The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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The SP has risen last 12months - but they would have lost out big down in previous years- and should be clobbered for it, but there is zero incentive, they get their salaries no matter what and along with 3 rd party contractors- this is where all the share money poor long terms investors has gone to.
They don’t care- as all the directors get huge salaries and bonuses so do very well indeed- as I’ve been saying for years , about one they got paid on SP ONLY- at the VERY LEAST it should be their salary minus or plus the SP % change in previous year.
Now there's a thing Cowichan!
Now what's EMRA actually contributing into the development of these mines, let me guess sweet F*** all!
Our CEO, Investor Revelations or FTI shook a leg in order to try and invigorate this share price!
Possibly they are all content with their lot, don't care a fig will sit on their hands whilst it drops own the lavatory into the penny share section!
Gold down a tad today, but a good kick in the crotch for the Cey share price so its once again dragging its ar(se along on the bottom of the sea of hopelessness!
July 17, 2023
EGYPTMINING
Arab Finance: The Egyptian Ministry of Petroleum and Mineral Resources will sign seven contracts with Centamin and Barrick Gold this week for the commercial exploitation of gold discoveries, Asharq Business reported on July 16th, citing unnamed sources with the matter.
The deals will allow the government to obtain 50% of the net profit achieved from the commercial operation of the gold mine when it is operational, according to one of the sources.
https://www.zawya.com/en/projects/mining/egypt-to-pen-gold-exploration-contracts-with-centamin-barrick-gold-within-days-g2on7gu5
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As we know, the NEW terms are supposed to be a more attractive tax & royalty scheme - reverting to a 50% profit split would be back to the old terms
A interesting concept because the Sukari project may be regarded as already 50% privatised or 50% nationalised, Centamin being the private party and EMRS being the Eygptian governments representative, if everyone recalls this was what the court case was all about and why it went on for so long!
Whatever though, my overriding concern is that the share price remains on it's ar(se because neither of the two joint parters behaved honourably or with due diligence, that being Centamin carried out bad mining practice for over decade which the Jersey BOD and EMRA both went along with because all they were concerned about was getting as much profit as possible in the shortest possible time without out a care for the shareholders, or the long term consequences!
In short this seems like the perfect partnership between a pair of "Shysters"!
I do hope that Centamin and their new PR company FTI read this!
If you really want to look at Egypt basics- see here:
https://tradingeconomics.com/egypt/foreign-direct-investment#:~:text=Foreign%20Direct%20Investment%20in%20Egypt%20averaged%202947.09%20USD%20Million%20from,the%20second%20quarter%20of%202002.
Here is the details on the link below
The Madbouly cabinet’s big privatization presser did not disappoint. The government has already signed agreements worth USD 1.9 bn to sell state-owned assets, Prime Minister Moustafa Madbouly said at the press conference.
The state has sold stakes in three oil and petrochemicals firms, its hotels holding company, and Ezz Dekheila Steel. Named buyers include Abu Dhabi sovereign wealth fund ADQ and Talaat Moustafa Group subsidiary Icon Investments. We have the full rundown — including details of further transactions in the pipeline — in this morning’s news well, below.
https://shorturl.at/mqPR5
Egypt have far more things to worry about than risk nationalising a cash cow where others take all the risk and encourages other companies outside Egypt to invest in Egypt. Never going to happen and pointless wasting time thinking about it- time should be spent on economic indicators that move the SP and not wild speculation
Enterprize news Egypt
Among the news of more privatiseations, Centamin and Barrick to Ink contracts for exploration awards.
Nothing mentioned about any sign of Nationalisation nor any sign ,just the opposite.
Major European markets traded lower on Monday during the premarket session. Market participants are bracing for a week of data and earnings reports. Among the most important, the bloc will receive the last inflation report for the month of June.
The DAX lost 0.25% at 7:38 am CET, while the CAC 40 fell 0.31%, and the FTSE 100 declined 0.25%. The pan-European Euro Stoxx 50 inched down 0.41%.
On the currency front, the euro and the British pound were flat against the dollar at 7:40 am CET, selling for $1.12244 and $1.30876, respectively.
Baha Breaking News (BBN) / JG
Happy Monday y’al
It would be amazingly stupid and unjustifiable whilst there is a cost of living crisis!
don't build your hopes up, because by 2025 the tories will have their ars(es kicked down the road, brilliant , and the new government will not be able to afford to make such a change if it wants to prioritise social care, nhs,public services and housing to spend money on.
tories wont be elected again for at least three terms of parliament , if ever, this lot have ****ed their goose with their arrogance, lies and personal greed which has decimated and destroyed so many facets of our society and this with the disastrous brexit now apparent they have made themselves are unelectable for a very long time!
cabinet members are already starting to step down to return to the the back benches so that they can start running the two year clock down before they can take up posts in the private sector they only care about themselves and they know their time is up!
Would be amazing!
Monday, 10 July 2023
Food and beverage prices — the largest component of the basket of goods and services used to calculate inflation — accelerated to a record high of 65.9% y-o-y in June from 60.0% the month before.
The higher-than-expected surge was “driven mainly by the high demand for core items in the food sector during Eid season,” Bedeir told Enterprise yesterday. This was also due to “an unfavorable base effect coupled with the current underlying inflation pressures arising from the previous FX movements and the supply shortage in important commodities driven by the FX liquidity crisis,” she added.
