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Posted at 07/4/2010 12:04 by pork belly There are several classification schemes worldwide, however the Canadian CIM classification (see NI 43-101), the Australasian Joint Ore Reserves Committee Code (JORC Code), and the South African Code for the Reporting of Mineral Resources and Mineral Reserves (SAMREC)[2] are the general standards.Australasian Joint Ore Reserves Committee (JORC) home page WHAT IS THE JORC CODE The Joint Ore Reserves Committee (JORC) Code is a Code of practice which sets minimum standards for public reporting in Australia and New Zealand of Exploration Results, Mineral Resources and Ore Reserves. It provides a mandatory system for classification of tonnage/grade estimates according to geological confidence and technical/economic considerations in reports prepared for the purposes of informing investors, potential investors and their advisors. |
Posted at 07/2/2010 22:32 by pork belly Business Press email addresses:stephen.kahn@express news@dailymail.co.uk news@mailonsunday.co letters.editor@ft.co businessdesk@indepen action@proactiveinve enquiries@techinvest ic.cs@ft.com (investors chronicle) charlotte.randall@vi rhps@f-s-p.co.uk editor@pennysleuth.c admin@t1ps.com cs@moneyweek.com cservice@f-s-p.co.uk (www.fleetstreetinve info@dawntraders.co. stephen.austin@hybri claire.noyce@hybrida form completion: https://online.h-l.c |
Posted at 31/10/2009 18:37 by pork belly Is this one of the funniest video clips in the history of sharedealing?It is centred around Provexis plc (PXS) a genuine UK AIM listed company run by CEO Stephen Moon. They develop novel functional & medical foods. Their website is: They have 3 products: 1. Fruitflow(TM) which uses tomato extract to 'thin the blood'. This is used in their "Sirco" range of drinks that are sold in the UK. ( 2. NSP#3G - plantain (banana) extract and used for the treatment of inflammatory bowel disease 3. Helicobacter Pylori - currently developing a stabilised extract to treat The share price remained at 0.5p - 1p from Nov 08 all the way to 28 May 09 when they announced that the European Food Safety Authority had accepted a claim that their Fruitflow product did reduce platelet aggregation in humans and that the claim "will go through the final E.U. authorization procedure in the coming weeks." In addition to this they announced "the commencement of a clinical trial for its NSP#3G plantain (banana) medical food for Crohn's disease patients." on 11 Aug 09. As a result of these two RNS's , the shares flew to an intraday high of around 22.75p at the beginning of September as the E.U. approval was expected to be "Transformational" for the company. Many investors were sucked-in at these high prices however, the long awaited "Transformational" E.U. approval still hasn't come and now the shares have moved back to 6p as of 31 Oct 09. Rubbing salt into the wound is the fact that while PSX's share price has collapsed trapping many investors in at high prices, another UK AIM listed company called Gulf Keystone Petroleum (GKP), an oil company, has gone from just 11p to a staggering 105p in the same period, Aug - 31 Oct 09. Now you know the background, watch this videoclip that has recently appeared on Youtube. It is perhaps one of the greatest share related video's ever ! It is the story of one PSX investor who bought into PSX at higher levels awaiting the E.U. approval of Fruitflow. It is a video that almost every investor in the World can relate and, i'm sure, you could replace "PSX" with the "epic" code of one of your stocks. ENJOY !!!!!!!!!!!!!!!! A video diary of a PSX investor (Oct 09): |
Posted at 07/3/2009 16:19 by ariane U.K. Profits Will Fall More Than in 1930s, Morgan Stanley Says Email | Print | A A A By Adam Haigh March 6 (Bloomberg) -- Profits in the U.K. will plunge more than during the Great Depression amid further losses in the banking industry and sliding oil prices, pushing the benchmark FTSE 100 Index lower over the next year, Morgan Stanley said. Earnings will fall 60 percent from peak to trough, London- based equity strategists Graham Secker and Charlotte Swing wrote in a report dated yesterday, adding that Morgan Stanley data suggest profits dropped about 57 percent during the early 1930s. "While this sounds a rather draconian and hyperbolic downgrade, we believe it is realistic and incorporates the big losses that have come to light in the banking sector as well as a sharp drop in commodity prices," the strategists wrote. The New York-based brokerage lowered its 12-month forecast for the FTSE 100 to 3,500 from 4,300. The gauge closed at 3,529.86 yesterday, having slumped 20 percent in 2009. A 60 percent decline in profits implies a drop in investors' return on equity to 8 percent from 19 percent currently, according to the report. To contact the reporter on this story: Adam Haigh in London at ahaigh1@bloomberg.ne Last Updated: March 6, 2009 05:58 EST |
