text:
Stock Exchanges News
Impact Investing News
African Capital Markets News
News and developments on African capital markets: African securities, African stock exchanges, African equities, African bonds, African private equity/venture capital, and African social impact investment. Twitter @africancapital, LinkedIn African Securities Exchanges group.
Archive for the 'Human resources' Category
London Stock Exchange appoints David Schwimmer as CEO
April 16th, 2018 by Tom Minney
David Schwimmer, CEO of the London Stock Exchange from 1 August.
The London Stock Exchange has appointed 49-year-old David Schwimmer as its new CEO, starting on 1 August. He has been working for investment bank Goldman Sachs for the last 20 years. The news was released in an LSE press release on 13 April.
He replaces Xavier Rolet, who left the LSE in November as part of a governance crisis sparked by 5% shareholder TCI Fund Management. Since then David Warren has run LSE as interim chief executive and he will return to his job as LSE's chief financial officer.
Schwimmer, based in New York, is the head of Goldman Sachs' market structure business and metals and mining businesses.
Schwimmer's career at Goldman Sachs includes: advising exchanges and stockbrokers, working as chief of staff to chief executive, Lloyd Blankfein, when he was the bank's chief operating officer, jointly running the bank's business in Russia (2006-2009) and then becoming head of metals and mining in 2011. He returned to advising exchanges in 2017 as he added the role of the head of market structure.
According to the LSE Chairman, Donald Brydon, in the press release: "David is a leader with great experience in the financial market infrastructure sector, which he has been closely involved in throughout his investment banking career, as well as capital markets experience in both developed and emerging markets. He is well known for his robust intellect and partnership approach with clients and colleagues alike."
A key task will be to manage the Brexit transition, and defend the LSE's position as the world's biggest clearing house for derivative transactions against competition from European exchanges, particularly Germany's Deutsche Börse. LSE controls London Clearing House (LCH), which processes about three-quarters of the €1 trillion-a-day ($1.2trn) clearing market for derivatives, acting as a middleman between buyers and sellers of complex contracts.
He has extensive experience in mergers and acquisitions and will be able to buy new companies in line with LSE strategy. According to the Financial Times Rolet had turned the LSE into a "£15bn ($21bn) European powerhouse via a string of deals". A merger with Deutsche Börse AG failed in 2017 and there has been speculation that US group Intercontinental Exchange could bid for LSE, although ICE says that one issue is the UK's future outside Brexit. Chicago Mercantile Exchange has also been described as a potential bidder.
It quotes Bill Brodsky, former chief executive of Cboe Global Markets: "He's a very articulate, very intelligent, very engaging personality… David has a deep global markets background and is extremely knowledgeable about the industry. He is eminently qualified to lead London Stock Exchange Group."
The LSE says Schwimmer will be paid £775,000 ($1.1m) plus a bonus opportunity of up to 225% and will receive £1.05m ($1.5m) to make up for not getting his 2018 bonus from the US investment bank, plus other incentives. He is a graduate in English from Yale and with a JD degree from Harvard Law School. His passions are baseball (Mets) and outdoors, according to Bloomberg.
Tags: appointment, Cboe Global Markets, David Schwimmer, Deutsche Boerse, Donald Brydon, London Stock Exchange, LSE Group, Xavier Rolet. Appointment,Human resources,M&A,Stock Exchanges Closed
London Stock Exchange – blue blood in the City after shoot out
November 30th, 2017 by Tom Minney
"Quentin Tarantino couldn't have written it better. After weeks of everyone at the London Stock Exchange pointing guns at each other, Reservoir Dogs-style, on Wednesday they all pulled the trigger.
"The final scene: Xavier Rolet takes one to the head, Donald Brydon reels from a gutshot, hedge funder Sir Chris Hohn makes a break for it, only to meet a hail of bullets offstage.
"A gory, unedifying, end to a film that, though being great box office, leaves all the cast bloodied.
"Rolet looks truculent in the extreme. Despite his "what, me?" statement today condemning the "unwelcome publicity" around his departure, it's hard to believe he couldn't have stopped all this weeks ago by having a quiet word with Hohn — through intermediaries if the gagging order on him prevented direct contact.
"Clearly, and understandably, he was miffed about getting the boot. But by letting the row run for so long, he has self-immolated a successful next career in City chairmanships. Who would hire him now? The manner of his ending will overshadow his extraordinary achievements turning the LSE around."
This is columnist Jim Armitage in yesterday's Evening Standard in London.
"This whole film would be fun were it not for the fact that the LSE is weakened just as it needs to be at its strongest.
"The Stock Exchange is about as essential to the City's future financial dominance as you can get, and with Brexit coming, it has rarely been so challenged by EU rivals.
"The only character to emerge with reputation enhanced, is Mark Carney. Back in the day, the Governor of the Bank of England could order companies into line with a raise of the eyebrow. Carney lifted his beetle brow yesterday, declaring himself "mystified" by the whole affair. Within 24 hours, the squabble was over."
The announcement from the London Stock Exchange Group came yesterday. Xavier Rolet said in the statement: "Since the announcement of my future departure on 19 October, there has been a great deal of unwelcome publicity, which has not been helpful to the Company. At the request of the Board, I have agreed to step down as CEO with immediate effect. I will not be returning to the office of CEO or director under any circumstances. I am proud of what we have achieved during the past eight and a half years."
CFO David Warren took over on £700,000 salary as interim, after 5 years at LSE and previously 9 years as CFO at NASDAQ. The Chairman of the Board, Donald Brydon, announced he would not seek a new term at the London Stock Exchange Group AGM in 2019.
Brydon paid tribute to "Xavier's immense – indeed transformative – contribution to the business." According to one newspaper report in City AM, over 9 years: "Rolet is widely acknowledged to have driven the LSE from a declining, if venerable, City stalwart to a major player on the international scene through acquisitions",
The Financial Times has a great article on the drama including charts of LSE mergers and acquisitions in the top rank of world stock exchanges since 2005, and changes in the LSE share price compared to that of other exchanges.
The row started on 19 October when it was announced that the Board was looking for a successor for Rolet to leave by the end of December 2018 . That follows Rolet saying he would leave if a $13.8bn merger with Deutche Börse did not succeed – it was blocked by regulators – but then saying he would stay indefinitely. Activist shareholder Sir Chris Hohn of the Children's Investment Fund (TCI) called for a shareholder meeting to discuss the dismissal in view of Rolet's excellent track record.
Commentators did not dispute the track record, where Rolet transformed the institution which is at the heart of the City of London's standing. On 4 Nov, columnist Anthony Hilton wrote this insightful defence of corporate governance and the foolhardiness of overruling the authority of the Board. "The chief executive is accountable to the board, and the board has a duty to tell him or her when it is time to go. What makes it so tough is that the problem invariably lies not with poor-quality bosses, who are relatively easy to show the door; the challenge is reining in those who have done well, those who have shown the vision and skill to move the business to a new and altogether higher level and who have in the process built a significant fan club. But it needs to be done. A major reason why good companies fail is that boards fail to exercise proper control over a successful leader who evolves into an over-mighty chief executive, and are then powerless when he overreaches himself. The danger is hubris."
According to the FT the row is not yet over. It says the share price of LSE is down 2% since the October announcement, while that of Deutsche Börse is up more than 12%. Hong Kong Exchanges and Clearing is the other big winner, up nearly 8&, followed by CME (over 6%). The LSE share price has had a great run under Rolet.
Rolet is on "gardening leave" for the next 12 months on his £800,000 salary, although he tweeted yesterday morning "I doubt if my wife would tolerate me meddling with her vineyard although I do sample the product every now and then". According to the news his total payout including annual bonus, deferred bonuses and long-term incentives could be up to £13m.
On 28 Nov, Bank of England Governor Mark Carney, said he was "mystified by the debate" but called for "clarity… as soon as possible". According to City AM newspaper he said: "I can't envision a circumstance where the CEO [chief executive] stays on beyond the agreed period."
The Bank, which regulates the London Stock Exchange as owner of LCH (clearing house) had been informed of the LSE's plans to appoint a new head before Rolet publicly announced his retirement in October, and has been kept updated on progress, Carney said.
Carney hailed Rolet's "extraordinary contribution" to the LSE.
Tags: Antony Hilton, Bank of England, Deutsche Borse, Donald Brydon, Jim Armitage, London Stock Exchange Group, LSEG, Mark Carney, Xavier Rolet. Appointment,Governance,Human resources,Stock Exchanges Closed
More hires at leading Africa and frontier investment bank Exotix Capital
October 25th, 2017 by Tom Minney
A leading emerging and frontier markets investment bank, Exotix Capital, continues to add senior hires in key African markets. Exotix has offices in London, New York, Dubai, Lagos and Nairobi and is a licensed stockbroker on both the Nigerian and Nairobi stock exchanges – and in July rated #1 with 24% market share in Nairobi. The hires, which take immediate effect, add to the strengthening of the team in recent months and new appointments across business lines and geographies to harness growing investor interest in the world's highest-growth economies.
The past year has seen significant growth for Exotix across Africa's equity capital markets both in clients and market share. In Kenya, Exotix has been steadily increasing month-on-month this year. In June the firm launched a Research, Analytics and Data division, by Paul Domjan, the former Chief Executive of Roubini Global Economics and Founder of Country Insights.
It has also been expanding its investment-banking reach in Africa, with particular focus on the energy, financial and consumer sectors. On 3 October, Exotix was one of the three deal managers, alongside JPMorgan and Morgan Stanley, for the tender offer by Guaranty Trust Bank on its $400 million 2018 Eurobond.
The new appointments are
•	Serge Marston, currently Head of EMEA sales at NEX Markets, Serge Marston from NEX Markets as Non-Executive Director on Exotix's Executive Management Board
•	Chiamaka Ezenwa, formerly at Morgan Stanley in London and FBN Capital in Lagos, as the new Head of Investment Banking West Africa
•	Mbithe Muema, previously with African Alliance Kenya, is appointed as Head of Equity Sales in Nairobi
CEO Duncan Wales says in a press release: "We are excited to have Serge, Chiamaka and Mbithe on board to help us take full advantage of the opportunity presented by our unique place in the world's most exciting economies. Serge brings unparalleled expertise from his experience at the cutting edge of financial innovation."
Marston is Head of EMEA sales at NEX Markets, a division within NEX Group that provides electronic trading technology services in the fixed income and foreign exchange markets. As Non-Executive Director he will work closely with CEO Duncan Wales and Chairman Mark Richards. Prior to joining NEX, he spent 19 years at Deutsche Bank in a variety of roles, most recently as Co-Head of Fixed Income, Currencies & Commodities, and e-Commerce Sales in the Global Markets division. NEX Group is a key shareholder of Exotix.
