FEATURED: German Publisher Springer to Invest in Thrillist Media Group

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#AceFinanceNews – Sept.30: Following close on after purchase of Business Insider report yesterday.

The German publisher Axel Springer is to buy minority stake in US-based Thrillist Media Group.

Original Article: http://abcnews.go.com/International/wireStory/german-publisher-springer-invest-thrillist-media-group-34149195

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FEATURED: ‘ Chinese company to build LNG, gas pipeline projects in Pakistan ‘

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#AceNewsReport – Sept.30: A Chinese firm will be awarded the contract to build $2.5 billion Gwadar liquefied natural gas (LNG) and Iran Pakistan gas pipeline in November, Interstate Gas Systems (ISGS), who opened the technical bid for the construction of projects told media personnel on Wednesday.

Mubeen Saulat, ISGS managing director, said that the Chinese state firm China Petroleum Pipelines Bureau (CPP) has submitted technical and commercial bids in accordance with the Public Procurement Regulatory Authority (PPRA) rules. While ISGS, after scrutinising the documents opened the technical bid adding that the commercial bid will be opened in 2017.

CPP will construct the terminal with a capacity to handle 500 mmcfd (million cubic feet per day) of LNG and a floating storage gasification unit. It will also build the 700 kilometre long Gwadar to Nawabshah pipeline.

“The dual projects will be completed at the cost of about $2.5 billion, 85 per cent of the investment will be done by the Chinese company while government of Pakistan will provide 15pc of equity,” said Saulat.

The ISGS official also added that the CPP will acquire a loan from Exim Bank which Pakistan will repay in the coming years through the revenue earned from the project.

The pipeline and terminal will be secured by Pakistani security agencies while the Chinese camp will be safeguarded by a Chinese security company.

The CPEC, with a planned portfolio of projects totalling around $46 billion, will link Gwadar, Khuzdar and other areas on way to Dera Ghazi Khan, Dera Ismail Khan and Peshawar along its central route.

The eastern route will connect Gwadar to Ratodero, Sukkur, and Karachi and upward to cities in Punjab, and from there to Khyber Pakhtunkhwa and the Khunjerab Pass.

Linking Gwadar to the rest of Pakistan and the western Chinese city of Kashgar, 3,000 kilometres away, will involve major infrastructure work in Balochistan.

*Related Details of agreements signed during Xi’s visit to Pakistan*


Original Article: http://feedproxy.google.com/~r/dawn-news/~3/A94bdjBw19c/chinese-company-to-build-lng-gas-pipeline-projects-in-pakistan

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OPINION: Every SINGLE Big Wall Street Got Stocks AND Rates Horribly Wrong, Except for… Here’s Why It Will Always Happen!

#AceFinanceReport – Sept.30:,I had some prognostications in December or 2014 for the new year. These are apparently quite contrarian in relation to the sell side. Let’s take a quick peek and then compare to the smartest guys in the room (you know, the sell side analytical machine) year-to-date…

This is self explanatory, keeping in mind that the S&P 500 was somewhere around 2028 and the 10 yr Treasury was roughly 2.1% on January 1st of this year.

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Notice how I also commented on real estate prices. We have definitive research which shows a definite correction coming, but more on that later. The question du jour is why so many (as in all) of the sell side banks proffer such bad (actually, inaccurate) research? Well…

Banks do three things, and three things only

  1. They amass capital from one group of people and/or entities and give it to another group, requiring substantial fees along the way, ie. lending and securities underwriting.

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  1. They move financial assets around the globe, between and amongst individuals and entities, requiring substantial fees for said transactions, ie. securities brokerage

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  1. They provide financial advice and related transactions, again for significant fees

As those who follow me over the years know, I provide advice. Much of that advice runs circles around the sell side. I’d love to take credit for being hyper-intelligent, but the secret sauce actually lies in muppet mentality andconflicts of interest.

But what about the other components of the banking model? Well, technology is now available that may prevent guys like me from posting laughable graphics like the one above in the near to medium term future.

Fully distributed banking models (we’re talking full on disintermediation here) combined with independent (which eliminates the “muppet” factors of conflicting interests) advisory businesses can do all of the above while allowing end users to maintain control of their capital while removing the incentive of advisors to “churn” trading and transaction activities.

What would a fully distributed banking system look like and how would it prevent 12 analysts from giving highly inaccurate forecastsforecasts?

Traditionally, over-the-counter (OTC), or off-exchange trades are brokered between two parties without being subject to a middleman in the from a centralized legacy exchange. The terms of an OTC trade, including any pricing information, are not necessarily published to third parties. In this case, the middleman is the banking institution.

In contrast, legacy exchanges provide some pricing transparency and mitigate most credit risk (except that emanating from the exchange itself) in the event of infrequent defaults by trading parties. When they work, these features encourage market liquidity. However, when legacy exchanges fail, either party to a trade may lose value as defaults and evaporating liquidity overwhelm any marginal safety nets.