Posted at 01/3/2009 11:51 by grupo guitarlumber European Stocks Cap Longest Monthly Losing Streak Since 2002 Email | Print | A A A By Adria Cimino Feb. 28 (Bloomberg) -- European stocks dropped for a sixth straight month, the longest losing streak since 2002, on concern the worsening global economic slump will wipe out earnings. Novartis SA, Switzerland's second-biggest drugmaker, slid 6.4 percent this past week after saying first-quarter profit will be hurt, and Basilea Pharmaceutica AG tumbled 49 percent after reporting a full-year loss. Renault SA, France's second-largest carmaker, fell 9.4 percent as its credit ratings were cut to junk by Moody's Investors Service. Compania Espanola de Petroleos SA sank 44 percent after Banco Santander SA said it may sell its holding in Spain's second-largest oil company. The Dow Jones Stoxx 600 Index slipped 2.3 percent to 172.92 this past week, bringing the February slump to 9.6 percent. The measure has fallen 52 percent since the start of 2008 as credit- related losses at financial firms worldwide reached $1.1 trillion and Europe, the U.S. and Japan fell into the first simultaneous recessions since World War II. "There is reason to be worried," said Kilian de Kertanguy, a Paris-based fund manager at Cholet-Dupont Gestion, which oversees about $2.3 billion. "Everyone is saying there won't be good news in the market during the first half." The U.S. economy shrank in the fourth quarter of 2008 at a faster pace than previously estimated as consumer spending plunged, companies cut inventories and exports sank. Gross domestic product contracted at a 6.2 percent annual pace from October through December, more than economists anticipated and the most since 1982, according to revised Commerce Department figures Feb. 27. European Economy German business confidence declined to a 26-year low in February, a report by the Ifo institute showed this past week. The U.K. economy contracted the most since 1980 in the fourth quarter as the financial crisis prompted spending by consumers and companies to shrivel, according to data from the Office for National Statistics. National benchmark indexes fell in 15 of the 18 western European markets this week. Germany's DAX Index lost 4.3 percent as Deutsche Post AG dropped, while France's CAC 40 retreated 1.8 percent. The U.K.'s FTSE 100 slipped 1.5 percent, with Royal Bank of Scotland Group Plc limiting the decline. Health-care shares retreated 7.2 percent as a group, the second-worst performance among 19 industries in the Stoxx 600 after automotive companies. Novartis decreased 6.4 percent this past week. Operating and net income growth for the three months ending March 31 probably will slow because of "adverse currency movements and the stronger U.S. dollar," the company said. Basilea, Roche Basilea plunged 49 percent after the Swiss developer of anti-infection drugs reported a full-year loss and said a regulatory review of its Ceftobiprole treatment was delayed. Roche Holding AG declined 5.9 percent on concern copies of costly biotechnology medicines made by Roche's American subsidiary Genentech Inc. would be allowed in the U.S. with few delays under a proposal made by President Barack Obama this week. Renault slid 9.4 percent as Moody's cut its long-term credit rating to Ba1, the first grade into junk, from Baa2, citing "significantly worse operating performance and negative free cash flow" in 2008. Automotive companies declined 11 percent as a group amid concern the worsening recession will cut demand. Volkswagen AG, Europe's biggest carmaker, slid 16 percent. Daimler AG, the world's largest truckmaker, retreated 12 percent. Compania Espanola de Petroleos, also known as Cepsa, tumbled 44 percent after Santander said it may sell its holding in the company for as much as 3 billion euros ($3.8 billion). Earnings Reports EFG International AG retreated 36 percent as the Swiss private bank, whose largest shareholder is Greece's Latsis family, reported a 69 percent drop in second-half profit. Deutsche Post lost 13 percent after Europe's biggest mail carrier reported a fourth-quarter net loss, cut its dividend and forecast further volume declines for 2009. Accor SA slipped 5.1 percent as Europe's largest hotelier posted earnings that missed analysts' estimates, said demand for rooms continued to worsen in January and indicated its debt may rise from buying a stake in a casino business. Randstad Holding NV slid 21 percent. The world's second- biggest staffing company reported a fourth-quarter loss and canceled its dividend as companies cut back on temporary workers. Earnings at companies in the Stoxx 600 are expected to rise 14 percent this year following a 37 percent slump in 2008, according to analysts' estimates compiled by Bloomberg. RBS, the largest bank controlled by the U.K. government, surged 20 percent on plans to put 325 billion pounds ($466 billion) of investments into a state insurance program and shift toxic assets to a new unit after posting the biggest loss in British history. Bank Shares In the U.S., President Obama's first budget proposal this week asked for as much as $750 billion in new funds to shore up the financial system. Banks in the Stoxx 600 climbed a combined 2.8 percent. The sub-index, which is down 25 percent so far this year, pared its weekly advance after the U.S. Treasury agreed to a third rescue attempt for Citigroup Inc. that will cut existing shareholders' stake in the company by 74 percent. "It's a difficult environment for banks," Julien Quistrebert, who helps manage $5.1 billion at KBL Richelieu Gestion in Paris, said in a Bloomberg Television interview. "We're still very cautious. The industry is like a black box." To contact the reporter on this story: Adria Cimino in Paris at acimino1@bloomberg.n Last Updated: February 28, 2009 04:09 EST |
Posted at 28/2/2009 18:51 by waldron 2/28/2009 9:48:00 AM Barron's: The Smart Way To Play The Green Revolution On Main Street, Green is the new Black. On Wall Street, however, most green investments generated a sea of red ink last year. When the wheels came off stock markets around the globe in the fourth quarter of 2008, alternative-energy and clean-technology shares were among the hardest hit. The 88-stock WilderHill New Energy Global Innovation index, a popular green-industry benchmark, ended the year down 61%, versus a 38.5% slide in the Standard & Poor's 500. This year, the NEX -- a mix of mostly small- to mid-capitalization wind, solar, biofuel and energy-conservation leaders from 21 countries -- is off about 22%, lagging the S&P's 17% decline. Other clean-tech indexes, exchange-traded funds and mutual funds, including the vaunted Winslow Green Growth Fund (ticker: WGGFX), haven't fared much better, and in some cases have done worse, while venture-stage green companies have been starved of capital or blocked on their way to the public markets. Brian Fan, senior director of research for the Cleantech Group, cites 80 green companies in the latter boat, burning through a collective $2 billion of venture-capital money with little prospect of going public any time soon. "The companies we talk to are trying to stay solvent," says Fan. Indeed, the same might be said of their financial backers, and other green-oriented investors. A global recession and bear market deserve much of the blame for the carnage in green-tinged shares, as does a $100-a-barrel plunge in oil prices, which suddenly made the drive for sustainable-energy alternatives seem less pressing. Moreover, many clean-tech companies are small and speculative in nature, and serve end markets that depend on government subsidies -- not a particularly attractive investment attribute. Former solar-energy highfliers such as First Solar (FSLR) and LDK Solar (LDK) faced additional challenges last year from sharply escalating prices for polysilicon, the raw material used in solar cells. In toting up the losses, it is tempting to wonder whether green-themed investing was just a sustainable version of sock puppets -- that is, another Wall Street fad. But such musings couldn't be more misguided. In the U.S., President Barack Obama has just pledged to spend billions on environmentally friendly technologies, while Congress is planning to put more money and muscle behind the search for energy alternatives and pollution controls (see page 28). Energy Secretary Steven Chu recently told Barron's sister publication, The Wall Street Journal, that his agency intends to fast-track billions of