Ezenwa will be working with Andrew Moorfield (Natural Resources) and Fabrizio Ferrero (Financial Institutions), co-heads of Investment Banking at Exotix, and Esili Eigbe, Head of Equities, Africa, based in Lagos, to expand business in West Africa. She had previously spent 6 years at Morgan Stanley in London with primary focus on equity capital markets for Sub-Saharan Africa, the UK and Northern Europe, and the past 4 years in Lagos at FBN Capital, the investment-banking subsidiary of FBNH, Nigeria's largest bank by total assets, most recently as Head of Equity Sales. She has originated and executed a variety of transactions across jurisdictions for international and Nigerian corporations.
According to Ferrero: "Chiamaka's appointment enhances our investment bank offering in West Africa and overall in Sub-Saharan Africa through her extensive experience and relationships in the local markets. I am confident she will be a valuable addition to our team and further expand Exotix Capital's investment banking footprint in the region."
Muema was previously Head of Institutional Sales at African Alliance Kenya, where she was largely responsible for building the company's local client base in the Nairobi office. She will lead Equity Sales further boosting Exotix's position. She had previously worked at Renaissance Capital and Equity Bank as a research analyst and is currently on the board of the Konza Technopolis Development Authority in Kenya in a non-executive role, where she steers the business development committee. She will work closely with Eigbe and Debbie Rees, Global Head of Equity Sales.
Eigbe commented: "Mbithe has the necessary experience of markets in the region to support our commitment to expand Exotix's business in Kenya and the wider region."
Earlier in October Exotix appointed Matthew Pearson, former Head of Equities at ICBC Standard Bank, as Global Head of Equities, joining the firm's Executive Committee, and Christopher Dielmann, formerly Research Analyst in the International Monetary Fund's Strategy, Policy & Review Department, as Senior Economist with responsibility for markets including Egypt, Kenya, Nigeria, Bangladesh, Pakistan and Vietnam.
Other new additions to the team include Rafael Elias, formerly Head of Emerging Markets Research and Strategy for Fixed Income at Cantor Fitzgerald, returning to Exotix to continue his core focus on Latin America as Corporate Credit Analyst, and Rex Nowell, who has successfully directed independent research sales and account management teams in the Americas, Europe and Asia for the past 20 years, most recently for Roubini Global Economics, joining Exotix in New York as Managing Director for New Client Development.
Exotix has also been expanding financials research with the hire of three new analysts last month inlcuding Temitope Ode, previously an analyst at Sankore Global Investments and before that at Goldman Sachs, joining Exotix's Lagos office to cover financial companies. Faith Mwangi, formerly Senior Research Analyst at Genghis Capital, covering banking and media, and prior to that Investment Analyst at Standard Investment Bank, covers financials in East Africa after joining in August.
Exotix Capital says it "provides the most comprehensive and integrated cross-asset platform to penetrate the full capital structure in frontier and emerging markets." Its analysts cover over 160 companies, more than any other frontier-markets firm, in emerging Europe, the Middle East, Africa, Asia and the Americas. It is specialist in equity and fixed-income markets and the Exotix advisory team provides the full range of investment-banking services to companies, financial institutions, investment funds and governments. These include strategic advisory assignments from debt capital to private equity fund raising.
Serge Marston, Chiamaka Ezenwa and Mbithe Muema
Tags: Andrew Moorfield, appointments, Chiamaka Ezenwa, Christopher Dielmann, Debbie Rees, Duncan Wales, Esili Eigbe, Exotix Capital, Fabrizio Ferrero, Faith Mwangi, HR, investment banking, Lagos, Mark Richards, Matthew Pearson, Mbithe Muema, Nairobi, Rafael Elias, Rex Nowell, Serge Marston, stockbroker, Temitope Ode. Appointment,Human resources,Investment bank,Investment banking,Kenya,Nigeria,Stockbrokers 3 Comments
Woes of Zimbabwe Stock Exchange
May 4th, 2015 by Tom Minney
($ refers to USD)
The value of shares traded on the recently demutualized Zimbabwe Stock Exchange fell by 22.2% in the first quarter of 2015, compared to the same quarter last year. A story from The Herald newspaper said that turnover to 31 March was $70 million, down from $90 million in the first quarter of 2014. However, the volume of shares traded was up to 586 million from last year's 306 million for the period.
Trading in January was $16m (down from $63m in 2014), in February $35m ($26m) and in March $19m ($27m). The share bought by foreigners was down to $41m ($64m) over the quarter.
Zimbabwe Stock Exchange liquidity to 30 April (source ZSE website)
Meanwhile the exchange seems to be hit by a series of controversies and several companies have delisted, or removed their shares from trading.
The exchange in March was reported in the Herald newspaper that "go-live" date would be 19 June for its new automated trading system, Capizar ATS trading software from Infotech Middle East FZ, part of Infotech Group of Pakistan. This was in terms of a contract signed in March 2014, as reported here last September. However there has been little news of progress and the project missed previous deadlines, including for February.
There has also been criticism of the ZSE's relocation to Ballantyne Park, a suburb 8.5km from the central business district effective 1 April before the automated trading system was ready. The new office has a smaller trading area. The Herald newspaper reported that parliamentarians and lobby groups had protested and Chairman of the Parliamentary Portfolio Committee on Budget and Finance David Chapfika said that relocating the exchange to Ballantyne Park will mean that small players will be excluded. ZSE interim chairperson Mrs Eve Gadzikwa said the move was necessary because of high rentals.
SECZ investigates ZSE CEO
In February the Herald newspaper reported that the Securities and Exchanges Commission of Zimbabwe (SECZ) was investigating ZSE CEO Alban Chirume after complaints over the suspension of Meikles (see below). He is said to have acted unprocedurally when he suspended Meikles and then unprofessionally when the decision was reversed. There were also complaints after he placed a notice in a newspaper urging investors to exercise caution when dealing with the shares.
If SECZ finds against him, he could be suspended or fired, according to the Herald report. Past CEO Emmanuel Munyukwi, who had been in post for many years, was suspended after an SECZ investigation and subsequently left the ZSE "on mutual agreement".
According to the Herald: "Away from the Meikles issue, Mr Chirume has faced criticism over the purchase of a residential building in Ballantyne Park, the overshooting of the budget in the purchase of a vehicle and the numerous instances he has undermined the ZSE board and stockbrokers."
An amendment in 2013 to Zimbabwe's Securities Act gives the SECZ the power to dissolve the board of a registered securities exchange or dismiss one or more of its members, but only on certain grounds, and subject to appeal. If it dissolves a whole board it can appoint someone to run the exchange but only until a new board is elected in accordance with the articles of association, which should be within 3 months.
Delistings
Paint and chemical products manufacturer, Astra Industries, was the latest to leave at the close of business on 30 April after majority shareholders Kansai Plascon Africa (listed in Tokyo) and Hermistar investment vehicle for Astra management and staff increased their combined holding to 80.2%, breaching the rule of 30% free float, and applied to the ZSE to leave. Regional manufacturer ART Corporation may follow after buying out minorities.
Other recent delistings include TA Holdings and ABC Holdings in February. According to an article in Financial Gazette, 16 companies have delisted since 2007 when the hard currency (USD) economy was adopted – 8 of these chose to delist, and 8 were insolvent. Such is the turmoil in the Zimbabwe economy that many other companies are probably insolvent but it has not been announced yet as local manufacturers with high hard-currency costs and ancient machines cannot compete with imported goods. Meanwhile, another 4 companies are suspended: PG Industries, Cottco (formerly AICO Holdings), Phoenix and Celsy.
The article warns that more delistings are due this year, including Meikles (see below), Dawn Properties, African Sun. It says that companies do not see the benefit in being listed (see bottom of article). They cannot raise money successfully on the bourse due to the liquidity squeeze and shares being listed at a small fraction of their true value, unless money comes from foreign investors, who usually prefer to buy out minorities and delist. The peak had been over 80 listings.
The only new listing was in 2010 when Innscor Africa's unbundled Padenga Securities and listed it through dividend in specie. The ZSE did particularly better than most parts of the economy during the years of hyperinflation as desperate investors turned to properties, equities or foreign currencies. It slowed dramatically after allowing trading in foreign currencies.
Creating a second-tier exchange for small companies is unlikely to have an overall positive effect on liquidity or the market.
Meikles row
A leading hotel group, Meikles Limited, is suing the ZSE for $50m in damages and is also warning that it may not remain listed. According to a Reuters report in March, Meikles filed papers on 26 February at the High Court, after its shares were suspended from trading for a week in February and then allowed again from 23 February. Meikles said its share price had fallen and its reputation suffered and it is seeking compensation for "potentially irreparable" consequences of its suspension. The ZSE also issued a warning that people should use caution when trading the shares.
Meikles also operates retail including supermarket chain TM Supermarkets (South Africa's Pick'n'Pay has 49%), Tanganda Tea, the Victoria Falls Hotel and has a stake in Cape Grace Hotel in Cape Town.
New governance?
Meanwhile ZSE governance could change dramatically after the demutualization was completed recently, as reported last week. Some market participants were said to be surprised when stockbrokers ended up with a 68% majority of the company, after Government took 32%. There had been some suggestions of ownership wrangles.
This could mean that stockbrokers can hold a General Meeting and replace directors or otherwise take action on how the company is managed.
Why the stockmarket does not help business
(quoted from Financial Gazette)
Horticultural concern, Interfresh, which delisted on the last day of trading in 2013, highlighted the problems with being listed.
Chief executive officer, Lishon Chipango, said: "At the moment for us there is not too much (gains from listing). If you look at the contextual framework of the stock market, one of the benefits of being listed is to raise capital, but if you raise capital when the shares are so depressed, you are not going to raise that much. So the issue of benefiting if listed maybe down the road. (I) would not be surprised if others followed (us by delisting).
"The other aspect is there is no money in Zimbabwe. All the capital being raised is external. For us, it is not attractive," Chipango said.
He then mourned over the discounted rate at which the company's shares were trading.
"The rights issue to raise the US three million dollars (in 2012) caused a dilution of 75 percent because we used stock market valuations. Now if at that time we had raised money using Net Asset Value instead of stock market valuation, the dilution would have been 15 percent. You see why we are running away from the stock market? We are running away from the stock market valuation," said Chipango.
Tags: African stock exchange, Alban Chirume, Astra, ATS, Capizar, delisting, demutualization, governance, Infotech, Meikles, Securities and Exchange Commission of Zimbabwe, SECZ, SECZim, Zimbabwe stock exchange, ZSE. Clearing and settlement,Demutualization,Governance,Human resources,Regulators,Stock Exchanges,Zimbabwe Closed
"Jeff" Otieno Odundo new head for Nairobi Securities Exchange
January 9th, 2015 by Tom Minney
Geoffrey "Jeff" Otieno Odundo will be the Chief Executive of the Nairobi Securities Exchange (NSE), effective from 1 March 2015. The announcement was made yesterday (8 Jan) by the NSE Board of Directors.