Fully distributed financial systems brings the benefits of legacy exchanges to OTC transactions, but without the associated costs. Smart contracts enable OTC trades featuring unique characteristics, with publicly published pricing, and where all credit risk and counterparty risk is removed. Liquidity is provided by a distributed, peer-to-peer exchange, which is essentially a mesh network of participants looking to deal directly with each other. Blockchain technology allows them to do so pseudonymously, and without having to detour through a formal entity (not even Veritaseum servers have access to the assets) that can default, collapse, corrupt, or defraud.

Transparency and accountability are unprecedented. The details of every transaction are logged in the blockchain and readily available to all who are privy to the trade. Each node has its own copy. Any entity who wants this information can have it, and all transactions related to it, forever.

What Would Such A System Look Like?

Vertiaseum’s core technology utilizes four major components: the blockchain, a data source (e.g., a ticker feed), Veritaseum’s proprietary server technologies (“Facilitator”) and the Veritaseum HTML Wallet (essentially, a very advanced web page), which communicates with the Facilitator via an Application Programmer’s Interfaces (API).

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In the first phase, the Wallet validates the order terms (e.g., payor instrument, receiver instrument, principal, collateral, expiry, etc.) with the Facilitator. The Wallet broadcasts a transaction conforming to those terms. The Facilitator activates the order when it sees the transaction in the blockchain.

Original Article: http://www.zerohedge.com/news/2015-09-30/every-single-big-wall-street-got-stocks-and-rates-horribly-wrong-except-heres-why-it

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FEATURED: ‘ 6 Out Of 6 Fed Surveys Say US Is In Recession ‘

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#AceFinanceReport – Sept.30: For the first time since 2009, all six major Fed regional activity surveys are in contraction territory. So, time to hike rates?

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Charts: Bloomberg

This sums it all up nicely:

Chicago PMI, most important regional survey, puts ISM at 46.9%. Great time to begin a tightening cycle Janet. pic.twitter.com/lg3wgMkUOq

— Not Jim Cramer (@Not_Jim_Cramer) September 30, 2015

Recession? pic.twitter.com/NUjTP17sLv

— Not Jim Cramer (@Not_Jim_Cramer) September 30, 2015

Original Article: http://www.zerohedge.com/news/2015-09-30/6-out-6-fed-surveys-say-us-recession

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PRESS RELEASE: IMF: ‘ Executive Board Completes 8th Review under EFF for Pakistan ‘

#AceFinanceReport – Sept.30: The Executive Board of the International Monetary Fund (IMF) on September 28, 2015 completed the eighth review of Pakistan’s economic performance under a 36-month program supported by an Extended Fund Facility (EFF) arrangement. The Executive Board’s decision enables the immediate disbursement of an amount equivalent to SDR 360 million (about US$504.8 million), bringing total disbursements to SDR 3.24 billion (about US$4.54 billion).

On September 4, 2013, the Executive Board approved the three-year extended arrangement under the EFF in the amount of SDR 4.393 billion (about U$S6.64 billion at the time of approval of the arrangement, or 425 percent of Pakistan’s quota at the IMF).(See Press Release No. 13/322).

In completing the review, the Executive Board also approved the authorities’ request for waivers of non-observance of the end-June 2015 performance criteria on the ceiling on overall budget deficit and the ceiling on net government budget borrowing from the State Bank of Pakistan (SBP), as well as modification to adjust the end-September 2015 performance criterion on net domestic assets of the SBP target.

Following the Executive Board discussion on Pakistan, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, said:

“Economic activity is picking up pace and vulnerabilities are gradually receding. Continued prudent policies and reform efforts are necessary to lock in the gains so far in macroeconomic stability and reinforce the foundation for sustained high growth.

“The authorities’ commitment to strengthening Pakistan’s fiscal position is welcome. Further steps to increase revenue mobilization, including by broadening the tax base and strengthening tax administration, remain key to generating resources for priority spending and greater social protection. Strengthening coordination with the provinces will also help safeguard fiscal discipline.

“Foreign exchange reserves have continued to increase, benefitting from windfalls from lower import prices. Additional efforts are needed to further strengthen external buffers. The central bank’s new interest rate corridor represents a major step to improve the monetary policy framework which would further benefit from greater central bank autonomy. In this regard, an early adoption of pending legislation would bolster governance and the credibility of monetary policy. Beyond this, further progress is also needed to address the remaining recommendations of the 2013 Safeguards Assessment report.

“Progress with bank capitalization and efforts to facilitate foreclosures and corporate restructuring are bolstering financial stability. Further strengthening Pakistan’s regime against money laundering and the financing of terrorism remains an important policy priority for the authorities.

