Showing posts with label Exchange. Show all posts
Showing posts with label Exchange. Show all posts

Monday, February 9, 2015

North Korea might be restarting nuclear plant, US institute says - Ex-South Korea leader says Kim Jong-il wanted $10B in exchange for talks

possible-nk-nuke.jpg Jan. 2, 2015: U.S.-Korea Institute at the Johns Hopkins School of Advanced International Studies shows an annotated satellite photo indicating signs of new activity at the 5 MWe Plutonium Production Reactor at North Korea’s Nyongbyon Nuclear Scientific Research Center. (AP)

SEOUL, South Korea –  North Korea may be attempting to restart its main nuclear bomb fuel reactor after a five-month shutdown, a U.S. research institute said Thursday.

If true, the finding, which is based on recent commercial satellite imagery, will be an added worry for the United States and the North’s neighbors at a time of increasing animosity over recent U.S. sanctions against the North and Pyongyang’s fury about a U.N. push to punish its alleged human rights abuses.

Activity at the 5-megawatt Nyongbyon reactor is closely watched because North Korea is thought to have a handful of crude nuclear bombs, part of its efforts to build an arsenal of nuclear tipped missiles that could one day hit America’s mainland. Nyongbyon, which has produced plutonium used for past nuclear test explosions, restarted in 2013 after being shuttered under a 2007 disarmament agreement. It has been offline since August.

Possible signs in satellite imagery from Dec. 24 through Jan. 11 that the reactor is in the early stages of being restarted include hot water drainage from a pipe at a turbine building that indicates steam from the reactor and growing snow-melt on the roofs of the reactor and turbine buildings.

The U.S.-Korea Institute at Johns Hopkins School of Advanced International Studies, however, said that since the recent observation period was only about two weeks, it’s too soon to reach a definitive conclusion about what’s happening and more monitoring is needed. The institute’s website, 38 North, published the findings.

Nyongybon can likely produce about one bomb’s worth of plutonium per year. A uranium enrichment facility there could also give it a second method to produce fissile material for bombs. It is not clear if North Korea has yet mastered the technology needed to make warheads small enough to be mounted on missiles, but each nuclear test presumably moves its scientists closer toward that goal.

North Korea has said it is willing to rejoin international nuclear disarmament talks last held in 2008, but Washington demands that it first take concrete steps to show it remains committed to past nuclear pledges.

The United States also rejected a recent North Korean offer to impose a temporary moratorium on its nuclear tests if Washington scraps its annual military drills with Seoul; Pyongyang claims those drills are invasion preparation. The U.S. called the linking of the military drills, which it says are defensive and routine, with a possible nuclear test “an implicit threat.”

Always rocky ties between Pyongyang and Washington dipped lower because of a recent Hollywood movie depicting the assassination of North Korean leader Kim Jong Un. The U.S. blames the North for crippling hacking attacks on the movie’s producer, Sony, and subsequently imposed new sanctions on the country, inviting an angry response from Pyongyang, which has denied responsibility for the cyberattacks.


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North Korea might be restarting nuclear plant, US institute says - Ex-South Korea leader says Kim Jong-il wanted $10B in exchange for talks

Thursday, December 18, 2014

Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

SCOTIABANK was last month named Bank of the Year and Best Foreign Exchange Trader in Jamaica by The Banker, a Financial Week publication, and Global Finance magazine, respectively.

Scotia, in a news release on Friday, said that this was the second consecutive year that it has received the Bank of the Year award, and the seventh year in which it took the title of Best Foreign Exchange Trader.

“We are proud of this award because it is a reflection of the hard work of our employees and their focus on providing sound financial advice and good service to our customers,” the news release quoted Jacqueline Sharp, president and CEO, Scotia Group. “Scotiabank has had a presence in Jamaica for 125 years and we’re pleased to be known for our customer service and for delivering superior results for our shareholders.”

She added: “I would like to thank the customers who continue to believe in us and support us. I am fortunate to work with a professional team of exceptionally talented individuals who continuously demonstrate their commitment to helping our customers discover what’s possible.”

Scotia also said it was named Bank of the Year in Antigua, Bahamas, Barbados, Belize, Grenada, Guyana, and Trinidad & Tobago by The Banker. The publication, Scotia explained, has been the reference point for accessing the performance of banks across the world.

“The award acknowledges the success and overall achievements of the world’s top financial institutions as it seeks to reward and promote industry-wide excellence in the global banking community. One award is given to a single bank in each country for best overall performance. Winners of the award are selected based on their ability to deliver shareholder returns and gain strategic advantage,” the news release said.

Global Finance has been highlighting outstanding financial institutions in the banking industry since 1987. The criteria for choosing the winners in foreign exchange trading included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.

Scotia said that these prestigious awards are the latest in a series of accolades it has received, which include:

* Best Consumer Internet Bank Award 2014 – Global Finance

* World Class Certification for Customer Contact Centre 2014 – Service Quality Management Group – (three years in a row)

* Best Bank in Jamaica 2013 – Euromoney Magazine

* Best Emerging Markets Bank – 2013

* Global Bank of the Year and Bank of the Year in the Americas – The Banker 2012.


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Scotia named Bank of the Year, Best Foreign Exchange Trader in Jamaica

Thursday, October 23, 2014

Koreas "exchange fire over border"

19 October 2014 Last updated at 15:39 South Korean army soldiers patrol through the wire fences near the demilitarised zone between the two Koreas in Paju, South Korea, 7 October 2014 The demilitarised zone is one of the most heavily fortified borders in the world North and South Korea briefly exchanged gunfire over their heavily fortified land border, South Korea says.

North Korean troops approached the demarcation line separating the two sides, prompting South Korean soldiers to fire warning shots, officials said.

The North Koreans returned fire, and the sides exchanged shots for about 10 minutes, they added. There were no reports of injuries.

There were similar border skirmishes earlier this month.

It is not clear if the increasingly frequent clashes are the actions of local soldiers in a tense situation, or part of a wider provocation by either side, the BBC’s Stephen Evans in Seoul says.

Last week, military officers from the two sides met at a border village to try to ease tensions, but no agreement was reached.

On 10 October, North Korean troops fired at balloons being released across the border from South Korea, prompting the South to return fire.

Balloons containing anti-North Korean leaflets are released by former North Korean defectors near the demilitarized zone in Paju, South Korea, 10 October 2014 Activists released balloons carrying leaflets denouncing the North Korean government on 10 October

Activists in South Korea frequently float balloons carrying leaflets condemning North Korean leader Kim Jong-un over the border – a move that angers the North.

Earlier in October, North and South Korean ships exchanged warning shots after a North Korean patrol boat crossed a disputed maritime border, South Korea said.

The two Koreas are separated by the heavily fortified Demilitarised Zone.

They have technically been at war since the 1950-53 Korean War ended in an armistice rather than a peace treaty.

Map showing Yeonpyeong and the disputed border between North and South Korea

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Koreas "exchange fire over border"

Tuesday, September 30, 2014

NCB stock under-valued on Trinidad & Tobago Stock Exchange

An analysis has revealed that National Commercial Bank (NCB) is currently the most under-valued stock trading on the Trinidad and Tobago Stock Exchange (TTSE).
Trinidad-based First Citizens Research and Analytics made the observation in its September Market Insights released to investors. It said NCB is trading 194 per cent below its intrinsic value.  
First Citizens said with the bank, being the largest financial institution in Jamaica, NCB’s value is $2.94 per share, while it is trading on the TTSE for one dollar.
However, the analysts cautioned that Trinidadian investors should be aware of  the exchange rate risk involved with Jamaican stocks.
In light of  the currency depreciation earlier this year, the Jamaican dollar currently trades at five cents to one TT dollar.


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NCB stock under-valued on Trinidad & Tobago Stock Exchange

NCB stock under-valued on Trinidad & Tobago Stock Exchange

An analysis has revealed that National Commercial Bank (NCB) is currently the most under-valued stock trading on the Trinidad and Tobago Stock Exchange (TTSE).
Trinidad-based First Citizens Research and Analytics made the observation in its September Market Insights released to investors. It said NCB is trading 194 per cent below its intrinsic value.  
First Citizens said with the bank, being the largest financial institution in Jamaica, NCB’s value is $2.94 per share, while it is trading on the TTSE for one dollar.
However, the analysts cautioned that Trinidadian investors should be aware of  the exchange rate risk involved with Jamaican stocks.
In light of  the currency depreciation earlier this year, the Jamaican dollar currently trades at five cents to one TT dollar.


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NCB stock under-valued on Trinidad & Tobago Stock Exchange

Friday, August 1, 2014

Stock Exchange revenue increase by 15%

An increase in fees and other income helped to boost the financial performance of  the Jamaica Stock Exchange, JSE, during the April to June quarter.The Stock Exchange’s revenue rose by 15 percent or eleven percent to 83 million dollars when compared to the corresponding period in 2013. The improvement in income also helped the JSE lower its losses from 10 million dollars last year to one million dollars during the three months.In the meantime, the JSE is banking on the improved economy to help boost stock trading. The Stock Exchange says while trading has been subdued, improved economic results and outlook will have a positive impact on listed companies and the equities market.The JSE also expects increased marketing and income diversification to pay off  in the medium to long term as it seeks growth through new and existing markets as well as new product development.


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Stock Exchange revenue increase by 15%

Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

almond-beach-village-barbados-740 Almond Beach Village, Barbados (File photo)

BRIDGETOWN, Barbados, Sunday July 27, 2014, CMC - Jamaican hotelier, Gordon ‘Butch’ Stewart’s, Sandals Group will within a few days purchase a Barbados flagship tourism property, Almond Beach Village, for US$53 million.

Reporting on the matter, the Sunday Sun newspaper, hailed the pending transaction for providing a boost to Barbados’ highly stressed foreign exchange coffers.

“It will all be in the form of badly needed foreign currency,” the paper stated.

The property is currently owned by state corporation, Barbados Tourism Investment Inc.(BTI), through which government has been borrowing money from another state entity, National Insurance Service, to keep that premier real estate afloat.

Click here to receive free news bulletins via email from Caribbean360. (View sample)

butch-stewart-250 Sandals Chairman, Gordon “Butch” Stewart.

The sale of Almond to Sandals was recently examined by Cabinet and approved by prime minister Freundel Stuart.

The Sunday newspaper quoted from a note sent to Cabinet by BTI when the purchase was being considered, “It is also worthy of note that Barbados would have been able to convert a Barbados dominated loan facility, namely borrowings from [NIS] and Almond Resorts Inc., which was all in Barbados currency, into United States dollars at a rate of $2 to $1?.

The emphasis on the foreign exchange gain from this anticipated purchase comes against the background of an analysis by international rating agency Moody’s on the perilous threat the Barbados dollar faces if its foreign currency reserve suffers further drops.

“Any further erosion in reserves would likely put further pressure on Barbados’ currency, which is pegged to the US dollar,” Moody’s stated in a July 21 report.

Moody’s added, “After recovering slightly during the previous three quarters, foreign exchange reserves have resumed their decline, and as of 30 June remained around 25 per cent below early-2013 levels,” Moody’s noted. “This decline occurred despite a slight recovery in long-term private financial inflows that traditionally help support the central bank’s international reserves”.

Half-year figures from the Barbados Central Bank show the foreign exchange reserve falling from BDS$1,219.9 (One BDS dollar = 50 US cents) at the end of June 2013 to BDS$1,093.3 at June 30 this year.

foreign-reserves


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Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

Tuesday, July 29, 2014

Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

almond-beach-village-barbados-740 Almond Beach Village, Barbados (File photo)

BRIDGETOWN, Barbados, Sunday July 27, 2014, CMC - Jamaican hotelier, Gordon ‘Butch’ Stewart’s, Sandals Group will within a few days purchase a Barbados flagship tourism property, Almond Beach Village, for US$53 million.

Reporting on the matter, the Sunday Sun newspaper, hailed the pending transaction for providing a boost to Barbados’ highly stressed foreign exchange coffers.

“It will all be in the form of badly needed foreign currency,” the paper stated.

The property is currently owned by state corporation, Barbados Tourism Investment Inc.(BTI), through which government has been borrowing money from another state entity, National Insurance Service, to keep that premier real estate afloat.

Click here to receive free news bulletins via email from Caribbean360. (View sample)

butch-stewart-250 Sandals Chairman, Gordon “Butch” Stewart.

The sale of Almond to Sandals was recently examined by Cabinet and approved by prime minister Freundel Stuart.

The Sunday newspaper quoted from a note sent to Cabinet by BTI when the purchase was being considered, “It is also worthy of note that Barbados would have been able to convert a Barbados dominated loan facility, namely borrowings from [NIS] and Almond Resorts Inc., which was all in Barbados currency, into United States dollars at a rate of $2 to $1?.

The emphasis on the foreign exchange gain from this anticipated purchase comes against the background of an analysis by international rating agency Moody’s on the perilous threat the Barbados dollar faces if its foreign currency reserve suffers further drops.

“Any further erosion in reserves would likely put further pressure on Barbados’ currency, which is pegged to the US dollar,” Moody’s stated in a July 21 report.

Moody’s added, “After recovering slightly during the previous three quarters, foreign exchange reserves have resumed their decline, and as of 30 June remained around 25 per cent below early-2013 levels,” Moody’s noted. “This decline occurred despite a slight recovery in long-term private financial inflows that traditionally help support the central bank’s international reserves”.

Half-year figures from the Barbados Central Bank show the foreign exchange reserve falling from BDS$1,219.9 (One BDS dollar = 50 US cents) at the end of June 2013 to BDS$1,093.3 at June 30 this year.

foreign-reserves


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Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

Monday, July 28, 2014

Stock Exchange revenue increase by 15%

An increase in fees and other income helped to boost the financial performance of  the Jamaica Stock Exchange, JSE, during the April to June quarter.The Stock Exchange’s revenue rose by 15 percent or eleven percent to 83 million dollars when compared to the corresponding period in 2013. The improvement in income also helped the JSE lower its losses from 10 million dollars last year to one million dollars during the three months.In the meantime, the JSE is banking on the improved economy to help boost stock trading. The Stock Exchange says while trading has been subdued, improved economic results and outlook will have a positive impact on listed companies and the equities market.The JSE also expects increased marketing and income diversification to pay off  in the medium to long term as it seeks growth through new and existing markets as well as new product development.


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Stock Exchange revenue increase by 15%

Thursday, July 3, 2014

"That will not work!" - IMF chief on fixed exchange rate for Jamaica

Christine Lagarde, Managing Director of the International Monetary Fund, during her recent visit to Jamaica, strongly disagreed with a recommendation that the country’s exchange rate  be fixed, for a limited time, to give the economy “breathing space.”

During an exclusive interview for Television Jamaica’s All Angles, with host Dionne Jackson Miller, her response to that proposal was unequivocal: “No, that will not work! That will not work!”

Elaborating, she said most of the adjustments had already taken place, but insisted that “slight currency adjustments” were still needed. Thereafter, she asserted, “you will see foreign direct investment, you will see tourism numbers pick up.”

Lagarde strongly rebuffed those calling for an immediate end to the devaluation of the Jamaican currency, during her recent visit to the country.

Some members of the private sector and the parliamentary opposition had argued for an end to devaluations before and during her visit.

But in a number of public engagements, the IMF chief pushed back against that urge, and during the All Angles interview she stressed that if devaluation is combined properly with other tools, there will be long term benefits.

Those other measures, she said, include geting the country’s public finances “in order” and carrying out structural reforms that will convince potential investors that Jamaica is competitive and therefore an ideal location for doing business.

“In the long run, when growth has picked up, when inflation has been tamed, then it might well mean appreciation of the Jamaican currency,” she said.


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"That will not work!" - IMF chief on fixed exchange rate for Jamaica

Wednesday, July 2, 2014

Stock Exchange charges increased

It’s now costing more to conduct transactions on the Jamaica Stock Exchange (JSE). Effective Tuesday, the cess on transactions was increased by 0.1% or 0.05%,  to be paid by the buyer and seller.   
According to Marlene Street-Forrest, General Manager of  the Stock Exchange, the increase was triggered by rising operational expenses, occasioned particularly by the slide in the value of the Jamaican dollar.

“Our services… our core platform is linked to the US dollar in terms of service fees,”, she explained, adding that as a result of that there was no option but to increase the charges “by this mimimal amount.”

The cess is a part of  the revenue base of  the Exchange.


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Stock Exchange charges increased

Stock Exchange charges increased

It’s now costing more to conduct transactions on the Jamaica Stock Exchange (JSE). Effective Tuesday, the cess on transactions was increased by 0.1% or 0.05%,  to be paid by the buyer and seller.   
According to Marlene Street-Forrest, General Manager of  the Stock Exchange, the increase was triggered by rising operational expenses, occasioned particularly by the slide in the value of the Jamaican dollar.

“Our services… our core platform is linked to the US dollar in terms of service fees,”, she explained, adding that as a result of that there was no option but to increase the charges “by this mimimal amount.”

The cess is a part of  the revenue base of  the Exchange.


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Stock Exchange charges increased

Tuesday, June 24, 2014

Digicel launches Phone Recycling Programme for special-needs schools - Unused phones in exchange for tablets


Representatives and students of the Windsor School of Special Education and Digicel representatives, including Judine Hunter (left), programme manager, for special needs at Digicel Foundation, are all smiles at the handover of the educational pack at the recently held phone recycling launch. – Contributed

On Thursday, scores of persons gathered for the launch of an exciting Phone Recycling Programme that will see special-needs schools collecting unused mobile phones in exchange for brand-new tablets and accessories worth over US$700 each.

The recycling programme, an initiative of the Digicel Foundation, one of Jamaica’s leading supporters of the special-needs sector, was launched in partnership with Autism Ireland to improve the learning experiences of children with autism to help them reach their full potential.

At the launch, held at the Portmore Learning Centre, the foundation handed over educational packs that included an iPad, mini speakers, stylus, protective cover and screen overlay to the Jamaica Association on Intellectual Disabilities (JAID).

JAID, the oldest and largest organisation in the country providing services to persons with intellectual and other developmental disabilities, will be using these tablets to teach children social skills.

“Each school will be given a recycle bin for students, parents, teachers, visitors and other persons in their community to use to collect unused phones beginning June 23, 2014,” Judine Hunter, the programme manager for special needs at the Foundation, said.

“What is important about this programme is that students with special needs will not only have an opportunity to benefit from the latest technology, but they will learn about how important it is to recycle.”

The recycling programme will end on September 30. The foundation will hand over educational packs to its special-needs partners during the school year. The Digicel Foundation will also donate $100,000 to the school that collects the most phones.


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Digicel launches Phone Recycling Programme for special-needs schools - Unused phones in exchange for tablets

Sunday, February 2, 2014

VIDEO: Cuban "misfits" in revolutionary US exchange

The US city of Miami is home to the largest population of ex-patriate Cubans in the world. But a group of new arrivals, made up of people including lawyers, dissidents, and bloggers, is different.


They’re the first Cuban exchange students to come to the US on J-1 visas since the revolution more than 50 years ago.


Hosted by Miami Dade College, and funded largely by donations from Cuban-Americans through a non-profit called the Foundation for Human Rights in Cuba, the exchange marks a rare moment of detente between the two countries.


The BBC joined a class to hear how two students, who have faced censorship and restrictions back in Cuba, are finding life in Florida.


Produced for the BBC by Leigh Paterson.


Altered States is a series of video features published every Wednesday on the BBC News website which examine how shifting demographics and economic conditions affect America on a local level.


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VIDEO: Cuban "misfits" in revolutionary US exchange

Saturday, August 24, 2013

CAP gets near 100 per cent participation in debt exchange

Business

Wednesday, August 21, 2013

ALMOST all bondholders of US$162 million ($16.5 billion) in Clarendon Alumina Production (CAP) Notes have accepted an offer to exchange the debt for Government of Jamaica securities.The state-owned company, which owns a 45 per cent stake in Jamalco, said that 99.85 per cent of the outstanding principal amount of the CAP Notes were tendered in a one-to-one debt exchange last Friday.Holders of the remaining bonds, carrying a value of approximately US$240,000, have until August 28 to accept the offer, but they will just get 98 per cent of their principal. And if they decide not to participate at all, they will see their debt being subordinated to a forward sales agreement with Hong-Kong based Noble Resources.In the event of CAP’s bankruptcy or liquidation, Noble would be entitled to be repaid in full before the Jamalco Co-tenancy Assets would be available to satisfy its obligations on the CAP Notes.The exchange offer and consent solicitation, for which consents have been delivered, was also a condition of the sales arrangement with the Hong Kong-based company, for which CAP already received US$75 million of a US$120 million for the supply of between 3.4 million and 6.1 million tons of alumina over the next 12 years.“Pursuant to (the agreement) CAP will provide and perfect a security interest for the benefit of Noble over the approximately 45 per cent interest it holds as a co-tenant in common in the assets of Jamalco, a joint venture with Alcoa Minerals of Jamaica, an indirect subsidiary of Alcoa Inc,” said a press statement issued by CAP. “This security interest will be granted upon the successful completion of the exchange offer and consent solicitation.”The new debt to Noble will be offset against alumina sales, while the Hong Kong-based firm has the option to purchase all or part of CAP’s interest in Jamalco, at market price up to 2025.In any case, shifting the debt obligation from CAP to the Government, including making amendments to the Fiscal Agency Agreement, which would keep Jamaica as the guarantor of CAP Notes, gives the Government the flexibility to divest its stake in the company without “triggering the change of control provision or the negative pledge provision”.Clarendon Alumina has been in a loss-making position for years, having accumulated a US$250 million deficit and long-term debt of US$447 million up to March 31, 2013.The company also expects to lose another US$19 million this financial year, which ends next March, but the removal of the CAP Notes from its balance sheet and the reduction of debt owed to Jamalco would put the state agency in a positive equity position.Jamalco alumina refinery in Clarendon.

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CAP gets near 100 per cent participation in debt exchange