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10 months agoLuka Modric on Real Madrid crisis: This isn’t bad luck; our starts are s***

first_imgAbout the authorCarlos VolcanoShare the loveHave your say Luka Modric on Real Madrid crisis: This isn’t bad luck; our starts are s***by Carlos Volcano10 months agoSend to a friendShare the loveLuka Modric blasted his Real Madrid teammates after defeat to Real Sociedad.The midfielder questioned the attitude for the start of the 2-0 reverse.”Many of us are not at our level,” Modric said in the mixed zone.”We cannot take a s*** at the beginning of every game.”We have to be clear, it’s not a matter of luck.”We are creating a lot but the ball won’t go in and we are giving a lot but there are reasons that explain why things are not going well.” last_img

a month agoHoeness takes new swipe at Barcelona goalkeeper Ter Stegen

first_imgAbout the authorCarlos VolcanoShare the loveHave your say Hoeness takes new swipe at Barcelona goalkeeper Ter Stegenby Carlos Volcanoa month agoSend to a friendShare the loveFormer Bayern Munich president Uli Hoeness has taken a new swipe at Barcelona goalkeeper Marc-Andre Ter Stegen.Hoeness has been angered by Ter Stegen’s claims that he deserves Germany selection ahead of Bayern’s Manuel Neuer.He snapped: “I would have expected him to be cornered and say things are not going that way. It has damaged the reputation of an impeccable athlete like Manuel.”Hoeness claims Ter Stegen has made Neuer sound like “old scrap that should be removed after the Euros”.He also slammed the German Federation for not taking action against Ter Stegen.”I do not expect any reaction from you,” he explained and added: “Their only virtue is to go for a walk in the forest and whistle.” last_img read more

Founder of Canada Jetlines takes helm as CEO of rival Flair Airlines

first_imgKELOWNA, B.C. – The founder of Canada Jetlines is taking over as chief executive of Canadian discount carrier Flair Airlines Ltd.Jim Scott replaces Flair founder and former president Jim Rogers, who will remain an adviser until 2019 after selling his shares in the Kelowna-based company.Scott is a former airline pilot who led Canada Jetlines between 2012 and last year.He will be joined by Jerry Presley, who represents the majority owners, as executive chairman. He was previously an adviser to Canada Jetlines.The changes come more than six months after Flair’s purchase of NewLeaf Travel Company’s assets.Flair Airlines currently flies from seven Canadian cities: Toronto, Hamilton, Winnipeg, Edmonton, Abbotsford, Kelowna and Vancouver. It has plans to soon announce an expansion of its fleet and route network.The airline faces the prospect of competition with the launch next summer of WestJet’s discount Swoop airline and Canada Jetlines.Flair operates seven aircraft and plans to add two Boeing 737-800 aircraft later in 2018. Four more planes are slated to be added to the fleet in 2019 to accommodate nearly 1.5 million passengers.last_img read more

US newhome sales fell 17 per cent in July

first_imgWASHINGTON – Sales of new U.S. homes slumped 1.7 per cent in July, the second straight monthly decline as the broader housing market appears to have lost some of its momentum despite an otherwise solid economy.The Commerce Department said Thursday that newly built homes sold at a seasonally adjusted annual rate of 627,000 last month, down from 638,000 in June and 654,000 in May. Despite the slowdown, new-home sales have risen 7.2 per cent year-to-date.Steady hiring gains and signs of stronger economic growth have boosted demand for housing. But higher mortgage rates and a tight inventory of homes on the market has made affordability a challenge for many would-be buyers.The Northeast suffered a steep 52.3 per cent plunge in sales, while sales in the South — the largest regional new-home market — slipped 3.3 per cent. Sales rose in the Midwest and West.The average sales price has risen 5.8 per cent from a year ago to $394,300. This increase reflects a shift toward more expensive properties: 60 per cent of the new homes purchased in July cost more than $300,000, up from 56 per cent in 2017.Existing home sales have also slipped over the past four months, the National Association of Realtors said in a separate report Wednesday. Existing homes — a larger share of the real estate market than new construction — sold at an annual pace of 5.34 million in July, a decline of 0.7 per cent from June.Buyers looking at properties worth more than $500,000 have plenty of options, and sales at that price point and above are rising, the Realtors said. But sales of homes worth less than $250,000 are flat or falling.While hiring has been robust this year, inflation has eaten away at average wage growth, according to the Bureau of Labor Statistics.Homebuyers also face higher borrowing costs as the interest charged on a 30-year, fixed-rate mortgage averaged 4.53 per cent last week, up from 3.89 per cent a year ago, according to mortgage buyer Freddie Mac.last_img read more

Ridehailing subscriptions Are they worth it

first_imgNEW YORK — The start of a new year often coincides with a surge in monthly memberships to gyms.Ride-hailing services are hoping customers will think along the same lines about their transportation needs. Uber and Lyft recently launched subscription plans promising savings for those trips to the gym, to work or around town.The ride-hailing companies stand to gain by increasing customer loyalty in a competitive market and securing more predictable revenue at a time when both are heading into an initial public offering.But you should figure out if the numbers add up before committing to one ride provider.“I think both these things should come with the caveat, ‘buyer beware,’” said Keith Millhouse, a transportation consultant and principal at Millhouse Strategies.Millhouse called Uber’s subscription a “complete mystery,” and he said getting value out of Lyft’s plan was possible, but complicated. Others were more optimistic.“If (riders) know they’re going to be travelling enough or more than enough to take advantage of it, then by all means it’s an opportunity for them to save money,” said Steven Polzin, program director for mobility policy research at the Center for Urban Transportation Research, University of South Florida. “If you’re on the margins, or you’re an infrequent user, then you might not want to.”WHAT DO YOU GET WITH LYFT’S PLAN?Lyft’s All-Access Plan, available nationwide, costs $299 and allows you to take 30 trips valued at up to $15 over 30 days. If a ride goes over $15, you pay the difference. After the first 30 trips, you get 5 per cent off any additional rides.WHO CAN BENEFIT FROM LYFT’S PLAN?Riders who take very frequent trips in the $10-$15 range hit the sweet spot. Without the plan, 30 trips at $15 each would cost $450, so the plan could theoretically save you about $150. At $10 each, you would break even. But if your trips often cost less than $10, you may end up paying more for those trips than you would have without the pass.Another consideration is how many days you need transportation to work. Most full-time jobs include more than 20 work days per month, which means more than 40 trips.A 30-ride plan may appeal to those who occasionally work from home because the alternative — a monthly public transportation pass — often assumes five days of commuting per week so riders may be paying for trips they don’t take.“As more and more people have started telecommuting, all of a sudden those price points (for public transit passes) aren’t necessarily as attractive,” Polzin said.WHAT DO YOU GET WITH UBER’S PASS?Uber rolled out a subscription program called “Ride Pass” in five U.S. cities: Los Angeles, Miami, Denver, Austin and Orlando. It costs $14.99 in all of those cities except Los Angeles, where it costs $24.99. Uber says the monthly fee gives riders discounts up to 15 per cent on all rides and protection from surge pricing, which is higher pricing triggered by peaks in demand during rush hour, special events or bad weather.WHO CAN BENEFIT FROM UBER’S PASS?Uber has been hearing from riders that they want more consistent prices. For example, some customers find that their ride to work is cheaper than their ride home, so having the pass can protect riders from an unforeseen spike, an Uber spokesman said.The surge protection pricing could prove valuable if you frequently take Uber rides during peak times or at popular locations, say if you’re a bartender who works at a trendy night club that has a crush of demand for rides as partiers head home.“With surge protection, that could be a good deal,” Polzin said. “If you knew you were travelling in places and times where there’s surge pricing, you could save real money real fast.”WHAT ARE THE DOWNSIDES TO SUBSCRIPTIONS?With Uber’s pass, you don’t get to see the price of your desired routes until you pay the fee, and some reviewers on Reddit and Twitter said they got the pass and then paid what they considered to be higher rates for rides.Uber says that should not be happening, and if it is, riders should write to customer support. The company is using the pilot to collect feedback from riders before rolling it out in more cities.Other Uber riders complained that the discounts amounted to pennies on short rides and $1 on a ride worth $60.“Savings are, on average, 15 per cent to 20 per cent, but can vary depending on how busy it is,” said Michael Amodeo, spokesman for Uber, in an email. “For example, savings will typically be higher during commuting hours or nights and weekends when more people are opening up (and using) our app.”For Lyft’s plan, there’s a specific set of riders who would benefit, but if riders don’t use all of their 30 trips in 30 days, they lose them.“Like most of these platforms, they are a bigger benefit to companies when consumers don’t fully take advantage of them,” said Mike Ramsey, senior research director, automotive and smart mobility, at Gartner. “It’s like a gym membership — the gym would be unbearable if everyone used it. Nonetheless, some people take great advantage of very low cost subscriptions.”“In many cases, however, the economic advantage just doesn’t pencil out,” Ramsey said.Cathy Bussewitz, The Associated Presslast_img read more

Third quarter fiscal update shows Alberta spending more but saving more

first_imgEDMONTON, A.B. — New numbers show Alberta’s economy continues to dig itself out of the deep hole caused by crashing oil prices as Premier Rachel Notley’s government both spends and saves more.Finance Minister Joe Ceci says the province is on track for a $9.1-billion deficit when the budget year ends March 31. That’s $1.4 billion lower than the deficit expected when Ceci tabled this year’s budget last spring.Ceci notes forecasts also point to an economic rebound as production goes up and unemployment falls. The house resumes sitting March 8. Ceci is to bring in the 2018-19 budget later in the spring. “Nearly 90,000 full-time jobs were created over the last year and Alberta’s GDP growth led the country at 4.5 percent in 2017,” Ceci said in a statement Wednesday after releasing the third-quarter update to the 2017-18 budget. “We will continue to work hard to ensure this recovery reaches all Albertans.”The province is expected to take in an extra $1.9 billion this year on $46.9 billion in revenue – mainly due to higher than expected oil revenue and returns on investments. Spending is also rising to $55.9 billion – about $1 billion more than projected at budget – to cover increases in services for children, people with disabilities, and for employment and income supports.The debt is going to hit almost $42 billion this year. Debt payments will be $1.4 billion. Alberta will bring in $883 million from crude oil royalties, almost double what it had expected, although revenue from bitumen royalties will be $2.4 billion – about $188 million less than projected.Oil revenues were hampered this year by the price discount Alberta’s blended bitumen sells at compared with the benchmark North American West Texas Intermediate price. The discount is tied mainly to pipeline bottlenecks that drive up the price of getting Alberta’s heavy oil to U.S. refineries and ports.The NDP has been running high deficits throughout its term in government. The government says slashing budgets and jobs would only worsen the situation and kill an economic recovery.The province has been saving money by negotiating contracts with zero pay increases for teachers and nurses and other health professionals,. It has also axed redundant agencies and committees and consolidated other programs and services.Alberta has been hit with multiple credit downgrades, however, which have increased the cost of borrowing. Ceci has promised to present a more detailed plan to get the budget back in balance by 2023.last_img read more

Save with Solar public session coming to Fort St John on September

first_imgFORT ST. JOHN, B.C. – A public information session on solar energy and electric vehicles will be coming to Fort St. John on September 19.Presented by Peace Energy Cooperative, organizers say the ‘Save with Solar’ public session will give residents the opportunity to learn about what the Cooperative does within the community when it comes to renewable energy.A 30-minute presentation will also be given to inform residents about the mechanics and economics of solar energy, along with a review on electric vehicles. The ‘Save with Solar’ public session is taking place on September 19 from 7:00 p.m. to 8:30 p.m. at the Fort St. John Passive House, located at 9904 94 Street.For more information and to register for this event, you can call the Peace Energy Cooperative at 250-782-3882.last_img read more

