Check through Basel III’s small print

first_img BANKS around the world are rightly cheerful after the announcement of Basel III minimum capital requirements less stringent than many had feared and, in the UK, still far lower than major banks’ existing capital reserves. The inevitable gasp of relief following this news has brought an immediate uplift for most, but should not divert attention from the uncertainties that lie ahead.The Basel committee’s work is not finished yet. There is another meeting scheduled for September 21-22, with the possibility of further talks in October. The package will then be placed before G20 leaders in Seoul this November. Even after that, the extended period over which adjustment to the new standards will take place means that they will not be implemented in full until 1 January 2019. With plenty of room for further political horsetrading, and some critical sections still to be settled, close attention needs to be paid to Basel’s exact wording to assess its likely impact.Crucially, the treatment of banks judged systemically important will be more stringent than the standards already announced. The big four UK banks – HSBC, Barclays, RBS and Lloyds – will have to meet the higher standards. The Bank of International Settlements (BIS) announced yesterday that this “could include combinations of capital surcharges, contingent capital and bail-in debt”. More worrying still, the BIS says a further counter-cyclical buffer of up to 2.5 per cent of common equity is to be implemented “according to national circumstances”. Analyst Nic Clarke at Charles Stanley Research suggests that this supposed global regime could in practice be applied differently from one country to another: “it does seem as though German banks are already being treated differently regarding certain sources of capital”. The Swiss announcement that they will demand a higher standard than Basel III only adds to the confusion. The new global rules may yet produce the kind of regulatory arbitrage they are designed to avoid. That will not necessarily play out to the UK’s advantage.Meanwhile, UK banks need to check their capital reserves meet the detail of the standards announced today. If the rules do indeed require pension deficits to be excluded from the calculation of capital reserves, the big banks look far less comfortable. The banks’ deficits are in the region of £3bn each. According to LCP’s Accounting for Pensions 2010, at RBS the 2009 pension deficit was £2.9bn. With Basel III, the devil may yet be in the details.IMPACT OF BASEL III ACROSS THE WORLDUK bank stocks rose yesterday, with the extended period to comply with the Basel III requirements benefiting state-backed Lloyds Banking Group and RBS the most. The two banks gained 2.6 and 2.3 per cent respectively. Analysts say all the main UK banks are well above the minimum core Tier One ratios. But given concerns about the outlook for the economy, analysts are cautious on the outlook for UK banks.European banks predicted to gain from the longer transition period were some of the top gainers with Credit Agricole up 6 per cent. Europe is seen as the most likely region for banks to need to raise funds to meet the core capital ratio, especially in Germany and Spain. Swiss regulators said they might impose stricter requirements, with an extra buffer of core Tier One in banks’ capital adequacy ratios.US bank shares rose 2.6 per cent yesterday after executives and analysts dismissed the impact from Basel III. JPMorgan rose 3.7 per cent while Bank of America-Merrill Lynch jumped 2.8 per cent. Most of the largest institutions are unlikely to need to resort to any near-term capital raises. But the rules will force many regional banks to replace portions of their capital funded by hybrid securities with common equity.Asian banks are already seen as well positioned to meet the Basel III requirements thanks to their strong capital positions and ample liquidity. Macquarie analysts estimate Japanese banks’ common equity ratio to be 6.3 per cent, just shy of the 7 per cent demanded by Basel III. Mizuho Financial Group rose as much as 2 per cent and Mitsubishi UFJ Financial Group increased as much as 3 per cent. Check through Basel III’s small print Monday 13 September 2010 8:54 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Share KCS-content Show Comments ▼ whatsapp Tags: NULL whatsapplast_img read more

Pension funds back FRC code

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily Proof Thursday 23 September 2010 7:43 pm Pension funds back FRC code KCS-content whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comcenter_img Tags: NULL Show Comments ▼ whatsapp Share A RAFT of UK pension funds have come out in support of the Financial Reporting Council’s (FRC’s) new Stewardship Code. Eleven pension funds, collectively valued at £180bn, have banded together to back the new code, set out by the FRC in July. In a letter sent to the financial watchdog, the pension funds said they “welcomed the FRC’s initiative” and the code’s “potential to enhance the quality of engagement between institutional investors and companies”.The BT Pension Scheme Management, BBC Pension Fund, RAILPEN Investment, Environment Agency Pension Fund and the University Superannuation Scheme were among some of the largest of the signatories. Daniel Summerfield at the Universities Superannuation Scheme, said: “The onus is now on institutional investors to respond positively and constructively to the Code if we want to avoid any further regulation in this area.”Regional pension funds, Lothian Pension Fund, Local Authority Pension Fund Forum, Merseyside Pension Fund, Northern Ireland Local Government Officers’ Superannuation Committee, Strathclyde Pension Fund and the West Midland Pension Fund were also involved. The Stewardship Code is aimed at creating more transparency over how investors oversee the companies they own, with hopes that it will act as a catalyst for better engagement between shareholders and companies.The FRC has said that it will continuously review the code, a move heralded by the pension funds. last_img read more