Core inflation also moved higher: Core inflation — which strips out volatile items such as food and fuel — accelerated to 41.0% in June from 40.3% the month before, according to central bank figures
https://enterprise.news/news/story?storyId=869177c8-d101-4ffe-8c4e-f1c09a8c20bc
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The question is - how will Egypt get its hands on more US dollars? Their greatest sources are the canal revenue, oil & gas exports and potentially, some day, gold exports. IMO nationalization of gold reserves could be a real option.
I really hope this happens! Tories May well remove it by 2025- here’s hoping!
Hi,
Yes horrible selfish, why did people keep voting for this type of person, all too often people never look into the personalities of their MP candidates, or even where they live, they just vote for a party, which is a great pity!
What we need id proportional representation , the main parties hate the idea , but its the only way to get much fairer representation in parliament and break up the old boys club!
https://www.electoral-reform.org.uk/
Also when writing to your MP it's useful to do so through this website -
https://www.writetothem.com/
Nadine Dorries is facing growing calls for a formal investigation over claims she sent a “forceful” message to the UK’s top civil servant pushing to be added to Liz Truss’s resignation honours list
https://www.independent.co.uk/news/uk/politics/nadine-dorries-liz-truss-boris-honours-b2374534.html.
My local MP. Never once resided here. Never replied to any emails over the last god knows how many years. Glad she’s got time however to write books write columns and appear in fatuous reality shows
France is latest country that wants in on BRICS. The BRICS alliance is gaining serious traction and the upcoming meeting in South Africa this summer will discuss the next phase, global expansion. Will France join China's powerful alliance? Which other countries are interesting in joining? Let's break down the latest news about BRICS
https://www.youtube.com/watch?v=eK3KQ26ZiOo
Rishi Sunak has been accused of failing to act to save billions of taxpayers' money that has been used to pay interest on government debt. The National Institute of Economic and Social Research think tank said the losses were due to the Treasury failing to insure against interest rate rises.
overnment fraud has almost quadrupled under Rishi Sunak from £5.5 billion to £21 billion, a new report reveals today.
The Commons’ Public Accounts Committee compares the two years before the 2020 pandemic under Theresa May’s Government with the two years that followed when Rishi Sunak was Chancellor under Boris Johnson.
HM Revenue and Customs, which was the direct responsibility of Sunak, contributed enormously to the rise in fraud after the then Chancellor approved £97 billion to be spent on the pandemic furlough scheme, the bounce back loan scheme, and his ‘Eat Out to Help Out’ scheme to combat the downturn in the economy during the Coronavirus crisis.
https://bylinetimes.com/2023/06/06/government-fraud-quadruples-on-rishi-sunaks-watch-new-report-reveals/
The UK government is wasting billions of pounds of taxpayers’ money on “corporate welfare” for arms manufacturers that is siphoned into massive shareholder returns, a new report claims.
The study, by thinktank Common Wealth, suggests that long-term purchase orders and direct subsidies, which sometimes paid for more than 90% of private defence firms’ research and development budgets, were allowing leading defence companies to give billions of pounds to their shareholders.
But, despite being “supported by the state in a way no other sector is”, weapons manufacturers had failed to deliver on government work, the report’s authors stressed.
https://www.theguardian.com/world/2023/jul/09/uk-wastes-billions-defence-firms-investors-taxpayer-weapons
Adam Forrest
Wed, 12 July 2023 at 10:56 am BST
Nadine Dorries book on Boris Johnson’s “political assassination” is to be released just days before the Tory conference in the autumn.
The loyal ally of the former PM has announced a deal with Harper Collins to publish in late September – threatening to reopen old wounds at the party’s October conference in Manchester.
The former culture secretary – who has vowed to quit parliament but is yet to formally resign – promised to reveal the “dark arts” behind Mr Johnson’s removal from No 10.
Ms Dorries has previously claimed that Rishi Sunak was “largely” behind the “ruthless coup” which saw her boss pushed out in July 2022.
https://uk.yahoo.com/news/nadine-dorries-book-political-assassination-090315639.html
p.s. The book was written by a "Ghost writer" for Nadine Dorries
Our UK elected representatives seem to be in it far too obviously for themselves, and the taxpayer is entitled to ask questions – especially at a time when the average person is struggling to pay their mortgage, heat their home or even feed themselves.
As we are about to discover, they also treat themselves to a six-week break in the summer, plus a few weeks each more at Easter, May, Whitsun and Christmas. No doubt much constituency work is done in these holidays, as well as unmissable fact-finding trips abroad – but it is far, far away from the normal working arrangements of their hard-pressed constituents.
MPs’ pensions are on generous final salary terms – a rarer luxury now – and their pay set by an independent but sympathetic review body, and far distant from market forces. Needless to add, it is unrelated to performance. Even with a volatile electorate, they enjoy more job security than most and, with still-substantial housing subsidies, don’t need to concern themselves overmuch about the inflation, mortgage rates and cost of living crisis they preside over. The “Westminster Bubble” is a cliche, but there is a little too much detachment and entitlement going on.
https://uk.yahoo.com/news/voices-21k-hour-boris-earning-144508358.html
August BRICS Summit hails death knell for the dollar
The health of the precious metals markets in the Basel III environment
07:50 How are central bank gold purchases impacting the physical wholesale markets?
16:50 Are gold ETFs being affected by the demand for physical bullion?
22:08 Is the FED out of touch with gold as an asset class?
25:03 The potential rehypothecation of 8,133 tonnes of treasury gold
30:20 A report on the BRICS’ currency
37:48 How Russia have stepped up the ante on COMEX gold markets
40:45 An alternative gold back currency as a benchmark for commodity pricing?
47:20 What does Andrew predict for the silver market?
https://www.youtube.com/watch?v=eK3KQ26ZiOo