Govt defers bid deadline for 14block OALPII to April 10

first_imgNew Delhi: The government has deferred by one month the last date for bidding for the 14 oil and gas exploration blocks offered in the second round of Open Acreage Licensing Policy (OALP). Bids for the 14 blocks offered in OALP-II bid round, covering an area of 29,333 square kilometres, were to close Tuesday. “Bid submission closing date for OALP Bid Round-II stands extended up to April 10, 2019,” the Directorate General of Hydrocarbon (DGH) said in a brief notice. Also Read – Maruti cuts production for 8th straight month in SepIt did not give reasons for extending the deadline. The last date of bidding coincides with the bid deadline for the 23 oil and gas and coal-bed methane (CBM) blocks offered in the third round of OALP, which was launched on February 10. OALP-II bid round was delayed at six months and its launch came barely a month before the third round. Officials said OALP-II and OALP-III will run concurrently. Oil Minister Dharmendra Pradhan had at the time of launch of OALP-II bid round on January 7 stated that an investment of about Rs 40,000 crore is expected in the prospecting of oil and gas in blocks offered. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsIn the first round of OALP last year, as much as Rs 60,000 crore was committed in the exploration of oil and gas in 55 blocks or areas. In the third round, the government is expecting up to USD 700 million (about Rs 49,000 crore) of investment that it hopes will help raise domestic output and cut imports. India had in July 2017 allowed companies to carve out blocks of their choice with a view to bringing about 2.8 million sq km of unexplored area in the country under exploration. Under this policy, called open acreage licensing policy or OALP, companies are allowed to put in an expression of interest (EoI) for prospecting of oil and gas in any area that is presently not under any production or exploration licence. The EoIs can be put in at any time of the year but they are accumulated twice annually. The blocks or areas that receive EoIs at the end of a cycle are put up for auction with the originator or the firm that originally selected the area getting a 5-mark advantage. The two window of accumulating EoIs end on May 15 and November 15 every year. EoIs accumulated till May 15 are supposed to be put on auction by June 30 and those in the second window by December 31. The first OALP round was launched in 2017 and bids came in by May 2018. EoIs for second round closed on May 15, 2018, and the blocks were supposed to be put for auction by June but the round was for reasons unknown delayed. OALP-II was finally launched on January 7. In the meanwhile, EoIs in the third window also closed on November 15, 2018 with as many as 18 blocks and five CBM blocks, measuring 31,722 sq km, being sought for. OALP-III bid round was launched on February 10 with April 10 as the last date for bidding. Officials said the 14 blocks in OALP-II are estimated to hold in-place resource of 12,609 million tonne oil and oil equivalent gas. In OALP-1, mining mogul Anil Agarwal-led Vedanta Ltd walked away with 41 out of 55 blocks bid out. State-owned Oil India Ltd won nine blocks while Oil and Natural Gas Corp (ONGC) managed to win just two. State gas utility GAIL, upstream arm of Bharat Petroleum Corp Ltd (BPCL) and Hindustan Oil Exploration Co (HOEC) won one block each. The 55 blocks have a total area of 59,282 sq km. This compares to about 1,02,000 sq km being under exploration prior to OALP. Blocks are awarded to the company which offers the highest share of oil and gas to the government as well as commits to doing maximum exploration work by way of shooting 2D and 3D seismic survey and drilling exploration wells. Increased exploration will lead to more oil and gas production, helping the world’s third largest oil importer to cut import dependence. Prime Minister Narendra Modi has set a target of cutting oil import bill by 10 per cent to 67 per cent by 2022 and to half by 2030. Import dependence has increased since 2015 when Modi had set the target. India currently imports 83 per cent of its oil needs. The new policy replaced the old system of government carving out areas and bidding them out. It guarantees marketing and pricing freedom and moves away from production sharing model of previous rounds to a revenue-sharing model, where companies offering the maximum share of oil and gas to the government are awarded the block. The government prior to this had been selecting and demarcating areas it feels can be offered for bidding in an exploration licensing round. Under this, 256 blocks had been offered for exploration and production since 2000. The last bid round happened in 2010. Of these, 254 blocks were awarded. But as many as 156 have already been relinquished due to poor prospect.last_img read more

Jewellers bat for standardisation in hallmarking of gold

first_imgKolkata: Major jewellers in the country have appealed to the government for standardisation in hallmarking of gold, contending that multiple measures of purity involved in the process was creating confusion in the industry. The All India Gem and Jewellery Domestic Council (GJC) has urged the consumer affairs ministry for standardisation in hallmarking purity across the country. Vice-chairman of GJC, Shaankar Sen, said that various forms of purity like 14, 18 and 22 carats are being used for the hallmarking process. Citing an example, Sen said that for gold bars and coins, the purity required for hallmarking is 20 and 24 carats, respectively. This, he said, was creating confusion in the jewellery industry, necessitating standardisation. Also Read – Thermal coal import may surpass 200 MT this fiscalChairman of GJC, Anantha Padmanabhan, said when the the model code of conduct is in force, there is a need for a standard operating procedure (SOP) regarding the seizure of gold in transit, based on valid documents. “We will meet the chief election commissioner and discuss the matter,” he told reporters here on Saturday. He also said the annual turnover of the gem and jewellery industry is around Rs 4 lakh crore, which is expected to double in the next couple of years. The GJC also launched a sensitisation programme – ‘Labham’ – for jewellers, providing information on regulatory compliance and best business practices.last_img read more

Wrong to say outsiders get stepmotherly treatment Nawazuddin

first_imgMumbai: Actor Nawazuddin Siddiqui finds it unfair when people say that only star kids get work in the film industry as he believes if one has talent, work will eventually follow. For the longest time, there has been an ongoing nepotism debate in the industry, kick-started by actor Kangana Ranaut, who said star children get preferential treatment in Bollywood. When asked if he feels people from non-film family background find it harder to make it, Nawazuddin told reporters, “The good thing about the industry is that if you have the talent, then sooner or later people see it. Also Read – ‘Terminator: Dark Fate’ has James Cameron’s fingerprints all over it: Arnold Schwarzenegger “It isn’t that any person walking on the street can say they are not getting work. It takes time. If you have it on you, no one can stop you.” The actor said today there are lots of avenues for people to show their talent, including the digital medium. “We can’t say we are getting step-motherly treatment and no one is giving us work. It isn’t like that. There is a new wave of actors today working in web series and films because they have the talent. If you have the talent, you will get work eventually.” He was speaking at the launch of the book “The Stranger in Me” Tuesday.last_img read more

The Patriots Are The NFLs Greatest Dynasty

15Patriots2002-16170249ers1984-981697Cowboys1970-841655 While this can complicate things when trying to use Elo to make predictions (as with the 2016 Raiders), the stat is much stronger when it looks backward because it struggles to immediately pick up a team’s rises and declines.Public perception tends to lag when a traditionally bad team gets good, or a traditionally good team goes all to hell. And football is less dependent on individual players than basketball, where LeBron James can leave town and send the Cavaliers to the lottery for nearly half a decade. So when we see the Patriots maintaining these high ratings across different eras and team compositions, what we’re seeing isn’t just sustained performance, but sustained relevance.VIDEO: The Patriots better worry about Julio Jones 22Patriots1995-2016165049ers1981-20021645Packers1995-20161615 24Patriots1993-2016163549ers1980-20031628Packers1993-20161611 2Cowboys1992-931786Patriots2003-041782Dolphins1972-731779 1749ers1981-971685Patriots2000-161684Cowboys1970-861637 849ers1987-941718Patriots2003-101713Steelers1972-791700 14Patriots2003-16171349ers1984-971700Cowboys1970-831663 9Patriots2003-11171549ers1987-951715Steelers1972-801689 How we qualify success is a big part of how we define a dynasty, so a quick note on the method we’re using here: Elo ratings are a favorite around FiveThirtyEight because they are relatively simple to calculate and don’t require many points of input, making it possible to apply them to time periods when data collection wasn’t very good. Want to know if the Cleveland Spiders of the 1890s were the sorriest team in baseball history? Elo can do that.The price of that simplicity is, well, a fairly simplistic stat, without the benefit of modern advancements like player tracking data in the NBA or PITCHf/x in MLB. Elo doesn’t know about star players coming or going or fortuitous bounces or egregious penalty calls — it just knows who won, who lost, and by how much, and trusts that the specifics will even themselves out over time. The top dynasties in NFL history, by number of years 3Cowboys1992-941759Seahawks2013-151743 # OF YEARSTEAMAVG. ELOTEAMAVG. ELOTEAMAVG. ELO BEST DYNASTYSECOND-BESTTHIRD-BEST 1Patriots20071824Patriots20071824 749ers1988-941722Patriots2003-091713Patriots2010-161713 5Patriots2003-071747Patriots2003-071747 ALL-TIME BEST DYNASTIESBEST DYNASTIES SINCE 1997 15Patriots2002-161702Patriots2002-161702 25Patriots1992-2016162149ers1980-20041615Cowboys1971-951611 1849ers1981-981683Patriots1999-20161673Cowboys1970-871628 2Cowboys1992-931786Patriots2003-041782 All-time dynasties and dynasties since 1997, by number of years 10Patriots2003-121714Patriots2003-121714 Should Terrell Owens Be In The Hall of Fame? 23Patriots1994-2016164649ers1981-20031639Packers1994-20161614 1949ers1980-981666Patriots1998-20161665Packers1994-20121617 The numbers are self-evident: Win or lose Sunday night, Bill Belichick and the New England Patriots have put together one of the best runs in NFL history. Since 2001, the team has made seven Super Bowl appearances, with four wins (and another possible this week), and it has achieved a level of sustained success unheard of in the modern NFL. Exactly where does this stretch rank among football dynasties, though? Well, it depends on how you define dynasty.Do two titles in three years qualify as a dynasty? What about three in five? The end points for runs of dominance have always been up for debate. So rather than pick one definition and stick to it, we went looking for the best team over any number of years.1This is an update to a feature we ran a few years ago, which used a different version of Elo, so the ratings will be a little different, but reflect the same principles. The table below shows the top teams over a given period — from the best one-year teams, to the best team over a quarter-century, based on FiveThirtyEight’s Elo ratings: 6Patriots2003-081732Patriots2003-081732 # OF YEARSTEAMAVG. ELOTEAMAVG. ELO 20Patriots1997-20161662Patriots1997-20161662 4Cowboys1992-951751Patriots2004-07174749ers1989-921734 6Patriots2003-08173249ers1989-941727Steelers1974-791726 749ers1988-941722Patriots2003-091713 10Patriots2003-12171449ers1987-961709Steelers1972-811677 1Patriots20071824Patriots20041816Bears19851796 20Patriots1997-2016166249ers1981-20001654Packers1995-20141614 849ers1987-941718Patriots2003-101713 1149ers1984-941712Patriots2003-131711 1749ers1981-971685Patriots2000-161684 Related: Hot Takedown 4Cowboys1992-951751Patriots2004-071747 16Patriots2001-161700Patriots2001-161700 12Patriots2003-141714Patriots2003-141714 1149ers1984-941712Patriots2003-131711Cowboys1971-811671 14Patriots2003-161713Patriots2003-161713 16Patriots2001-16170049ers1983-981692Cowboys1970-851647 12Patriots2003-14171449ers1984-951710Cowboys1970-811670 That the 2007 Pats (undefeated until a loss against the New York Giants in the Super Bowl) are the top one-year team of all time, despite not winning the title, isn’t all that surprising. But the Patriots’ dynasties being at the top of the longer-term ranges is. Consider that the Pats claimed the top spot for the 25-year stretch despite a dreadful 2-14 1992 season, when they were coached by Dick MacPherson, as well as a couple painful years during Bill Parcells’ brief tenure, which also included a Super Bowl appearance following the 1996 season.In the in-between lengths, New England owns many but not all of the top spots. It never had as dominant a three- or four-year run as the Cowboys in the 1990s, but at the five-year mark, New England begins a run of taking a top-two spot in most ranges, trading off occasionally with the 49ers. But by the time we get into the 20-year windows, with Walsh and Montana having given way to Mooch and Garcia, even San Francisco begins to fade.And we haven’t even accounted for the NFL’s modern era of parity yet, although things begin to look a little unfair once we do. If we look at the post-Cowboys-era NFL, beginning in 1997,2The salary cap was instituted for the 1994 NFL season, but by then, powerful teams in the league had already been assembled. It’s an approximation, but we used 1997 and post-Cowboys as a rough estimate of when the “parity era” began. the Patriots take the top spot in every dynasty range, from one year to 20 years, except for the three-year range, which Seattle locked down from 2013 to 2015. 5Patriots2003-071747Steelers1975-79172749ers1988-921725 1949ers1980-981666Patriots1998-20161665 1849ers1981-981683Patriots1999-20161673 13Patriots2004-161710Patriots2004-161710 13Patriots2004-16171049ers1984-961706Cowboys1970-821667 3Cowboys1992-941759Dolphins1972-741751Steelers1974-761743 9Patriots2003-111715Patriots2003-111715 21Patriots1996-2016166049ers1981-20011651Packers1995-20151614 read more

Flights resume after 24hour halt disrupts life for Big South

first_img Related Items: Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, TCI, December 7, 2016 -Flights resumed to South Caicos today after a near 24 hour halt to service brought on by airline company, InterCaribbean Airways.The Turks and Caicos Islands Airports Authority said in a statement issued to media only moments ago that the island of South Caicos is a priority and its airport is undergoing a significant upgrade which called for radio services to pilots at the site to be paused.Well, aeronautical radio services for the all clear for landings are now re-instated and InterCaribbean Airways flights are now resumed according to the regular schedule.South Caicos lost significant flight connection to Provo and Grand Turk on Tuesday when InterCaribbean Airways decided to stop service into the fishing capital, which is now also home to at least two resorts.  It had some of the candidates talking, in fact outraged at the decision by the domestic airline and the seemingly sluggish pace by officials to see the service restored.  A Former MP, South Caicos native and running independent for the seat is McAllister Hanchell, who with former Premier Michael Missick today issued comment which said in part:“This is a serious blow to South Caicos and the people of South Caicos that depend on regular schedule flight to get food, service, workers and tourist in and out of the Island.  In fact, even the regular weekly visit by the bank was disrupted today.  We understand that the issues are between the Airline and the Airports Authority.  We call on both parties to put ego and differences aside in the interest of the people of South Caicos in particular and the wider public in general and resume schedule flights immediately.” InterCaribbean Airways yesterday explained that it has been asked to perform flyovers to alert contractors on the air strip that they want to come in for a landing; the airline refused to do it citing it is dangerous and illegal.  PDM Candidate, Keno Forbes said the disruption was unprofessional and unacceptable.“There are elderly folks with doctor’s appointments, there are people with connecting flights, there are tourist on the island that had to make connecting flights to get back to their home, and they have all had to pay additional funds and take a boat ride to get back to Provo. This type of behavior is not acceptable.” The Airports Authority also explained, “risk assessments were completed, mitigations implemented, and regulatory approval was obtained prior to the start of works.”  ICA had said the fly-overs, which were requested by the Airports Authority were unauthorized.center_img #MagneticMediaNewslast_img read more

