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March 28 (Reuters) - Oil producer Capricorn Energy (CNE.L), said on Thursday it received a payment of $30 million this week from the Egyptian government after its debt to the company rose to $169 million last year.
The company has halted new drilling and investment in the country until it agrees with state-owned Egyptian General Petroleum Corporation (EGPC) on a payment plan.
https://www.reuters.com/world/africa/capricorn-energy-receives-30-million-payments-egypt-2024-03-28/
My Thoughts:
A similar extortion is happening with Centamin right now, both the CBE and Egyptian Gov't are stepping out of bounds -
“traders are refusing to claim” over US$2.5 billion worth of goods in ports, Nasser claimed, saying that importers expect a further decline in the value of the buying rate of the dollar, which is making them hold off on selling the goods as they anticipate making higher value sales at a later point.
Prime Minister Mostafa Madbuly cited the same reason on Monday when he announced that US$1.7 billion worth of goods would be confiscated by customs authorities from traders who had refused so far to claim them.
However, according to several importers who spoke to Mada Masr, in order to claim their goods, they would have to pay accumulated fees, which at times could exceed the value of the shipment putting them at a significant loss.
One member of the Alexandria Chamber of Commerce Customs Brokers Division who spoke to Mada Masr on condition of anonymity said that to begin customs clearance procedures, importers must show documentation proving the shipment’s value has been transferred to the supplier abroad.
Once they’ve presented that documentation, “form 4,” they can then head to the port to settle fees, including fees for container space, security fees for container handling companies, port space, and penalties for delaying shipping companies. These are calculated on a per-day basis for the duration of the container’s stay — from the moment it is unloaded from the ship until the goods exit customs.
But the traders expressed resentment about the late fees. “The government is the main cause of the crisis,” the source said.
Importers fees are also payable in dollars or the equivalent in pounds at the new exchange rate, although the value of the pound against the dollar has dropped by over 60 percent since January. All of this adds to the burden, according to the source.
The source called on the government to address the fees crisis. Import transactions could be dated back to allow for fees to be collected according to the exchange rate before the flotation, they said, or companies could be required to reduce or reschedule fees.
Confiscating the goods, however, is likely to mean that they will remain stuck in customs going forward, while traders who imported them will be operating at a sharp loss.
The Egyptian Customs Authority can auction goods which it has confiscated.
https://www.madamasr.com/en/2024/03/28/news/u/importers-late-fees-on-shipments-stuck-in-customs-are-too-expensive-for-us-to-collect-goods/
-------------------------------------->>>>
the cost to foreign companies (and domestic companies for that matter!) to do business in Egypt has become too steep and dangerous to warrant further investment under Sisi
Centamin is no exception - more to follow on whether or not Centamin will be operating under the same concession agreement by this point next year -
R1234, just so, the secret to happiness is indeed count your blessing ….and love your family, but many don’t have one so I have two similar but different mantras, stuff happens to everyone, dumped, fired, collapsing shares, so don’t get bitter and twisted (like count your blessings), and secondly be loyal, to your family, friends, ideas, beliefs (like love your family but more as we live in an increasingly atomized society). The relevance to holders of Centamin, Hochschild Tharisa etc, and now Fisker shares and cars, is getting bitter and twisted doesn’t help, though as Steve Jones might point out the loyalty list does not include shares. At least Cey and hoc etc are finally rising again and asR1234 says count your blessings, and let us hope this is just the start, Happy Easter all.
Https://www.londonstockexchange.com/equities-trading/business-days
Not neccesarily tw.gardner , if Gold continues to rise at this rate .
2213 $ at the moment.
The share price has traded above the May 1st high of last year, doesn't that mean the next price resistance is likely to be at 125, the Jan 2023 high?
Well done Paul, a 3% return in a matter of a few days is good going. Work out the equivalent AER and you'll be delighted.
