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Mobile Telecommunications Network (MTN) will be the stock in focus: (Price at time of writing: R126.75 (3 March 2017))
MTN_28Feb2016
Capital Group companies buys into MTN
Background and overview of MTN (MTN)
According to MTN's website: "We are a leading emerging markets telecommunications service provider and are headquartered in Johannesburg, South Africa. Our company has a primary listing on the JSE Securities Exchange where it ranks sixth with a market capitalisation of R409 billion (December 2014). Through our extensive investment in advanced communication infrastructure in the past two decades, the talent and experience of our people, as well as the strength of our brand, we have grown rapidly to now have operations in 22 countries across Africa and the Middle East. We offer an integrated suite of communications products and services to our customers, including traditional and mobile voice anddata, digital and mobile financial services as well as enterprise services to SME, public sector and corporate clients"
Their main rival on the African continent is their biggest rival in South Africa too, which is Vodacom, but MTN has the far larger African footprint than Vodacom, Vodacom has a bigger share of the South African market than MTN.
MTN as a company and it's share price has struggled over the last couple of years. And the source of their problems are largely due to regulatory issues in Nigera, and money of their's that they could not access due to sanctions against Iran, which affected MTN's earnings from IranCell. More about this later.
But before we take a look at MTN's latest set of financial results, we will show an interactive candlestick chart of MTN's share price, which shows it's history, high, low, open and closing values etc. Readers can change the chart colours, edit the chart and download it as a image, and readers can even download the data used to draw this chart.
Red Faded Red Green Lime Blue Arctic Blue Turquoise Orange Purple Gray Pink Brown Black
Percent change:
Financial Results review
So let's get down to what is contained in MTN's latest set of financial results. We will start off with a funnel chart that represents information from MTN's income statement.
Scroll over or click on the funnel chart to get more details of MTNs latest financial results
Over the last couple of months news regarding MTN has been overwhelmingly bad. And the source of the bad news has been Nigeria. Nigeria is MTN's biggest market by far (in terms of revenue's and EBIDTA). And the bad news was announced by Nigeria's communications ministry, in which they announced that MTN will be fine 200 000 Nigeria Naira per sim card that was not deactivated (as per a request by the Nigerian authorities). The sim cards that had to be deactivated were sim cars which has not been registered properly (no residential address attached to it, or proof of the owner's residence and greater details of the sim card owner). The total amount of the fine first announced was $5.2billion (or roughly R83billion (using Rand/Dollar=R16/$). To put that in perspective, thats almost 2 full years net profit of MTN, that was imposed as a fine. The fine was later reduced to $3,9billion (or roughly R62,4billion). That is an astronomical amount of money to be levied as fine against a single entity.
MTN has been trying to resolve the matter with the Nigerian Communications Commission (NCC) for months. While the deadline for the revised fine came and gone, negotioations regarding the fine is still ongoing in a very public spat between MTN and the NCC
In MTN's latest results they paid an amount equal to R10,499billion (leading to a roughly R3billion loss after write offs and depreciation etc). It's the first time in two decades that MTN reported a loss, but based on the share price spike after the release of the results we suspect that the market believes the worst is over for MTN and things can only improve from here on in.
In addition to the fine imposed by the Nigerian authorities MTN suffered significant losses due to exchange rate movements (losses to the effect of almost R5.9billion).
While issues in Nigeria remain, some of MTN's other big markets are not exactly the most pleasant places to do business in currently (think Iran and Syria). And growth in the South African market (both in terms of subscriber growth and average rate per user (ARPU) has been sluggish in the recent past. Its clear from the above that MTN has been having a tough old time recently. While the share price drop has been arrested, it is trading mostly sideways, with MTN now trading at basically exactly the same value it was trading at when we first valued MTN at the end of February 2016). Below a graphic showing the contribution to MTN's revenue and EBIDTA from some of their biggest markets for financial year ending 2016.
As can be seen from the pie chart, Nigeria contributes a lot to nt only MTN's revenue but their EBITDA earnings. The fact that their EBITDA contribution is far larger than revenue contribution highlights the healthy profit margins they are achieving in this country. This is not the case in South Africa where MTN's margins are squeezed.
Even with all its issues, MTN remains an extremely cash generative share and as the current bad news built into the share price does offer long term investors with a great opportunity to by MTN. While things will get worse before they get better for MTN, one must remember its always darkest before dawn, and that markets and share prices are largely driven by two things. They are fear and greed. And currently MTN's share price is dominated by fear, once that dissipates, greed will kick in again and the share should recover sharply once greater clarity regarding the fine and MTN's future in Nigeria becomes available.
The above we wrote in our previous analysis and we still believe this to be the case. MTN has an extremely strong foot hold in Africa's most populis country, Nigeria, and regardless of the regulatory issues they are facing in that market, it still is a very lucrative place for MTN to do business in. But to be fair, MTN needs to lower their dependence on some of these more volatile markets such as Nigeria, Iran, Syria etc. Results will tend to be irratic as and when issues in these volatile markets of theirs arise.
MTN's headline earnings per share (before Nigeria fine and exchange rate losses) came in at R7.42 a share, placing them on a PE ratio 17, which does look expensive, but with earnings set to recover in the medium term, their forward PE is substantially lower. We believe investors should not stare them blind at the current high PE for MTN. And a PE ratio of 17 is lower than the JSE market average of 19 (as at end of February 2017). Below a few financial ratios for MTN
A few financial ratios for MTN (calculated using our Financial Ratios Calculator):
Current Ratio: 1.02 (A measure of liquidity. Less than one signals possible trouble in paying off current liabilities).
Quick Ratio: 1.02 (Another liquidity measure. Shows how much in liquid assets is available to cover current liabilities or short term debt).
Return on Equity (ROE): 12.66%
Net Profit Margin: 9.0% (when one excludes Nigeria fine and exchange rate losses reported)
While the consumers in South Africa are under pressure, and the continued run ins with the Nigerian telecommunications authorities will have a significant impact on MTN's medium term earnings, we believe their strong foothold in various markets outside of South Africa puts them in good stead in the longer term. They are extremely cash generative (generating around R10.90 per share in cash during the 2016 financial year) and has paid solid dividends over the years even with the large MTN Nigeria fine they still manage to declare a R4.50 per share final dividend.
Since MTN's financial results looks considerably worse for the year end 2016 compared to 2015 investors should know what they getting in for and that they might have to wait a while for MTN to reward them. But they remain a quality company with extremely strong foothold in very lucrative markets with very high barriers to entry. Based on their financial results and the information in this article we value MTN at between R149.10 and R149.70. It offers excellenmt value for the patient long term investor.
We use our Share Valuation Calculator as guide to valuing shares. We believe in value investing and our above mentioned share valuation is based on the underlying fundamentals and financial statements of the stock in question.
Capital Group companies buys into MTN