San Diego gun owners take action to save Del Mar Gun Show

first_imgSan Diego gun owners take action to save Del Mar Gun Show Categories: Good Morning San Diego, Local San Diego News FacebookTwitter Updated: 1:51 PM Posted: May 22, 2018 Carlos Amezcua May 22, 2018 00:00 00:00 spaceplay / pause qunload | stop ffullscreenshift + ←→slower / faster ↑↓volume mmute ←→seek  . seek to previous 12… 6 seek to 10%, 20% … 60% XColor SettingsAaAaAaAaTextBackgroundOpacity SettingsTextOpaqueSemi-TransparentBackgroundSemi-TransparentOpaqueTransparentFont SettingsSize||TypeSerif MonospaceSerifSans Serif MonospaceSans SerifCasualCursiveSmallCapsResetSave SettingsTuesday, Carlos Amezcua interviewed Michael Schwartz, Executive Director of San Diego County Gun Owners, about the Crossroads of the West Gun Show and what they are doing to make sure it continues.Schwartz showed his stack of 3,000 letters that were collected at the gun show this past weekend, all voicing support for continuing the show.Schwartz says the key points made in the letters are:— Please renew the gun show contract with Crossroads of the West with no new restrictions or limitations.— The gun show is a safe and legal place for enthusiasts to attend and learn more about firearms, firearms safety and firearms training.— The gun show event is a great place for couples and families to spend time together learning more about an American sport and tradition. The educational and entertainment value is immeasurable.— Do not ban this resource for the public, which helps keep San Diegans law-abiding and safe.— Do not villainize my family and discriminate against us, it is nothing short of bigotry.— To blame me for crimes involving guns is insulting to hundreds of thousands of gun owners in Southern California. We resent the uninformed opponents to the gun show painting gun owners as dangerous. Carlos Amezcua, last_img read more

Oxford University researcher claims aliens are interbreeding with humans to produce hybrids

first_imgPixabaySeveral conspiracy theorists strongly believe that aliens are secretly living in the earth on confidential bases, and governments all across the world are aware of their existence. Adding heat to these claims, a top Oxford University researcher has now suggested that aliens might be actually interbreeding with humans to produce hybrids.This bizarre theory is presented by Dr Young-hae Chi, a Korean lecturer who teaches at the Oxford Oriental Institute. The researcher also added that alien hybrids born from mixed parentage will survive climate change easily, and thus they may emerge as a dominant species on the planet.Young-hae Chi who is a strong believer of alien existence made these remarks in the book ‘Alien Visitations and the End of Humanity’, Express.co.uk reports.”One possibility is that they find our DNA valuable for the preservation of the stock. Secondly, to create species which can survive in the future climate conditions. Thirdly, some abductees report that these hybrids are of very high intelligence, so are they producing these hybrids as a problem-solver, a future leader,” said Chi.Chi also believes that there are actually four types of aliens living on the earth. As per Chi, the major alien types are extraterrestrials with scales and snake eyes, small aliens and tall and bold aliens.Chi also added that these aliens have reached the earth just to assure their survival.”So, they come not for the sake of us, but for the sake of them, their survival, but their survival is actually our survival as well, the survival of the entire biosphere. That is where I progressed in developing my theory and I’m still looking for more evidence to support my view,” added Chi.A few days back, a team of researchers who attended the METI (Messaging Extraterrestrial Intelligence) International Meeting suggested that humans might be living in a galactic zoo, and aliens are monitoring our activities. Researchers also revealed that aliens are hiding themselves to avoid cultural conflicts.last_img read more

Discovery VR Oculus Veterans Launch New ARVR Studio Tomorrow Never Knows EXCLUSIVE

first_imgWith their new company, the four now want to combine Unseld’s and Arora’s story-telling chops with the experience in programming and deal-making that Brown and Lofthouse are bringing to the table. “Deal-making and monetization takes a lot of creativity as well,” Brown said.That’s especially true for a new medium that was initially received with a lot of enthusiasm, but has struggled to reach a wider audience beyond a small group of early adopters. “The (headset) market is growing not as fast as we hoped,” admitted Brown. However, he argued that over-confident projections had made way to what he called “irrational pessimism.”Unseld said that the company was approaching these challenges clear-eyed, especially with regards to the commercial potential for headsets bought by early adopters. “Right now, monetization for that is naive,” he said. Out-of home on the other hand was a completely different story, he said. “Location-based VR is huge.”That’s a sentiment that’s currently echoed by many, whether it’s VR game studios like Survios or immersive location-based entertainment startups like The Void. In Tomorrow Never Knows’ case, location-based entertainment also includes working with cultural institutions, festivals and more.Case in point: “The Day the World Changed,” one of the studio’s first two announced productions, premieres at Tribeca this week. The interactive experience shines a light on nuclear weapons and the aftermath of the attack on Hiroshima, and was produced in partnership with the International Campaign to Abolish Nuclear Weapons.In addition to “The Day the World Changed,” the company has also produced “ZIKR: A Sufi Revival,” a VR documentary about Sufism that was acquired by Dogwoof at Sundance earlier this year. ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15 Tomorrow Never Knows also aims to build tools to simplify the production of VR. “We are about creating unique tools and experiences along the way,” Brown said. Unseld added that this was very much an answer to the infancy of the industry itself, which often relies on tools build with other uses cases in mind. “Otherwise, our hands are bound behind our back,” he said.As for the name, Unseld said that Tomorrow Never Knows is meant to express a childlike sense of excitement about the future. “These days it feels like each new day gives us new technology to play with, and not since I was a kid was I as excited to wake up in the morning to find out what new presents this day would hold,” he said. Four virtual reality (VR) veterans from Discovery Digital, Oculus Story Studio and Lightshed officially launched their new company out of stealth mode in San Francisco this week. Dubbed Tomorrow Never Knows, the new studio aims to use virtual and augmented reality as well as other emerging technologies including artificial intelligence for groundbreaking storytelling projects, said co-founder and CEO Nathan Brown in an interview with Variety this week.“The thesis behind the company is to consistently violate the limits of storytelling, forcing the creation of new tools, methodologies and workflow and to do this intentionally so we create original creative and technology IP,” he said.Before founding Tomorrow Never Knows, Brown co-founded Discovery VR, which has become one of the most ambitious network-backed VR outlets. Also hailing from Discovery VR is Tomorrow Never Knows co-founder Tom Lofthouse. They are joined by Gabo Arora, whose previous work as the founder of both Lightshed and the United Nations’ Virtual Reality program UNVR included VR documentaries like “Clouds Over Sidra” and “Waves of Grace.” Fourth founding partner is Oculus Story Studio co-founder Sachka Unseld, the director of the Emmy Award-winning VR animation short “Henry” and the Emmy-nominated VR film “Dear Angelica.” Popular on Variety last_img read more

Partythemed sandesh sweettalk voters in Bengal

first_imgKolkata: ‘Sandesh’ has been dressed up. It is on a catwalk either as the Trinamool’s ‘jora ghash phul’ (twin-flower), BJP’s Lotus, Congress’ Hand symbol, or the hammer and sickle of CPI (M). These “Election sweets” are just flying off the shelves at Balaram Mullick and Radharaman Mullick — one of the oldest confectioners in the city or Shibani Sweets at Sodepur (the northern suburb). With the humble ‘nakuldana’ (flour-sugar balls) and ‘Laddoo’ taking centre stage in rural West Bengal’s Lok Sabha elections, the confectioners in the city are not leaving any opportunity to bank on the frenzied ambience. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: Mamata ‘Sandesh’ (the cottage cheese sweet) is readily coming up in any form you wish. They have been flying off the shelves since the election drums were rolled. “We have been making these sweets during elections for many years. This year also the response is very good,” Poppy Mullick of Balaram Mullick and Radharaman Mullick told IANS. Asked which of the party-themed sweets was selling the most, she jokingly said “no comments” mentioning that all the items were being sold. Also Read – Lightning kills 8, injures 16 in state Regarding the bulk orders placed by workers, Mullick gave a hint that ‘the state’s ruling party’ Trinamool Congress tops the chart. They have priced a sweet of 250 grams at Rs 150. The Sodepur sweet shop that specialises in theme sweets during football and Cricket World Cup events, is offering decorative tray filled with huge sweets replicated as party symbols. Trinamool’s ‘jora ghash phul’ (twin-flower), BJP’s Lotus, Hand symbol of Congress, hammer and sickle of Communist Party of India-Marxist (CPI-M) have been given a sweet twist. They are carefully placed on the tray and the empty space is also filled with the Kheer Sandesh making it almost appear as a huge cake. “We are offering these big trays whose price range from Rs 800-2,000 and a small Sandesh is Rs 70,” Sanjib Das, store’s staff said. Das is elated as this year they are getting a “huge response”. He mentioned that customers are so impressed that they are asking for larger sizes. The ‘Trinamool’ Sandesh are in great demand followed by BJP’s. Sweets of other parties like Congress and CPI (M) are being sold but lesser than the others,” Das said. Orders can also be customised as per the customers’ demand. They also ensure that the customers get the freshest of quality, so after placing the order with alterations one shall have to wait for a little time. Almost fourteen to fifteen men are toiling hard to churn out these sweet delicacies laced with aesthetic appeal. “This is just the beginning, I am sure that as the election heat picks up, the demands will keep soaring. We will try our best to deliver,” Das said. While Mullicks will stick to sweets with party symbols, Shibani Sweets will try to come up with sweets replicating leader’s face if any customer demands. Amidst the high voltage campaigns, these sweets will add a dash of goodness and will be savoured by the supporters and the members of the winning party and candidates, the shop said. Already in the state, Trinamool Congress’ Birbhum district President Anubrata Mondal’s directive to party workers to hand over nakuldana and water to people to keep them cool in the oppressive summer months and the BJP’s decision to distribute laddoo among the people as a counter move has added to the sweetness of the electoral contest. The seven-phased election in the state will commence on April 11 and the last date of the poll is May 19. Votes will be counted on May 23.last_img read more

Announcing the early release of Travis CI on Windows

first_imgYesterday, Travis CI announced that its service will now be available on Windows. Travis CI is a distributed Continuous Integration service used to test and deploy projects hosted on GitHub. This is an early release and they plan to release a stable version in Q2 next year. With this update, teams can run their tests on Linux, Mac, and Windows–all in the same build. At present, users can use Windows with open source and private projects on either travis-ci.org or travis-ci.com. Travis CI plans to bring this to enterprise soon. The company says, “this is our very first full approach to Windows-support, so the tooling is light.” Laurie Voss, Chief Operating Officer, npm, Inc says, “Adding Windows support to Travis CI will provide a more stable development experience for a huge segment of the JavaScript community—32% of projects in the npm Registry use Travis CI. We look forward to continuing to work with Travis CI to reduce developer friction and empower over 10 million developers worldwide to build amazing things.” Travis Windows CI environment Windows Build Environment for Travis CI launches with support for Node.js, Rust, and Bash languages. Travis Windows CI will run a git bash shell, to maintain consistency with our other bash-based environments. This will also allow users to shell out to PowerShell as needed. In addition to this, Docker is also made available for Windows builds. Travis CI uses Chocolatey as a package manager and also has a pre-installed Visual Studio 2017 Build Tools. The Windows build environment is currently based on Windows Server 1803 for containers running Windows Server 2016 as the OS version. Travis CI in their blog post mention that they are hosting their Windows virtual machines in Google Compute Engine. Following which, they have seen some variations in their boot times. However, they plan to improve this alongside their other infrastructure-related work. The company expects to release Windows Build Environments for Enterprise before the release of the stable version. To know more about Travis CI on Windows in detail, visit their official Travis CI blog. Read Next Creating a Continuous Integration commit pipeline using Docker [Tutorial] How to master Continuous Integration: Tools and Strategies Why Agile, DevOps and Continuous Integration are here to stay: Interview with Nikhil Pathania, DevOps practitionerlast_img read more

Declaration of Independence oped

first_img Categories: Steven Johnson News Each Fourth of July, we celebrate America’s Declaration of Independence as we commemorate the anniversary of our country’s founding. This spirit of independence is something we should cherish and must preserve for our children.Just as our government is not beholden or dependent on another government for its sovereignty, we as individuals should not rely on federal, state and local governance. Our founding fathers envisioned a nation where citizens could pursue their dreams, seek their own happiness and accomplish their own goals, objectives and aspirations aside from government intrusion in their lives and interference in the marketplace.What they did not envision was a country of individuals dependent on government for their well-being. They did not envision a country of businesses lobbying state and federal governments for special privileges and immunities.Our founding fathers believed in the principles of freedom, entrepreneurship, individualism and independence. They believed the role of government in our lives should be very limited. The Constitution mandates that Congress shall meet “at least once in every year.” Our founding fathers would be astounded if they saw the extent government plays in our lives today.In honor of everything our founding fathers accomplished and stood for, I believe we should take a step back and look at where our country is today. What do we do right? What do we do wrong? What could we do better?How can we as a society ensure that our children grow up and live in a country more free, more prosperous and more independent than the one we live in today? We have been afforded great opportunities, with many things that are good and right in our nation but it seems that there are some areas of improvement that can be made. One of the biggest changes is demanding government take a step back, not be so involved in our lives and simply let us interact with our neighbors as we see fit. Government does not give us our freedom and independence, it is there to preserve and protect them.Unfortunately, we have a mindset of ‘ask not what you can do for your country, but what your country can do for you.’ Let’s change that mindset to what President John F. Kennedy envisioned, let’s be that free and independent country, let’s be a sovereign country, let’s demand freedom and equality in opportunity, let’s oppose corporate welfare and special handouts, and most importantly, let’s fight for independence! 29Jun Declaration of Independence op-edlast_img read more

By Jeff Clark Casey Research Europe owns a sizab

first_imgBy Jeff Clark, Casey ResearchEurope owns a sizable chunk of the world’s natural resources.Over the past few decades, however, EU countries have mostly imported their resources.Outlandish? Maybe.But it was simply easier, cheaper, and most importantly it avoided most environmental conflicts.Getting through government regulation and facing off eco-friendly groups is a time-consuming and outrageously expensive business… a fool’s errand.When you can simply import and let other countries deal with all the hassle, it made a lot of sense. But things change.When no one’s got a job, it truly focuses the political agenda.Europe’s job market is a mess. Demonstrators are crying out for action, for opportunity, for jobs.And mines employ a lot of people.The trend is reversing because of Europe’s sluggish economy and the real benefits of the increase in local jobs and the leap in tax revenue that mining projects bring.Of course, local economies benefit. Hotels are full of transient engineers and specialists, grocery stores feed the workers, and bars serve liquor to quench their dusty throats.Then, of course, the government got involved…Brussels, 2011.Seeing the benefits of the jobs, income-tax revenues, and all-around political advantages, a “Raw Materials Strategy” was initiated in 2008, then revised and updated in 2010, and again in 2011.The aim was to encourage sustainable supplies of raw materials from within the EU.It calls for policies in support of domestic mining.So far, so good…In September 2011, the European Parliament adopted the “EU Raw Materials Strategy,” a generally pro-mining document, though it’s sometimes criticized by the industry for being “too bureaucratic.”“It’s positive, of course, that the political climate in Europe is at least in theory becoming more supportive of mining” So on the one hand, the government says, “Sure, go ahead,” and spends years (and no doubt millions of euros) coming up with a plan, while the other hand slaps down a bunch of rules that stifles initiative, adds massively to production costs, and once more makes mining companies think twice before they put down the millions it takes to get started.Driller killers, indeed.Yet the gold mining sector in Europe represents 16,000 direct and indirect jobs as of 2009, and that is surely growing.So for the gold, the tax, the jobs, and for more than a few political careers, mining is right up at the top of the political agenda.And despite the regulation stranglehold governments put on mining companies, they are still reopening abandoned mines and are exploring entirely new areas.For investors, that’s very positive, exciting news.Europe’s New Gold RushIn Casey Research’s BIG GOLD, we’ve been talking a lot lately about the three main zones of metallogenic significance for gold in Europe: the Iberian Pyrite Belt; the Carpathian Arc; and the Baltic Shield.The first crosses from Portugal through southern Spain.The second stretches from the Czech Republic through Hungary, Slovakia, Bulgaria, Ukraine, Romania, Serbia, and into Turkey.Number three, the Baltic Shield, traverses from western Russia through Finland, Sweden, and Norway.Europe’s gold mining contribution is approximately 1.2% of global mine production (though demand from the EU is roughly 15% of worldwide totals).Sweden, Finland, Spain, and Bulgaria are currently the largest gold producers in Europe. They mine about 640,000 million ounces of gold annually.Other countries with operating gold mines are Greenland, France, Greece, Romania, Portugal, Slovakia, and the UK.Among the gold companies operating in the region are Eldorado Gold (EGO) in Greece and Romania; Agnico-Eagle (AEM) in Finland; and Gabriel Resources (T.GBU) in Romania, as well as other majors and juniors across the continent.Europe’s New Frontiers2011 was a banner year for European mining.Exploration expenditures were estimated to reach approximately €400 million (US$490 million), an all-time high. The largest share of those exploration dollars was concentrated in Sweden, Finland, Norway, and Greenland.These countries, together with Poland, accounted for €288 million or two-thirds of total exploration expenditures last year.This is even more impressive when put into historical perspective.As you can see in the chart below, Nordic exploration spending has grown by almost four times in just ten years.[Source: Euromines.org]Both local and international companies are active in this region.Further, junior companies that we look at in detail in BIG GOLD are expanding rapidly; Euromines reports that in Sweden, for example, juniors account for some 50% of total exploration dollars being spent.Why has the attractiveness of the Nordic countries increased so dramatically?The area is largely underexplored, and its geological similarity to Canada, Australia, and West Africa makes the Baltic Shield a highly prospective place for new discoveries. Miners know what to expect and they already have the technology in place, so profitability for them and their investors comes that much sooner. These countries have well-developed infrastructure (roads and railways) and telecommunication.They have access to highly educated, trained, and experienced staff to support projects during all phases of mining is widely available.The attitude of both the public and politicians toward exploration and mining is generally positive, especially in the northern parts of the region, though anti-mine protests still take place. Since the area is not densely populated, the NIMBY (“not in my back yard”) factor is largely absent.Keeping the green lobby happy means keeping the mines open, operating, and creating a robust, investment-worthy business.Europeans tend to be very concerned about ecology, so environmental issues are closely watched and strictly regulated.Though most responsible miners make concerted efforts to reduce their impact on the environment, miners in Europe focus on this to a high degree.The divide between miners and environmentalists has shrunk over the past few decades due to advances in technology.But a bigger reason for the cooperation is the eroding economic situation. To a certain degree, politicians have been forced to find a more reasonable balance between conservation and the economic benefits mining can bring.Spain, for example, has its economic back to the wall, starting with a record unemployment rate of more than 24%.Astur Gold (V.AST) is working on getting the Spanish Salave gold deposit into production (which a previous company failed to do in 2005). The jobs it will bring no doubt add to the appeal; the company has received over 6,300 job applications.Management has received two of three environmental permits and hopes to finalize the third by year end. If the project is fully permitted, the economic impact on the area will be both immediate and dramatic.Will the Driller Killer Return?The biggest threats to mining in Europe are resource nationalism, significant skills shortages, and infrastructure access in certain areas (see first news item below).However, even on these issues, Europe is in a better position than many other areas.The continent has a strong tradition of transparent and stable laws, along with respect for private property, leaving few in support of outright nationalization.Western European countries also usually have well-developed infrastructure and an educated and skilled labor force.On the other hand, bureaucratic procedures, overregulation, and a dense population outside of the northern countries have worked to keep massive mine development across Europe from accelerating as it has elsewhere.Still, the carrot dangled by the mining industry looks awfully juicy…If Romania approves Gabriel Resources’ Rosia Montana gold mine, for example, the project is estimated to bring some US$30 billion of economic benefits to the country. The company hopes to mine 9.6 million ounces of gold and 51.5 million ounces of silver over 16 years. Eldorado’s Olympias and Skouries mines in the Halkidiki region will produce about 350,000 ounces of gold annually beginning in 2015. Management is spending €1.3 billion to develop the projects, which will create 1,800 jobs in a country where unemployment is close to 20%.Overall, the atmosphere for gold mining in Europe appears to be improving. Its importance is recognized in Brussels; even though only a few clumsy steps have been taken, the general attitude is making a positive shift.With the benefits mining can bring – more jobs and greater revenue – we think there will be fewer objections overall, especially in the more desperate countries. It won’t solve all their problems, but there’s no doubt it would relieve some of the fiscal pressure.From an investment point of view, it’s a region to watch. We fully expect to find increasing opportunities here.Jeff Clark is the senior editor of BIG GOLD, a monthly newsletter that follows the world’s best precious metals production and near-production companies. Jeff has recently completed a rather interesting special report – The Four Stocks I’m Buying My Mother – with details on precious metals stocks that are so undervalued he has recently begun buying them for his mother’s retirement account. Readers can receive the special report for no charge with a 90-day, risk-free trial subscription to BIG GOLD.last_img read more