Mr. Odundo is an accomplished investment banker with 22 years of experience in the financial sector experience including 16 years in the capital markets in various senior roles in asset management, corporate finance and stock broking, according to a press statement.
Geoffrey Otieno Odundo (credit Salaton Njau, Nation Media Group)
Mr. Odundo has been Managing Director and CEO of Kingdom Securities Limited from June 2009. According to the statement: "During his tenure at Kingdom Securities Limited he has overseen the growth of the firm to become one of the leading trading participants of the NSE and has been instrumental in key listings on the NSE as well as other corporate finance transactions."
According to a report in Business Daily NSE chairman Eddy Njoroge said the investment banker was appointed after a thorough vetting process: "The board together with KPMG considered numerous applications from various applicants of the highest standards". He said Mr. Odundo's leadership skills, experience and wealth of knowledge would be instrumental in driving the NSE's strategic plan.
Capital FM quoted Mr Odundo as saying: "I am very confident that the future of the NSE as a key driver of Kenya's economy is very bright as we deepen the current products and diversify into new product offering."
He takes over from Peter Mwangi who left in November after serving two 3-year terms as CEO and became CEO of Old Mutual Kenya. Mr Njoroge also thanked Andrew Wachira, the Head of Compliance and Legal, who has been the Acting Chief Executive for the transition.
Leading stockbroker
Odundo has served as a Non-Executive Director of the NSE representing Trading Participants from March 2012. During this time, he has been the Chairman of the NSE Technology Committee and has also been a member of the NSE Finance and Manpower Committee and the NSE Listings and Admissions Committee.
Before moving to Kingdom Securities he was instrumental in setting up Co-op trust Investment Services and Co-op Consultancy Services Limited. Other roles include as a Director and Secretary of the Kenya Association of Stockbrokers and Investment Banks (KASIB), "a role in which he was instrumental in improving the service delivery and standards on the operations of Capital Markets intermediaries." According to the statement.
Qualifications include a Bachelors of Arts Degree in Mathematics and Economics from Egerton University in Kenya (main campus Njoro near Nakuru) and a Masters in Strategic Management from the United States International University (Nairobi). He is married with 3 children and enjoys soccer, golf and Formula One. He is also a dedicated member of the St. Paul's University Chapel Lectors Group and founder of Ame Foundation to support the less fortunate.
Tags: African stock exchange, Andrew Wachira, Eddy Njoroge, Geoffrey "Jeff" Otieno Odundo, Kingdom Securities Ltd., Nairobi Securities Exchange, Peter Mwangi. Appointment,Human resources,Kenya,Stock Exchanges Closed
Free masterclass in funding sources for capital markets development (9-10 April)
February 27th, 2014 by Tom Minney
African capital markets could raise more donor finance and other resources to drive development projects. There are substantial technical, financial and other resources available to spur market growth, driven by the key role that African securities exchanges, private equity and other institutions can play in driving economic growth, creating jobs and channelling investment, but exchanges, governments and regulators have not been as successful in applying compared to other emerging markets.
Developing projects and raising finance is the subject for a FREE masterclass in "Funding Sources for Capital Markets Development". This will be held on 9 April (2pm-5pm)-10 April (9am-1pm, approx) in the Museum of American Finance in New York City.
The masterclass is organized by ISEEE (International Stock Exchange Executives Emeriti, Inc. (www.capitalmarketexperts.org) and is highly recommended to African and other emerging markets securities exchanges executives, regulators such as Securities and Exchanges Commissions, and policy-makers. All stakeholders can apply.
The agenda includes overview of potential financing sources; specifics of donors and international financial institutions interested; defining project objectives and beneficiaries; case studies of exchange, securities commission and clearing house projects; and workshops in drafting funding applications.
The masterclass is presented by capital markets development expert Hannes Takacs of CAPMEX (www.capmex.com) and Dr Drasko Veselinovic, founder of the Ljubljana Stock Exchange (www.ljse.si). Drasko is a professor with a doctorate in financial economics with extensive experience in buiding and running securities exchanges and banking, as well as in privatization, non-executive board directorships and capital markets development.
I have had the pleasure of working with Hannes on several capital markets strategy projects, including in Dar es Salaam and Baku, and I can highly recommend his deep knowledge and experience, combined with a pragmatic approach. He has very extensive experience of working on securities exchanges and capital markets development projects all over the world, including Russia, China, SE Asia, and he is on the board of several stock exchanges in central Europe and does many training and other sessions.
He has a very good knowledge of securities markets developments. He pointed out that very few of the donor-funded securities market development projects are happening in Africa, despite this being a priority for many donors, compared to other regions.
According to Hannes: "The participants in this free-of-charge interactive master class will learn how to design development projects for capital market development, exchanges, clearing houses and supervisory authorities, which are eligible for funding by international finance institutions, multilateral development banks and donor agencies."
Hannes is also ready to answer any individual questions, email him on hat@capmex.com. For more information and the brochure and application form, apply here as early as possible. Participants have to cover their own travel and accommodation expenses.
Tags: capacity-building, CAPMEX, Drasko Veselinovic, funding sources, Hannes Takacs, Institute of Stock Exchange Executives Emeriti, ISEEE, masterclass, Museum of American Financial History, New York, training. Clearing and settlement,Development Finance Institution (DFI),Human resources,Regulators,Stock Exchanges,Training Closed
"Dear Kwame.." an email from 2063 by the Chairperson of the African Union Commission
January 28th, 2014 by Tom Minney
What will Africa look like in 2063? The Confederation of African States will have been established in 2051, with integration driven by the African youth. Inter-African trade could grow to nearly 50% by 2045 (from 12% in 2013) and business be dominated by Pan-African commercial giants in finance, mining, food and beverages, tourism, pharmaceuticals, fisheries and ICT.
This vision is outlined by Dr Nkosazana Dlamini Zuma, Chairperson of the AU Commission, in an "an email from the future", written to a fictional Kwame. She shared it on Sun 26 Jan, during the ministerial retreat of the AU Executive Committee in Ethiopia's Bahir Dar. The attached gives a few extracts, and the full email gives some food for thought and is attached.
"Date:	24 January 2063
To:	Kwame@iamafrican.com
From: Nkosazana@cas.gov
Subject:	African Unity
My dear friend Kwame,
Greetings to the family and friends, and good health and best wishes for 2063.
I write to you from the beautiful Ethiopian city of Bahir Dar.. as we finalize preparations for the centenary celebrations of the Organisation of African Unity.. Yes, who would have thought that the dream of Kwame Nkrumah and his generations, when they called in 1963 on Africans to unite or perish, would one day become a reality? And what a grand reality.
At the beginning of the 21st century, we used to get irritated with foreigners when they treated Africa as one country…! But, the advancing global trend towards regional blocs, reminded us that integration and unity is the only way for Africa to leverage its competitive advantage.
In fact, if Africa was one country in 2006, we would have been the tenth largest economy in the world! However, instead of acting as one, with virtually every resource in the world (land, oceans, minerals, energy) and over 1 billion people, we acted as 55 small and fragmented individual countries. The bigger countries that should have been the locomotives of African integration failed to play their role at that time, and that is part of the reasons it took us so long. We did not realize our power, but instead relied on donors, that we euphemistically called "partners".
That was the case in 2013, but reality finally dawned and we had long debates about the form that our unity should take: confederation, a united states, a federation or a union. As you can see, my friend, those debates are over and the Confederation of African States is now 12 years old, launched in 2051.
What was interesting was the role played by successive generations of African youth… We were a youthful continent at the start of the 21st century, but as our youth bulge grew, young men and women became even more active, creative, impatient and assertive, often telling us oldies that they are the future, and that they (together with women) form the largest part of the electorates in all our countries!
Of course this was but one of the drivers towards unity. The accelerated implementation of the Abuja Treaty and the creation of the African Economic Community by 2034 saw economic integration moved to unexpected levels.
Economic integration, coupled with infrastructure development, saw intra-Africa trade mushrooming, from less than 12% in 2013 to approaching 50% by 2045… Even more significant than this, was the growth of regional manufacturing hubs, around the beneficiation of our minerals and natural resources, such as in the Eastern Congo, north-eastern Angola and Zambia's copper belt and at major Silicon valleys in Kigali, Alexandria, Brazzaville, Maseru, Lagos and Mombasa, to mention but a few such hubs.
My friend, Africa has indeed transformed herself from an exporter of raw materials with a declining manufacturing sector in 2013, to become a major food exporter, a global manufacturing hub, a knowledge centre, beneficiating our natural resources and agricultural products as drivers to industrialization.
Pan African companies, from mining to finance, food and beverages, hospitality and tourism, pharmaceuticals, fashion, fisheries and ICT are driving integration, and are amongst the global leaders in their sectors.
We are now the third largest economy in the world… we did this by finding the balance between market forces and strong and accountable developmental states and regional economic communities to drive infrastructure, the provision of social services, industrialization and economic integration.
We refused to bear the brunt of climate change and aggressively moved to promote the Green economy and to claim the Blue economy as ours. We lit up Africa, the formerly dark continent, using hydro, solar, wind, geo-thermal energy, in addition to fossil fuels.
If I have to single out one issue that made peace happened, it was our commitment to invest in our people, especially the empowerment of young people and women. By 2013 we said Africa needed a skills revolution and that we must change our education systems to produce young people that are innovative and entrepreneurial and with strong Pan African values.
From early childhood education, to primary, secondary, technical, vocational and higher education – we experienced a true renaissance, through the investments we made, as governments and the private sector in education and in technology, science, research and innovation.
… the African Express Rail now connects all the capitals of our former states.. it is not only a high speed-train, with adjacent highways, but also contains pipelines for gas, oil and water, as well as ICT broadband cables: African ownership, integrated planning and execution at its best!
The continental rail and road network that now crisscross Africa, along with our vibrant airlines, our spectacular landscapes and seductive sunsets, the cultural vibes of our cities, make tourism one of our largest economic sectors.