“The momentum of structural reform must be maintained to achieve high and durable growth over the medium term. In particular, reforms should aim at securing a reliable supply of electricity and gas, and reducing fiscal risks posed by these sectors. An accelerated pace of privatization and restructuring of public enterprises as well as regulatory reform will also go a long way toward improving the business climate and supporting private sector-led activity.”

Original Article: http://www.thecairopost.com/news/169366/business/imf-executive-board-completes-8th-review-under-eff-for-pakistan

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#MARKETS ‘ UK current account deficit narrows sharply ‘

#AceMarketsNews – Sept.30: Britain’s current account deficit narrowed much more sharply than expected in the three months to June, while living standards rose at their fastest annual rate in more than five years, official figures showed on Wednesday.
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Original Article: http://uk.reuters.com/article/2015/09/30/uk-britain-economy-idUKKCN0RU0UR20150930?feedType=RSS&feedName=topNews

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LONDON: STATEMENT: Grant Shapps: ‘ Solar energy key to fight against poverty ‘

#AceFinanceNews – Sept.30: LONDON, 29 September 2015 / PRN Africa / –Development Minister urges action to transform the household solar market across Africa.

A solar energy revolution across Africa is needed to end dependency on aid, International Development Minister Grant Shapps outlined at the United Nations General Assembly today.

Speaking at a meeting with African leaders, investors and leading international businesses, Minister Shapps pledged UK action to push this crucial issue up the global agenda and transform the household solar market across Africa.

​A reliable electricity supply is one of the most powerful tools for helping people lift themselves out of poverty yet around two in three people in sub-Saharan Africa are currently living without electricity access.


International Development Minister Grant Shapps said:

"Across Africa, a lack of clean and reliable power is holding back an entire continent.
"The decreasing cost of solar panels, better and more efficient technology and the spread of simple mobile payment schemes give us a clear opportunity to solve this.

"I have seen for myself how solar energy can transform lives. People can continue their jobs or school work after the sun goes down, businesses can expand and families do not have to rely on kerosene or charcoal cookers which fill houses with poisonous fumes.

"Governments, investors and aid agencies have the power to tear down regulatory barriers, attract new finance and ignite a solar revolution across Africa. Britain will play a leading role in making this a reality.


"This is not only the right thing to do, it is also firmly in the UK’s own national interest as we create a more prosperous and safer world for us all."

The meeting – attended by business leaders including Richard Branson, President of the African Development Bank Akinwumi Adesina and Ghana’s Foreign Minister Hannah Tetteh – took place in the wake of the Sustainable Development Summit in New York where world leaders adopted the new Global Goals, including a specific goal to achieve universal energy access by 2030.

​Minister Shapps will also be taking this message to the first G20 Conference on Energy Access in Sub-Saharan Africa, being hosted in Istanbul on the 1 October 2015. This meeting is expected to provide G20 endorsement for the new Global Goal 7 on energy, and to agree a G20 Energy Access Action Plan.

SOURCE UK Department for International Development

UK Department for International Development

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FEATURED: ‘ Axel Springer buys New York based Business Insider in $442m deal ‘

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#AceFinanceNews – Sept.29: German media company Axel Springer has announced it is buying financial news website Business Insider for $442m (£292m, €395m).

The company, which missed out in its attempt to buy the Financial Times from Pearson, was thought to have made a bid of around $560m before.

Business Insider, which has 76 million unique monthly visitors, is the newest addition to Axel’s portfolio, which is already significant in Germany. The company holds leading titles Die Welt and red-top tabloid Bild in its home country.

Business Insider

Former Wall Street analyst Henry Blodget, who founded Business Insider in February 2009, will remain in his position as CEO and editor-in-chief while the chief operating officer and president Julie Hansen will also continue in her roles.

Mathias Döpfner, chief executive of Axel Springer, said: “With the acquisition of Business Insider, we continue with our strategy to expand Axel Springer’s digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world. Business Insider has set new standards in digital business journalism globally.”

Original Article :

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ARTICLE ‘ Troika Tackling Ancient Greek Ritual of Tax Avoidance ‘

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#AceFinanceNews – Sept.29: It appears the Troika are trying to tackle an almost ancient ritual of tax avoidance in Greece. When the country was occupied by the Ottomans, tax avoidance was seen as a form of patriotism. Today, some politicians see it as a “national sport”.

Original Article: http://sputniknews.com/europe/20150929/1027718642.html

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#FUNDING: INDIA: ‘ Qualcomm Plans $150 Million Startup Fund ‘

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Mobile World Congress 2015 #AceFinanceNews – Sept29: Roll up, roll up, there’s more funding incoming for startups in India after Qualcomm announced plans to invest up to $150 million in strategic investments in the country.

Original Article: http://feedproxy.google.com/~r/Techcrunch/~3/6VP48bnOiFE/

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