dollars in loans for alternative-energy projects already "in the pipeline," and that he will try to get roughly half the $37 billion already set aside for clean-tech capital projects distributed within the year. That is just a down payment on much more ambitious economic initiatives, and is mirrored by similar endeavors abroad. Greater government funding bodes well for some pure plays in the solar, wind, ethanol and biomass industries. But it bodes even better, near term, for well-established, diversified and financially healthy companies like Switzerland's ABB (ABB), Florida utility FPL Group (FPL), Waste Management (WMI), Jacobs Engineering (JEC) and electrical-products supplier Eaton (ETN). All are visible and increasingly powerful players in areas given spending priority: energy conservation, infrastructure renewal and the build-out of a "smarter" power grid. To be sure, more public and private spending will benefit alternative-energy giants like General Electric (GE), the biggest U.S. supplier of wind turbines, and United Technologies (UTX), a leader in making buildings more energy-efficient. Johnson Controls (JCI), Honeywell (HON), AES (AES) and others that make sensors and systems needed to optimize HVAC (heating, ventilating and air-conditioning) also belong on any list of likely green winners. So do a handful of midsized players in the fast-growing wind-energy-generati But we consider ABB, Waste Management, FPL, Jacobs and Eaton a sort of green dream team, for all the reasons, and then some, explained below. They probably aren't the first names that come to mind when you think "green," but they have the products, technologies and, not least, the financial strength to deliver for investors. Even better, their stocks are bargains. A provider of power and automation systems, ABB tops most shortlists of companies likely to benefit from large-scale energy projects and conservation initiatives. Among other things, the 125-year-old industrial giant is one of the world's biggest builders of electricity grids. With credit frozen and demand constrained, ABB faces the same challenges as other industrial outfits. But the company, profiled favorably in Barron's last spring ("The GE of Europe is a Major Power Player," May 19, 2008), is better positioned to benefit from more government and industry spending on infrastructure upgrades around the world, says Van Eck's Mitby. Headquartered in Zurich, ABB sells large-scale electrical circuitry, robotics and energy-monitoring and automation systems. It seems to land one multimillion-dollar infrastructure contract after another, including a recent $63 million deal to upgrade a power station in Saudi Arabia. Renewable-energy projects will need ABB's products and services, and its technology, including power-management sensors and load-balancing systems, has kept it ahead of most competitors, says Morningstar analyst Daniel Holland. ABB's shares have been cut by almost two-thirds, to 12, from their high last May, and now trade for nine times 2009 estimated earnings of $1.32 a share, a discount to the S&P 500's price/earnings multiple. Granted, last year's earnings were higher, at $1.74 a share, slightly exceeding expectations. Morningstar puts the company's fair value at 19 a share, some 62% above last week's close. Investors can collect a 46-cent annual dividend (for a current yield of 3.8%) while waiting for the global economy to jump-start. ABB recently shed some poorly performing assets in an efficiency drive of its own. The company boasts a strong balance sheet, and net cash (cash minus debt) of $5.4 billion, or $2.40 a share, Holland notes. It has used excess cash to boost its payout and buy in shares. Twelve-month return on equity of 28.39% is more than three times that of its peer group, which includes industrial outfits such as Emerson Electric (EMR) and Danaher (DHR). "We are in the sweet spot of energy efficiency and of climate change," chief financial officer Michel Demare told Barron's last spring. For ABB, it is about to get sweeter. As the nation's leading producer of energy from wind and solar power, FPL Group is at the forefront of commercialization of these technologies. The Juno Beach, Fla.