness of the beach town. “Digha has emerged to be one of the key tourist places in the state. A large number of people visit the place every day. Maintaining cleanliness must be the top priority. The Nuliahs who act as civic defense workers during any incident, can be engaged in two shifts for maintaining cleanliness,” she added. She also expressed her dissatisfaction over the overdue wages of the Nuliahs. She wanted to know from the administrative officials why they have not been getting money since September. They get a wage of Rs 300 per day and they work 25 days a month. “Those who save the lives of others risking their own, are not getting their wages. They should be brought under the Swasthya Sathi scheme. Take necessary steps to disburse their dues on immediate basis,” Banerjee told the district administration. She also stated that Tajpur port will be constructed at an estimated cost of Rs 12,000 crore, where various other ancillaries would come up, creating job opportunities. A fund of Rs 17,000 crore has already been invested for various projects in the district, while many others worth nearly Rs 8,600 crore are in the pipeline. She also inquired about the various fishery development schemes that are being run in the district. She proposed to set up a fish land bank and marketing centres where the fishermen can sell their catches. In reply to a question posed by state Transport minister Suvendu Adhikari, the Chief Minister asked the Home Secretary to expedite the investigation into the disappearance of people from Nandigram that took place during the Left Front regime. The CID has been investigating the case.last_img read more

October 11 2013We received these wonderful photos

first_imgOctober 11, 2013We received these wonderful photos from architect Jim Horecka, who has visited Arcosanti many times over the years. Thank you so much, Jim![Photo credit for all of the photos in this report: 2013 James Horecka, AIA, Architect]On the last day of the Paolo Soleri Memorial Cosanti  and Arcosanti alumni, and friends supportive of Paolo Soleri’s efforts, gathered at the Paolo Soleri Scottsdale Bridge and Plaza.[photo: Paul from Flam Chen waiting with a large lense for the exact Solar Noon].Text of Jeff Steins speech at the Soleri Bridge on Sunday, September 22. 2013.“Thank you Donna Isaac, Mayor Jim Lane, and welcome.Thank you all for being here on a beautiful Sunday in Scottsdale, Arizona, home for 66 years to the architect, philosopher, writer, lecturer, EXPLORER – and our neighbor –  the late Paolo Soleri. We are gathered today at his Soleri Bridge and plaza to celebrate Paolo. We are here at this public place, designed by an individual, funded by a government – the city of Scottsdale – for the enjoyment of its citizens. We are those citizens.This bridge represents decades of thought and the ideals of its architect Paolo Soleri; his wish to connect us in this desert city to the sun and seasons, to earth and it’s ecology, his wish to use architecture to help connect us all to each other. That wish to define new relations and ways to celebrate them continues in this place today.The GREAT WORK of our generation: the transformative and radical effort to change human-Earth relations from disruptive and destructive to naturally enhancing and beneficial was first modeled for us by Paolo Soleri. His legacy of writing, of building, of BRIDGE-building, really, is what we celebrate today.[photos are of the FLAM CHEN performance during the event].A bridge is a way to cross over, a way to make a transition to the other side of something.  A bridge marks the end of one thing, the beginning of another. At this bridging moment in the history of our culture, we hope our presence here today will serve as a bridge for us to continue the work Paolo Soleri began to make a transition to a better, a more coherent way to be, on the land, in the world.The writer E.B.White  said, “I arise in the morning torn between a desire to save the world and a desire to savor the world. This makes it hard to plan the day.” Paolo Soleri had this same issue. But his life’s work, at Cosanti, at the enduring urban laboratory Arcosanti, including the Soleri Bridge and the new bas relief murals at the Arcosanti Interchange on I-17, all allow us new places and new ways to do both those things at once. Paolo Soleri created ways to connect and enjoy living, human connections, he modeled ways to bring together mind and heart and hand to develop a new consciousness of how the earth works, a new framework for the practice of architecture and urban design.Paolo Soleri’s work of cultivating awareness and