We see the potential in gold equities as we belie

first_img We see the potential in gold equities, as we believe the price of gold is going higher, but big investors with billions of dollars to pour into an market don’t. Their money, for the most part, is still on the sidelines. This phenomenon leads us to predict that someday these institutional investors will enter this sector en masse. Once the facts sink in and the institutional world becomes convinced gold and silver prices will maintain a sustainable uptrend, they’ll be much more attracted to the equities – and just as stubborn about changing their minds once they’re on board. Now, it’s possible this group may have to be beat over the head by relentlessly  rising precious-metals prices before they enter the industry. They’ll have to believe that, say, gold hitting $1,900 again isn’t a temporary fluke but a sustainable uptrend. I don’t know what price the metal would have to maintain or how long it would have to stay there before they jump on board, but given the above chart, I think it’s safe to say they won’t be the first to the party. I personally think it will be something along the lines of what we outlined in the recent Hard Assets Alliance letter. Whenever and however it happens, though, the stampede from institutional investors into this tiny industry will be sudden and dramatic, because they tend to have a herd mentality. No one wants to be left behind. Just like they don’t want to risk buying something all their colleagues are ignoring now, they’ll rush to own the popular and exciting investment when gold stocks have their day. The consequence of this will result in dramatically higher stock prices. How high? Well, this group loves to use price models, and fair value for Newmont Mining (NEM), based on its Reserves, would be about $200/share (it’s currently trading around $44). And that’s at $1,700 gold – as the spot price rises, the value of NEM will rise exponentially, since gold would be rising faster than costs, even when inflation kicks in. That is why I’m excited about the producers. It’s the first place the institutional world will turn when gold makes a sustained move higher. Come the day those investors believe gold is about to become part of the monetary system, that bonds are no longer a safe place for money, that inflation is about to get out of control, or whatever it might be that changes their paradigm, they’ll flood into our little market and push share prices higher by an order of magnitude. When this shift gets under way, we’ll already own the stocks that institutional investors will be clamoring to buy. Maybe we should thank them now. Bank and brokerage analysts know their products, too. But when it comes to helping you make an informed decision about where the gold market is headed, they have, as Rick Rule is fond of saying, a record unblemished by success. Every year major banks and brokerage houses provide their four-year forecasts for the gold price. The following chart documents the average price projection of 25 top analysts over the past seven years, many of whom specialize in the resource industry. I might suggest pushing away from your desk so that when your jaw drops it doesn’t hit the keyboard. Common sense dictates that when you need information or advice on something you’re unfamiliar with, you consult with a professional. That’s what people do, whether refinancing a home, choosing an insurance product, or fixing a broken heater. While professionals certainly have their own agendas, they still know more about their products or services than others, and can at least help them make more informed decisions. If institutional investors are largely absent from this market, why is gold rising every year? Gold is not a trading sardine for institutions. Gold is supported by strong physical demand from individuals around the world and from central banks. Read our take here. You can see that every year since 2007, bank and brokerage analysts have as a group predicted that gold would fall, sometimes dramatically, over the next four-year period. For example, in 2007 the consensus of all estimates was that gold would decline from $656 to $523 by 2011. Instead, the price rose 140% to an average of $1,572 that year. Similarly, they predict this year that gold will fall from $1,665 to $1,515 by 2017. Even if they thought gold would move higher the first year, their best guess was that it was ultimately headed lower. So far they’ve been wrong every time. For the most part, these are analysts who do nothing but study the resource markets all day long. It’s their job. No one gets it right all the time, but this kind of track record is embarrassing. The obvious lesson is for investors to ignore price predictions from the major banks and brokerage houses – they just don’t get it. I’m sure most readers of this publication already know that. However, there’s a much bigger implication of this data that may not immediately come to mind… Why would I as a fund manager or institutional investor buy a gold stock if my analysts tell me the price of gold is going to fall? Answer: I wouldn’t. If the price of the product a company sells is expected to decline over the next few years, would you buy the company’s stock? Its earnings are almost certain to fall. As a manager of millions (or billions) of dollars, you wouldn’t buy any investment with this kind of outlook. There’s more. These same banks and brokerages have also been predicting the price of oil will rise (almost) every year. While they’ve occasionally been right about that, it means that margins for the gold producers would be expected to fall, since roughly 10% of their costs are related to fuel. So again… Why would I as a fund manager or institutional investor buy a gold stock if my analysts tell me profit margins are expected to fall? Answer: I wouldn’t. It doesn’t matter that analysts have been consistently wrong. What matters is that if the institutional world believes the gold price is likely decline and/or that margins are likely to fall, they’re not going to stick their necks out and buy gold stocks. They could lose their bonuses or even their jobs if their analyst’s predictions came true and they’d bet against them. This could be the explanation for why hedge funds, institutional investors, and other large investors haven’t entered this market en masse and could account for the disconnect between the price of gold and the trajectory of gold stocks.last_img read more