Australian stock market responds weakly to coal company IPO

first_imgAustralian stock market responds weakly to coal company IPO FacebookTwitterLinkedInEmailPrint分享Reuters:Coronado Global Resources, Australia’s biggest coal mining IPO since 2012, fell as much as 8.5 percent below its float price on the first day of trading on Tuesday, even after being priced at the bottom end of the offered range. Coronado’s shares debuted at A$3.80, 5 percent below the issue price of A$4.00 and fell as low as A$3.66 in early trading on the Australian stock exchange.Local fund managers shunned the offering on the view that Coronado’s private equity owner, The Energy & Minerals Group (EMG), was selling when coking coal prices were primed to fall on declining demand from China.“I don’t think we can forecast the coking coal price, so it’s tough to buy something at peak earnings,” said Hugh Dive, chief investment officer of Atlas Funds Management.Coronado mainly produces coking coal used in steel-making, with an annual output of 8.2 million tonnes from three U.S. mines and 8.5 million tonnes from the Curragh mine in Australia, which it bought from Wesfarmers Ltd for A$700 million last December.Dive said another factor that put him off was that Coronado had bought the Curragh mine on an earnings multiple of 1.5, yet was floating the same asset, which makes up about half the company’s valuation, on a multiple of 4 to 4.5. “They have obviously made a lot of money (on Curragh),” said another Sydney-based fund manager, who did not buy shares in the initial public offering.More: Coronado coal float flops on Australian market debutlast_img read more

North-east – Talk of the towns

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

IMF says Jamaica’s economic growth is disappointing

first_imgThe International Monetary Fund (IMF) says Jamaica’s economic growth continues to disappoint, averaging only 0.9 per cent since Jamaica began its economic reform program in 2013.Jamaica to receive additional US$233 millionIn a statement issued on Friday, at the end of a third review of the Stand-By Agreement (SBA) the island has with the Washington-based financial institution, it however noted that consideration by the IMF executive board is scheduled for April and that “upon approval, an additional US$233 million would be made available to Jamaica, bringing the total accessible credit to about US$1.033 billion.“All quantitative performance criteria and structural benchmarks for the review period ending December 2017 have been met. Non-borrowed international reserves well-exceeded the program target and tax revenues for financial year2017/18 were above the budget’s target, reflecting the payoffs from revenue administration reforms put in place by the government over the past few years.”The 36-month SBA with a total access of US$1.68 billion was approved by the IMF on November 11, 2016.IMF warningThe IMF warned “Entrenched structural obstacles, including crime, bureaucratic processes, insufficient labor force skills, and poor access to finance, continue to hinder productivity and growth. “Moreover, the agricultural sector’s vulnerability to weather shocks exacerbated rural poverty in 2015. Not addressing these bottlenecks could pose risks for continued public support for the government’s policy program.” It said that the economic reform program that began in May 2013, has been a turning point for Jamaica with broad based social and political support over two administrations. The program is intended to put the island on a path of fiscal discipline, monetary and financial sector reforms, and wide-ranging structural improvements to break a decades-long cycle of high debt and low growth.Employment at historic heightsThe IMF said “Employment is at historic highs, inflation and the current account deficit are modest, international reserves are at a comfortable level, and external borrowing costs are at historical lows,” the IMF said noting that structurally reducing the wage bill is critical for the government to reprioritize spending towards growth enhanced projects.Improvements needed“More expenditure is needed for infrastructure, citizen security, building agricultural resilience, health, education, and the social safety net. Creating the space for such spending will require going beyond temporary remedies like wage freezes and adjustments to non-wage benefits.”The IMF said this would require high-quality measures to overhaul the compensation structure to retain skills and reward performance, streamline the vast and inequitable allowances structure, prioritize key government functions and shed those activities that the government can no longer afford to undertake, and change the capital-labor mix through technology upgrades, including a better monitoring of and accountability for government spending.Need to address structural bottlenecksThe Fund’s statement also cited improving social outcomes and fostering inclusive growth will require addressing structural bottlenecks and creating an enabling environment for the private sector. It believes countering weak social outcomes and escalating crime will take time but will be essential for sustained growth.“In this regard, the evidence suggests that early childhood education, interventions to improve school attendance, and skills training for the youth would foster a virtuous cycle of lower crime, higher wages, stronger growth, and increased economic opportunity, particularly for the young.“Policies to support productive private investments, including improving lending to smaller businesses and reducing lending-deposit interest spreads, will help fuel such an upswing. However, the government must resist the pressure to use scarce public resources to “pick winners” including through providing tax incentives”.Formalize inflation targeting regimeIt said that formalizing the current inflation targeting regime will help entrench macroeconomic stability and promote growth.“With inflation likely to remain in the lower part of the central bank’s target range, a looser monetary stance remains appropriate. Meanwhile, upcoming revisions to the Bank of Jamaica (BOJ) Act—including a clear mandate for price stability, a reformed governance structure, and a strong central bank balance sheet—will help institutionalize the inflation targeting framework,” the IMF said.It said also, continued development of the foreign exchange (FX) market, liquidity management and forecasting toolkit, along with upgrading the BOJ’s communication practices, will improve policy signaling and enhance credibility.According to the Fund, financial sector stability is a prerequisite for strong and sustained growth, noting that ongoing prudential and supervisory improvements will enhance systemic stability. While changes to investment limits for non-banks should be considered, they must be backed by a thorough assessment, including of appropriate regulations, risk management guidelines, and supervisory arrangements, to ensure that greater flexibility in non-banks’ asset-liability management practices does not jeopardize financial stability.The Washington-based financial institution said continued reform implementation will not only safeguard hard won gains, but also deliver stronger growth and job creation.The IMF said that after five years of reforms and tenacious fiscal consolidation, risks from reform fatigue and loss of social support are high, especially as growth remains feeble and crime escalates.last_img read more

Marine Sea Tank Sinks With 16 Aboard, One Dead & Eight Missing

first_imgSAN DIEGO (AP) — A seafaring tank with 15 Marines and a Navy sailor aboard sank near a military-owned island off the coast of Southern California, leaving one of the Marines dead and eight missing, authorities said Friday.They were traveling in the amphibious assault vehicle from the shores of San Clemente Island to a Navy ship Thursday evening when they reported that the vehicle was taking on water, said Lt. Cameron H. Edinburgh, a Marine Corps spokesman for Camp Pendleton.Two of the Marines who were rescued were injured, with one hospitalized in critical condition and the other in stable condition, a Marine Corps statement said.Military ships and helicopters on Friday were searching choppy seas for the missing amid moderate to strong winds. The Navy-owned island is about 70 miles (112 kilometers) offshore from San Diego.All of the Marines involved were assigned to the 15th Marine Expeditionary Unit and were involved in a routine military exercise when the vehicle started taking on water, the Marine Corps said.“We are deeply saddened by this tragic incident. I ask that you keep our Marines, Sailors, and their families in your prayers as we continue our search,” Col. Christopher Bronzi, the unit’s commanding officer, said in a statement from the Marine Corps.The Marine Expeditionary Force is the Marine Corps’ main warfighting organization. There are three such groups which are made up of ground, air and logistics forces.last_img read more

Residents of Bloemfontein invited to join Brand South Africa on 26 October 2016

first_imgJohannesburg, Wednesday 19 October 2016 – Brand South Africa’s nationwide campaign – Play Your Part will be in the capital city of the Free State province on Wednesday 26 October 2016 and citizens are invited to join the programme.The Play Your Part activation themed “start doing” is aligned to Brand South Africa’s mission and purpose to inspire citizens to participate actively in building the Nation Brand. Active citizenship refers to an ethos where people get involved in their local communities which strengthens the country’s democracy at all levels.The activation in Bloemfontein follows similar engagements with communities in Limpopo and Port Elizabeth during which the innovative and interactive PYP cube was introduced to citizens. Community members shared their empowerment projects as well as pledged their time, money and skills towards improving the lives of the people of the South African Nation Brand.The citizens of Bloemfontein will also have an opportunity to engage and participate in community projects as well as showcase their active citizenship through the interactive PYP cube.On its third leg, Brand South Africa brings along its inspiring partners: Dj Sbu’s Leadership 2020 and SABC’s One Day leader programmes which promote leadership and entrepreneurship within society. In addition, Bloemfontein’s active citizens such as 23 year old author and winner of One Day leader season four Zareef Minty, hip-hop dancer and motivational speaker Oscar von Memerty and founder of I Am a Phenomenal Woman, Thato Mokhothu will lead the conversations on Playing Your Part and start doing.Dj Sbu imparted reassuring words in the previous leg of Play Your Part activation saying ‘Every young person needs to do something, no matter how small, do something that will better someone else. Vision 2030 and Brand South Africa’s Play your Part initiative want to change the mindset of young people in order to make every day a Mandela Day and make the positive change in the lives of everyone.”Engage with the PYP Cube, Brand South Africa and its partners on #PYPCube.Media is invited to attend as follows:Date : Wednesday 26 October 2016Time : 09h00 -13h00Venue : Mangaung Indoor Sport Centre,Corner Moshoeshoe Road& Chief Moroka Crescent, RocklandsRSVPS/Enquiries : Ntombi NtanziEmail [email protected] number 081 7041488Brand South Africa will also be able to facilitate any requests for interviews.Follow the conversation on #SANationBrand#PYPCUBEProgramme for the Brand South Africa Play Your PartProgamme Directed by : Sbu Leope and Seadimo TlaleTimeItem 1Item 2 08H00      INTERACTION AND ENGAGEMENT WITH THE PYP CUBEBRAND SA10H00PROGRAMME INSIDE THE VENUE COMMENCESBRAND SA10H15PLAY YOUR PART BRAND SA AVAV10H20OPENING AND WELCOMEBRAND SOUTH AFRICA10H25AV OF “ONE DAY LEADER ALUMNI”AV10H40ADDRESS FROM ONE DAY LEADERODL Free State Seadimo Tlale Season Two Finalist10H55MOTIVATIONAL SPEAKER / ICE BREAKER11H05LEADERSHIP 2020 TRAINING PROGRAMMEOSCAR VON MEMERTYhttps://www.youtube.com/watch?v=r6o9krBsWrUZAREEF MINTYhttp://www.leadership2020.co.za/index.php/speakers/141-zareef-mintyTHOBILE MUSHWANAhttps://www.facebook.com/Dentalmarathon/THATO MOKHOTUhttp://theyoungindependents.co.za/mzansis-100/mzansis-100-disruptor-thato-mokhothu/12H15PANEL DISCUSSION / AUDIENCE INTERACTIONlast_img read more

Fort Recovery FFA awards Greenhand Degrees

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Fort Recovery Greenhand MembersThe Fort Recovery FFA Chapter held its Greenhand FFA Degree Ceremony during January regularly scheduled monthly chapter meeting.  The Greenhand FFA Degree was awarded to 37 first-year members enrolled in an Agricultural class.  The Greenhand FFA Degree is the 1st degree that an FFA member can receive and requires members to demonstrate knowledge of FFA history, the FFA Creed, FFA motto, as well as have satisfactory plans for a Supervised Agricultural Experience Program.The Fort Recovery FFA program continues to be a very popular program for many, boasting 129 in total membership. Fort Recovery FFA members learn about the vast agricultural industry to include animal, plant, and soil sciences, leadership and communication skills, business, technology, and engineering, as well as woodworking and metal working shop skills that allow students to gain knowledge and confidence while taking pride in their work.This year’s recipients include freshmen Jacob Acheson, Morgan Alt, Cole Bergman, Kayla Briner, Jay Brown, Riley Dilworth, Claire Evers, Garret Faller, Kurt Fisher, Michael Fritz, Jon Green, Ian Homan, Mitchell Huntsman, Claudia Jones, Kenzie Kaiser, Eli Keller, Luke Klingshirn, Brooke Knapke, John Knapke, Troy Kunk, Caleb Lennartz, Walker Leuthold, Ramsey Leverette, Katelin O’Connor, Riley Pearson, Riley Post, Mitchell Pugh, Dylan Ranly, Cole Schmitt, Jason Siefring, Rachel Thien, Jared Timmerman, Kegan Timmerman, Paige Timmerman, Derek Wendel, Lydia Wenning, and Evan Westgerdes.All degree recipients were awarded their bronze Greenhand FFA pin to wear on their FFA jackets.  The members will also be recognized at the annual FFA banquet in April.  The Fort Recovery FFA Chapter would like to congratulate this year’s Greenhands and encourage them to continue to succeed as FFA members.last_img read more

Geocaching in One Word

first_imgMore than a thousand people, who speak five different languages, answered one question. It was, “Describe geocaching in one word…” Here’s what they said through the lens of a word cloud. How would you describe geocaching?FrenchNorsk – BokmalEnglishGermanPortugueseShare with your Friends:More SharePrint Related14 Km Geocaching Hike Starting after 10pm – That’s PortugalJuly 15, 2014In “Local stories”Introducing Virtual Rewards!August 24, 2017In “Community”Geocaching Connections: Associations and ClubsDecember 23, 2013In “Maker Madness”last_img read more

Rice U. and Houston’s Third Ward: A Happy Alliance Between Academia and Community Development

first_imgBack in May, GBA posted an item on the Ze-Row House, Rice University’s entry in the 2009 edition of the Solar Decathlon, a competition that challenges 20 teams from academic institutions here and abroad to develop and construct highly efficient, low-cost solar-powered homes. A biennial event, the Decathlon is scheduled for October 8-18 on Washington, D.C.’s National Mall, where the competing teams will set up their houses for public viewing and judging. For many Decathlon houses, the mall is the last stop before they’re permanently dismantled. But that will not be the fate of Ze-Row House. Whatever its overall ranking in the competition, Ze-Row House will be returned to Houston and reconstructed in the city’s Third Ward, one of its oldest neighborhoods and the focus of historic preservation and revitalization efforts by the Row House Community Development Corporation.“It has been a constant goal of Rice Solar Decathlon to bring an end to the site-less and client-less designs of many previous Solar Decathlon houses,” the team explains on its Ze-Row House website. “Our team worked hard to design a house that will be uniquely suited to withstand the rigors of Houston’s Gulf Coast climate – where the house will spend most of its operational life – and will be designed specifically for the client, Row House Community Development Corporation.” Established in 2003, Row House CDC has been renovating and building Third Ward homes with the aim of providing housing for low-to-moderate-income residents. As Row House CDC’s director, Alain Lee, recently told GBA Managing Editor Dan Morrison, students participating in the School of Architecture’s Rice Building Workshop program have long been collaborating with CDC on Third Ward projects, including renovations of many the neighborhood’s single-story “shotgun” bungalows and the design and construction of new buildings, including artist studios and nine duplexes, all of which reflect the Third Ward’s architectural history. The Rice Decathlon team says that the design concepts developed for Ze-Row House, which is 800 sq. ft. and cost about $150,000 to build, could be replicated for six more energy-efficient one- and two-bedroom homes on two 50-by-80-foot lots in the Third Ward.last_img read more

Bangalore ODI: India in no mood to show mercy to New Zealand

first_imgYuvraj Singh (left) and Virat Kohli during a practice session in Bangalore on Monday.An unassailable lead in hand, the rampaging Indian team will now push for a series whitewash when it takes on a grossly mismatched New Zealand in the fourth ODI of the five-match rubber in Bangalore on Tuesday.Stand-in skipper Gautam Gambhir has led from the front with back-to-back centuries to inflict one of the worst series defeats on the visitors in the two countries’ bilateral ODI history which dates back to 1975-76.The Indian team’s exemplary performance in the absence of Mahendra Singh Dhoni, Sachin Tendulkar, Virender Sehwag, Suresh Raina and Harbhajan Singh has also given a boost to the side’s World Cup aspirations. Young players such as Virat Kohli and Murali Vijay have made an impact and would have impressed regular captain Mahendra Singh Dhoni just a couple of months ahead of the World Cup being hosted in India, Bangladesh and Sri Lanka.As for Tuesday’s match, the Indian players are an upbeat lot.Despite not being at full strength, the Indians have proved themselves better on all counts against a short-of-confidence New Zealand, who came here after being hammered 0-4 by minnows Bangladesh.The Indian line-up has not exactly missed dashing Virender Sehwag or the reliable Sachin Tendulkar as the likes Virat Kohli have stepped up effortlessly against a rather ineffective Kiwi attack.Kohli, who has been in good nick on the domestic circuit, has been solid so far along with Murali Vijay. The Indian bowling has been spearheaded well by senior pacer Zaheer Khan along with the tweakers.advertisementYoung off-spinner R Ashwin has, in fact, managed to make quite an impact but he has to be more economical in the middle overs.The Kiwis, on the other hand, have been struggling and skipper Daniel Vettori has to do a lot of head-scratching to find a way out of the slump.The key to it is a solid batting performance and the visitors will look towards Martin Guptill and Brendon McCullum to give them a cracking start. Ross Taylor and Scott Styris can capitalise from there on.Kiwi new ball bowlers Kyle Mills and Andy McKay and onechange pacer James Franklin have the ability to disturb any combination along with Vettori, but the quartet has so far struggled on pitches which have always been a batsman’s delight.- With PTI inputslast_img read more

Andy Murray pledges to make every ace count for refugees

first_imgAndy Murray has pledged 50 pounds ($77.59) to children’s charity UNICEF for every ace he hits for the rest of the year after being moved by television images of refugees fleeing to Europe.His sponsors Standard Life, along with tennis bodies the LTA and ATP, have pledged to match the world number three’s donations so that every ace will be worth 200 pounds.”Having seen the images broadcast on the news in recent weeks I felt I had to do something to help the millions of children and their families who have been forced to flee their homes and had their lives turned upside down,” the Scot said in a statement.”I’ll get that little bit more satisfaction from each ace I hit knowing that it will be helping UNICEF keep children safe.”Murray is playing for Britain in their Davis Cup semi-final against Australia in Glasgow this weekend, and is due to compete in Shanghai, Paris and the ATP World Tour finals in London in November.The British number one hit 64 aces in his four matches at the US Open earlier this month.last_img read more