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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Gas supplier Statoil attacks UK’s market price reporting system

Category : Business

Norwegian gas company says British pricing is open to manipulation and calls for more transparent methods

One of the biggest suppliers of gas to Britain, Statoil of Norway, has said the UK’s system of power market price reporting is open to manipulation and “gaming” and needs to be shaken up.

The damning assessment of the UK system from one of the world’s biggest energy companies comes six months after the Guardian triggered an investigation by City and energy watchdogs with a report detailing concerns about wholesale gas market rigging raised by an ICIS Heren price reporter, Seth Freedman.

The inquiries into the £300bn market, started by the then Financial Services Authority and Ofgem, are still looking at the way the price reporting agencies such as ICIS cover the markets as well as how energy companies go about their wholesale trading activities.

Huge gyrations in reported prices on 28 September last year raised fears that it could represent market manipulation similar to Libor interest-rate rigging, a scandal that has undermined financial markets and led to fines of £290m for Barclays and £390m for Royal Bank of Scotland.

The prices reported by agencies such as ICIS form the basis for long-term contracts and one explanation for the 28 September price movements is that traders stood to benefit by manipulating the benchmark price.

In a letter in response to a consultation exercise launched by ICIS and published on its website, Statoil UK’s regulatory affairs adviser, Shelley Rouse, said the current price reporting methodology should be amended to improve the transparency and reliability of the calculations and the pricing indices. “We are concerned that the current methodology allows for the potential use of incorrectly reported trades to be factored into the index calculations, which can result in inaccurate prices being published,” she wrote. “Statoil would support the use of a daily weighted average of reported physical trades. This will enable the published pricing indices to fully reflect the traded market and would reduce the opportunity for gaming or market manipulation.”

As part of the same exercise, another of the world’s most powerful energy companies, RWE of Germany, said it too “may not always have full confidence in the accuracy of their [reporter-led] price assessments.”

Centrica, the owner of British Gas, also expressed positive views about basing prices on deals done through exchanges rather than on the over-the-counter (OTC) market.

ICIS, owned by Reed Business Systems, has now promised to set up an alternative system of price reporting based only on actual executed trades, which will run alongside its current system. In a statement signed by Louise Boddy, head of gas and power at ICIS Heren, she admitted her company needed to address these concerns. “Responses to this consultation do show consensus that a deals-based closing index methodology would provide a reliable measure of closing market value. ICIS will therefore develop a new pricing methodology to provide this,” she said .

“ICIS proposes to run a new closing index alongside certain closing assessments in a first phase lasting at least six months. After six months of publication, ICIS will analyse the reliability of this index. It will also go back to market participants for feedback on the reliability of the index and potential replacement of the existing assessments.”

Freedman was critical of the methodology used by ICIS, alleging among other things that his fellow reporters were not trained properly. He was subsequently sacked and has launched an unfair dismissal case.

Concerns about how all price reporting agencies conduct their business have also led to calls for changes from the International Organisation of Securities Commissions. This comes amid a trend for longterm wholesale contract prices to be linked to OTC gas prices established by companies such as ICIS and Platts rather than oil prices as usually happened in the past.

But the OTC market, estimated to be worth around £300bn annually, is largely unregulated and prices are hard to establish because the price reporters often have to rely on talking to only one party in any deal.

In February, three major brokers launched their own set of indices covering the UK and Europe based on confirmed transactions. The “Tankard” benchmarks have been created by ICAP, Marex Spectron and Tullet Prebon.

Calmena Energy Services Announces Sale of Wireline Technologies Division

Category : Stocks, World News

CALGARY, ALBERTA–(Marketwired – April 9, 2013) - Calmena Energy Services Ltd. (TSX:CEZ) (“Calmena”) is pleased to announce that it has entered into a binding definitive agreement (the “Agreement”) to sell its Wireline Technologies division to Keane Group Holdings, LLC (“Keane”) for a purchase price of $12.0 million. The purchase price is comprised of all cash and is not subject to Keane obtaining financing. The closing is subject to certain conditions and is expected to close before the end of April, 2013. The proceeds from the sale of the Wireline Technologies division will be used to reduce corporate indebtedness.