Https://www.marketwatch.com/economy-politics/calendar
Remember- key data in the US is tomorrow but FTSE shut- so only you can decide…
GLA and Happy Easter :-).
Hi Steve------I am just trying to trade some and hopefully make the price of the dividend and get a few more shares when I buy them back. If the price rises here, then I may buy some post office shares (IDS) as I sold some of them last year for 230 to buy in here at 92--------and that looked until recently. I wish I had the money/shares/ nerve to trade the amounts you do. I'd be fairly happy if there is a bit of a sell off this afternoon and I can get them back at just under 110.
You are a trader as you traded, well done Paul- I did post when the price dropped at the time when you posted I would not be concerned :-).
Be proud of trading, else why did you post?
Others, mentioning no names Mr T and his mate, just troll centamin constantly on the board.
I sold the ones I bought last week for 108 for 111.5 this morning, hoping to get them and a few other back for about 110. Usually when I sell they go up--------and when I buy they go down.
I am not a trader, but have done a few recently as the dividend is so low.
Thank you Cowichan, this behaviour certainly doesn't demonstrate any genuine commitment to the appreciation of the Centamin shareholders, but it does demonstrate an arrogance and scant regard by throwing us a few top table scraps whilst filling their boots to overflowing for what exactly,just doing their job.
What may be a fitting analogy to our situation,
Senator : The war's over. Our side won the war. Now we must busy ourselves winning the peace. And Fletcher, there's an old saying: To the victors belong the spoils!
Fletcher : There's another old saying, Senator: Don't pi*s down my back and tell me it's raining!
https://www.youtube.com/watch?v=PpwJ1n7g1pM
It's not about wishing things were worse for anyone, it's about bringing about fairness and parity for everyone and treating all the inhabitants of the world as you would hope to be treated yourself.
The secret to happiness is really no secret at all. Love your family and count your blessings.
Even the poorest people in this country are better off than 95% of the people in the rest of the world and 100% of people from previous generations. Green eyed envy WILL give you mental health problems. Should you put up with being exploited? No. But you should look at your own situation, not compare yourself to others, wishing things were worse for others won't make them better for you.
Major stock equities in Europe traded higher in the premarket trade on Thursday in anticipation of fresh data on Britain's economic growth, as well as reports on retail sales and the unemployment rate in Germany.
London's FTSE 100 rose 0.20%. The Euro Stoxx 50 grew 0.24%. Frankfurt's DAX was flat. The CAC 40 added 0.12%.
The euro lost 0.11% relative to the greenback, trading at 1.08161. The British pound was down 0.12% against the dollar, selling at 1.26250.
Baha Breaking News (BBN) / AB
Gold currently $2198.42
Good Friday tomorrow,
markets closed.
Enjoy your Easter y’al 🐣
Consensus EPS estimates fall by 12%
The consensus outlook for fiscal year 2024 has been updated.
2024 EPS estimate fell from US$0.147 to US$0.129 per share.
Revenue forecast steady at US$949.1m.
Net income forecast to grow 62% next year vs 21% growth forecast for Metals and Mining industry in the United Kingdom.
Consensus price target broadly unchanged at UK£1.38.
Share price rose 4.6% to UK£1.11 over the past week.
16.01.24
Our pathway to economic success and higher living standards doesn’t involve lavishing more money on people who are already multimillionaires. Luke Hildyard writes for the Times.
Firstly, it is widely recognised that inequality exacerbates socio-economic problems. The UK has amongst the highest income inequality of any advanced economy. Research has found convincing evidence of a link between wider income gaps across societies and issues like physical and mental health problems, higher substance abuse, lower social mobility and worse educational outcomes.
Secondly, there are opportunity costs of executive pay for the wider workforce. While distributions of income and wealth are not a ‘zero sum game’, it would be naïve to think that huge top pay awards have no impact on pay and living standards for low- and middle-earners. Some major UK employers spend tens of millions on two or three executives alone. This inevitably means there is less available for their lower-earning colleagues.
Some argue that because executives take decisions that affect the value of billion-pound companies, they deserve to be paid millions. But no CEO operates in a vacuum. They depend on multiple colleagues to advise and execute decisions plus business processes and infrastructure that have been built up over decades at most large corporations. It is far more common for them to be rewarded for being in the right place at the right time than for genuine enterprise. The highest-paid UK executives last year included the CEOs of arms manufacturers and oil companies, who benefitted from a massive spike in demand following the invasion of Ukraine. For the CEOs to pocket multi-million pound bonuses as if they were responsible for this success is plainly ludicrous.
Ultimately, the number of candidates capable of filling executive roles is a function of the number who are given the training, confidence and opportunity to do so. There isn’t a tiny and fixed number of people with a god-given talent for business management. In an economy with the right approach to education, skills and opportunity, CEOs refusing to work for more moderate pay would be easily replaceable.
The pathway for economic success and higher living standards in Britain doesn’t involve lavishing more money on people who are already multi-millionaires. It means empowering the wider workforce to get a fairer share of the wealth that their labour creates.
Chicken feed compared to the boss of British Gas. Worlds gone nuts.
Absolutely right Paul,
We are all this this together, although it seems that has quite a different interpretation depending on whether or not you are are the top table or one of what they regard as the "Plebs" that is those that have actually bought shares. but never the less get sh(it on from a great height!
This is what's wrong with society where CEO' s take up post on very handsome remuneration packages with expenses, but then when they just about do the jobs they are more than adequately paid they think its their right to expect huge bonuses as well whilst telling the "Plebs" (Us)that times are hard and we need to pull in our belts in , but "Good times might be coming" if this latest gamble on Doropo works out, if not what does it matter its your money that will have been chucked down the lavatory , but that's mining and you can never be certain what's around the corner, except that is for the next bunch of parasitic BOD who will have your pants down all over again!
So why is the share price still on it's ar(se in the sick bucket and the dividend reduced to ar(se scrapings if all is going so well that the two top men get these huge bonuses?
Its a bit better than a 2 cent final dividend isn't it?
Exactly Cowichan, noses in the trough, as always, a 75% bonus just for doing what they are already being paid to do anyway!
Oh sorry I mean after all they did have to jump over a pretty low bar, phew so hard!
I wonder how many shares each of them will buy?
Yet they cut the already derisory dividend to 2c!
Talk about jobs for the boys!
This is taking the micky out of shareholders, more now so than the bunch before them!
Martin Horgan’s total bonus based on a formulaic assessment of all the targets (financial/objectively measurable plus personal/strategic targets) was 76.38% of his maximum bonus opportunity.
As a result, Martin received a bonus of £675,963 or 115% of salary.
Ross Jerrard’s total bonus based on a formulaic assessment of all the targets (financial/objectively measurable plus personal/strategic targets) was 75.38% of his maximum bonus opportunity.
As a result, Ross received a bonus of £443,847 or 94% of salary
Annual bonuses up to 75% of salary are paid in cash.
My Thoughts:
When you control the height of the hoop, it's fairly easy to jump through. Good thing CEO Horgan personally poured those last 53 ounces of gold just in time...
Https://www.lse.co.uk/rns/CEY/2023-annual-report-and-sustainability-report-x1tzposh6axsl8u.html
Equities in Europe traded higher in the premarket on Wednesday with the Bank of England's (BoE) latest meeting minutes taking center stage. Investors also await for Spanish inflation data for March.
The DAX increased by 0.10% at 8:01 am CET. At the same time, the FTSE 100 rose 0.22%. The CAC 40 was 0.15% higher while the Eurostoxx 50 added 0.08%.
The euro was flt compared to the dollar to change hands for $1.08319 at 8:02 am CET. The same minute, the pound sterling lost 0.06% against the greenback to go for $1.26199.
Baha Breaking News (BBN) / RR
Happy hump y’al
Gold currently $2177.48