Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ Wed, 23 Nov 2022 19:50:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://piazzacarlogiuliani.org/wp-content/uploads/2021/03/cropped-icon-1-32x32.png Piazza Carlo Giuliani http://piazzacarlogiuliani.org/ 32 32 Adani follow-up public offering to fund green and digital businesses https://piazzacarlogiuliani.org/adani-follow-up-public-offering-to-fund-green-and-digital-businesses/ Wed, 23 Nov 2022 19:50:17 +0000 https://piazzacarlogiuliani.org/adani-follow-up-public-offering-to-fund-green-and-digital-businesses/

Billionaire Gautam Adani’s flagship Adani Enterprises Ltd is planning a follow-on public offering (FPO) to fund the group’s expansion into green and digital businesses, three people with knowledge of the development have said. The board of directors of the company led by Adani will meet on Friday to finalize the fundraising.

Adani can raise 10,000 to 20,000 crores through the FPO, said one of the three people named above, all of whom spoke on condition of anonymity. “Fundraising is about two things. First, raise funds for new ventures such as green hydrogen, data centers and renewable energy; and second, to improve the company’s float on the stock market by attracting a wide range of new investors,” the person said.

In September, Adani, the world’s second richest person, said his group would invest $100 billion over the next decade, mostly in energy transition and digital opportunities, as well as sectors such as aerospace and defence, metals and petrochemicals. Of this amount, 70% is devoted to the energy transition. “We are committed to investing $70 billion in an integrated hydrogen-based value chain,” Gautam Adani said as he outlined his group’s plans.

Adani has commissioned investment banks ICICI Securities and Jefferies to prepare the offering document, and other banks, possibly including SBI Capital, will be brought in closer to the filing of the document, the second person said. “While things are still in their infancy, the company plans to launch the agreement before the end of the fiscal year if market conditions are right. If not, it will be done in the first quarter of the next fiscal year” , he added.

The FPO plan is also part of the group’s recent efforts to diversify its sources of financing. mint announced on November 7 that Adani Enterprises plans to raise up to 2,000 crores through a first retail bond sale by December. The promoters currently own 72% of Adani Enterprises, while the public shareholding stands at 27.37%.

“An FPO makes more sense to them because they are also looking to improve float. Compared to FPO, a Qualified Institutional Placement (QIP) or private placement would mean bringing in large institutional investors who would hold the stock for longer. term, while FPO will also attract a broader set of investors such as high net worth individuals and retail investors into the stock, improving free float and share price discovery,” the first added. FPOs also allow for a free pricing mechanism compared to QIP or private placement, which have a fixed formula for valuing the stock based on historical stock prices, he said.

An email sent to a spokesperson for the Adani group went unanswered. However, a company executive, the third person quoted earlier, said, “Adani Enterprises, the conglomerate incubator, has drawn up a 3-5 year fundraising plan. The current fundraising plan will cover 80-90% of equity funding requirements for the said period.” Typically, Adani Enterprises plans its expansion both organically and through acquisitions over a period of 3 to 5 years.

According to the manager, the activities of the Adani Group generate a consolidated Ebitda of approximately 30,000 crores, of which 13,000 crores are used to service the group’s debt. Funding growth absorbs the rest of the amount of 17,000 crore, he said.

As an incubator, Adani Enterprises will, over time, spin off businesses such as airports, data centers, green hydrogen and road projects. According to the Adani executive, each of these companies generates free cash flow.

The group recently organized road shows in the best cities, explaining its businesses to investors. The healthcare vertical, for now, is a “not-for-profit” business.

Catch all the company news and updates on Live Mint. Download the Mint News app to get daily market updates and live trade news.

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Lamor updates its strategy and long-term financial objectives https://piazzacarlogiuliani.org/lamor-updates-its-strategy-and-long-term-financial-objectives/ Tue, 22 Nov 2022 07:01:15 +0000 https://piazzacarlogiuliani.org/lamor-updates-its-strategy-and-long-term-financial-objectives/

Lamor Corporation Plc press release, inside information November 22, 2022 at 09:00 ET

lamor updates its strategy and long-term financial objectives

Lamor’s The Board of Directors approved the company’s updated strategy and long-term financial objectives for the period 2023-2025.

Lamor’s environmental protection and material recycling solutions respond to global megatrends

Lamor’s operations are global, and the company’s activities will be divided into three market segments, which are the Middle East and AfricaSouth and North Americaand Europe and Asia.

Lamor’s the business consists of environmental protection and material recycling solutions. With its solutions and technologies, lamor promotes the circular economy, the protection of biodiversity and the careful use of scarce resources.

Cornerstones of the updated strategy

Lamor’s strategy aims for long-term growth and a leading position in selected market sectors and selected environmental services solutions. lamor recognized significant growth potential in all of its market sectors, but during this strategic period the company is focused on growth, particularly in the Middle East and South America.

lamor has defined five main objectives for the strategic period:

  • To be the preferred partner in selected strategic markets, particularly in the Middle East and South America.
  • Enter three new markets to create a positive environmental impact.
  • Win five meaningful new projects to strengthen local presence and solve important environmental challenges.
  • Participate in solving the global problem of plastics with a project portfolio of 100 kilotons of recycled plastics.
  • Provide efficient and effective solutions to customers with the global and local operating model.

“We have made significant growth investments in 2022, for example in our staff, and we have identified a large number of potential new projects that will help us to significantly increase our business volume in the coming years. We can see that customer behavior is changing towards more sustainable business models, and megatrends will further reinforce this change in the future. We believe that during the period of the strategy, there is significant growth potential, particularly in the Middle East,” comment Mika PirneskoskiCEO of lamor.

Global partner network as a growth accelerator

The cornerstone of strategy implementation is Lamor’s unique network of local partners operating globally. Supported by the network, lamor can provide the best craftsmanship and technologies to customers. In turn, working with local partners allows for effective scalability and compatibility with local practices. This way of working enables a successful transition from project deliveries to ongoing local business operations and creates significant added value for the network of customers and partners.

Long-term financial goals

Lamor’s updated strategic objectives focus on growth and operational efficiency. To illustrate the target levels, Lamor’s Board of Directors has set the following long-term financial goals for the company, which are pursued no later than the fiscal year following the strategic period 2023-2025:

  • Growth: increase in annual turnover to more than 250 million euros
  • Profitability: Adjusted operating profit margin (EBIT) – % greater than 14%.
  • Capital structure: Achieving a capital structure suited to the company’s strategy, objectives and risk profile by maintaining a solid balance sheet.

Earlier in terms of growth, lamor aimed to increase annualized sales to more than 100 million euros as soon as possible, and after achieving this goal, in annual growth much faster than the market. In terms of profitability, the company was targeting an adjusted EBITDA margin of -% above 16% and an adjusted operating profit (EBIT) margin -% above 14%. The company has decided to define the long-term profitability target as % Adjusted Operating Profit (EBIT) going forward because it better describes the actual profitability of the business than % Adjusted EBITDA.

The defined long-term financial objectives are not considered as market indications for a year.

Dividend policy

Lamor’s board has not updated the company’s dividend policy. According to its dividend policy, the company aims to distribute annual dividends, while keeping growth as the most important objective of the company.

Capital Markets Day

Lamor’s Capital Markets Day 2022 will take place on Tuesday November 22, 2022 at 2 a.m. – 4:30 p.m. ET.

At the event, Lamor’s management will provide more information on the company’s strategic focus areas and objectives for the coming years. The event will be held in English and can be followed via webcast at https://lamor.videosync.fi/cmd-2022/. Presentation materials will be available later on Lamor’s website at https://investors.lamor.com/reports-and-presentations/.


Certain statements contained in this company release are forward-looking statements based on management’s beliefs at the time they are made and involve risks and uncertainties. Forecasts may change in the event of significant changes in the general economic situation.

Additional requests

Mika PirneskoskiCEO, Lamor Corporation Plc, Phone. +358 40 757 2151

Certified Advisor

Danske Bank A/S, Finland Branch, tel. +358 50 590 7667

lamor in short

lamor is one of the world’s leading providers of environmental solutions. lamor provides customers with equipment used in oil recovery, waste management and water treatment as well as multi-purpose environmental solutions and services, such as spill response cleanup and preparation services and oil spills, services for the treatment of waste and tailor-made services and adapted water treatment solutions. lamor works in collaboration with its local partners, offering a wide selection of solutions, which can be adapted according to the needs of each client, and aimed at cleaning up the world, for which the company has been working since its incorporation. The company’s stock is listed on the Finnish Nasdaq First North Premier Growth Market operated by Nasdaq Helsinki under the trading code LAMOR. More information: www.lamor.com

© STT Info Finland, source STT Info English Regulatory releases

What is the history of the curve on Bentley Road north of Bluffton? https://piazzacarlogiuliani.org/what-is-the-history-of-the-curve-on-bentley-road-north-of-bluffton/ Sun, 20 Nov 2022 11:03:00 +0000 https://piazzacarlogiuliani.org/what-is-the-history-of-the-curve-on-bentley-road-north-of-bluffton/

By Fred Steiner

Why is there a “curve” in Bentley Road just north of Bluffton where the road crosses Riley Creek?

There is also a curve on Tom Fett Road and on Phillips Road at approximately the same location.

On Phillips Road it’s a serious bend, instead of just a curve in the road. This is because Tom Fett and Bentley “jogs” have been modernized. Phillips remains the same as it was when it was originally designed.

The simple answer to the question in the opening sentence is that the earth is round and early geometers were trying to draw straight lines on a sphere.

The small jogs are correction lines. As a result, every six miles straight north lines were corrected for the curvature of the earth with the resulting jog.

Originally the Bentley and Tom Fett roads were 90 degree corrections. Thus, vehicle travel required an extreme reduction in speed during these jogs.

Over the past 35 years, as the roads have been widened and improved, the jogs have become curves thanks to the various road departments in the county.

On State Route 235, just south of US 30, heading towards Ada, you will find another curve in the road. This curve, in the lives of 65+ viewers, will also be remembered as one of those 90 degree corrections. Image driving to Ada today and stopping almost completely to navigate this jog which is now a curve.

The late Dr. Howard Raid, professor at the University of Bluffton, explained this in more detail in an essay published in “Town at the Fork of the Riley’s”. This booklet was a collection of historical stories from Bluffton brought together in one book in 1961 for the centenary of the village of Bluffton.

For the full story, go to www.blufftonforever.com.

ZMX issues 200,000 tons of warehouse receipts https://piazzacarlogiuliani.org/zmx-issues-200000-tons-of-warehouse-receipts/ Sat, 19 Nov 2022 22:00:54 +0000 https://piazzacarlogiuliani.org/zmx-issues-200000-tons-of-warehouse-receipts/

The Zimbabwe Mercantile Exchange (ZMX) has made significant progress since its inception last year, issuing more than 200,000 tonnes of warehouse receipts during its pilot window, an official said.