SUGAR HITS NEW 30-YEAR PEAK

first_img SUGAR is trading at its highest level for three decades, raising fears about global food price inflation. The soft commodity yesterday surpassed the 29-year high it hit in February this year, on concern about low crop yields in Brazil and restricted exports from India. Raw sugar futures topped 30.6 cents per pound yesterday before settling lower. Prices have now risen by a quarter in the first half of October. Share KCS-content Tuesday 2 November 2010 9:19 pm SUGAR HITS NEW 30-YEAR PEAK whatsappcenter_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndo Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULLlast_img read more

Concern over public sector debt reduces

first_imgThursday 16 December 2010 8:08 pm whatsapp whatsapp Show Comments ▼ More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Share WORRIES over the effect of government debts on the financial sector have plummeted since May, according to a survey conducted by the Bank of England.In May 69 per cent of respondents listed public debt and sovereign risk as “key risks to the UK financial system,” it was revealed today.But by October the number had almost halved, as only 36 per cent consider debts to be a key risk. The findings come as a boon for the coalition government, which has engaged in a programme of austerity measures since coming to power in May.Yet 45 per cent of respondents consider regulation and bank taxes a key risk to the sector. This is up from 41 per cent in May.And 83 per cent fear the effects of the economic downturn on the City.The results appeared in the Bank’s financial stability report, published today to identify risks to the banking system.Further house price falls contain particular risks to banks, the report said. Excluding loans in the financial industry, household lending accounts for around half of worldwide private sector loans by UK banks, and three quarters of domestic lending.And UK banks have “significant overseas exposures to the US, Ireland and Spain,” the report said.House prices are expected to fall in the UK next year, according to the government’s fiscal watchdog. The Office for Budget Responsibility (OBR) forecasts that house prices will fall by 2.7 per cent next year.Yet there was some positive news for the housing sector. Mortgage arrears have fallen since the second quarter of 2009, the report says, as have the number of repossessions.Flexibility in the market has helped. “Since early 2009, around a third of mortgagors in arrears have been in some kind of arrangement with their lender,” the Bank noted. KCS-content Concern over public sector debt reduces Tags: NULLlast_img read more

FSA probes Swift mortgage firm

first_img KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Tags: NULL whatsapp Sharecenter_img whatsapp MORTGAGE company Swift Advances has been under investigation by City watchdog the FSA since July 2009, the firm revealed in recent accounts. The public company said the group is likely to incur £9.4m of costs linked to the probe into its handling of mortgage arrears and lending practices, including a potential fine. The Office of Fair Trading is also investigating the company under the Consumer Credit Act 1974. The lender, which deals with customers unable to secure credit elsewhere, turned over £128m in the year to 31 March, its accounts noted – £108m of which was used to repay debts and meet interest costs. Swift Advances made a pre-tax profit of £9.4m for the year. FSA probes Swift mortgage firm Monday 20 December 2010 9:26 pm Show Comments ▼last_img read more

HSBC chief Gulliver to be UK-based

first_img HSBC chief Gulliver to be UK-based More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Share whatsapp whatsapp Show Comments ▼center_img Monday 24 January 2011 9:07 pm KCS-content HSBC’S new chief executive Stuart Gulliver is set to remain a UK resident for tax purposes – making London his main residence. Gulliver’s decision reverses that of his predecessor Michael Geoghegan, who moved the office to Hong Kong in 2009. It also directly contradicts the bank’s announcement last September, when Gulliver’s appointment was announced, that said the chief executive’s “principle office” would remain in Hong Kong.Gulliver’s decision, which will see him continue to pay UK income tax, is a boost for the coalition government which has suffered a string of high-profile departures in recent months. Gulliver, one of the UK’s highest paid investment bankers with a package close to £10m in 2009, warned last September that HSBC, Europe’s biggest bank, could move overseas if a government review decided lenders should be broken up. Gulliver, who begun his new role at the start of the year, is expected to spend around half of each month in the UK, with the rest of the time being spent in either Hong Kong or travelling. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMold Removal | Search AdsBathroom Mold Removal Tips That Might Surprise Most AmericansMold Removal | Search AdsAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaStyleVamp7 Celebs Who Were Kids in 2010 and are now Super AttractiveStyleVampBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewadaPlumbing Leak RepairPlumber Prices In Scottsdale might surprise YouPlumbing Leak RepaireSaver OrgThousands in United States Found the Device That Can Slash The Electricity BilleSaver OrgCrawl Space RepairFoundation Repair Cost In Scottsdale May Surprise YouCrawl Space Repairwomengetfreebies.comGet free samples sent to your home. 100% free. Sign up Nowwomengetfreebies.comHealth.recetasgetHeart Attack Early Warning Signs and SymptomsHealth.recetasget Tags: NULLlast_img read more

The paradox of plenty strikes again

first_img Share IT is the paradox of plenty: countries that are amply endowed with natural resources, such as oil or diamonds, tend to suffer from extreme misgovernment, poverty and misery. Iran and Libya are cases in point. Countries that start off with little or no natural endowments – such as Hong Kong – and are forced to exploit their human capital to pay their way tend to enjoy far better outcomes. The resource curse is one of the most depressing realities of the modern world, and one which we have witnessed yet again in North Africa and the Middle East in recent days. Tragically, there is no simple way of solving it. Those who blame imperialism are kidding themselves.The problem for the rest of the world is that it continues to rely on these undemocratic and despotic regimes for much of its energy. In part, this is because of a not-in-my-backyard attitude to oil exploration closer to home, unthinking environmentalism and excessive risk-aversion: the crackdown on oil exploration after the Gulf of Mexico catastrophe means that it will be even harder for America to wean itself from imported oil. The same is true of restrictions on drilling in Antarctica. As prices rise, shale oil will hopefully become more viable. In the longer-term, the best way forward would be to embrace nuclear energy in a big way – there is just no way that renewables will ever provide enough cheap energy. But even then we would first have to invent proper electric cars with decent batteries – and find reliable suppliers of uranium and plutonium. Meanwhile, oil prices keep on going up. In a striking research note, Nomura warned that the price could hit $220 a barrel if the entirety of Libya and Algeria’s supply were to be knocked out. We are not there yet. But it does seem as if around half of Libya’s exports have now been halted, possibly with worse to come as the country succumbs to all-out civil war. Some of the country’s fractious tribes may decide to cut off the remaining pipelines or seize energy facilities.A rocketing oil price is obviously the major threat facing the world economy right now, as I wrote in this space yesterday. The key is Saudi Arabia. Unlike the psychopathic Muammar Gaddafi, the Saudi regime is trying to use carrots rather than sticks to pacify its population. King Abdullah returned to his country yesterday after a three-month medical absence and announced a massive programme of handouts to bribe the population into submission. It remains to be seen whether this will work.The good news is that the old economic models which claimed that every $10 rise in the price of oil would cut global growth by 0.5 per cent have been proved to be obsolete. They were right in the 1970s but not today. The Dutch Statistics Bureau’s December World Trade Monitor, the best measure of worldwide production, exports and imports, is strikingly upbeat. It suggests that global economic momentum re-accelerated in the fourth quarter of 2010. There is just one, major economy that is slowing down right now, and that is China. So for the time being at least, the world can cope with dearer oil. But if prices go on rising, and Nomura’s doomsday scenario comes true, growth will eventually start to be chocked off. The current times sometimes resemble the stagflationary 1970s, especially in the UK. The last thing we need is another full-blown oil [email protected] me on twitter: @allisterheath whatsapp KCS-content whatsappcenter_img The paradox of plenty strikes again Wednesday 23 February 2011 9:22 pm Show Comments ▼ Tags: NULLlast_img read more