…KiSwahili is now a major African working language, and a global language taught at most faculties across the world. Our grand-children still find it very funny how we used to struggle at AU meetings with English, French and Portuguese interpretations, how we used to fight the English version not in line with the French or Arabic. Now we have a lingua franca, and multi-lingualism is the order of the day.
How things have changed. The Confederation last year celebrated 20 years since we took our seat as a permanent member of the UN Security Council, and we are a major force for global stability, peace, human rights, progress, tolerance and justice.
Till we meet again, Nkosazana."
The email was published by the AU's Directorate of Information and Communication, www.au.int.
It is part of the Agenda2063 visioning exercise which has its own website agenda2063.au.int/ – there is even a form "Have Your Say" where you can add your own visions for the future – go on, have your say!
au40126_PR- 11- AUC Chairperson E-Mail From the Futur –
Tags: African integration, African Union, Agenda2063, AU, Kwame Nkrumah, Nkosazana Dlamini Zuma, Pan-African, regional economic communities, vision. Human resources,Infrastructure,Innovation,Technology,Telecommunications,Women 2 Comments
High-flying Diana is new Standard Chartered CEO for Africa
Standard Chartered Bank (www.standardchartered.com) has appointed Diana Layfield as Regional Chief Executive Officer, Africa, with effect from 22 June 2011. The bank has operated in Africa for over 147 years and has over 160 branches in 14 African countries and over 6,000 staff. Diana succeeds Mike Hart, who becomes Vice Chairman for operations in Africa.
V. Shankar, CEO, Europe, Middle East, Africa and Americas, said in a press release: "This is a hugely exciting time for our fast growing business in Africa. Diana and Mike will ensure we are well placed to take advantage of the many opportunities we see, including from deepening economic and trade relationships with Asia."
Diana is currently Group Head of Strategy and Corporate Development – acquisitions, alliances, mergers and disposals – since 2009 across the bank's global operations, and has previously held senior management roles since she joined the bank in 2004 as Chief Operating Officer for Wholesale Banking and as Group Head, Global Corporates.
Before that she was CEO of Finexia Ltd, a technology company providing outsourced services and software for the commercial finance industry (2000-2004), worked for McKinsey & Co (1995-2000), and piloted relief planes for the International Committee of the Red Cross / UN in Africa (1998-99). She was educated at the University of Oxford and Harvard University
Mike has led Standard Chartered's franchise in Africa since 2006, delivering record results while growing our business, and has also been an active proponent of the Bank's community programmes across Africa. He has been with the bank for 23 years and is stepping down from executive responsibilities.
Tags: appointment, HR, Standard Chartered. Banks,Human resources,People Closed
East Africa securities training for thousands
December 16th, 2010 by Tom Minney
The International Finance Corporation (www.ifc.org), a member of the World Bank Group (www.worldbank.org), and East Africa's Securities Industry Training Institute (SITI), based at the Uganda Securities Exchange (www.use.or.ug) have signed an agreement to broaden training. This will boost opportunities for market participants, regulators and others in East Africa's capital markets sector, with the aim of strengthening and supporting the growth of securities markets in the region.
SITI will be licensed to use IFC-developed securities markets training material for the next 10 years to train and certify thousands of securities market participants in Kenya, Rwanda, Tanzania, and Uganda. The material is developed by the Efficient Securities Markets Institutional Development (ESMID) Programme, a joint project by the Swedish International Development Cooperation Agency (www.sida.se), which provided $5.5 million, the IFC and the World Bank.
IFC Principal Investment Officer Aida Kimemia said in a press release: "Supporting the development of securities markets is a priority for IFC in Africa. This agreement will make available world-class training materials to thousands of people in East Africa, improving their skills and knowledge and giving them the tools that will support broad economic growth in the region."
Joseph S. Kitamirike, Chairman SITI board and CEO, Uganda Securities Exchange, said: "We at SITI are very pleased to have cooperated with IFC to develop the training materials. We know that they are cutting edge and will help us develop the personnel we need to grow the securities markets in East Africa. On the strength of this successful cooperation with IFC, we are confident we will undertake more activities of this nature that will ensure proper market development."
The ESMID programme aims to help develop well-functioning securities markets in Africa, with a goal of supporting key economic and social development needs with high developmental impact, such as infrastructure, housing, and microfinance. Despite efforts over the last 12 months this blog has been unable to contact the East Africa office directly to find out more, as the officers do not seem to reply to emails or phone messages.
Its funded programmes are to help simplify regulations and procedures for issuing and trading bonds; strengthen market infrastructure; build capacity of market participants; facilitate the regionalization of securities markets; and support demonstration transactions. In East Africa, it reportedly works with central banks, securities regulators, stock exchanges, and market participants, such as brokers, dealers, investment banks, and institutional investors. It also works in Nigeria, according to the website.
The ESMID-developed training material consists of 3 courses and 5 seminars: Fundamentals Securities Course; Securities Certification Course; Officers and Directors Course; Bond Trading Seminar; Corporate Finance Seminar; Corporate Governance Seminar; Bond Underwriting Seminar; and Portfolio Management Seminar.
The courses, which will be required for licensing of market intermediaries, have already benefitted more than 700 course participants in East Africa.
The IFC, a member of the World Bank Group, is the largest development institution focused on the private sector in developing countries. It says "our new investments climbed to a record $18 billion in fiscal 2010."
Tags: African capital markets, regulators, training. East Africa,Human resources,Kenya,Regulators,Rwanda,Tanzania,Training,Uganda 1 Comment
More career opportunities in Africa's capital markets
Many financial institutions are gearing up their staffing as they start to roll out their African operations. These include banks, stockbrokers and others. African Capital Markets News interviewed Frank Behrendt, of recruiter Clement May (http://www.clementmay.com), on the trends and the opportunities.
ACMN: Do you think Africa is a growing opportunity?
FB: I had spent 3 years in Singapore recruiting bankers for Asia. Upon my return to the UK I realised that Africa is on the move, and decided to get involved. That was March 2010. At Clement May we have built a good network of bankers – on the continent and in the hubs of London, New York, Johannesburg and Hong Kong (and Moscow) – who are focussing on Africa.
There is a great need for real talent in the African banking sector, and although there are some recruitment firms that focus on Africa, it is a very underdeveloped market in terms of quality recruitment firms (as always, the recruitment sector follows the banking sector in that regard). It has therefore been relatively straightforward to establish ourselves as an African specialist.
ACMN: What are the changing trends in African investing?
FB: Up until last year, the active players in the secondary markets of Sub-Saharan Africa were mainly boutiques. That has changed. More and more international "bulge bracket" banks are eyeing up Africa and including it in their growth strategies. Already counting some of these banks as our clients in Europe and Asia, this puts us in a strong position to address their growth plans and further extend our reach into Africa.
ACMN: Is a lot of new market infrastructure being built? Are new fields of activity opening up?
FB: Stock exchanges on the African continent are improving their services through collaboration with the big international exchanges and improved technology. Local banks are commanding a bigger portion of the volume going through the system and it seems this development is on the rise. As international bulge bracket interest in Africa is on the rise, the share in market volume that these banks can win is dwindling due to the rise of local players.
Global banks are taking a very active interest across disciplines. While the primary markets have gained in strength over the last number of years, the real evidence of increased activity is in the secondary markets. Liquidity has improved immensely over the last year or so and trading in African equities has also increased significantly, both on the ground in Sub-Saharan Africa and around the world.
ACMN: What do you see of Hedge Funds/institutional investors?
FB: More and more Hedge Funds focus on SSA. More international Asset Managers increase the portion of funds invested in SSA. More local fund houses are opening up. The appetite for SSA equities is growing exponentially as a result.
ACMN: Is there a marked increase in the number of jobs available?
FB: Definitely, yes! As the international bulge bracket banks are expanding their businesses, jobs are available on the ground and in the hubs (i.e. Johannesburg, London, Hong Kong and New York). This in turn is spurring greater hiring activity by local firms as well, and so on. Jobs in secondary markets are growing more than primary markets headcounts.
ACMN: What sort of jobs are available?
FB: Private equity jobs are and have through the last 5 years been the most abundant. M&A and corporate finance jobs have been pretty constant over the last few years, but a new surge is ongoing. In secondary markets, research teams are being built both on the ground across SSA and also in the hubs (as above). Sales and execution teams are in the pipeline. I anticipate there being a surge in Sales, Sales Trading and Trading hires in mid-2011. Most of these jobs will be based in London, Johannesburg and New York servicing the international institutional client base. But there are also many headcount needed for positions on the ground in SSA. Of these, most are in Nigeria, then Kenya.
ACMN: Is it hard to find the right people for the jobs?
FB: Not too hard. There is a huge community of very well-educated Africans around the world. Whereas, only a couple of years ago, very few of them would consider a return to their home country, these days, more and more are actively seeking to return, in order to contribute to society with their education and experience. This is obviously connected to the increased activity in the banking sector, and the remuneration packages now available.
ACMN: Are the jobs mostly being filled by Africans?
FB: The banks are mostly looking for natives of the country in which the hiring is taking place. Only for very senior positions will foreign candidates be considered. This does not stem from immigration policy only (although that can also be a consideration as visas become harder to obtain), but also from a desire to have fully culturally assimilated staff in place. Needless to say, jobs in the hubs of London, New York and others focussing on SSA are being filled by candidates from across the spectrum and regardless of nationality. I have seen quite a few bankers on Asian desks in London shift their focus to Africa.
ACMN: What skills/experience do job applicants require?
FB: Some sort of degree, preferably from an international university. MBAs are even more desirable (and a lot of professionals are taking this to heart). At least 3 years' work experience with an international bank. As banking in Africa is still relatively vanilla and functions often overlap, specific skill sets are not as important as the desire to return home and contribute. I have seen examples of people hired for equity research, although their entire work history was in M&A etc.
Banks,Hedge Funds,Human resources,Private Equity,Stock Exchanges,Stockbrokers Closed
You are currently browsing the African Capital Markets News weblog archives for the Human resources category.
African Capital Markets News is powered by WordPress 5.6 and Unnamed Lite 1.0 by Xu Yiyang


Certainly a country clothing essential, a fleece provides a stylish yet practical addition to any outdoor outfit. Our bestselling men's fleeces gilets are the ideal choice for all those who are active outdoors or in the field, as the gilet style provides insulation to your torso whilst allowing free movement to your arms. Our smart fleece 1/4 zips and crew necks are versatile for smart or casual wear and come in a variety of colours.


Romantic weekend in Vilnius in hotel "Best Western"
2 nights in a cozy double room; diverse range of buffet breakfast; fruit in the room; 1 hour. the hotel's wellness centre (swimming pool, sauna, gym); one selected evening romantic dinner in the hotel restaurant (3 dishes from the special menu); early check-in from 12 noon. and late check-out up to 16 hours. (according to the hotel availability).
Hotel "Best Western" Vilnius is located in the capital centre, a modern business, shopping and entertainment district, next to the Neris river, near the old town of Vilnius, of which the most important objects – the Cathedral, the Royal palace, the tower of Gediminas, a favourite Castle of Vilnius and guests of the city and the Vokiečių street. Hotel service, cozy interior, professional service to enjoy both business and leisure to spend the newly arrived guests.


text:
NFU attends launch of working at height APPG report
NFU Vice President Stuart Roberts, and Farm Safety and Transport Adviser Tom Price, has visited Parliament for the launch of a report from the All-Party Parliamentary Group (APPG) on Working at Height.
The report is the product of an inquiry into preventing serious injury and fatalities while working at height and says the inquiry drew 'enormous interest from a diverse range of stakeholders'.
The NFU was one such stakeholder and Stuart was able to represent the interests of the farming industry when he gave evidence to the APPG last year.
Falling from height is the most common cause of fatalities in the workplace and the second most common cause of fatalities on farm.
The Farm Safety Partnership, a 40-strong group of agricultural organisations that is aiming to cut the number of farming fatalities by at least 50% by 2023, will launch a working at height safety campaign later this year.
The campaign will focus on delivering four key messages:
Avoid roof work or work at height maintaining buildings. Do as much as you can from the ground e.g. use extending equipment to clear gutters.
Avoid doing the work yourself. Use a professional contractor with the knowledge, skills equipment and experience to safely work at height on buildings.
On very rare occasions where roof work, or building maintenance at height cannot be avoided make sure the work is planned and carried out by people with the right training and equipment. For example trained and experienced people using a mobile elevating work platform or scaffold.
Don't be tempted to use the wrong equipment. Being lifted on the forks or bucket of a telehandler is illegal.
The Health and Safety Executive has published more detailed guidance here on how to work at height safely.
Further information is also available from NFU CallFirst on 0370 845 8458.
Farm safety advice leaflets - free downloads
Phone hacks that could save your life
Visit the Farm Safety Partnership website

redpajama_set_name: RedPajamaCommonCrawl


For using in home and hotels windows we need to buy Curtains in different colors like blue, light colors, white etc of size 115 x 250 cm, etc. We want to buy these curtains made up of 100% polyester, fiber blended, cotton and linen blended, imitated silk fabric in different styles and patterns like jacquard, yarn dyed, plain dyed, modern curtains etc. Indian suppliers are requested to share product pictures with reasonable price for about 500 curtains.


text:
<?php

use common\helpers\TBApplication;
use kartik\widgets\ActiveForm;
use kartik\widgets\FileInput;
use yii\helpers\Html;

/* @var $this yii\web\View */
/* @var $model common\models\TemplateSms */
/* @var $form yii\widgets\ActiveForm */
?>

<?php $form = ActiveForm::begin([
    'type' => ActiveForm::TYPE_HORIZONTAL,
    'fullSpan' => 8,
    'options' => ['enctype' => 'multipart/form-data'],
    'formConfig' => [
        'type' => ActiveForm::TYPE_HORIZONTAL,
        'labelSpan' => 3,
        'deviceSize' => ActiveForm::SIZE_SMALL,
    ],
    'enableAjaxValidation' => false,
    'enableClientValidation' => true,
]); ?>

    <?php  echo Html::a("Tải file mẫu ", Yii::$app->urlManager->createUrl(['/template-sms/download-template']), ['class' => 'btn btn-danger']) ?>

    <?= $form->field($model, 'file')->widget(FileInput::classname(), [
        'options' => ['multiple' => true, 'accept' => '*'],
        'pluginOptions' => [
            'previewFileType' => 'any',
            'showUpload' => false,
            'showPreview' => false,
            'browseLabel' => '',
            'removeLabel' => '',
            'overwriteInitial'=>true
        ]
    ]); ?>

                <?= Html::submitButton($model->isNewRecord ? 'Tạo tin nhắn mẫu' : 'Cập nhật',
                    ['class' => $model->isNewRecord ? 'btn btn-success' : 'btn btn-primary']) ?>
                <?= Html::a('Quay lại', ['index'], ['class' => 'btn btn-default']) ?>

    <?php ActiveForm::end(); ?>

redpajama_set_name: RedPajamaGithub


Xie Yao was truly left speechless when it came to Nie Yan. Speaking on his good traits, he had completely ignored Jiang Yingyu despite her repeated advances and devilish looks. Speaking on his bad traits, whenever Xie Yao and him were alone together, his mind would always be filled with dirty thoughts. Only a little time had passed since last time, and here he was mischievous again.
Nie Yan was teasing Xie Yao non-stop, causing her to become increasingly sensitive. Being caressed by his hand, she felt all the strength drain from her body. Lost in her pleasure, she fantasized of their bodies locked together in hot embrace. During her brief moments of lucidity, a feeling of sin and shame would wash over her.
Every time Xie Yao got close to Nie Yan, she felt like she was on cloud nine.
Xie Yao resembled a nymph in her light blue robe. Her supple and beautiful cheeks flushed bright red.
Nie Yan groped and pinched the soft and perky mounds from under Xie Yao's robe. Inside the game, players could set the Intimacy with their friends. With Intimacy set at the highest, the most sensitive and guarded areas could be freely touched. With Intimacy set at the lowest, even touching the other party was impossible. This safeguard was implemented specifically for female players. Xie Yao had naturally set her Intimacy with Nie Yan to the highest possible level. He could do with her however he pleased.
Xie Yao's skin tight robe filled Nie Yan with lustful desire.
Nie Yan knew all of Xie Yao's most sensitive spots. Her constitution was fairly special. She was moaning and squirming non-stop.
Xie Yao's slender legs were taut and flexible thanks to her taekwondo training. Her skin was smooth and exquisite.
"Xie Yao, how about taking off the robe?" Nie Yan whispered, gently nibbling on her ear. A tiny sample could no longer satisfy him. He wanted to eat her up whole.
"Nie Yan, can we not do this here?" Xie Yao pleaded anxiously. The tunnel was pitch black. However, the cold wind which occasionally blew past filled her heart with unease. After all, this was outside.
Xie Yao raised her head to look at Nie Yan, then lowered it back down again. After hesitating for a moment, she let out a deep sigh. Forget it, my heart and body already belong to him anyway. She unequipped her robe.
The robe separating the two vanished into thin air. Xie Yao's flawless figure was on full display. Nie Yan's breath stagnated. His gaze fell on her body, unable to look away. The goddess from his memory stood before him.
With his high Night Vision stat, Nie Yan could clearly see Xie Yao's fair white skin which sparkled translucently like the finest jade.
Sensing Nie Yan's lustful gaze, Xie Yao instinctively covered her chest. Her bright red cheeks were tender and beautiful. In this aspect, she was still quite shy and reserved.
If the two took it to the next step, would this count as him breaking his promise to Xie Jun?
Nie Yan felt conflicted. He had an intense urge to exploit this loophole, but he immediately pushed it back down. How could he call himself a man if he didn't keep his word?
Thanks to the recent growth of World Bloc, Nie Yan felt he was gradually bridging the gap with the Dragonsoar and Glory Financial Groups. Before long, he could proudly stake his claim on Xie Yao.
Nie Yan knew Xie Yao would do anything he asked. However, he simply owed her too much in both lifetimes. He would at the very least first grow powerful enough so that others didn't look down on their relationship.
Take for example the incident that occurred between them in the secret underground chamber during the previous timeline. From then on, they gradually drifted apart. That kind of reckless intimacy only ended up hurting Xie Yao. At that time, he was powerless to do anything. He couldn't allow that same tragedy to repeat itself in this life.
"W-what do you want me to do?" Xie Yao asked with a flustered stutter. She was like a frightened rabbit. Laying herself bare in front of him, she had long since reached her limit. The thing he requested of her made her heart even more chaotic.
Xie Yao steeled herself and bent down toward Nie Yan's waist.
The two seemed to forget everything. All that was left was endless pleasure.
It was like that special night in the secret chamber all over again. Although Nie Yan didn't cook the rice with Xie Yao this time, they had still grown closer than they ever before as their hearts intertwined together.
After some time, Nie Yan's war cry echoed through the darkness.
A desolate bleakness pervaded the dark cave as the two of them lay there panting. Besides Nie Yan and Xie Yao, no other player was here. A few Flame Giants respawned in the distance. The ones they killed earlier had already disappeared, their corpses cleared away by the system.
Hey guys, this chapter does not count toward the normal/sponsored chaps. It's a bonus chap.
Edit: To clarify any confusion, this chapter does NOT exist in the Qidian official website. It was censored and removed. The chapter length was not affected. It's purposefully short.


Wolfsbane (6 years ago) Inappropriate?
Thank You. This looks awesome!!
ali_sen (7 years ago) Inappropriate?
thank you, a great prop!
Jaex_6 (11 years ago) Inappropriate?
This is one of the most fantastic things I have downloaded in a long time. The versatility is amazing. I've been looking for a tentacle to complete a piece I've been working on, and this fits the bill perfectly.


1 1 year ago Added Argument Now that Trump is President-Elect do you think anything will change?
2 1 year ago Created Debate Which one is better, a convection career or an off-beat career?
1 1 year ago Added Argument Should children consider a career in off-beat fields?
2 1 year ago Added Argument Should children consider a career in off-beat fields?


text:
Words, Music, and Memories
Nov 21, 2012 By Laura Studarus Web Exclusive
Saint Etienne's eighth album, Words and Music by Saint Etienne, starts with singer Sarah Cracknell—transported back to a time before adult autonomy—admiring kids with the daring to question authority. "It all happened because of music, I wanted to know why," she says in a beatific whisper. It's a hushed admiration that's drawn out over the album's 13 songs, as the band explores a world where music doesn't just soundtrack life, but rather directs it.
Formed in 1990, English trio Saint Etienne (Sarah Cracknell, Bob Stanley, and Pete Wiggs) have dedicated the last two decades to their love of the art form, weaving together glittering patchworks of pop, ambient electronics, folk, acid house, and just about every other music ingredient. Theirs is the work of the true fans—musical archeologists able to blow the dust off a forgotten sub-genre or reference and present it in a fresh light. Or, as author Douglas Coupland eloquently wrote in the liner notes of their 1998 album Good Humor, "The words Saint Etienne themselves give me a similar feeling, one of a world in which all the women wear pearls and are able to sing in key, and one where the men drive sports cars and never stumble—a world where nostalgia is beside the point because all of us live inside a bright and glorious present."
Under the Radar joined Cracknell for a teatime conversation in London. She told us about the inspiration behind Words and Music by Saint Etienne, a few of her musical firsts, and why Saint Etienne will always love London.
Laura Studarus (Under the Radar): The theme of the new album is so obvious that I can't believe that more musicians haven't written an album about loving music.
Sarah Cracknell: I think it has touched a lot of people.
Did you set out with the theme in mind? Or is it something that developed as you went along?
We had already started a couple of songs, but not really gotten as far as lyrics and stuff. And then the idea hit us. It's so useful when you have an idea! It means you don't have to pull a lyrical idea out of thin air. You've got something to hang it on. It's quite a useful tool in a way. I know that we'd done quite a bit of "DJ," it was one of the ones that we had started doing the words and everything. "Heading for the Fair" was another one. It's slightly autobiographical—apart from the bit about waiting around for some fair dude the next year. I didn't go that far. But it was about being very young. A young teenager, and the headiness of going to the fair and walking. It used to be opposite my house. It was a small narrow path with playing fields. And they had a fair there every year. Of course, as a young teenager, going down, the music starts getting louder the nearer you get to it. The smell and the lights, and these young guys, it was such a heady mix! But it was also to do with the music and the sound. That thing of approaching it. The build-up of excitement. So that started the ball rolling as well.
There's something to be said for haunting carnival music.
Yeah! And they're all different. Different songs on different rides. They all start mixing up. Depending on where you're standing, one overtakes the other.
And then you get older, and start going to music festivals, and hear music from two different stages, mixed together.
Normally backstage at festivals you're usually between two stages and you just want to say, "Shut up!" Nothing matches and everything is slightly out of sync.
So everything started clicking together after "DJ?"
Yes, it started throwing up the ideas. Bob's writing a book at the moment about the history of pop. So that's on his mind as well, pop in your own lifetime, or music in your own lifetime and how it's a theme to your life.
Do you often go back to visit records that were important to you as a kid or as a teenager?
I do, I'm very much like that. Of course I have children now so I've started playing records to them. My husband got this massive compilation; it's something like 101 punk New Wave classics. The thing is, the kids love it. Things like "Turning Japanese" and "Hong Kong Garden." They're like, "This is great!" It's child music.
Does the music still inspire the same feelings when you listen to it as well?
Oh God yeah! I'm transported straight back.
Do any of the artists mentioned in "Over the Border" still resonate with you?
Bob wrote the spoken word part.
So maybe that's endemic of his childhood.
Quite possibly. Marc Bolan was very important to me as well, because my parents were really into him. Tyrannosaurus Rex had this gatefold sleeve, I remember it well. The three of us, we were born around the same time, so we've had fairly parallel lives and influences, which is probably why we've stayed together for so long.
So you were a part of each other's childhood by proxy, through music.
Yeah. Well, they literally were.
You got annexed in via music.
Yeah. Just the same, it's the silly things, like same TV references, same biscuits we ate, the same sweet rice. You know what I mean? Silly things like that.
So if you would rewrite the lyrics a bit to "Over the Border" what would you include?
There's a real terrible cliché, we're always getting aligned with Beach Boys. Not that we are like the Pet Shop Boys, but they're all banging on about it. But I would put them in there. Between the three of us, the experimental production side of it particularly, that really ticks our box. And it did as a kid for me, that kind of thing really fascinated me. David Essex had a single out called "Rock On," and it was followed up by a single called "Lamplight." The production was mental! If you listen to it now, it sounds really strange now, even though it was such a long time ago. I think I was quite curious about sound, and production, and things sounding different. The Beatles is another one. The production is really out there. Silly things, like when I first heard The Specials, "Ghost Town," when I first heard that, that sounded weird. So it's all those records that really stayed with me.
It sounds like you really took to heart that line about "The strange and important sound of the synthesizer."
Yeah, it was such an important thing.
Were you a reader of music magazines as well?
Yeah, I started off really early with some Fab 208 when I was a kid. Then Smash Hits was really important, and Select. Bob and Pete used to make fanzines and things. Bob still is a writer. He writes for the Times now. Yeah, they used to make fanzines and things. A few of my friends used to do that kind of thing as well.
It's a shame that fanzines seem to have moved to the Internet.
I suppose people have blog sites and things. That's the equivalent I would think. It's putting yourself out there rather than printing your own fanzine and handing it out at gigs. It's the same kind of thing, isn't it? [Laughs] I'm not brilliant; I'm crap at things like that. I didn't even take to the metric thing very well. I still think in Fahrenheit, which is what you do. The rest of Europe is in centigrade. It means nothing to me! Weights, I'm pounds and stones. Again, it's kilos and stuff, which I don't do. Meters, I do miles and feet and inches. With computers and all that, I'm not on Twitter; I'm not on Facebook.
It's funny you would say that. In my head, Saint Etienne is, well I hate to use the phrase "ahead of your time"—it sounds so cheesy—but it's true.
Bob got dragged into this technical world, kicking and screaming. He was the last person in the world to have a mobile phone. Now he's gone way past me. He has a Twitter account. Blah blah blah. Pete's the one who's the more technically-minded of us. He uses his computer for all its facilities, where as I just use it for email. Even email, I got dragged into that. So few people have my email address. I can count it on two hands. I always figure, the more you put out there, the more people keep coming back at you.
Your single "Tonight" is a pretty accurate recounting of a pre-concert experience. Do you remember the first time you saw a band live?
The first band I went to see, oh God, it was Stiff Little Fingers. I was really young. I went with a boy who was older. I think I was about 13 or something. I stood at the very front. He muscled his way to the front. I remember thinking I was going to die. The barrier was at my ribcage and the crowd kept surging forward. "I'm going to die. I'm really going to die! In front of Stiff Little Fingers!" So yeah, that was probably my first gig.
That's a better story than most. Did you go to a lot of gigs throughout high school and college?
Yeah. Around that time I went to see Siouxsie and the Banshees. When she was doing Creatures. A group called Carmel, I went to see them. After that I got into the early '80s type of music. I went to see Felt and Primal Scream, and bands like that. It was a nice period for music, because you could get into a whole scene. And I was old enough then to get into it and really explore it. I had a lot of friends, and we were all into the same kind of music and same bands. It was really exciting. It was during the time when those bands could be really secret and private because they weren't being played on the radio or television. No one really knew about them unless they were buying the NME.
There is a thrill to finding your own musical secret.
Absolutely. And it doesn't last for very long now. Five seconds! So yeah, I kind of miss that. It was a really special thing.
Do you get a lot of feedback from Saint Etienne fans that have gone to a show and had that kind of magical live experience like you describe in "Tonight?"
Yeah. It's very nice. I've seen people crying during certain songs during a gig, which is quite funny. [Laughs] That's the thing; we've never lost our own love for that feeling and the excitement of going to a gig or finding a new album.
So after you're married, and after you have kids, can Marc Bolan still be as important?
Yeah, definitely. You pass it on [to your kids]. You pass it on until they're bound to turn around and say, "I hate your music. It sucks!" If that didn't happen I'd be worried. But for the moment you can force-feed them things that you like, and that you know they'll like. Marc Bolan for kids is great. It's all gobblygook words here and there, and a larger than life persona, which I really like. I loved that whole glam thing. I loved bands having proper identities. A band itself looked like they were in a gang together. They had the right clothes. I love all that.
Was that something that you ever tried?
Yeah, we have done things like that. There was the gold lamé phase, Bob and Pete had a gold lamé suite made each, and I had little gold lame hot pants. Stuff like that. We find that we tend to turn up to things wearing a theme going on accidentally. Weird! [Laughs] We seem to get into the same sort of look around the same time. Of course, theirs is a more masculine version.
After so many years of being a pop envoy for London do you still look at the city the same way?
Definitely. Definitely. The thing that has been fascinating is it's an ever-evolving city. But not in a crap way. There's some things, you go, "Oh no, the cafés are closing!" That's very sad. Or some of the pubs closing that's pretty heartbreaking. But it does grow. I grew up about a half-hour, 40 minutes outside, being drawn like a moth to a flame. It's magnetic. I wanted to be in London as soon as I could. It's not lost its appeal.
(www.saintetienne.com)
Zar-Unity
Great interview with Sarah! I really enjoyed it! Thanks! I like how Sarah is out of touch with the excessive social technological advances. I'm the same way.


text:
Home / Museum / Kitchen and Pantry
Whether for intimate dinners or large garden parties, the staff of thirty to thirty-five people (including three cooks) at Hillwood were fully equipped to prepare and serve Washington's most memorable meals. Today, what were once described as "up-to-the-minute" appliances, including multiple Hobart standing mixers, a Globe Gravity Feed meat slicer, an Oster Touch-a-Matic combination can opener and juicer, and a fifty-five-cup capacity West Bend coffee percolator still line the heavy-duty stainless steel counters of this once working kitchen.
The large state-of-the-art appliances include a nine-burner Magic Chef stove and an enormous Sta-Kold freezer—a nod to Post's frozen foods heritage.
Carefully designed at every level, the kitchen's close location to the dining room allowed meals to be delivered quickly and efficiently.
Every feature to ensure ease-of-use for her staff was included in this entertaining staging area. Modern green Geneva steel cabinets that once stored Marjorie's most used, everyday services, line the walls of the pantry, while a dumbwaiter nearby was used not to transport food, but to bring up the more precious porcelain and glass from basement storage. Across the aisle is a walk-in safe where the silver was stored. And look closely, even timers built in to the cabinets were included to make efficiency a priority. Luxuries such as these allowed Marjorie to be one of the most distinguished hostesses in Washington, D.C.
Perfectly preserved mid-century restaurant-style stove
The Hillwood staff prepares for a party.
View of the Pantry.
Marjorie Post's longtime employee Gus Modig sips tea in the Pantry.


Fraser has supervised research students working on a wide range of areas, from metaphysics, philosophy of mathematics, the philosophy of language to the history of analytic philosophy.
Particular topics have included: meta-ontology, essentialism, the concept horse paradox, plurals, the multiple relation theory of judgment, higher-order logic, mathematical structuralism, neo-fregeanism, Sellar's nominalism, Quine and naturalism, Davidson on conceptual schemes, universals, tropes, the problem of the many, the metaphysics of change, persistence, powers and essential properties.
He is currently supervising Justin Mullins on Quine and the philosophy of mathematics.
As well as welcoming research students working in these areas, Fraser would be interested to supervise students to work on relations, truth-making or the philosophy of David Lewis, in connection with the AHRC project at at Manchester, Age of Metaphysical Revolution.


text:
1300 784 667 (1300 QUINNS) [email protected]
Introduction to Bookkeeping
Find the Right Bookkeeper for you
The Accounting Cycle
Cash & Accruals Accounting
Types of Financial Statements
Accounting for Non-Current Assets
Determining the Amount of Depreciation
Effective Working Capital Management
Comparison of Debt and Equity Financing
Common Issues for Bookkeepers
"Legal and accounting
advice in easy to
understand language."
"Do you need to restructure
your business in order to
maximise its potential?"
"4 convenient office
locations - you come to
us or we come to you."
"Save time and money by
having one firm for all your
legal and accounting needs."
"We can help you on
the path to achieving
your business goals."
"Giving our clients the
best integrated legal and
accounting advice."
The objective to financial managers is to maximise the return on shareholders' funds at an acceptable level of risk. This means that they must consider:
The most appropriate debt to equity ratio
The relative cost of equity and debt finance
The most appropriate mix of short and long-term liabilities in the total debt.
In making these financial decisions, financial managers will consider:
The terms and costs of each option
The tax implications
Matching the term and source of the finance to the purpose
Gearing.
Owner's equity finance is a residual claim to the business's assets, that is, owners' have a claim to the cash flows generated by the business's activities only after all other claims have been met, for example, those of creditors. The advantages of owners' equity financing are:
Subject taxation considerations, self-funding of capital by using retention of profits in the business may be the simplest and most economical method, in terms of costs of funds.
It has the advantage of no dilution of ownership, because nobody from outside the business entity is involved in the funding. Rather, it is the owners who have not taken their full profit share.
No borrowing has taken place to obtain the extra funding. Equity finance does not have to be repaid and there are no interest payments or other obligations that have to be met.
Equity funds are of unlimited duration. No outside influences determine the life span of these funds in normal circumstances and so they are ideal for very long-term investments.
Disadvantages of owners' equity financing include:
Equity funds are also required to absorb losses, which is entirely within the shareholders' funds area of the Balance Sheet, and without substantial reserves of equity, no company can sustain losses for long. One of the problems faced by new, and also established, small businesses is that their equity bases are too small. If there is under-capitalisation, they are unable to carry the early losses usually sustained by new ventures. As new, or small, ventures they are high-risk businesses, making them less attractive to lenders and forcing them to rely on owners' equity funds.
Equity financing is more costly than debt financing because it is necessary to earn sufficient profits to pay non-tax-deductible dividends while retaining sufficient profit to fund future growth.
Debt finance is raising funds by borrowing. Debt financing has the following advantage:
It is tax deductible from income. Tax savings from the use of debt increases in periods of high inflation, such as occurred in the Australian economy during the 1970s and 1980s.Debt is cheaper than equity. In this case of debt funding, the return to the investor is paid as interest. This is accounted for before taxation on profits, and thus for every $100 interest paid, within a company tax rate of say 35 per cent, the effective cost of funds to the business is $70. On the other hand, with equity funding, the return to the investor is in the form of dividends. These are profit sharing, after tax. So the actual payment of $100 is not reduced by taxation allowances. A further consideration is that higher risk usually calls for higher interest or return. A shareholder is at total risk in that not only might no dividend be received, but other creditors rank ahead of a shareholder in final distribution of assets. So we may say that if the business is paying interest rates of 8 per cent, then an at-risk shareholder may be expecting dividends of say 12 per cent. Debt funding is therefore very much cheaper to the business entity than equity funds.
The main disadvantage of debt financing is:
It increases the financial risk of the borrower.
Gearing, or leverage, is the ratio between long-term debt and equity in the Balance Sheet of a business entity.
Interest-bearing debt
Debt to equity ratio = ———————————- x 100
Owners' equity
The lower this ratio, the lower the gearing. Thus a company with $1 000 000 in long-term debt funding, and $10 000 000 in shareholders' funds has a gearing ratio of 10 per cent. This company is in a strong position with its debts covered nine times over by the shareholders' funds. The lowest gearing would be 0 per cent, while the highest is unlimited, though in practical terms, an investor would be very concerned about a company with a gearing over 75 per cent. The ideal gearing does not exist. Rather it will vary from entity to entity, and from time to time within the same entity. However, the type of industry in which the business operates has influence on the appropriate debt to equity ratio.
The appropriate debt to equity ratio can have a significant effect on earnings per share and the capacity to pay dividends to shareholders. Earnings per share (EPS) is calculated by dividing the company's net operating profit after tax by the number of shares on issue. What the investor actually receives is known as dividend per share, which is the proportion of earnings actually paid to shareholders.
After-tax profit
Earnings per share ratio = —————————-
Dividend yield = ————————– x 100
Properly managed, gearing can be very useful to a company, by only if it is making a return on utilised funds greater than the interest and other charges on the debt funds. If this is not met, the company will inevitably be driven into insolvency. This is another perspective on the risk associated with high gearing – the higher the gearing, the more vulnerable the company is to interest rate movements.
Our dedicated team can assist you with issues related to debt and equity financing, as well as your other Bookkeeping needs. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.
Express Enquiry
State / Country
Enter your details to receive our Quarterly Newsletter and Weekly Client Alerts
You have signed up to our newsletter!
© The Quinn Group Australia Pty Ltd ABN 86 078 526 860
The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.
Other sites in the Quinn Group
All Audit Solutions
All Bookkeeping Solutions
All Business Structures
All Capital Gains Tax Solutions
All Court Matters
All Tax Solutions
All Trust Structures
GST Solutions