Blog Posts by Stacy Curtin

  • Resource Capital Fund V L.P. Acquires Additional Shares of Buffalo Coal Corp.

    DENVER, CO , Oct. 8, 2015 /CNW/ - Resource Capital Fund V L.P. ("RCF") reports that on October 7, 2015 , in connection with a previously announced secured convertible loan facility in the aggregate principal amount of US$25 million (the "Facility"), and in satisfaction of interest and principal payment obligations under the Facility, RCF acquired ownership of 11,083,086 additional common shares ("Facility Shares") in the capital of Buffalo Coal Corp. ("Buffalo").

    At a meeting of Buffalo's shareholders held on June 19, 2015 , disinterested shareholders approved amendments to the Facility to, among other things, increase the principal amount from US$25 million to US$29 million , increase the interest rate from 12% to 15%, decrease the conversion price from C$0.1446 to C$0.0469 and issue the Facility Shares to RCF.

    The Facility Shares collectively represent 8.6% of the issued and outstanding common shares in the capital of Buffalo. At a conversion price of C$0.0469 for

    Read More »from Resource Capital Fund V L.P. Acquires Additional Shares of Buffalo Coal Corp.
    Resource Capital Fund V L.P, 1400 Sixteenth Street, Suite 200, Denver, CO, 80202, Telephone: (720) 946-1444
  • Colombia is using “creative accounting” to hit its budget targets by using assets from a disability pension fund to finance current spending, according to Bank of America Corp.

    In its medium-term financial plan published on the Finance Ministry’s website last month, the government included about 3 trillion pesos ($1 billion) of assets from state-controlled insurance company Positiva Compania de Seguros S.A. among its 2015 revenues. This helps the government to comply with the letter of its fiscal sustainability law, or “fiscal rule”, at a time of falling oil revenue, while saddling itself with longer-term liabilities, said Francisco Rodriguez, an economist at Bank of America.

    “It is essentially funding the current budget with pension fund deposits,” Rodriguez said in a phone interview Thursday. “I see that as a significantly negative signal.”

    Deputy Finance Minister Andres Escobar said in a phone interview Thursday that regulators had “serious concerns” about Positiva’s solvency, since it

    Read More »from BofA Says Colombia Uses Creative Accounting to Hit Fiscal Target
  • Amazon may be planning a brick-and-mortar bookstore in a Seattle mall

    Bezos Amazon (Ted S. Warren/AP)
    Jeff Bezos in the early days of Amazon.

    Evidence suggests that Amazon is planning a brick-and-mortar bookstore in University Village, a shopping mall in Seattle.

    Shelf Awareness, a newsletter about the book industry, reports that Amazon has been rumored to be looking at a spot in the mall ever since Barnes & Noble vacated in 2012.

    Now, a mysterious tenant named "Ann Bookstore" is working on a vacant spot in the mall that used to be owned by a restaurant, according to city work permits. All of the major bookstores in Seattle told the publication they're not planning a new store in that mall. 

    In addition, Amazon has been approaching booksellers at other bookstores in Seattle about a "new initiative," offering pay of up to $18 an hour.

    Geekwire then went sniffing around the site, and talked to a construction worker who had heard through the grapevine that the tenant was Amazon. Geekwire also saw a construction worker holding what looked like an electronic reader.


    Read More »from Amazon may be planning a brick-and-mortar bookstore in a Seattle mall
  • Australia’s next central bank governor will inherit an entirely different set of economic conditions and risks than Glenn Stevens, who retires next year, faced when he took the helm a decade ago. The top challenge: getting growth back.

    Chances are that task falls to Stevens’s deputy,  Philip Lowe, according to  economists. Here’s how the economic environment, international challenges and political backdrop look, with 11 months to go until Stevens’s term concludes.

    More from In North America's Costliest City, Rich Chinese Take the Blame

    Australia’s Weaker Growth

    The economy expanded just 2 percent in the second quarter from a year earlier, compared with 5.1 percent in the first year of Stevens’ tenure. The International Monetary Fund said last month that, in the medium term, potential growth is likely to be around 2.5 percent compared with 3.25 percent in the past.

    Export Boom Over

    Stevens’s early challenge was setting policy amid rising prosperity spurred by soaring export

    Read More »from Australia to Look Like Another Planet for Stevens Successor
  • Google rewarded the guy who bought, and he donated it all to charity

    Sanmay Ved

    Sanmay Ved

    Sanmay Ved bought for a minute, but donated his reward to charity.

    Sanmay Ved thought his real reward was just being the guy who bought for a minute. When Google first told him he wouldn’t get any money as a result of the accidental transaction, he said it was fine — he’d rather it be donated to charity anyways. 

    “I don’t care about the money. It was never about the money,” Ved told Business Insider. “I also want to set an example that it’s people who want to find bugs that it’s not always about the money.”

    Google changed its mind after acknowledging that he had managed to buy the domain name and decided to actually double Ved’s reward since he was giving it to charity.

    In a stroke of luck, Ved had been searching Google Domains, Google’s website-buying service, when he noticed that was available for purchase on Sept. 29.

    Ved bought the domain for $12 and, he claims, momentarily gained access to its webmaster tools before Google canceled

    Read More »from Google rewarded the guy who bought, and he donated it all to charity
  • Glencore to cut annual zinc production by a third

    Glencore, the resources group battling falling commodity prices, is poised to make a dramatic intervention in one of its most important markets by slashing its annual production of zinc by more than a third.

    The unexpected move by the UK-listed company, the world's biggest miner and trader of zinc, will cut output by 500,000 tonnes a year and could help put a floor under the price of the metal, which has fallen to five-year low on concerns about slowing economic growth in China.

    It comes as Glencore scrambles to reassure nervous investors and creditors that it can cope with its $30bn debt load amid the latest commodities rout.

    Glencore said it would suspend production at its Lady Loretta mine in Australia and at Iscaycruz in Peru. It will also reduce output at McArthur River and the George Fisher mines, both also in Australia and some operations in Kazakhstan. The cuts are expected to result in about 1,600 job losses.

    "The main reason for the reduction is to preserve

    Read More »from Glencore to cut annual zinc production by a third
  • The Federal Reserve failed to follow basic investigative techniques as it embarked on a probe into a 2012 leak of confidential information -- waiting at least 40 days to order employees to preserve leak-related e-mails, asking people to search their own computers for relevant documents and declining to tap its in-house watchdog, according to a House Republican.

    The allegations, made in an Oct. 6 letter to Fed Chair Janet Yellen, are the most detailed yet by lawmakers who have accused the Fed of mismanaging its in-house probe and later obstructing lawmakers’ attempts to determine what happened.

    More from In North America's Costliest City, Rich Chinese Take the Blame

    The internal investigation was run by the Fed’s general counsel and the secretary of the Federal Open Markets Committee -- two individuals who may themselves have been legitimate subjects of any investigation into who had access to leaked information, wrote Representative Sean Duffy, a Wisconsin Republican who

    Read More »from Fed's Leak Probe Was Flawed and Conflicted, Lawmaker Writes
  • Apple Pay rollout gathers pace in US

    Apple Pay will arrive in thousands more US stores next year thanks to deals with Starbucks and KFC, the iPhone maker said on Thursday, even as the head of the contactless payment system acknowledged that "still there's more to go" to persuade most merchants to accept smartphone payments.

    "We've seen a sea-change in momentum of acceptance," Jennifer Bailey told the Code Mobile conference in California on Thursday. Apple Pay launched in 220,000 stores a year ago but will soon surpass 1.5m, she said, adding that restaurants had seen "a huge amount" of contactless transactions.

    "As robust as the sales of the iPhone 6 and 6s have been, there still aren't that many consumers capable of transacting" with their smartphone replacing cash or plastic cards, said Karen Webster, chief executive of Market Platform Dynamics, a consultancy, and adviser to ecommerce start-ups. Many consumers who do have the right technology "forget that they can" use it, or "simply don't", she said.

    Read More »from Apple Pay rollout gathers pace in US
  • International buyers are accounting for the smallest share of California home sales in at least eight years as prices climb and investors from China, the biggest source of foreign purchases, slow buying, according to the state’s Realtors group.

    The share of international buyers fell this year to less than 4 percent, compared with a peak of 8 percent in 2013, the California Association of Realtors said in a report Thursday. The findings are based on a survey conducted in June of about 1,000 real estate agents. Since 2008, the first year agents were surveyed on the subject, results have shown foreigners representing at least 5 percent of transactions.

    More from In North America's Costliest City, Rich Chinese Take the Blame

    An influx of foreign money has contributed to soaring real estate prices in the largest U.S. state, particularly in coastal areas where demand is high and new inventory is limited. Buyers from mainland China, Hong Kong and Taiwan made up 43 percent of

    Read More »from Foreign Homebuying Drops in California as China Slowdown Seen
  • A look at Chicago's Tribune Tower as it goes up for sale

    Things to know about Chicago's Tribune Tower as it goes up for sale

    CHICAGO (AP) -- A 36-story Chicago landmark, the Tribune Tower, is up for sale. Tribune Media Co. announced Thursday that it has hired real estate investment banking firm Eastdil Secured to explore a sale or find a partner to help redevelop the building, which is home to the Chicago Tribune. Tribune Media phrased the move as an exploration of "strategic monetization alternatives." The building sits on 3 acres along Chicago's Michigan Avenue. Here are some features of the historic edifice that make it significant:


    News mogul Robert R. McCormick, known as the Colonel, became president of Tribune Company in 1911. To mark the 75th anniversary of the Chicago Tribune, McCormick held an international design competition to create "the most beautiful office building in the world," with a $50,000 prize for the winner. A renowned eccentric who directed Tribune editors to use his own system of spelling, McCormick

    Read More »from A look at Chicago's Tribune Tower as it goes up for sale


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