Nationalization

Is home bias biased? New evidence from the investment fund sector

Retrieved on: 
Thursday, April 18, 2024
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Key Points: 

    First Trust High Yield Opportunities 2027 Term Fund Declares its Monthly Common Share Distribution of $0.13 Per Share for April

    Retrieved on: 
    Wednesday, March 20, 2024

    First Trust High Yield Opportunities 2027 Term Fund (the "Fund") (NYSE: FTHY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.13 per share payable on April 25, 2024, to shareholders of record as of April 2, 2024.

    Key Points: 
    • First Trust High Yield Opportunities 2027 Term Fund (the "Fund") (NYSE: FTHY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.13 per share payable on April 25, 2024, to shareholders of record as of April 2, 2024.
    • The Fund has a practice of seeking to maintain a relatively stable monthly distribution which may be changed periodically.
    • High yield debt securities include U.S. and non-U.S. corporate debt obligations and senior, secured floating rate loans ("Senior Loans").
    • The Fund is not a "target term" Fund and its primary objective is to provide high current income.

    Polymetal International plc: Proposed divestment of Polymetal Group’s Russian business and notice of General Meeting

    Retrieved on: 
    Wednesday, March 13, 2024

    Polymetal International plc (“Polymetal”, the “Company” or the “Group”) announces today that it has entered into contracts for the divestment of its Russian business for an effective total consideration of approximately US$3.69 billion (the “Transaction”).

    Key Points: 
    • Polymetal International plc (“Polymetal”, the “Company” or the “Group”) announces today that it has entered into contracts for the divestment of its Russian business for an effective total consideration of approximately US$3.69 billion (the “Transaction”).
    • A quick, transparent, and sanctions-compliant exit under the terms of the proposed Transaction serves the interests of all stakeholders.
    • The completion of the divestment will allow the Group to de-risk the Company’s business, deliver stable cash flows and pursue new investment opportunities.
    • The Transaction values the Russian business at approximately US$3.69 billion [1] including third-party debt and intra-group arrangements detailed in the Circular.

    Caledonia Mining Corporation Plc Trading update for the year ended December 31, 2023

    Retrieved on: 
    Monday, March 4, 2024

    Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No.

    Key Points: 
    • Note: The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No.
    • Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information.
    • Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
    • This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere.

    South Africa Real Estate Industry Report: Investment in the Alternative Property Market Increased at the Expense of the Industrial and Commercial Sectors - ResearchAndMarkets.com

    Retrieved on: 
    Tuesday, February 27, 2024

    The South African real estate market is fragmented and includes numerous local and global players.

    Key Points: 
    • The South African real estate market is fragmented and includes numerous local and global players.
    • Property price growth has remained steady, including throughout the pandemic, although some subsectors, such as commercial properties, were significantly affected.
    • Investment in commercial real estate grew for the second consecutive year in 2021 but dropped by approximately 20% in 2022.
    • This report focuses on the real estate industry which comprises commercial, industrial and residential properties, as well as property development, property valuation and bond origination.

    First Trust High Yield Opportunities 2027 Term Fund Declares its Monthly Common Share Distribution of $0.13 Per Share for March

    Retrieved on: 
    Tuesday, February 20, 2024

    First Trust High Yield Opportunities 2027 Term Fund (the "Fund") (NYSE: FTHY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.13 per share payable on March 25, 2024, to shareholders of record as of March 4, 2024.

    Key Points: 
    • First Trust High Yield Opportunities 2027 Term Fund (the "Fund") (NYSE: FTHY) has declared the Fund’s regularly scheduled monthly common share distribution in the amount of $0.13 per share payable on March 25, 2024, to shareholders of record as of March 4, 2024.
    • The Fund has a practice of seeking to maintain a relatively stable monthly distribution which may be changed periodically.
    • High yield debt securities include U.S. and non-U.S. corporate debt obligations and senior, secured floating rate loans ("Senior Loans").
    • The Fund is not a "target term" Fund and its primary objective is to provide high current income.

    Pyxus International, Inc. Reports Strong Third Quarter and Year-to-Date Fiscal 2024 Results

    Retrieved on: 
    Wednesday, February 14, 2024

    MORRISVILLE, N.C., Feb. 14, 2024 /PRNewswire/ -- Pyxus International, Inc. (OTC Pink: PYYX) ("Pyxus," the "Company," "we," or "our,"), a global value-added agricultural company, today announced results for its fiscal quarter ended December 31, 2023.

    Key Points: 
    • MORRISVILLE, N.C., Feb. 14, 2024 /PRNewswire/ -- Pyxus International, Inc. (OTC Pink: PYYX) ("Pyxus," the "Company," "we," or "our,"), a global value-added agricultural company, today announced results for its fiscal quarter ended December 31, 2023.
    • This success positions us to increase our full-year guidance as we remain focused on concluding an outstanding fiscal year."
    • Gross margin through the first nine months of fiscal 2024 improved to 15.6% from 13.0% compared to fiscal 2023, and was driven by a more favorable customer and regional mix.
    • Pyxus achieved a third quarter gross margin of 17.5% compared to 13.4% in the third quarter of fiscal 2023.

    Shell plc publishes fourth quarter 2023 press release

    Retrieved on: 
    Thursday, February 1, 2024

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities.

    Key Points: 
    • The companies in which Shell plc directly and indirectly owns investments are separate legal entities.
    • In this announcement "Shell", "Shell Group" and "Group" are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general.
    • "Subsidiaries", "Shell subsidiaries" and "Shell companies" as used in this announcement refer to entities over which Shell plc either directly or indirectly has control.
    • The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s fourth quarter 2023 unaudited results available on www.shell.com/investors.

    ‘We miners die a lot.’ Appalling conditions and poverty wages: the lives of cobalt miners in the DRC

    Retrieved on: 
    Tuesday, January 30, 2024

    Estimates suggest that as many as 11,000 men and women work on the site, the majority of whom have no other means of deriving a livelihood.

    Key Points: 
    • Estimates suggest that as many as 11,000 men and women work on the site, the majority of whom have no other means of deriving a livelihood.
    • Risking their lives, they tunnel deep into the red earth, excavating cobalt in shafts that descend as deep as 100 metres, and yet they receive almost none of the profits.
    • This story of labour exploitation and unequal exchange in Africa has become an all-too-familiar one to me.
    • I was eager to visit the site because I had heard many encouraging things about it.
    • Most artisanal mining sites are found in remote locations, remain unplanned and unregulated, and are subject to a host of social and environmental problems.
    • But at the same time, there has been much fanfare around the idea of organising artisanal miners into cooperatives, as a potential solution to this problem.
    • The team is working with academics from different backgrounds who have been engaged in projects aimed at tackling societal and scientific challenges.
    • There are people who come from Kasai, the Chinese who leave China to come here, Canadians who leave their country to come here.
    • It is very good.

    ‘The work we do is hard’

    • Many told me they only started mining because they wanted to create a better life for their kids.
    • It is easy to understand why a parent would tolerate hardship, injustice and risk, if it could help their children.
    • We only do this work because we don’t have the means to survive.
    • The work we do is hard because it’s a job you do all day long.
    • We only do this work because we don’t have the means to survive.

    ‘We miners die a lot’

    • Six miners were killed and the depth and design of the tunnels meant that the bodies could not be recovered.
    • And to be sure, all the miners I spoke to feared such a disaster could happen to them at any time.
    • Death and injury is common among artisanal miners, due to both tunnel collapses and working without personal protective equipment.
    • We miners die a lot.
    • We miners die a lot.

    Toxic dust and birth defects

    • Further compounding the hazardous working conditions, cobalt dust is toxic, affecting all those working in mines, but also those in the wider community.
    • That research also found high concentrations of uranium in the urine of exposed children and miners.
    • A Lancet study found that pregnant women living in cobalt-mining communities have the highest levels ever reported of heavy metals in their blood.
    • The same study demonstrated a five-fold increase in risk of birth defects in babies born to fathers working in cobalt mines.
    • Alphonsine, eloquently described the horrific conditions that washers must endure:
      There are several problems in doing this work.
    • Recent comparisons of time-lapse satellite imagery over the past five years demonstrates the dramatic growth of cobalt mines in and around Kolwezi.

    The invisible face of the cobalt rush

    • Hunting for the buried blue treasure – a key ingredient in the lithium-ion batteries used in consumer electronics and electric vehicles that are vital to global efforts to combat climate change – artisanal miners like Ghislain have long been the invisible face of the cobalt rush.
    • The Congolese cobalt rush fuels a multi-billion-dollar industry for international mining companies and buying agents – often from China – that have moved into the country.
    • Southern Congo sits upon 3.4 million tons of cobalt, an estimated two thirds of the world’s known supply.
    • Alphonsine told me that she didn’t know what happened to the cobalt she washed, after it left the site.
    • Instead of buying well so that we too can win, they buy the products maliciously.
    • As the world transitions to electric vehicles, competition over supplies of cobalt continues to intensify, with global demand set to increase up to eight-fold by 2040.
    • Against this backdrop, the OECD estimates that there are more than 200,000 creuseurs, often labouring alongside large-scale industrial operations, who extract up to 30% of Congo’s cobalt.

    Child labour

    • Such claims have provided fertile ground for a high-profile legal case against the world’s largest tech companies, launched in December 2019 by Congolese families, over deaths and serious injuries sustained by child labourers in cobalt mines.
    • In October 2022, the US Department of Labour added lithium-ion batteries to its list of goods produced by child labour.

    No such thing as ‘clean cobalt’

    • Profit margins are much higher when it’s possible to purchase cobalt that is extracted under slave-like conditions.
    • And the reality is that cobalt unearthed by creuseurs is bought by agents and processed alongside cobalt from large-scale mines, with over 80% of it then being refined in China.
    • As things stand, there is no such thing as “clean cobalt”.

    Plausible deniability


    While the negative impacts of the cobalt boom may be increasingly visible and have now become impossible to ignore, industry is not held accountable, partially because it has found new ways to hide its exploitative business practices.

    • Complexity in the supply chain helps big corporations to demand profit-boosting efficiencies at arms’ length, giving them plausible deniability for the consequences of their actions.
    • These companies also have become adept at spinning their purported efforts to improve conditions.
    • Look at their websites and you’ll probably see a massive section devoted to sustainability and community-building.


    For you: more from our Insights series:
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    Victims of the green energy boom? The Indonesians facing eviction over a China-backed plan to turn their island into a solar panel ‘ecocity’

    Unlocking new clues to how dementia and Alzheimer’s work in the brain – Uncharted Brain podcast series

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    For this research, Roy Maconachie received funding from the Global Challenge Research Fund (GCRF), the Bath Research in Development (BRID) Fund, and the Bath Impact Fund.

    Canada says that 85% of the TRC Calls to Action are either complete or well under way. Indigenous Watchdog says, “Really?”

    Retrieved on: 
    Monday, January 22, 2024

    addresses subsets of the Royal Proclamation of Reconciliation NOT the substantive issues: Doctrine of Discovery, Treaties, Indigenous laws and legal traditions

    Key Points: 
    • addresses subsets of the Royal Proclamation of Reconciliation NOT the substantive issues: Doctrine of Discovery, Treaties, Indigenous laws and legal traditions
      Federal – and provincial and territory govts.
    • The incarceration rates of Indigenous people have risen steadily from 24.4% in 2015 to 33% as of 2022 and almost 50% for Indigenous women.
    • The individual landing pages for each of the 22 Truth and Reconciliation Call to Action "Themes" tracked by Indigenous Watchdog provide complete details on "Why?"
    • See also the following post previously published in Indigenous Watchdog: