Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
SEC charges eight men in alleged pump-and-dumps
2009-05-22 14:23 ET - Street Wire
Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
by Mike Caswell
The U.S. Securities and Exchange Commission has filed civil fraud charges against eight men who allegedly made $6.2-million pumping and dumping four separate stocks. (All figures are in U.S. dollars.) The companies include Playstar Corp., an Ontario pink sheets listing that purported to be developing a proprietary text message system for cellphones. The SEC alleges that the men received free-trading shares of Playstar and the three other companies for little money, and then sold them on the market after manipulating the stocks.
In addition to the SEC case, seven of the men are facing criminal charges in parallel indictments unsealed Thursday in the District of Delaware. Those criminally indicted include Matthew Brown, 26, who operates the penny stock website InvestorsHub.com. Others indicted were Pawel Dynkowski, 24, of Delaware; Joseph Mangiapane, 43, of California; Marc Riviella, 50, of California; Jacob Canceli, 50, of California; Gerard D'Amaro, 38, of Florida; and Angelo "Bill" Panetta, 48, of California. The defendants in the SEC case include an eighth man not criminally charged, Adam Rosengard of New Jersey.
SEC's complaint
The SEC, in a complaint filed May 21, 2009, in the District of Delaware, claims that the manipulations happened in 2006 and 2007, and followed a similar pattern. First, Mr. Dynkowski and his accomplices agreed to sell large blocks of shares of penny stock companies in exchange for a portion of the proceeds, the SEC claims. It says the companies placed these shares in nominee accounts that Mr. Dynkowski controlled. Then, Mr. Dynkowski and the other defendants pumped the stocks through wash sales and matched orders, often timed with false or misleading news releases from the companies, the complaint states. After artificially inflating the stocks, Mr. Dynkowski and the other defendants allegedly sold the shares and split the illicit profits.
The complaint identifies four companies that were manipulated in the scheme: GH3 International Inc., Asia Global Holdings Inc., Playstar Corp. and Xtreme Motorsports of California Inc. The Playstar scheme began in October, 2006, the SEC says. Between Oct. 18 and Dec. 19, 2006, Playstar allegedly arranged for 39.6 million shares to be transferred to two accounts controlled by Mr. D'Amaro. At the company's direction, these shares had no restrictive legends, meaning they could be freely traded, the complaint states.
Starting on Oct. 19, 2006, Mr. Dynkowski allegedly used these shares to dramatically increase the company's price by arranging wash sales and matched orders that accounted for millions of shares in volume. At the same time, Mr. D'Amaro had Playstar's chief executive officer issue numerous misleading news releases touting the company, the SEC says. The stock subsequently rose from half a penny on Oct. 18, 2006, the day before the alleged pump started, to 12 cents by Nov. 9, 2006.
As the stock rose, Mr. Dynkowski and Mr. D'Amaro allegedly started selling shares from the nominee accounts. The SEC says that in total, they sold 39.6 million shares of Playstar for a profit of $1.18-million, which they divided between themselves and Playstar or its representatives. The complaint does not make specific allegations against anybody at Playstar, nor does it identify who at the company provided Mr. Dynkowski and Mr. D'Amaro with the shares.
The SEC claims that during the pump-and-dump, Playstar issued a news release designed to mislead shareholders into believing that naked short-sellers were responsible for massive selling of the stock. The news release stated that the company had ordered a list of non-objecting beneficial owners from its transfer agent. "In reality, the alleged naked short selling was actually Dynkowski dumping the shares he had received from Playstar," the complaint states.
The SEC says the largest of the three pump-and-dumps was Asia Global Holdings, which purported to have the rights to the show "Who Wants to be a Millionaire" in China. According to the complaint, the men made $4.05-million dumping Asia Global. Mr. Dynkowski and Mr. Brown allegedly dumped the shares using nominee accounts opened by Mr. Mangiapane and Mr. Riviella, who used their positions as registered representatives at California brokerage AIS Financial Inc. for the scheme.
According to the complaint, the manipulative trades helped boost the stock from 11.5 cents on Aug. 9, 2006, to a high of 41 cents on Aug. 25, 2006. While Mr. Dynkowski and Mr. Brown were selling shares from nominee accounts, they had the company issue a news release touting its second quarter 2006 results, the SEC claims. "Dynkowski told Brown to 'make it sound good ... like AAGH [Asia Global] announces record revenue net profits [sic]' and suggested that the press release state that the company's profits had increased by at least 300%," the complaint reads. The company then issued a news release claiming that its second quarter net income rose 370 per cent, the SEC notes.
The SEC is seeking injunctions preventing future violations of the U.S. Securities Act, appropriate civil penalties and disgorgement, as well as permanent penny stock bans against Mr. Dynkowski, Mr. Brown, Mr. Canceli, Mr. D'Amaro and Mr. Rosengard.
The seven men that were named in the criminal case face varying sentences, should they be found guilty. Mr. Dynkowski and Mr. Mangiapane have the longest potential sentence. They are charged with nine counts of fraud, each of which carries a maximum penalty of 20 years in jail and a fine of up to $5-million.
In a statement issued Thursday, the U.S. Attorney's Office in Delaware said that law enforcement had been investigating the case since 2007. The agencies involved included the Department of Homeland Security, the Internal Revenue Service and the Delaware State Police.
All good here ... working hard and getting ready for winter getaway
hi bro hope all is well!
Venga affiliate begins road, camp building at GoldMatta
2009-04-30 09:33 ET - News Release
Mr. Hirsh Kwinter reports
VENGA'S AFFILIATE STARTS CONSTRUCTION OF ACCESS ROAD TO LIBERIAN GOLD MINING SITE AND THE BUILDING OF MAIN BASE CAMP
Venga Aerospace Systems Inc.'s mining affiliate, Global Mineral Investments, LLC (GMI), has now started construction of an access road to GMI's GoldMatta mining site located in the Sanquin mining zone, Liberia. Venga also announced that GMI has started to erect both its main and subsidiary camps, and that all required mining equipment and supplies, including the principle dredge, have now been delivered to the mining sites. GMI is planning to carry on gold dredging operations in those portions of the Upper Tartweh River system flowing through its GoldMatta concession.
In commenting on the status of GMI's mining operation, George Duokenel, GMI's lead geologist and project manager, stated: "We are certainly on course. The team, cutting lines along the rivers to indicate the 16 deepest areas of the river system that we intend to dredge, has completed the job." Mr. Duokenel also confirmed that GMI has now received approval from both central and local governmental authorities to build the 2.9-mile road to GMI's mining sites which will give work crews better access to the sites and provide the local population with a major route between Tartweh and the provincial headquarters in Greenville.
Venga further announced that GMI and Venga have agreed to assist in the construction of the first health clinic and secondary school in the area where GMI's GoldMatta mining concession is located. "We think it is important to be good corporate citizens and to provide as much assistance to the local population as possible," stated Venga president, Hirsh Kwinter. "We want the local people, many of whom we are now hiring, and all governmental authorities to view our mining project as a collaborative effort that will be mutually beneficial to all stakeholders," continued Mr. Kwinter.
GLTY ... nice siggy
hi OU, picked up a few DVAX , hope she has some upside left:)
bid
Going long on gold starting tomorrow morning
Financials and others down this am
The Canadian Manufacturers & Exporters group says its March business conditions survey suggests the economic decline appears to be slowing though rough times still lay ahead for the troubled economy, especially if the credit crunch that has hurt many companies persists.
“It's a glimmer of hope in an otherwise bleak outlook,” said CME president Jayson Myers. “The real economic impacts are still to be felt, but it is encouraging news that the economic decline appears to be slowing.”
Gold, oil, and financials all looked good this week. Retrace will allow to replay banks this week.
Financials taking it to the chin again today on TSX
GM considering Chapter 11 filing, new company: report
1 hour, 12 minutes ago
CHICAGO (Reuters) - General Motors Corp, nearing a Tuesday deadline to present a viability plan to the U.S. government, is considering as one option a Chapter 11 bankruptcy filing that would create a new company, the Wall Street Journal said in its Saturday edition.
"One plan includes a Chapter 11 filing that would assemble all of GM's viable assets, including some U.S. brands and international operations, into a new company," the newspaper said. "The undesirable assets would be liquidated or sold under protection of a bankruptcy court. Contracts with bondholders, unions, dealers and suppliers would also be reworked."
Citing "people familiar with the matter," the story said that GM could also ask for additional government funds to stave off a bankruptcy filing.
GM declined to comment, the story said.
General Motors and Chrysler LLC face a Tuesday deadline to file restructuring plans to the government in exchange for receiving $17.4 billion in federal loans.