-based company also is the largest power generator in one of the nation's most populated states. Its regulated utility arm, Florida Power & Light, serves 4.5 million customers and contributes just over half of revenue, which totaled $16 billion last year. A slightly smaller, but faster-growing revenue stream flows from FPL's recently re-christened NextEra Energy Resources subsidiary. This unregulated clean-energy producer sells power throughout the U.S., using a diverse set of low-cost generation assets strategically situated around the country to balance the load. Last year, 38% of Next- Era's capacity came from wind power, which has benefited from the recent extension of production tax credits. NextEra's net income roughly tripled in 2008. The credit crisis and weakening consumer demand have led NextEra to slow the pace of expansion in its wind-power operations, but the company "already controls a fourth of this nation's installed wind-energy capacity," notes Morningstar analyst Ryan McLean. "Nationwide, total capacity is somewhere around 25,000MW [megawatts], and NextEra has 6,375MW and growing." Wind is a relatively low-cost and profitable revenue stream for the company, which expects total profit to grow by double-digits through 2010. FPL reported adjusted earnings of $3.84 a share last year, of which Next- Era contributed $2.04. The company could $4.07 this year, and $4.54 in 2010. Although its regulated utility has experienced reduced demand, FPL is better-positioned than most. Moreover, Florida's relatively favorable regulatory environment encourages additional investments in capacity that could boost the utility's earnings. FPL emits less carbon than most other utilities, and will benefit from a "greenhouse gas-constrained regulatory environment," says Ken Stern, a San Diego money manager. But the company stands to profit most from national initiatives to expand wind-energy generation and bolster transmission facilities. "Transmission development had double-digit growth prospects before the credit crunch, and now, favorable legislation is coming in terms of taxes and the fast-tracking of capex [capital-spending] opportunities," says Van Eck's Mitby. The company recently launched a new venture: hybrid hydraulic/electric alternatives for fleet-vehicle propulsion, including one system built with the U.S. Environmental Protection Agency (EPA). Designs vary, but basically capture energy from braking and other subsystems to augment or replace the traditional diesel engine. Particularly promising for city buses, delivery trucks and other vehicles that start and stop frequently, the EPA estimates such powertrains could produce fuel savings of 20% to 40%, and cut carbon emissions by as much as 40%. So far, those vehicles are limited to pilot programs, but the "pilots" include big customers like United Parcel Service, Federal Express and Wal-Mart, as well as school buses used as far away Melbourne, Australia and Guangzhou, China. Eaton has many competitors, but unlike others that dream of replacing the combustion engine, it has been an automotive-technolog With 2008 sales of $15.4 billion, the Cleveland-based company has the design, manufacturing and financing in place to scale its ideas. Its truck group alone sells $2.3 billion of transmission and hybrid-power and exhaust systems for trucks, buses and agricultural equipment. Eaton knows its customers, and the costs and challenges of operating in 150 different countries. But its strengths also raise concerns. "I like Eaton, but I'm worried about its earnings [expectations] earnings being overly optimistic due to its heavy exposure to the auto industry," says Ken Stern, the San Diego investment manager. Morningstar analyst John Kearney is more upbeat, noting an aggressive acquisition strategy has diversified the company's revenue and profits. Draconian cost-cutting measures also have helped. Eaton earned $6.83 a share in 2008. This year, management is guiding profit expectations downward to between $4.20 and $5.20 a share; the wide range reflects economic uncertainties. Eaton has paid a dividend for 85 years, and yields 5.41%. Its current payout, $2 a share, must have been of some comfort to investors, whose shares have lost about half their value in the past year, and now trade around 36. At least one savvy holder used the opportunity to snap up more stock: Warren Buffett's Berkshire Hathaway (BRKA) upped its stake in Eaton in the fourth quarter to 3.2 million shares, from 2.9 million. Like Buffett, we don't know where Eaton will trade in a month or a year, only that the products, services and ingenuity of Eaton and companies like it are making the world greener and cleaner. When the smoke -- or is it carbon? -- clears, they and their shareholders are likely to rewarded. |
Posted at 28/2/2009 15:42 by waldron MARKET SNAPSHOT: Stocks Look To New Lows As March Begins (Citigroup)By Nick Godt With the market slumping to fresh 12-year lows in the last stretch of February, stocks will kick off the month of March on an increasingly uncertain footing while investors try to determine where the bottom lies for the economy and the bear market alike. "The path to least resistance remains down," said Alec Young, market strategist at Standard & Poor's. "We need some real capitulation, and for people to stop buying the dips and let it crash. Then, we could get a new low." Data on U.S. employment and nonfarm payrolls, due next Friday, might get the ball rolling. "Everyone knows it's going to be bad," Young said. "But we need even the most bullish people to give up and [the jobs report] might be the catalyst." February sees more record losses Friday closed the chapter on the worst February since 1933, with the broad Standard & Poor 500 index (SPX) down 10.9% for the month. The S&P thus stands down 18.6% in the year to date, making for the worst first two months of a year on record. On Friday, the S&P finished at 735, its worst level since December 1996, after U.S. gross domestic product in the fourth quarter was revised sharply down to negative 6.2%. The market also failed to react well to news of the government boosting its stake in Citigroup Inc. (C), shares of which plunged nearly 40% to trade at $1.50. But much further weakness should be expected, according to S&P's Young, who thinks the S&P 500 benchmark might need to slump at least another 18% -- to 600 -- to find a real low. "Once we enter the capitulation phases, the market starts to fall very quickly," he said. As for the Dow Jones Industrial Average (DJI), it slumped 11.7% in February. The blue-chip barometer has now fallen for six straight months, for a loss of 38%, its biggest six-month decline since the six months through June 1932, when it fell 41%. The Dow's longest streak of consecutive monthly losses was the nine months through April 1942. For the year to date, the Dow is down 19.5%. The Nasdaq Composite (RIXF) is off 12.% on the same interval. No spring in store for market The market will start the first week of March with what's expected to remain dismal economic reports. Monday will bring personal income and spending data and construction spending for January, followed by the February national manufacturing report from the Institute for Supply Management. On Tuesday, there will be data on pending home sales in January and U.S. auto sales for February. On Wednesday, investors will key in on the private-sector ADP monthly jobs survey for February. This will be followed by the ISM's service-sector survey of the economy and the latest Federal Reserve's Beige Book of economic conditions. On Thursday, it will be weekly jobless claims, productivity data and unit labor costs for the fourth quarter, along with January factory orders. And on Friday, the Labor Department is expected to report the economy shed another 630,000 jobs in February, lifting the unemployment rate to 7.9%. "It's going to take at least several years to recover," said Doug Roberts, chief investment strategist for Channel Capital Research. "And that's what people are starting to get, now that they're looking past the original euphoria that the new administration was going to arrive and fix everything quickly." Stocks may well seem relatively inexpensive at current levels, but while the outlook for the economy -- along with earnings and dividends -- continues to deteriorate, the market will be unable to find a solid low, he said. Many economists don't expect the impact of the billions of dollars in stimulus measures from the Obama administration to start boosting the economy until the end of this year, at the earliest. Meanwhile, the overwhelming concern for the market remains the health of the financial system, and the toxic assets that still plague banks balance sheet. Last week, the government provided more details on its rescue plan for the nation's major banks, in which it the government will conduct "stress tests" on 19 large banks over the next two months to determine which of the big banks would fail should the recession worsen beyond current expectations. But "until the banks are repaired, these fundamental economic problems won't be resolved," Channel Capital's Roberts said. |
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