Shoppers hit by soaring petrol price

first_img Tags: NULL Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNight DailyHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeNight DailyPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayJournalPregnant Woman Takes a Nap – You Won’t Believe What She Discovered When She WokeJournalBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco Relishautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp Share whatsapp Thursday 24 February 2011 9:09 pm KCS-content RETAIL sales growth slowed substantially this month, with consumers increasingly squeezed by surging petrol prices, weak wage growth and spiralling price inflation.Elevated oil prices, driven up in recent weeks by the crisis in the Middle East and surging Chinese demand, are set to drive petrol close to £1.40 a litre, some observers said.The rise imposes more pressures on the UK, where consumer price inflation is already double the Bank of England’s two per cent target, and expected to approach five per cent in the coming months. It is already higher than that on other measures.Brent crude briefly hit $119 (£74) a barrel yesterday, before falling back after the Saudis pledged to increase supplies. Some analysts argue every extra $10 a barrel knocks 0.25 per cent off global GDP. Oil at $120 a barrel may add 0.48 per cent to retail price index inflation in the UK, Fathom Consulting said.Rising petrol prices could be compounded by a 5p hike in petrol duty, due in April. Fuel duty is currently 58.94p a litre. Petrol stations are reporting that more consumers are limiting their purchases to a set sum of money, rather than filling their tanks, a sign of distress.More than three out of four – 77 per cent – of retailers are reporting rising prices, according to a survey by the Confederation of British Industry (CBI) yesterday. With only four per cent reporting lower prices, the survey’s inflation index soared upwards by 28 per cent – its most inflationary score in nearly two decades.A balance of only six per cent of surveyed retailers reported a rise in sales during the opening two weeks of this month — 36 per cent saying sales have increased, and 30 per cent saying sales have fallen — according to the CBI.“With rising food, oil and other commodity prices and weak wage inflation, the outlook for UK household income growth looks poor,” said Chris Watling of Longview Economics. “Such a sustained decline in real incomes has not been experienced in the UK since the 1970s,” he added. “The fruits of western money creation are now appearing in terms of consumer price inflation,” Watling said.A 10 per cent rise in petrol prices would cost US consumers $40bn a year, “a reduction in real incomes of around 0.4 per cent,” Capital Economics said yesterday. “Retail sales are likely to be more challenging over the coming months,” said CBI economist Lai Wah Co. “Prices are set to rise considerably as the VAT increase and the soaring cost of raw materials are passed on to shoppers.” Shoppers hit by soaring petrol price last_img read more

BBA fuels expansion with placing

first_img KCS-content BBA Aviation, which handles refuelling and ground handling at airports, is splashing out a total of nearly £45m on two acquisitions, financed via a share issue, that will take it into new aircraft markets and expand its geographic presence. BBA, which posted a 22 per cent rise in pre-tax profit to £95.4m yesterday, said that JP Morgan and RBS Hoare Govett placed shares worth 9.99 per cent of the total issued. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap Wednesday 2 March 2011 7:47 pm Share whatsapp BBA fuels expansion with placing whatsapp Show Comments ▼ Tags: NULLlast_img read more

Cluff shuts Ivory Coast mine

first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap CLUFF Gold, the Aim-listed miner, has suspended operations at its Angovia mine in Ivory Coast due to shortages of fuel, explosives, cement and cyanide and will not reopen it until political stability returns.Ivory Coast has been in turmoil since a disputed November election that threatens to rekindle the West African state’s 2002 civil war, and has already drastically cut exports from the world’s top cocoa producer.“The Angovia mine will remain on care and maintenance until Cote d’Ivoire [Ivory Coast] returns to the level of political stability required for restarting operations,” the London-listed miner said in a statement to the stock market yesterday.Angovia, one of two producing gold mines operated by Cluff Gold in western Africa, had been targeting production this year of 25,000 ounces of gold, up from around 20,000 ounces in 2010.The mine is smaller than its Kalska operations in Burkina Faso, which are aiming to produce 70,000 ounces of gold this year.It is also exploring in Sierra Leone where it hopes its Baomahun project can produce 157,000 ounces of gold a year.The company, which has a market value of around £160m, said its growth strategy remained on track and that operations in Burkina Faso were on target.“Although our gold production will be affected until we can reopen the [Angovia] mine, we are confident that the shortfall in production will be minimal and will have a limited effect on our overall budgeted cashflow for the year,” it said.Cluff’s shares fell 9.7 per cent to close at 109p on Aim yesterday. Its Toronto-listed shares were flat. Share whatsapp whatsapp Monday 7 March 2011 8:35 pm Show Comments ▼center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Cluff shuts Ivory Coast mine KCS-content Tags: NULLlast_img read more