attention entails a commitment to tend to and take responsibility for our communities. A clearer awareness of who we are in relation to the larger whole of earth’s ecology, rooted in respect and reverence for the whole, requires of us both a response and a responsibility. Paolo Soleri, who we honor here today, who lived and created in our midst for nearly 94 years, made a real effort to leave the world a little better than he found it. And we gathered here today intend to continue to create a reasonable alternative equal to the needs of our age. This is our time, our responsibility, and I congratulate you here today for recognizing this with your presence. I urge you to go forth from this place today with a renewed spirit, a new sense of what is possible based on the life and work of Paolo Soleri.  Thank you in advance for doing it.”last_img read more

Rep Bellino announces local office hours

first_img Categories: Bellino News 09Nov Rep. Bellino announces local office hours State Rep. Joe Bellino of Monroe will host office hours on Monday, Nov. 27 to meet with residents of Monroe and Wayne counties.“Some of the best ideas are generated from the members in our community,” Rep. Bellino said. “I welcome anyone with concerns, ideas or issues to join me.”Rep. Bellino will meet with residents at the following times and locations:9 to 10 a.m. at Biggby, 26614 Telegraph Road in Flat Rock;10:30 to 11:30 a.m. at Tim Hortons, 404 S. Monroe St. in Monroe; andNoon to 1 p.m. at Carleton Branch Library, 1444 Kent St. in Carleton.Appointments are not necessary during office hours. Anyone unable to attend is encouraged to contact Rep. Bellino’s office at (517) 373-1530, email JosephBellino@house.mi.gov or visit www.RepBellino.com.last_img read more

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first_imgSponsor Advertisement I wasn’t amused that the precious metals shares got sold off as heavily as they did…Just eye-balling the Kitco gold chart below, it’s obvious to me that the gold price, despite several serious attempts to do so, wasn’t going to be allowed to break above the $1,720 spot mark anywhere on Planet Earth yesterday and, with the exception of the high tick of the day [$1,724.10 spot] at the London p.m. gold fix, it didn’t.The gold price finished the day at $1,716.00 spot…up a whole 80 cents from Friday’s New York close.  Net volume was very light at only around 108,000 contracts.Here’s the New York Spot Gold [Bid] chart on its own…and three of four of gold’s attempts to climb above the above mentioned price got turned back…and the glaring one is at the 3:00 p.m. GMT London gold fix…10:00 a.m. Eastern.Silver rallied right from the New York open on Sunday night…and its Far East high came around 10:00 a.m. Hong Kong time.  It was all down hill from there until the noon silver fix in London.That proved to be the low of the day.  The subsequent rally ran into the usual not-for-profit seller at the afternoon London gold fix…and that was it.Silver closed at $33.66 spot…up 22 cents on the day.  Net volume was a rather unexciting 30,500 contracts…give or take.The dollar index, which closed on Friday at 80.24, was under pressure right from the get-go in Far East trading on their Monday morning…which most likely explains the initial rally in gold and silver.The index sank under the 80.00 mark around 3:00 p.m. in Hong Kong…about an hour before London opened.  From there it kept declining in fits and starts…closing around the 79.89 mark…down about 35 basis points on the day.It was obvious that both gold and silver wanted to rally at midday in London…and at the Comex open…but it’s equally obvious that there were forces standing by to make sure that it didn’t happen.The US dollar index packed up on the ino.com Internet site around 9:00 a.m. yesterday morning…and as you can see, I stole the chart below from one of Peter Spina’s websites…goldseek.com…and I’m sure he won’t mind.As you are more than aware, the shares did very poorly yesterday…and the HUI finished down 2.33%.  The HUI from that yahoo.com website has been M.I.A. for many days now…and here’s one that Scott Pluschau offered up in its stead.(Click on image to enlarge)The silver shares fared little better…and despite the metal itself finishing well in the black, the shares got sold down pretty hard as well.  Nick Laird’s Silver Sentiment Index closed down 1.68%.(Click on image to enlarge)The CME’s Daily Delivery Report for ‘Day 3’ in the December delivery month showed that 1,906 gold and 712 silver contracts were posted for delivery on Wednesday within the Comex-approved depositories.In gold, the big short/issuer was Deutsche Bank with 1,741 contracts posted for delivery…and in very distant second place came the Bank of Nova Scotia with 162 contracts.  The big long/stopper in gold was JPMorgan Chase with 1,565 contracts…275 in its client account and 1,290 in its proprietary [in house] trading account.  There were about a dozen other small stoppers accounting for the rest.In silver, the big short/issuer was Deutsche Bank as well with 579 contracts…and JPMorgan, in its proprietary account, was in second with 106 contracts.  The biggest long/stopper was JPMorgan in its client account with 341 contracts.  Second was Barclays with 225 contracts…and third was Credit Suisse First Boston with 98.The Issuers and Stoppers Report is well worth a few minutes of your time…and the link is here.  Note the delivery info in palladium as well…Deutsche Bank, JPMorgan and Barclays.If you haven’t figured it out already, it should be patently obvious that JPMorgan is at the center of the precious metals universe.There were no reported changes in either GLD or SLV yesterday…and no sales report from the U.S. Mint, either.Over at the Comex-approved depositories on Friday, they reported receiving no silver at all…but shipped 458,050 troy ounces out the door.  The link to that activity is here.Washington reader S.A. had no charts for me today…but he more than made up for it by sending me a photo of the latest addition to the Oregon Zoo.Being a Tuesday column, I have a few more stories than usual for you today…and I’ll leave the final edit up to you.I have no doubt that the CFTC is publishing accurate data on COMEX silver. Without that data, I couldn’t begin to make a case for manipulation. The problem is that all the agency does is to publish accurate data that prove that silver is manipulated in price…and then refuses to react to the clear proof of manipulation. Due to a decrease in reported spread positions in this week’s disaggregated COT report, JPMorgan’s 38,000 contract silver short position “only” increased to 34.7% of the entire net COMEX short position from the previous week’s 34%. But the 190 million ounces that the 38,000 contracts represent is equal to 25% of the world’s total annual silver mine production of 760 million oz. If one trading entity was short 25% of the annual world production of any other commodity that entity would be in jail the day it became known. For that entity in silver to be a systemically important US bank is shocking in its own regard. In many ways, I admit that this is so extreme as to not be fully comprehendible. Believe me when I tell you that I can hardly comprehend that I label JPMorgan as crooked and get away with it. – Silver analyst Ted Butler… 01 December 2012Even though volume was pretty light in both silver and gold yesterday, it was obvious [at least to me] that the prices of both metals weren’t allowed to get far, even though the dollar index dropped below the psychologically important 80.00 mark.I wasn’t amused that the precious metals shares got sold off as heavily as they did…and I’ll quote a paragraph on this from my Saturday column…“I’d like to think that it’s strong hands buying all the shares that are falling off the table as weak-kneed day traders hit the ‘sell’ button…but I’m always concerned that “da boyz” are buying up all these shares in order to dump them later when they need to suppress the share prices as well.  I know that John Embry would be in total agreement with this scenario.  But maybe I’m looking for a black bear in a dark room that’s not there.”I leave it up to you, dear reader, to ponder the notion of whether or not there is any truth in that paragraph…for, or against.As you may remember, I’ve had correspondence with Scotiabank here in Canada about whether or not they were the bank that was fingered by the CFTC as the “non-U.S. bank” in their November Bank Participation Report.  All enquires sent by myself…and other readers…ended up with the same “non-denial denial” type of answer.So, on Sunday, I sent an e-mail off to the ombudsman at Scotiabank…and here is what I had to say…02 December 2012Mr. Charles DougallOmbudsmanScotiabankHi Charles,I’ve been trying to get an answer to a question that I asked of your firm a month or so ago.I started off with Andy Montano at Scotia Mocatta…and have since graduated to Rick Waugh…and got immediately passed off to Dave Shearim.  I have not received a direct answer, except for the usual ‘non-denial denial’…the normal runaround corporations give when they really don’t want to answer and are just trying to blow someone off.I’m not asking for trading secrets, or the trading positions of any client [in-house or otherwise] that may exist over at Scotia Mocatta…as I fully understand that this client privileged information.Here is the sequence e-mails as posted in ‘The Wrap’ section of my daily column over at Casey Research on November 6th…[There was a bit more to this e-mail than that at the end, but what you see above is the essence of what I sent]The reply I got back on Monday was as follows…Dear Mr. Steer, We acknowledge receipt of your email dated December 2nd. After a preliminary review of your email, we wish to inform you that there are certain issues that are deemed to be outside the mandate of the Office of the Ombudsman, which may include the issue(s) you have raised.  Having said that, we will make inquiries into your concerns and will respond to you further in due course. Yours truly, Marlaine Radke Assistant Ombudsman Scotiabank – Executive Offices 44 King Street West Toronto, ON  M5H 1H1 Telephone: (416) 933-3299 Fax:  (416) 933-3276And that’s where it sits at this point…and I’ll let you know the contents of any further correspondence that I receive, or send.  I get the impression from the tone of the reply, that I’m not going to get very far, but you never know.Both gold and silver came under selling pressure the moment that Far East trading began on their Tuesday.  Then, as you’ve already noted, the bid disappeared shortly before 2:00 p.m. Hong Kong time…or the high-frequency traders showed up…and the gold price dropped ten dollars in just a few minutes.  This decline occurred in all four precious metals.Since those lows, they have recovered somewhat…and their respective rallies have continued [in fits and starts] into the first hour or so of trading in London.  Whether these rallies will be allowed to continue is impossible to tell…but as I also said in my Saturday column, it’s a mug’s trying to predict what the precious metals will do price-wise when the heavy hands of JPMorgan Chase et al are in the market.The dollar index has been in a slow but steady decline all through Far East and the early London trading session as well…and is down about 23 basis points as I hit the ‘send’ button at 5:15 a.m. Eastern time.  Volumes are monstrous…over 45,000 contracts in gold…and 9,000+ in silver.  Fortunately, all of this…along with New York’s price/volume activity…will be in Friday’s Commitment of Traders Report, as the cut-off is at the 1:30 p.m. Eastern time Comex close today.And I suggest you re-read Ted Butler’s quote under the cartoons above to give you some idea of the meaning of “obscene and grotesque” when it come to a short position in the precious metals…especially silver.  Between JPM and Scotiabank…if they are the second big silver short…they hold a short position of over 45% of the entire Comex futures market in silver.  That was as of the Tuesday cut-off for last week’s COT Report…and it may have declined since.  But by how much, won’t be known until Friday.What the precious metals do price-wise is entirely up to them…and has nothing to do with legitimate supply and demand fundamentals.That’s more than enough for today…and I’ll be very interested in the price action in New York when I switch my computer on later this morning.See you tomorrow. Tosca Mining Corporation’s goal is to acquire advanced stage projects that can be placed into production quickly. The company’s primary asset is the Red Hills Molybdenum/Copper project located in Presidio County, Texas. A program to confirm, and expand the considerable size and potential of the project and evaluate various economic scenarios was completed in 2011. Tosca recently received results from the 13 remaining holes from its phase two, 16,000 M (4,873 m) diamond drill program. Per Tosca’s Chairman, Dr. Sadek El-Alfy, “the drill program has successfully verified historic drill results of the shallow Copper-Molybdenum cap and confirmed the presence of a deeper, well mineralized Molybdenum Porphyry deposit.” The results of 21 holes drilled through the copper/moly cap in Tosca’s 2011 drill program give a weighted average grade of 0.39 % Cu over a core length of 113 feet (34.5 m). Since the copper cap is subhorizontal, the average core length can be interpreted as being approximately equivalent to true width. The copper/moly cap is crescent shaped, approximately 4,000 feet (1220 metres) long and 400 feet (122 m) to 1000 feet (305 m) wide.The 2011 program encountered numerous thick  Molybdenum mineralized intervals including Hole TMC-25 wich  intersected 1,189 feet (362.4 m) averaging 0.089 per cent Mo including 830 feet (253 m) of 0.1 per cent Mo from 359 feet (109.8 m) to the bottom of the hole. Hole TMC-29 cut 989 feet (301.4 m) averaging 0.09 per cent Mo including 139 feet (42.4 m) of 0.16 per cent Mo. The molybdenum grades are similar and in some cases higher than those of projects currently considered of potential economic interest.”Aggressive plans are in place for 2012 to conduct metallurgical tests, produce an updated resource estimate and  Pre Economic Assesment. Tosca is operated by an experienced mine development team, operates in Texas, a  mine-friendly jurisdiction and its property iseasily accessible with infrastructure in place to advance operations. Please visit our website to learn more about the company ad request information.last_img read more

Fortyfive states and the Department of Justice ar

first_imgForty-five states and the Department of Justice are claiming that generic-drug prices are fixed and the alleged collusion may have cost U.S. business and consumers more than $1 billion.In their complaint, prosecutors say that when pharmacies asked drugmakers for their lowest price, the manufacturers would rig the bidding process.”The companies would work out in advance who would get the lowest price and then the other competitors may put in what we would call a cover bid,” says Michael Cole, who heads the antitrust department at the Connecticut attorney general’s office. (Such bids give the appearance of competitive bidding.)Through subpoenas, Cole’s team has assembled millions of texts, emails and phone calls between 2012 and 2015. The prosecutors say the records show executives divvying up customers, setting prices and giving the illusion that generic pharmaceuticals were transacted in an open and fair marketplace.Because of this price-fixing scheme, prosecutors say, health insurance premiums and copays increased. They also say tax-funded programs like Medicare and Medicaid overspent on drugs.So far, two executives from Heritage Pharmaceuticals have pleaded guilty to antitrust crimes. Both are now feeding information to prosecutors who say the two rigged prices on, among other drugs, the common antibiotic doxycycline, which shot the price up 8,000 percent.”To the extent that taxpayers have had to pay that bill, I think that the taxpayers should recover. And we will get involved on the civil side and recover damages for the U.S. government,” Makan Delrahim, head of the Department of Justice’s antitrust division, said at a seminar.The fact that the Department of Justice is involved has caught the attention of class-action lawyers.Jason Dubner, an attorney for Butler, Rubin, Saltarelli & Boyd, says the allegations are so massive that prices throughout the generic industry could have been affected. “You start to get an understanding just how widespread this alleged conspiracy was to cover so many different types of cures,” he says.Law firms that specialize in class actions have already lined up as many as 80 companies that may have paid too much, including retail pharmacies, employee unions and insurance companies. Dubner predicts more will join as the lawsuit progresses, perhaps even individual consumers.The pharmaceutical manufacturers named in the complaint have either declined to comment or denied the allegations, saying they have a robust compliance program.Ronny Gal, a market analyst for Sanford Bernstein, says on average, the generic-drug industry has lowered prices for consumers. But, he says, in an efficient marketplace, generic-drug wholesalers should have kept prices in check.”In a market that has only three or four really large distribution organizations, they are sometimes tempted to maximize their own profits in a way that does not always 100 percent reflect the best interest of their clients,” Gal says.This is what investigators are looking at now. In their complaint they suggest — but don’t allege — that the price-fixing conspiracy also involved drug distributors. Prosecutors are sending more subpoenas and planning a new complaint.”It could be more generic manufacturers, it could be more drugs, it could be more entities in the distribution chain. It could be all of that,” Cole, of the Connecticut attorney general’s office, says.A spokesperson for McKesson, one of the largest generics distributors, said the company is cooperating with requests for information from prosecutors and that it competes aggressively for the lowest price available.Based on what’s in the current lawsuit, Gal estimates an eventual settlement would be around $1 billion. But he says that number could go as high as $5 billion, especially if more drugs are included. Copyright 2018 WSHU. To see more, visit WSHU.last_img read more