Gold rose on Tuesday as investors decided the prospect of a rate rise may have been put back possibly into 2017. Weak US GDP data late week and lower equity markets today sent the spot gold price up to US$1,365. Weakness in the dollar, gold’s traditional hedge, also helped as did more buying from holders of exchange traded funds. According to Commerzbank, ETF holders bought 8.4 tons of gold yesterday, the highest in three weeks and fourth day of inflows in succession. Holdings in the main gold ETFs are at their highest level in over three years, it said, which has offset weak demand for physical gold especially gold coin sales. Physical demand has been in the doldrums for some months with the latest news from India containing few signs that the appetite for the metal is returning. Indian gold bar imports dropped by 62% from a year ago according to customs data in July, though overall there was a slight uptick in imports. Discounts to the spot price are said to be running at record levels following a spike in the price after the Brexit vote. Commerzbank does not expect too much impact on the gold price, even so with investment demand so strong. “In view of the continuing low interest rate environment and amid numerous political risks, gold should remain in demand among investors. “What is more, the monetary policy pursued by many central banks remains very loose – or is being loosened even further, as has happened today in Australia.” A couple of hours into US trading, spot gold was US$14 higher at US$1,367. Platinum gained US$15 to US$1,170 and silver rose again to US$20.67.
Reported by Proactive Investors 4 hours ago.
Gold rallies further as interest rate talk fades
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Kinepolis Group: Publication of a transparency notification
*(Article 14, first paragraph, of the law of 2 may 2007 on disclosure of major holdings)*
Press release
Regulated information
2 August 2016, 17h45
Kinepolis Group NV has received a transparency notification dated 25 July 2016, indicating that the companies BlackRock Asset Management Ireland Limited, BlackRock Asset Management Schweiz AG, BlackRock Fund Advisors, BlackRock Institutional Trust Company, BlackRock International Limited, BlackRock Investment Management (Australia) Limited, BlackRock (Luxembourg) S.A. and BlackRock (Netherlands) B.V., all controlled by BlackRock Inc, now hold, by virtue of a transfer of shares on 21 July 2016, less than 3% of the voting rights of the company. As such, they fall below the treshold of 3%.
Both this regulated release and the notification can be found on the website of Kinepolis Group NV via this link .
Total capital Kinepolis Group NV: 18,952,288.41 EUR
Number of securities with voting rights in Kinepolis Group NV: 27,365,197
Number of voting rights in Kinepolis Group NV: 27,365,197
In Article 8 of the Articles of Association of Kinepolis Group NV, the notification tresholds were fixed at 3%, 5% and multiples of 5%.
*Contact*
Kinepolis Investor Relations
+32 (0)9 241 00 22
investor-relations@kinepolis.com
--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinepolis Group via GlobeNewswire
HUG#2032631 Reported by GlobeNewswire 3 hours ago.
Press release
Regulated information
2 August 2016, 17h45
Kinepolis Group NV has received a transparency notification dated 25 July 2016, indicating that the companies BlackRock Asset Management Ireland Limited, BlackRock Asset Management Schweiz AG, BlackRock Fund Advisors, BlackRock Institutional Trust Company, BlackRock International Limited, BlackRock Investment Management (Australia) Limited, BlackRock (Luxembourg) S.A. and BlackRock (Netherlands) B.V., all controlled by BlackRock Inc, now hold, by virtue of a transfer of shares on 21 July 2016, less than 3% of the voting rights of the company. As such, they fall below the treshold of 3%.
Both this regulated release and the notification can be found on the website of Kinepolis Group NV via this link .
Total capital Kinepolis Group NV: 18,952,288.41 EUR
Number of securities with voting rights in Kinepolis Group NV: 27,365,197
Number of voting rights in Kinepolis Group NV: 27,365,197
In Article 8 of the Articles of Association of Kinepolis Group NV, the notification tresholds were fixed at 3%, 5% and multiples of 5%.
*Contact*
Kinepolis Investor Relations
+32 (0)9 241 00 22
investor-relations@kinepolis.com
--------------------This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinepolis Group via GlobeNewswire
HUG#2032631 Reported by GlobeNewswire 3 hours ago.
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A hot finance startup led by a former JPMorgan high-flier has put together a dream team of hires
Digital Asset Holdings, the buzzy blockchain startup run by former JP Morgan executive Blythe Masters, has assembled a dream team of new hires.The firm is building out its senior team with eight high profile hires spread across New York, London and Frankfurt.
Among the new hires are:
· Carol Mathis has joined as CFO. She previously served as COO and CFO at RBS.
· Josh Varsano as chief human resources officer. He previously worked as the global head of human of resources for Point72 Asset Management and HR managing director at JPMorgan Chase.
· Kelly Mathieson was hired as product manager. She is a former head of JPMorgan's global collateral management and securities clearing business,
· Andrew Pisano, who previously built out blockchain strategy at CME Group's Digitization Group, joined as Business Development Director.
· Gavin Wells, who will be based in London, also joined the DAH team as Head of Europe. Wells spent 15 years as a managing director at Citi and most recently delivered the first clearing service for foreign exchange at LCH Clearnet.
· Gordon Weir has joined as head of delivery. He previously served as head of development transformation across global technology and operations at Bank of America Merrill Lynch.
· Martin Korbmacher has been hired as strategic advisor to help scale DAH's growth and service across European markets. Korbmacher was the former head of investment banking for Germany and Austria at Credit Suisse and will be based in Frankfurt.
Digital Asset Holdings aims to use blockchain technology to make the settlement of transactions quicker. Blockchain has the potential to allow a digital asset to be securely and seamlessly transferred from one party to another, eliminating the need for third-party intermediaries and shortening settlement time to seconds. This could greatly reduce costs and risk, and create new revenue opportunities by making markets more efficient.
Blythe Masters joined the startup last March at CEO. She had previously worked at JP Morgan, where she held several senior positions including head of global commodities, CFO of JPMorgan's investment bank, and head of global credit portfolio and credit policy and strategy.
Earlier this year, Digital Asset Holdings announced that it was opening a London office to support its clients and increase its presence in the UK and European markets.
The startup is also building out an Australia office following the selection by the Australia Securities Exchange (ASX) to help replace its existing clearing and settlement system with a blockchain solution. The ASX will make the decision on whether to go through with the change by mid-2017.
Join the conversation about this story »
NOW WATCH: TONY ROBBINS: Here’s the secret to investing like hedge fund billionaire Paul Tudor Jones Reported by Business Insider 2 hours ago.
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Stolen shirts, sickness and sarcasm: Australia's tale of woe in Rio
BBC Sport looks at the growing list of problems that the Australian Olympic Team have encountered since arriving in Brazil ahead of Rio 2016.
Reported by BBC Sport 2 hours ago.
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P.C. Richard & Son Is First US Retailer to Carry Beko Appliances, Europe’s Most Innovative Appliance Brand
Beko’s US expansion is an exciting next step after decades of global market leadership.
Farmingdale, NY (PRWEB) August 02, 2016
P.C. Richard & Son and Beko are proud to announce an exclusive retail partnership, granting P.C. Richard & Son sole US distributorship of one of Europe’s leading appliance brands. This relationship marks Beko’s entry into the US appliance market, where P.C. Richard & Son has a proud 106 year legacy of growth, success and stability.
“With a reputation for innovation, reliability and affordability, it’s no wonder Beko has a presence in over 100 countries across Europe, Asia, Australia and Africa. Now that they’re ready to make their US debut, P.C. Richard & Son is honored to be their partner and look forward to many years of success together,” said Gregg Richard, Chief Executive Officer of P.C. Richard & Son, representing the fourth generation of the Richard Family at the helm of America’s largest family owned and operated Appliance, TV, Electronics and Mattress Retailer.
The enthusiasm is mutual with President of Beko US, Mike Goadby, noting that, “While plotting our much-anticipated launch into the US appliance market, it became clear P.C. Richard & Son would be the ideal retail partner. Given the history, industry knowledge and reputation, they are a perfect fit for Beko US. Their Sales Teams are exceptionally well trained and they are well established as a go-to appliance destination in the Tri-State area for over a century.”
P.C. Richard & Son’s management team expects an exciting launch for Beko, highlighted by specialty in-store events and online promotions. The Beko brand is widely recognized for products with innovative features and functional design which is sure to garner a lot of interest with American consumers.
Headquartered in Farmingdale, NY, P.C. Richard & Son is one of the nation's leading appliance, TV, electronics and mattress retailers with 66 stores in NY, NJ, CT & PA, and a national ecommerce presence. As a family owned and operated business since 1909, P.C. Richard & Son is a benchmark of entrepreneurial achievement built on five generations of honesty, integrity and reliability. Reported by PRWeb 2 hours ago.
Farmingdale, NY (PRWEB) August 02, 2016
P.C. Richard & Son and Beko are proud to announce an exclusive retail partnership, granting P.C. Richard & Son sole US distributorship of one of Europe’s leading appliance brands. This relationship marks Beko’s entry into the US appliance market, where P.C. Richard & Son has a proud 106 year legacy of growth, success and stability.
“With a reputation for innovation, reliability and affordability, it’s no wonder Beko has a presence in over 100 countries across Europe, Asia, Australia and Africa. Now that they’re ready to make their US debut, P.C. Richard & Son is honored to be their partner and look forward to many years of success together,” said Gregg Richard, Chief Executive Officer of P.C. Richard & Son, representing the fourth generation of the Richard Family at the helm of America’s largest family owned and operated Appliance, TV, Electronics and Mattress Retailer.
The enthusiasm is mutual with President of Beko US, Mike Goadby, noting that, “While plotting our much-anticipated launch into the US appliance market, it became clear P.C. Richard & Son would be the ideal retail partner. Given the history, industry knowledge and reputation, they are a perfect fit for Beko US. Their Sales Teams are exceptionally well trained and they are well established as a go-to appliance destination in the Tri-State area for over a century.”
P.C. Richard & Son’s management team expects an exciting launch for Beko, highlighted by specialty in-store events and online promotions. The Beko brand is widely recognized for products with innovative features and functional design which is sure to garner a lot of interest with American consumers.
Headquartered in Farmingdale, NY, P.C. Richard & Son is one of the nation's leading appliance, TV, electronics and mattress retailers with 66 stores in NY, NJ, CT & PA, and a national ecommerce presence. As a family owned and operated business since 1909, P.C. Richard & Son is a benchmark of entrepreneurial achievement built on five generations of honesty, integrity and reliability. Reported by PRWeb 2 hours ago.
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Geordie Shore crumbling: Gaz Beadle to quit for new life in Australia
GAZ Beadle has decided his time on Geordie Shore is up.
Reported by Daily Star 2 hours ago.
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Brighton agree club-record £8m fee for unwanted Tottenham forward Alex Pritchard
Tottenham manager Mauricio Pochettino left the forward, along with Nabil Bentaleb and Federico Fazio, at home while the rest of the squad flew out to Australia for a week-long tour.
Reported by MailOnline 2 hours ago.
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Sport24.co.za | Wallabies face Roosters in hybrid game
Australia head coach Michael Cheika brought a rugby league influence to his side when he held a training session with the Sydney Roosters.
Reported by News24 1 minute ago.
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Tapestry Solutions Names Robin Wright as President
Robin Wright succeeds Geoff Evans, who accepts new leadership role with Boeing's Global Services and Support business
SAN DIEGO, CA (PRWEB) August 02, 2016
Tapestry Solutions, Inc., a non-fully integrated subsidiary of Boeing [NYSE: BA], has named Robin Wright as its new president, effective August 6. In this role, Robin has profit and loss responsibility and the overall mandate to streamline and grow the Tapestry business.
“Robin Wright has been instrumental to Tapestry’s success for more than four years,” said Tim Noonan, vice president of Boeing’s Training Systems and Government Services. “His leadership, energy and ability to deliver solid results makes him a great fit for the next stage of Tapestry’s growth.”
Wright succeeds former President and CEO Geoff Evans who has accepted a new leadership role as director of Strategic Technology Investments for Global Services & Support, a business within Boeing Defense, Space & Security.
Under Tapestry, Wright previously served as the company’s vice president of Mission Products & Services, senior director of Strategic Programs and Mission Planning and director of Business Development.
Prior to joining Tapestry, Wright was an entrepreneur and created AQUINTAS. He also spent 10 years in Business Development for Integrated Data Services and was a finance officer in the U.S. Air Force.
ABOUT TAPESTRY SOLUTIONS
Tapestry Solutions, Inc. is a premier provider of logistics information management systems, simulations and training solutions for the global government defense and commercial markets. Backed by our parent company, The Boeing Company, we help our customers maximize efficiency in their operations, enhance situational awareness and reduce operational costs. Headquartered in San Diego, Calif., Tapestry supports customers from more than 50 locations around the world, including Oman, Saudi Arabia, Afghanistan, Kuwait, the UK, South Korea, India, Australia and Germany. Reported by PRWeb 2 hours ago.
SAN DIEGO, CA (PRWEB) August 02, 2016
Tapestry Solutions, Inc., a non-fully integrated subsidiary of Boeing [NYSE: BA], has named Robin Wright as its new president, effective August 6. In this role, Robin has profit and loss responsibility and the overall mandate to streamline and grow the Tapestry business.
“Robin Wright has been instrumental to Tapestry’s success for more than four years,” said Tim Noonan, vice president of Boeing’s Training Systems and Government Services. “His leadership, energy and ability to deliver solid results makes him a great fit for the next stage of Tapestry’s growth.”
Wright succeeds former President and CEO Geoff Evans who has accepted a new leadership role as director of Strategic Technology Investments for Global Services & Support, a business within Boeing Defense, Space & Security.
Under Tapestry, Wright previously served as the company’s vice president of Mission Products & Services, senior director of Strategic Programs and Mission Planning and director of Business Development.
Prior to joining Tapestry, Wright was an entrepreneur and created AQUINTAS. He also spent 10 years in Business Development for Integrated Data Services and was a finance officer in the U.S. Air Force.
ABOUT TAPESTRY SOLUTIONS
Tapestry Solutions, Inc. is a premier provider of logistics information management systems, simulations and training solutions for the global government defense and commercial markets. Backed by our parent company, The Boeing Company, we help our customers maximize efficiency in their operations, enhance situational awareness and reduce operational costs. Headquartered in San Diego, Calif., Tapestry supports customers from more than 50 locations around the world, including Oman, Saudi Arabia, Afghanistan, Kuwait, the UK, South Korea, India, Australia and Germany. Reported by PRWeb 2 hours ago.
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Newegg Marks Second Anniversary Selling in Australia with Discounted Newegg Premier, Expansion via eBay
LOS ANGELES--(BUSINESS WIRE)--#Newegg--Newegg – the leading tech-focused e-retailer in North America with a growing international presence – today commemorates its second anniversary of serving customers in Australia.
Reported by Business Wire 1 hour ago.
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10 Stunning Cities Where You Can Work Abroad If Donald Trump Becomes President
Let’s face it: you probably want an escape plan if Donald Trump is elected president. We’ve told you how to move to Ireland and Canada if the cruel hand of fate tips the scales in Trump’s favor. Now, we’ve got 10 more fantastic options for you.
LinkedIn compiled a list of the most popular cities where Americans are currently working abroad. These cities attract the most American talent, meaning you’d be surrounded by a vibrant expat community in any of these locales. LinkedIn also analyzed how many open jobs each city boasts, so you need not worry about finding work.
If you’re an educator, get excited! Teaching is the number one job for Americans working abroad. But if education isn’t your calling, never fear: there are also many options abroad for consultants, sales managers and marketing specialists.
Here are 10 amazing cities where you can work abroad if Donald Trump is elected president.
-1. London, United Kingdom-London boasts over 80,000 open jobs and a large expat community, according to LinkedIn. The city is rich in history, with stunning architecture and plenty of urban green space. But the Brexit drama that played out earlier this year highlights a virulent strain of xenophobia still present in Britain. If you’re against Trump’s walls, be wary of the U.K.’s self-imposed exile from the EU.
-2. Sydney, Australia-Sydney has less job openings than London, with only 15,000 spots available. On the bright side, Sydney has an infinitely better climate than rainy London. Australia boasts koalas, kangaroos and is the birthplace of the Hemsworth brothers. However, the country is home to some epic creepy-crawlies. Arachnophobes need not apply.
-3. Toronto, Canada-Sure, you’ve threatened to move to Canada if Donald Trump is elected president. But do you know how to actually do it? First, you have to get a job. Scan through Toronto’s 25,000 job openings to find the position that’s perfect for you. And when you get there, you can ogle political dreamboat Justin Trudeau while your American friends cower in fear from Trump’s hair.
-4. Paris, France-The City of Light has over 45,000 job openings for you to choose from. Paris is full of history, culture and macarons ― three requirements for any truly great city. Unfortunately, recent terror attacks in France have left the country on high alert and the atmosphere more tense than in years past.
-5. Shanghai, China-It might seem ironic to leave behind America’s democracy for China’s communist state, but Shanghai’s business center is a major pull for corporate executives. LinkedIn reports that Shanghai has over 15,000 job openings.
-6. Madrid, Spain-Dropping everything and moving to Spain is never a bad idea. Between the food, jaw-dropping architecture and museums, you’ll never find yourself short of things to do in Madrid. Trade in American football for futbol in the home of Real Madrid. Madrid has just over 10,000 jobs to offer.
-7. Tokyo, Japan-While Tokyo is expensive, it’s also one of the world’s most livable cities. You’ll love this place for its food, its sights and its opportunities; Tokyo boasts over 40,000 openings for job-seekers.
-8. Beijing, China-Beijing is a great place to move for Americans who want to live in a large economic hub, while also perfecting their Mandarin. Beijing has a notorious smog problem, but recent reports indicate that China is making significant strides in its war on pollution. Beijing has over 15,000 job openings.
-9. Melbourne, Australia-Melbourne is already planning on creating incentives for U.S. businesses to move down under if Trump wins the White House. The city is one of the most livable in the world, and offers an abundance of great coffee. LinkedIn reports that Melbourne has just over 5,000 job openings.
-10. Amsterdam, Netherlands-Break out your bike in Amsterdam, a city that’s essentially real-world Disneyland. The flowers are spectacular, the canals are picturesque and marijuana is legal for adults over 18. If that’s not really your style, stroll through Amsterdam’s stunning historical inner city and visit world-class museums like the Anne Frank House and Van Gogh Museum. Amsterdam has 15,000 job openings to offer.
-- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website. Reported by Huffington Post 51 minutes ago.
LinkedIn compiled a list of the most popular cities where Americans are currently working abroad. These cities attract the most American talent, meaning you’d be surrounded by a vibrant expat community in any of these locales. LinkedIn also analyzed how many open jobs each city boasts, so you need not worry about finding work.
If you’re an educator, get excited! Teaching is the number one job for Americans working abroad. But if education isn’t your calling, never fear: there are also many options abroad for consultants, sales managers and marketing specialists.
Here are 10 amazing cities where you can work abroad if Donald Trump is elected president.
-1. London, United Kingdom-London boasts over 80,000 open jobs and a large expat community, according to LinkedIn. The city is rich in history, with stunning architecture and plenty of urban green space. But the Brexit drama that played out earlier this year highlights a virulent strain of xenophobia still present in Britain. If you’re against Trump’s walls, be wary of the U.K.’s self-imposed exile from the EU.
-2. Sydney, Australia-Sydney has less job openings than London, with only 15,000 spots available. On the bright side, Sydney has an infinitely better climate than rainy London. Australia boasts koalas, kangaroos and is the birthplace of the Hemsworth brothers. However, the country is home to some epic creepy-crawlies. Arachnophobes need not apply.
-3. Toronto, Canada-Sure, you’ve threatened to move to Canada if Donald Trump is elected president. But do you know how to actually do it? First, you have to get a job. Scan through Toronto’s 25,000 job openings to find the position that’s perfect for you. And when you get there, you can ogle political dreamboat Justin Trudeau while your American friends cower in fear from Trump’s hair.
-4. Paris, France-The City of Light has over 45,000 job openings for you to choose from. Paris is full of history, culture and macarons ― three requirements for any truly great city. Unfortunately, recent terror attacks in France have left the country on high alert and the atmosphere more tense than in years past.
-5. Shanghai, China-It might seem ironic to leave behind America’s democracy for China’s communist state, but Shanghai’s business center is a major pull for corporate executives. LinkedIn reports that Shanghai has over 15,000 job openings.
-6. Madrid, Spain-Dropping everything and moving to Spain is never a bad idea. Between the food, jaw-dropping architecture and museums, you’ll never find yourself short of things to do in Madrid. Trade in American football for futbol in the home of Real Madrid. Madrid has just over 10,000 jobs to offer.
-7. Tokyo, Japan-While Tokyo is expensive, it’s also one of the world’s most livable cities. You’ll love this place for its food, its sights and its opportunities; Tokyo boasts over 40,000 openings for job-seekers.
-8. Beijing, China-Beijing is a great place to move for Americans who want to live in a large economic hub, while also perfecting their Mandarin. Beijing has a notorious smog problem, but recent reports indicate that China is making significant strides in its war on pollution. Beijing has over 15,000 job openings.
-9. Melbourne, Australia-Melbourne is already planning on creating incentives for U.S. businesses to move down under if Trump wins the White House. The city is one of the most livable in the world, and offers an abundance of great coffee. LinkedIn reports that Melbourne has just over 5,000 job openings.
-10. Amsterdam, Netherlands-Break out your bike in Amsterdam, a city that’s essentially real-world Disneyland. The flowers are spectacular, the canals are picturesque and marijuana is legal for adults over 18. If that’s not really your style, stroll through Amsterdam’s stunning historical inner city and visit world-class museums like the Anne Frank House and Van Gogh Museum. Amsterdam has 15,000 job openings to offer.
-- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website. Reported by Huffington Post 51 minutes ago.
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Hosting the Olympics boosts a country's stock market by this much
Brazil is set to reap a 25 per cent stock market boost from hosting this year’s Olympics in Rio de Janeiro, if the experience of past hosts is anything to go by.
One year after organising the games, the last six host countries of Spain, the US, Australia, Greece, China and the UK registered an average increase of 25 per cent in their local stock markets, according to figures from AJ Bell.
The US, which hosted the Atlanta games in 1996, and Greece, which hosted the Athens Olympics in 2004, had both experienced a more than 45 per cent uplift in their stock markets a year after the event.
*Read more:* Where to watch the Rio 2016 Olympics on the big screen in London
The 1992 Barcelona Olympics drove Spain's stock exchange up more than 27 per cent, 25 per cent in China after the 2008 Beijing Olympics and 16.5 per cent in the UK after London 2012. The 2012 Olympics in London had boosted the stock exchange by 16.5 per cent one year on (Source: Getty)
The exception to this rule was Australia, where the stock market fell almost seven per cent after the 2000 Sydney games.
Four years after the games, stock markets in the last six organising states were up an average of 38.9 per cent, suggesting there is a long-term national benefit to be gained from hosting the event.
*Read more: *Let's park the negativity and remember how incredible the Olympics can be
“While other factors will affect the markets, it seems that hosting the Olympics can provide a boost to the local economy which underpins each stock market,” Russ Mould, investment director at AJ Bell, said.
Mould added:
The Bovespa index in Brazil has lately been hobbled by commodity price weakness and a deep recession, while sticky inflation has forced the local central bank to jack up interest rates to a nine-year high of 14.25 per cent. The South American market has also been hit by political turmoil and the impeachment of President Dilma Rousseff.
However, cities across the globe still battle for the right to host prestige sporting events, since it is unlikely no benefit at all will accrue.
The benefits can run from improved infrastructure to less tangible results such as national esteem, better results on the pitch and the international focus they bring, as well as a boost to tourism during and after the competition in question.
Reported by City A.M. 36 minutes ago.
One year after organising the games, the last six host countries of Spain, the US, Australia, Greece, China and the UK registered an average increase of 25 per cent in their local stock markets, according to figures from AJ Bell.
The US, which hosted the Atlanta games in 1996, and Greece, which hosted the Athens Olympics in 2004, had both experienced a more than 45 per cent uplift in their stock markets a year after the event.
*Read more:* Where to watch the Rio 2016 Olympics on the big screen in London
The 1992 Barcelona Olympics drove Spain's stock exchange up more than 27 per cent, 25 per cent in China after the 2008 Beijing Olympics and 16.5 per cent in the UK after London 2012. The 2012 Olympics in London had boosted the stock exchange by 16.5 per cent one year on (Source: Getty)
The exception to this rule was Australia, where the stock market fell almost seven per cent after the 2000 Sydney games.
Four years after the games, stock markets in the last six organising states were up an average of 38.9 per cent, suggesting there is a long-term national benefit to be gained from hosting the event.
*Read more: *Let's park the negativity and remember how incredible the Olympics can be
“While other factors will affect the markets, it seems that hosting the Olympics can provide a boost to the local economy which underpins each stock market,” Russ Mould, investment director at AJ Bell, said.
Mould added:
The Bovespa index in Brazil has lately been hobbled by commodity price weakness and a deep recession, while sticky inflation has forced the local central bank to jack up interest rates to a nine-year high of 14.25 per cent. The South American market has also been hit by political turmoil and the impeachment of President Dilma Rousseff.
However, cities across the globe still battle for the right to host prestige sporting events, since it is unlikely no benefit at all will accrue.
The benefits can run from improved infrastructure to less tangible results such as national esteem, better results on the pitch and the international focus they bring, as well as a boost to tourism during and after the competition in question.
Reported by City A.M. 36 minutes ago.
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Betting: Home sweet home for Woakes and hosts at Edgbaston
Momentum is an oft-used word during a Test series, but in recent times its importance has waned.
Last summer saw England and Australia trade blows in a see-sawing Ashes series that finished 3-2 to the hosts.
England won the first, third and fourth Tests, though were completely outplayed in the other two, as the idea of momentum being essential for victory went the same way as the Aussies’ chances of lifting the urn.
The first two matches of the current Pakistan series have seen the same pattern followed.
A dominant win for the tourists at Lord’s was immediately followed by an English resurgence at Old Trafford, with Alastair Cook’s side victorious by 330 runs.
After leg-spinner Yasir Shah tormented the hosts by taking 10 wickets in London, Pakistan were only able to take nine English scalps in Manchester, with Shah returning meagre figures of just one for 264.
Cook made 105 and 76 not out, though he was overshadowed by a virtuoso performance from Joe Root, whose 325 runs in the match were the highest by an Englishman since Graham Gooch in 1990.
The worry for England is that Cook and Root’s display masks what is still a fragile batting card.
Another injury to Ben Stokes puts even more pressure on James Vince and Gary Ballance, with neither really looking like Test batsmen.
Fortunately, Edgbaston is usually the hosts' favourite ground. A combination of a conducive pitch and raucous crowd has helped them to three wins in their last four there.
Play starts on Wednesday and Betway make it 4/7 for another win this week, which I will be backing.
The ground tends to bring out the best in England, with Cook making 294 against India in 2011 and Jimmy Anderson taking 6/47 against Australia last year.
It is also the home of England’s all-round man of the moment, Chris Woakes, and he knows how to perform here more than anyone.
In his first Test in front of his local crowd he should be able to continue his remarkable run of form, which is tempting me to buy his match performance at 130 with Sporting Index.
*Pointers*
England 4/7 (Betway)
Buy Woakes performance 130 (Sporting Index) Reported by City A.M. 36 minutes ago.
Last summer saw England and Australia trade blows in a see-sawing Ashes series that finished 3-2 to the hosts.
England won the first, third and fourth Tests, though were completely outplayed in the other two, as the idea of momentum being essential for victory went the same way as the Aussies’ chances of lifting the urn.
The first two matches of the current Pakistan series have seen the same pattern followed.
A dominant win for the tourists at Lord’s was immediately followed by an English resurgence at Old Trafford, with Alastair Cook’s side victorious by 330 runs.
After leg-spinner Yasir Shah tormented the hosts by taking 10 wickets in London, Pakistan were only able to take nine English scalps in Manchester, with Shah returning meagre figures of just one for 264.
Cook made 105 and 76 not out, though he was overshadowed by a virtuoso performance from Joe Root, whose 325 runs in the match were the highest by an Englishman since Graham Gooch in 1990.
The worry for England is that Cook and Root’s display masks what is still a fragile batting card.
Another injury to Ben Stokes puts even more pressure on James Vince and Gary Ballance, with neither really looking like Test batsmen.
Fortunately, Edgbaston is usually the hosts' favourite ground. A combination of a conducive pitch and raucous crowd has helped them to three wins in their last four there.
Play starts on Wednesday and Betway make it 4/7 for another win this week, which I will be backing.
The ground tends to bring out the best in England, with Cook making 294 against India in 2011 and Jimmy Anderson taking 6/47 against Australia last year.
It is also the home of England’s all-round man of the moment, Chris Woakes, and he knows how to perform here more than anyone.
In his first Test in front of his local crowd he should be able to continue his remarkable run of form, which is tempting me to buy his match performance at 130 with Sporting Index.
*Pointers*
England 4/7 (Betway)
Buy Woakes performance 130 (Sporting Index) Reported by City A.M. 36 minutes ago.
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The largest buyer of the F-35 just declared it ready for war
The largest buyer of America's most expensive weapons program just declared it ready for war."I am proud to announce this powerful new weapons system has achieved initial combat capability," Air Force Gen. Herbert "Hawk" Carlisle, commander of Air Combat Command, said on a call with reporters.
"The F-35A will be the most dominant aircraft in our inventory, because it can go where our legacy aircraft cannot and provide the capabilities our commanders need on the modern battlefield," Carlisle said.
Of the sister service branches, the US Air Force has been the most bullish on Lockheed Martin's F-35 Lightning II's combat capabilities.
The 15 Air Force F-35A jets, and 21 combat-mission-ready pilots from Hill Air Force Base's 34th Fighter Squadron, represent a significant breakthrough for the weapons program which began development 15 years ago and has been offset by design flaws, cost overruns, and technical challenges.
Lt. Gen. Chris Bogdan, F-35 Program Executive Officer, said that the Air Force's decision to declare the F-35A's initial operational capability (IOC) "sends a simple and powerful message to America's friends and foes alike, the F-35 can do its mission."
"The roads leading to IOC for both services were not easy and these accomplishments are tangible testaments to the positive change happening in the F-35 program," Bogdan said.
As the Air Force is buying nearly 70% of the fifth-generation jets being made domestically (1,763 of 2,443 aircraft), the Air Force sets the economies of scale for the tri-service fighter, with each plane costing a cool $100 million.
Lockheed Martin, considered a bellwether for the US defense sector, is expected to generate nearly a fifth of its $50 billion in 2016 sales solely from the F-35 program.
In the company's latest quarter, the defense giant posted net sales in its aeronautics business up 6% or $244 million (compared to same period in 2015).
The Pentagon's top weapons supplier is also building the "jack of all trades" aircraft for the United Kingdom, Turkey, Australia, Italy, Denmark, Norway, Netherlands, Israel, Japan and South Korea.
Even though the Air Force is currently operating the oldest fleet in its history, it's not the first of the sister service branches to declare its variant combat ready.
Last summer, the Marine Corps was the first of the military branches to declare initial operational capability (IOC) for 10 F-35B jets.
"There were a lot of people out here in the press that said, 'Hey, the Marines are just going to declare IOC because it would be politically untenable not to do that," Lt. Gen. Jon Davis, deputy commandant of the Marine Corps for aviation Davis said during a discussion at the American Enterprise Institute on the readiness and future trajectory of Marine aviation.
"IOC in the Marine Corps means we will deploy that airplane in combat. That's not a decision I was gonna take lightly, nor Gen. Dunford," Davis said.
The Navy variant, the F-35C, is scheduled to reach IOC by February 2019.
*SEE ALSO: The F-35 has hit another snag — this time because it is just too good*
*SEE ALSO: Head of US Marine Corps aviation: The F-35B is ready to go to war right now*
Join the conversation about this story »
NOW WATCH: America's $400 billion warplane has some major flaws Reported by Business Insider 17 minutes ago.
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Behold the gorgon-gooey glory of this gorgonzola custard
*8 Hoxton Square
8 Hoxton Square, N1*
*WHAT?*
An independent restaurant and bar with a cosy Continental-style outdoor terrace in the midst of Hoxton’s hipster bustle off of Old Street.
*WHERE?*
If you need me to tell you again, you’re no longer welcome in the food and drink section.
*WHO?*
Still here? Good, it’s executive chef Cameron Emirali, a Kiwi raised in Australia who’s also behind 10 Greek Street in Soho.
*ORDER THIS...*Freshly made rosemary and onion bread
The kitchen gets entire animals in and simply works its way through different cuts, so the menu changes daily. One thing that stays on though is the gorgonzola custard, which is every bit as decadent as it sounds. Served with hot bread for dipping, all other bar snacks bow before its gorgon-gooey glory.
Summery options include a refreshing melon dish with capocollo (a cold pork cut) and a vividly scarlet cured trout with beetroot chunks and horseradish that gets you right in the nostrils.
All the desserts are childhood favourites; a chocolate brownie here, a rhubarb crumble there, but try the raspberries set in prosecco jelly set with sour cream ice cream for a grown up take on a kids party classic.
*BUSINESS OR PLEASURE?*
It’s incredibly relaxed during the day, so much so that you may be anxiously staring at your watch if you’ve only got an hour to spare. But if you’re one of those flexible working types, simply sit back and let the small plates roll on.
*NEED TO BOOK?*Inside 8 Hoxton Square with a view of the terrace
You should be able to rock up for lunch, but dinner gets busy. There’s also a chef’s table downstairs and the restaurant can accommodate up to 20 people per booking. Call 020 7729 4232 or email info@8hoxtonsquare.com.
*THE VERDICT...*
Feels like an intimate neighbourhood restaurant, tastes like an ambitious big city player. Its small dishes are packed with bold flavours. The phrase “I know a great little place”was made for 8 Hoxton Square and it’ll earn you serious cool points with the clients.
*ONE MORE THING...*
Ask for the not-so-secret wine list. It’s handwritten by Luke Wilson, Emirali’s partner in crime, who also happens to be a former wine merchant. If you’re looking for something rare or a little bit special, it’ll be in his little black book.
Reported by City A.M. 8 minutes ago.
8 Hoxton Square, N1*
*WHAT?*
An independent restaurant and bar with a cosy Continental-style outdoor terrace in the midst of Hoxton’s hipster bustle off of Old Street.
*WHERE?*
If you need me to tell you again, you’re no longer welcome in the food and drink section.
*WHO?*
Still here? Good, it’s executive chef Cameron Emirali, a Kiwi raised in Australia who’s also behind 10 Greek Street in Soho.
*ORDER THIS...*Freshly made rosemary and onion bread
The kitchen gets entire animals in and simply works its way through different cuts, so the menu changes daily. One thing that stays on though is the gorgonzola custard, which is every bit as decadent as it sounds. Served with hot bread for dipping, all other bar snacks bow before its gorgon-gooey glory.
Summery options include a refreshing melon dish with capocollo (a cold pork cut) and a vividly scarlet cured trout with beetroot chunks and horseradish that gets you right in the nostrils.
All the desserts are childhood favourites; a chocolate brownie here, a rhubarb crumble there, but try the raspberries set in prosecco jelly set with sour cream ice cream for a grown up take on a kids party classic.
*BUSINESS OR PLEASURE?*
It’s incredibly relaxed during the day, so much so that you may be anxiously staring at your watch if you’ve only got an hour to spare. But if you’re one of those flexible working types, simply sit back and let the small plates roll on.
*NEED TO BOOK?*Inside 8 Hoxton Square with a view of the terrace
You should be able to rock up for lunch, but dinner gets busy. There’s also a chef’s table downstairs and the restaurant can accommodate up to 20 people per booking. Call 020 7729 4232 or email info@8hoxtonsquare.com.
*THE VERDICT...*
Feels like an intimate neighbourhood restaurant, tastes like an ambitious big city player. Its small dishes are packed with bold flavours. The phrase “I know a great little place”was made for 8 Hoxton Square and it’ll earn you serious cool points with the clients.
*ONE MORE THING...*
Ask for the not-so-secret wine list. It’s handwritten by Luke Wilson, Emirali’s partner in crime, who also happens to be a former wine merchant. If you’re looking for something rare or a little bit special, it’ll be in his little black book.
Reported by City A.M. 8 minutes ago.
↧
Rio 2016: Cirencester's Samantha Birch on stand-by for Australian...
Cirencester's Samantha Birch is Australia's new travelling reserve for Rio 2016. She is on standby after Bill Levett's horse Alexander NJ sustained a minor injury. Equestrian Australia (EA) made arrangements for Birch and her horse Hunter Valley II to fill the only reserve position for eventing. She has represented her country at the World Equestrian Games, been in the top ten at Badminton and has been shortlisted for two Olympics.READ: Jeremy Kyle sells horse that won £75,000 in prize...
Reported by Stroud Life 5 seconds ago.
↧
PIRA Energy Market Recap for the Week Ending August 1, 2016
Current Prices Near Lows Even Though Surplus Stocks Revised Higher
New York, NY (PRWEB) August 02, 2016
NYC-based PIRA Energy Group believes that current prices are near lows even though surplus stocks revised higher. In the U.S., crude stocks keep building. In Japan, crude runs rose, imports moved higher and stocks built. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:
Current Prices Near Lows Even Though Surplus Stocks Revised Higher
Global macro landscape is brighter, especially with dovish central banks. Oil market rebalancing has temporarily stalled in 3Q16, but it should resume strongly in 4Q with much more robust demand growth. Global supply is declining with sharp declines in non-OPEC crude/condensate more than offsetting increases in non-crude liquids and OPEC crude production. Prices are currently too low and should rally from here. Political risks to supply have turned higher. U.S. crude exports should pick up and contribute to substantial U.S. crude stock draws in August and September. Refinery margins will be weak this autumn as ample light product stocks will be slow to work off.
Don't Count on WCSB Production Losses
Conventional wisdom suggests that the cure to low natural gas prices ultimately rests with producers. Yet, despite the record slump in cash prices, Canadian production appears to be defying convention, increasing ~0.3 BCF/D year-on-year during the first half of this year, with producer and midstream companies guiding toward a relatively stable supply outlook ahead. Robust Canadian production underscores the general resilience of North American supply, with slowing WCSB production growth more than offsetting declines from other conventional resources. In contrast to the Lower 48, where take-away pipeline has limited shale growth, only modest declines are taking hold this summer with Canadian production poised to rebound this winter.
French Nuclear Debacle
An unusually high number of French nukes are offline for maintenance, bringing the load factor of French nuclear down to a multi-year low during July. Assuming nuclear stays at minimum levels of the historical range would bring French prices up to the low €40/MWh during the winter months. The current proposal of the carbon floor is shaping up as a penalty on coal units, which would have a very limited impact on shorter-term prices, but it increases the risks of retirements. The risk of plant closures, with oil units already being retired, makes French prices more likely to move toward Spain and Italy in the medium term. We see the UK market unable to balance for at least 90 hours in the upcoming winter, without calling CBR. Base and peak spark spreads for the winter ahead have surged in anticipation of these risks.
U.S. Social Cost of Carbon Estimates: An Emerging Standard?
There is wide range in views on the optimal price of carbon — often based on price levels needed to achieve emissions reduction goals. U.S. government estimates of the social cost of carbon utilize a methodology based on academic models that calculate avoided damages. Already used for federal cost-benefit calcs, more recently these estimates have been used in international agreements, for state-level policy, and as a carbon price standard with commercial implications for energy market players. PIRA's report discusses how the social cost of carbon is calculated and used and how modeling choices lead to an estimate that reflects political realities as well as scientific calculations. Implementation of carbon prices generally ends up well below estimates of carbon’s social cost.
Are Low Wheat Prices Sustainable?
While most traders remain focused on production estimates for U.S. corn and soybeans, the wheat market quietly made a 10-year low of $4.035 for the prompt contract last week, and quietly is exactly the way the Non-Commercial shorts like it. The Non-Commercial short in SRW is quickly approaching 145K contracts according to last week’s COT, while the HRW short is nearer 37K contracts. Depending on how you look at some of these numbers the SRW short is probably the third largest in history and may even be at a record currently.
Sluggish Growth Data from U.S., but Better Data from Europe/Asia
The latest U.S. GDP release disappointed, as it showed the pace of year-on-year economic growth slowing in recent periods. But underlying data suggested that a growth pick-up will materialize soon — after all, a large portion of the recent weakness was due to an inventory drawdown, and this will not continue; and outside of business investment, key activity sectors are in good shape. In the euro area, the pace of second quarter GDP growth matched expectations, and the resilience in business confidence surveys paints an encouraging picture for near-term growth. In South Korea, second quarter growth exceeded expectations, and a recent strengthening in industrial activity is encouraging for the outlook.
Freight Market Outlook
Rates in all the major tanker sectors in July have already hit or are fast approaching 2016 lows. Rates are unlikely to improve before the fourth quarter, although fleet capacity growth this year will also limit prospects for a meaningful winter rally.
U.S. Ethanol Prices Fall
U.S. ethanol manufacturing margins worsen. RIN generation increases. D6 values near $1.00.
No Relief for Asian LPG Prices
Far East destination markets are rioting against an avalanche of LPG supply in-flows. Cash propane and butane cargo prices plunged last week, well below the newly printed Saudi Contract Prices. The prompt paper arbitrage to the Far East from the Arab Gulf plunged to near zero, indicating that even if freight was free, little money could be made by bringing cargoes to the region. Even more troubling, cash Far East prices are performing even worse, with physical C3 and C4 being called well below August CPs. PIRA believes that the recent glut may be partly due to the recent opening of the new lock system at the Panama Canal. Asia is now being barraged by USGC cargoes, arriving from both the east and west, and canal cargoes (with their significantly shorter voyages) are arriving before cargoes that set out earlier on the Horn of Africa route.
U.S. Stocks Keep Building
Crude stocks disappoint again, showing a 1.7 million barrel build as imports approach high of year at 8.44 MMB/D. Cushing crude stocks have largest build (1.1 million barrels) since early May. Reported product demand continued to improve, rising 150 MB/D on the week to a strong 20.8 MMB/D.
Increased Risks of a "Hard Landing"
The prospect of new record-high storage in the U.S. and western Canada raises the risk for a “hard landing” for prices this season. While it appears unlikely that the market will once again probe sub-$2 prices, weakening fundamentals are at odds for sustained $3 prices — with the likelihood of a relapse looming ahead.
Price Gains Continue, but Mainly Weather-Driven
On-peak price levels and volatility soared in July amid strong cooling loads. Palo Verde on-peak prices averaged above $40/MWh, up more than $10/MWh from June. Mid-Columbia also gained $10/MWh to average in the low $30s. California hubs saw more modest ($5-6/MWH) gains to the high $30s. Bullish price action at the front of the curve has had relatively little impact on price forecasts with the exception of Palo Verde, where we believe a more bullish stance is justified, particularly for spring/summer 2017. In the near term, however, prices and heat rates are likely to ease as short-term weather forecasts indicate below-normal temperatures in the inland Southwest. In contrast, California heat rates are likely to increase as the call on gas generation reaches its annual peak in August/September amid ongoing gas storage constraints.
Financial Stress Stable
The S&P 500 was little changed on the week. Volatility remained low. Emerging market debt and high yield debt pulled back on the week. The dollar was generally weaker, particularly against the yen. It was noticeably stronger against the Russian ruble.
Cap Freight Rates Expected to Leap in 2H17
Cape demand is being boosted by improvements in 2Q16 Chinese steel industry numbers and the expansion in Guinean bauxite trade to China. Cape utilization is set to tighten notably in 2H17 and into 2018. Along with stronger bulker prices, PIRA expects a surge in freight rates in 2H17.
Potential Market for International Aviation Emissions
Emissions from aviation make up a small share of total global emissions, but they are growing quickly. The International Civil Aviation Organization is expected to unveil a program to keep post-2020 emissions at 2020 levels at its upcoming triennial assembly in September. PIRA estimates that, based on the most recent draft, it could cover at most 60-65% of total global aviation activity — requiring around 2 billion metric tons to be offset between 2021-2035. The main UNFCCC offsetting mechanism (CDM) should meet demand for offsets, but supply risks are related to the need to avoid double-counting of emissions reductions. Compliance costs are expected to make up a small share of jet fuel prices.
Inventories Draw
The week ending July 22, stocks draw to less than 21 million barrels for the first time in seven weeks. Production drops to 988 MB/D, falling from a record 1,029 MB/D the prior week.
Will Corn Prices Repeat?
Year-over-year price action similarities in corn have been hard to ignore. Last year, Dec. ’15 corn made a high of $4.5425 in early July. This year’s high of $4.49 was made in mid-June. Last year’s selloff was 97 cents from the highs. This year’s selloff, so far, has been 115.75 cents. Not a perfect match either timing-wise or price-wise, but close enough that a look at last August’s price action is warranted as July comes to a close.
Japanese Crude Runs Rose, Imports Moved Higher and Stocks Built
Crude runs rose 81 MB/D on the week, reflecting the restart of Hokkaido. Refinery capacity continues to look underutilized, which suggests discretionary run cuts are occurring. Crude imports moved higher and crude stocks built 1.45 MMBbls. Finished product stocks built by 0.9 MMBbls, mostly due to a rise in naphtha. Refining margins remain very poor and should be inducing discretionary run cuts.
Weakening Fundamentals Pressure Prices
Although the forecast heat will likely limit August stockpiling for the first half of the month, less constructive fundamentals developing in the second half increases the risk of regional congestion. The prospect of new record-high storage in the U.S. and western Canada raises the risk for a “hard landing” for prices this season, with the month-on-month gains recorded in July likely reversing by September.
Short Distances on LNG Trade Protecting Spot Market Profitability
The emerging growth in Australian LNG output will make less and less room for other LNG supply to push its way into Asia from distant regions. Australia is still only producing 160-mmcm/d (up 90 mmcm/d year-on-year) and remains at a mere 51 % of the total production capacity (315-mmcm/d) it will have in place by 2019.
U.S. May 2016 DOE Monthly Revisions
EIA just released its final monthly May 2016 (PSM) U.S. oil supply/demand data. May 2016 demand came in at 19.20 MMB/D, which showed growth of 85 MB/D, or 0.4%, versus year-ago. Gasoline, kero, and resid all outperformed. Distillate and “other” underperformed. Versus the weeklies, demand was revised lower by 1.1 MMB/D, with "other" revised lower by 627 MB/D, distillate lower by 257 MB/D, and gasoline lower by 213 MB/D. This comes on the heels of an 800 MB/D downward revision in the final April figures, when reported last month. Versus PIRA's Reference Case outlook, May is 450 MB/D less than forecast. End-May total commercial stocks stood at 1,384.1 MMBbls, which was 17.2 MMBbl higher than the preliminaries and 20 MMBbls higher than PIRA had assumed in its balances.
Storage Congestion Concerns Back on the Table
Thursday’s lighter-than-expected U.S. storage build, coupled with an anticipated single-digit addition to inventories for next Thursday’s report, should register as the lightest additions to working gas inventories for the remainder of the cooling season. These relatively low builds have helped propel the newly minted prompt contract beyond $2.90/MMBtu but bely weekly injections thereafter that could easily average 35-40 BCF, as cooling degree days seasonally decline in August.
Coal Stocks Now Flat Year-On-Year
In the face of sharply warmer-than-normal cooling conditions across most of the eastern and southern U.S., PIRA estimates that U.S. coal stocks are near flat year-on-year at 156 MMst. Though this remains above-normal target levels, some regions are drawing very close to normal seasonal target levels.
Global Equities Are Mixed
Global equities were modestly mixed on the week. Outside the U.S., the markets moved, on balance, higher. The international sectors were led by Japan and Europe, though Norway declined as oil prices weakened. In the U.S., the market was largely unchanged, though technology, retail, and housing moved noticeably higher. Energy lagged and declined on the week.
Asian Demand Update: Slowing Growth Along Expectations
PIRA's latest update of Asian product demand shows a slowdown in growth from last month but still strong. The deceleration is concentrated in both China and India, but other Asian countries showed improvement, with either stronger growth or smaller year-on-year declines. Data actuals cover the three month period April-June for China, India, Korea, and Japan so this snapshot picks up the most timely data in the largest countries. Overall Asian demand growth slowed from 1.35 MMB/D in the June assessment to just over 1 MMB/D in the latest snapshot.
Ukraine Raises Industrial Gas Price
“New natural gas prices for industrial consumers and other business entities have been increased by 9% on average compared with the prices in June-July 2016, taking into account the price situation on the European natural gas market,” Naftogaz reports. The natural gas prices from the company’s resource are differentiated depending on the volume of purchases, payment conditions and the state of previous payments.
Coal Price Rally Continues; China Providing Stimulus
Despite weaker oil prices, the coal market rallied strongly this month. A sizeable drop in China’s domestic coal production from planned curtailments and wet weather saw its thermal coal imports increase again year-on-year in June, while exports supply from other major producing nations has been held in check largely by the weather. PIRA continues to believe that 2017 prices are undervalued despite the increase in pricing this month as stronger oil prices next year will push the curve higher.
Aramco Pricing Adjustments Reflect Desire to Maintain Asian Market Share
Saudi Arabia's formula prices for September were just released. Prices were cut most aggressively to Asia, while U.S. customers saw cuts on the two lightest grades. Prices for delivery into Northern Europe were raised on all grades but the lightest, Arab Extra Light. The adjustments reflect weaker refining economics and narrower light product cracks, particularly in Asia, while the increase in Europe reflects a narrower discount on Urals vs. Dated Brent. The cut in the U.S. was in keeping with a narrowing of the LLS-Mars spread. The bottom line is that Saudi Arabia continues to respond to market conditions so to maintain its market share.
Storage Will Be Ready this Winter
Seasonal gas demand will reach its low point in August, which will relieve some of the pressure on prompt prices and offer additional options for injecting gas on the Continent. Despite this, the run-up in gas prices has not turned away power sector gas demand, helped by strong coal and poor availability of the French nuclear fleet. Power production across France is up by 90% year-on-year in July. Breaking this down by gas grid, we are seeing a 60% rise in PEG-Nord power plant production and an amazing 340% rise in PEG-TRS production. This is particularly amazing given that southern French gas prices have been trading 7% higher, or €1.07/MWh, than their northern neighbors.
The information above is part of PIRA Energy Group's weekly Energy Market Recap - which alerts readers to PIRA’s current analysis of energy markets around the world as well as the key economic and political factors driving those markets. To read PIRA’s Market Recap first, subscribe to PIRA Perspectives here.
Click here for additional information on PIRA’s global energy commodity market research services.
CONTACT:
PIRA Energy Group
3 Park Avenue, 26th Floor
New York, NY 10016
212-686-6808
sales(at)pira(dot)com Reported by PRWeb 20 minutes ago.
New York, NY (PRWEB) August 02, 2016
NYC-based PIRA Energy Group believes that current prices are near lows even though surplus stocks revised higher. In the U.S., crude stocks keep building. In Japan, crude runs rose, imports moved higher and stocks built. Specifically, PIRA’s analysis of the oil market fundamentals has revealed the following:
Current Prices Near Lows Even Though Surplus Stocks Revised Higher
Global macro landscape is brighter, especially with dovish central banks. Oil market rebalancing has temporarily stalled in 3Q16, but it should resume strongly in 4Q with much more robust demand growth. Global supply is declining with sharp declines in non-OPEC crude/condensate more than offsetting increases in non-crude liquids and OPEC crude production. Prices are currently too low and should rally from here. Political risks to supply have turned higher. U.S. crude exports should pick up and contribute to substantial U.S. crude stock draws in August and September. Refinery margins will be weak this autumn as ample light product stocks will be slow to work off.
Don't Count on WCSB Production Losses
Conventional wisdom suggests that the cure to low natural gas prices ultimately rests with producers. Yet, despite the record slump in cash prices, Canadian production appears to be defying convention, increasing ~0.3 BCF/D year-on-year during the first half of this year, with producer and midstream companies guiding toward a relatively stable supply outlook ahead. Robust Canadian production underscores the general resilience of North American supply, with slowing WCSB production growth more than offsetting declines from other conventional resources. In contrast to the Lower 48, where take-away pipeline has limited shale growth, only modest declines are taking hold this summer with Canadian production poised to rebound this winter.
French Nuclear Debacle
An unusually high number of French nukes are offline for maintenance, bringing the load factor of French nuclear down to a multi-year low during July. Assuming nuclear stays at minimum levels of the historical range would bring French prices up to the low €40/MWh during the winter months. The current proposal of the carbon floor is shaping up as a penalty on coal units, which would have a very limited impact on shorter-term prices, but it increases the risks of retirements. The risk of plant closures, with oil units already being retired, makes French prices more likely to move toward Spain and Italy in the medium term. We see the UK market unable to balance for at least 90 hours in the upcoming winter, without calling CBR. Base and peak spark spreads for the winter ahead have surged in anticipation of these risks.
U.S. Social Cost of Carbon Estimates: An Emerging Standard?
There is wide range in views on the optimal price of carbon — often based on price levels needed to achieve emissions reduction goals. U.S. government estimates of the social cost of carbon utilize a methodology based on academic models that calculate avoided damages. Already used for federal cost-benefit calcs, more recently these estimates have been used in international agreements, for state-level policy, and as a carbon price standard with commercial implications for energy market players. PIRA's report discusses how the social cost of carbon is calculated and used and how modeling choices lead to an estimate that reflects political realities as well as scientific calculations. Implementation of carbon prices generally ends up well below estimates of carbon’s social cost.
Are Low Wheat Prices Sustainable?
While most traders remain focused on production estimates for U.S. corn and soybeans, the wheat market quietly made a 10-year low of $4.035 for the prompt contract last week, and quietly is exactly the way the Non-Commercial shorts like it. The Non-Commercial short in SRW is quickly approaching 145K contracts according to last week’s COT, while the HRW short is nearer 37K contracts. Depending on how you look at some of these numbers the SRW short is probably the third largest in history and may even be at a record currently.
Sluggish Growth Data from U.S., but Better Data from Europe/Asia
The latest U.S. GDP release disappointed, as it showed the pace of year-on-year economic growth slowing in recent periods. But underlying data suggested that a growth pick-up will materialize soon — after all, a large portion of the recent weakness was due to an inventory drawdown, and this will not continue; and outside of business investment, key activity sectors are in good shape. In the euro area, the pace of second quarter GDP growth matched expectations, and the resilience in business confidence surveys paints an encouraging picture for near-term growth. In South Korea, second quarter growth exceeded expectations, and a recent strengthening in industrial activity is encouraging for the outlook.
Freight Market Outlook
Rates in all the major tanker sectors in July have already hit or are fast approaching 2016 lows. Rates are unlikely to improve before the fourth quarter, although fleet capacity growth this year will also limit prospects for a meaningful winter rally.
U.S. Ethanol Prices Fall
U.S. ethanol manufacturing margins worsen. RIN generation increases. D6 values near $1.00.
No Relief for Asian LPG Prices
Far East destination markets are rioting against an avalanche of LPG supply in-flows. Cash propane and butane cargo prices plunged last week, well below the newly printed Saudi Contract Prices. The prompt paper arbitrage to the Far East from the Arab Gulf plunged to near zero, indicating that even if freight was free, little money could be made by bringing cargoes to the region. Even more troubling, cash Far East prices are performing even worse, with physical C3 and C4 being called well below August CPs. PIRA believes that the recent glut may be partly due to the recent opening of the new lock system at the Panama Canal. Asia is now being barraged by USGC cargoes, arriving from both the east and west, and canal cargoes (with their significantly shorter voyages) are arriving before cargoes that set out earlier on the Horn of Africa route.
U.S. Stocks Keep Building
Crude stocks disappoint again, showing a 1.7 million barrel build as imports approach high of year at 8.44 MMB/D. Cushing crude stocks have largest build (1.1 million barrels) since early May. Reported product demand continued to improve, rising 150 MB/D on the week to a strong 20.8 MMB/D.
Increased Risks of a "Hard Landing"
The prospect of new record-high storage in the U.S. and western Canada raises the risk for a “hard landing” for prices this season. While it appears unlikely that the market will once again probe sub-$2 prices, weakening fundamentals are at odds for sustained $3 prices — with the likelihood of a relapse looming ahead.
Price Gains Continue, but Mainly Weather-Driven
On-peak price levels and volatility soared in July amid strong cooling loads. Palo Verde on-peak prices averaged above $40/MWh, up more than $10/MWh from June. Mid-Columbia also gained $10/MWh to average in the low $30s. California hubs saw more modest ($5-6/MWH) gains to the high $30s. Bullish price action at the front of the curve has had relatively little impact on price forecasts with the exception of Palo Verde, where we believe a more bullish stance is justified, particularly for spring/summer 2017. In the near term, however, prices and heat rates are likely to ease as short-term weather forecasts indicate below-normal temperatures in the inland Southwest. In contrast, California heat rates are likely to increase as the call on gas generation reaches its annual peak in August/September amid ongoing gas storage constraints.
Financial Stress Stable
The S&P 500 was little changed on the week. Volatility remained low. Emerging market debt and high yield debt pulled back on the week. The dollar was generally weaker, particularly against the yen. It was noticeably stronger against the Russian ruble.
Cap Freight Rates Expected to Leap in 2H17
Cape demand is being boosted by improvements in 2Q16 Chinese steel industry numbers and the expansion in Guinean bauxite trade to China. Cape utilization is set to tighten notably in 2H17 and into 2018. Along with stronger bulker prices, PIRA expects a surge in freight rates in 2H17.
Potential Market for International Aviation Emissions
Emissions from aviation make up a small share of total global emissions, but they are growing quickly. The International Civil Aviation Organization is expected to unveil a program to keep post-2020 emissions at 2020 levels at its upcoming triennial assembly in September. PIRA estimates that, based on the most recent draft, it could cover at most 60-65% of total global aviation activity — requiring around 2 billion metric tons to be offset between 2021-2035. The main UNFCCC offsetting mechanism (CDM) should meet demand for offsets, but supply risks are related to the need to avoid double-counting of emissions reductions. Compliance costs are expected to make up a small share of jet fuel prices.
Inventories Draw
The week ending July 22, stocks draw to less than 21 million barrels for the first time in seven weeks. Production drops to 988 MB/D, falling from a record 1,029 MB/D the prior week.
Will Corn Prices Repeat?
Year-over-year price action similarities in corn have been hard to ignore. Last year, Dec. ’15 corn made a high of $4.5425 in early July. This year’s high of $4.49 was made in mid-June. Last year’s selloff was 97 cents from the highs. This year’s selloff, so far, has been 115.75 cents. Not a perfect match either timing-wise or price-wise, but close enough that a look at last August’s price action is warranted as July comes to a close.
Japanese Crude Runs Rose, Imports Moved Higher and Stocks Built
Crude runs rose 81 MB/D on the week, reflecting the restart of Hokkaido. Refinery capacity continues to look underutilized, which suggests discretionary run cuts are occurring. Crude imports moved higher and crude stocks built 1.45 MMBbls. Finished product stocks built by 0.9 MMBbls, mostly due to a rise in naphtha. Refining margins remain very poor and should be inducing discretionary run cuts.
Weakening Fundamentals Pressure Prices
Although the forecast heat will likely limit August stockpiling for the first half of the month, less constructive fundamentals developing in the second half increases the risk of regional congestion. The prospect of new record-high storage in the U.S. and western Canada raises the risk for a “hard landing” for prices this season, with the month-on-month gains recorded in July likely reversing by September.
Short Distances on LNG Trade Protecting Spot Market Profitability
The emerging growth in Australian LNG output will make less and less room for other LNG supply to push its way into Asia from distant regions. Australia is still only producing 160-mmcm/d (up 90 mmcm/d year-on-year) and remains at a mere 51 % of the total production capacity (315-mmcm/d) it will have in place by 2019.
U.S. May 2016 DOE Monthly Revisions
EIA just released its final monthly May 2016 (PSM) U.S. oil supply/demand data. May 2016 demand came in at 19.20 MMB/D, which showed growth of 85 MB/D, or 0.4%, versus year-ago. Gasoline, kero, and resid all outperformed. Distillate and “other” underperformed. Versus the weeklies, demand was revised lower by 1.1 MMB/D, with "other" revised lower by 627 MB/D, distillate lower by 257 MB/D, and gasoline lower by 213 MB/D. This comes on the heels of an 800 MB/D downward revision in the final April figures, when reported last month. Versus PIRA's Reference Case outlook, May is 450 MB/D less than forecast. End-May total commercial stocks stood at 1,384.1 MMBbls, which was 17.2 MMBbl higher than the preliminaries and 20 MMBbls higher than PIRA had assumed in its balances.
Storage Congestion Concerns Back on the Table
Thursday’s lighter-than-expected U.S. storage build, coupled with an anticipated single-digit addition to inventories for next Thursday’s report, should register as the lightest additions to working gas inventories for the remainder of the cooling season. These relatively low builds have helped propel the newly minted prompt contract beyond $2.90/MMBtu but bely weekly injections thereafter that could easily average 35-40 BCF, as cooling degree days seasonally decline in August.
Coal Stocks Now Flat Year-On-Year
In the face of sharply warmer-than-normal cooling conditions across most of the eastern and southern U.S., PIRA estimates that U.S. coal stocks are near flat year-on-year at 156 MMst. Though this remains above-normal target levels, some regions are drawing very close to normal seasonal target levels.
Global Equities Are Mixed
Global equities were modestly mixed on the week. Outside the U.S., the markets moved, on balance, higher. The international sectors were led by Japan and Europe, though Norway declined as oil prices weakened. In the U.S., the market was largely unchanged, though technology, retail, and housing moved noticeably higher. Energy lagged and declined on the week.
Asian Demand Update: Slowing Growth Along Expectations
PIRA's latest update of Asian product demand shows a slowdown in growth from last month but still strong. The deceleration is concentrated in both China and India, but other Asian countries showed improvement, with either stronger growth or smaller year-on-year declines. Data actuals cover the three month period April-June for China, India, Korea, and Japan so this snapshot picks up the most timely data in the largest countries. Overall Asian demand growth slowed from 1.35 MMB/D in the June assessment to just over 1 MMB/D in the latest snapshot.
Ukraine Raises Industrial Gas Price
“New natural gas prices for industrial consumers and other business entities have been increased by 9% on average compared with the prices in June-July 2016, taking into account the price situation on the European natural gas market,” Naftogaz reports. The natural gas prices from the company’s resource are differentiated depending on the volume of purchases, payment conditions and the state of previous payments.
Coal Price Rally Continues; China Providing Stimulus
Despite weaker oil prices, the coal market rallied strongly this month. A sizeable drop in China’s domestic coal production from planned curtailments and wet weather saw its thermal coal imports increase again year-on-year in June, while exports supply from other major producing nations has been held in check largely by the weather. PIRA continues to believe that 2017 prices are undervalued despite the increase in pricing this month as stronger oil prices next year will push the curve higher.
Aramco Pricing Adjustments Reflect Desire to Maintain Asian Market Share
Saudi Arabia's formula prices for September were just released. Prices were cut most aggressively to Asia, while U.S. customers saw cuts on the two lightest grades. Prices for delivery into Northern Europe were raised on all grades but the lightest, Arab Extra Light. The adjustments reflect weaker refining economics and narrower light product cracks, particularly in Asia, while the increase in Europe reflects a narrower discount on Urals vs. Dated Brent. The cut in the U.S. was in keeping with a narrowing of the LLS-Mars spread. The bottom line is that Saudi Arabia continues to respond to market conditions so to maintain its market share.
Storage Will Be Ready this Winter
Seasonal gas demand will reach its low point in August, which will relieve some of the pressure on prompt prices and offer additional options for injecting gas on the Continent. Despite this, the run-up in gas prices has not turned away power sector gas demand, helped by strong coal and poor availability of the French nuclear fleet. Power production across France is up by 90% year-on-year in July. Breaking this down by gas grid, we are seeing a 60% rise in PEG-Nord power plant production and an amazing 340% rise in PEG-TRS production. This is particularly amazing given that southern French gas prices have been trading 7% higher, or €1.07/MWh, than their northern neighbors.
The information above is part of PIRA Energy Group's weekly Energy Market Recap - which alerts readers to PIRA’s current analysis of energy markets around the world as well as the key economic and political factors driving those markets. To read PIRA’s Market Recap first, subscribe to PIRA Perspectives here.
Click here for additional information on PIRA’s global energy commodity market research services.
CONTACT:
PIRA Energy Group
3 Park Avenue, 26th Floor
New York, NY 10016
212-686-6808
sales(at)pira(dot)com Reported by PRWeb 20 minutes ago.
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Major Champions Sandy Lyle, Tom Kite and Ian Woosnam Commit to 2016 Pacific Links Championship
Strong field continues to build for September event on PGA TOUR Champions
Victoria, British Columbia, Canada (PRWEB) August 02, 2016
World Golf Hall of Fame members Sandy Lyle and Tom Kite, along with 1991 Masters Tournament winner Ian Woosnam, have committed to play the 2016 Pacific Links Championship. The event will be contested on Bear Mountain Golf Resort’s Mountain Course in Victoria, British Columbia the week of September 19-25, 2016, featuring a US$2.5 million purse, with 81 players competing for a winner’s share of $440,000.
Lyle, who was inducted into the World Golf Hall of Fame in 2012, was one of the game’s more prolific stars throughout the 1980s, claiming the 1985 Open Championship at Royal St. George’s and the 1988 Masters Tournament, where his 72nd-hole fairway bunker shot became one of the most memorable moments in major championship history.
The five-time European Ryder Cup team member posted 20 additional combined wins between the PGA TOUR and European Tour, but is still in search of his first victory on the PGA TOUR Champions. Lyle earned a career-best runner-up finish in the 2015 Bass Pro Shops Legends of Golf at Big Cedar Lodge, where he paired alongside Woosnam in the annual team event.
Throughout his career, Kite has been known as one of the game’s premier grinders, straightest hitters and best putters. The Austin, TX native collected 19 PGA TOUR titles throughout his Hall of Fame career, including the 1992 U.S. Open, when he famously defeated an arduous Pebble Beach Golf Links course during some of the most difficult final-round conditions in tournament history.
Kite’s Masters Tournament record was full of near-misses, with nine career top-five finishes at Augusta National, including runner-up efforts during two of the events most historic weeks – in 1986, when Jack Nicklaus claimed his sixth and final title, and in 1997, when Tiger Woods shocked the golf world with a dramatic 12-shot victory.
On PGA TOUR Champions, the 66-year-old has recorded 10 career titles, including a major championship at the 2000 Regions Tradition.
Woosnam’s notoriety in the United States was defined by the 1991 Masters title, where he defeated Jose Maria Olazabal by one shot with a dramatic par putt on the 72nd hole. As a native of Wales, however, his fame was much larger abroad, with 28 career victories on the European Tour and eight appearances in the Ryder Cup – five of which either won or retained the Cup for Europe. Woosnam was a non-playing captain for Europe’s 2006 team in the biennial event.
The 58-year-old won the 2015 Insperity Invitational for his first PGA TOUR Champions title, defeating former Charles Schwab Cup winners Tom Lehman and Kenny Perry in a playoff.
“We are ecstatic to add these three major champions to our field at the Pacific Links Championship,” said Tournament Director David Skitt. “The field for this event continues to strengthen with each new commitment, and I am looking forward to a fantastic week of golf for players and fans at Bear Mountain Resort.”
World Golf Hall of Fame member Bernhard Langer and Two-time major champion John Daly have also committed to the 2016 Pacific Links Championship and will join other golf greats Rocco Mediate, Lee Janzen, Jesper Parnevik, Mark Calcavecchia, Jeff Sluman, and Larry Mize for what is sure to be a great event.
Tournament week in Victoria will begin with Pro-Ams on Wednesday, September 21 and Thursday, September 22, followed by 54 holes of championship play from Friday, September 23 through Sunday, September 25 - with no cut. All three competitive rounds will be broadcast live by Golf Channel to more than 200 million homes in 84 countries and 11 languages around the world.
The Pacific Links Championship is now accepting volunteer submissions for the tournament. With less than two months remaining until the event, we encourage everyone to be a part of the action by becoming a volunteer. The Pacific Links Championship team of volunteers consist of avid golfers, fans of the game and people looking for a fun and exciting “inside the ropes” experience.
To register as a volunteer simply visit the tournament website at http://www.pacificlinkschampionship.com/ and click the REGISTER TO VOLUNTEER button to the left of the screen.
Tickets are also on-sale for this premier event and can be purchased at http://www.selectyourtickets.com or by clicking HERE. Fans can choose from the following ticket options:· Weekly Pass – Wednesday through Sunday: $99 (includes parking / Official Program)
· Daily Pass – Friday, Saturday or Sunday: $40
· Pro-Am Daily Pass – Wednesday or Thursday: $25
· Champions Club VIP Pass – Friday through Sunday: $200
About The Pacific Links Championship
The Pacific Links Championship is an official event on PGA Champions TOUR featuring the world's premier golfers aged 50 and older competing for a US$ 2.5 million purse. Tournament play at the Pacific Links Championship will be held on the Jack and Steve Nicklaus Co-Design Mountain Course at Bear Mountain Golf Resort, Victoria, British Columbia, from September 19-25, 2016. All three competitive rounds will be broadcast live by Golf Channel to more than 200 million homes in 84 countries and 11 languages around the world. For more information on the Pacific Links Championship or PGA TOUR Champions, please visit http://www.PGATOUR.com/Champions
Website: PacificLinksChampionship.com
Twitter: @PacificLinksVIC
Instagram: @pacificlinksvic
About Pacific Links International
Pacific Links was founded in 2009 to provide members with a premium golf experience through an innovative international membership structure focused on the Chinese golfer. Pacific Links offers them access to the finest collection of high quality golf clubs in the world. Since 2012, the Pacific Links Network of Affiliated and Reciprocal clubs now stands at over 500 properties located in 20+ countries around the world. With a strong membership base continuing to grow in China, the planned expansion into other parts of Asia and the aggregated population of members from all the participating clubs, Pacific Links is now expanding the brand platform to encompass more than just golf. We are positioning Pacific Links International to be the preeminent Lifestyle portal for China’s HNW customer providing high demand travel itineraries inspired by golf but encompassing concierge services, flights, accommodations, local tourism experience and travel butler assistance. The main feature of a Pacific Links membership is reciprocal access. In the next 10-15 years, PLI will further expand its international affiliate network to over 1,000 clubs in North America, Europe, Australia, Japan and the entire Southeast Asia. http://www.pacificlinks.com
About Bear Mountain Golf Resort
Located on southern Vancouver Island - a region known for its year round golf climate, stellar fishing opportunities and strong local food movement - Bear Mountain Golf Resort and Spa offers two outstanding courses that combined represent the only 36-hole Nicklaus Design golf experience in Canada. The Mountain Course, a Jack and Steve Nicklaus Co-Design, features impressive landscape and dramatic terrain that lead to breathtaking 180 degree views of nearby Victoria, the Pacific Ocean and the Olympic Mountains of Washington State. The course, a par 71 playing at 6,925 yards, sets atop a 1,100-foot mountain and has been assigned a slope rating of 142 from the back tees. The 18-hole, par 71 Nicklaus Design Valley Course, a spectacular golf setting that is nestled in a pristine natural 102 acres of mature forests, measures just under 7,000 yards. Surrounded by 3,000 acres of parks and hiking trails, Bear Mountain is one of the few golf courses in North America that offers an authentic natural setting so close to a capital city. More than a resort and an incredible community, Bear Mountain is also home to Golf Canada's National Development team, the high performance training centre of Canada’s National Mountain Bike team, and construction recently commenced on Canada’s largest indoor/outdoor clay court tennis facility supported by Tennis Canada and Tennis BC. The Westin Bear Mountain Golf Resort and Spa rounds out the amenities offering guests a luxurious getaway with outstanding fine dining options, the award-winning Sante Spa, and the Bear Mountain Golf Academy. http://www.bearmountain.ca
About PGA TOUR Champions
PGA TOUR Champions is a membership organization of golfers age 50 and older, with the most recognizable and accomplished players in the game - including 34 members of the World Golf Hall of Fame, which compete regularly in its events. PGA TOUR Champions is where Legends play, and is home to The Ultimate Clubhouse. Conceived in 1980 as the Senior PGA Tour, it started with just four events and purses totaling $475,000. The primary purpose of PGA TOUR Champions is to provide financial opportunities for its players, entertain and inspire its fans, deliver substantial value to its partners, create outlets for volunteers to give back, protect the integrity of the game and generate significant charitable and economic impact in communities in which it plays. In 2016, the newly-introduced Charles Schwab Cup Playoffs will identify and recognize the Tour’s leading player via a season-long race for the Charles Schwab Cup. The Commissioner of the PGA TOUR is Tim Finchem. Greg McLaughlin is President of PGA TOUR Champions. The PGA TOUR’s website is pgatour.com, the No. 1 site in golf, and the organization is headquartered in Ponte Vedra Beach, Fla. Follow PGA TOUR Champions at facebook.com/PGATOURChampions and on Twitter @ChampionsTour.
