ukxdeqli

Aiming for a surplus

first_imgThe focus of the monetary policy is now conclusively on ensuring better transmission. Towards this, for the first time in recent history, the RBI has consciously moved liquidity stance to positive. Indeed, the Governor has lately referred to the Rs 1-1.5 lakh crore positive system liquidity as a comfort factor and facilitator for banks. It thus seems reasonable to infer, in the absence of an official framework on liquidity ‘targets’, that the RBI will want to ensure sustained liquidity surpluses of this magnitude going forward as well. Also Read – A special kind of bond The micro aspects As per our estimates, the so-called ‘core’ system liquidity (total banking liquidity minus government balances) is around Rs 65,000 crore as in early August. Assuming currency in circulation (CIC) seasonality of last year and superimposing a nominal growth rate to this, the system will lose around Rs 2,20,000 crore from here to March 2020. Adding back a higher RBI dividend and some balance of payment accretions, we are largely left with zero core liquidity by end of the financial year. However, given RBI’s current liquidity preference, we would assume they would want core liquidity to at least be in surplus by a similar magnitude as today. This means that one should reasonably expect further open market operation (OMO) bond purchases from the RBI of at least Rs 65,000-75,000 crore between now and end of the financial year. Also Read – Insider threat managementA further implication of this is that the domestic net government bond supply between October and March is largely agnostic to whether the government decides to do a foreign currency sovereign bond issue or not. This is assuming that say $10 billion raised by government from offshore sovereign bonds would have been entirely converted by RBI into rupee liquidity. Thus, the need for OMOs would have fallen to that extent. Refreshing a table we had done in an earlier note, the Rs 70,000 crore assumed for the sovereign bond issue may just end up getting replaced as RBI OMO should the bond issue not happen. While on the subject, one has to comment on the conceptual fallacy in the criticism often levied towards RBI’s OMOs as being monetisation of government deficit. Assuming an unwillingness to cut Cash Reserve Ratio (CRR), the only other tools for policy-driven liquidity creation is the purchase of forex or bonds. Long term repos are no solution since this is ‘borrowed’ and not permanent liquidity. Given that purchase of forex is a function of flows that the RBI doesn’t directly influence, it has to resort to purchasing of bonds for discretionary enhancements in core liquidity. Now, if this were being done much beyond the requirements of liquidity creation for the explicit purpose of supporting the bond issuance program or was systematically tied to the quantum of such program or didn’t display two-way directionality, then one could have legitimately argued for backdoor monetisation. However, there is no evidence of this as well. Thus, any impact from OMOs has to be treated as largely an unavoidable cost of policy implementation just as other tools affect other market variables. The macro aspects As can be seen, after the disruption from the global financial crisis (GFC) had subsided, the ratio of broad money (M3) as the proportion of quarterly GDP had largely settled in a range. This broke lower post demonetisation but hasn’t still reverted to its previous range. This is despite the well-acknowledged growth slowdown that has now been underway for some time. After largely tracking nominal GDP growth rates between 2012 and 2015, M3 growth had started to fall below GDP growth from early 2016, even before demonetisation. It is only very recently that M3 growth has been catching back with nominal GDP. It can be argued that a necessary ask from monetary policy in response to the broad-based slowdown is for a higher rate of money supply growth than what has been in the recent few years. Indeed, that seems to have been the case also in the ‘golden’ growth period of 2005-2008, where M3 growth was much above nominal GDP growth. Assuming no changes to the money multiplier, this implies a higher pace of expansion in RBI’s balance sheet, including through more aggressive purchases of domestic bonds. (Suyash Choudhary is the Head – Fixed Income, IDFC AMC. The views expressed are strictly personal)last_img read more

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Rescinded elevatorsafety order sparks anger raises credibility issues

first_imgTORONTO – A decision by one of Canada’s key elevator-safety authorities to rescind a sweeping three-year-old upgrade directive has sparked both surprise and anger among those in the industry.The decision by Ontario’s Technical Standards and Safety Authority, they say, was done without consultation, raises questions about the basis for the far-reaching order in the first-place, and leaves the public at substantial risk.“Should I be advising my building owners to act right away on future director’s orders?” Doug Guderian, the CEO of contractor Elevator One, said on Wednesday. “Maybe you want to wait a few years and see if they rescind this one, too? That doesn’t help the industry in any way to be safer.”At issue are older “single speed” elevators typically found in lower-rise buildings and which are notorious for posing a tripping or fall hazard by routinely failing to stop level with the floor — sometimes by as much as seven centimetres, a far cry from current accuracy norms of less than a centimetre.In 2014, the safety authority ordered significant upgrades to every single-speed elevator in Ontario — estimates say there are about 700 to 1,200 of them — and gave owners until the end of 2021 to do so. Data, the authority said at the time, indicated a substantial safety risk related to levelling that was only expected to worsen.This week, however, TSSA director Roger Neate decided the mandatory upgrade — already carried out in about 55 instances — was no longer necessary.“TSSA has continued to monitor and review incident, maintenance and inspection order data,” Neate said in the new order. “The outcome is that the data trends do not support the mandatory upgrade of single-speed elevator-motion controls.”At the same time, the authority said it was mandating risk-mitigating measures, among them maintenance tasks to be done every two months and an annual requirement to take apart, examine and maintain the elevator’s brake components.The TSSA also recommends measures such as posting signs warning users of the tripping risk, something those in the industry worry amounts to an admission of risk and liability.Industry consultant Rob Isabelle said the director’s surprise decision raises questions about the data the safety authority relied on then and relied on now.“How good was your analysis in the first place?” Isabelle said. “If I was the guy that has three small buildings and spent $500,000 and now I receive this order saying it’s not really necessary, I’d be pissed.”In response Wednesday, the authority said single speed elevators were safe and that its updated data shows they do not pose an “unacceptable risk” to users. The authority also said it had told its advisory committee it was contemplating the change.The TSSA did float the idea of rescinding the order at an industry “townhall” meeting last November, but that was followed by silence, Guderian said.“We raised probably 15 or 20 different objections and reasons why we didn’t feel rescinding an order like this was a good idea,” Guderian said. “They didn’t answer why to a single one of them.”The issue comes amid data showing that serious elevator-related injuries in Ontario have been rising at a rate of about eight per cent a year for the past five years. Additionally, a Canadian Press investigation indicated elevator-reliability problems had reached crisis proportions across Canada, prompting the Ontario government to promise legislation to deal with the “systemic” availability issue.Earlier this month, the safety authority awarded consulting firm Deloitte a $300,000 contract to carry out potentially groundbreaking research that aims to get at the causes of elevator outages or otherwise poor service and offer solutions.The government-ordered review is being fronted by retired Superior Court justice Douglas Cunningham, who is expected to report in the fall.Cunningham previously reviewed the Ontario’s New Home Warranties Act and his findings prompted the province earlier this year to introduce measures aimed at boosting consumer confidence in the new-home industry.last_img read more

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Husky shares down after offshore oil vessel suspended due to iceberg incident

first_imgCALGARY – Shares in Calgary-based Husky Energy Inc. fell nearly seven per cent Thursday after operations aboard its SeaRose FPSO vessel off the Newfoundland and Labrador coast was ordered suspended by the federal-provincial regulator because of a close call with an iceberg last March.Husky’s stock (TSX:HSE) was down $1.29, or 6.77 per cent, to $17.77 at the closing of markets, after dropping as low as $17.58 earlier in the day from Wednesday’s close of $19.06.The Canada-Newfoundland and Labrador Offshore Petroleum Board said Wednesday after markets closed the vessel would be suspended from operating until the board is sure that “corrective and appropriate actions” have taken place.It said the floating production, storage and off-loading vessel with 84 people and 340,000 barrels of crude onboard failed to follow protocol and sail away when an iceberg entered its 0.25-nautical-mile ice exclusion area, adding personnel at one point were instructed to muster and ‘brace for impact.’Barclays analysts said in a note Thursday the suspension is “significant” because it cuts off about 27,000 barrels per day of some of the most profitable production in Husky’s oil and gas portfolio for an undetermined length of time.That’s about eight per cent of total oil and gas production from the company, which also operates in Western Canada and the Asia-Pacific region.last_img read more

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Morocco Ranks North Africa’s Largest Insurance Market

Rabat – Moody’s International Cabinet’s latest report on insurance ranked Morocco as North Africa’s largest insurance market.In 2013, Morocco’s insurance sector was Africa’s second largest market after South Africa, with regard to issued premiums.Morocco also ranked the Arab World’s top market concerning penetration rate in 2013, according to Le Matin newspaper. Between 2012 and 2013, the insurance sector recorded an average growth of 2.7 percent according to La Fédération Marocaine des Sociétés d’Assurance et de Réassurance (FMSAR). The sector’s growth was mainly driven by increases in real estate loans.In 2014, issued premiums in the insurance sector stood at MAD 28.4 billion, having recorded an increase of 6.4 percent in one year, according to la Direction des Assurances et de la Prévoyance Sociale.Penetration rate also increased from 3.09 percent in 2013 to 3.14 percent in 2014. Life insurance registered a growth of MAD 9.4 billion, with an increase of 9.3 percent in one year.Non-life insurance annual growth stood at 4.9 percent with total revenues reaching MAD 19 billion. read more

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Morocco Arrests Member of ISIS-Related Terror Cell

Rabat – Morocco’s security services on Tuesday arrested a member of a terrorist cell in the northern city of Nador recruiting volunteers to fight for the Islamic State in Syria and Iraq.This operation was conducted in coordination with the Spanish security services, which arrested three other accomplices in Sebta, the Interior Ministry said in a statement.One of the three accomplices is a former Guantanamo detainee who had fought for “Al Qaeda” in Afghanistan, the statement said, adding that another accomplice is the brother of a fighter who perpetrated in 2013 a suicide attack against a military barrack in Syria. This operation is part of cooperation between Moroccan and Spanish security services to fight terrorism in the light of the rising threat that represents ISIS for the stability of Morocco and its allies.The suspects will stand trial after completion of investigations, supervised by the competent attorney’s office.This operation comes less than a week after Moroccan intelligence services dismantled a 10-member terrorist cell affiliated with ISIS. According to a statement made by Director of the Central Bureau of Judicial Investigations (BCIJ), Abdelhak Khiame, the commando planned to carry out terrorist in Morocco last Friday.The terror cell, whose members pledged allegiance to the so-called Islamic State (ISIS), was planning attacks against public institutions and civil and military figures, Khiame said at a press briefing at the BCIJ headquarters in Salé (Rabat twin city), last Friday.The Moroccan official added that the terrorist group planned to use biological and chemical weapons. read more

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Energy East pipeline boon for refineries an empty promise because most oil

CALGARY — The proposed Energy East pipeline won’t be the boon to Eastern Canadian refineries that supporters claim because the vast majority of the oil in it would be bound for export markets, environmental groups argue in a report being released Tuesday.The $12-billion project would likely use the lion’s share of its 1.1 million barrel per day capacity to send unrefined oilsands crude to markets like India, Europe and possibly the United States, says the report, penned by The Council of Canadians, Ecology Action Centre, Environmental Defence and Equiterre.The pipeline would run 4,600 kilometres from Alberta to Saint John, N.B., using repurposed pipe already in the ground for roughly two thirds of the way.The company planning to build it, TransCanada Corp., aims to file a formal regulatory application this summer. It’s been actively engaging with communities along the route in an effort to build support.Backers in industry and government have said Energy East will help ailing refineries in the East — reliant on high-cost crude from abroad — by connecting them with a stable, low-cost supply from Western Canada. The proposal also includes export terminals in Quebec and Saint John, N.B., from which some of oil can be sent overseas by tanker, getting producers a better price for their crude.But Tuesday’s report says the three refineries along the Energy East route — Suncor Energy’s in Montreal, Valero’s near Quebec City and Irving’s in Saint John, — have a combined capacity of 672,000 barrels per day.Of that, the groups figure 550,000 barrels per day can come from elsewhere — offshore crude in Atlantic Canada, booming U.S. shale resources and, eventually, via Enbridge Inc.’s recently approved reversed Line 9 pipeline between southwestern Ontario and Montreal. That leaves just 122,000 barrels per day of refining capacity that can be served by Energy East, the report says.“It’s very frustrating to watch a company trying to convince Canadians that they should accept these massive risks based on some perceived benefit that they may receive. When you dig into it, you find that it’s an empty promise,” said Adam Scott, with Environmental Defence.“It’s just not true that Eastern Canada’s going to benefit in the way that TransCanada’s saying they are. And when you look and see that this is a project about putting vast quantities of oil onto tankers and shipping them out of the country, people who are convinced that ’this is going to mean more local jobs for me’ are going to be very disappointed.”TransCanada has said the project’s economic benefits would be massive and has described it as a nation builder on par with the Canadian Pacific Railway.A study TransCanada commissioned last September, conducted by Deloitte & Touche LLP, predicts the equivalent of 10,071 direct full-time equivalent jobs across the country will be needed to develop and build Energy East until 2018. Once the pipeline is up and running, Deloitte sees the creation of 1,081 direct jobs.The study also found the project would add about $35.3 billion to Canada’s gross domestic product in the development and construction phase and over the 40-year life of the project. As well, it’s expected to add $10.2 billion in tax revenues at the municipal, provincial and federal levels the over that time.The economic figures don’t include the impact of higher Canadian crude prices that would result from being able to sell the product in lucrative overseas markets. Nor does it incorporate the lower crude costs eastern refineries may enjoy. read more

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Horwath rallies supporters in Hamilton

We are 40 days away from either a huge change in direction for the province of Ontario, or the familiar pattern that we’ve embraced for the last decade. Both the Conservatives and the NDP are promising bold new directions for the management of the province in the June 12th election. Today, Scot Urquhart was with the woman who triggered that election call here in Hamilton.

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Legacy Fund returns improve

Norfolk council has its fingers crossed that the county’s Legacy Fund will continue its strong performance this year through to the end of December.Due to feeble market conditions, the $70-million fund had a bad year in 2017. That year, management fees outstripped investment outcome. This was an embarrassment to the previous council and voters held its members responsible.Suffice it to say the Legacy Fund is doing much better in 2019. In a report to council this week, Norfolk treasurer James Johnson said the Legacy Fund has generated returns since the first of January of $5.4 million, or 7.7 percent.In his report, Johnson also summarized the Legacy Fund’s performance in 2018. The Legacy Fund had another anemic year in 2018 with total income of only $362,000, or slightly more than half a per cent on $70 million in investments.“The 2018 and 2019 year-to-date returns visualize well how long-term investments fluctuate and that the strategy to leave the principal intact pays off in the long run,” Johnson said. “Fourth quarter 2018 had some challenges which have been offset by a strong first quarter 2019.”Johnson regrets that the Legacy Fund has a poor reputation in the community. Norfolk, he says, is playing a long game with this money that shouldn’t be judged on short-term market fluctuations.Since the Legacy Fund’s inception in 2015, Johnson noted it has earned over $10.5 million in interest. This represents an annualized pay-back of 3.2 per cent. The interest cited, Johnson said, is net of management fees and has been spent on basic infrastructure such as roads.The Legacy Fund has generated $6.3 million for capital reserve funds since its inception. Returns from the Legacy Fund are also helping the county meet a 10-year, $5-million commitment to upgrades at Norfolk General Hospital.Norfolk’s Legacy Fund represents the proceeds from the sale of Norfolk Power to Hydro One in 2013. Norfolk County netted $66 million from the sale of the local hydro distribution system. In his report, Johnson says the Legacy Fund balance currently stands at $71.7 million.Some have encouraged Norfolk County to adopt a more aggressive investment strategy to improve returns from the Legacy Fund and other short- and medium-term investments.Johnson reminded council that municipalities in Ontario, by law, are restricted to conservative, low-risk investments such as guaranteed investment certificates (GICs), government bonds, and bonds tied to financial institutions.Johnson also reported on Norfolk’s practice of placing temporary surpluses from quarterly tax receipts into low-risk, short-term investment vehicles.Once Norfolk’s weekly cost of running the county — $2.3 million – is accounted for, treasury staff will move surplus cash in and out of short-term, interest-bearing instruments lasting a few days or a few weeks.Last year, Norfolk had – on average — $19.7 million riding on these investments at any given time. Returns in this area were $447,000, or 2.36 per cent for the year.Because they are a kind of savings account, reserve funds provide the county an opportunity to capitalize on low-risk, medium-term investment vehicles. The balance in these accounts last year averaged $3.4 million. They produced revenue of $137,400, or 3.75 per cent for the year.Johnson said more aggressive investment options are available to Ontario municipalities provided they have $100 million of secure cash on hand or at least $50 million in net assets on their balance sheets. Only 44 municipalities meet this criteria and Norfolk is not one of them.MSonnenberg@postmedia.com read more

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Football The cost of recruiting in the Big Ten Conference

OSU recruits Trevon Grimes and Tyjon Lindsey visited Columbus for the OSU vs. Nebraska football game on Nov. 5. Lindsey has since decommitted. Credit: Giustino BovenziOn Nov. 5, the Ohio State Buckeyes were getting ready to take on the Nebraska Cornhuskers for an 8 p.m. showdown in Columbus. Not only were these two teams slugging it out to continue the quest for a national championship, but this game served as a massive recruiting battle for the Buckeyes. More than 20 four- and five-star high-school recruits paid visits, both official and unofficial, to Ohio Stadium to decide whether to commit to the Buckeyes.After the Buckeyes destroyed the Cornhuskers 62-3, recruits met with Urban Meyer and took pictures with their potential jersey numbers to cap off OSU’s full-on press to sway some of the nation’s top talent.Meyer often refers to recruiting as the “lifeblood of the program.” But how much money is spent to acquire that lifeblood?In a months-long project, The Lantern analyzed how much money was spent on recruiting by OSU and the rest of the Big Ten Conference.As the Big Ten team with the most wins and only football national championship in the past four years, the numbers show the Buckeyes spend, on average, on pace in comparison to the other schools in the Big Ten.Records show OSU spent just over $2 million on recruiting from 2012 to 2015. Though that might seem like a lot, other schools spent more.The Big Ten’s biggest spender, Nebraska, spent $3.46 million to expand its recruiting reach.The lowest-spending team, the Wisconsin Badgers, spent just $1.02 million.When you break down OSU’s $2.009 million, it averages out to $502,439 per year from 2012 to 2015. Divide spending by wins, and OSU spent $40,423 per win, giving them the second-lowest cost per win (CPW) rate in the conference.Bubba Bolden (left) and Tate Martell (right) visit Columbus for the OSU vs. Nebraska game on Nov. 5. Bolden has since committed to USC. Credit: Giustino Bovenzi“I don’t know what other people spend money on, but we’re really financially conscious just because one: There’s no need to be frivolous with money, and two: That’s something you want to do for your administration, for your athletic director,” OSU wide receivers coach Zach Smith said. “We don’t take first- class flights, we don’t stay in $400-a-night hotels, and I don’t know if that’s what they spend money on, but we’re real conscious because there’s no need for that. We’re just trying to do a job, and we have whatever we need to do that job.After analyzing yearly NCAA membership financial reports from fiscal 2012 to 2015, and conducting interviews with Big Ten officials, The Lantern also found that recruitment spending in the Big Ten rises each year.The findings were calculated from NCAA financial membership reports that detail each school’s complete financial budget for fiscal years 2012, 2013, 2014 and 2015. Some universities, like Penn State, post financial records online.Thirteen of the 14 members of the Big Ten provided data, while Northwestern University, a private institution, declined to participate. The university is not subject to open-records laws that apply to public schools. Since 2012, recruiting spending across the Big Ten increased 39 percent. That spending commitment by conference teams has amounted to more wins for some schools in the past four seasons. One might think spending money on recruiting is an easy way for a football program to improve its record. But, as the data shows, spending on recruiting doesn’t always result in wins.After coach Urban Meyer took over in Columbus at the end of 2011, the Buckeyes spent $344,987 in 2012. That number grew to $614,619 in three years, showing a 78 percent increase. This is the third-highest rise in the conference during that time, behind only Penn State and Rutgers.OSU officials turned down a request to speak with Meyer about the commitment to recruiting, saying that he would be unavailable to speak to such topics during football season.OSU Vice President and Athletic Director Gene Smith backed the Buckeyes’ spending increases, explaining why there has been a drastic change over the past four years.“We always invest in what is necessary to be successful and recruiting is a part of that,” Gene Smith said in an email. He added that rising travel costs and “hosting expenses” explain the conference’s 39 percent rise in spending.The NCAA does not impose financial limits on how much a university can spend on recruiting. However, spending is limited to the following expenses: travel and lodging for coaches, travel and lodging (coach class airfare and a standard hotel room) for prospects and their parents on official visits, reasonable entertainment expenses (including three tickets to a home sporting event) and up to three meals per day for the prospect and his parents for football recruits.Additionally, there are strict restrictions on the timeframe when a recruit can be contacted by coaches. A full breakdown of recruiting rules and a yearly recruiting calendar can be found on the NCAA website.Smith said these comparisons are like comparing apples to oranges, because, geographically speaking, it’s easier for OSU and more centrally located schools to recruit nationally than it is for a school in the more rural parts of the country.“What it costs OSU to recruit in our geography compared to what it costs Nebraska from Lincoln (Nebraska) or Penn State from Happy Valley (Pennsylvania) is totally different,” Smith said. “Planes, gas, meals per diet regulations, etc., are all different.”Smith’s explanation provided reasoning why the Cornhuskers, the conference’s highest spending team, spent nearly $3.5 million on recruiting.Since Lincoln, Nebraska, is the westernmost school in the conference, it costs more to bring in recruits for official visits and fly out to evaluate potential players. John Jentz, executive associate athletic director and CFO at Nebraska, confirmed travel as the main driver for higher costs.“We have made a conscious investment in expanding our reach to find the best matches for our program,” Jentz said. “(In Nebraska) we like to say, ‘We are in the middle of everywhere,’ but few of those everywheres are reachable by car.”Nebraska’s 34 wins in the Big Ten since 2012 makes it fourth-best in the conference, but its $886,819 spending average makes for a $107,998 CPW average, which is the fourth-highest in this study. Despite the high numbers, Jentz maintained Nebraska’s dedication to improve the football program.“There is a recruiting budget established for each sport, each year,” Jentz said. “But if circumstances dictate more resources are needed for recruiting, we encourage identifying savings elsewhere to ensure success in recruiting.”The Cornhuskers are narrowly followed by the Penn State Nittany Lions, who spent a total of $3.441 million on recruiting over the four-year period. In fact, Penn State spent $1.391 million on recruiting in 2014 alone, the highest of any school in the Big Ten from 2012 to 2015.OSU coach Urban Meyer addresses the crowd at a Skull Session prior to OSU’s game against Nebraska on Nov. 5. Credit: Giustino BonvenziPenn State’s increased spending is explained by other circumstances. Specifically, 2012 was the first year of NCAA-imposed sanctions from the child sexual abuse scandal involving former assistant coach Jerry Sandusky.The number of scholarships dropped from 85 to 65 before the sanctions were gradually, and eventually, lifted. Despite the fact that traveling in general was reduced by the scholarship restrictions, selling a rebounding program to potential recruits is not an easy task.The team that spent the most on recruiting per win was the Purdue Boilermakers. With only 12 wins during four years, their relatively frugal spending on recruiting flips into a $238,795 CPW. These numbers also show how each team has a different philosophy when it comes to recruiting. For instance, Wisconsin tallied the second-most wins with 38 in the Big Ten through the 2012-2015 seasons. The Badgers spent $256,080 on average for recruiting, making its $26,940 CPW the lowest in the Big Ten. Wisconsin Athletics Director Barry Alvarez was unavailable for comment.Since accepting the job as the Buckeyes head coach, Urban Meyer has amassed 50 wins in his first four seasons. The Big Ten historically has been a conference that sticks to recruiting the Midwest. Meyer expanded the program’s reach across the country.OSU redshirt junior quarterback J.T. Barrett, a Wichita Falls, Texas, native, hoped to be recruited by the University of Texas, but never got the call from former coach Mack Brown and the Longhorns. Barrett was then lured to Columbus by then-OSU offensive coordinator, now Longhorns coach, Tom Herman.Meyer openly speaks of how Barrett’s recruitment was unorthodox, admitting that Barrett was the first quarterback prospect he’s ever offered a scholarship without seeing him throw. Statistically speaking, Barrett is among one of the greatest quarterbacks in Buckeye history.A RECRUITING STIGMARecruiting spending is a not topic athletic departments usually discuss with media outlets, partly because a recruiting violation could be uncovered. Think of Reggie Bush accepting benefits at USC, or “Tattoo-Gate” at OSU. In Bush’s case, the violations caused severe penalties for the Trojans, who then had to vacate numerous wins, including their 2004 National Championship and Bush’s Heisman Trophy.A more recent example comes from just last year before the 2016 NFL draft. Top prospect Laremy Tunsil of Ole Miss was outed by his stepfather, who released a bong mask video via Instagram. The hacked account also leaked screenshots of text conversations with a coach that detailed pay for Tunsil’s rent and his mother’s utilities. Tunsil later admitted to accepting illegal benefits during his playing days after he was drafted No. 13 overall by the Miami Dolphins.Most of the data the 13 participating schools provided was fiscal year figures that are reported as a lump sum of recruiting spending.Ohio State provided an additional report with more in-depth explanation of its recruiting spending, including a ledger of coaches’ traveling expenses.The detailed data showed expenditures from Meyer and nearly all of his assistants. The data was clean as far as showing any wrongdoings by the program, but maintaining this detailed data set does have its complications.OSU Athletics Chief Financial Officer Joe Odoguardi said OSU is working to create a newer and better system.“Right now we’re in the process of getting a new travel system that would allow us to (analyze) something like this better electronically, but unfortunately it’s being developed in-house and it’s been delayed for numerous reasons that are too long to explain,” Odoguardi said. “Once something like that is developed, something like this will be a lot easier to produce.” read more

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Milestone for Dundee Sustainable Technologies cyanidefree gold process

first_imgDundee Sustainable Technologies (DST) has completed the construction of its industrial scale demonstration plant located in Thetford Mines, Quebec. The plant has a capacity of 15 t/d of concentrate in order to assess DST’s cyanide-free process under continuous operating conditions. This achievement represents a significant milestone in the development of this technology to provide the gold industry with a cost competitive and environmentally friendly alternative to cyanidation.“Alongside these results, DST is also continuing discussions with strategic partners that are requesting DST to evaluate the application of its technology on targeted projects”, said John W. Mercer, CEO & President of DST. “Our focus in the short term remains the successful completion of the demonstration phase with our newly built plant. However, we are preparing in parallel the subsequent phase of our development by evaluating first class projects with metallic values DST’s process could unlock in spite of environmental or metallurgical issues. The worldwide demand for a cyanide-free technology is enormous. The demonstration plant is the platform we needed to assess the full extent of the processes’ capabilities.”“Dundee Sustainable is the true reflection of the entrepreneurial and innovative spirit we support within the Dundee family of companies. DST has forged ahead with the firm belief its processes could be game changers in the gold mining industry. Without a doubt, the demonstration plant moves DST one step closer to achieving that goal and to setting a new standard for ‘sustainable’ mining in the industry”, added David Goodman, President and CEO of Dundee Corporation.DST will proceed with the commissioning of the demonstration plant in preparation for the operation phase in a matter of weeks. The first lot of material to be processed is a gold/copper sulphide concentrate that was already received from Bulgaria. This material will allow DST to demonstrate the amenability of its process to extract gold in the presence of copper on a material coming from a region where cyanide is banned. The operation of the plant is expected to begin in July and should be completed during the fourth quarter of the year.DST is engaged in the development of technologies for the treatment of refractory ores containing sulphides and arsenic. It has developed proprietary hydrometallurgical processes, and owns the related patents, for the extraction of precious and base metals from ores, concentrates and tailings, which cannot be extracted with conventional processes because of metallurgical issues or environmental considerations.DST’s patented approach provides a cyanide-free process to allow the exploitation of gold and other deposits that would otherwise face metallurgical issues with conventional methods. The primary benefits of the innovative technology are shorter processing times, a closed-loop operation eliminating the need for costly tailings pond, reduced environmental footprint related to inert and stable characteristics of the tailings, and lesser emissions due to lower energy consumption.The process developed by DST is a recognized “green technology” for which it was awarded a $5.7 million grant towards the construction and operation of a $25 million demonstration plant. DST has tested several different gold deposits, both oxide and sulfide ores at the lab level and at its pilot plant. These tests have, consistently achieved gold recoveries in excess of 90%, using chlorination instead of cyanide.last_img read more

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Buducnosts president Predrag Boskovic We want to win CL

The first man of Buducnost, has made public his ambitions for the upcoming season in the Women’s Champions League. After reaching the semifinal last year, now the first man of Buducnost, Predrag Boskovic, publicly announced that the team’s goal is to win the Champions League next season. He said that although many players came and many left, it will be of upmost importance to see how the team gels for the next season, and whether this will be positive. About the ambitions, he said it is enough to say that for the first time a player from Western Europe will play in Buducnost, and that is Klara Woltering, the best German goalkeeper. ← Previous Story Myrhol two months out Next Story → Kevynn Nyokas from 2012 in Montpellier read more

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Womens EHF EURO 2012 Romania and Hungary reach the TOP 12

After Spain and Montenegro, two more teams have qualified for the Main Round at the Women’s EHF EURO 2012 in Serbia. In the tough matches in Novi Sad and Vršac, Hungary and Romania were better from opponents, took two points and VISA for three more matches in “SPENS” hall.Hungary beats Germany 24:21 and secure place in the Main Round with points or no, we will see after the match between Germans and Croatia in the Round 3.Anita Gorbitz scored 9, while Herr has 14 saves. On the other side, Zapf was the best with 5 goals and Schulke has good performance with 17 saves.STATISTICSSTANDING:Spain 4Hungary 2Croatia 2Germany 0In Vršac Romania won against Iceland 22:19 and secure the three matches more in Serbia. Bradeanu was a leader of the winning team with 7 goals. Romania will have a chance to improve score before the start of the Main Round in Novi Sad, but even before match with Montenegro on Friday is known that Romanian will start with some points clashes for the semi-finals. STATISTICSSTANDING:Montenegro 4Romania 3Russia 1Iceland 0PHOTO: DRAGAN ZABUNOVIĆ Romanian women’s handballWomen’s EHF EURO 2012 ← Previous Story Women’s EHF EURO 2012: Spain and Montenegro in the Main Round! Next Story → DKB Bundesliga: “Black day” for HSV in Berlin! read more

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Viachaslau Saldatsenka to HBW Balingen

One of the best young world’s goalies, Viachaslau Saldatsenka, signed deal with DKB Bundesliga member HBW Balingen! The 23-years old member of SKA Minsk became a part of the first line-up of Belarussian national team in the last two years. He was a member of the team at Men’s EHF EURO 2016 in Poland and World Championship 2017 in France.HBW Balingen are struggling in relegation battle, currently on the 15th place at DKB Bundesliga, just a point above the “line”, ahead of TBV Lemgo. Viachaslau Saldatsenka ← Previous Story Larvik HK in financial troubles Next Story → THIS IS PREVIEW: The place which will feel you up with energy read more

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What does your favourite Rose say about you

first_imgYou: I’ll leave it so.Caramel Roses don’t even have a fancy name. So dull.Brazilian DarknessYou don’t buy crisps, you buy Kettle Chips, and you have wild notions about your consumption of junk food.If you HAVE to eat sweets, salt or carbs it’ll be Green and Blacks and organic or NOTHING.Such notions.Coffee EscapeSome people just want to watch the world burn. If you like coffee flavoured sweets, then you are one of those people.The more likely explanation though, is that you have picked up a Coffee Escape in error, mistaking it for a Caramel Velvet (RIP). Put it back immediately.Signature TruffleThese are new, so if they’re your favourites you’re a fickle messer, flitting around from sweet to sweet like a bee on a hot summer’s day.Pick a favourite, and stick with it.Don’t careIf you don’t care which sweet you get, you are a maverick, and perhaps you should consider a career in high pressure bomb disposal.Haphazardly choosing a Rose is the Christmas equivalent to not knowing which wire to cut.We salute you. We’re also a little afraid of you. Here, have the whole tin. Well, which one are you? Let us know in the comments…All images: DailyEdge.ieRead: Cadbury have explained the changes to the Roses selection>11 gloriously vintage adverts for Cadbury chocolate>Chocolate bars: A definitive ranking, from worst to best> You long to live in a constant state of childlike wonder. Eating one of these yellow delights brings you right back to the days when they were called Caramel Kegs and covered in tinfoil.The novelty of eating a sweet shaped like a barrel was almost more than you could bear, and you relished nipping the ‘top’ off with your teeth and drinking the delicious contents.You also remember when all this was fields…CaramelLet’s call a spade a spade here… you’re a bit boring. You don’t want any fancy carry on and so you go for the ‘hard one’ from the tin of Roses.A typical conversation with you might go something like this:Person holding tin of Roses: Will you have one? You: Arrah go on. A hard one. Nice and plain. THE DISCOVERY YESTERDAY that Cadbury has changed the Roses selection for Christmas was met with unprecendented wringing of hands and gnashing of teeth.The legality of substituting a Coffee Escape for a Caramel Velvet was called into question, while the removal of the Dairy Milk chunk was hard for some to take.Cadbury today told DailyEdge.ie that they do hope there will still “be a Rose to satisfy every member of the family”.Well, is there? Do you have a favourite Rose? And what does it say about you?..Hazel SwirlYou like the classics and you demand to know exactly what you’re getting. No messing around with sticky caramel or fiddly flavours.You’ll also be bulling if you get to the tin and all the Hazel Swirls are gone.You’re essentially somebody’s dad.Hazel in CaramelYou’re someone who likes to give themselves a “little treat” every now and then, especially when you’re feeling “a bit bold”.Hazel in Caramel is your special little treat from the tin of Roses, and you might put the sweet aside until “you have the tea made”. You do the same with biscuits.And because the purple one is the most popular Rose in the tin, you like to get in there early to save one for yourself. You divil.Country FudgeYou’re at least 87 and you last made a sweet-based decision in the mid 1930s, when fudge was the best thing on offer.No harm in playing it safe. You do have your dentures to consider after all.Tangy Orange CremeYou’re easily pleased and you don’t complain much. You’re a happy-go-lucky sort of person.You’re just happy enough to be eating. The fact that it’s chocolate is a bonus, the fact that it’s chocolate orange doesn’t matter.You’re content to eat the orange one so other people don’t have to. Thank you.Strawberry DreamYou are a polarising force, and derive a sort of sick pleasure from the horrified reaction of others as you dive straight for a pink one.Strawberry Dreams are often the ones left behind even after all the Country Fudges have been scoffed, so you’ll have the last laugh.Golden Barrel Person holding tin of Roses: They’re all gone.last_img read more

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The bailout has arrived

first_imgDeputy Minister of Culture and Tourism Angela Gerekou, stepped down after it was revealed her husband, pop singer Tolis Voskopoulos faced criminal prosecution over the debt.Gerekou and Voskopoulos had filed joint tax returns for many years.Several outlets reported that Voskopoulos’ large debt had been “well known to economy ministry officials” for months.The Greek government accepted Gerekou’s resignation, saying in a statement: “Angela Gerekou has submitted her resignation for reasons of sensitivity and sensibility, so that there cannot be the slightest pretext to hurt the government.”Her resignation came just days after the Greek government launched a high-profile campaign to name-and-shame tax evaders. Facebook Twitter: @NeosKosmos Instagram Greece received the first instalment of its 110 billion-euro rescue package today.The 20 billion-euro cash injection, 14.5 billion of which has come from the European Union and the rest from the International Monetary fund, will act to stave off an immediate default as the first of Greece’s debts matures.The package is designed to protect Greece from falling into greater economic problems as it implements a strict set of austerity measures.Greek families stand to lose up to a third of their income as the country attempts to reduce its 300 billion euro debt and cut its 13.6% budget deficit, which is far in excess of the 3% ceiling put in place by the EU.The bailout payment arrived as the government scrambled to deal with the embarrassing resignation of a government minister, as it was revealed her husband owed a 5 million-euro tax debt.last_img read more

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Eurogroup concluded without release of 1bln tranche for Greece

first_img Facebook Twitter: @NeosKosmos Instagram The Eurogroup meeting held on March 11 postponed the 1-billion-euro tranche of returned bond profits to Greece. The installment has been postponed due to open issues, such as the law on the protection of primary residences.The lack of agreement on the “home protection framework” to succeed the current law known as the “Katseli Law” was the main reason for the delay. European Commission Vice President Valdis Dobrobowsky said that there was some progress made last week but still not enough to justify the release of the disbursement.READ MORE: Transparency International slams Eurogroup’s methodsIn total 16 prerequisites had to be made, however three still remain open.The green light was not given, however a positive climate was noted with the euro finance ministers agreeing that all commitments have been met and the way has been paved for the release of the funds at the Eurogroup meeting in Bucharest on 5 April.last_img read more

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Liveaction Futurama fan film will make you laugh haunt your dreams

first_imgYou know that Futurama meme where Fry squints and can’t figure out if the thing he’s looking at is one thing or something else? That’s how I felt watching the trailer for this upcoming Futurama fan film.I couldn’t tell if I was excited to see such a loving and funny homage to one of my favorite shows, or if I was horrified to see just how monstrous and disturbing these characters look in live action. See for yourself and make up your own mind.Fan-O-Rama is currently being made by California production company Cinema Relics. The film was first conceived in 2014 but there’s currently no planned release date. The creators simply say the film will be done “when it’s done.”Considering the complexity of the project, though, it’s easy to see why it might take a while to finish. The filmmakers have gone to painstaking lengths to translate Matt Groening’s 2D-friendly cartoon character designs into the harsh third dimension. And to be honest, while the results are consistently impressive, some characters are easier on the eyes than other.Let’s start with the good. Fry is just a normal dude, and the normal dude playing him totally looks the part. The complicated Bender Bending Rodriguez prop also looks like a lot of fun to watch. Amy Wong and Hermes Conrad and Richard Nixon’s floating head seems to be straight out of the show, and overall the colorful environments are instantly recognizable to fans of Planet Express.But oh man, I just can’t look at grotesque versions of Zoidberg and Leela and Professor Farnsworth (right out of Adam Savage’s workshop with individually plucked nose hairs) without fearing for my life. A crab monster and a cyclops and an impossibly old man work on comedy cartoons but not so much in low-budget live-action fan films. Brief glimpses of wholly inhuman characters Nibbler and the Hypnotoad could also scare small children.Still, sci-fi run amok is a core theme of Futurama, so maybe Fan-O-Rama is just demonstrating how even when you have the tech to pull something off maybe you shouldn’t. Fan-O-Rama is already funded and not looking for backers to shut up and give them money, but if you want to monitor the progress of the film keep checking the website. Hopefully it won’t run into trouble like the recent Star Trek fan films, and hopefully the final result won’t make me want to not live on this planet anymore.last_img read more

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Instagram Makes It Easier Than Ever to Overshare

first_img Instagram just introduced another reason to never leave Instagram.The photo sharing app on Wednesday introduced a new carousel feature that lets users broadcast up to 10 tidbits in one post.“You no longer have to choose the single best photo or video from an experience you want to remember,” the Instagram blog said.“Share your favorite moments from your best friend’s surprise birthday party, from setting up to when they walk through the door,” the company continued. “Or create a step-by-step cake recipe that people can always find on your profile.”Download the latest app version from the iTunes App Store or Google Play store, and look for the “select multiple” icon when uploading content. Choose images and videos in order, to tap and hold to change their arrangement. Then apply one filter to all images, or edit each individually.Carousel posts currently feature a single caption, and are square-only “for now,” Instagram said, hinting at tweaks and expansions in the future.Plenty of folks have already taken advantage of the new function. Just look for the blue dots under posts by people you follow; swipe left or right to see more, and like and comment as usual.“From stories to live video to posts in feed, it’s never been easier to share your experiences with your friends,” the Instagram blog boasted.Consider these conveyor-belt-like slideshows a more enduring version of Instagram Stories—where users can post endless amounts of content, which disappears after 24 hours. The Snapchat Stories ripoff does not allow reactions of any sort; instead, you can boost someone’s ego by sending a private message via Instagram Direct.Be careful what you share, though: In August, scientists from Harvard University and the University of Vermont found a strong correlation between the nature of photos posted on Instagram and the user’s mental health—strong enough to possibly be used for early detection of mental illness. Report: Facebook Developing ‘Threads’ App For Close FriendsFall For the Viral Instagram Hoax? So Did Lots of Celebs Stay on targetlast_img read more

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Maguire set for a new deal at Leicester City

first_imgHarry Maguire is set to be rewarded with upgraded terms and conditions at Leicester City following his captivating performances at the World Cup, claims the Daily MirrorThe 25-year-old continues to be among the best defenders at the tournament this summer and his status has been bolstered following England’s incredible progress at Russia.The Three Lions are currently preparing for their first World Cup semi-final in 28 years against Croatia on Wednesday and many expect that Maguire will be subject to interest from some of the Premier League’s biggest clubs at the end of England’s campaign.harry maguire, manchester UnitedMaguire says United need to build on today’s win George Patchias – September 14, 2019 Harry Maguire wants his United teammates to build on the victory over Leicester City.During the summer, Harry Maguire was referred to as the ultimate…The centre-back was only signed 12 months ago by Leicester, but the former Premier League champions will now likely have to reward him with a new deal in order to fend off interest from rival clubs.Maguire will likely earn a similar deal to the Foxes’ star player Jamie Vardy, who is understood to be in the middle of agreeing on a new contract himself.In what was just his 10th international appearance on Saturday, Maguire started and scored his first ever goal for England in their 2-0 win over Sweden to help book their place in the semi-finals of the World Cup.last_img read more

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