Automakers have struggled as U.S. auto sales have tumbled amid a recessionary economy. U.S. auto sales in January tumbled to a 27-year low.
GM has been in talks with bondholders and the United Auto Workers union to get an agreement on a restructuring that would wipe out about $28 billion in debt for the auto maker, sources have told Reuters. However, it appears unlikely a deal could be reached by the Tuesday deadline, they said.
GM has already announced plans to cut 10,000 salaried workers worldwide, or 14 percent of its staff, impose pay cuts for most remaining white-collar U.S. workers and has offered buyouts to its 62,000 U.S. workers represented by the UAW.
In addition, it is trying to sell its Hummer SUV and Swedish Saab brands and is reviewing the status of its Saturn brand.
(Editing by Eric Walsh)
Copyright © 2009 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Copyright 2009 © Yahoo! Inc. All rights reserved.
Privacy | Terms and Conditions | Send Feedback | Help
Homeland to extend South African asset sale timeline
2009-02-09 09:20 ET - News Release
Mr. Stephen Coates reports
HOMELAND ENERGY AND GMR ENERGY IN DISCUSSION ON SALE OF SOUTH AFRICAN ASSETS; DEADLINE FOR DELIVERY OF SHARES EXTENDED
GMR Energy Ltd. of Bangalore, India (GMR), has requested an additional extension for the completion date by which Homeland Energy Group Ltd.'s Homeland Energy Corp. must repurchase the shares of the company's South African operations from GMR. GMR has cited the need to conclude discussions with its bankers as the reason for this extension.
Homeland and GMR are in discussion whereby GMR will purchase 100 per cent of Homeland's South African subsidiary, Homeland Mining & Energy, SA (Pty.) Ltd. (HMESA), for $80-million (U.S.) (approximately $98-million (Canadian)) less the $30-million (U.S.) (approximately $37-million (Canadian)) that GMR has invested to date. There are additional costs which GMR must bear, such as accounts receivable and surplus cash currently in the South Africa operations account, which will be settled upon closing of this transaction.
Both Homeland and GMR are actively working to complete discussions and enter into a binding agreement by Feb. 23, 2009, at which time GMR will make an initial payment of $10-million (U.S.) (approximately $12.5-million (Canadian)). The balance payment of $40-million (U.S.) (approximately $49-million (Canadian)) will be made upon closing of the transaction, and following receipt of required shareholder and regulatory approvals in Canada and in South Africa. In the event that a binding agreement is not finalized and the initial payment made by Feb. 23, 2009, Homeland reserves the right to issues the common shares as approved by Homeland shareholders in December.
Background
On April 17, 2008, GMR acquired a 5-per-cent interest in HMESA for $15-million (U.S.) with an option to purchase an additional 5 per cent and 40 per cent over time. On May 6, 2008, GMR acquired an additional 5 per cent of HMESA for $15-million (U.S.), bringing ownership of Homeland's South African subsidiary to 10 per cent for a total of $30-million (U.S.). On Nov. 5, 2008, GMR elected not to acquire the additional 40 per cent of HMESA as per the original agreement. Homeland Energy Corp. was required to repurchase GMR's 10-per-cent ownership in accordance with the terms of the option agreement, a value of $30-million (U.S.) payable in cash or shares of Homeland.
On Nov. 18, 2008, Homeland gave notice to GMR that the company intended to issue Homeland Energy Group shares at a price of approximately 45.5 Canadian cents per share as a means for Homeland to regain 100 per cent of HMESA to satisfy the repayment of GMR's $30-million (U.S.) investment for 10 per cent of HMESA. Homeland continued discussions with GMR on alternatives to the issue of shares and on Jan. 4 and Jan. 20 granted extensions to the share delivery date in order to accommodate these discussions.
VRS.to (Allen-Vanguard and Tailwind Financial Inc. announce proposed merger and shareholder rights offering
RIM CEOs may face C$100 million penalty: report
Thu Jan 22, 11:12 AM
* Email Story
* IM Story
* Printable View
TORONTO (Reuters) - Canadian regulators are seeking a record penalty as high as C$100 million ($80 million) from the top two executives of Research In Motion Ltd for their role in a stock option accounting controversy dating back to 1996, the Globe and Mail newspaper reported.
Enlarge Photo
(Reuters)
TORONTO (Reuters) - Canadian regulators are seeking a record penalty as high as C$100 million ($80 million) from the top two executives of Research In Motion Ltd for their role in a stock option accounting controversy dating back to 1996, the Globe and Mail newspaper reported.
Ontario Securities Commission staff are in advanced discussions with lawyers representing RIM's co-chief executive officers, Jim Balsillie and Mike Lazaridis, the paper said on Thursday, citing people familiar with the developments.
Reached at his home, Balsillie declined to comment on what he described as rumors, the paper reported. Neither Lazaridis nor his lawyer could be reached. A spokeswoman for the OSC said: "We can't comment on enforcement cases."
The OSC's investigation began in 2006. The regulator began negotiating a potential settlement last fall, the paper said, citing sources.
In March 2007, RIM announced an internal review had found no intentional misconduct by executives directors or other employees responsible for administering options grants.
However, Balsillie stepped down as chairman at the time as the company revealed a $250 million earnings restatement relating to mistakes in how it granted the options.
Given that RIM's disclosure of the OSC options probe goes back to 2006, investors have had plenty of time to digest the news and so are not taken aback by reports of a potential settlement, said independent technology analyst Carmi Levy.
Regulators are "just attaching a number to something that people have known about and understood for quite some time," Levy said, adding that if C$100 million is the amount ultimately paid to regulators, "it's certainly worse than (RIM) would have hoped for, but it's no big surprise."
The market did not appear shocked by the news nor size of the possible settlement, as RIM's highly volatile shares gave up C$1.07, or 1.6 percent, to C$65.68 on the Toronto Stock Exchange. The shares sometimes swing up to 10 percent up or down in a single session even with no news from the company.
The OSC has pushed for Balsillie to pay the bulk of any penalty and relinquish his seat on RIM's board of directors for a period of time, the Toronto-based Globe said.
Although one person familiar with the talks said the parties were nearing an agreement, nothing has been finalized, the report added.
Waterloo, Ontario-based RIM declined to comment on the report. The Ontario Securities Commission was not immediately available.
($1=$1.26 Canadian)
(Reporting by Wojtek Dabrowski in Toronto and Bijoy Koyitty in Bangalore; editing by Rob Wilson)
Freegold Ventures' Jackson resigns from board
2009-01-14 08:32 ET - News Release
Mr. Steve Manz reports
FREEGOLD FINANCING UPDATE
Freegold Ventures Ltd. has provided an update on its efforts to secure additional financing for the repayment of its $4-million (U.S.) in bridge loans and to provide additional working capital for the company.
Freegold has recently received terms from a private European lender for a secured line of credit of up to $10-million (U.S.) for a maximum maturity of three years. Terms under this facility include interest that will be paid annually on each anniversary of the closing, based on the average U.S. dollar three-month London interbank offered rate (Libor) during the period plus 2 per cent per year. The facility is to be collateralized by a first priority pledge of the shares in Freegold's wholly owned U.S. subsidiaries and a general security agreement against the personal property of the company (including a second charge against the processing and private property assets currently collateralizing an equipment loan at Golden Summit). Funds drawn under the line of credit may be repaid at any time, and no upfront fees or conversion rights are being paid or granted to the lender. Upon the company receiving advances totalling a minimum of $7.5-million (U.S.), the lender will receive 750,000 warrants to purchase Freegold common shares for a period of two years from the date of grant at a price of 30 cents per share. A finder's fee, payable in cash and equal to 4 per cent of the amounts drawn under the line of credit, will be paid to an arm's-length party in connection with this financing.
Funds drawn under this facility will be used to repay in full the company's $4-million (U.S.) in bridge debt. Closing of this facility is expected to occur within the next three weeks, and in consideration of this timing, the bridge lenders have agreed to extend the maturity of their loans to Feb. 10, 2009. As consideration of this extension, the exercise price of the 350,000 warrants each lender received at the time the bridge loans were advanced will be reduced from 66 cents and 55 cents respectively to 30 cents, and the company will issue each lender an additional 250,000 common shares. Pursuant to the policies of the Toronto Stock Exchange, the repriced warrants may not be exercised for a period of 10 business days. The other terms and conditions of the bridge loans will remain unchanged.
Freegold also announces that Robert Jackson, president of Tiomin Resources Inc., one of Freegold's bridge lenders, is also stepping down from the board effective immediately. The company would like to thank Mr. Jackson for his service to the company and wish him the best in his future endeavours.
Commenting on the financing, Freegold president and chief executive officer, Steve Manz, said: "We are very pleased to have been able to obtain terms for a facility of this size and term during these difficult market conditions. We have always been sensitive to the issue of equity dilution. Our last equity financing closed in June, 2007, and should we be successful in closing this new line of credit, we would continue to avoid the issuance of a large numbers of shares at low share prices to provide the company with additional working capital. Closing of this facility would allow full repayment of the two bridge loans on a more favourable and longer term basis, and the company would remain well positioned to continue to add value to its advanced Alaska and Idaho projects. Following completion of the financing, work over the coming months would involve low-cost analysis and modelling of the extensive programs undertaken this year on our four projects, after which we would evaluate the best manner to move the projects forward and add to our overall gold resource base."
The transactions described herein are subject to regulatory approval.
Bard drills 753.7 m of 0.1% Mo, 0.17% MoS2, 0.14 g/t Re
2009-01-20 07:28 ET - News Release
Mr. Eugene Beukman reports
BARD VENTURES LTD.: RHENIUM RESULTS FROM THE MOLYBDENUM MINERALIZATION ON THE LONE PINE PROPERTY
Bard Ventures Ltd. has released the following rhenium results from its Lone Pine molybdenum property. The property is located approximately 15 kilometres north-northwest of Houston, B.C., and is situated in the Omineca mining division. Rhenium assay results have been received and interpreted from drill holes BD-08-25 and BD-08-35.
The exploration drilling on the Lone Pine property resulted in the discovery of a higher-grade zone of molybdenum mineralization within the Alaskite zone. As drill holes BD-08-25 and BD-08-35 represented the best molybdenum assay results within the higher-grade core, rhenium analysis was conducted over the entire drill length of both drill holes. Rhenium is recovered as an economic byproduct at some molybdenum porphyry mines. The attached significant assay intervals for drill holes BD-08-25 and BD-08-35 are tabulated here.
BofA gets $20 billion in aid, conditions in Japan tighten
38 minutes ago
By Patrick Rucker and Leika Kihara
WASHINGTON/TOKYO (Reuters) - Bank of America will get another $20 billion in state cash and the U.S. Senate cleared the release of the remaining $350 billion of bailout funds, buoying stock markets despite fears of more bank losses.
As further evidence that stricken credit markets are not responding to the efforts of the world's central banks, which have slashed interest rates and poured billions into lenders, Bank of Japan Governor Masaaki Shirakawa said financial conditions in the world's second-biggest economy were tightening rapidly.
Conditions in France were also on the slide, as its central bank said it expected the economy to have contracted sharply in the final quarter of 2008, after its business survey showed sentiment soured and economic activity declined.
British ministers were reported to be working on a new bank bailout plan, and Ireland nationalized Anglo Irish Bank in a dramatic move to save its third-largest lender from possible collapse.
As Ireland's Finance Minister Brian Lenihan acknowledged that Ireland's reputation had been damaged by the rescue, the cost of insuring the country's debt rose sharply on Friday.
But stock markets in Asia and Europe took heart from The Senate vote and Bank of America package. The Nikkei closed up 2.6 percent, Europe's biggest shares were up the same amount, and futures for the major U.S. indexes all pointed to gains of well over 1 percent.
Bank of America and Citigroup will both release results later on Friday, having brought forward their reporting dates under pressure from investors who question their ability to handle soaring bad debts as the recession deepens.
"There's been another wave of the banking crisis," said Bernard McAlinden, strategist at NCB Stockbrokers in Dublin. "There was bad lending. The problem was compounded by the sheer weakness of the economy. So now decent lending has turned bad. It's gone full circle."
FEAR IN THE MARKETS
Shares in Bank of America and Citigroup had tumbled on Thursday, while the U.S. two-year interest rate swap spread -- a gauge of risk aversion -- swelled to retest its widest levels in a week and European banks hoarded cash.
Moody's Investors Service cut the debt rating of JPMorgan Chase & Co by one notch, citing potential losses over the next 15 months.
"Clearly we are back to a period of fear in the markets and specifically about the financials," said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York.
Bank of America will receive $20 billion of capital, in exchange for preferred stock, and a federal backstop against $118 billion of bad assets under an emergency plan announced by the Treasury Department, the U.S. Federal Reserve and Federal Deposit Insurance Corp.
The capital injection, which comes on top of the $25 billion the bank has already received under the Troubled Asset Relief Program (TARP), is aimed at helping it absorb credit losses at Merrill Lynch & Co, which it bought on January 1.
Citigroup, which has already received $45 billion from TARP, is expected to post its fifth straight multibillion dollar quarterly loss on Friday and unveil a plan to significantly shrink its balance sheet and business model.
The U.S. Senate on Thursday rejected a bid to block the release of the second half of a $700 billion bailout program, handing an early political victory to President-elect Barack Obama, who will be sworn in next Tuesday.
FINANCIAL STRAIN
But Bank of Japan Governor Shirakawa's comments highlighted a renewed strain in financial markets as investors realize the credit crisis has not yet run its course.
"Japan's financial system is stable as a whole. But sustained global market tensions are affecting financial institutions' businesses through stock price falls and rising credit costs," Shirakawa told a meeting of the central bank's regional branch managers.
Reflecting renewed concerns about banks, The Times newspaper said British ministers would be working over the weekend on proposals that could include fresh capital injections for banks, a relaxation of rules on balance-sheet strength and government guarantees of toxic assets.
Ireland stepped in to take full control of Anglo Irish Bank, whose stock market value had gone into freefall since a loans scandal last month, to secure the niche lender's 80 billion euros of deposits.
"We cannot afford the risk of any default in honoring the deposits; that is fundamental," Finance Minister Lenihan told a late-night news conference.
The Irish government tied the state to the fate of the banking sector last October when it agreed to guarantee all deposits of major Irish lenders and foreign banks with a significant Irish presence.
(Additional reporting by Reuters Bureaux across the world; writing by Will Waterman; Editing by Hans Peters)
Copyright © 2009 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
Copyright 2009 © Yahoo! Inc. All rights reserved.
NT hits 16 cents ... some Vegas players doing well here!!!
Long-struggling Nortel files for bankruptcy
TFSA
$5k
Tax free interest income
Euro Declines Against Dollar, Yen on Concern Recession Deepened
Jan. 2 (Bloomberg) -- The euro fell the most in two weeks against the dollar and slid versus the yen before a European manufacturing report today that will probably show a recession is deepening in the 16-nation region.
The euro headed for its first weekly decline in a month on prospects the European Central Bank will lower interest rates to revive economic growth. The central bank cut its benchmark interest rate by 1.75 percentage points since October to 2.50 percent, the first reductions since June 2003.
“There’s a lot more weakness in Europe ahead,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. “We’ve got them cutting to 1 percent by March.”
The euro declined to $1.3919 as of 10:49 a.m. in Singapore from $1.4045 late yesterday in New York and $1.4028 at the end of last week. It dropped 4.2 percent in 2008. The currency also fell to 126.53 yen from 127.41 yen, after sliding 22 percent in 2008. The euro may weaken to $1.20 in the first half of this year, Callow said.
The dollar traded at 90.91 yen from 90.74 yen. It declined 19 percent last year, the most since 1987. The U.S. currency strengthened 0.1 percent to $1.4657 against the British pound and 0.7 percent to 1.0696 versus the Swiss franc.
Europe’s manufacturing index was 34.5 in December, unchanged from a preliminary estimate and the lowest since the data was introduced in 1998, according to economists surveyed by Bloomberg News. The index is based on a survey of purchasing managers by Markit Economics and a figure below 50 indicates contraction. The report will be released at 9 a.m. in London.
European Rate Cuts
The ECB will lower its key interest rate to 1.5 percent by the second quarter of this year, a separate Bloomberg survey showed. Policy makers are cutting borrowing costs to spur spending after a seizure in global credit markets helped trigger the euro region’s first recession in 15 years.
The yield advantage of two-year German bunds over similar- maturity Treasuries narrowed to 0.99 percentage point from 1.09 percentage point two weeks ago.
Dollar gains may be limited as near-zero interest rates in the U.S. damp global demand for the greenback, hampering government efforts to finance stimulus packages in the world’s biggest economy, according to DBS Group Holdings Ltd., Southeast Asia’s biggest bank. The Federal Reserve last month cut its key rate to between zero and 0.25 percent to spur spending.
Weaker Dollar
“It’s zero interest rates and the budget deficit is growing,” said Philip Wee, a senior currency economist at DBS in Singapore, in an interview with Bloomberg News. “You do see a bias returning for a weaker dollar.”
The ICE’s Dollar Index, which tracks the U.S. currency against the euro, the yen, the pound, the Canadian dollar, the Swiss franc and Sweden’s krona dropped 6 percent in December, the first monthly decline since June. It’s since risen 0.1 percent to 81.395.