FOR FURTHER INFORMATION:
David Skitt
Tournament Director
Pacific Links Championship
250-800-0713
skitty(at)sportboxgroup(dot)com Reported by PRWeb 7 minutes ago.
Victoria, British Columbia, Canada (PRWEB) August 02, 2016
World Golf Hall of Fame members Sandy Lyle and Tom Kite, along with 1991 Masters Tournament winner Ian Woosnam, have committed to play the 2016 Pacific Links Championship. The event will be contested on Bear Mountain Golf Resort’s Mountain Course in Victoria, British Columbia the week of September 19-25, 2016, featuring a US$2.5 million purse, with 81 players competing for a winner’s share of $440,000.
Lyle, who was inducted into the World Golf Hall of Fame in 2012, was one of the game’s more prolific stars throughout the 1980s, claiming the 1985 Open Championship at Royal St. George’s and the 1988 Masters Tournament, where his 72nd-hole fairway bunker shot became one of the most memorable moments in major championship history.
The five-time European Ryder Cup team member posted 20 additional combined wins between the PGA TOUR and European Tour, but is still in search of his first victory on the PGA TOUR Champions. Lyle earned a career-best runner-up finish in the 2015 Bass Pro Shops Legends of Golf at Big Cedar Lodge, where he paired alongside Woosnam in the annual team event.
Throughout his career, Kite has been known as one of the game’s premier grinders, straightest hitters and best putters. The Austin, TX native collected 19 PGA TOUR titles throughout his Hall of Fame career, including the 1992 U.S. Open, when he famously defeated an arduous Pebble Beach Golf Links course during some of the most difficult final-round conditions in tournament history.
Kite’s Masters Tournament record was full of near-misses, with nine career top-five finishes at Augusta National, including runner-up efforts during two of the events most historic weeks – in 1986, when Jack Nicklaus claimed his sixth and final title, and in 1997, when Tiger Woods shocked the golf world with a dramatic 12-shot victory.
On PGA TOUR Champions, the 66-year-old has recorded 10 career titles, including a major championship at the 2000 Regions Tradition.
Woosnam’s notoriety in the United States was defined by the 1991 Masters title, where he defeated Jose Maria Olazabal by one shot with a dramatic par putt on the 72nd hole. As a native of Wales, however, his fame was much larger abroad, with 28 career victories on the European Tour and eight appearances in the Ryder Cup – five of which either won or retained the Cup for Europe. Woosnam was a non-playing captain for Europe’s 2006 team in the biennial event.
The 58-year-old won the 2015 Insperity Invitational for his first PGA TOUR Champions title, defeating former Charles Schwab Cup winners Tom Lehman and Kenny Perry in a playoff.
“We are ecstatic to add these three major champions to our field at the Pacific Links Championship,” said Tournament Director David Skitt. “The field for this event continues to strengthen with each new commitment, and I am looking forward to a fantastic week of golf for players and fans at Bear Mountain Resort.”
World Golf Hall of Fame member Bernhard Langer and Two-time major champion John Daly have also committed to the 2016 Pacific Links Championship and will join other golf greats Rocco Mediate, Lee Janzen, Jesper Parnevik, Mark Calcavecchia, Jeff Sluman, and Larry Mize for what is sure to be a great event.
Tournament week in Victoria will begin with Pro-Ams on Wednesday, September 21 and Thursday, September 22, followed by 54 holes of championship play from Friday, September 23 through Sunday, September 25 - with no cut. All three competitive rounds will be broadcast live by Golf Channel to more than 200 million homes in 84 countries and 11 languages around the world.
The Pacific Links Championship is now accepting volunteer submissions for the tournament. With less than two months remaining until the event, we encourage everyone to be a part of the action by becoming a volunteer. The Pacific Links Championship team of volunteers consist of avid golfers, fans of the game and people looking for a fun and exciting “inside the ropes” experience.
To register as a volunteer simply visit the tournament website at http://www.pacificlinkschampionship.com/ and click the REGISTER TO VOLUNTEER button to the left of the screen.
Tickets are also on-sale for this premier event and can be purchased at http://www.selectyourtickets.com or by clicking HERE. Fans can choose from the following ticket options:· Weekly Pass – Wednesday through Sunday: $99 (includes parking / Official Program)
· Daily Pass – Friday, Saturday or Sunday: $40
· Pro-Am Daily Pass – Wednesday or Thursday: $25
· Champions Club VIP Pass – Friday through Sunday: $200
About The Pacific Links Championship
The Pacific Links Championship is an official event on PGA Champions TOUR featuring the world's premier golfers aged 50 and older competing for a US$ 2.5 million purse. Tournament play at the Pacific Links Championship will be held on the Jack and Steve Nicklaus Co-Design Mountain Course at Bear Mountain Golf Resort, Victoria, British Columbia, from September 19-25, 2016. All three competitive rounds will be broadcast live by Golf Channel to more than 200 million homes in 84 countries and 11 languages around the world. For more information on the Pacific Links Championship or PGA TOUR Champions, please visit http://www.PGATOUR.com/Champions
Website: PacificLinksChampionship.com
Twitter: @PacificLinksVIC
Instagram: @pacificlinksvic
About Pacific Links International
Pacific Links was founded in 2009 to provide members with a premium golf experience through an innovative international membership structure focused on the Chinese golfer. Pacific Links offers them access to the finest collection of high quality golf clubs in the world. Since 2012, the Pacific Links Network of Affiliated and Reciprocal clubs now stands at over 500 properties located in 20+ countries around the world. With a strong membership base continuing to grow in China, the planned expansion into other parts of Asia and the aggregated population of members from all the participating clubs, Pacific Links is now expanding the brand platform to encompass more than just golf. We are positioning Pacific Links International to be the preeminent Lifestyle portal for China’s HNW customer providing high demand travel itineraries inspired by golf but encompassing concierge services, flights, accommodations, local tourism experience and travel butler assistance. The main feature of a Pacific Links membership is reciprocal access. In the next 10-15 years, PLI will further expand its international affiliate network to over 1,000 clubs in North America, Europe, Australia, Japan and the entire Southeast Asia. http://www.pacificlinks.com
About Bear Mountain Golf Resort
Located on southern Vancouver Island - a region known for its year round golf climate, stellar fishing opportunities and strong local food movement - Bear Mountain Golf Resort and Spa offers two outstanding courses that combined represent the only 36-hole Nicklaus Design golf experience in Canada. The Mountain Course, a Jack and Steve Nicklaus Co-Design, features impressive landscape and dramatic terrain that lead to breathtaking 180 degree views of nearby Victoria, the Pacific Ocean and the Olympic Mountains of Washington State. The course, a par 71 playing at 6,925 yards, sets atop a 1,100-foot mountain and has been assigned a slope rating of 142 from the back tees. The 18-hole, par 71 Nicklaus Design Valley Course, a spectacular golf setting that is nestled in a pristine natural 102 acres of mature forests, measures just under 7,000 yards. Surrounded by 3,000 acres of parks and hiking trails, Bear Mountain is one of the few golf courses in North America that offers an authentic natural setting so close to a capital city. More than a resort and an incredible community, Bear Mountain is also home to Golf Canada's National Development team, the high performance training centre of Canada’s National Mountain Bike team, and construction recently commenced on Canada’s largest indoor/outdoor clay court tennis facility supported by Tennis Canada and Tennis BC. The Westin Bear Mountain Golf Resort and Spa rounds out the amenities offering guests a luxurious getaway with outstanding fine dining options, the award-winning Sante Spa, and the Bear Mountain Golf Academy. http://www.bearmountain.ca
About PGA TOUR Champions
PGA TOUR Champions is a membership organization of golfers age 50 and older, with the most recognizable and accomplished players in the game - including 34 members of the World Golf Hall of Fame, which compete regularly in its events. PGA TOUR Champions is where Legends play, and is home to The Ultimate Clubhouse. Conceived in 1980 as the Senior PGA Tour, it started with just four events and purses totaling $475,000. The primary purpose of PGA TOUR Champions is to provide financial opportunities for its players, entertain and inspire its fans, deliver substantial value to its partners, create outlets for volunteers to give back, protect the integrity of the game and generate significant charitable and economic impact in communities in which it plays. In 2016, the newly-introduced Charles Schwab Cup Playoffs will identify and recognize the Tour’s leading player via a season-long race for the Charles Schwab Cup. The Commissioner of the PGA TOUR is Tim Finchem. Greg McLaughlin is President of PGA TOUR Champions. The PGA TOUR’s website is pgatour.com, the No. 1 site in golf, and the organization is headquartered in Ponte Vedra Beach, Fla. Follow PGA TOUR Champions at facebook.com/PGATOURChampions and on Twitter @ChampionsTour.
FOR FURTHER INFORMATION:
David Skitt
Tournament Director
Pacific Links Championship
250-800-0713
skitty(at)sportboxgroup(dot)com Reported by PRWeb 7 minutes ago.
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WEISS KOREA OPPORTUNITY FUND - Net Asset Value(s)
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF IRELAND OR SOUTH AFRICA OR TO U.S. PERSONS Weiss Korea Opport...
Reported by FinanzNachrichten.de 4 hours ago.
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England backs Jonathan Joseph and Anthony Watson pen new deals with Bath
Both players were present throughout England's Grand Slam triumph, as well as the 3-0 series whitewash of Australia, hvaing left London Irish for the Rec in 2013, making their debuts together.
Reported by MailOnline 4 hours ago.
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