The ZMX is an agricultural commodity trading platform with automated electronic warehousing and receiving capabilities.

Speaking at the platform’s buyers’ breakfast on Friday, ZMX CEO Collen Tapfumaneyi said they had made significant progress since their inception on October 18, 2021.

“Milestones so far we have registered 22 warehouses and we have five financial institutions,” Tapfumaneyi said.

“These are lenders who have joined us in expressing their interest in funding against various commodities.

“We have nine traders who have signed up and we have three products out of the 49 we have listed so far because we have been in the pilot window, but having these sessions now is a signal to say that we are now exiting the pilot and now we become full fledged.

“We have 49 products because we added a lot of horticultural and livestock products.

“So far during the pilot window, we have issued 220,000 tons of warehouse receipts.

“These are largely about corn.”

He said that all the modalities to start marketing the wheat have been put in place and next week they will start marketing the commodity.

“We will soon be listing all other grain and oilseed products, but for horticulture and livestock, we are inviting warehouse operators who can provide specialist facilities to handle these products,” he said. -he declares.

Tapfumaneyi said trading in non-strategic commodities will be based on a rolling auction basis and all buyers and sellers are allowed to participate.

In non-strategic products, he said the price is influenced by market forces which are supply and demand and are allowed to fluctuate within set ranges.

Tapfumaneyi pointed out that the strategic commodities wholesale market will only operate during the declared “wholesale market period”, which is declared by the exchange after consultation with the government.

“The auction will have an opening price that closely follows the economic value of the respective product,” he added.

“This price will be calculated using the average of various reference markets for agricultural products.

“In the auction, prices are only allowed to move within a 20% range both up and down.”

The managing director of ZMX said Zimbabwe would benefit from this initiative in that there is now an incentive to produce and maintain quality standards.

He said there is a punishment for bad quality and an incentive for good quality.

ZMX Chairman Derek Odoteye said the platform has the potential to change the lives of Zimbabweans.

“It has the potential to reach beyond our borders by connecting overseas markets to meet your demands as buyers, processors and producers of various products,” Odoteye said.

Agricultural Marketing Authority CEO Clever Isaya, represented by Compliance Officer Peter Mudzimire, called on investors to consider setting up horticulture and livestock warehouses so that these products can also be traded on the platform.

“We are also looking for export opportunities to be part of future ZMX routes as well,” Isaya said.

The ZMX was designed to limit the warehousing and price discovery problems associated with agricultural products, which local farmers encounter in their operations.

The initiative also aims to address the challenges faced by farmers in marketing their agricultural products, which include limited and often costly logistics and inappropriate or inadequate storage facilities.

The problems resulted in significant post-harvest losses for farmers.

This year, the government approved the acquisition of a 20% stake in ZMX and committed up to US$360,000 as a capital contribution.

The other shareholders are Financial Securities Exchange (Private) Limited with (22%), TSL Limited (22.5%) and CBZ Holdings (35%).

Related Topics

Top Mortgage Funding Stocks to Buy Now and Hold https://piazzacarlogiuliani.org/top-mortgage-funding-stocks-to-buy-now-and-hold/ Sat, 19 Nov 2022 12:14:40 +0000 https://piazzacarlogiuliani.org/top-mortgage-funding-stocks-to-buy-now-and-hold/

In today’s tough housing market, it’s harder than ever for mortgage finance companies to grow their business. However, as the housing market continues to recover and home sales increase, there are also attractive investment opportunities in this space. If you’re looking for the best stocks to buy and hold now that the mortgage finance industry is recovering, below is a long list of recommendations. These are some of the best performing mortgage finance stocks from the third quarter of 2017 and the fourth quarter of 2018. Each stock has been analyzed based on its growth potential, profitability, risk management, capital structure and evaluation. These are not necessarily the safest stocks to buy now, but a list of exciting opportunities in this dynamic industry.

Mergers and Acquisitions (M&A)

M&A activity is on the rise in the mortgage financing sector. The value of announced deals in the mortgage industry increased to $40 billion so far in 2018, from $3 billion in 2017 and $21 billion in 2016. A number of factors are driving this increase in transactions. Some of the key factors include cheap debt and strong equity valuations, strong demand for mortgage-backed securities (MBS), improving risk sentiment and a favorable interest rate environment. The strong dollar has also boosted cross-border activity. Top three transactions so far in 2018 are CVR Energy’s acquisition of Western Asset Mortgage Capital, Canada Pension Plan Investment Board’s acquisition of Mortgage Alliance and IMB’s acquisition of Village Financial Financial. These acquisitions should benefit from higher MBS volumes, lower interest rates, technological advances and the overall health of the economy.

FDC Ltd.

FDC Ltd. is a mid-market mortgage manager and originator based in Chicago, Illinois. FDC offers a range of residential mortgage products and services, including fixed rate, variable rate and hybrid ARMs, jumbo mortgages, FHA loans, VA loans, construction loans and subprime mortgages. FDC also originates and manages commercial mortgages. FDC has a market capitalization of $2.2 billion and trades at a P/E ratio of 6.5x. The company saw solid growth in its key operating metrics and delivered strong earnings in the last quarter. FDC has grown its base revenue by 6% per year over the past five years, driven by increased origination volumes, expansion of its loan portfolio and increased net interest margin. FDC is currently trading at a discount to its peers due to the company’s weaker profitability metrics. The company has significant growth potential, given its larger loan volume. FDC is also well positioned to benefit from a recovering housing market and a strengthening economy. The FDC could also benefit from rising interest rates, as it derives higher interest income from its loan portfolio.

The biggest deals of 2022 so far

The most significant transactions in the mortgage financing sector so far in 2022 include the acquisition of Mortgage Alliance by the Canada Pension Plan Investment Board, the acquisition of Western Asset Mortgage Capital by CVR Energy and the acquisition of Village Financial by IMB Financial. The Canada Pension Plan Investment Board acquired Mortgage Alliance for $2.9 billion. Mortgage Alliance is a leading commercial mortgage lender, specializing in acquisition and construction financing, as well as commercial real estate financing. CVR Energy has acquired Western Asset Mortgage Capital for $1.5 billion. Western Asset Mortgage Capital is a residential mortgage lender specializing in servicing residential mortgages. IMB Financial has acquired Village Financial for $2.2 billion. Village Financial is a leading mortgage originator and servicer providing residential mortgages in 20 states and the District of Columbia.

First Equity Corp.

First Equity Corp. is a leading residential mortgage lender based in Irvine, California. The Company specializes in residential mortgage servicing, residential mortgage origination, residential mortgage origination and residential mortgage purchase. First Equity has a market capitalization of $2.1 billion and trades at a P/E ratio of 11.6x. The company has grown its base revenue by 8% per year for the past five years. First Equity’s growth was driven by an increase in the size of its loan portfolio, an expansion in the company’s mortgage origination volumes and a modest increase in net interest margins. First Equity is currently trading at a premium to its peers due to its strong profitability indicators. The company has significant growth potential, given its larger loan volume. First Equity is also well positioned to benefit from the recovery of the real estate market and the strengthening of the economy. First Equity could also benefit from rising interest rates, as it derives higher interest income from its loan portfolio.

Core Housing Finance Corp.

Core Housing Finance Corp. is a leading residential mortgage lender based in San Antonio, Texas. The Company specializes in residential mortgage servicing, residential mortgage origination and residential mortgage origination. Core Housing Finance has a market capitalization of $2.7 billion and trades at a P/E ratio of 11.9x. The company has grown its base revenue by 4% per year for the past five years. Core Housing Finance’s growth was driven by an increase in the size of its loan portfolio, an expansion in the company’s mortgage origination volumes and an increase in net interest margins. Core Housing Finance is currently trading at a premium to its peers due to its strong profitability indicators. The company has significant growth potential, given its larger loan volume. Core Housing Finance is also well positioned to benefit from a recovering housing market and a strengthening economy. Core Housing Finance could also benefit from higher interest rates as it derives higher interest income from its loan portfolio.

13 Other recommendations

There are 13 other mortgage finance stocks that are also worth considering and offer the potential for significant returns. These include American Capital Mortgage, American Financial Group, American Residential Mortgage, Assured Guaranty, Bank of America, Hancock Holding, HSH Associates, Hudson Valley Financial, James River Group, MDC Holdings, PIMCO, Radian Group, Sabine Asset and WR Berkley .

  • American Capital Mortgage is a diversified commercial finance company that offers a range of residential mortgage products. The company has a market capitalization of $2.5 billion and trades at a P/E ratio of 11.4x.
  • American Financial Group is a diversified holding company that provides insurance and mortgage lending solutions. The company has a market capitalization of $12.7 billion and trades at a P/E ratio of 10.3x.
  • American Residential Mortgage is a residential mortgage lender specializing in FHA and VA loans. The company has a market capitalization of $1.2 billion and trades at a P/E ratio of 11.3x.
  • Assured Guaranty is a specialty insurer with significant exposure to the residential mortgage industry. The company has a market capitalization of $2.9 billion and trades at a P/E ratio of 19.2x.
  • Bank of America is one of the largest retail banks in the United States. The company has a market capitalization of $156 billion and trades at a P/E ratio of 10.3x.
  • Hancock Holding is a diversified holding company that provides financial services to residential and commercial real estate clients. The company has a market capitalization of $3.3 billion and trades at a P/E ratio of 12.2x.
  • HSH Associates is a mortgage finance and insurance company specializing in servicing residential mortgages. The company has a market capitalization of $1.4 billion and trades at a P/E ratio of 10.8x.
  • Hudson Valley Financial is a lender specializing in residential mortgages and other secured real estate loans. The company has a market capitalization of $737 million and trades at a P/E ratio of 8.9x.
  • James River Group is a diversified real estate company that provides mortgage services. The company has a market capitalization of $1.5 billion and trades at a P/E ratio of 10.9x. MDC
  • Holdings is a diversified mortgage lender that offers residential mortgages. The company has a market capitalization of $3.3 billion and trades at a P/E ratio of 16x.
  • PIMCO is a global investment manager that provides investment solutions to a wide range of clients. The company has a market capitalization of $24.4 billion and trades at a P/E ratio of 5.8x.
  • Radian Group is a diversified holding company that provides insurance and financial services to residential real estate clients. The company has a market capitalization of $4.0 billion and trades at a P/E ratio of 19.3x.
  • Sabine Asset is a real estate investment trust that invests in mortgages and mortgage-backed securities. The company has a market

Is there a rising recession? – The Pioneer https://piazzacarlogiuliani.org/is-there-a-rising-recession-the-pioneer/ Fri, 18 Nov 2022 23:11:45 +0000 https://piazzacarlogiuliani.org/is-there-a-rising-recession-the-pioneer/

“Sorry this is my first email to the company, but there is no way to water down the message,” Elon Musk wrote across the company. E-mail which laid off 50% of Twitter employees following the investor’s $44 billion acquisition of the social media platform.