The Federal Reserve cut its benchmark interest rate last month to a range of zero to 0.25 percent for the first time and shifted its focus to debt purchases to support the economy.
The U.S. budget deficit swelled to $164.4 billion in November, the Treasury Department reported on Dec. 10, the second month it widened. Treasury Assistant Secretary Karthik Ramanathan on the same day cited private analysts’ estimates of borrowing needs that may reach as much as $2 trillion in the fiscal year that ends September 2009.
To contact the reporters on this story: Ron Harui in Singapore at rharui@bloomberg.net
Find out more about Bloomberg for iPhone: http://bbiphone.bloomberg.com/iphone
Happy New Year OU !:)
Happy New Year to all friends and supporters here!
May 2009 bring you some great trades and great success in everything!!
Easy come easy go ... no big deal!
I am so screwed!!!!
Horizons BetaPro ETFs to split, consolidate
2008-12-22 17:15 ET - News Release
See News Release (C-HOD) Horizons BetaPro NYMEX Crude Oil Bear Plus ETF
Mr. Howard Atkinson reports
BETAPRO MANAGEMENT INC. ANNOUNCES UNIT SPLIT AND CONSOLIDATIONS
BetaPro Management Inc., the trustee and manager of the exchange traded funds listed in the tables, intends to split or consolidate the units of Horizons BetaPro NYMEX Crude Oil Bear Plus ETF, Horizons BetaPro NYMEX Crude Oil Bull Plus ETF and Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF, as indicated.
SPLIT
ETF Ticker Split ratio
Horizons BetaPro NYMEX Crude Oil Bear Plus ETF HOD 2:1
After the Toronto Stock Exchange has closed for trading on Dec. 31, 2008, the units of Horizons BetaPro NYMEX Crude Oil Bear Plus ETF will be split on the basis of the ratio of 2:1, and will begin trading on a split-adjusted basis on Jan. 2, 2009, and the split will become effective on Jan. 6, 2009, for unitholders of record on that day.
CONSOLIDATIONS
ETF Ticker Consolidation
ratio
Horizons BetaPro NYMEX Crude Oil Bull Plus ETF HOU 1:5
Horizons BetaPro S&P/TSX Global Gold Bear Plus
ETF HGD 1:5
After the TSX has closed for trading on Dec. 31, 2008, the units of the ETFs in the table, "Consolidations," will be consolidated on the basis of the ratio of 1:5, and will begin trading on a consolidated basis on Jan. 2, 2009, the effective date of the consolidations.
Must read about Madoff Ponzi Scheme!
http://www.scribd.com/doc/9231188/MadoffSECdocs20081217
Thanks! Oil could still go down some but I believe we are approaching bottom.
Oil down to $34.55
Major support at $20 and support at $30 which I believe will hold!!
Breaking News Alert
The New York Times
Friday, December 19, 2008 -- 9:09 AM ET
-----
Bush Announces Deal to Stave Off Bankruptcy By Automakers
President Bush announced $13.4 billion in emergency loans to
prevent the collapse of General Motors and Chrysler, and
another $4 billion available for the hobbled automakers in
February, with the entire bailout conditioned on the
companies undertaking sweeping reorganization plans to show
that they can return to profitability quickly.
In your face OPEC!
Oil down to $33 already!!
Gold down $20 already, and oil headed lower
Going to be another roller coaster as US
Government considering the big B word for
Domestic automakers
Covalon receives CE marking for Biostep from EU
2008-12-17 11:06 ET - News Release
Dr. Frank DiCosmo reports
COVALON AWARDED CE MARKING FOR COLLAGEN DRESSINGS IN THE EUROPEAN UNION
Covalon Technologies Ltd. has received CE marking for Biostep, collagen dressing.
Dr. Sonia Sanhueza, chief operations officer at Covalon, said: "Our award of CE marking reflects the organization's commitment to manufacture the best of the best in high-quality products for the advanced wound care market. Achieving this important milestone offers Covalon's customers a quality partner that has a demonstrated ability to help them achieve their business initiatives in the EU as well as North America."
CE marking on Biostep:
1. Covalon's declaration that the product complies with the requirements of the European Union's health, safety and environmental protection legislation established by the applicable European standard directives;
2. Indicates that Biostep may be legally placed on the market in the EU;
3. Ensures the free movement of Biostep within the European Free Trade Association (EFTA) (with the exception of Switzerland) and EU single market (total 28 countries).
Dr. Frank DiCosmo, chief executive officer and president of Covalon, commented: "We are very pleased that the company has received CE marking for Biostep collagen wound dressings in the EU. The CE marking enhances the confidence in our advanced collagen wound dressings, improves our product portfolio and marketability. In addition, the CE marking allows our partner, Smith & Nephew, access to the EU marketplace."
Biostep and Biostep Ag are manufactured in the United States by Covalon Technologies, exclusively for Smith & Nephew.
OIL trying to break $40 level, bouncing a little.
Gold puzzles me lately. I can only surmise that all these fed Cuts are making some market investors VERY nervous.
Oil we definitely rebound soon and violently imo
GOLD $870.70 up $28 OIL $41.73 dn. $1.83 and falling.
Patrician (consolidated) plans a busy Sahtu spring
2008-12-10 17:46 ET - Street Wire
by Will Purcell
The shares of Robin Dow's Patrician Diamonds Inc. are bumbling along as low as they can go, yet the company hopes to spend up to $1-million on its Sahtu gem play next spring. Most of Patrician's rivals are suffering from rigor mortis, but Mr. Dow says he will stick with gems and has the money to drill more targets. The company is going to be one of the first in what will soon be a flood of TSX-V rollbacks, consolidating its almost 68 million shares 1-for-10 to become Diamond Exploration Inc. At its current price of one-half cent, a 1-for-50 rollback might be more appropriate. Patrician will focus its 2009 effort on Sahtu play, just east of the Mackenzie River in the Northwest Territories.
The plan
Patrician spent $1.4-million on exploration this year, with nearly all of the money going to a drill program at Doctor Lake on the Sahtu project. Mr. Dow said getting the drill to the site and back racked up a big part of the cost. Patrician had been expecting the drill and associated equipment would weigh in at 17,000 pounds, but the final number was 22,000 kilograms. The net result of the optimistic number and incorrect unit of measure was a tripling of the transportation charge.
Mr. Dow will be counting his pennies more carefully next year. Patrician will wait until March to move the drill to the Doctor Lake site, anticipating the cold weather will hold for several weeks more. The company still has about six targets to test, and Patrician wants to poke another hole or two into the Hillside kimberlite that provided Mr. Dow with his first microdiamonds last year.
As a result, Mr. Dow is contemplating a drill program of between six and eight holes, which is likely to cost about $500,000, he said. Added to that total are the associated costs for the camp and transportation, which are likely to cost at least a few hundred thousand dollars more, even with a miserly approach.
Mr. Dow, who left a career as a stockbroker in Calgary during the mid-1980s to start promoting his own junior explorers, will have to wring some more cash out of his backers at some point next year. A new share sale is not urgent, as Patrician still has $500,000 in cash, more than the company's market value and enough to get a drill turning next spring ahead of any new share sale.
The shares of rival gem hunters that jumped the consolidation gun this fall took just a few weeks to slump back to their preconsolidation share price. Patrician is holding off on its reorganization until the start of 2009. That should prevent shareholders from wiping out the mathematical boost of the consolidation on its lowly shares in a final frenzy of tax loss selling.
The encouragement
Several diamond explorers have been working the area north of Norman Wells and east of the Mackenzie River, but kimberlites have been harder to find than diamonds. Patrician was the first explorer to drill into a pipe in the area, but its first small batches of rock proved barren.
Last year, Patrician drilled more holes into the pipe and sent 111.5 kilograms of rock off for processing. The material yielded six microdiamonds, but all were tiny. The market yawned, and Patrician's shares struggled to cling to their then seven-cent perch. Still, for Mr. Dow, the modest diamond parcel and Hillside's seven-hectare size are enough to warrant a few new holes next year.
There are several signs pointing to larger diamonds in the area. Diamondex Resources Ltd. spent well over $10-million working ground farther to the north. That company never found any pipes, but it recovered several macrodiamonds, including one that was at least three millimetres long. Other groups worked the area for years, including De Beers Canada Inc. They failed to hit kimberlite as well, but their preliminary work yielded abundant numbers of indicator grains.
Patrician closed down one-half cent to one-half cent Tuesday on 33,300 shares.
Followers
|
62
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
27200
|
Created
|
07/27/04
|
Type
|
Free
|
Moderator originunknown | |||
Assistants |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |