United States Listing Locations Forex Marketplace and ...
United States Listing Locations Forex Marketplace and ...
Bannockburn Global Forex Corporate Headquarters, Office ...
FOREX-Dollar climbs as risk of long wait in U.S. election ...
FOREX-Dollar steadies as trading buffeted by U.S. stimulus ...
Guide to Forex Regulations in the United States - The Tokenist
Top 4 Best US Forex Brokers 2020 - FXEmpire.com
ForexMetatraderBrokers - List of United States Forex ...
Fueling The Us Economy's Middle Market Growth Engine
It has a major presence in New York and different world monetary facilities both out and in of Europe. And if you are the owner of a privately held firm and this data has peaked your interest or even led you to have more questions, then attending a Generational Equity M&A seminar can be a sensible next step. A few hours of your time will provide you with substantial ideas to pursue in order so that you can take advantage of our present seller’s market.
Job Openings Related To Middle Market Investment Bank
It is a mix of equity, mounted deposits, company bonds, liquid funds and authorities funds, among others. Based in your danger urge for food, you can determine how a lot of your cash may be invested in equities via NPS. Debt mutual fund schemes are suitable for traders who want regular returns. They are much less unstable and, therefore, thought of less risky compared to equity funds. Some of the middle-market banks resemble regional boutiques in that they concentrate on providing services to a specific trade or sector. For instance, one of the extra acknowledged center-market investment banking companies is KBW, an investment bank that focuses on working with monetary services sector companies. Some of the more well-recognized middle-market corporations are Piper Sandler Companies, Cowen Group, and Houlihan Lokey. National full-service center market corporations – Expand their companies to mix funding banking, wealth management, equity analysis, and brokerage and personal fairness companies. Banks are financial institutions offering a breadth of products and services, together with managing deposits, lending, wealth management, forex trade, and funding banking. Examples of properly-identified elite boutique funding banks are Lazard LLC, Evercore Group LLC, and Moelis & Company. The smallest of the investment banks, each when it comes to agency size and typical deal dimension, are the banks known as regional boutique banks. This lack of a succession plan, coupled with impending retirement, creates an urgency for these companies to alter arms, and bodes well for traders and corporations to amass, consolidate and develop them. Most senior debt suppliers will wrestle to supply all of the money wanted to fund an acquisition. It is comprised of corporations that are not giant enough to receive massive bank loans, yet it's too giant to receive small enterprise loans. Upstream movement from a microbusiness to being a center market entity necessitates that you just turn into a manager and learn to manage managers. Therefore, administration and hiring expertise are very important within the lower center market. put their give attention to the decrease center market section and improve proficiency in doing deals in the segment. The most amount that may be invested in the scheme Rs 15 lakh. At maturity, the investment amount is repaid to the senior citizen. In the occasion of death of senior citizen, the money will be paid to the nominee. SCSS has a five-yr tenure, which could be additional prolonged by three years as soon as the scheme matures. if you are able to leverage your skills to get an fairness stake someplace you need to be on the trail to more wealth. I'm just curious, but how does the efficient tax come out to 50%? Is it the AMTI that causes each marginal dollar to be so low or what? On December 1, 2005, Stifel Financial closed on the acquisition of the Legg Mason Capital Markets business from Citigroup Inc. The LM Capital Markets business acquired included investment banking, fairness and glued earnings analysis, equity gross sales and buying and selling, and taxable fastened income gross sales and buying and selling . These assets gave the company substantial research and capital market capabilities and reworked the corporate from a regional agency to a national one. Each of the bulge bracket banks operates internationally and has a large world, in addition to home, presence. Most bulge bracket banks also have industrial and retail banking divisions and generate extra income by cross-promoting monetary merchandise. The Public Investment Fund of Saudi Arabia is that nation's sovereign wealth fund. A hedge fund is an aggressively managed portfolio of investments that makes use of leveraged, lengthy, short and by-product positions. Credit Suisse came underneath fireplace from U.S. regulators for allowing its nicely-identified consumer confidentiality to help others avoid paying taxes. The firm has CHF 796 Billion in assets, equivalent to about $800 billion USD. The company has a serious U.S. presence, partially pushed by its merger with First Boston with a relationship going back to 1978. Eric Rosenberg lined small business and investing products for The Balance. Information Generational Group publishes on the World Wide Web may include references or cross references to other products, applications and providers that are not announced or out there in your nation. Lower middle market companies principally use mezzanine finance as a capital supply for acquisitions, although it can also be used for development capital, in addition to other monetary needs. It offers an a variety of benefits, similar to little to no dilution and a comparatively larger funding amount. One fascinating product for a non-US company is its focus in U.S. municipal finance . The bank also works in conventional investment banking services like M&A and fairness and debt market points. Most regular shoppers received’t want investment banking companies, but for rising companies and excessive-net-value individuals, an funding financial institution may supply distinctive financial services to meet your needs. An investment associate should deliver a spread of experience to the desk including a really strong observe report of execs who have successfully built center market corporations throughout a variety of industries. In an age the place capital has become a commodity, alignment round values quite than valuation alone is more and more essential to the profitable outcome of partaking non-public fairness. Investment banking compensation could not range all that much between working for one of many largest bulge bracket banks as in comparison with a smaller, elite boutique bank. While the bigger banks commonly handle bigger offers, those offers are few and much between smaller deals.
Stifel Employee Reviews
are monetary establishments or intermediaries that deal mostly with mid-market corporations, particularly for raising debt or fairness capital in addition to mergers and acquisitions.
Today, massive banks cater to their traditional clients, which incorporates particular person prospects and both massive and small corporations by providing savings and checking accounts, certificates of deposit, loans and similar companies.
Many of them also have companies that operate as funding banks, and work with corporate and institutional shoppers by offering underwriting of inventory offers, brokerage, and M&A advisory.
The definition of a business financial institution has advanced dramatically up to now a number of decades.
Middle market firms are mid-size companies having annual revenues from $10 million up to $500 million and one hundred to 2,000 staff.
Bank Of China focuses primarily on industrial banking actions similar to deposits and withdrawals, and international exchange. The bank also is even licensed to issue banknotes in Hong Kong and Macau. We specialize in delivering dependable, creative and compelling financing options to middle market corporations backed by personal equity sponsors. The firm’s credit experience also forms the inspiration of our Late Stage Lending enterprise and our Broadly Syndicated Loan funding program.
Are Investment Bankers Rich
I’m presently 21yrs old & finally transferred into a high 5 undergraduate enterprise program right here in Toronto, previously was learning biology for the mistaken causes. I tend to main in Accounting & Finance + Minors in Computer Science and Applied Statistics + Will be going by way of a rigorous coding bootcamp program. Yes, you might get extra consumer publicity and responsibilities in some teams, but you can additionally get stuck working on a lot of boring, normal sell-facet auctions and personal placements. Like other funding banks, the advisory companies of Bank of America Merrill Lynch are necessary for corporations looking to increase funds in public markets. When going public, funding bankers help decide the preliminary share value while balancing liquidity and demand. However, a excessive-return, low-risk mixture in a investment product, unfortunately, does not exist. Most buyers need to make investments in such a method that they get sky-high returns as shortly as potential with out the risk of dropping principal cash.
Middle Market Investment Bank Salaries In The United States
On the downside, there was an especially negative individual within the division who received together with no one. Pay was also mergers and acquisitions advisory very low, with only small cost of residing changes annually. While bonuses increased with longevity, you couldn't construct your salary. In a mezzanine loan, there might be collateral within the type of a pledge inventory. Step by step instruction on how the professionals on Wall Street worth an organization. certification program, designed to remodel anyone into a world-class financial analyst. In an actively traded fund, the returns are largely depending on a fund manager's capacity to generate returns. Index funds and trade-traded fund are passively managed, and these observe the underlying index. Equity schemes are categorised based on market-capitalisation or the sectors during which they make investments. The Central Bank with impact from July 1, 2020 has launched Floating Rate Savings Bond, 2020 . The biggest distinction between earlier 7.seventy five% financial savings bonds and the newly launched floating fee bond is that the interest rate on the newly launched financial savings bond is topic to reset in every six months. While they typically have locations spanning a single nation, center market banks are rarely found internationally. Full-service funding banks supply a variety of business and funding providers. Chief Executive’s publications are designed to assist CEOs do their jobs better and run their businesses more effectively. Those that begin doing so now will set up themselves fully in a market that, by design, is much more difficult to oversaturate as a result of its sheer volume.
BTM FOUNDATION - is the new generation hybrid profitable investment fund
Modern economic environment, being forced by the total digitalization of all segments of business, challenges new investment approaches. Traditional evaluation models like DCF do not work. Businesses are being evaluated by very different approaches, such as real option evaluation approach, Merton formula, using stochastic Wiener processes towards evaluation. Sometimes we observe irrational investors’ behavior, when they evaluate perspectives of some businesses: shares of many new wave companies are flying tothemoon without any rational explanations of their business models. Due to traditional evaluation methods such companies must have negative shares price! What we must learn from this experience, is that our world has changed dramatically. Zero discount rates by the central banks and infinite liquidity lead to negative bank deposit rates: you need to pay money just to keep it safe! Due to asymmetric information on the financial markets, non professional investors usually make adverse selection: they invest their funds into big long run scam projects, pretending to be big fair businesses. Theranos, Nikola, SKYWAY, Softbank, ONECOIN, BitClub and many others are among Bernard Madoff like financial pyramids pretending to be serious businesses. Due to informational hype all around, it is very hard to make a right choice of investment. New hype trains, like crypto, blockchain, artificial intelligence today looks like toy for geeks, but not for serious investors. Inflows of «stupid money» arrive to all those wealth redistribution factories and transform to lambos, yachts, cocaine and booze for hipsters, while investors just get useless shitcoins and dreams of a new «unicorn». Everyone wishes to catch up a new next APPLE or MicroSoft at an early stage. Same story happened several years ago when we were observing big previous bubble called «dotcom bubble». Only several companies survived, others sunk with tons of investors’ money. LETS STOP IT! INVESTORS MUST EARN! There are many money earning opportunities around, both overhyped, like crypto, blockchain, artificial intelligence, DEFI, as well as more conservative, but still very profitable, like intellectual garbage recycling or production of intellectual power supply units. Our mission at BTM fund is to connect smart money with profitable businesses, seeking for the blood - strategic funding from smart investors, for whom they gonna bring good stable profits! BTM fund is the hybrid new generation investment fund, which is created by high level professionals with many years experience and proven track record on the stock and currency market, forex, cryptocurrency market and traditional investment business. BTM headquarters is located in London, also there are representative offices in Moscow and Kiev. Also we are planning to open offices in Dubai, Istanbul, New York, Kazakhstan and Uzbekistan. Against the background of impending global economic crisis, which is well seasoned by the Major Brand of the Year 2019 - 2020 - COVID19, there is no safe heaven any more. All stock markets and financial indexes are on their tops, obviously we are observing big financial bubble, which can burst any time. Astronomical figures of the USA state debt and many other emerging economies lead to soft monetary policy: there is much cheap money, but no good investment opportunities, which can create added value. Flexible solutions of hybrid investment fund BTM provide its clients to manage their funds efficiently. The key unique feature of our investment fund is instant diversification of investment programmes. «Let the profit leak and cut the losses» - this is the core principle of our investment strategy. Our professional financial managers do always have a finger on the pulse of modern trend in the investment environment. Today we are surfing on the hype waves of defi, crypto, blockchain, AI, and tomorrow we reallocate assets into top American stocks, gold, bonds, cash, or invest into high yielding real busin #cryptofound#blockchainfound#btm#btmfoundation#btmfound#криптофонд#блокчейнфонд#пассивныйдоход#инвестиции#интернетзаработок
With this pc I will be using it for coding, graph works with forex and gaming. Games I would be playing is Modern Warfare, Rainbow six siege, Tomb raider, csgo and few more. My budget for this pc will be £1600-£1800 including monitor I will be needing a single monitor as the area I have for this pc wont be the biggest. preferably a 144hz monitor with 1ms refresh rate. I have seen a monitor in person down at my local curry's store in uk which costs about £200. This is link for the monitor-https://www.currys.co.uk/gbuk/computing/pc-monitors/pc-monitors/msi-optix-g241-full-hd-24-ips-lcd-gaming-monitor-black-10204313-pdt.html If there is any other recommendations I will take I plan to buy the parts any time past 15th July. I will just need the desktop itself as well as monitor which spoke about before North west United kingdom there is no microcenter near me as of location I am in but in Bolton where I live close to there is the scan computing place. Just some Razer gear but I am planning on upgrades in the future to better peripherals. I May possibly be overclocking my gpu, ram and cpu to get maximum performance out of them. For this I will do my research on how to do so. preferably a m.2 ssd for os and games I will use more often. but as well as that 2gb on a hdd would do me fine to store school work and little projects. preferably wireless internet but in future I may wire an ethernet cable threw the walls to my router. I do have an extension router in my room but is useless using ethernet cable with it. ps internet provider is Bt. mid tower preferably as space is not as big colour theme I would say black/white with possible bits of rgb which I can link all together for effects not so bothered with rgb strips as if I wanted to I can add in future. cases I have looked at have been h510,h710, corsair icu 220t as well as the 465x. I can used the watermarked version to begin with and can always buy a key in future. Extra info or particulars: This will be first time build and with cables for psu would prefer to be braided and fit colour scheme. Thank you to anyone who gets back to this will help out a lot.
Photo: Internet What is the European Union? The European Union (EU) is a political and economic union of 27 member states located primarily in Europe.EU policies aim to ensure the free movement of people, goods, services, and capital within the internal market. Due to EU countries having close economic and trade relations, the EU's establishment can effectively prevent wars. The EU has helped foster long periods of economic prosperity, and it's helped keep the region at peace. In 2012, the EU was awarded the Nobel Peace Prize. What is Brexit? Brexit(a portmanteau of "British" and "exit") is the withdrawal of the United Kingdom (UK) from the European Union (EU). Following a UK-wide referendum in June 2016, in which 52% voted in favour of leaving the EU, and 48% voted to remain a member, the UK Government, which was then led by Theresa May, formally notified the EU of the country's intention to withdraw on 29 March 2017, beginning the Brexit process. Why Britain left the EU? The appealing part of the EU was that it made it easier for European countries to share in one another's prosperity. But, as with any union, cooperation means weathering downturns together — and that hasn't always been so easy. For example, the 2008 financial crisis. Many economists agree that the European Central Bank failed to respond effectively, leading to a recession that was much more severe than it needed to be. Unemployment rose, and tax revenue fell. Banks needed bailouts, and debt in a number of EU countries soared. According to data from the UK Ministry of Finance, the UK paid 18.8 billion pounds to the EU in 2014, equivalent to 361 million pounds a week. After the financial crisis, worries about immigration, rising right-wing forces, split within the party, etc. Former Conservative Prime Minister Cameron finally promised that if he wins the 2015 election, he will hold a Brexit referendum. David Cameron to quit after UK votes to leave the EU. When might Britain actually leave the EU? UK left the EU on 31 January 2020, but that is not the end of the Brexit story. That's because the UK is in an 11-month period, known as the transition, that keeps the UK bound to the EU's rules. The transition (sometimes called the implementation period) will end on 31 December 2020. Top of the to-do list will be a UK-EU free trade deal. This will be essential if the UK wants to be able to continue to trade with the EU with no tariffs, quotas or other barriers after the transition. Both sides will also need to decide how far the UK is allowed to move away from existing EU regulations. Aside from trade, many other aspects of the future UK-EU relationship will need to be decided. For example, Law enforcement, data sharing, and security; aviation standards and safety; access to fishing waters; supplies of electricity and gas; licensing and regulation of medicines. Photo: BBC What will happen to the UK after the Brexit? In terms of economy, the UK, which has withdrawn from the European Union, saves 8 billion pounds (this amount of money is equivalent to 0.5% of the UK's GDP) every year it pays to the EU's finances. After Brexit, immigration policies can also be further tightened to free up more jobs and labor benefits. Finally, Brexit can get rid of the red tape of the EU (about 70% of the laws in the UK are governed by EU laws), for example, no longer implementing the EU's common agricultural policy. However, after Brexit, tariffs will inevitably increase, and these tariffs will be transferred to commodities. To make better profits, many companies in the UK will rush to run away. For example, Dyson has moved its headquarters from the UK to Singapore. Many established British companies have left the UK because of Brexit. The news that Japanese car company Honda announced that it would close its British plant even shocked Britain. Besides, the City of London carries 74% of EU foreign exchange transactions, 40% of global Euro transactions, 85% of EU hedge fund assets, and half of EU deposit insurance. After Brexit, London's dominance in the foreign exchange market, including euro transactions, will decline. The current international order is the best since World War II, but Brexit shows how to make all countries truly unite and help each other, humankind still has a long way to go. After the Brexit, there will be more influential in the financial market in the future. TOP 1 Markets will keep an eye on it with you. https://preview.redd.it/ic5tdpzgh1n51.png?width=686&format=png&auto=webp&s=e4b46fa72fb484475b7743c2ced235f0d8a0493e https://preview.redd.it/j5bm785jh1n51.png?width=686&format=png&auto=webp&s=1c15796b88ef4a93354587c545d4c3cd67891040 For more information please download “TOP 1 Markets” at APP store or google play. https://play.google.com/store/apps/details?id=com.top1.trading.forex.commodity.cryptocurrency.indices top1markets： https://itunes.apple.com/my/app/id1461741702 top one： https://itunes.apple.com/tw/app/id1506200136
While reasearching Epstein's known associates, an interesting individual stood out. Lynn Forester de Rothschild, Lady de Rothschild. No intention of this being a Rothschild Conspiracy. If your are uninterested to read the content below, scroll down to Comment to get my summary and take on this information. As always please Fact check this. (HJI) is a bi-partisan, transatlantic movement of business leaders, senior policy makers and academics focused on promoting a more Inclusive Capitalism. The HJI calls for international collaboration from businesses and other organizations to encourage the widest possible adoption of programs that improve capitalism as a driver of wellbeing for society. The HJI grew out of the Task Force project For Inclusive Capitalism, which sought solutions to the effects on society and business as a result of the global financial crisis of 2007 – 2008 and the dislocations caused by capitalism’s practice over the past 30 years. The Taskforce, which was co-chaired by Dominic Barton, Global Managing Director, McKinsey & Company, and Lady Lynn Forester de Rothschild, CEO, El Rothschild, published its inaugural paper Towards a More Inclusive Capitalism in May 2012. The report sets out three pathways for business action that lie at the heart of the HJI’s mandate:
Education for employment: addressing the gap between employer needs and employee skills
Nurture start-ups and SMEs: mentoring small businesses and improving access to credit for them
Reform management and governance for the long term: replacing today’s focus on short term performance
The HJI exists to highlight and support businesses and other organizations working to promote the broadest possible adoption of best practices in these and other areas related to Inclusive Capitalism. The HJI believes there is an urgent and compelling demand for business to act to address the greatest systemic issues facing capitalism today. The HJI also believes that business is best positioned to lead innovations in areas that need them the most.
Scoop Jackson was convinced that there's no place for partisanship in foreign and defense policy. He used to say, 'In matters of national security, the best politics is no politics.' His sense of bipartisanship was not only natural and complete; it was courageous. He wanted to be President, but I think he must have known that his outspoken ideas on the security of the Nation would deprive him of the chance to be his party's nominee in 1972 and '76. Still, he would not cut his convictions to fit the prevailing style. I'm deeply proud, as he would have been, to have Jackson Democrats serve in my administration. I'm proud that some of them have found a home here.
Jackson was known as a hawkish Democrat. He was often criticized for his support for the Vietnam War and his close ties to the defense industries of his state. His proposal of Fort Lawton as a site for an anti-ballistic missile system was strongly opposed by local residents, and Jackson was forced to modify his position on the location of the site several times, but continued to support ABM development. American Indian rights activists who protested Jackson's plan to give Fort Lawton to Seattle, instead of returning it to local tribes, staged a sit-in. In the eventual compromise, most of Fort Lawton became Discovery Park), with 20 acres (8.1 ha) leased to United Indians of All Tribes, who opened the Daybreak Star Cultural Center there in 1977. Opponents derided him as "the Senator from Boeing" and a "whore for Boeing" because of his consistent support for additional military spending on weapons systems and accusations of wrongful contributions from the company; in 1965, 80% of Boeing's contracts were military. Jackson and Magnuson's campaigning for an expensive government supersonic transport plane project eventually failed. After his death, critics pointed to Jackson's support for Japanese American internment camps during World War II as a reason to protest the placement of his bust at the University of Washington.Jackson was both an enthusiastic defender of the evacuation and a staunch proponent of the campaign to keep the Japanese-Americans from returning to the Pacific Coast after the war.
Jackson Papers controversy
Senator Jackson's documents were donated to the University of Washington shortly after his death in 1983, and have been archived there ever since.When the materials were donated in 1983, university staff removed all information considered classified at the time.Additional materials were added to the collection until 1995. At some point, library staff discovered a classified document in the collection and sent it to the government for declassification. In response, in the summer of 2004, a man who identified himself as an employee of the Central Intelligence Agency (CIA) called the University of Washington asking to inspect Senator Jackson's archived documents housed there. He found a document labelled as classified and showed this to a librarian. In February 2005, 22 years after Jackson's death, a five-person team including staff of the CIA, Department of Defense, the Department of Energy, and the Information Security Oversight Office came to library to review all of Jackson's papers to remove anything still considered classified, or reclassified since then. The Department of Energy found nothing of concern, but the CIA blanked lines in about 20 papers and pulled 8 documents out of collection. As of 2018, some files in the collection are available only to those regarded by the library as "serious researchers", who must first sign a release not to divulge some of the information contained in the files.
The Henry Jackson Society
The society was founded on 11 March 2005 by academics and students at Cambridge, including Brendan Simms, Alan Mendoza, Gideon Mailer, James Rogers and Matthew Jamison. It organises meetings with speakers in the House of Commons. The society claims that it advocates an interventionist) foreign-policy that promotes human rights and reduces suffering, by both non-military and military methods, when appropriate. In 2006, the society worked to raise the profile of the Ahwazi Arabs of Iran, who it claims are currently being oppressed by the Iranian government. After originating within the University of Cambridge, the organisation is now based in London. In April 2011 the entire staff of another London think-tank, the Centre for Social Cohesion (which has since been dissolved), joined the Henry Jackson Society. The organisation is a registered charity in England and Wales and earns financial backing from private donations and grant-making organisations which support its work. The income of the society increased significantly from 2009 to 2014, from £98,000 to £1.6 million per year. In 2017 Hannah Stuart, one of the society's Research Fellows, released Islamist Terrorism: Analysis of Offences and Attacks in the UK (1998–2015), which profiled every individual convicted under terrorism legislation in the UK between those dates with an Islamist connection.
Structure and projects
The Society has produced a breadth of research reports and papers. These have mostly focused on Islamist extremist activity in the UK, crackdowns on human rights and democracy elsewhere, and various facets of foreign policy and defence.Its current workstreams include:
Asia Studies Centre. This Centre seeks to provide "an in-depth understanding of the structural shifts, regional complexities and historic tensions that exist alongside the tremendous economic and social growth that traditionally characterise the 'rise of Asia'."Publications include a paper on the possible outcomes of the negotiations with North Korea,and the need to safeguard critical national infrastructure in the West from vulnerabilities which may be built in by China.
Global Britain Programme. Focuses on "the need for an open, confident and expansive British geostrategic policy in the twenty-first century – drawing on the United Kingdom’s unique strengths not only as an advocate for liberalism and national democracy, but also as a custodian of both the European and international orders." This centre has published papers on what the European Union 'owes' the United Kingdom, as well as advocated for increased military spending by NATO members.
Russia & Eurasia Studies Centre. Researches domestic and foreign policy issues in Russia and the former Soviet states. In 2018 the Conservative) MP Bob Seely published a paper through this Centre which sought to define 'Contemporary Russian Conflict', and in which he accused the government of Vladimir Putin of pursuing KGB-style tactics.
Centre for the New Middle East. Established following the Arab Spring, the Society describes this Centre as "dedicated to monitoring political, ideological, and military and security developments across the Middle East and providing informed assessments of their wide-ranging implications". The Centre has released reports highly critical of Iran.
Centre on Radicalisation & Terrorism. Focuses on the threat to the United Kingdom and elsewhere by Islamist terrorism. Reports have ranged from analyses of the UK charitable sector to the way in which criminals utilise the darknet.
Student Rights. Created in 2009 "as a reaction to increasing political extremism and marginalisation of vulnerable students on campus". This project has tracked what it describes as "extreme" speakers on British university campuses.
In September 2018, the Society announced the creation of a new Centre for Social and Political Risk. This Centre will "identify, diagnose and propose solutions to threats to governance in liberal Western democracies", focusing on social cohesion and integration; freedom of speech and political correctness; demographic change; and other issues.
The think tank has been described by the media as having right-wing and neoconservative leanings, though it positions itself as non-partisan.In 2014, Nafeez Ahmed, an executive director of the Institute for Policy Research & Development, said that the Henry Jackson Society courts corporate, political power to advance a distinctly illiberal oil and gas agenda in the Middle East. In 2009 the society became the secretariat of two all-party parliamentary groups (APPGs), for Transatlantic and International Security, chaired by Gisela Stuart, and for Homeland Security, chaired by Bernard Jenkin. A transparency requirement upon non-profit organisations acting as secretariat at that time was that they must reveal, on request, any corporate donors who gave £5,000 or more to the organisation over the past year or cease acting as a secretariat organisation. In 2014, following a query, the society refused to disclose this information and resigned its position as secretariat of the APPGs concerned in order to comply with the Rules. The Parliamentary Commissioner for Standards, Kathryn Hudson, upheld a complaint against these APPGs on the grounds data had not been provided, but noted the society had already resigned its position and that the consequence of this non-provision therefore "appears to have taken effect" as the Rules intended. The case was therefore closed with no further action taken and the APPGs themselves dissolved with the dissolution of Parliament in March 2015. The APPG Rules were subsequently changed in March 2015 so that only those non-profit organisations providing services to APPGs of more than £12,500 in value needed to declare their corporate donors. In July 2014 the Henry Jackson Society was sued by Lady de Rothschild over funds of a "caring capitalism" summit. Lady de Rothschild claims that she has financed the summit and that HJS and its executive director Alan Mendoza are holding £137,000 of “surplus funds” from the conference that should be returned to the couple’s investment company EL Rothschild. Think tank discussions on the Middle East and Islam have led some media organisations to criticise a perceived anti-Muslim agenda. Marko Attila Hoare, a former senior member, cited related reasons for leaving the think tank and Scottish Labour leader Jim Murphy was urged, in 2015, to sever his links with the society. According to the report published in 2015, "a right-wing politics is apparent not only in the ideas that the Henry Jackson Society promotes, but also emerges distinctly on examination of its funders." In 2017, the Henry Jackson Society was accused of running an anti-China propaganda campaign after the Japanese embassy gave them a monthly fee of 10,000 pounds.The campaign was said to be aimed at planting Japan's concerns about China in British newspapers. Co-founder Matthew Jamison wrote in 2017 that he was ashamed of his involvement, having never imagined the Henry Jackson Society "would become a far-right, deeply anti-Muslim racist [...] propaganda outfit to smear other cultures, religions and ethnic groups." "The HJS for many years has relentlessly demonised Muslims and Islam." In January 2019, Nikita Malik of the Henry Jackson Society provided The Daily Telegraph with information they claimed showed a Muslim scout leader was linked to Islamic extremists and Holocaust deniers.In January 2020 The Daily Telegraph issued a retraction and formal apology saying that: "the articles said that Ahammed Hussain had links to extremist Muslim Groups that promoted terrorism and anti-Semitism, and could have suggested that he supported those views and encouraged their dissemination. We now accept that this was wrong and that Mr Hussain has never supported or promoted terrorism, or been anti-Semitic.We acted in good faith on information received but we now accept that the article is defamatory of Mr Hussain and false, and apologise for the distress caused to him in publishing it. We have agreed to pay him damages and costs." The initial signatories of the statement of principles included:
This has been a rabbit hole and only half the story regarding Lady Forester. Then only link between Lady Forester and Jeffrey Epstein is In 1995, financier Lynn Forester discussed "Jeffrey Epstein and currency stabilization" with Clinton. Epstein, according to his own accounts, was heavily involved in the foreign exchange market and traded large amounts of currency in the unregulated forex market. I will post another story Lady Forester and the coalition for Inclusive Capitalism.
The Daily Autist, By An Autist, For Autists. 03/24/20
The Daily Autist
Hot Off The Spectrum
TLDR of the News to Inform Your Moves (Monday was a lot. Even my post is long)
What’s up sluts. I’m back with another burst of autism. I’ve been Rick fuggin Rollin in the tendies (AKA not hemorrhaging money) and these posts have been fairly accurate. I’ll be adding plays to the NostraLosses section as a result to bring more clarity to my dumbass takes. FIRST THINGS FUCKING FIRST THE ORIGINAL AUTIST ARTIST WHO DREW THE OLD LOGO HAS COME TO LIGHT IM SO FUCKING HAPPY. We’ll never get it back, but sometimes closure on it’s own feels good enough. What am I a fucking teenager? The rest of the sub was shit yesterday/this morning.I was shadowbanned for posting “Fear mongering Corona Content,” and yet 75% of the sub’s hot posts are exactly that but with even less info than I had. Rest is memes. No plays or info. Honestly kinda sad. https://www.reddit.com/wallstreetbets/comments/fnpz20/hey_yall_i_drew_the_original_baby_ama/ Obligatory Corona Dump (Monday news could not stop throating COVID content) Things are in such a Twilight Zone State Amazon is getting credit for being “altruistic,” like they didn’t hike up prices since late January themselves and only altered their practices once Trump threatened Defense Production Act (DPA) notice they’re also only suspending, so once things are just slightly back to normal please price gouge errthang. https://www.scmp.com/tech/big-tech/article/3076638/amazon-suspends-almost-4000-seller-accounts-unfairly-priced-products Costco is also getting unwarranted credit. They won’t take back your tower of toilet paper or tub of hand sanitizer, which COSTS them money they already made. Did they have any problem hiking the price, refusing to limit sales per person, not give their employees PPE, or donate any relief from their excess food products due to banning eating at the location and numbers going down? Nah? ok. So the good guy is the company that profited off of fear and won’t provide the minimum financial relief to those who thought it was that extreme. Stop demonizing your fellow worker citizens. https://brobible.com/culture/article/costco-toilet-paper-returns-hoarders/ Companies getting high praise and both articles implying a return to normalcy soon. How does that affect the markets? Normies are being told everything is okay and they will follow suit. Is everything okay? Absolutely not. These MFs in charge just announced unlimited QE yesterday nothing’s okay financially. Retard normie pump coming in. Financial News: Trump is saying that unless 10,000 die in the streets soon he’s gonna “re-open” the economy after the 15 days. At this point it’s a bit of a walking Onion article. Thursday?” ITS A WAR WE WILL CAPTURE AND KNIFE COVID’S ASSHOLE”. Friday? “This is serious. I do not want to use any drastic measures but I will. This is very verry serious.” Monday? “Isn’t being stuck inside fucking wack? Let’s open the pit up bro” I recommend watching the video with subtitles to get a transcript of his speech patterns. https://www.reuters.com/video/watch/america-will-again-and-soon-be-open-for-id701434357?chan=9qsux198 I predicted the Fed couldn’t devalue the dollar as fast as other countries could want it and it seems to be holding up. A very small dip from the news they’re willing to print unlimited moneys? The global economy is in trouble if that's still the stability bearer. Puts are lookin good, but they need to be farther out. 04/17 soonest for my comfort. Especially with the temporary re-open of the US economy. Seeing Reuters use “money bazooka,’ multiple times in the last week has been fantastic. https://www.reuters.com/article/global-forex/forex-dollar-slips-as-feds-money-bazooka-raises-hopes-of-easier-cash-supply-idUSL4N2BH2AF Italy’s debt, tax, and unemployment relief are all being held up by congressional disputes and an ability to only handle a tenth of the paperwork that comes in. Sound familiar? Maybe ominous? The population density in regions of Italy is our closest analog to how a free (eat my dick South Korea) country is gonna get hit. Their healthcare system is also tainted by for-profit companies and insurance so it’s also pretty similar medical coverage wise per capita. https://www.reuters.com/article/us-health-coronavirus-banks-insight/banks-struggle-to-ride-to-the-rescue-in-europes-cash-crunch-battle-idUSKBN21B0OE United Airlines is threatening to fire workers if they don’t get a bailout. I hope to fuck this is the tipping point and the government forces United to hand over their payroll list so the gov. Provide financial relief to their employees while United liquidates their assets or sells to some Saudi Conglomerate. Effect on market? PUTS ON UNITED BITCH THEY GOIN OUT https://www.npr.org/sections/coronavirus-live-updates/2020/03/20/819401028/united-airlines-threatens-to-cut-jobs-if-coronavirus-aid-package-isnt-passed(From 03/20 but was drowned out by other news. Looks more and more likely airlines won’t be bailed out) Everyday Fox business posts something for Boomers to buy more Ford or Dine stocks (idk what old people buy) and today they have some good ammo. Overnight futures were up. Pre-market today as of 06:31 EST is $234.72 after touching 238. Looks like today is going to be the bull trap day as the rumors of stimulus are hot again. If it gets passed I expect a 245-248 top before the unemployment numbers Thursday fist everyone. Market effect? Short term calls as everyone gets high on optimism and long term puts for when they come down. https://www.foxbusiness.com/markets/stock-futures-gain-ground-as-congress-moves-closer-to-a-stimulus-deal Crypto is taking off after tanking yesterday. Overnight rally (NZ markets followed by Asian markets) carried it up 14% in the last 16 hours. It started to rise slowly after the QE announcement but really flew overnight and this morning. Cooling off now but already had a dip to 6650 and right back up to 6700+ While not always correlated, crypto is a key indicator right now in speculative confidence while people are budgeting for maintaining their lives versus increasing their future wealth. No link because every crypto site is owned by a Ponzi schemer. Fight me and my tinfoil fucking hat. Here are some squigglies and bars https://www.tradingview.com/symbols/BTCUSD/?exchange=BITBAY My NostraLosses Prediction? The rumors of stimulus and the passed unlimited QE will provide market optimism today and tomorrow. Thursday’s unemployment numbers is the next scheduled big news so I wouldn’t get any short term puts unless scalping. If anything unexpected news could bring the market even higher with it being random good news versus any random catastrophic news. Market open will be up about 6% from the previous day’s close, so I expect a short term dip at open which would be a good spot to get quick calls to then ride the pump. Market closes above 235 and if stimulus passes along with more false optimism statements by Trump there’s possibly a sharp bull run to 245-248 by end of Wednesday. Plays to follow: SPY: 240c 03/27 once the first dip of day happens. If your bankroll allows for a few days farther out I would go for it. If SPY does hit 240, SELL call and BUY put for 228 04/01 at soonest. DIA: 190P 04/17 It hasn’t fallen nearly as hard as it should (another 5% imo) and the industries making it up are going to have numbers showing how bad the payroll cuts and profit loss has been. During today’s pump get some not so fucking expensive puts (made sure not to say cheap) Any Stupid Tech Company: Retarded OTM call for 03/27 or later. With so many people being stuck at home the last week or so the tech companies are outperforming the market with the idea that: The high user rate means more $$$, but if there’s more people on because they are not working or laid off, how do they have the money to buy shitty sponsored products on their feed? The kicker here is ads have always had near useless efficacy rates on social media so the fact they will continue to do a shit job might not change much. Anyway people are fucking dumb and tech gonna continue to rally this week. Signed, someone with 1.5k in TWTR Puts expiring over next 4 weeks. Most people don’t even give you one play. I’m giving you multiple ways to lose your money. TLDR of my TLDR: Companies who profited off the crisis getting karma points for no reason. Normies think the crisis will be over next Friday. International currencies are still erratic but the markets are rallying today globally (sign of lacking underlying stability for said rally). Italy can’t pass anything or handle the paperwork from their previously set up process (AKA USA in 7-10 days under current stimulus proposals) and they don’t have a solution in sight. Stimulus has everyone rock hard for calls again, ride the short term rise and pick up puts while you’re up there. Just be a long term gay bear experimenting with bulls depending on the day. Results on my thoughts from last post 03/23: I was incorrect on circuit breaker open but was only 1% away and it did run up mid-day as called. So if you sold at 218 to buy calls to sell a few hours later, we nailed it boys. If you were aiming for price instead of time, it never hit 234 again which was a key test and you’re likely sitting on a fat red option right now. I was about half right which is all you need to be. I’ve also switched up Market affect and effect because I’m retarded and am unsure which is right anymore. Nvm grammarly fixed it. And again, I mean this sincerely,
https://preview.redd.it/gp18bjnlabr41.jpg?width=768&format=pjpg&auto=webp&s=6054e7f52e8d52da403016139ae43e0e799abf15 Download PDF of this article here:https://docdro.id/6eLgUPo In light of the recent fall in oil prices due to the Saudi-Russian dispute and dampening demand for oil due to the lockdowns implemented globally, O&G stocks have taken a severe beating, falling approximately 50% from their highs at the beginning of the year. Not spared from this onslaught is Hibiscus Petroleum Berhad (Hibiscus), a listed oil and gas (O&G) exploration and production (E&P) company. Why invest in O&G stocks in this particularly uncertain period? For one, valuations of these stocks have fallen to multi-year lows, bringing the potential ROI on these stocks to attractive levels. Oil prices are cyclical, and are bound to return to the mean given a sufficiently long time horizon. The trick is to find those companies who can survive through this downturn and emerge into “normal” profitability once oil prices rebound. In this article, I will explore the upsides and downsides of investing in Hibiscus. I will do my best to cater this report to newcomers to the O&G industry – rather than address exclusively experts and veterans of the O&G sector. As an equity analyst, I aim to provide a view on the company primarily, and will generally refrain from providing macro views on oil or opinions about secular trends of the sector. I hope you enjoy reading it! Stock code: 5199.KL Stock name: Hibiscus Petroleum Berhad Financial information and financial reports: https://www.malaysiastock.biz/Corporate-Infomation.aspx?securityCode=5199 Company website: https://www.hibiscuspetroleum.com/
Hibiscus Petroleum Berhad (5199.KL) is an oil and gas (O&G) upstream exploration and production (E&P) company located in Malaysia. As an E&P company, their business can be basically described as: · looking for oil, · drawing it out of the ground, and · selling it on global oil markets. This means Hibiscus’s profits are particularly exposed to fluctuating oil prices. With oil prices falling to sub-$30 from about $60 at the beginning of the year, Hibiscus’s stock price has also fallen by about 50% YTD – from around RM 1.00 to RM 0.45 (as of 5 April 2020). https://preview.redd.it/3dqc4jraabr41.png?width=641&format=png&auto=webp&s=7ba0e8614c4e9d781edfc670016a874b90560684 https://preview.redd.it/lvdkrf0cabr41.png?width=356&format=png&auto=webp&s=46f250a713887b06986932fa475dc59c7c28582e While the company is domiciled in Malaysia, its two main oil producing fields are located in both Malaysia and the UK. The Malaysian oil field is commonly referred to as the North Sabah field, while the UK oil field is commonly referred to as the Anasuria oil field. Hibiscus has licenses to other oil fields in different parts of the world, notably the Marigold/Sunflower oil fields in the UK and the VIC cluster in Australia, but its revenues and profits mainly stem from the former two oil producing fields. Given that it’s a small player and has only two primary producing oil fields, it’s not surprising that Hibiscus sells its oil to a concentrated pool of customers, with 2 of them representing 80% of its revenues (i.e. Petronas and BP). Fortunately, both these customers are oil supermajors, and are unlikely to default on their obligations despite low oil prices. At RM 0.45 per share, the market capitalization is RM 714.7m and it has a trailing PE ratio of about 5x. It doesn’t carry any debt, and it hasn’t paid a dividend in its listing history. The MD, Mr. Kenneth Gerard Pereira, owns about 10% of the company’s outstanding shares.
Reserves (Total recoverable oil) & Production (bbl/day)
To begin analyzing the company, it’s necessary to understand a little of the industry jargon. We’ll start with Reserves and Production. In general, there are three types of categories for a company’s recoverable oil volumes – Reserves, Contingent Resources and Prospective Resources. Reserves are those oil fields which are “commercial”, which is defined as below: As defined by the SPE PRMS,Reservesare “… quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.” Therefore, Reserves must be discovered (by drilling, recoverable (with current technology), remaining in the subsurface (at the effective date of the evaluation) and “commercial” based on the development project proposed.) Note that Reserves are associated with development projects. To be considered as “commercial”, there must be a firm intention to proceed with the project in a reasonable time frame (typically 5 years, and such intention must be based upon all of the following criteria:) - A reasonable assessment of the future economics of the development project meeting defined investment and operating criteria;- A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development;- Evidence that the necessary production and transportation facilities are available or can be made available; and- Evidence that legal, contractual, environmental and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated. Contingent Resources and Prospective Resources are further defined as below: -Contingent Resources: potentially recoverable volumes associated with a development plan that targets discovered volumes but is not (yet commercial (as defined above); and)-Prospective Resources: potentially recoverable volumes associated with a development plan that targets as yet undiscovered volumes. In the industry lingo, we generally refer to Reserves as ‘P’ and Contingent Resources as ‘C’. These ‘P’ and ‘C’ resources can be further categorized into 1P/2P/3P resources and 1C/2C/3C resources, each referring to a low/medium/high estimate of the company’s potential recoverable oil volumes: - Low/1C/1P estimate: there should be reasonable certainty that volumes actually recovered will equal or exceed the estimate;- Best/2C/2P estimate: there should be an equal likelihood of the actual volumes of petroleum being larger or smaller than the estimate; and- High/3C/3P estimate: there is a low probability that the estimate will be exceeded. Hence in the E&P industry, it is easy to see why most investors and analysts refer to the 2P estimate as the best estimate for a company’s actual recoverable oil volumes. This is because 2P reserves (‘2P’ referring to ‘Proved and Probable’) are a middle estimate of the recoverable oil volumes legally recognized as “commercial”. However, there’s nothing stopping you from including 2C resources (riskier) or utilizing 1P resources (conservative) as your estimate for total recoverable oil volumes, depending on your risk appetite. In this instance, the company has provided a snapshot of its 2P and 2C resources in its analyst presentation: https://preview.redd.it/o8qejdyc8br41.png?width=710&format=png&auto=webp&s=b3ab9be8f83badf0206adc982feda3a558d43e78 Basically, what the company is saying here is that by 2021, it will have classified as 2P reserves at least 23.7 million bbl from its Anasuria field and 20.5 million bbl from its North Sabah field – for total 2P reserves of 44.2 million bbl (we are ignoring the Australian VIC cluster as it is only estimated to reach first oil by 2022). Furthermore, the company is stating that they have discovered (but not yet legally classified as “commercial”) a further 71 million bbl of oil from both the Anasuria and North Sabah fields, as well as the Marigold/Sunflower fields. If we include these 2C resources, the total potential recoverable oil volumes could exceed 100 million bbl. In this report, we shall explore all valuation scenarios giving consideration to both 2P and 2C resources. https://preview.redd.it/gk54qplf8br41.png?width=489&format=png&auto=webp&s=c905b7a6328432218b5b9dfd53cc9ef1390bd604 The company further targets a 2021 production rate of 20,000 bbl (LTM: 8,000 bbl), which includes 5,000 bbl from its Anasuria field (LTM: 2,500 bbl) and 7,000 bbl from its North Sabah field (LTM: 5,300 bbl). This is a substantial increase in forecasted production from both existing and prospective oil fields. If it materializes, annual production rate could be as high as 7,300 mmbbl, and 2021 revenues (given FY20 USD/bbl of $60) could exceed RM 1.5 billion (FY20: RM 988 million). However, this targeted forecast is quite a stretch from current production levels. Nevertheless, we shall consider all provided information in estimating a valuation for Hibiscus. To understand Hibiscus’s oil production capacity and forecast its revenues and profits, we need to have a better appreciation of the performance of its two main cash-generating assets – the North Sabah field and the Anasuria field. North Sabah oil field https://preview.redd.it/62nssexj8br41.png?width=1003&format=png&auto=webp&s=cd78f86d51165fb9a93015e49496f7f98dad64dd Hibiscus owns a 50% interest in the North Sabah field together with its partner Petronas, and has production rights over the field up to year 2040. The asset contains 4 oil fields, namely the St Joseph field, South Furious field, SF 30 field and Barton field. For the sake of brevity, we shall not delve deep into the operational aspects of the fields or the contractual nature of its production sharing contract (PSC). We’ll just focus on the factors which relate to its financial performance. These are: · Average uptime · Total oil sold · Average realized oil price · Average OPEX per bbl With regards to average uptime, we can see that the company maintains relative high facility availability, exceeding 90% uptime in all quarters of the LTM with exception of Jul-Sep 2019. The dip in average uptime was due to production enhancement projects and maintenance activities undertaken to improve the production capacity of the St Joseph and SF30 oil fields. Hence, we can conclude that management has a good handle on operational performance. It also implies that there is little room for further improvement in production resulting from increased uptime. As North Sabah is under a production sharing contract (PSC), there is a distinction between gross oil production and net oil production. The former relates to total oil drawn out of the ground, whereas the latter refers to Hibiscus’s share of oil production after taxes, royalties and expenses are accounted for. In this case, we want to pay attention to net oil production, not gross. We can arrive at Hibiscus’s total oil sold for the last twelve months (LTM) by adding up the total oil sold for each of the last 4 quarters. Summing up the figures yields total oil sold for the LTM of approximately 2,075,305 bbl. Then, we can arrive at an average realized oil price over the LTM by averaging the average realized oil price for the last 4 quarters, giving us an average realized oil price over the LTM of USD 68.57/bbl. We can do the same for average OPEX per bbl, giving us an average OPEX per bbl over the LTM of USD 13.23/bbl. Thus, we can sum up the above financial performance of the North Sabah field with the following figures: · Total oil sold: 2,075,305 bbl · Average realized oil price: USD 68.57/bbl · Average OPEX per bbl: USD 13.23/bbl Anasuria oil field https://preview.redd.it/586u4kfo8br41.png?width=1038&format=png&auto=webp&s=7580fc7f7df7e948754d025745a5cf47d4393c0f Doing the same exercise as above for the Anasuria field, we arrive at the following financial performance for the Anasuria field: · Total oil sold: 1,073,304 bbl · Average realized oil price: USD 63.57/bbl · Average OPEX per bbl: USD 23.22/bbl As gas production is relatively immaterial, and to be conservative, we shall only consider the crude oil production from the Anasuria field in forecasting revenues.
Valuation (Method 1)
Putting the figures from both oil fields together, we get the following data: https://preview.redd.it/7y6064dq8br41.png?width=700&format=png&auto=webp&s=2a4120563a011cf61fc6090e1cd5932602599dc2 Given that we have determined LTM EBITDA of RM 632m, the next step would be to subtract ITDA (interest, tax, depreciation & amortization) from it to obtain estimated LTM Net Profit. Using FY2020’s ITDA of approximately RM 318m as a guideline, we arrive at an estimated LTM Net Profit of RM 314m (FY20: 230m). Given the current market capitalization of RM 714.7m, this implies a trailing LTM PE of 2.3x. Performing a sensitivity analysis given different oil prices, we arrive at the following net profit table for the company under different oil price scenarios, assuming oil production rate and ITDA remain constant: https://preview.redd.it/xixge5sr8br41.png?width=433&format=png&auto=webp&s=288a00f6e5088d01936f0217ae7798d2cfcf11f2 From the above exercise, it becomes apparent that Hibiscus has a breakeven oil price of about USD 41.8863/bbl, and has a lot of operating leverage given the exponential rate of increase in its Net Profit with each consequent increase in oil prices. Considering that the oil production rate (EBITDA) is likely to increase faster than ITDA’s proportion to revenues (fixed costs), at an implied PE of 4.33x, it seems likely that an investment in Hibiscus will be profitable over the next 10 years (with the assumption that oil prices will revert to the mean in the long-term).
Valuation (Method 2)
Of course, there are a lot of assumptions behind the above method of valuation. Hence, it would be prudent to perform multiple methods of valuation and compare the figures to one another. As opposed to the profit/loss assessment in Valuation (Method 1), another way of performing a valuation would be to estimate its balance sheet value, i.e. total revenues from 2P Reserves, and assign a reasonable margin to it. https://preview.redd.it/o2eiss6u8br41.png?width=710&format=png&auto=webp&s=03960cce698d9cedb076f3d5f571b3c59d908fa8 From the above, we understand that Hibiscus’s 2P reserves from the North Sabah and Anasuria fields alone are approximately 44.2 mmbbl (we ignore contribution from Australia’s VIC cluster as it hasn’t been developed yet). Doing a similar sensitivity analysis of different oil prices as above, we arrive at the following estimated total revenues and accumulated net profit: https://preview.redd.it/h8hubrmw8br41.png?width=450&format=png&auto=webp&s=6d23f0f9c3dafda89e758b815072ba335467f33e Let’s assume that the above average of RM 9.68 billion in total realizable revenues from current 2P reserves holds true. If we assign a conservative Net Profit margin of 15% (FY20: 23%; past 5 years average: 16%), we arrive at estimated accumulated Net Profit from 2P Reserves ofRM 1.452 billion. Given the current market capitalization of RM 714 million, we might be able to say that the equity is worth about twice the current share price. However, it is understandable that some readers might feel that the figures used in the above estimate (e.g. net profit margin of 15%) were randomly plucked from the sky. So how do we reconcile them with figures from the financial statements? Fortunately, there appears to be a way to do just that. Intangible Assets I refer you to a figure in the financial statements which provides a shortcut to the valuation of 2P Reserves. This is the carrying value of Intangible Assets on the Balance Sheet. As of 2QFY21, that amount was RM 1,468,860,000 (i.e. RM 1.468 billion). https://preview.redd.it/hse8ttb09br41.png?width=881&format=png&auto=webp&s=82e48b5961c905fe9273cb6346368de60202ebec Quite coincidentally, one might observe that this figure is dangerously close to the estimated accumulated Net Profit from 2P Reserves of RM 1.452 billion we calculated earlier. But why would this amount matter at all? To answer that, I refer you to the notes of the Annual Report FY20 (AR20). On page 148 of the AR20, we find the following two paragraphs: E&E assets comprise of rights and concession and conventional studies. Following the acquisition of a concession right to explore a licensed area, the costs incurred such as geological and geophysical surveys, drilling, commercial appraisal costs and other directly attributable costs of exploration and appraisal including technical and administrative costs, are capitalised as conventional studies, presented as intangible assets. E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount of an E&E asset may exceed its recoverable amount. The Group will allocate E&E assets to cash generating unit (“CGU”s or groups of CGUs for the purpose of assessing such assets for impairment. Each CGU or group of units to which an E&E asset is allocated will not be larger than an operating segment as disclosed in Note 39 to the financial statements.) Hence, we can determine that firstly, the intangible asset value represents capitalized costs of acquisition of the oil fields, including technical exploration costs and costs of acquiring the relevant licenses. Secondly, an impairment review will be carried out when “the carrying amount of an E&E asset may exceed its recoverable amount”, with E&E assets being allocated to “cash generating units” (CGU) for the purposes of assessment. On page 169 of the AR20, we find the following: Carrying amounts of the Group’s intangible assets, oil and gas assets and FPSO are reviewed for possible impairment annually including any indicators of impairment. For the purpose of assessing impairment, assets are grouped at the lowest level CGUs for which there is a separately identifiable cash flow available. These CGUs are based on operating areas, represented by the 2011 North Sabah EOR PSC (“North Sabah”, the Anasuria Cluster, the Marigold and Sunflower fields, the VIC/P57 exploration permit (“VIC/P57”) and the VIC/L31 production license (“VIC/L31”).) So apparently, the CGUs that have been assigned refer to the respective oil producing fields, two of which include the North Sabah field and the Anasuria field. In order to perform the impairment review, estimates of future cash flow will be made by management to assess the “recoverable amount” (as described above), subject to assumptions and an appropriate discount rate. Hence, what we can gather up to now is that management will estimate future recoverable cash flows from a CGU (i.e. the North Sabah and Anasuria oil fields), compare that to their carrying value, and perform an impairment if their future recoverable cash flows are less than their carrying value. In other words, if estimated accumulated profits from the North Sabah and Anasuria oil fields are less than their carrying value, an impairment is required. So where do we find the carrying values for the North Sabah and Anasuria oil fields? Further down on page 184 in the AR20, we see the following: Included in rights and concession are the carrying amounts of producing field licenses in the Anasuria Cluster amounting to RM668,211,518 (2018: RM687,664,530, producing field licenses in North Sabah amounting to RM471,031,008 (2018: RM414,333,116)) Hence, we can determine that the carrying values for the North Sabah and Anasuria oil fields are RM 471m and RM 668m respectively. But where do we find the future recoverable cash flows of the fields as estimated by management, and what are the assumptions used in that calculation? Fortunately, we find just that on page 185: 17 INTANGIBLE ASSETS (CONTINUED) (a Anasuria Cluster) The Directors have concluded that there is no impairment indicator for Anasuria Cluster during the current financial year. In the previous financial year, due to uncertainties in crude oil prices, the Group has assessed the recoverable amount of the intangible assets, oil and gas assets and FPSO relating to the Anasuria Cluster. The recoverable amount is determined using the FVLCTS model based on discounted cash flows (“DCF” derived from the expected cash in/outflow pattern over the production lives.) The key assumptions used to determine the recoverable amount for the Anasuria Cluster were as follows: (i Discount rate of 10%;) (ii Future cost inflation factor of 2% per annum;) (iii Oil price forecast based on the oil price forward curve from independent parties; and,) (iv Oil production profile based on the assessment by independent oil and gas reserve experts.) Based on the assessments performed, the Directors concluded that the recoverable amount calculated based on the valuation model is higher than the carrying amount. (b North Sabah) The acquisition of the North Sabah assets was completed in the previous financial year. Details of the acquisition are as disclosed in Note 15 to the financial statements. The Directors have concluded that there is no impairment indicator for North Sabah during the current financial year. Here, we can see that the recoverable amount of the Anasuria field was estimated based on a DCF of expected future cash flows over the production life of the asset. The key assumptions used by management all seem appropriate, including a discount rate of 10% and oil price and oil production estimates based on independent assessment. From there, management concludes that the recoverable amount of the Anasuria field is higher than its carrying amount (i.e. no impairment required). Likewise, for the North Sabah field. How do we interpret this? Basically, what management is saying is that given a 10% discount rate and independent oil price and oil production estimates, the accumulated profits (i.e. recoverable amount) from both the North Sabah and the Anasuria fields exceed their carrying amounts of RM 471m and RM 668m respectively. In other words, according to management’s own estimates, the carrying value of the Intangible Assets of RM 1.468 billionapproximates the accumulated Net Profit recoverable from 2P reserves. To conclude Valuation (Method 2), we arrive at the following:
Accumulated Net Profit from 2P Reserves
RM 1.452 billion
RM 1.468 billion
By now, we have established the basic economics of Hibiscus’s business, including its revenues (i.e. oil production and oil price scenarios), costs (OPEX, ITDA), profitability (breakeven, future earnings potential) and balance sheet value (2P reserves, valuation). Moving on, we want to gain a deeper understanding of the 3 statements to anticipate any blind spots and risks. We’ll refer to the financial statements of both the FY20 annual report and the 2Q21 quarterly report in this analysis. For the sake of brevity, I’ll only point out those line items which need extra attention, and skip over the rest. Feel free to go through the financial statements on your own to gain a better familiarity of the business. https://preview.redd.it/h689bss79br41.png?width=810&format=png&auto=webp&s=ed47fce6a5c3815dd3d4f819e31f1ce39ccf4a0b Income Statement First, we’ll start with the Income Statement on page 135 of the AR20. Revenues are straightforward, as we’ve discussed above. Cost of Sales and Administrative Expenses fall under the jurisdiction of OPEX, which we’ve also seen earlier. Other Expenses are mostly made up of Depreciation & Amortization of RM 115m. Finance Costs are where things start to get tricky. Why does a company which carries no debt have such huge amounts of finance costs? The reason can be found in Note 8, where it is revealed that the bulk of finance costs relate to the unwinding of discount of provision for decommissioning costs of RM 25m (Note 32). https://preview.redd.it/4omjptbe9br41.png?width=1019&format=png&auto=webp&s=eaabfc824134063100afa62edfd36a34a680fb60 This actually refers to the expected future costs of restoring the Anasuria and North Sabah fields to their original condition once the oil reserves have been depleted. Accounting standards require the company to provide for these decommissioning costs as they are estimable and probable. The way the decommissioning costs are accounted for is the same as an amortized loan, where the initial carrying value is recognized as a liability and the discount rate applied is reversed each year as an expense on the Income Statement. However, these expenses are largely non-cash in nature and do not necessitate a cash outflow every year (FY20: RM 69m). Unwinding of discount on non-current other payables of RM 12m relate to contractual payments to the North Sabah sellers. We will discuss it later. Taxation is another tricky subject, and is even more significant than Finance Costs at RM 161m. In gist, Hibiscus is subject to the 38% PITA (Petroleum Income Tax Act) under Malaysian jurisdiction, and the 30% Petroleum tax + 10% Supplementary tax under UK jurisdiction. Of the RM 161m, RM 41m of it relates to deferred tax which originates from the difference between tax treatment and accounting treatment on capitalized assets (accelerated depreciation vs straight-line depreciation). Nonetheless, what you should take away from this is that the tax expense is a tangible expense and material to breakeven analysis. Fortunately, tax is a variable expense, and should not materially impact the cash flow of Hibiscus in today’s low oil price environment. Note: Cash outflows for Tax Paid in FY20 was RM 97m, substantially below the RM 161m tax expense. https://preview.redd.it/1xrnwzm89br41.png?width=732&format=png&auto=webp&s=c078bc3e18d9c79d9a6fbe1187803612753f69d8 Balance Sheet The balance sheet of Hibiscus is unexciting; I’ll just bring your attention to those line items which need additional scrutiny. I’ll use the figures in the latest 2Q21 quarterly report (2Q21) and refer to the notes in AR20 for clarity. We’ve already discussed Intangible Assets in the section above, so I won’t dwell on it again. Moving on, the company has Equipment of RM 582m, largely relating to O&G assets (e.g. the Anasuria FPSO vessel and CAPEX incurred on production enhancement projects). Restricted cash and bank balances represent contractual obligations for decommissioning costs of the Anasuria Cluster, and are inaccessible for use in operations. Inventories are relatively low, despite Hibiscus being an E&P company, so forex fluctuations on carrying value of inventories are relatively immaterial. Trade receivables largely relate to entitlements from Petronas and BP (both oil supermajors), and are hence quite safe from impairment. Other receivables, deposits and prepayments are significant as they relate to security deposits placed with sellers of the oil fields acquired; these should be ignored for cash flow purposes. Note: Total cash and bank balances do not include approximately RM 105 m proceeds from the North Sabah December 2019 offtake (which was received in January 2020) Cash and bank balances of RM 90m do not include RM 105m of proceeds from offtake received in 3Q21 (Jan 2020). Hence, the actual cash and bank balances as of 2Q21 approximate RM 200m. Liabilities are a little more interesting. First, I’ll draw your attention to the significant Deferred tax liabilities of RM 457m. These largely relate to the amortization of CAPEX (i.e. Equipment and capitalized E&E expenses), which is given an accelerated depreciation treatment for tax purposes. The way this works is that the government gives Hibiscus a favorable tax treatment on capital expenditures incurred via an accelerated depreciation schedule, so that the taxable income is less than usual. However, this leads to the taxable depreciation being utilized quicker than accounting depreciation, hence the tax payable merely deferred to a later period – when the tax depreciation runs out but accounting depreciation remains. Given the capital intensive nature of the business, it is understandable why Deferred tax liabilities are so large. We’ve discussed Provision for decommissioning costs under the Finance Costs section earlier. They are also quite significant at RM 266m. Notably, the Other Payables and Accruals are a hefty RM 431m. What do they relate to? Basically, they are contractual obligations to the sellers of the oil fields which are only payable upon oil prices reaching certain thresholds. Hence, while they are current in nature, they will only become payable when oil prices recover to previous highs, and are hence not an immediate cash outflow concern given today’s low oil prices. Cash Flow Statement There is nothing in the cash flow statement which warrants concern. Notably, the company generated OCF of approximately RM 500m in FY20 and RM 116m in 2Q21. It further incurred RM 330m and RM 234m of CAPEX in FY20 and 2Q21 respectively, largely owing to production enhancement projects to increase the production rate of the Anasuria and North Sabah fields, which according to management estimates are accretive to ROI. Tax paid was RM 97m in FY20 and RM 61m in 2Q21 (tax expense: RM 161m and RM 62m respectively).
There are a few obvious and not-so-obvious risks that one should be aware of before investing in Hibiscus. We shall not consider operational risks (e.g. uptime, OPEX) as they are outside the jurisdiction of the equity analyst. Instead, we shall focus on the financial and strategic risks largely outside the control of management. The main ones are: · Oil prices remaining subdued for long periods of time · Fluctuation of exchange rates · Customer concentration risk · 2P Reserves being less than estimated · Significant current and non-current liabilities · Potential issuance of equity Oil prices remaining subdued Of topmost concern in the minds of most analysts is whether Hibiscus has the wherewithal to sustain itself through this period of low oil prices (sub-$30). A quick and dirty estimate of annual cash outflow (i.e. burn rate) assuming a $20 oil world and historical production rates is between RM 50m-70m per year, which considering the RM 200m cash balance implies about 3-4 years of sustainability before the company runs out of cash and has to rely on external assistance for financing. Table 1: Hibiscus EBITDA at different oil price and exchange rates https://preview.redd.it/gxnekd6h9br41.png?width=670&format=png&auto=webp&s=edbfb9621a43480d11e3b49de79f61a6337b3d51 The above table shows different EBITDA scenarios (RM ‘m) given different oil prices (left column) and USD:MYR exchange rates (top row). Currently, oil prices are $27 and USD:MYR is 1:4.36. Given conservative assumptions of average OPEX/bbl of $20 (current: $15), we can safely say that the company will be loss-making as long as oil remains at $20 or below (red). However, we can see that once oil prices hit $25, the company can tank the lower-end estimate of the annual burn rate of RM 50m (orange), while at RM $27 it can sufficiently muddle through the higher-end estimate of the annual burn rate of RM 70m (green). Hence, we can assume that as long as the average oil price over the next 3-4 years remains above $25, Hibiscus should come out of this fine without the need for any external financing. Customer Concentration Risk With regards to customer concentration risk, there is not much the analyst or investor can do except to accept the risk. Fortunately, 80% of revenues can be attributed to two oil supermajors (Petronas and BP), hence the risk of default on contractual obligations and trade receivables seems to be quite diminished. 2P Reserves being less than estimated 2P Reserves being less than estimated is another risk that one should keep in mind. Fortunately, the current market cap is merely RM 714m – at half of estimated recoverable amounts of RM 1.468 billion – so there’s a decent margin of safety. In addition, there are other mitigating factors which shall be discussed in the next section (‘Opportunities’). Significant non-current and current liabilities The significant non-current and current liabilities have been addressed in the previous section. It has been determined that they pose no threat to immediate cash flow due to them being long-term in nature (e.g. decommissioning costs, deferred tax, etc). Hence, for the purpose of assessing going concern, their amounts should not be a cause for concern. Potential issuance of equity Finally, we come to the possibility of external financing being required in this low oil price environment. While the company should last 3-4 years on existing cash reserves, there is always the risk of other black swan events materializing (e.g. coronavirus) or simply oil prices remaining muted for longer than 4 years. Furthermore, management has hinted that they wish to acquire new oil assets at presently depressed prices to increase daily production rate to a targeted 20,000 bbl by end-2021. They have room to acquire debt, but they may also wish to issue equity for this purpose. Hence, the possibility of dilution to existing shareholders cannot be entirely ruled out. However, given management’s historical track record of prioritizing ROI and optimal capital allocation, and in consideration of the fact that the MD owns 10% of outstanding shares, there is some assurance that any potential acquisitions will be accretive to EPS and therefore valuations.
As with the existence of risk, the presence of material opportunities also looms over the company. Some of them are discussed below: · Increased Daily Oil Production Rate · Inclusion of 2C Resources · Future oil prices exceeding $50 and effects from coronavirus dissipating Increased Daily Oil Production Rate The first and most obvious opportunity is the potential for increased production rate. We’ve seen in the last quarter (2Q21) that the North Sabah field increased its daily production rate by approximately 20% as a result of production enhancement projects (infill drilling), lowering OPEX/bbl as a result. To vastly oversimplify, infill drilling is the process of maximizing well density by drilling in the spaces between existing wells to improve oil production. The same improvements are being undertaken at the Anasuria field via infill drilling, subsea debottlenecking, water injection and sidetracking of existing wells. Without boring you with industry jargon, this basically means future production rate is likely to improve going forward. By how much can the oil production rate be improved by? Management estimates in their analyst presentation that enhancements in the Anasuria field will be able to yield 5,000 bbl/day by 2021 (current: 2,500 bbl/day). Similarly, improvements in the North Sabah field is expected to yield 7,000 bbl/day by 2021 (current: 5,300 bbl/day). This implies a total 2021 expected daily production rate from the two fields alone of 12,000 bbl/day (current: 8,000 bbl/day). That’s a 50% increase in yields which we haven’t factored into our valuation yet. Furthermore, we haven’t considered any production from existing 2C resources (e.g. Marigold/Sunflower) or any potential acquisitions which may occur in the future. By management estimates, this can potentially increase production by another 8,000 bbl/day, bringing total production to 20,000 bbl/day. While this seems like a stretch of the imagination, it pays to keep them in mind when forecasting future revenues and valuations. Just to play around with the numbers, I’ve come up with a sensitivity analysis of possible annual EBITDA at different oil prices and daily oil production rates: Table 2: Hibiscus EBITDA at different oil price and daily oil production rates https://preview.redd.it/jnpfhr5n9br41.png?width=814&format=png&auto=webp&s=bbe4b512bc17f576d87529651140cc74cde3d159 The left column represents different oil prices while the top row represents different daily oil production rates. The green column represents EBITDA at current daily production rate of 8,000 bbl/day; the orange column represents EBITDA at targeted daily production rate of 12,000 bbl/day; while the purple column represents EBITDA at maximum daily production rate of 20,000 bbl/day. Even conservatively assuming increased estimated annual ITDA of RM 500m (FY20: RM 318m), and long-term average oil prices of $50 (FY20: $60), the estimated Net Profit and P/E ratio is potentially lucrative at daily oil production rates of 12,000 bbl/day and above. 2C Resources Since we’re on the topic of improved daily oil production rate, it bears to pay in mind the relatively enormous potential from Hibiscus’s 2C Resources. North Sabah’s 2C Resources alone exceed 30 mmbbl; while those from the yet undiagnosed Marigold/Sunflower fields also reach 30 mmbbl. Altogether, 2C Resources exceed 70 mmbbl, which dwarfs the 44 mmbbl of 2P Reserves we have considered up to this point in our valuation estimates. To refresh your memory, 2C Resources represents oil volumes which have been discovered but are not yet classified as “commercial”. This means that there is reasonable certainty of the oil being recoverable, as opposed to simply being in the very early stages of exploration. So, to be conservative, we will imagine that only 50% of 2C Resources are eligible for reclassification to 2P reserves, i.e. 35 mmbbl of oil. https://preview.redd.it/mto11iz7abr41.png?width=375&format=png&auto=webp&s=e9028ab0816b3d3e25067447f2c70acd3ebfc41a This additional 35 mmbbl of oil represents an 80% increase to existing 2P reserves. Assuming the daily oil production rate increases similarly by 80%, we will arrive at 14,400 bbl/day of oil production. According to Table 2 above, this would yield an EBITDA of roughly RM 630m assuming $50 oil. Comparing that estimated EBITDA to FY20’s actual EBITDA:
FY21 (incl. 2C)
Daily oil production (bbl/day)
Average oil price (USD/bbl)
Average OPEX/bbl (USD)
EBITDA (RM ‘m)
Hence, even conservatively assuming lower oil prices and higher OPEX/bbl (which should decrease in the presence of higher oil volumes) than last year, we get approximately the same EBITDA as FY20. For the sake of completeness, let’s assume that Hibiscus issues twice the no. of existing shares over the next 10 years, effectively diluting shareholders by 50%. Even without accounting for the possibility of the acquisition of new oil fields, at the current market capitalization of RM 714m, the prospective P/E would be about 10x. Not too shabby. Future oil prices exceeding $50 and effects from coronavirus dissipating Hibiscus shares have recently been hit by a one-two punch from oil prices cratering from $60 to $30, as a result of both the Saudi-Russian dispute and depressed demand for oil due to coronavirus. This has massively increased supply and at the same time hugely depressed demand for oil (due to the globally coordinated lockdowns being implemented). Given a long enough timeframe, I fully expect OPEC+ to come to an agreement and the economic effects from the coronavirus to dissipate, allowing oil prices to rebound. As we equity investors are aware, oil prices are cyclical and are bound to recover over the next 10 years. When it does, valuations of O&G stocks (including Hibiscus’s) are likely to improve as investors overshoot expectations and begin to forecast higher oil prices into perpetuity, as they always tend to do in good times. When that time arrives, Hibiscus’s valuations are likely to become overoptimistic as all O&G stocks tend to do during oil upcycles, resulting in valuations far exceeding reasonable estimates of future earnings. If you can hold the shares up until then, it’s likely you will make much more on your investment than what we’ve been estimating.
Wrapping up what we’ve discussed so far, we can conclude that Hibiscus’s market capitalization of RM 714m far undershoots reasonable estimates of fair value even under conservative assumptions of recoverable oil volumes and long-term average oil prices. As a value investor, I hesitate to assign a target share price, but it’s safe to say that this stock is worth at least RM 1.00 (current: RM 0.45). Risk is relatively contained and the upside far exceeds the downside. While I have no opinion on the short-term trajectory of oil prices, I can safely recommend this stock as a long-term Buy based on fundamental research.
Just 2 more Conspiracy Theories that turned out to be True
(i couldn't post in the previous one , word limit )
1.Big Brother or the Shadow Government
It is also called the “Deep State” by Peter Dale Scott, a professor at the University of California, Berkeley. A shadow government is a "government-in-waiting" that remains in waiting with the intention of taking control of a government in response to some event. It turned out this was true on 9/11, when it was told to us by our mainstream media. For years, this was ridiculed as a silly, crazy conspiracy theory and, like the others listed here, turned out to be 100% true. It is also called the Continuity of Government. The Continuity of Government (COG) is the principle of establishing defined procedures that allow a government to continue its essential operations in case of nuclear war or other catastrophic event. Since the end of the cold war, the policies and procedures for the COG have been altered according to realistic threats of that time. These include but are not limited to a possible coup or overthrow by right wing terrorist groups, a terrorist attack in general, an assassination, and so on. Believe it or not the COG has been in effect since 2001.After 9/11, it went into action. Now here is the kicker, many of the figures in Iran Contra, the Watergate Scandal, the alleged conspiracy to assassinate Kennedy, and many others listed here are indeed members of the COG. This is its own conspiracy as well.
The CIA and Its Allies in Control of the United States and the World is a book written by Air Force Col. L Fletcher Prouty, published in 1973. From 1955 to 1963 Prouty was the "Focal Point Officer" for contacts between the CIA and the Pentagon on matters relating to military support for "black operations" but he was not assigned to the CIA and was not bound by any oath of secrecy. (From the first page of the 1974 Printing) It was one of the first tell-all books about the inner workings of the CIA and was an important influence on the Oliver Stone movie JFK. But the main thrust of the book is how the CIA started as a think tank to analyze intelligence gathered from military sources but has grown to the monster it has become. The CIA had no authority to run their own agents or to carry out covert operations but they quickly did both and much more. This book tells about things they actually did and a lot about how the operate. In Prouty's own words, from the 1997 edition of The Secret Team: This is the fundamental game of the Secret Team. They have this power because they control secrecy and secret intelligence and because they have the ability to take advantage of the most modern communications system in the world, of global transportation systems, of quantities of weapons of all kinds, and when needed, the full support of a world-wide U.S. military supporting base structure. They can use the finest intelligence system in the world, and most importantly, they have been able to operate under the canopy of an assumed, ever-present enemy called "Communism." It will be interesting to see what "enemy" develops in the years ahead. It appears that "UFO's and Aliens" are being primed to fulfill that role for the future. To top all of this, there is the fact that the CIA, itself, has assumed the right to generate and direct secret operations. "He is not the first to allege that UFOs and Aliens are going to be used as a threat against the world to globalize the planet under One government."
The Report from Iron Mountain
The Report from Iron Mountain is a book, published in 1967 (during the Johnson Administration) by Dial Press, that states that it is the report of a government panel. According to the report, a 15-member panel, called the Special Study Group, was set up in 1963 to examine what problems would occur if the U.S. entered a state of lasting peace. They met at an underground nuclear bunker called Iron Mountain (as well as other, worldwide locations) and worked over the next two years. Iron Mountain is where the government has stored the flight 93 evidence from 9/11.A member of the panel, one "John Doe", a professor at a college in the Midwest, decided to release the report to the public. The heavily footnoted report concluded that peace was not in the interest of a stable society, that even if lasting peace, "could be achieved, it would almost certainly not be in the best interests of society to achieve it." War was a part of the economy. Therefore, it was necessary to conceive a state of war for a stable economy. The government, the group theorized, would not exist without war, and nation states existed in order to wage war. War also served a vital function of diverting collective aggression. They recommended that bodies be created to emulate the economic functions of war. They also recommended "blood games" and that the government create alternative foes that would scare the people with reports of alien life-forms and out of control pollution. Another proposal was the reinstitution of slavery. U.S. News and World Report claimed in its November 20, 1967 issue to have confirmation of the reality of the report from an unnamed government official, who added that when President Johnson read the report, he 'hit the roof' and ordered it to be suppressed for all time. Additionally, sources were said to have revealed that orders were sent to U.S. embassies, instructing them to emphasize that the book had no relation to U.S. Government policy. Project Blue Beam is also a common conspiracy theory that alleges that a faked alien landing would be used as a means of scaring the public into whatever global system is suggested. Some researchers suggest the Report from Iron Mountain might be fabricated, others swear it is real. Bill Moyers, the American journalist and public commentator, has served as White House Press Secretary in the United States President Lyndon B. Johnson Administration from 1965 to 1967. He worked as a news commentator on television for ten years. Moyers has had an extensive involvement with public television, producing documentaries and news journal programs. He has won numerous awards and honorary degrees. He has become well known as a trenchant critic of the U.S. media. Since 1990, Moyers has been President of the Schumann Center for Media and Democracy. He is considered by many to be a very credible outlet for the truth. He released a documentary titled, The Secret Government, which exposed the inner workings of a secret government much more vast that most people would ever imagine. Though originally broadcast in 1987, it is even more relevant today. Interviews with respected top military, intelligence, and government insiders reveal both the history and secret objectives of powerful groups in the hidden shadows of our government. Here is that documentary: vid For another powerful, highly revealing documentary on the manipulations of the secret government produced by BBC, click here. The intrepid BBC team clearly shows how the War on Terror is largely a fabrication. For those interested in very detailed information on the composition of the shadow or secret government from a less well-known source, take a look at the summary available here.
2. The Federal Reserve Bank
The fundamental promise of a central bank like the Federal Reserve is economic stability. The theory is that manipulating the value of the currency allows financial booms to go higher, and crashes to be more mild. If growth becomes speculative and unsustainable, the central bank can make the price of money go up and force some deleveraging of risky investments - again, promising to make the crashes more mild. The period leading up to the American revolution was characterized by increasingly authoritarian legislation from England. Acts passed in 1764 had a particularly harsh effect on the previously robust colonial economy. The Sugar Act was in effect a tax cut on easily smuggled molasses, and a new tax on commodities that England more directly controlled trade over. The navy would be used in increased capacity to enforce trade laws and collect duties. Perhaps even more significant than the militarization and expansion of taxes was the Currency Act passed later in the year 1764.
"The colonies suffered a constant shortage of currency with which to conduct trade. There were no gold or silver mines and currency could only be obtained through trade as regulated by Great Britain. Many of the colonies felt no alternative to printing their own paper money in the form of Bills of Credit."
The result was a true free market of currency - each bank competed, exchange rates fluctuated wildly, and merchants were hesitant to accept these notes as payment. Of course, they didn't have 24-hour digital Forex markets, but I'll hold off opinions on the viability of unregulated currency for another time. England's response was to seize control of the colonial money supply - forbidding banks, cities, and colony governments from printing their own. This law, passed so soon after the Sugar Act, started to really bring revolutionary tension inside the colonies to a higher level. American bankers had learned early on that debasing a currency through inflation is a helpful way to pay off perpetual trade deficits - but Britain proved that the buyer of the currency would only take the deal for so long... Following the (first) American Revolution, the "First Bank of the United States" was chartered to pay off collective war debts, and effectively distribute the cost of the revolution proportionately throughout all of the states. Although the bank had vocal and harsh skeptics, it only controlled about 20% of the nation's money supply. Compared to today's central bank, it was nothing. Thomas Jefferson argued vocally against the institution of the bank, mostly citing constitutional concerns and the limitations of government found in the 10th amendment. There was one additional quote that hints at the deeper structural flaw of a central bank in a supposedly free capitalist economy.
"The existing banks will, without a doubt, enter into arrangements for lending their agency, and the more favorable, as there will be a competition among them for it; whereas the bill delivers us up bound to the national bank, who are free to refuse all arrangement, but on their own terms, and the public not free, on such refusal, to employ any other bank" –Thomas Jefferson.Basically, the existing banks will fight over gaining favor with the central bank - rather than improving their performance relative to a free market.
The profit margins associated with collusion would obviously outweigh the potential profits gained from legitimate business. The Second Bank of the United States was passed five years after the first bank's charter expired. An early enemy of central banking, President James Madison, was looking for a way to stabilize the currency in 1816. This bank was also quite temporary - it would only stay in operation until 1833 when President Andrew Jackson would end federal deposits at the institution. The charter expired in 1836 and the private corporation was bankrupt and liquidated by 1841.While the South had been the major opponent of central banking systems, the end of the Civil War allowed for (and also made necessary) the system of national banks that would dominate the next fifty years. The Office of the Comptroller of the Currency (OCC) says that this post-war period of a unified national currency and system of national banks "worked well."  Taxes on state banks were imposed to encourage people to use the national banks - but liquidity problems persisted as the money supply did not match the economic cycles. Overall, the American economy continued to grow faster than Europe, but the period did not bring economic stability by any stretch of the imagination. Several panics and runs on the bank - and it became a fact of life under this system of competing nationalized banks. In 1873, 1893, 1901, and 1907 significant panics caused a series of bank failures. The new system wasn't stable at all, in fact, many suspected it was wrought with fraud and manipulation. The Federal Reserve Bank of Minneapolis is not shy about attributing the causes of the Panic of 1907 to financial manipulation from the existing banking establishment.
"If Knickerbocker Trust would falter, then Congress and the public would lose faith in all trust companies and banks would stand to gain, the bankers reasoned."
In timing with natural economic cycles, major banks including J.P. Morgan and Chase launched an all-out assault on Heinze's Knickerbocker Trust. Financial institutions on the inside started silently selling off assets in the competitor, and headlines about a few bad loans started making top spots in the newspapers. The run on Knickerbocker turned into a general panic - and the Federal Government would come to the rescue of its privately owned "National Banks.
"During the Panic of 1907, "Depositors 'run' on the Knickerbocker Bank. J.P. Morgan and James Stillman of First National City Bank (Citibank) act as a "central bank," providing liquidity ... [to stop the bank run] President Theodore Roosevelt provides Morgan with $25 million in government funds ... to control the panic. Morgan, acting as a one-man central bank, decides which firms will fail and which firms will survive."
How did JP Morgan get so powerful that the government would provide them with funding to increase their power? They had key influence with positions inside the Administrations. They had senators, congressmen, lobbyists, media moguls all working for them. In 1886, a group of millionaires purchased Jekyll Island and converted it into a winter retreat and hunting ground, the USA's most exclusive club. By 1900, the club's roster represented 1/6th of the world's wealth. Names like Astor, Vanderbilt, Morgan, Pulitzer and Gould filled the club's register. Non- members, regardless of stature, were not allowed. Dignitaries like Winston Churchill and President McKinley were refused admission. In 1908, the year after a national money panic purportedly created by J. P. Morgan, Congress established, in 1908, a National Monetary Authority. In 1910 another, more secretive, group was formed consisting of the chiefs of major corporations and banks in this country. The group left secretly by rail from Hoboken, New Jersey, and traveled anonymously to the hunting lodge on Jekyll Island. In fact, the Clubhouse/hotel on the island has two conference rooms named for the "Federal Reserve." The meeting was so secret that none referred to the other by his last name. Why the need for secrecy? Frank Vanderlip wrote later in the Saturday Evening Post,
"...it would have been fatal to Senator Aldrich's plan to have it known that he was calling on anybody from Wall Street to help him in preparing his bill...I do not feel it is any exaggeration to speak of our secret expedition to Jekyll Island as the occasion of the actual conception of what eventually became the Federal Reserve System."
At Jekyll Island, the true draftsman for the Federal Reserve was Paul Warburg. The plan was simple. The new central bank could not be called a central bank because America did not want one, so it had to be given a deceptive name. Ostensibly, the bank was to be controlled by Congress, but a majority of its members were to be selected by the private banks that would own its stock. To keep the public from thinking that the Federal Reserve would be controlled from New York, a system of twelve regional banks was designed. Given the concentration of money and credit in New York, the Federal Reserve Bank of New York controlled the system, making the regional concept initially nothing but a ruse. The board and chairman were to be selected by the President, but in the words of Colonel Edward House, the board would serve such a term as to "put them out of the power of the President." The power over the creation of money was to be taken from the people and placed in the hands of private bankers who could expand or contract credit as they felt best suited their needs. Why the opposition to a central bank? Americans at the time knew of the destruction to the economy the European central banks had caused to their respective countries and to countries who became their debtors. They saw the large- scale government deficit spending and debt creation that occurred in Europe. But European financial moguls didn't rest until the New World was within their orbit. In 1902, Paul Warburg, a friend and associate of the Rothschilds and an expert on European central banking, came to this country as a partner in Kuhn, Loeb and Company. He married the daughter of Solomon Loeb, one of the founders of the firm. The head of Kuhn, Loeb was Jacob Schiff, whose gift of $20 million in gold to the struggling Russian communists in 1917 no doubt saved their revolution. The Fed controls the banking system in the USA, not the Congress nor the people indirectly (as the Constitution dictates). The U.S. central bank strategy is a product of European banking interests. Government interventionists got their wish in 1913 with the Federal Reserve (and income tax amendment). Just in time, too, because the nation needed a new source of unlimited cash to finance both sides of WW1 and eventually our own entry to the war. After the war, with both sides owing us debt through the federal reserve backed banks, the center of finance moved from London to New York. But did the Federal Reserve reign in the money trusts and interlocking directorates? Not by a long shot. If anything, the Federal Reserve granted new powers to the National Banks by permitting overseas branches and new types of banking services. The greatest gift to the bankers, was a virtually unlimited supply of loans when they experience liquidity problems. From the early 1920s to 1929, the monetary supply expanded at a rapid pace and the nation experienced wild economic growth. Curiously, however, the number of banks started to decline for the first time in American history. Toward the end of the period, speculation and loose money had propelled asset and equity prices to unreal levels. The stock market crashed, and as the banks struggled with liquidity problems, the Federal Reserve actually cut the money supply. Without a doubt, this is the greatest financial panic and economic collapse in American history - and it never could have happened on this scale without the Fed's intervention. The number of banks crashed and a few of the old robber barons' banks managed to swoop in and grab up thousands of competitors for pennies on the dollar. See:
-Rupee continues to recover, gains Rs4.16 in four months The Pakistani rupee has maintained a gradual uptrend against the US dollar since the beginning of current fiscal year in July and is anticipated to gain more ground in the remaining eight months amid expectations of increase in foreign currency inflows. The rupee gradually strengthened Rs4.16 or 2.60% in the past around four months to Rs155.88 to the US dollar in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP). “The rupee may recover to 145 to the greenback by June 30, 2020,” Forex Association of Pakistan (FAP) President Malik Bostan projected while talking to The Express Tribune. Further: -In a positive development, Pakistani Rupee hits highest level of four months against US dollar The Pakistani rupee has shown recovery against the US dollar as the US currency reached the lowest level in four months. -ExxonMobil to help build LNG terminal in Pakistan After getting a liquefied natural gas (LNG) supply contract from private-sector consumers, US energy giant ExxonMobil is planning to build the third LNG terminal in Karachi as a joint-venture partner. Some time ago, ExxonMobil, in collaboration with Pakistan’s exploration and production companies, drilled an offshore well to search for hydrocarbon reserves in the Arabian Sea. However, the effort could not prove successful. Now, in a new venture with Energas consortium, the US firm is going to invest in setting up an LNG terminal in Pakistan. -Pakistan's Hindu community celebrates Diwali today in a renovated temple reopened by the Pakistan government after 72 years he country’s Hindu community is celebrating the annual religious festival of Diwali. The religious festivities are expected to take place in Shawala Teja Singh Temple, located in Sialkot, after 72 years. All preparations for the upcoming festival have been completed. The festival of Diwali is being seen as more of a cultural than a religious one as people from other faiths will celebrate alongside members of the Hindu community. The temple, where the festivities will take place, was closed down in 1947. The Evacuee Trust Property Board (ETPB) and certain members of the Hindu community decided to open the temple a few months ago, after which the renewal and renovation work had begun. Now, for the first time, this temple is going to celebrate a religious ceremony. -Tax Returns Filed Per Day in 2019 Have Increased by 127 Percent: FBR Chairman Federal Board of Revenue’s (FBR) Chairman Syed Shabbar Zaidi has announced that on average, tax returns filed per day in 2019 have risen by 127 percent compared to last year. In a Twitter post, Zaidi shared details of the tax returns filed so far. As per the records, the number of tax returns filed in 2019 till October 25 stands at 918,027, as compared to 585,209 tax returns filed in the same period last year. Zaidi said that as of November, the FBR will impose strict measures against unauthorized interactions and harassement between its staff and the business community. The business community is suggested to report to FBR if any person contacts them through any manner without proper authorization. -Pakistan, Nepal agree to enhance trade ties President Dr. Arif Alvi on Saturday held a meeting with the Nepal’s Prime Minister Khadga Prasad Sharma Oli on the sidelines of 18th Non Aligned Movement Summit in Baku, ARY News reported. According to a statement issued by the ministry, both the leaders affirmed to enhance trade ties between the two countries and expressed their desire to further strengthen the bonds of friendship. Matters of mutual interest, bilateral relations, regional peace, grave human rights violations and humanitarian crisis in occupied Kashmir and other issues were came under discussion in the meeting. Speaking on the occasion, President Alvi briefed the Nepalese prime minister on Indian illegal actions in occupied Kashmir. He expressed hope that Nepal will play its role as SAARC chair, for strengthening peace and stability in the region. -CPEC enters into 2nd phase: Poverty, agriculture, B2B initiatives prime focus: Khusro Federal Minister for Planning, Development & Reform Makhdoom Khusro Bakhtyar Wednesday said the CPEC has now entered into its second phase with focus on poverty alleviation, agriculture and B2B industrial cooperation. “The Pakistan Tehreek-e-Insaf (PTI) government's economic reform measures will strengthen the country's economy as the investors' confidence is rebounding due to corrective measures," the minister expressed these views while talking to Australian High Commissioner Dr Geoffrey Shaw who called on him on Wednesday. Secretary Planning Zafar Hasan was also present in the meeting. While discussing bilateral relations and foreign investment in various sectors in Pakistan especially in Gwadar, the minister said that ongoing phase of CPEC will bring about socioeconomic benefits for the welfare of the people. He said that CPEC offers enormous potential to boost national economy and reduce poverty. -Pakistan's Defence Exports have reached USD 212.6 MILLION IN 2018-2019 According to the Pakistan Ministry of Defence Production’s (MoDP) “First Year Performance Report,” the country had registered $212.6 million US in defence exports from August 2018 to August 2019. Pakistan Aeronautical Complex (PAC) booked the highest value at $184.38 million US, which was followed by Pakistan Ordnance Factories (POF) at $7.13 million US and Heavy Industries Taxila (HIT) at $1.3 million US. In addition, private sector firms booked $19.36 million US in sales. No additional breakdowns were provided by the MoDP. It is likely that PAC’s exports were fueled by co-production work for FC-1/JF-17 sales to Myanmar and/or Nigeria. Though an agreement was signed with Turkey for the sale of 52 Super Mushshak basic trainers, it is unclear if PAC has started manufacturing these aircraft. -DRAP to launch countrywide drive against substandard, spurious medicines The Drug Regulatory Authority of Pakistan (DRAP) is launching a countrywide campaign against substandard medicines, the PM’s Special Assistant on Health Dr. Zafar Mirza said while addressing the federal and provincial drug inspectors in Islamabad on Thursday. He said a crackdown is being launched throughout the country to eradicate the menace of unregistered, spurious and sub-standard medicine. In addition to medicine quality, he added, DRAP will also take stern action against violation of fixed prices of medicines. -Foreign exchange: SBP reserves increase $79m to $7.89b The foreign exchange reserves held by the central bank increased 1.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On October 18, the foreign currency reserves held by the SBP were recorded at $7,892.7 million, up $79 million compared with $7,813.7 million in the previous week. The report cited no reason for the increase in reserves, which stood below the $8-billion mark. -Ease of business: Pakistan up 28 places on World Bank index Pakistan has jumped up 28 places on the World Bank’s (WB) Ease of Doing Business Index and secured a place among the top 10 countries with the most improved business climate – a development that will greatly improve Islamabad’s image abroad, Pakistan carried out six reforms that helped improving its ranking from 136 to 108, according to the WB’s annual flagship report, ‘Ease of Doing Business 2020’, released on Thursday. It turned out to be the sixth global reformer and first in South Asia that brought ease in doing business in the last one year. The fewer are the regulations the better is the ranking on the index. The key to attain perfection is to cut the bureaucracy hindering business activities in the name of various regulations and procedures. -CM approves Rs 500m for Punjab Housing & Town Planning Agency Punjab Chief Minister Sardar Usman Buzdar has given approval of Rs 500 million for Punjab Housing & Town Planning Agency. He gave approval while presiding over a high-level meeting at CM Office here on Monday. During the meeting progress on Naya Pakistan Housing Project for low-income persons was reviewed and detailed briefing was also given to the participants on Naya Pakistan Housing strategy. While addressing the meeting, Usman Buzdar said that obstacles should be removed in order to ensure completion of Naya Pakistan Housing Scheme and financial conditions of common man should be kept in mind while chalking out housing policy of the project. All out attention should be paid while constructing small houses in the province, he added. It has also been decided during the meeting to launch rural housing project in 17 model villages. -KSE 100 gains 204 points amid improved sentiments The benchmark KSE 100 Index depicted remarkable progress as it gained around 204 points and concluded at 33,861-level.It was a busy start to the week at the Pakistan Stock Exchange (PSX) with earnings season hitting its peak, while volumes remained at par with previous weeks’ average. Biggest single day investment in treasury bills in the previous week of estimated US $87.5 million, increasing total investment to US$440 million since July 2019 was the major rally point in the market sentiments. The bourse recorded an intraday low of 33,572.36 soon after the commencement of the session. However, after regaining the momentum, the index marked its day’s high at 34,008.35 adding 350.89 points. It settled higher by 204.13 points at 33,861.59. The KMI 30 Index accumulated 386.53 points to settle at 55,155.92, while the KSE All Share Index managed to gain 86.13 points, ending at 24,543.78. -Sindh to reserve 0.5% job quota for transgender persons The Sindh Cabinet on Wednesday agreed to reserve 0.5 per cent quota in government jobs for transgender persons. “I want to bring transgender people into the mainstream,” said Sindh Chief Minister Syed Murad Ali Shah during the cabinet meeting. “We want to make them an asset for our society.” CM Murad congratulated the transgender community on behalf of the cabinet and advised them to improve their education. Around 41,000 positions are vacant in different government departments across Sindh out of which 206 will be given to transgender people. A spokesperson from the chief minister’s house stated that out of the 41,000 available jobs 16,000 positions will be filled this fiscal year. Rest of the positions will be filled in the period of next three years. -Malaysia's Mahathir stands by Kashmir comments despite India palm oil boycott Malaysian Prime Minister Mahathir Mohamad said on Tuesday he would not retract his criticism of New Delhi’s actions in occupied Kashmir despite Indian traders calling for an unprecedented boycott of Malaysian palm oil. The impasse could exacerbate what Mahathir described as a trade war between the world’s second biggest producer and exporter of the commodity and its biggest buyer so far this year. India’s top vegetable oil trade body on Monday asked its members to stop buying Malaysian palm oil after Mahathir said at the United Nations General Assembly last month that India had “invaded and occupied” Kashmir. -“World’s two major companies setting up solar panel plants in Pakistan” Federal Minister for Science and Technology Fawad Chaudhry announced on Monday that the world’s two major solar panel firms will establish their plants in Pakistan. The minister tweeted saying “good news gets lost in political plays, yet I am very happy that the world’s two major companies are setting up solar panel’s plants in Pakistan.” Chaudhry added that China’s second-largest Lithium battery producer will also set up its workshop in Pakistan. The Lithium battery-powered buses will also be manufactured in Pakistan, the tweet further said. The Minister for Science and Technology was recently on a visit to Beijing where he met various Chinese officials and the country’s business leaders. -Pakistan Navy organizes free medical camp in Balochistan Navy organized a free medical camp in the village Dam of Balochistan in collaboration with Sahil and Ulfat welfare foundations. According to the spokesperson of Pakistan Navy, specialist doctors of surgical, medical, skin, gynecology, child and general medically inspected patients at the camp. Over 700 patients were provided with free medical treatment, medicines and ordinary surgical facilities. -Lahore to get Tram service soon Citizens of Lahore are getting a modern-day tram service soon, based on the famous British-era tram service. In this regard, the Punjab Transport Department has inked an agreement with CRSC International, a Chinese company specializing in rail transportation control systems, and Inkon Group of the Czech Republic. The development of the project is divided into several phases. In the first phase, a 35 km track will be constructed on Canal Road, Lahore. Up to 50 trams will run on this track. Once operational, the trams will be able to carry 35,000 passengers in 1 hour. The trams will be powered through electricity and batteries. A single tram will have a service life of around 40 years. 2 tram depots will be constructed at different locations as well. -10 Pakistani Universities Ranked Among the World’s Best in ‘University Impact Rankings 2019’ Ten Pakistani universities have been ranked among the top universities in the world in the Times Higher Education (THE)’s list. THE is a weekly UK-based magazine that issues its annual list of world’s most influential universities. The list called ‘University Impact Rankings 2019’ has included 10 Pakistani varsities in different categories, including Gender Equality, Good Health and Well-being, Quality Education, Decent Work, Economic Growth, and others. According to the magazine, the rankings assess universities against the United Nations’ Sustainable Development Goals. -PM Imran Khan inaugurates China-Hub Power Generation Plant in Balochistan Prime Minister (PM) Imran Khan has said that Pakistan is moving forward through China-Pakistan Economic Corridor (CPEC) projects. Addressing inaugural ceremony of China Hub Power Generation Plant in Balochistan, he said this is the first joint project under the CPEC umbrella and he is very happy after inaugurating it. “The government will facilitate joint collaboration between Pakistani and Chinese businesses in various sectors.”, he said. PM Imran Khan said with the help of coal reserves in Thar, Pakistan can generate huge amount of electricity, which can be enough for at least 100 years. -Punjab Forest Department develops ‘record keeping’ mechanism Department of Forest Punjab is managing 1.6 million acres of forest land area – 67 per cent of the entire forest land area in Punjab – under the Geographic Information System (GIS), Pakistan Today learnt reliably on Friday. The program enabled the forests department to ensure sound management and introduce state of the art record-keeping and mapping methods. ‘Development of GIS-Based Forest Management Information System in Punjab’ was approved at PC-1 with a cost of Rs75 million and a gestation period of 36 months (2016-2019) has allowed for transfer of all forest resources and inventories into IT-based inventory systems and achieved extensive field surveys, rapid data collection and its processing for development of the forestry sector on efficient lines. -Hutchison Port Holdings announces $240m investment in Pakistan Prime Minister Imran Khan has welcomed $240 million foreign investment from Hutchison Port Holdings, a Hong Kong-based port operator. A delegation of Hutchison Port Holdings, led by its Group Managing Director Eric Ip, called on Prime Minister Imran Khan on Tuesday. Other delegation members included HPH Middle East & Africa Managing Director Andy Tsoi and Middle East & Africa Business Director Eric Ng. Maritime Affairs Minister Syed Ali Haider Zaidi, Adviser to PM on Commerce Abdul Razzaq Dawood, Special Assistant to PM on Overseas Pakistanis Syed Zulfiqar Abbas Bukhari, Ambassador-at-Large for Foreign Investment Ali Jehangir Siddiqui and Board of Investment Chairman Zubair Haider Gilani were also present on the occasion. Group Managing Director Eric Ip apprised the prime minister of Hutchison’s fresh investment into Pakistan approximating $240 million which will enhance the new container terminal capacity at the Karachi Port, and increase Hutchison Ports’ total investment in Pakistan to $1 billion. -Punjab's tax collection jumps 44% Punjab’s tax collection registered a 44% growth to Rs77 billion in first quarter of the ongoing fiscal year compared to the corresponding period of previous year, despite tough conditions of the federal government for the provinces to get a share in the federal divisible pool of resources. Punjab Finance Minister Makhdoom Hashim Jawan Bakht disclosed this at a review meeting of the Finance Department on Monday. The meeting was briefed that despite the financial backlog left by the previous government, the current government gave a surplus budget of Rs233 billion in order to meet financial requirements of the federal government to comply with conditions of the International Monetary Fund (IMF) loan programme. -‘SECP recognised as 7th most effective regulator in world’ The Securities and Exchange Commission of Pakistan (SECP) has been recognised as the “7th most effective regulator” by the World Economic Forum in its ‘Global Competitiveness Report-2019’. “Pakistan was ranked as the 52nd most dynamic economy in the world. The country secured this by improving 15 points from last year, as it stood at 67th in 2018,” said a statement issued by Mishal Pakistan, Country Partner at WEF’s Institute of the Future of Economic Progress System Initiative, on Wednesday. “The progress of Pakistan’s competitiveness was due to the achievements made during the last 12 months.” The most effective improvements were made due to the initiative and strategies adopted by the apex regulator for the corporate sector and the capital markets; supervision and regulation of insurance, non-banking financial companies and private pension schemes. The SECP improved Pakistan’s competitiveness rankings by improving the “number of days to start a business”, where Pakistan was ranked at the 90th position compared with 96th in 2018. -Pakistan China bilateral trade crosses $19 billion, highest ever in history Pakistan Ambassador to China , Naghmana Hashmi has said the bilateral trade volume between Pakistan and China has now touched US $ 19.08 billion and both countries aimed to raise it further. “The bilateral trade volume between Pakistan and China has now touched US$ 19.08. We aim to raise it further,” Ambassador Hashmi said joint ventures in defence production have led to the manufacture of the MBT 2000 Al-Khalid Tank and JF-17 Thunder, a fighter aircraft. “On the diplomatic front, the two countries are committed to protecting and promoting multilateralism and upholding the United Nations (UN)Charter, while our cooperation has extended to science and technology, socioeconomic sectors and nuclear cooperation for peaceful purposes,” she added. -Foreign Company Agrees to Drop $6 Billion Penalty, Re-Invest in Reko Diq: Reports The International Center of Settlement of Investment Disputes (ICSID) had slapped the country with a $6 billion penalty for revoking the contract without prior knowledge back in 2009. Soon after the development, the Prime Minister had empowered his financial team to contact the executives of the Tethyan Copper Company (TCC) to reach an out-of-court settlement and avoid the penalty. Reportedly, after the Pakistan authority’s approach, the company has not only agreed to take back the penalty but has also agreed to invest in the project again. As per media reports, PM Imran Khan contacted the TCC management and discussed the prospects of the matter. He assured the company his full support if they wanted to revise the investment plan for the project. The company will reportedly withdraw its appeal from the ICSID, while Pakistan will compensate for their damages due to the cancelation of the contract. -Current account deficit shrinks massive 64pc The country’s current account deficit (cad) in the first quarter of current fiscal year declined by a huge 64 per cent mainly on the back of a 21pc reduction in the imports bill. The State Bank’s latest data issued on Friday showed the current account deficit for July-September FY20 clocked in at $1.548 billion compared to $4.287bn in the same period last fiscal year; a decline of $2.739bn. The reduced current account deficit is a positive omen for the government, which is struggling with slow economic growth and high inflation. However, despite massive decline in rupee’s value, the country’s exports have failed to register any noticeable increase during the period. -Food imports down 24pc, exports up 14pc in Q1 FY20 Food group imports into the country during the first quarter of the current financial year (July-Sept 2019-20) decreased considerably by 24.7pc, whereas exports increased by 13.98pc compared with the corresponding period of last year. The import of food commodities into the country during the period under review came down from $1.45 billion to $1 billion, whereas the exports increased from $864 million to $984.7 million, according to latest data released by the Pakistan Bureau of Statistics (PBS). -Chinese Smartphone Company Realme to build mobile phone manufacturing factory in Pakistan Chinese company Realme's Director of Marketing in Pakistan Mr He Shunzi in an interview disclosed that Realme is planning to set up the mobile phone manufacturing factory in Pakistan. He told that company is inspecting locations in Islamabad, Peshawar, and Faisalabad Industrial Estate for suitable land. Pakistani mobile market offers guaranteed capital as Realme ranked top five android brands in Pakistan in less than nine months, capturing 8% of total market share, he added. -Chinese Coal Giant Wants to Convert Thar’s Coal to Diesel China’s Shenhua Ningxia Coal Industry Group will help convert Thar’s coal into oil and the talks between the two parties are underway. The Shenhua Ningxia Coal Industry Group is a subsidiary of China’s biggest coal producer, the Shenhua Group and the company already has the world’s largest plant for converting coal into diesel, with an annual production capacity of 4 million tons in Ningxia in its portfolio. The agreement, if signed, will be a ‘game-changer’ for Pakistan, believes Adviser to Prime Minister on Petroleum Nadeem Babar, who accompanied Imran Khan on his recent visit to China. The Pakistani delegation held talks with the Shenhua Group during the trip: -In a positive development, Pakistan projected among top 20 rising economic growth engines of the World Pakistan projected among 20 top rising economic growth engines of the World that would dominate the global growth in next 5 years. Pakistan has been projected as one of 20 countries that will dominate global growth in five years time in 2024, an assessment made by Bloomberg using data from the International Monetary Fund (IMF). -In a positive development, Pakistan textile exports register increase Textile exports from the country increased by 2.95pc during the first quarter of the current fiscal year (July-Sept FY20) compared with the corresponding period of the last fiscal year. The textile exports during the period under review were recorded at $3,371.974 million as against the exports of $3,275.303 million during July-September 2018-19, according to latest data by the Pakistan Bureau of Statistics (PBS). The textile commodities that contributed to the positive growth included raw cotton, exports of which grew by 53.65pc, from $7.047 million to $10.828 million. Similarly, the exports of yarn (other than cotton yarn) increased by 21.95pc, from $7.759 million last year to $9.462 million, while that of knitwear surged by 11.14pc, from $701.393 million to $779.548 million. -Kartarpur Corridor will open to public on November 9: PM Imran Prime Minister Imran Khan on Sunday announced that Pakistan will inaugurate the Kartarpur Corridor on November 9. The premier’s announcement came via a Facebook post in which he said that construction work on the Pakistani side had entered the final stage. “Pakistan is all set to open its doors for Sikhs from all across the globe,” he wrote. “World’s largest Gurdwara will be visited by Sikhs from across India and other parts of the world,” he said. -'$1.2b penalty in Karkey case likely to be waived' Pakistan Tehreek-e-Insaf (PTI) leader and senior lawyer Babar Awan has said that the $1.2 billion penalty that Pakistan has to pay to Turkey’s Karkey rental power plant is likely to be waived. “International institutions, through high-level backdoor contacts, have agreed to waive off the penalty. This is very good news for Pakistan,” said Awan while addressing the media on Friday. “International institutions have shown their trust in Prime Minister Imran Khan,” he added. -Punjab Govt to Introduce a Unified Tax Collection System Punjab government is contemplating the introduction of a unified tax collection system in the province. The unified system will streamline the tax collection process and facilitate the taxpayers. At the moment, Punjab Revenue Department, Excise and Taxation Department, and local administrations collect taxes in Punjab. On Sunday, Finance Minister of Punjab, Makhdoom Hashim Jawan Bakht, headed a meeting of Punjab Revenue Authority (PRA). Bakht said that a special tax management unit will be set up at the Punjab finance department that will unify tax collection all across the country. -PM To Launch Clean Green Pakistan Index for Multiple Cities Prime Minister’s Adviser on Climate Change, Malik Amin Aslam, said that Imran Khan will launch the Clean Green Pakistan Index (CGPI) at a grand launching ceremony on October 30. The initiative is aimed at introducing competition among cities on various indicators, including public access to clean drinking water, safe sanitation, effective solid waste management, and tree plantation. The prime minister will announce a six-month competition among 19 cities of Punjab and Khyber-Pakhtunkhwa provinces, he added. The adviser said that after six months, these cities will be ranked again and those with prominent progress will be rewarded with special federal and provincial government funds and more cities will be joining the competition. -PM Khan Will Lay The Foundation of Baba Guru Nanak University on Oct. 28 Prime Minister Imran Khan is going to lay the foundation stone of Baba Guru Nanak University on October 28. The establishment of this university in Nankana Sahib was announced earlier this year when PM Khan was in the town for a Spring Tree Plantation Campaign. -Sindh govt invites bids for Dhabeji SEZ The Sindh government has launched the well-connected Dhabeji Special Economic Zone in district Thatta near Port Qasim, according to a statement issued on Monday. In this connection, the Sindh Economic Zones Management Company (SEZMC), being the provincial SEZ custodian, has invited proposals for the development and operation of Dhabeji project through an advertisement published in leading national and international newspapers. Dhabeji SEZ was highlighted in the recent meeting of the China-Pakistan Economic Corridor (CPEC) Joint Working Group on Industrial Cooperation. The senior officials of China’s National Development Reforms Commission (NDRC) appreciated the Sindh government on the progress made so far. The Sindh government launched the project through an international competitive bidding process as a build-up to the upcoming 10th Joint Coordination Committee (JCC) meeting between China and Pakistan, which would be held next month. -Rice exports surge 51pc in first quarter FY20 Rice exports from the country during the first quarter of the financial year 2019-20 grew by 50.76pc as compared to the corresponding period last year. During the July-September period, about 839,356 metric tonnes of rice, worth $470.584 million, were exported as compared the exports of 551.5,86 metric tonnes, valuing $312.147 million, during the same period of FY19. According to data released by the Pakistan Bureau of Statistics, the exports of basmati rice increased by 47.29pc, as 212,873 metric tonnes of basmati rice ($194.669 million) were exported during the first quarter of FY20, as compared the 127,669 metric tonnes ($132.166 million) in the same period of last year. Meanwhile, 34,090 metric tonnes of fish and fish preparations worth $79.549 million were also exported in the period under review as compared to the exports of 25,859 metric tonnes valuing $67.294 million during the same period of last year.
Below is a list of forex brokers with presence in United States who provide MetaTrader. All of these brokers are registered with the CFTC (Commodity Futures Trading Commission) and are a member of the National Futures Association (NFA) in the United States: The U.S. dollar steadied against most major currencies on Thursday as U.S. stimulus talks remained the focus for markets with trading buffeted over recent days by the extent of progress made on ... Forex advertisers, publishers and providers offering hundreds of Forex products and services. No matter beginner you or professional this is your guide in Forex Industry. FREE and Paid listings! The Largest Forex Marketplace. Sign In Register. Pricing; Search; My Account; Forex Marketplace and Directory Worldwide United States. Grid View List View. LOCATION: United States. Best-ECN ... Meet the Two United States Forex Regulatory Agencies. If you have been interested in forex trading for longer than five minutes, you have probably run across an article or few focusing on forex broker scam activities. It just goes with the territory when you have an enormous financial marketplace that remains largely unregulated. Depending on how confident and successful you have been in your ... The U.S. dollar jumped and risk-sensitive currencies weakened on Wednesday, as early results in the U.S. presidential election showed a very tight race, prompting a wind-back of bets on a victory ... The company recently expanded the United States and offers a wide range of foreign exchange assets for traders looking to test their luck in the fast-paced FX marketplace. Forex.com 3.3 Bannockburn Global Forex is headquartered in Cincinnati, OH and has 11 office locations across 1 country. See the full list at Craft.
In this video, I will speak about the advantages of Trading Forex during this situation. I will also give a free breakdown of the current situation on USDTHB... America, are you ready for a better way to trade forex? Find out how we're turning the industry on its head with spreads from just 0.8 pips, cutting-edge technology and 24-hour service. Subscribe ... ENJOY A RISK-FREE 14-DAY TRIAL MEMBERSHIP http://training.tieronetrading.com/trial In today's video, I wanted to discuss this topic as well as take a look at... Forex Strategy for News trading I use for a long time now. I trade with http://www.tallinex.com/?i=100674 My Forex blog - http://jannafx.com/news-trading/ Fo... My next event on the 24th June! : www.fortuneacademy.co.uk/fortuneevent Meet one of my top female students who has been with me for 2 years under mentorship.... Forex Trading Advertisement Financial Advisory Presentation Stock Market Animation Video: Wintrade - Duration: 2:01. Miss Audio Video -Animated Explainer Video 7,446 views 2:01 Forex Trading Consultant Videos; Playlists; Channels; Discussion; About; Home Trending History Get YouTube Premium Discover how to use the Hedge and Hold Forex Trading strategy in your daily trades. This strategy allows beginning traders to start trading immediately. More... Forex Taxes for USA forex traders only. This does pertain to anyone outside of U.S. "I am giving out my own personal experience with business taxes and Forex trading" Follow at your own risk For ... Multistreaming with https://restream.io/ My name is Ivan Delgado, Market Insights Commentator at Global Prime and FX Trader. I am on a mission to pass on my...