Twenty Practical Steps to Better Corporate Governance | The Corporate Secretaries International Association (CSIA) Please click the li...
#CSuite CEO of Natures Way Foods Appointed Non-Executive At AG Barr – CEO of Natures Way Foods Appointed Non-Executive At AG Barr NamnewsFull coverage http://bit.ly/2AcVXY8
— Muzaffaruddin Alvi (@Muzaffar1969) December 12, 2017
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#CSuite Suparna Singh appointed as CEO at NDTV – Suparna Singh appointed as CEO at NDTV BizAsiaFull coverage http://bit.ly/2AKyXAS
— Muzaffaruddin Alvi (@Muzaffar1969) December 11, 2017
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DALLAS, TX–(Marketwired – Jun 5, 2017) – Vital Products Inc. (OTCQB: VTPI) (the “Company”) announced today that the Company has acquired Combined USA Corporation, dba XCPCNL Business Services Corporation (“XCPCNL”) based in Dallas, Texas. XCPCNL provides payroll, benefits, hospitality, maintenance and personnel outsourcing services for its clients in Dallas, Texas, Orlando, Florida and Chicago, Illinois.
June 05, 2017 at 06:52PM
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BANK OF ISRAEL SAYS HOLDS BENCHMARK INTEREST RATE AT 0.1 PERCENT
The material has been provided by InstaForex Company – www.instaforex.com
May 29, 2017 at 06:45PM
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FRANCE SELLS 1.399 BLN EUROS 21-WEEK T-BILLS, MARGINAL RATE -0.585 PCT AUCTBTF
The material has been provided by InstaForex Company – www.instaforex.com
May 29, 2017 at 06:45PM
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Posted by Mark J. Roe, Harvard Law School, on Friday, May 26, 2017
Last week, Jeff Gordon and I wrote to the chairs and ranking members of the Senate and House Banking and Judiciary committees, analyzing reasons why a bankruptcy structure should not be allowed to substitute for the Dodd-Frank Act’s regulator-driven “orderly liquidation authority.” Our letter was joined by more than 100 other academics whose work and teaching deal with bankruptcy and financial regulation.
The Financial CHOICE Act of 2017, H.R. 10, would replace the “Orderly Liquidation Authority” (“OLA”), Title II of Dodd-Frank, with a new bankruptcy procedure, the Financial Institution Bankruptcy Act (“FIBA”), as the exclusive means for addressing the failure of systemically important financial institutions (“SIFIs”). The House Banking committee reported out the bill several weeks ago. A stand-alone version of FIBA has already passed the House.
May 26, 2017 at 06:47PM
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Posted by Ken Bertsch, Council of Institutional Investors, on Friday, May 26, 2017
Snap Inc.’s IPO [on March 2, 2017], featuring public shares with no voting rights, appears to be the first no-vote listing at IPO on a U.S. exchange since the New York Stock Exchange (NYSE) in 1940 generally barred multi-class common stock structures with differential voting rights.
Members of the Council of Institutional Investors have watched with rising alarm for the last 30 years as global stock exchanges have engaged in a listing standards race to the bottom. With NYSE-listed Snap’s arrival with “zero” rights for public shareholders, perhaps the bottom has been reached.
May 26, 2017 at 06:47PM
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Posted by Saule T. Omarova, Cornell University, on Friday, May 26, 2017
The global financial crisis of 2008 has underscored the urgent need for deep rethinking of how financial firms ought to manage risk, and do so not only for the sake of generating good results for themselves and their clients but also for the sake of keeping the entire financial and economic system from collapse. Conceptually, this collective post-crisis “rethinking” effort seems to proceed along two basic lines. Some scholars and policy experts focus on enhanced public regulation and supervision of financial firms and markets—through higher capital standards, mandatory stress testing, greater and faster data collection, etc.—as the key method of minimizing systemic risk. Others, by contrast, see improved private ordering—through strengthening various mechanisms of corporate governance, incentivizing individual firms and their employees to behave ethically, etc.—as the ultimate solution to the same problem.
May 26, 2017 at 06:47PM
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Posted by HLS Forum on Corporate Governance and Financial Regulation, on Friday, May 26, 2017
May 26, 2017 at 06:47PM
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The ladies of Twitter never fail to brighten our days with their brilliant ― but succinct ― wisdom. Each week, HuffPost Women rounds up hilarious 140-character musings. For this week’s great tweets from women, scroll through the list below. Then visit our Funniest Tweets From Women page for our past collections.
Sign up for our Funniest Tweets Of The Week newsletter here.
wow I was in a great mood but now im just mad at everyone who didn’t tell me fivel goes west is on netflix
— Julia Bush (@jabush) May 22, 2017
If ABC thinks I’m going to suddenly start watching “The Bachelorette” just to see men fighting over a black woman they are absolutely right.
— Ashley Calloway-B. (@ashleycalloway) May 23, 2017
Concept: me perhaps not becoming irritated by every fucking little thing
— Maria (@cakefacedcutie) May 22, 2017
ARE YOU EATING ENOUGH CHEESE? ILU
– me, just checking up on my friends— Nicole Chung (@nicole_soojung) May 23, 2017
I don’t carry pepper spray, but I do carry a list of things that aren’t going well in my life that should earn me the pity of any assailants
— Shalyah Evans (@ShalyahEvans) May 23, 2017
When it’s New Hair Monday and my coworkers have questions. http://pic.twitter.com/JH8JRXbFV7
— Melanie Dione (@beauty_jackson) May 23, 2017
Finally figured out how to induce panic attacks in women: get them high and put on the Handmaid’s Tale.
— alana hope levinson (@alanalevinson) May 23, 2017
hello, so nice to google you for the first time
— Aparna Nancherla (@aparnapkin) May 21, 2017
Justin Trudeau looks like The Bachelor and Macron has just stolen him away for a second. http://pic.twitter.com/tXLdSrD02j
— Hanna Flint (@HannaFlint) May 26, 2017
Chopped shows you can make something out of anything so when I ran out of strawberry jam I melted some gummy bears and made a kitchen fire.
— Abbi Crutchfield (@curlycomedy) May 23, 2017
*invited to a networking event*
Me: Fake my death go to Cuba that’s the only option
— Julie Horvath (@nrrrdcore) May 23, 2017
Passport stamps but for every state you have a panic attack in
— Brittani Nichols (@BisHilarious) May 24, 2017
I take work smoke breaks outside a yoga/barre studio called EXHALE bc I’m committed to irony
— Brandy Jensen (@BrandyLJensen) May 23, 2017
[gets out of bed]
[pours a tall, cold glass of Haterade]
[takes a generous swig]
AHHHHH GOOD MORNING WORLD! READY TO FACE THE DAY— wikipedia brown (@eveewing) May 24, 2017
You can tell a lot about a girl by who looks better in the photos she posts for your birthday.
— maggie mull (@infinitesimull) May 23, 2017
I can either be on time for things or I can look good, you cannot expect both.
— Akilah Hughes (@AkilahObviously) May 24, 2017
Me: If you could only bring one thing with you to a desert island, what would it be?
7yo: Uh. Earth.— JennyPentland (@JennyPentland) May 24, 2017
When a man mansplains mansplaining to you — this has got to be worth bonus points. http://pic.twitter.com/aOROW8vKZh
— Emily McCombs (@msemilymccombs) May 24, 2017
TV Guy: “Here’s our subject in her natural environment, foraging for food.”
*Camera cuts to me on the couch, finding an almond in my bra*
— Abby Heugel (@AbbyHasIssues) May 23, 2017
“Never trust the children of real estate developers” is the primary lesson of both this administration and the Fyre Festival.
— emily nussbaum (@emilynussbaum) May 24, 2017
— This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
May 26, 2017 at 06:43PM
from Alanna Vagianos
“Love Actually” is still all around us, thanks to the mini-sequel that aired Thursday during NBC’s Red Nose Day charity special. We are now blessed with an update on most of the characters from the 2003 Christmas hit that continues to inspire obsession and vitriol around the world.
It’s happy endings (mostly) all around. The couples formed in the film ― Natalie (Martine McCutcheon) and the prime minister (Hugh Grant), Jamie (Colin Firth) and Aurelia (Lucia Moniz), even Sam (Thomas Brodie-Sangster) and Joanna (Olivia Olson) ― are still together. Mark (Andrew Lincoln) is still showing up at Juliet’s (Keira Knightley) door while Peter (Chiwetel Ejiofor) awaits her return, but now Mark is married to Kate Moss. Billy Mack’s (Bill Nighy) manager has died, but Billy is still recording half-baked publicity singles and giving cantankerous radio interviews. Rufus (Rowan Atkinson) is methodically packaging gifts at Walgreens, because product placement is real, and Daniel is inquiring about Sam’s life on that same waterfront bench (sans Claudia Schiffer). The happiest ending of all goes to Sarah (Laura Linney), who’s bagged a new fellow played by Patrick Dempsey.
Cast members missing from the roster: Emma Thompson, Alan Rickman (who died in 2016), Rodrigo Santoro, Kris Marshall and the rest of Colin’s crew, and Martin Freeman and Joanna Page, who played the flirty body doubles.
You can watch the full 16-minute bit above.
— This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
May 26, 2017 at 06:43PM
from Matthew Jacobs
VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 26, 2017) – Trading resumes in / Reprise des négociations pour:
May 26, 2017 at 06:45PM
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Final #COSO #ERM framework will have 20 principles, a ‘DNA-like’ graphical image buff.ly/2qjDi6Y #compliance #GRC #corpgov
May 24, 2017 at 06:38PM
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May 22, 2017 at 06:50PM
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May 22, 2017 at 06:50PM
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LONDON (Reuters) – Some $171.8 billion of cross-border merger and acquisition deals between U.S. and European companies have been announced so far in 2017, the highest figure at this stage of the year for a decade as companies on both sides of the Atlantic hunt for deals to offset sluggish growth.
May 22, 2017 at 06:50PM
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For a number of years, this (now old and outdated, but) very
useful chart has been in circulation in energy circles, mapping
the supply of energy to the world by looking not at prices, but at
production costs.
For one thing, it goes a long way to explaining why the price of
oil can tumble so quickly when there is a fall off in demand, and
explains why OPEC is troubled by unconventional oil
in a way it is not so bothered by other energy sources such as
renewable fuels.
Renewables not only have been traditionally at the expensive end
of the curve, the supply has been generally quite limited when we
look at total global demand. OPEC makes so much money off $100 oil
that they don’t mind sacrificing a few market share points to
other fuels, when demand spikes and prices reach those levels.
Conversely, shale oils uncovered through US fracking
operations — to use another example — are able to
supply lots of oil to meet world demand at prices well below the
OPEC target, and they can also be competitive with some of the
more expensive conventional oils. So, they bite into market share
and also price.
Back then, ethanol fitted in the $90-$120 per barrel slot. But
today, the cost of production has changed, dramatically. You can
see it in this
wonderful data set that Bruce Babcock and the Center for
Agricultural and Rural Development at Iowa State have maintained
for many years.
As you can see from the hard data, the production cost
for ethanol today is $1.22 per gallon, which translates
to $51.24 per barrel. Now, on an energy basis — given that ethanol
has 67% of the energy content of a barrel of oil, that translates
to $76.86 on a barrel-of-oil-equivalent basis.
To make a fair comparison, we have to take into account the
refining cost of making gasoline — we need to compare finished
ethanol and finished gasoline, not compare corn to gasoline or
ethanol to crude oil. Estimates of the variable cost of refining
are not easy to obtain and vary based on the product mix, cost of
utility power and so on, but tacking on at least $4 per barrel is
fair (this older estimate from PSU puts
it at $20). The EIA has this data from 2012, here.
$76 is well above today’s oil price, even if you tack on $4 for
refining costs to make gasoline. But it’s not well above the price
that oil is expected to reach by next year, according to the
wizards at Raymond James (whose energy desk correctly forecast the
collapse in oil prices, so we approach their forecasts with great
respect, although timing is always an issue with any projection).
They expect oil to reach around $70
per barrel by the end of 2017. Of course, we’ll wait to see
what impact that might have on corn prices, the price for DDGs and
for corn oil — but it would be a remarkable step in ethanol’s
journey.
We’ve put the latest data from the IMF, and the new numbers for
renewables, into the chart you see below.
As Aemetis CEO Eric McAfee notes:
“The general perception is that
biofuels are more expensive to produce than petroleum fuel
products. That perception is not accurate for the net cost of
production of ethanol in the US after considering the value of
animal feed byproducts (DGrain and corn oil) and CO2 production
for the human food market.”
Let’s look at the impact of carbon.
Under the Renewable Fuel Standard, there’s an
implied carbon credit for ethanol, and that’s in the value of the
D6 RIN.
And that tells you that there’s a significant inflection point in
ethanol and gasoline prices, and it’s this. If, one day, the
production cost + the RIN cost of corn ethanol falls below any
given source of conventional oils, it just makes economic sense
for an obligated party to switch towards increased renewables
production (as opposed to, say, investing in tight oil operations)
— not because of obligations to government, but
because of obligations to shareholders. That’s a
step-change.
And it’s getting close. Thanks to the pricing data from our
friends at PFL, we see that the D6 RIN is trading at 41 cents per
gallon.
That adds $17.22 in carbon value to a barrel of
ethanol. Putting the ethanol production price together with the
RIN price, it makes sense to buy or make as much ethanol as you
can stuff into the system — mandated or not — starting at $55 per
barrel.
That’s not far at all from the world oil price.
All the same math applies in the world of biodiesel, but there
are different data points. So let’s look at those.
Starting again with CARD’s
data on operating costs, the production cost of biodiesel
right now is at $2.76 per gallon, or $115 per barrel.
It happens that CARD data is based on the soybean oil
price of $0.31 cents per pound. Technologies that can
use recycled oils that are sold as low as $0.22
per pound will have a production cost of roughly $2.61 per gallon.
Now, biodiesel is much closer to petroleum on energy density —
it’s between gasoline and diesel. So, depending on whether you
want to compare biodiesel back to gasoline that comes out of a
barrel of oil or to diesel, you’ll come up with a production cost
range (on a barrel of oil equivalent basis) of $105-$115, after
we’ve adjusted for energy density.
So, biodiesel is well above the $52 Brent crude oil price, right
now. But biodiesel RINs are more valuable, and
close the gap a little. According to PFL, D4 biomass-based diesel
RINs are trading at $1.03 per gallon, and are adding $43.26 to the
value of the barrel.
Putting the production price together with the RIN price, it
makes sense to buy or make as much biodiesel as you can stuff into
the system — mandated or not — starting at $62-$72 per barrel.
That’s high compared to today’s price, but inside the predicted
crude oil price of $70 that we referenced above.
So, we live in interesting times — and we’ve charted the costs
and supply figures, taking carbon into account, in the chart
below.
When we look at the California market and its Low Carbon
Fuel Standard (and Oregon, too, which also has an LCFS)
we are looking at a different animal, since the carbon value is
added on top of RIN credit values.
Right now, our friend at PFL advise that the LCFS credit price is
at $74 per ton of carbon avoided. For locally-produced ethanol,
that means around an additional $6.21 per barrel for ethanol
delivered into the California market.
For biodiesel, the credit bites harder because biodiesel
really, really reduces carbon. The LCFS credit
translates into around $26.64 in added value for biodiesel.
Putting the ethanol production price together with the RIN price,
it makes sense to buy or make as much ethanol as you can stuff
into the California system — mandated or not — starting at $49
per barrel.
Putting the production price together with the RIN price, it
makes sense to buy or make as much biodiesel as you can stuff into
the system — mandated or not — starting at $36-$46 per
barrel.
We’ve charted all that in this California-only chart below.
The current barrel of oil costs $49.38 (WTI) and $52.52 (Brent)
right now. Which tells you two things:
1. The renewable fuel credit markets work with remarkable
efficiency, after just a few years in operation. The
credits reach almost exactly where they should, because a credit
should in some ways make a mandate obsolete, it should incentivize
a market player exactly to the point where they have a financial
gain from deploying a renewable fuel. In the real world,
incumbents don’t act with perfect economic rational actors, but
you get the idea.
2. In California at least, a remarkable threshold
has in fact been reached. In the actual markets that exist –
carbon and fuel markets — ethanol and biodiesel have achieved market
parity. Now, you can argue all night that carbon
markets are not free markets — they are created by government
fiat. And, you can argue all night that fuel markets are not free
markets — they are created by cartel fiat. And you’ll find
supporters and detractors by the zillions, and the shouting will
drive you crazy.
But they are markets, and they are the markets we have. And don’t
get me started on how free and transparent financial markets
really are, Mr. Madoff. But they are the markets we have, and in
the markets we really have, we can say that markets in
California are telling us this:
You can make more money producing
ethanol than producing gasoline from petroleum, according to our
math. And investors might take note — because making money is
generally what investors are trying to accomplish in the
petroleum markets.
So, a step change worth noting.
[A brief explanatory note. As a sharp-eyed Digest reader
noted, the CARD model tracks what may be considered “operating
costs” and excludes amortization, depreciation and so forth — if
all those were added in, the “production cost” would be higher —
as high as $1.46 per gallon, vs $1.22 per gallon. So, why
exclude those? As it happens, the EIA model for oil refinery
costs (that we noted above) also excludes amortization,
depreciation and so forth, which is why the refining add-on is
$4 per barrel instead of $20-$30. Since we don’t have a good
source of overall oil refinery costs, these capex related costs
were excluded for both, to esnure that we are comparing apples
to apples. If you like, you can add $10-$15 per barrel to both
sides of the equation to account for these charges, and it
doesn’t change the comparison, but you may feel that although it
would be an approximation, it may be closer to a fully-loaded
“production cost” as opposed to an “operating cost”.]
Jim Lane is editor and publisher of Biofuels Digest where this
was originally published.
Biofuels Digest is the most widely read Biofuels daily
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May 22, 2017 at 06:47PM
from Guest Contributor
Channel NewsAsia |
Wall St. opens higher as oil, defense stocks gain
Reuters Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. May 18, 2017. REUTERS/Brendan McDermid. Wall Street opened higher on Monday as oil prices climbed and defense stocks rose following a $110 billion arms … Wall St set to open higher as oil prices, defense stocks riseFox Business |
May 22, 2017 at 06:45PM
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