Continued here: Calmena Energy Services Announces Sale of Wireline Technologies Division

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Redknee Closes Acquisition of Business Support Systems From Nokia Siemens Networks

Category : Stocks

TORONTO–(Marketwire – Mar 30, 2013) – Redknee (TSX: RKN), a leading provider of business-critical monetization and subscriber management software solutions for communications service providers, is pleased to announce the closing of its acquisition of Nokia Siemens Networks’ Business Support Systems (BSS) business unit. Redknee announced its intent to acquire Nokia Siemens Networks’ BSS business unit on December 5, 2012.

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Ridgeline Energy Services Inc. (RGDEF: OTC Link) | RIDGELINE ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT

Category : Stocks, World News

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PRIVATE PLACEMENT

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Ares Life Sciences to Acquire GREER(R) Laboratories, Inc., a Leader in Allergy Immunotherapy in the United States

Category : Stocks

GENEVA, SWITZERLAND–(Marketwire – March 8, 2013) - Ares Life Sciences, a healthcare-focused investment group, announced today that it has signed a definitive agreement to acquire 100% of the share capital of Albion Medical Holdings, Inc., including its wholly owned subsidiary GREER® Laboratories, Inc., a leader in allergy immunotherapy in the United States. Closing of the transaction is subject to U.S. regulatory approvals and certain closing conditions.

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Canada Carbon Inc. Closes Private Placement

Category : Stocks, World News

OAKVILLE, ONTARIO–(Marketwire – March 6, 2013) - Canada Carbon Inc. (the “Company”) (TSX VENTURE:CCB), (FRANKFURT:U7N1) announces that it has closed a non-brokered private placement (the “Private Placement“) which raised gross proceeds of $500,000. Specifically, the Company issued 3,750,000 units (“Units“) and 1,250,000 flow-through units (“Flow-Through Units“). Each Unit consists of one common share in the capital of the Company (“Common Share“) and one Common Share purchase warrant (“Warrant“). Each Flow-Through Unit consists of one flow-through Common Share in the capital of the Company and one (non flow-through) Warrant. Each Warrant is exercisable for the purchase of an additional Common Share for a period of two years from closing at $0.20 per Common Share.

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Peak Closes CDN$150K Private Placement

Category : World News

MONTREAL, QUEBEC–(Marketwire – Jan. 25, 2013) - Peak Positioning Technologies Inc. (“Peak”) (TSX VENTURE:PKK) today announced that it has closed a non-brokered private placement and has issued 2,814,295 units for gross proceeds of $157,600.52. Each unit (“Unit”) consists of one (1) common share and one half (1/2) of one common share purchase warrant. Each common share purchase warrant entitles its holder to purchase one common share of Peak, at the price of $0.15, for a 12 month period following the closing date. The securities issued pursuant to the Offering are subject to a hold period expiring four (4) months and one day from the date of closing. Peak intends to use the proceeds for general working capital purposes.

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Passport Potash, Inc. (PPRTF: OTC Link) | Convertible Debenture Financing

Category : Stocks, World News

PASSPORT POTASH INC.

(TSX.V – PPI)

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Treasuries singe investors

Category : Stocks

The yield on the 10-year Treasury note is closing in on 2%, hurting investors who plowed into the safe haven investment at lower rates.

Continued here: Treasuries singe investors

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Avatar Energy Ltd. Receives Final TSXV Approval With Respect to the Sale of Its Pembina Strawberry Creek Properties

Category : World News

CALGARY, ALBERTA–(Marketwire – Jan. 4, 2013) – Avatar Energy Ltd. (“Avatar” or the “Corporation”) (TSX VENTURE:AVG) announces that it has received final approval from the TSX Venture Exchange with respect to the sale of its working interest in properties located in the Pembina Strawberry Creek for cash gross proceeds of approximately $1.8 million (the “Transaction”) less required adjustments. All closing and trust conditions with respect to the Transaction have been satisfied or waived.

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