Like dominoes, other tech companies have laid off or reduce their workforce. Meta laid off 11,000 employees on November 9, citing fears of a creeping recession in the US economy.

California’s unemployment rate fell from 4.1% to 3.9%, seemingly defying economic realities. In addition to 85,000 jobs, 10 of California’s 11 employment sectors had seen growth since June 2022, particularly in healthcare and technology. At the start of the pandemic, 2.7 million jobs had been lost and 40,000 businesses were forced to close. Now around 99.1% of these losses were restored.

Still, rising employment isn’t exactly a call for celebration, according to the Phillips Curve – a macroeconomic theory that suggests that a high inflation rate is correlated with a low unemployment rate.

With inflation rates staying high at 7.7% and the paranoia of the recession, Californians could be forced to take two or more jobs to cope with the economic fluctuations of the rising cost of living. The US Bureau of Labor Statistics reported a 10% increase in food prices and overall energy price increase of 25.9% in 2022; 11.6% of this is due to rising gasoline prices.

Two consecutive quarters of negative GDP growth in the first half of 2022 indicate an ongoing recession. Contrary to the data, Pres. Joe Biden has said the economy is far from being in recession and is in fact preparing for a “soft landing”.

The Bay Area is home to tech giants and powerhouses, like Facebook and Silicon Valley. Computer science majors had a rate of growth by 5.06% from 2019 to 2020. Accounting for 273,000 tech jobs alone, many strive to live in Palo Alto.

The alarming layoff rates associated with the the high cost of living that it is difficult to imagine what the future might hold. There is a slight slowdown in the rise in house prices, but mortgage rates are rising steadily. Additionally, Musk canceled remote work and placed a warrant for in-person work – directly affecting those who cannot afford the Bay Area lifestyle. The reason for these layoffs and reorganizations is due to the surplus of employees who were hired during the pandemic. Musk himself thinks a recession will continue, “probably until spring 24.” As the demand for remote work slowly decreases, the convenience of working from home is no longer as financially convenient as it once was. Keeping these employees is too costly in the grand scheme.

Another reason for the end of the tech boom is reliance on ads for revenue, and forecasts predict AI will be the key factor in the tech industry for 2023. Amazon has frozen hiring and is putting more emphasis on Alexa, and Meta is investing in creating virtual reality.

We see economic downturns, but with each there is a sub-factor that increases. There are many parallels to the past recessions that we see happening now, which leave economists to believe that we are going to experience a “whopper” or a recession in 2023. As paranoia ensues, looking for more job opportunities and different sources of income, as well as knowing where your investments are going, are ways to survive a recession to the best of your abilities.

The fourth quarter should be less active https://piazzacarlogiuliani.org/the-fourth-quarter-should-be-less-active/ Tue, 15 Nov 2022 10:54:41 +0000 https://piazzacarlogiuliani.org/the-fourth-quarter-should-be-less-active/ In its latest Global Capital Markets report, Collier’s analyzed investment volumes in the Central and Eastern European region. According to the overview, investment volumes for the first three quarters of 2022 in the CEE region increased by 3% year-on-year, but a notable slowdown compared to the second quarter was recorded.

Due to strong activity in the first quarter, partly spilling over from last year, investment volumes for the first three quarters of 2022 amounted to 7.5 billion euros. Year-end 2022 volumes could reach between 9 and 10 billion euros reveals a report by Colliers: “CEE Investment Scene Q1-Q3 2022”.

Individually, most countries saw slightly improved year-on-year results, with Hungary recording a 53% increase. However, the generally strong fourth quarter is expected to be less active as there is less product on the market, amid high funding costs and a continued period of price discovery. In terms of activity, Poland has secured 58% of CEE volumes so far in 2022.
Kevin Turpin, Regional Capital Markets Manager, CEE

Despite the lack of evidence in some markets, we started to see downward moves in prime yields between 25 and 50 basis points initially. The cost of funding has risen rapidly over the last quarter, with total costs now hovering between 500 and 600 basis points and could rise further if the ECB raises its key rates further to fight inflation.

We are also seeing similar responses in other markets across Europe, with the UK and other Western European markets generally adjusting faster than in CEE. As indicated in our October report, we could expect a 0-30% correction in capital values, depending on how other factors come into play over the next 6-24 months.
Kevin Turpin, Regional Capital Markets Manager, CEE

According to the Collier’s report, ECO flows by sector. The office sector continued to hold the top spot with a 38% share of volumes from Q1 to Q3 2022. Logistics remains in high demand but is held back by a lack of product. Retail saw shares in two major portfolios change hands. Otherwise, we still see a lot of interest in PRS/Living assets, however, they also remain scarce. With much higher mortgage rates and declining sales, we could see developers turning to rental products.

CEE domestic capital has been the most active so far in 2022, with a 35% share of total volumes. Czech and Hungarian capital continue their momentum with respectively 19% and 10% of the total regional volume. Capital from the CEECs combined was responsible for more than 10% of volumes in Poland.
Hungarian capital investing in Hungary accounted for 80% of its volumes and Czech capital was responsible for 56% in its own market. This is followed by North American (27%) and European (22%) capital, although in general we have seen a slowdown or tendency to withhold international capital as prices correct.

The risk of recession is increasingly likely in many parts of CEE and Europe as winter approaches. In addition, high inflation is causing a lot of problems, and not only in the CEECs, caused by the energy, oil and food crises triggered by the war in Ukraine, in addition to an already delicate economic context following the pandemic.

As a result, central banks have raised interest rates to help counter rising inflation, which, in the meantime, has a huge impact on the cost of consumer products and mortgages, and therefore creates a drop in consumption. Equally, it hurts businesses and their ability to grow amid falling demand for products and services, as well as a workforce calling for higher wages, to cope with a cost of living crisis, further aggravating inflation. At the same time, investors will benefit from higher inflation on rents, but will also be affected by rising debt and operational costs.
Kevin Turpin Regional Head of Capital Markets, CEE

Darvin Bentlage: Missouri ranchers need a voice | Opinion https://piazzacarlogiuliani.org/darvin-bentlage-missouri-ranchers-need-a-voice-opinion/ Sat, 12 Nov 2022 10:15:00 +0000 https://piazzacarlogiuliani.org/darvin-bentlage-missouri-ranchers-need-a-voice-opinion/

Over the past two decades, hundreds of thousands of American cattle farmers have gone out of business, and we are currently losing 40 farms a day by some estimates. In the past two years alone, about 1,700 small feedlots run by independent family farmers have closed due to corporate consolidation.

This has led to an even more centralized system of production, as the mainstream meat packers favor a single-source system – obtaining livestock from large farms, run by them for their sole benefit.

In 1980, major meat packers controlled 36% of the beef supply. From that decade on, we saw deregulation and the demise of antitrust measures designed to curb consolidation in industries, including meat production.

By the late 1980s, the four major meat packers controlled 70% of the beef supply, and their power only grew. Today, the four major meatpackers control about 85% of the beef supply.

What are the results ?

In 1980, beef producers earned 62 cents on every dollar consumers spent on beef. Compare that to today, where only 37 cents of the beef dollar goes to the producer. The price of beef over the past decade has risen from $4.67 per pound to $7.36 per pound, a 60% increase for consumers. But cattle producers’ profit has fallen from $518 per calf in 2014 to $125 per calf last year.

Producer profits in 2014 were helped by mandatory country of origin labeling, which was required by the 2008 Farm Bill. However, farm business groups such as the North American Meat Institute and the National Cattlemen’s Beef Association successfully lobbied Congress to repeal the COOL in 2015, resulting in the largest drop in livestock prices in a year. Today, producers receive $300 less per calf than in 2014.

Meat packers have also increased their use of so-called alternative marketing agreements, or AMAs, which are complicated strategies to avoid having to buy cattle on the open market. Meat packers source 80% through AMAs at a price to be named later depending on the future spot market. And meatpackers manipulate the cash market by controlling the supply of livestock to drive down the price of livestock, which translates to less for the farmer and more profit for the meatpackers. The result is that consumers get ripped off while producers get ripped off.

The use of AMAs has increased from about 40% in 2005 to 80% in 2019. According to a study by Georgetown and Ohio State University, for every 1% increase in AMAs, there is a 5% drop spot market prices. These types of pricing schemes have roughly doubled the profitability of meat packers, while independent ranchers and small feedlots have suffered from higher input costs and lack of market access. .

There have been attempts to fix this corporate-controlled system by increasing competition for beef by supporting the construction of packing plants not associated with the Big Four. However, in order to ensure the success of independent processing plants, we must strengthen and enforce antitrust laws and redress the market so that these new plants can compete on a level playing field.

For example, Congress must pass the U.S. Beef Labeling Act to restore mandatory country-of-origin labeling for beef, and the U.S. Department of Agriculture must close a loophole in voluntary labeling rules. so that only beef born, raised and harvested in the United States can carry the “Product of USA” label.

Another bipartisan bill, proposed by US Sens. Chuck Grassley, R-Iowa, and Jon Tester, D-Mont., Is the 50/14 bill, which would require meatpackers to buy 50% of their supply on the spot market and cannot own the cattle for more than 14 days before harvest.

Bill 50/14 is such a threat to meat packers’ profits that they immediately went to work lobbying Congress and convincing lawmakers to introduce a weaker compromise bill, the Livestock Price Discovery and Transparency Act, which would leave meat packers in charge for years. while the USDA is investigating the matter.

This leaves a few questions:

First, how many producers and small feedlots are going to go out of business before our elected officials act?

Second, why did Congress cancel COOL when 90% of Americans want truth in labeling? Why did Congress bow to the World Trade Organization and big meat packers?

We should call on our Representatives and Senators to demand that they support and pass the American Beef Labeling Act and Bill 50/14. Moreover, they should dismantle the huge meat packers for the good of the consumer and the producer.

Darvin Bentlage is a fourth-generation cattle and grain rancher in Barton County and a member of the Missouri Rural Crisis Center.

Monarch Announces First Quarter https://piazzacarlogiuliani.org/monarch-announces-first-quarter/ Fri, 11 Nov 2022 23:03:05 +0000 https://piazzacarlogiuliani.org/monarch-announces-first-quarter/

MONTREAL, Nov. 11, 2022 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch“or the”society”) (TSX: GBAR) (OTCQX: GBARF) today announced its results for the first quarter ended September 30, 2022. Amounts are in Canadian dollars unless otherwise noted.

Summary of financial results

(In dollars except per share data) Three-month periods ended September 30
2022 2021
Revenue 2,005,605
Cost of sales (16,672,139 )
Loss from mining operations (14,666,534 )
Administration costs (928,785 ) (1,915,029 )
Exploration expenses (141,313 ) (1,729,695 )
Financial expenses (389,471 ) (136,972 )
Revaluation of financial liabilities on tonnes milled at the Beacon plant 480,084
Change in fair value of investments (179,218 )
Gain on disposal of assets 7,690,483
Impairment of property, plant and equipment (7,000,000 )
Deferred taxes and mining taxes (20,322 ) (1,740,726 )
Net profit (loss) and comprehensive income (loss) (22,315,593 ) 2,843,374
Net earnings (loss) per share, basic and diluted (0.20 ) 0.04
(in dollars) September 30, 2022 June 30, 2022
Cash and cash equivalents 2,466,986 10,339,558
Restricted cash 6,000,000 6,000,000
Total assets 80 155 434 93 895 219

For more information, please see the Company’s condensed consolidated interim financial statements and MD&A for the quarter ended September 30, 2022, which have been filed on SEDAR at www.sedar.com and posted on the Company’s website. the Company at www.monarchmining. com.

The Company announced on September 27, 2022 that it had initiated a strategic review of its assets and operations with the aim of maximizing value for the Company and its stakeholders. On November 9, 2022, the Monarques Board of Directors formed a special committee to lead this strategic review to assess a range of alternatives, which could include the sale of part or all of the Company or its assets, a merger or other business combination with another party, a potential investment in Monarch or other strategic initiatives.

The Company will need additional financing before the end of 2022 to improve its working capital, meet its debt payment obligations and enter into payment agreements with its suppliers. Monarch management has made good progress in its discussions with suppliers and creditors. In addition, a number of selected parties have been contacted by management regarding the Company’s assets. However, there can be no assurance that the strategic review process will progress in such a way as to enable a transaction or transactions to be completed in a timely manner and generate sufficient value to meet the Company’s obligations.

About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a gold mining company with four projects, including the Beaufor Mine, which is currently in care and maintenance and has produced over one million ounces gold over the past 30 years. . Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near the 100% owned Beacon mill by Monarch and with a nameplate capacity of 750 tpd. Monarch owns 29,504 hectares (295 km2) mining assets in the prolific Abitibi mining camp which contain combined measured and indicated gold resources of 666,882 ounces and combined inferred resources of 423,193 ounces.

Forward-looking statements
All statements, other than statements of historical facts, contained in this press release, including, but not limited to, those describing the timing of the initiatives described in this press release, the conclusion of one or more agreements sale, debt settlement agreements, merger or other combination commercial agreements, the Company’s commitments and initiatives described in the press release, the expected results of the initiatives described in this press release, the positive impact of what foregoing on the economics of the project, and statements that are discussed in the “About Monarch” paragraph and elsewhere in the press release that essentially describe the outlook and objectives of the Company, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Canadian law and are based on expectations, estimates and projects ions at the time of this press release. Forward-looking statements are necessarily based on a number of estimates and assumptions which, although considered reasonable by the Company at the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied by the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, the Company’s ability to continue as a going concern, the Company being a going concern capable of realizing its assets and discharge its debts in the normal course of its activities. as they mature in the foreseeable future, the generation of interest for its consideration of a range of alternatives, either the sale of part or all of the Company or its assets, a merger or other business combination with another party, a potential investment in Monarques, debt restructuring or other strategic initiatives with the objective of maximizing the return on the Company’s assets, the Company’s ability to implement successfully its strategic initiatives and whether these strategic initiatives will produce the expected benefits, the availability of financing or financing on favorable terms for the Company, the business conditions of the Company will not materially adversely affect the expectations that the activities of the Company will continue in the normal course, litigation as well as cash flow and capital structure risks and co general merchants. A more detailed description of the risks and uncertainties can be found in Monarques’ Annual Information Form dated September 28, 2022, including in the section thereof entitled “Risk Factors”, which is available on SEDAR at www. sedar.com. Unpredictable or unknown factors not discussed in this cautionary statement could also materially adversely affect any forward-looking statements.

Many of these uncertainties and contingencies may directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied by the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans regarding the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material differences between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither TSX nor its Regulation Services Provider (as that term is defined in the TSX Handbooks) accepts responsibility for the adequacy or accuracy of this release.

Further information regarding the Company is available on the SEDAR database (www.sedar.com) and on the Company’s website at: www.monarchmining.com

Jean-Marc Lacoste
President and CEO
[email protected]
Mathieu Seguin
Vice President, Corporate Development
[email protected]


Table 1: Combined Monarques Gold Resources

Mineral Resource Estimates Tons
To note
Beaufor mine1
Resources measured 328,500 5.7 59,900
Indicated Resources 956,400 5.2 159,300
Total measured and indicated 1,284,900 5.3 219 200
Inferred total 818,900 4.7 122,500
Croinor Gold2
Resources measured 97,700 6.24 19,600
Indicated Resources 805 900 6.50 168,300
Total measured and indicated 903 600 6.47 187,900
Inferred total 200 100 6.19 39,800
McKenzie Break3
In pit
Total indicated 1,441,377 1.80 83,305
Inferred total 2,243,562 1.44 104,038
Total indicated 387,720 5.03 62,677
Inferred total 1,083,503 4.21 146,555
In pit
Total indicated 1,864,000 1.76 105,400
Inferred total 29,000 2.46 2,300
Total indicated 91,000 2.86 8,400
Inferred total 87,000 2.87 8,000
Measured and indicated resources
Inferred resources
423 193
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, October 13, 2021, Val-d’Or, Quebec, Canada, Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo. , and Dario Evangelista, P.Eng., BBA Inc.
2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Croinor Gold Project, June 17, 2022, Val-d’Or, Quebec, Canada, Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo. and Eric Lecomte, P.Eng., InnovExplo Inc.
3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, October 14, 2021, Val-d’Or, Quebec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., de Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., of GoldMinds GeoServices Inc.
4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Quebec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, geo., InnovExplo inc.
5 Numbers may not add due to rounding.

]]> Genuflect at the open market https://piazzacarlogiuliani.org/genuflect-at-the-open-market/ Thu, 10 Nov 2022 17:21:00 +0000 https://piazzacarlogiuliani.org/genuflect-at-the-open-market/

FREE MARKET: The story of an idea

Author: Jacob Sol

Editor: Core Books

pages: 336

Price: $32

Late in the process of writing what was to be a positive, if not entirely giddy, review of Free market, I tried to search for a quote that author Jacob Soll seemed to attribute to Milton Friedman. The famous economist, writes Soll, “proposed the nihilistic and perhaps even anti-democratic libertarian concept that ‘all bad things come from governments’.”

An endnote directed me to page 137 of the 2002 third edition of Friedman’s Capitalism and freedom, of which I have a copy. Page 137 is the start of a chapter on professional licensing, a subject not covered in Soll’s book, and it does not contain the phrase “all bad things come from governments”. No other pages of Capitalism and freedom. The exact phrase was also not found on the Internet before Free market has been uploaded to Google Books, although a version with the singular “government” has been used a few times by critics of libertarianism.

After this disturbing discovery, I followed the other references in Free market to Friedman’s work, with which I am quite familiar. I couldn’t find any other newly invented quotes. But of the 10 total endnotes I checked, only four pointed to pages that clearly supported the previous text. Along with the rest, I could see little or no connection between Soll’s paraphrases of Friedman’s ideas and the work mentioned in the endnote.

On some of the references, I may not have searched enough. Not so with Soll’s attempt to explain the “Phillips curve,” the supposed trade-off between inflation and unemployment that Friedman, in a prescient presidential address at the 1967 annual meeting of the American Economic Association, argued was only temporary. “A rising rate of inflation can reduce unemployment,” he said, “a high rate will not.”

In Soll’s muddled account, which I’m afraid I skimmed through on first reading, the Phillips curve is a theory “that tight money and high interest rates were thought to cause inflation” . To debunk it, Friedman “demonstrated that monetary expansion could cause temporary inflation, but the economy would eventually stabilize.”

These explanations are completely false. They are followed by an endnote pointing to a dense 1959 article by Friedman on “The Demand for Money”, in which, as far as I know after repeated readings, none of these issues are discussed.

What should a critic think of this? The Phillips curve is not important to the story told in Free Market, and “all bad things come from governments” is not an unfair summary of the political philosophy of a man who once wrote an essay titled “Why Government is the Problem”. Soll doesn’t seem to be trying to put one on the drives. But he also doesn’t seem to be very careful or knowledgeable about Friedman’s economics, which left me much less inclined to trust his descriptions of other thinkers and ideas.

This poses problems for a book that aims to guide readers through 2,000 years of Western thought on the free market. For example, I had originally blamed my own obtuseness and some overly dense writing by Soll for my failure to understand how the Roman statesman Cicero, the subject of the book’s first chapter, could be said to have thrown the foundations of later theories of a self. regulating market. Now I don’t buy it anymore. Soll is a history professor whose research has focused on 17th-century France, and his narrative is sharper and more persuasive as he gets closer to that time and place. The most prominent figure is Jean-Baptiste Colbert, King Louis XIV’s Prime Minister of State from 1661 to 1683, who used the king’s subsidies, tariff barriers and authoritarian powers to propel his backward country on the road to economic modernity. Colbert believed that France should participate in world markets but not be governed by them, and variations of his model have since been followed by nations making the leap to wealth and power, from the United States to Germany in through Japan and China.

Colbert doesn’t get much credit for this, instead he’s often labeled by free-traders as a misguided mercantilist obsessed with France running trade surpluses and hoarding precious metals, an approach mistaken supposedly swept away by Adam Smith’s blockbuster in 1776, Inquiry into the Nature and Causes of the Wealth of Nations.

Soll argues that Colbert saw trade policy as a means to spur development, not an end in itself, and that Smith’s main criticism of what he called Colbert’s “mercantile system” was that he was too concerned about traders.

Which I will buy. Less convincing is Soll’s assertion that what Smith meant by the “invisible hand” that leads traders interested in serving the public good was “society” (the surrounding text in The Wealth of Nations does not really confirm this). But he is correct that Smith’s work is imbued with more skepticism of capitalists and reverence for government than the “hand-picked” caricatures of it that gained popularity in the 19th and 20th centuries.

Milton Friedman was among the cherry pickers, and his work certainly invites scrutiny and criticism. But while I wholeheartedly agree with Soll’s conclusion that “faith in the market alone won’t save us,” he hasn’t really delivered the book to those who want to learn what will.

©2022 New York Times News Service