#AceFinanceNews – October 19 – Oil profits are being tested. Crude prices have face-planted to their cheapest level since 2010, threatening the balance sheets of companies and the budgets of nations.
Take Canada’s controversial oil sands.
With crude prices teasing $80 a barrel for the first time in years, about 25 percent of the synthetic crude produced from the sands is no longer profitable, according to the International Energy Agency.
Stocks of smaller oil companies, which tend to focus on supplies that are expensive to extract, aregetting crushed. Bond holders who have lent to oil prospectors are getting worried they won’t get paid back.
But maybe the biggest question remaining is whether the bounty of U.S. fracking, which made America the world’s biggest oil and gas producer, will wither in the field.
The answer so far: not so much. Here’s a list of break-even points for some of America’s biggest shale-oil regions. Note that most regions continue to be profitable below $80, including the Bakken and Eagle Ford formations, two of the most important sources.
Much of the Eagle Ford play would still be profitable with $50 oil.
#AceFinanceNews – UKRAINE (Kiev) – October 19 – Ukraine’s president confirmed that an agreement had been reached with Russia on a provisional price for gas deliveries during the winter months at Friday talks in Milan, AFP reports.
“On the basis of consultations, I can say that Ukraine will have gas, will have heating,” Petro Poroshenko said in an interview to Ukrainian television on Saturday.
According to the president, the new price will be $385 dollars (300 euros) per 1,000 cubic meters, down from the current price of $485.
#AceFinanceNews – UNITED STATES (Miami) – October 18 – A jury in Miami convicted a Lima, Peru, man on 26 felony charges of conspiracy, fraud and attempted extortion arising from his operating call centres in Peru that lied to and threatened Spanish-speaking victims into paying fraudulent settlements, the Department of Justice announced today.
Juan Alejandro Rodriguez Cuya, 35, was convicted by a jury after less than two hours of deliberation following a two-week trial before U.S. District Court Judge Patricia A. Seitz in Miami federal court. His co-defendant at trial, Maria Luzula, 52, of Miami, pleaded guilty to all of the charges against her midway through the trial. Luzula is Cuya’s mother.
Cuya and Luzula both face a statutory maximum of 20 years in prison on each count. Both defendants remain in custody pending their sentencing on Jan. 22, 2015, and Dec. 18, respectively.
“The defendants targeted and preyed upon the Spanish-speaking community – and the evidence of the harm that their fraud caused on individual victims is heart-wrenching,” said Acting Assistant Attorney General Joyce R. Branda of the Justice Department’s Civil Division. “The Justice Department is committed to prosecuting those who defraud consumers for their own personal gain.”
According to evidence presented at trial, the defendants’ employees in Peru used Internet-based telephone calls to threaten Spanish-speaking victims in the United States.
The Peruvian callers falsely accused the victims of having refused delivery of certain products and claimed that the victims owed thousands of dollars in fines and that lawsuits would be brought against them.
In reality, the victims had never ordered these products and nothing had been delivered.
Acting Assistant Attorney General Branda commended the U.S. Postal Inspection Service for their investigative efforts and thanked the U.S. Attorney’s Office for the Southern District of Florida for their contributions to the case. The case was prosecuted by Trial Attorney Phil Toomajian and Assistant Director Richard Goldberg of the Civil Division’s Consumer Protection Branch.
#AceFinanceNews – October 16 – Wells Capital Management’s Jim Paulsen told CNBC on Thursday that the ongoing stock selloff could get “a little scarier yet” and that markets might end up in a “full-blown” 10 percent correction.
“Until yesterday, this corrective process has been looked at more as a good thing, a healthy refreshing pause, refreshing values for the long-term bull,” Paulsen told CNBC’s “Squawk Box.” “And that’s certainly not how we feel this morning. It gives you a sense we’re getting closer to the bottom here.”
Paulsen’s comments came as U.S. stock index futures signalled another morning of selling on Wall Street.
#AceFinanceNews – NEW YORK – October 16 – On Oct. 15, 2014 /PRNewswire/ — MecklerMedia (OTCQX: MECK) announced that the Inside Bitcoins Conference and Expo taking place in Seoul on December 12-13 will be South Korea’s first major cryptocurrency event.
Inside Bitcoins Seoul will be co-produced by MecklerMedia and the Korea International Exhibition Center (KINTEX).
The event will feature a lineup of both local and international experts, including Jacob Hansen, CEO & Co-Founder, CrowdCurity; Prof. Hoh Peter In, Ph.D. Professor, Department of Computer Science, College of Informatics, Korea University; Zennon Kapron, Managing Director, Kapronasia; Mr. Casey Ilsun Kim, CEO, InfraBasic and Adjunct Professor, Hanyang University Business School; Tony Lyu, CEO, Korbit; and more.
Early bird prices will expire on October 31, so attendees are encouraged to register before then for the best rate. For complete information on Inside Bitcoins Conference and Expo, visit insidebitcoins.com.
If your company is interested in sponsoring or exhibiting, contact us at email@example.com.
MecklerMedia (OTCQX: MECK) is the producer of conferences including Inside 3D Printing, Inside Bitcoins, and AllFacebook Marketing Conference. MecklerMedia produces over 25 conferences annually. The MecklerMedia news sites and newsletters, including Inside Bitcoins News, 3D Printing Industry, and Allfacebook.de provide up-to-date coverage on emerging industries to help drive business forward.
SOURCE: Meckler Media
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