I've been to Yosemite National Park at least half a dozen times since I was a kid, but I've never gone there in the dead of winter. In a couple weeks, I'll be there for a week, enjoying stuff like this and this. If I have internet access, I'll post daily photos, if not, a boatload will be uploaded when I get back. I can't wait.


In some countries, e.g. in Belgium, freshly cooked waffles are eaten for breakfast in the company of coffee and fruit juice. Paradoxically, the so-called Belgian waffles come from the United States and it is characteristic to add some yeast to dough. Fluffy waffles with a characteristic pattern are also associated with the time of an afternoon snack or dessert. Waffles that are considered as a delicacy, which is popular particularly in summer, can be bought in waffles' boxes and small seasonal restaurants, which are common in tourist resorts, on promenades and in the vicinity of beaches. Fragrant waffles are delicious if they are served with jam, chocolate cream, jelled fruits, whipped cream, icing sugar, various sauces or yummy toppings. Sweet extras can be mixed in any way, which makes waffles a tasty but rich-in-calories snack. We most frequently eat rectangular of square waffles, however, some waffle irons make it possible to prepare waffles in the shapes of hearts or flowers.


Volunteering for a Code Club means making time an hour a week to lead a lesson for kids. You can join an existing club looking for volunteers, or you can host a club at a safe, public venue. You can join an existing club looking for volunteers, or you can host a club at a safe, public venue.
Volunteers in Public Schools assist in local schools and classrooms. If you would like to apply to become a school volunteer, call your school or (562) 997-8457. If you would like to apply to become a school volunteer, call your school or (562) 997-8457.
Parenting » School life » From our readers: getting working parents involved From our readers: getting working parents involved Working parents tell how they get involved and offer suggestions so that schools and parent groups can help them stay involved.
Volunteer. Volunteering with the VCE Summer School (VCESS) is a great way to get involved with the University community, help young people and have a great time in January.
Not only do our schools run on the many staff members we have in each of our buildings, but they also run on volunteers. Without the help of parents, community members and families, our schools would not be the success they are. Below is information about how to get involved in our schools, frequently asked questions about volunteering and the process to get started as a WCS volunteer.


To assist in personalising the experience and ensure that only those who should have access to your profile do we implemented a Users list a couple of years ago. This has now moved to its final phase and all centres will need to ensure they manage the users list going forward.
The Centre Admin account will be removed as a way of accessing your profile at the start of Season 2016/17 and as part of your Season Roll over you will be prompted to review your User List. A couple of default user accounts have been setup for your President, VP, Treasurer etc that will allow you to keep your users up to date. Passwords will no longer by visible, with a password reset option available if you forget.
You will find a list of default users to update and also the option to create your own accounts. Users will receive a welcome email with prompt to set their personal password before gaining access.


In Illinois personal injury lawsuits, the job of the court is to oversee the case and make sure it moves efficiently through the court system. In most cases, this involves setting deadlines for discovery, establishing a firm trial date, and ruling on motions. However, in some cases the court will order one or both of the parties to perform a specific action.
In a recent Illinois personal injury lawsuit, the court ordered the plaintiff's family to accept the defendant CTA's offer to settle for $11 million. The defendant had previously offered the plaintiff's family $10 million, which they had refused.
This Illinois personal injury case involved a 28 year-old factory worker who was a passenger in a car when it was struck by a Chicago bus. At the time of the accident the plaintiff had a one year-old son with his second child being born just one day after the Chicago bus accident. The severity of the injuries the Illinois resident sustained during the bus accident have left him with the mental capacity of a child.
The plaintiff required three months of hospitalization due to a traumatic brain injury which has left him permanently disabled. Not only is he no longer to work and provide for his young family, but he requires constant care and supervision at home.
After the family turned down the CTA's $10 million offer for settlement, the court appointed a guardian ad litem in an attempt to bring about a reasonable settlement. A guardian ad litem is a court appointed guardian whose sole purpose is to represent the interests of a person, in this case the plaintiff and his heirs, in a lawsuit. The rights and duties of the guardian ad litem end with the end of the lawsuit.
The guardian ad litem reviewed the facts of the Illinois personal injury lawsuit and determined that liability would have been disputed at trial. This means that there was some debate about whether the CTA bus was the sole cause of the Chicago bus accident. If someone other than the CTA bus driver was at fault then this would lessen the jury award received from the CTA at trial. Given these facts, the guardian ad litem suggested to the court that the CTA pay the plaintiff $11 million. The court then ordered the $11 million settlement.
This is not the first time that a court has ordered a settlement in an Illinois personal injury lawsuit. A precedent was set in a case concerning Rashidi Wheeler, a Northwestern University football player who died after a pre-season conditioning in 2001. A lawsuit was brought by Wheeler's mother on behalf of his three minor heirs and half brother. The Cook County court ordered the mother to accept a $16 million settlement despite her objections, citing that it was in the best interest of the decedent's heirs.
In Wheeler, the mother appealed the court's decision, which was then affirmed by the Illinois Appellate Court. She then attempted to bring her appeal to the Illinois Supreme Court who declined to review the case. Citing this precedent, the plaintiff's family in the above bus accident case has indicated that it is not inclined to appeal the court's decision at this time.
Kreisman Law Offices has been handling Illinois personal injury lawsuits for over 30 years, serving those areas in and around Cook County, including Cicero, Wheeling, Blue Island, and Lisle.


The subject History was introduced in the college at general level during the academic year 1991-92. 'History' was introduced at special level during the year 1992 and during year 2006 it was introduced at special level.
The department of history organise various seminar, workshop and extension lectures. Study tours at various historical places are organised by the department in every academic year. Demonstration of various armaments was organised by the department. The department conducted historical survey of some villages. The department has been regularly participating in "DandakaranyaAbhiyan" since five year.


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Future of coal – to jump or not to jump. That is the question
After surviving record lows in 2015/2016, the coal mining industry appears to be experiencing a renaissance in the Q1/2018, with coal miners enjoying their best returns, as strong Asian demand and tight supplies are sending prices up.
As reported by Reuters, Chinese thermal coal futures had hit record 687 yuan (AU$108.49), up five-fold on their 2016 slump. Coal cargo prices from Australia's Newcastle terminal have also roughly doubled in the same period to over AU$100 per tonne, closely resembling their 2011/2012 high.
In an atmosphere where the spotlight has been firmly focused on clean energy production – especially LNG – and investors shunning coal due to concerns and pressure over its negative environmental impact, the rise in coal prices has taken many by surprise.
AMCI Group Managing Director Brian Beem affirmed that outlook for high grade thermal coal and steelmaking coal was positive.
"The urbanisation and electrification of Asia will continue to drive demand for these commodities, and we see supply struggling to meet that demand because of depletion and lack of investment in new capacity," Beem said in emailed comments to Reuters.
ENERGY HUNGRY ASIA BUOYS COAL
At the epicentre of this strong resurgence is Asia's continued thirst for thermal coal. In spite the rise of LNG and renewables, consumption of coal across Asia has barely dropped.
Thomson Reuters Eikon trade data shows that shipments to North and South Asia's main energy consumers, which make up half of the world's population, have not dropped since 2016, unlike commodities such as LNG.
The top coal and LNG consumer – Japan – imported a record of 114.5 million tonnes of coal in 2017, a rise of 4.3%. That same year, LNG imports rose only by 0.4% to 83.8 million tonnes.
China's thirst for energy continues to outpace all of its counterparts, with the country's coal imports in 2017 at record highs not seen since 2014 – a big 270.9 million tonnes.
Overall, Asia's share of the global coal consumption increased from less than 50% in 2000 to almost 74% in 2016.
Price growth is clearly on the horizon in 2018, but some analysts warn that the coal mining industry is on shaky ground. Basically, what goes up, must come down … again.
It cannot be denied, nor ignored, that the future of power generation is looking green, with an impetus for cleaner technology such as gas, solar, wind, and even Energy from Waste (EfW) picking up pace across the globe.
China itself is intensifying its war on smog and pollution, with a push to boost cleaner energy consumption and limit the use of coal. Enter stage right: the country's huge gasification program, which aims to move millions of households and the Chinese industry from coal to gas.
The future is unclear, at best.
Even the world's second largest mining company, Rio Tinto, is shedding its coal operations in Australia, selling its final Australian coal asset – the Kestrel underground coal mine in central Queensland – for AU$2.9 billion. This followed the sale of the Hail Creek coal mine and two other coal development projects in Queensland.
South32, the Perth-based miner spun out of BHP Billiton, is also in the process of selling its thermal coal assets in South Africa.
Then there's Adani – the Indian energy giant – that cannot get a foothold in Australia to develop its Carmichael coal mine in northern Queensland due to mounting and ongoing opposition, not only from the Australian population and the environmental movement, but now also from Australian political parties.
It seems that coal miners are adopting one of two disparate strategies, either exit the business in a highly visible way or sit tight and keep as quiet as possible.
Thermal coal prices have jumped in 2016. Image source: Thomson Reuters Eikon
GREENING AND INNOVATION– A MATTER OF SURVIVAL
The coal industry and its operations have for many years worn the moniker of being environmentally unsound and a "filthy" industry. A moniker that seems to cast a deeper shadow on the sector more so now, than ever before.
Continued global pressure from environmental groups as well as local communities where mining operations are based, not to mention a not so perfect environmental track record over the decades, has made many major investors uneasy with being associated – financially or otherwise – with the industry.
Late last year, Australia's "Big Four" banks – Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), ANZ, and Westpac – have announced that they would not finance the Adani project.
NAB was the first Australian bank to develop a formal policy to stop financing new coal mining projects, citing that the move was borne of the bank's recognition that it has "an important role to play in the orderly transition to a low-carbon economy".
According to NAB's Sustainability Report 2017, 5% of its A$12.5 billion spending on the resources sector went to coal mining.
These pressures are forcing coal mining companies to rethink and design operations that are aligned with environmental practices, as well as being economically viable in the current market.
Coal consumption and production in 2016 per region. Source: BP Statistical Review of World Energy 2017
The mining industry has traditionally been a dawdler when it comes to innovation, yet, innovation is integral to the performance of the mining industry. It is a global and highly competitive sector, and as such companies that are slower to create or adapt to new products and processes – including new technologies – risk fewer growth opportunities and lower returns.
A study conducted by Deloitte in association with Diggers and Dealers, and the Association of Mining and Exploration Companies (AMEC), found that five main areas drove innovation within various mining companies: reduction to operational costs; improved asset productivity; risk reduction; safety; and cost reduction in asset development.
Yet, a disconnect between acknowledging the need to innovate and the actual follow through to act on this imperative in a systemic way is quite large.
One of the reasons for this is the industry's conservative nature and the culture of being a "fast follower". With mining being an inherently risky venture, from ore body uncertainty to volatility of commodity prices, certain companies are reluctant to take on additional risks associated with innovation, especially if it could impact cash flow or their licence to operate.
Innovation, however, will be a key to survival as miners face challenging environments – both physical and socio-political. Diversity of thinking will be essential to creating the steady stream of innovations needed not only to deliver the next wave of growth and productivity, but also to build sustainable business models over the long run. This will require collaboration with each other and external partners to aid in the development of low-risk and cost-effective solutions. Collaboration, however, for many companies raises fears and concerns of jeopardising the security of intellectual property. But, coal mining companies can no longer afford to go it alone.
Albeit not a coal mining operation, advances in tailings management and water recycling are supporting Goldcorp's Towards Zero Water initiative, which will lead the industry to dramatically lower water consumption over the next decade and completely eliminate the use of traditional slurry tailings, currently the largest store of unavailable water in the mining process.
Goldcorp has successfully implemented filtered tailings at its El Sauzal mine, the Marlin mine, and most recently at its Éléonore mine. The Marlin mine employees demonstrated ingenuity, suggesting a first-for-Guatemala, or anywhere in Central America: instead of hauling the material to a conventional tailings storage facility, they proposed that the open pit could be refilled with its own filtered, compacted tailings.
Canada's recently announced CLEER (Clean, Low-energy, Effective, Engaged and Remediated) proposal was shortlisted by the Canadian government to receive funding from its Innovation Superclusters Initiative.
The CLEER supercluster, comprised of a 162-member consortium, aims to transform the mining sector's productivity, performance, and competitiveness through tackling global challenges of water, energy, and environmental footprint, with bold targets of a 50% reduction in each area by 2027. CLEER will engage the mining services and supply sector (MSS) and mining companies.
Although unsuccessful in receiving funding from the Canadian government, Adrian McFadden, Chair of the CLEER Interim Board said that while CLEER was disappointed in the final outcome, it remained firmly committed to mining innovation and working towards building up this significant initiative.
"The process of developing the CLEER initiative was a turning point for our sector. It sparked an enthusiastic response from Canada's mining and mining supply industries and involved an unprecedented level of collaboration on innovation in our sector."
"We believe that innovation is an important catalyst to Canada becoming the leading supplier of sustainably-sourced minerals and metals and clean-tech solutions the world needs. Moving forward, Canada's mining industry will be seeking new opportunities to be a partner to government to achieve shared goals through innovation," stated Pierre Gratton, President and CEO, the Mining Association of Canada.
Goldcorp's Marlin mine in Guatemala, backfill of former pit. Image source: Goldcorp
New technologies are enabling workers to make quicker, more informed decisions at the front lines of operations. Advancements in artificial intelligence and machine learning are giving geologists more options and the data to understand existing deposits differently, along with tools to make new discoveries. Increased automation is removing workers from the riskiest parts of the mine, making mines safer as operators strive for zero harm.
As technology enables mining professionals to improve the output, ultimately creating a safer work environment, companies will require workforce with the relevant skills to build and maintain the digital infrastructure that supports new, modern mines. Expertise in artificial intelligence, virtual reality, software design and systems integration will bring a fresh perspective on what it means to be a miner.
As with innovation, mining companies will be unable to achieve this transformation on their own. Cross-sector collaboration is essential to ensure the efficient use of resources and expertise.
According to a report by Deloitte, constituting approximately 30% of total cash operating costs, energy is one of the biggest expenses for mining companies.
With renewable energy fast-becoming an alternative energy source, mining companies have a material opportunity to use renewables to lower costs, improve safety, reliability and sustainability, and mitigate risks to ultimately gain a competitive advantage. Investment in an effective energy management program, of which renewables are a major component, can drive down energy costs by up to 25% in existing operations and 50% in new mines.
Even though energy management practices are becoming more accepted by the sector, there is still resistance from some to integrate renewable energy sources and enabling technologies into their energy management programs. This may be due to perceptions about where renewables stand today in terms of complexity, cost, reliability, and performance.
Realising the full benefits from renewables involves more than installing a solar array or wind turbines, it requires a willingness to rethink operational processes and to reconsider the way work is done.
Renewables have reached a position where they should be examined as part of a broader social and environmental agenda in addition to their financial proposition as a replacement for traditional fuel sources at mine sites. By offering important social, health and safety, and environmental benefits, they create shareholder value.
To realise the fullness of these opportunities, mining companies will need to challenge their capital projects groups and their design teams to take a hard look at renewable technologies, not just as a pure substitute for existing energy sources, but also as a means of doing things differently.
"No matter how they go about it, companies seeking to address the triple bottom-line of social, environmental and financial value owe it to their stakeholders to consider integrating renewables into their energy management strategies," said Marlene Motyka, Deloitte's Global Renewable Energy Lead Partner. "The clean-energy movement is global, it is industry-agnostic, and it is irreversible," she added.
COAL MINING AUSTRALIA
In a most recent trade data report, the Australian Bureau of Statistics (ABS) has announced that Australia's coal export values have hit a new peak of $56.5 billion in 2017.
This valuation is 35% higher than 2016 data, and beats the previous record of $46.7 billion, set in 2011, by nearly $10 billion.
The $56.5 billion is split between 200 million tonnes (Mt) of thermal coal valued at $20.8 billion, and 172Mt of coking coal valued at $35.7 billion.
According to Minerals Council of Australia Executive Director, Coal, Greg Evans, growth in key Asian markets for high-quality Australian coal will continue to underpin Australia's coal exports with increasing demand forecast over the medium term.
Australia's comparative advantage in minerals and energy exports is not simply a function of its natural endowments. Rather, this comparative advantage has to be achieved by productive firms that are prepared to bear the risks of investing, employing and innovating to derive market value from mineral resources.
Australia's mining industry is increasingly focused on integrating new technology and ideas into its operations.
Summary of Bowen-Surat region, one of Australia's richest coal deposits. Source: Deloitte Access Economics (2017)
THE BOWEN AND SURAT BASINS
The Bowen and Surat basins are located in central and south-west Queensland. Bowen basin contains Australia's largest coal reserves (especially high quality metallurgical coal), with almost all of Queensland's operating coal mines in 2014-15 being located in the Bowen basin. Due to this abundance of coking coal, Queensland has become the world's largest exporter of seaborne-traded metallurgical coal, exporting upwards of 68 million tonnes of metallurgical and thermal coal (TMR, 2016).
According to the Annual Bulletin of Mining and Geology: Mongolia 2016, the mining sector continues to be the main pillar of economic growth and development in Mongolia. As stated in the report, the mining sector in recent years has contributed to approximately 20% of the GDP, approximately 60% to the industrial output and about 80% of total exports.
As reported by Mongolia's National Statistics Office, coal exports dropped by nearly a quarter in January from a year earlier, to 1.995 million tonnes, with a drop in value of 18.45% at $138 million.
With 90% of Mongolia's total January exports destined for China, deliveries disrupted by ongoing bottlenecks at the border with China that stretched 100 kilometres into the Gobi Desert, forced Mongolia to suspend coal deliveries to clear the key supply route.
According to industry sources based in Ulaanbaatar, Chinese drivers were protesting against the Mongolian authorities' increased enforcement of rules requiring drivers to pay Mongolian taxes and social insurance in order to receive permits to deliver coal.
Even though the road is now operational, companies have been issued quotas to restrict the number of trucks allowed to use it. The government also plans to open a new route for coal trade to reduce congestion.
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redpajama_set_name: RedPajamaCommonCrawl


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Molnár József (Balatonakali, 1918. július 8. – Budapest, 2008. március 10.) geológusmérnök.

Munkássága

1952-ben a Magyar Állami Földtani Intézet kutatási programja keretében Eger területén elsődleges mangánércet, mangánkarbonátot mutatott ki, majd Demjénben jelentős kőolajelőfordulást talált, ami az ország hasonló lelőhelyei közül a hatodik helyet foglalja el. 1956-ban kezdődött ott az olajkitermelés, ami a 21. század elején is folytatódik.

1953-ban a Keszthelyi-fennsíkon végzett rézkutatást.

1956-57-ben Zengővárkonyban folytatott vasérckutatást. Az 1960-as években a Bükkben és a Tokjai hegységben végzett földtani térképezést és dolomitkutatást.

1966-68 között a kubai földkutatási munkálatokat segítette. 1974-ben Cipruson végzett rézkutatást. 1968-78 között számos külföldi konferencián vett részt, szakmai delegációkat vezetett Afrikába, Dél-Amerikába, a Közel-Keletre és európai országokba.

Művei

1965-ben jelent meg szerkesztésében a távlati földtani kutatás 10 évéről az első kötet. 1979––2003 között évente beszámolt a magyar földtani kutatás eredményeiről a Mining Annual Review szaklapban.

A földtani szakma nyomtatásban csaknem 160, kéziratban körülbelül 200 munkáját tartja nyilván.

1981-ben jelent meg szerkesztésében – felesége, dr. Dobos Irma geológus társszerzőségével – a Földtani Közlöny Regiszter kötete.

Források

Tájékoztató tábla Balatonakalin, a tiszteletére állított kopjafa közelében.

További információk

 Molnár József emlékplakett

Magyar geológusok
1918-ban született személyek
2008-ban elhunyt személyek

redpajama_set_name: RedPajamaWikipedia


Newborn Session: Bring drinks, snacks, books, tablets or laptops to keep you busy during the session since the newborn session will take several hours.
Newborn session: The session will typically last 2-4 hours depending on the baby's mood. To ensure a successful session, please follow my preparation instructions that are provided when you book your slot.
Do we offer mini newborn sessions or do it in a shorter amount of time?
No, the amount of time needed to settle the baby with feeding, soothing and posing can take up the majority of the session.
As soon as possible since Elvie can only photograph 6 newborns per month.
Why must the newborn be photographed before 2 weeks old?
Newborns become alert quicker and less flexible after 2 weeks of age. This makes soothing and posing a lot more difficult which limits the opportunity for amazing shots.
Do all of your newborn photos have to be done naked? Can I put my baby in an outfit?
In newborn photography, the natural skin of the baby is what makes this timeless art. If bringing an outfit, it must fit snug on the baby or it will not be used.
Newborn sessions – Are held in Elvie's home-studio located in the Andersonville neighborhood, north side of Chicago.
Can you do my baby's newborn session in my home?
Yes, but it will have to be a natural light (No Studio Lighting) lifestyle newborn session where the focus would be on the baby in his/her nursery while bonding with parents.
Can I get some photos with the baby's older siblings?
Yes, but depending on the siblings age we will try our best. Many times siblings don't want to take pictures nor be near their new baby sibling.
I have a prop I'd like to have photographed during my session, can we use it?
Maybe, it all depends on the size and type of prop/family heirloom. My vision of your session will also determine if the item could be used.


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Government formation talks 2019
State funeral of former President of the Republic Mauno Koivisto
Marin's Government
Minister of Finance
Minister for European Affairs and Ownership Steering
Minister for Development Cooperation and Foreign Trade
Minister of Justice
Minister for Nordic Cooperation and Equality
Minister of the Interior
Minister of Defence
Minister of Local Government
Minister of Science and Culture
Minister of Agriculture and Forestry
Minister of Social Affairs and Health
Minister of Family Affairs and Social Services
Minister of the Environment and Climate Change
State Secretaries to the Ministers
Special Advisers to the Ministers
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Front pageFront page
Great results from the water supply and sanitation project in Nepal
Ministry for Foreign Affairs 12.11.2019 8.55
A bilateral development cooperation project between Finland and Nepal has ended, having achieved excellent results. In the countryside of Western Nepal, availability of clean drinking water, sanitation and hygiene have improved considerably in ten years. At the same time, women's opportunities to make a difference in village communities have also increased.
Rural Water Supply and Sanitation Project in Western Nepal, RWSSP-WN, was launched in 2008. In 2013, the work was expanded with phase two to meet a number of sustainable development goals. During the first and second phases, nearly 350,000 people gained access to better water supply.
Piped water for villages and new water supply points have made life easier especially for women and children, as they no longer have to carry water for long distances. Photo: Juho Haapala/FCG
In Western Nepal, 99 local authorities participated in the collaboration. Half of them continued until the end of the project in summer 2019. The funding was provided by the governments of Finland and Nepal, the local government in Nepal – in other words, Nepalese municipalities – and the users of the water supply systems. The second phase of the project was carried out by FCG International.
In the end, users themselves contributed a substantial share of both the work and the project financing, demonstrating that the local village communities had faith in the project's success. Local communities' own activity also ensures that the work continues to produce results.
"It is important that communities become closely involved, right from the planning and implementation stage. It is also essential that the user committee members receive training either in financial management or in water quality, and that a trained maintenance person is appointed for each system. Users pay a small water charge on a monthly basis in order to afford system repairs. For the larger repairs and in the longer term, any support available from the local authority will make a big difference," says Senior Specialist Jari Laukka.
Women participated actively
In municipalities, the village communities' water user committees play a key role. Committee members are selected among the users of the water supply system. In phase two, Finland's condition for providing support was that approximately half of the members of each committee should be women. At the end of the project, the maintenance and management of water systems, such as the collection of user charges, will become the responsibility of these water user committees consisting of 7 to 12 persons.
"At the beginning of the project, women may have been very shy at committee meetings, but as the project progressed, their self-confidence increased. They started to speak very decisively – and their opinions made a difference," says Project Manager Sanna-Leena Rautanen from FCG.
Women were very motivated to work for the water supply systems. For example, they dug trenches for laying the underground water pipelines. Photo: Pamela White/FCG
According to the project's final report, the committees in which the majority of the members were women maintained their water supply systems in a better condition. This is explained by the fact that the functioning of water systems has a particular impact on women's lives. If the equipment is damaged, women usually have to carry the water from the springs found further away in the mountains.
Three thousand kilometres of water pipeline
Between 2013 and 2019, more than 3,000 kilometres of pipeline was laid to bring water from mountain springs, usually located in remote areas that are difficult to access. Most of the pipes were manually laid underground at a depth of almost one metre, for example to protect them from frequently occurring landslides. Water was piped to supply points and schools in village communities, and to individual households.
One of the project's aims was to make water available to the most vulnerable people, such as those discriminated against on the basis of their ethnic origin. The project achieved this objective successfully. For example, more than one in five of the beneficiaries were members of Dalits who remain discriminated against.
As part of the project, the water use committees produced a Water Safety Plan. One of the Plan's aims is to prepare for the consequences of climate change. Some water sources have dried up because there is less rainfall in winter, while heavy downpours keep causing more landslides.
Access to toilet also during menstruation
In September 2019, Nepal declared itself an Open Defecation Free (ODF) country. This means that across Nepal everyone has access to a toilet and no one has to defecate outside. The project helped to achieve this objective.
During the project, 240 toilets were built in schools and public premises. Providing access for people with reduced mobility was one of the conditions for building public toilets.
Girls learn to sew menstrual pads in Harinas. Photo: Kalpana Dishwa/FCG.
People were encouraged to build a toilet near their home so that older people would find it easier to use it. However, only the poorest households received support – money or materials – for building private toilets.
During the project, it became clear that in some families women and girls were not allowed to use the toilet during menstruation. In response to this, the project workers began to collect information on how people were restricting the lives of girls and women on the basis of menstruation or old beliefs.
Based on the research data, the workers organised open discussion and awareness-raising events. The events proved popular, reaching out to more than 9,000 pupils, both girls and boys. Menstruation was also discussed in different contexts, so that it would no longer be a taboo subject. For example, girls sewed washable menstruation pads at school. This was also an opportunity for them to receive accurate information about periods.
In household hygiene education, large sticker pictures were introduced, reminding people of good practices, such as hand washing and drying dishes above the ground, for example on a drying rack made of local materials. The construction of low-smoke stoves also helped to improve hygiene and indoor air in kitchens.
Hanna Päivärinta
The author works as Communications Officer at the Department for Communications of the Ministry for Foreign Affairs.
Rural Water Supply and Sanitation Project in Western Nepal, RWSSP-WN
- 348,000 people had access to better water supply (2008–2019)
- 872 water user committees designed and implemented their own water supply system (2008–2019)
- 8,000 pupils benefited from the construction of school toilets (Phase 2)
- 83,000 households improved their hygiene and reached the Total Sanitation level (Phase 2)
- 9,000 people participated in debates and awareness-raising events on menstruation (Phase 2)
Project area:
Gandaki Province: Baglung, Nawalparasi, Myagdi, Parbat, Syangja, Mustang and Tanahun.
Province 5: Arghakhanchi, Gulmi, Kapilvastu, Nawalparasi, Pyuthan, Palpa and Rolpa.
Funding for the 2nd phase of the project in 2013–2019:
Finland: 15.2 million €
Nepal: 7.63 million €
Local government in Nepal: 1.29 million €
Users: 4.1 million. €
Funding for the 1st phase of the project 2008–2012:
Finland: 9.2 million €
Nepal 3.4 million €
Users: 2.0 million €
The first phase of the project was carried out by Ramboll Finland Oy, and the second phase by FCG International
Finland's development cooperation in Nepal
Project website: Rural Water Supply and Sanitation Project in Western Nepal
foreign policy international relations
Valtioneuvosto | Statsrådet
Snellmaninkatu 1 A, Helsinki PO Box 23
FI-00023 Government, Finland


text:
Research ArticleMOLECULAR BIOLOGY
AMPK promotes mitochondrial biogenesis and function by phosphorylating the epigenetic factors DNMT1, RBBP7, and HAT1
Traci L. Marin1,2,3,*,
Brendan Gongol1,2,3,*,
Fan Zhang4,
Marcy Martin1,5,
David A. Johnson2,
Han Xiao2,
Yinsheng Wang4,
Shankar Subramaniam6,
Shu Chien5,6, and
John Y.-J. Shyy5,†
1Department of Biochemistry, University of California, Riverside, Riverside, CA 92521, USA.
2Division of Biomedical Sciences, University of California, Riverside, Riverside, CA 92521, USA.
3Department of Cardiopulmonary Sciences, Loma Linda University, Loma Linda, CA 92350, USA.
4Department of Chemistry, University of California, Riverside, Riverside, CA 92521, USA.
5Department of Medicine, University of California, San Diego, San Diego, CA 92093, USA.
6Departments of Bioengineering, Cellular and Molecular Medicine, and Computer Science and Engineering, University of California, San Diego, San Diego, CA 92093, USA.
↵†Corresponding author. Email: jshyy{at}ucsd.edu
↵* These authors contributed equally to this work.
Science Signaling 31 Jan 2017:
Vol. 10, Issue 464, eaaf7478
DOI: 10.1126/scisignal.aaf7478
Traci L. Marin
Department of Biochemistry, University of California, Riverside, Riverside, CA 92521, USA.Division of Biomedical Sciences, University of California, Riverside, Riverside, CA 92521, USA.Department of Cardiopulmonary Sciences, Loma Linda University, Loma Linda, CA 92350, USA.
Brendan Gongol
Department of Chemistry, University of California, Riverside, Riverside, CA 92521, USA.
Marcy Martin
Department of Biochemistry, University of California, Riverside, Riverside, CA 92521, USA.Department of Medicine, University of California, San Diego, San Diego, CA 92093, USA.
David A. Johnson
Division of Biomedical Sciences, University of California, Riverside, Riverside, CA 92521, USA.
Han Xiao
Yinsheng Wang
Shankar Subramaniam
Departments of Bioengineering, Cellular and Molecular Medicine, and Computer Science and Engineering, University of California, San Diego, San Diego, CA 92093, USA.
Shu Chien
Department of Medicine, University of California, San Diego, San Diego, CA 92093, USA.Departments of Bioengineering, Cellular and Molecular Medicine, and Computer Science and Engineering, University of California, San Diego, San Diego, CA 92093, USA.
John Y.-J. Shyy
Department of Medicine, University of California, San Diego, San Diego, CA 92093, USA.
For correspondence: jshyy@ucsd.edu
Epigenetic control of mitochondria
When cellular energy is low, cells activate the kinase AMPK, which promotes mitochondrial biogenesis and function. Marin et al. found that AMPK phosphorylated three proteins involved in nucleosome remodeling: the DNA methyltransferase DNMT1, the histone acetyltransferase HAT1, and RBBP7, which inhibits DNMT1 and is a HAT1 coactivator. AMPK-mediated phosphorylation of these proteins triggered nucleosome remodeling that favored the transcription of nuclear-encoded genes involved in mitochondrial biogenesis and function in human cultured endothelial cells and mouse aortas. These results show that AMPK coordinates mitochondrial function with energy status through epigenetic regulation of nuclear gene expression.
Adenosine monophosphate (AMP)–activated protein kinase (AMPK) acts as a master regulator of cellular energy homeostasis by directly phosphorylating metabolic enzymes and nutrient transporters and by indirectly promoting the transactivation of nuclear genes involved in mitochondrial biogenesis and function. We explored the mechanism of AMPK-mediated induction of gene expression. We identified AMPK consensus phosphorylation sequences in three proteins involved in nucleosome remodeling: DNA methyltransferase 1 (DNMT1), retinoblastoma binding protein 7 (RBBP7), and histone acetyltransferase 1 (HAT1). DNMT1 mediates DNA methylation that limits transcription factor access to promoters and is inhibited by RBBP7. Acetylation of histones by HAT1 creates a more relaxed chromatin-DNA structure that favors transcription. AMPK-mediated phosphorylation resulted in the activation of HAT1 and inhibition of DNMT1. For DNMT1, this inhibition was both a direct effect of phosphorylation and the result of increased interaction with RBBP7. In human umbilical vein cells, pharmacological AMPK activation or pulsatile shear stress triggered nucleosome remodeling and decreased cytosine methylation, leading to increased expression of nuclear genes encoding factors involved in mitochondrial biogenesis and function, such as peroxisome proliferator–activated receptor gamma coactivator–1α (PGC-1α), transcription factor A (Tfam), and uncoupling proteins 2 and 3 (UCP2 and UCP3). Similar effects were seen in the aortas of mice given pharmacological AMPK activators, and these effects required AMPK2α. These results enhance our understanding of AMPK-mediated mitochondrial gene expression through nucleosome remodeling.
Vol 10, Issue 464
You are going to email the following AMPK promotes mitochondrial biogenesis and function by phosphorylating the epigenetic factors DNMT1, RBBP7, and HAT1
By Traci L. Marin, Brendan Gongol, Fan Zhang, Marcy Martin, David A. Johnson, Han Xiao, Yinsheng Wang, Shankar Subramaniam, Shu Chien, John Y.-J. Shyy
Science Signaling 31 Jan 2017
AMPK phosphorylates epigenetic factors to couple mitochondrial biogenesis and function with cellular energy needs.


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Books > Fiction
The Prince and the Whitechapel Murders (Paperback book)
'A rattling good yarn… A compelling, sexy hero who could give Cornwell's Sharpe a run for his money' The Times on ZULU HART
London 1888: George 'Zulu' Hart is the mixed-race illegitimate son of a Dublin actress and (he suspects) the Duke of Cambridge, commander-in-chief of the army. George has fought his way through wars in Africa and Afghanistan, won the VC and married his sweetheart, but he's also a gambler, short of money and in no position to turn down the job of 'minder' to Prince Albert Victor, second in line to the throne.
George is to befriend the charming young cavalry officer and keep him out of trouble – no easy task, given that the Prince is a known target for Irish nationalist assassins, while his secret sexual orientation leaves him open to blackmail and scandal.
To make matters worse, the Prince is also in the habit of heading out late at night to sample the dubious pleasures of the East End.
Both outsiders in their different ways, perhaps the two men have more in common than they know, but when a series of horrible murders begins in Whitechapel, on just the nights the Prince has been there, George is drawn into an investigation which forces him to confront the unthinkable…
A brilliant standalone adventure based on detailed research, this is a thrilling novel of suspense and a fascinating new twist on the Jack the Ripper story.
About the author: Saul David
Saul David is a historian and broadcaster and is currently Professor of Military History at the University of Buckingham. His many critically-acclaimed books include Zulu, Victoria's Wars and 100 Days to Victory. He has presented and appeared in history programmes for all the major TV channels. Visit Saul's website at www.sauldavid.co.uk and follow him on Twitter @sauldavid66
More books by Saul David


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Bobblehead Of JIMI HENDRIX Setting His Guitar On Fire To Arrive In August
Jimi Hendrix's estate has partnered with Kollectico to create a new bobblehead figure commemorating the legendary guitarist's June 1967 performance at the Monterey Pop Festival which he ended by dousing his guitar in lighter fluid and setting it on fire.
The "Live At Monterey" bobbleheads are officially licensed, hand-sculpted and painted and come packaged in collector boxes, Only 1,967 individually numbered units will be made, and will ship in August.
Janie Hendrix, president and CEO of Experience Hendrix and Authentic Hendrix, said in a statement: "Collector's items are a form of admiration for a beloved artist or person of interest. They can even represent a special bond. We want those who are devoted to Jimi to have something delightful to add life to the spaces where they live and work. Kollectico has created a beautifully artistic and endearing line that we can all enjoy. Jimi was fun-loving. This is a lighthearted way to appreciate him."
Andrew S. Hazen, founder and CEO of Kollectico, added: "We couldn't be more excited about this partnership. Jimi Hendrix has always been a huge source of inspiration for me these past 40 something years. With such extraordinary imagery in his portfolio, this is an opportunity for us to use our creativity to honor Jimi Hendrix with exceptional limited-edition collectables for Hendrix fans around the globe."
The bobblehead appears to be based on iconic photo taken by then-17-year-old Ed Caraeff, who captured Hendrix dousing his Fender Stratocaster guitar in lighter fluid and setting it ablaze in one most iconic performances in rock history. The shot later appeared twice on the cover of Rolling Stone magazine.
For more information, visit Kolectico.
Tags: jimi hendrix
MICHAEL SWEET Explains His 'STRYPER Is Not A Christian Band' Comment
JOE SATRIANI To Embark On Fine Art Tour
DAVID LEE ROTH Addresses Possibility Of Future Shows Following Las Vegas Residency Cancelation
TIM 'RIPPER' OWENS Says JUDAS PRIEST Turned Down Tour With IRON MAIDEN While He Was In The Band
Ex-MÖTLEY CRÜE Singer JOHN CORABI Recalls 'One Beef' He Had With NIKKI SIXX
Agma


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Q: Ray (Plane) Triangle Intersection i want to implement the Moller & Trumbore algorithm, explained by
http://geomalgorithms.com/a06-_intersect-2.html
into my openframeworks project.
This is how my function looks
bool ofApp::intersectRayTriangle(Ray ray, Triangle triangle, ofVec3f* intersect) {

// u, v are triangle vectors - n is plane normal
ofVec3f u, v, n;

// ray vectors
ofVec3f w0, w;

// params to calc ray-plane intersect
float r, a, b;

u = triangle.v1 - triangle.v0;
u.normalize();

v = triangle.v2 - triangle.v0;
v.normalize();

n = u.cross(v);
n.normalize();

if(n == ofVec3f(0.0f, 0.0f, 0.0f)) // triangle is degenerate
    return false;

w0 = ray.origin - triangle.v0;

a = -dot(n, w0);
b = dot(n, ray.direction);

if(fabs(b) < SMALL_NUM)
{
    if(a == 0.0f)
        return false; // ray lies in triangle plane
    else
        return false; // ray disjoint from plane
}

r = a / b;
if(r < 0.0f)
    return false; // ray goes away from triangle

// intersect is the intersection point with the ray and the plane
*intersect = ray.origin + r * ray.direction;

// UNTIL HERE ITS ONLY PLANE INTERSECTION
//return true;

// Is plane intersection point inside the triangle?
float uu, uv, vv, wu, wv, D;

uu = dot(u,u);
uv = dot(u,v);
vv = dot(v,v);
w = *intersect - triangle.v0;
w.normalize();
wu = dot(w,u);
wv = dot(w,v);
D = uv * uv - uu * vv;

// get and test parametric coords
float s, t;
s = (uv * wv - vv * wu) / D;
if (s < 0.0f || s > 1.0f)         // I is outside T
    return false;
t = (uv * wu - uu * wv) / D;
if (t < 0.0f || (s + t) > 1.0f)  // I is outside T
    return false;

return true;                       // I is in T}

The first parts checks if the ray intersects the plane given by the triangle. The second part checks if the intersection points is inside the triangle to validate the triangle intersection.
My problem is, that the intersection point with the plane, which i get like
// intersect is the intersection point with the ray and the plane
*intersect = ray.origin + r * ray.direction;

is already wrong, while testing different plane intersecting rays bring me the right results with plane intersection if i return true right after...
I think about a normalize (or not normalize) error all the time, but im not sure about it.
The triangle has the coordinates:
triangle.v0 = ofVec3f(100.0, 50.0, 0.0);
triangle.v1 = ofVec3f(50.0, 150.0, 0.0);
triangle.v2 = ofVec3f(150.0, 150.0, 0.0);

and a ray, which should intersect
rayHit.origin = ofVec3f (100, 100, -100);
rayHit.direction = ofVec3f (1, 1, 1);

and a ray, which should NOT intersect
rayNoHit.origin = ofVec3f (200, 100, -100);
rayNoHit.direction = ofVec3f (1, 1, 1);

while a ray which not even goes through the plane validates me the functionality of intersecting the plane
rayNoPlaneHit.origin = ofVec3f(300, 100, -100);
rayNoPlaneHit.direction = ofVec3f(1, 1, 0);

I saw many different questions here about raycasting a triangle or plane, but i really think i got it already, only missing a little thing, which cost me hours already.
I would be so happy if somebody can help me.
Thanks and best regards

A: There are two mistakes I can see: first, you specified the triangle in clockwise order, so its normal will point in negative z direction; the same direction that your ray points, so the hit will not register since the code checks for direction.
Second, your rayHit intersects the z plane at (200, 200, 0), so your assumption that it intersects the triangle is wrong.

A: Thank you cfh for the correct hint that my rayHit intersects the z plane at (200,200,0). I did that wrong and rayHit has now the right direction rayHit.direction = ofVec3f (0, 0, 1);
Therefore i can validate the functionality of intersecting the triangle plane now!
But my algorithm still returns the result that my (also corrected)
rayNoHit.origin = ofVec3f (200, 100, -100);
rayNoHit.direction = ofVec3f (0, 0, 1);

also is inside the triangle and i still have the problem that i can't validate that the point is inside the triangle the right way. Do i have a error in the barycentric coordinates solution or do i miss something else in the lower part of the algorithm?

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