From boom to bust? Charting the US shale industry’s rise and potential fall

first_imgShale is a fine-grained sedimentary rock that forms when silt and clay-size mineral particles are compacted, and it is easily broken into thin, parallel layers.Black shale contains organic material that can generate oil and natural gas, which is trapped within the rock’s pores.To retrieve the resources, a drilling technique known as fracking is required, which involves fracturing rock deep underground.Energy firms will first drill vertically downwards into the ground at between 6,000ft and 10,000ft, and then horizontally by more than a mile.Hairline cracks with a radius of about 300ft are then opened up in the rock by pumping in water, sand and some chemicals, allowing gas to flow into the pipes.In the US, shale natural gas resources are found in shale formations that contain significant accumulations of either one of or both natural gas and oil – and these sites are found in about 30 of the nation’s states. Decline curve for shale is ‘very steep’Denabalan says the decline curve for shale oil and gas is “very steep” and this is “being seen more and more in mature basins, such as the Permian”.She believes that if the industry wants to “continue making decent returns”, it’s very likely that it’s going to have to “exploit new plays” by potentially moving out of existing basins and going to find new ones.“I think there is going to definitely be an emphasis on lower break-even costs,” she adds.“The companies that do survive are going to have to really bring down break-even costs and start thinking more about returning dividends to their investors – instead of blindly continuing to drill.“It’s almost like this weird cycle of trying to keep your production on a plateau essentially, because wells decline so fast that you need to continue re-fracking and drilling new wells at quite a substantial rate, and that’s where most of your reinvestment goes.“So, I believe portfolio vetting is the way forward for those companies.” Outlook for US shaleInvestment woesThe outlook for the industry could be set to take a further hit this year, as it is poised to suffer a 50% drop in investment activity, piling further pressure on a sector already taking extreme measures to survive the pandemic-triggered oil crash.Although the market is now showing signs of rebalancing as lockdowns ease and production cuts are enforced, there remains a severely weakened appetite for investment in this low-price, demand-sapped environment.It is a problem facing the oil and gas industry as a whole, with investment across the spectrum expected to decline by almost a third this year, according to analysis in May by the IEA — but shale will be by far the worst-affected, particularly the smaller independents.Shale is poised to suffer a 50% drop in investment activity this year (Credit: ConocoPhillips)Energy-focused private equity firm Kimmeridge Energy Management published a report in February that called for a “new business model” for E&Ps.The New York-headquartered company labelled the shale industry as currently “uninvestable” and said it was in a “time of crisis”.It added: “The industry’s response so far has been to hunker down, change little about the business model, and hope for a cyclical recovery. We believe this is a mistake.“What is happening is more than a cyclical low, it is a response to a decade of poor capital allocation choices made with a mind-set of growth for growth’s sake, which has only hurt public equity investors.“The central issue is that the business model of shale was based on resource scarcity, and that premise drove capital allocation decisions, executive compensation schemes and valuation methodologies.“Instead, the abundant production from shale has turned the notion of scarcity on its head.”Kimmeridge believes the world will “inevitably transition away from fossil fuels” and the US public E&P sector is “woefully unprepared”.“Companies should be selling assets, cutting costs, repairing balance sheets and returning capital to shareholders at an accelerating pace,” it added.“Despite all the forces that are conspiring to make the E&P sector uninvestable today, we remain optimistic that prospective returns can be attractive if the appropriate actions are undertaken by the industry with the immediacy and voracity that they demand.” Is the shale boom over?Financial woesDanabalan admits that shale has always been a “massively puzzling market” to her, mainly because everybody from major operators, to banks and private equity firms have “always been willing to take a chance on shale”.But the main criticism she’s heard labelled at the industry is that it was “basically a losing proposition for most companies”.Analysis published in March by the US-based Institute for Energy Economics and Financial Analysis (IEEFA) claims that, in 2019, the US fracking industry “continued its unsuccessful decade-long quest to produce positive free cash flow”.Its data looked at a cross-section of 34 North American shale-focused oil and gas producers, which found that the companies spent $189bn more on drilling and other capital expenses over the past decade than they generated from selling oil and gas.On top of that, the results included a “disappointing” $2.1bn in negative free cash flows last year.Kathy Hipple, a financial analyst at the IEEFA, said the institute has been sending out warnings for a long time that E&Ps have “created an oil and gas glut that has not been rewarded by anticipated earnings”.“In what world could this be considered a successful business model?” she added.The IEEFA’s analysis noted four worrying trends for the US shale industry:High and rising debt — Total long-term debt rose to $106bn at the end of 2019, an increase of $1.5bn from the prior year, and the highest level since 2015. If these companies are unable to produce significant cash flows over the next several years, they may be unable to pay off their debts as they mature – which could trigger debt write-downs or bankruptcies.Disappointing revenue — Despite higher production levels, total 2019 revenues among this cross-section of companies fell by $5.6bn year-over-year.Significant net losses — Collectively, these companies reported net losses of $6.7bn in 2019, largely due to accounting impairments and write-downs of oil and gas assets.Declining cash balances — The 34 companies spent down their cash reserves by $14.4bn from 2016 through the end of 2019. At the end of 2019, cash reserves among these companies were at their lowest level since 2012.In the analysis, IEEFA’s director of finance Tom Sanzillo, said that “even after a decade of technical improvements and increasing investor scrutiny, most shale-focused companies still burn through more cash than they produce”.“The truth is undeniable — fracking is a failed experiment,” he added. Muted production restarts for major E&PsAs the industry looks to reconsolidate, Danabalan believes we are “probably likely to see mergers, acquisitions and assets being sold at bargain-basement prices”.“Hopefully, that is going to put a lid on growth in shale for a bit,” she adds.“Mainly because as soon as the West Texas Intermediate (WTI) starts moving above $30 a barrel again — which it is at the moment — the producers are going to start turning on the taps again because they need to in order to generate revenue.“But, at the moment, it’s only the small players — which is good to a certain extent because they don’t really have much effect on the output from the US.“I guess the response from the majors in terms of restarts for production is incredibly muted.“US companies can’t really afford to come roaring back into production as soon as the oil prices come back to life, because this is going to cap the price rise for everybody else.“Basically, in trying to claw back production and revenue, they’re going to tank the rest of the sector — which is untenable.” What was the US shale boom?US shale historyThe exploitation of shale in the US dates back to the 1800s and has gone through “several boom and bust cycles”, according to the EIC’s Danabalan.She says a lot of the wells that were drilled up until about 2009 were “conventional” — meaning there was “no stimulation from fracking”.“What we started seeing from 2009 onwards was the rise of unconventional, which is hydraulic fracturing and stimulation,” she adds.“There were advances in this in the late 1990s and early 2000s and that really changed the game — in terms of what could be taken out of shale rock.”At first it was only shale gas that was built around the hydraulic fracturing process, but to start stimulating the shale boom in around 2009, Danabalan says horizontal drilling made it possible to “expose a greater area of productive rock”.“So, neither of these practices were new, however, using these techniques and combining them together actually transformed the viability of shale gas.” Do the positives of fracking outweigh the negatives?Those in favour of fracking argue it is a technology that provides benefits the world cannot afford to live without.Their reasoning follows that renewable energy is not yet ready to meet the demands of the planet’s population on its own, and using shale gas — which has enough supply to last 200 years, by some estimates — is the only viable alternative to the continued consumption of other fossil fuels.But hydraulic fracturing is also highly water-intensive — wells require anything up to 20 million gallons of water and a further 25% on top of that is needed for drilling and extraction.This has a major impact on local water sources and the communities that use them, with a 2013 Wall Street Journal study finding that more than 15 million Americans have lived within a mile of an exhausted fracking site since 2000.Additionally, residents often have no say as to whether operations may be approved near their home, as the approval process considers the oil beneath the land, rather than the land itself – which could have a knock-on effect on housing markets. Are environmentalists’ fracking concerns overstated?The pro-fracking camp argues claims from environmentalists concerning the potentially damaging impact of the process are overstated.And there is research to back this up — a 2014 US Department of Energy study found no evidence that chemicals from the fracking process had contaminated groundwater at one Pennsylvania drilling site, a claim that’s been one of the chief complaints from those opposed to the process.But anti-fracking environmentalists have plenty of research to support their assertions and can point towards the well in Bradford County, Pennsylvania, as evidence.In 2011, it malfunctioned and spewed thousands of gallons of contaminated water for half a day, showing the potential dangers associated with hydraulic fracturing.That same year, Duke University tested drinking water at 60 fracking sites across Pennsylvania and in New York.Its researchers found levels of methane in the sites’ drinking water “fell squarely within a range that the US Department of the Interior says is dangerous and requires urgent hazard mitigation”. Fracking impact on US oil productionThe US’ oil output was thought to have peaked back in 1970, when it was producing just over 10 million barrels per day (bpd).But until about 2009, which was when the “new wave of fracking” came about, the nation appeared to be in “long-term, terminal decline from conventional wells”, claims Danabalan.She says producers previously never thought the complex fracking techniques they had been using to retrieve shale gas were viable to also extract oil from the rock, but Texas-based EOG Resources was one of the first companies to prove it was possible.“Between 2010 and 2015, US oil production grew in a way that has very few parallels to this day,” she adds.“In 2009, the export average was about 5.4 million bpd and, by 2015, it had pretty much doubled that output – which is unheard of.“However, despite the initial rise in the US’ output, there was actually no discernible effect on global markets until around 2014 and 2015, which was when we saw the oil price crash.”Shale essentially gave the US energy independence, says Diveena Danabalan (Credit: Flickr/Bureau of Land Management)She believes this is largely because the US “doesn’t export a lot of crude oil” – although figures from the EIA show that last year it increased its exports of the fossil fuel by 45% to 2.8 million bpd.Danabalan says it does, however, export a “high amount of refinery products like gasoline, jet fuel and diesel”.She adds that it was imports of crude from other countries that dropped during the crash, before then being replaced by domestic production.By 2019, the US’ oil production had risen to just short of 13 million bpd, of which about 53% was produced from shale, according to Danabalan.“Without shale, the US would not be on the same levels of production as Saudi Arabia and Russia,” she adds.“Back in 2019, it briefly surpassed both Saudi Arabia and Russia in terms of oil export and became the top producer in the world because of shale — which is why it’s so important.“Shale essentially gave the US energy independence.”center_img Current production levelsAlthough crude oil prices have recently rebounded slightly and now sit above $40 a barrel, the break-even for shale oil producers is between $50 and $70 a barrel.Some previous estimates forecasted that this year’s price collapse sent the US’ output down by as much as 2 million bpd in April, Reuters reported.The EIA projected in May that crude oil production in the seven major US shale basins would fall from 8.019 million bpd to 7.822 million bpd – marking a record monthly decline of 197,000 barrels.But the situation appears to be even worse than initially expected, with June levels currently at 7.725 million bpd and July’s production set to slump further to 7.632 million bpd.The EIA also predicted shale gas production from the seven basins would drop from 82.24 billion cubic feet per day (Bcfd) to 81.47 Bcfd in June.Current levels have fallen just under the agency’s projection at 81.25 Bcfd and are expected to be about 80.56 Bcfd in July as production continues to drop. What is shale? BankruptciesDanabalan says shale has had “quite a unique mind-set compared to other markets”, because it’s been producing high volume to “get market share regardless of how much free cash flow it’s making at the time”.“Even though the US eventually flooded the market with shale oil and gas, shale has actually yielded quite low returns for investors,” she adds.“Shale companies instead reinvested pretty much all of their money into re-fracking and drilling new wells, and it also just raised top executive pay — instead of paying dividends back to investors.”She believes those actions started “burning” the E&Ps in 2019.But some shale companies began “belt-tightening activities” last year, in which they “basically stopped drilling unproductive wells and started trying to refine their portfolios to focus on high-return wells”, according to Danabalan.“However, I think it was a case of too little too late for some investors and they started withdrawing from the sector, which is what started sparking off the bankruptcies,” she adds.“Some companies haven’t actually generated a single year of free cash flow in the past decade and Chesapeake is notorious for doing this.”But, with a bankruptcy filing just around the corner, this lack of financial stability appears to have finally caught up the Oklahoma-based producer.At the peak of its powers, Chesapeake’s value stood at about $35bn. But its shares have plummeted by more than 90% since the turn of the year and its market capitalisation now stands at just under $127m.The former shale giant is just one of several producers to have been caught in the eye of the storm, though, as the biggest independent shale oil groups in the US totalled a record combined loss of $26bn in the first quarter of this year, the Financial Times reported.With more than 200 North American oil and gas bankruptcies taking place between 2015 and 2019, analysts have warned that figure could double by the end of next year if oil prices fail to rise quickly enough – with several firms drowning in their debts.After the last downturn in oil prices led to more than 200,000 job losses across the US oil and gas industry, there will be huge fears that another wave of that magnitude could well be on its way. Just over a decade ago, Chesapeake Energy led from the front as a “new wave of fracking” set US shale on its way towards an unprecedented rise in popularity.The Oklahoma-headquartered oil and gas firm was recognised as one of the stars of the hydrocarbon exploration boom and was named Energy Producer of the Year by S&P Global Platts in 2009.That same year, US shale gas production grew by 54% to 3.11 trillion cubic feet from 2008, while remaining proven US shale reserves at the end of 2009 increased by 76% to 60.6 trillion cubic feet, according to the US Energy Information Administration (EIA).The industry also catapulted the nation from a minor player to becoming the world’s largest oil producer, explaining why President Trump has prioritised fossil fuels and removed the US from the 2015 Paris Agreement.But after years of high production rates for shale oil and gas, the industry is currently facing some of its biggest-ever challenges following the effects of the coronavirus pandemic and a drastic drop in energy demand.That drop in demand has already led to 19 of the nation’s smaller companies filing for bankruptcy this year, according to Texas-based law firm Hayes and Boone.Recent analysis from Rystad Energy, an independent energy researcher, placed as many as 73 exploration and production (E&P) firms in the US at risk of filing for bankruptcy if the situation continues without intervention from the federal government.Research shows 19 of the US’ smaller companies have filed for bankruptcy this year (Credit: Pixabay/Anita Starzycka)In a damning indictment of the struggles E&Ps are facing, it has been reported that Chesapeake is ‘preparing for bankruptcy’.The International Energy Agency (IEA) estimated in May that US shale will suffer a 50% decline in investment activity by the end of the year, as companies struggle to balance the books amid the crisis and investors show reluctance to fund new production efforts in the low-price environment.The Suadi Arabia-led price war — triggered in March after Russia refused to cut oil production to keep prices at a moderate level — led to US oil temporarily falling into negative pricing and has inflicted a significant impact on E&Ps this year.This is not the first major hurdle shale producers have faced in recent years — a previous Saudi-led price war in 2015 saw the oil price tank from about $100 per barrel to about $50 per barrel.But Diveena Danabalan, senior upstream energy analyst at the Energy Industries Council (EIC), says that move “didn’t kill” US shale then and she doesn’t believe it will this time around either.“However, I think there will be a wave of bankruptcies and, bizarrely, a lot of people have been saying this is needed for this sector because a lot of the companies in the shale patch are uneconomical,” she adds. Why is fracking a contentious issue?Daniel Yergin, vice-chair of global consulting firm IHS, told the US Congress in February — before the effects of the coronavirus began to take effect — that his company projected the industry to rake in about $113bn in federal and state government revenues this year.But despite the economic pitfalls associated with fracking’s downturn, there will no doubt be many environmentalists celebrating its demise.Ever since it was introduced, it has been a contentious issue, which is why the UK, Ireland, France, Germany and the Netherlands have all banned the activity.Supporters of the complex engineering process claim it can provide investment, jobs and energy assets — but environmentalists strongly oppose it due to concerns it can contaminate the water supply, cause earthquakes and destroy natural landscapes. After years of high production rates for US shale oil and gas, the industry is currently facing some of its biggest-ever challenges following the effects of the coronavirus pandemic and a drastic drop in energy demand The US has about 27.2 million tonnes per annum of petrochemical capacity under construction (Credit: Pxhere) The US shale industry has gone through several boom and bust cycles since exploration of the sedimentary rock first took place in the 1800s. But following the effects of the coronavirus pandemic, up to 73 shale producers could be at risk of filing for bankruptcy this year. James Murray finds out how the industry arrived at this point in the US and what its future might hold. last_img read more

Shake your tinsel! The five best estate agent Xmas videos so far this year

first_imgChristmas seems to be getting earlier every year, and that includes the property industry who this year have been dusting off their video cameras and putting some digital tinsel into their town with the best intentions.Some are heart-wrenching, some are hilarious but regardless of their entertainment quality they all embrace the festive cheer as this year’s two-week yuletide break looms.And some have really pushed the boat including arguably the best, London agency TLCs hilarious and fun yuletide romp (see below). If you’re planning to release a Boxing Day blockbuster then don’t forget to let us know.TLC/London: Knitted jumper madnessDawsons/Swansea: Dancing queensGreenaway/Sussex: Celebrity endorsementEwemove/Leighton Buzzard: Signs of the timesbelong/West Yorkshire: Sing, choirs of angels!  Dawsons Property The Greenaway Foundation Christmas videos TLC Belong EweMove December 5, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Agencies & People » Shake your tinsel! The five best estate agent Xmas videos so far this year previous nextAgencies & PeopleShake your tinsel! The five best estate agent Xmas videos so far this yearYes, it’s that time of year again. Despite being just five days into December estate agents around the UK have been busy with their video cameras. Could you do better?Nigel Lewis5th December 201901,312 Viewslast_img read more

Sri Lanka Navy Seizes 175 Kilograms of Cannabis

first_img View post tag: asia View post tag: £175 The arrested persons along with cannabis were handed over to Kalpitiya police for further investigations.Sri Lanka Navy maintains continuous surveillance along the coastal belt in order to prevent drug smuggling via sea. Vigilant naval personnel have been able to foil a number of cross border drug smuggling rackets and apprehend the key personnel involved due to their alertness.[mappress]Press Release, June 18, 2014; Image: Sri Lanka View post tag: Sri Lanka June 18, 2014 Sri Lanka Naval troops attached to SLNS Vijaya of the North Western Naval Command on information received arrested three persons with 175 kilograms of cannabis (Kerala Ganja) in the general area of Kalpitiya on 17th June 2014. Authorities View post tag: Seizes Share this articlecenter_img Back to overview,Home naval-today Sri Lanka Navy Seizes 175 Kilograms of Cannabis View post tag: Cannabis View post tag: News by topic View post tag: Naval View post tag: Navy View post tag: Kilograms Sri Lanka Navy Seizes 175 Kilograms of Cannabislast_img read more

Colombia, Host of 2012 Inter-American Naval War Game

first_img It is of bad taste to call this a naval war game… it does not surprise me that the United States is involved.; they love this type of games…. and the lackeys accept it with their heads down… what a pity that we do not think on our own and are not mature in our decisions…. But anyway… that is why we, Latin Americans, are as we are …. that is why the residents of the North look down on us… because the only need to move a finger and we wag our tail…. what a shame…. I do not agree with this and never will …. By Dialogo April 06, 2012 Colombia will be the host of the 38th version of the Inter-American Naval War Game, IAWG-2012, organized by the War College (Escuela Superior de Guerra) for the 15 member countries of the Conference of Naval Schools of the Americas. This academic event, which has been held since 1972 to promote the work of multi-national forces in neutralizing potential threats along maritime borders, will take place in three planned phases, starting on April 9 and extending until September 28, 2012. In the first phase, expected to last until April 13, invited representatives from Brazil, Chile, the Dominican Republic, Ecuador, Mexico, Peru, and the United States will participate in person in the planning led by the Colombian War College, through the Navy Department, as the leader of the exercise. From June 19 to 29, the second phase will be implemented with the delegations of the participating naval war colleges, which will have to confront simulated threat scenarios and, in real time, coordinate joint actions to counteract the different risks posed, in order to measure their capacity to react and the quality of the decisions made. During this implementation phase, the technological foundation made available by the host unit, through its Crisis Simulation and Analysis Center, will play a fundamental role. A virtual platform will facilitate communication among the participating countries, from their respective territories, and will make it possible to recreate natural disasters, for the first time in the history of this event. Throughout the Inter-American Naval Game, issues such as the applicability of international and domestic law when taking action in response to piracy, terrorism, drug trafficking, and the effect of natural disasters will be analyzed in these scenarios, in addition to peace-keeping operations, humanitarian assistance, and pollution due to fuel spills. The academic event’s final phase will take place from September 24 to 28 in the city of Cartagena de Indias, where the directors of the participating naval schools will meet to analyze the experience acquired in the course of the exercise and review points of mutual agreement. last_img read more

Cuomo’s goal is to take our weapons

first_imgI read with great interest the Jan. 9 editorial with regard to the re-certification of handguns. Categories: Letters to the Editor, Opinion One point of the Safe Act was totally overlooked because Gov. Andrew Cuomo was only interested in reducing the number of handguns in New York state.  This is the backdoor method he wanted in the first place. Anyone who does not re-certify their handgun, even though they may have met all the legal requirements previously, will now break the law.They also will have all their firearms confiscated including: handguns, hunting, target, skeet, self defense and antique collectible guns. This act could turn law-abiding citizens into criminals and does nothing to remove firearms from the hands of actual criminals. Don’t be fooled by Gov. Cuomo pledging to make New York a safer place by removing legal firearms in New York. Don ReinhartTown of Root More from The Daily Gazette:EDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Thruway tax unfair to working motoristsGov. Andrew Cuomo’s press conference for Sunday, Oct. 18Cuomo calls for clarity on administering vaccinelast_img read more

One-month-old baby tests positive for COVID-19 in Bandung

first_imgAs of Sunday, the RSHS had put 196 people under general monitoring for COVID-19. (aly) A 1-month-old baby has tested positive for COVID-19 and is currently receiving treatment at Hasan Sadikin Hospital (RSHS) in Bandung, West Java.A hospital spokesperson said on Sunday that the hospital treated 23 patients who were under surveillance for COVID-19. Seven of them, whose ages range from 24 to 53 years old, tested positive for the coronavirus disease.Previously, three patients under surveillance at the hospital died within three days, with a 53-year-old man and 41-year-old man dying on Thursday and a 69-year-old man dying on Saturday.The 69-year-old passed away before his lab results came in. Topics :last_img read more

Investors look to China for a glimpse of life after coronavirus

first_img“What happens in China is incredibly important to how global markets react over the next few months, both in terms of the progress of the virus and how quickly the economy is bouncing back,” said Sydney-based fund manager Geoff Wilson, who runs A$3 billion ($2 billion) in assets.After observing that even as lockdowns lift in China, people are staying in and going online for entertainment, his fund has raised its stake in Chinese internet juggernaut Tencent, and increased exposure to similar stocks elsewhere.Tencent Holdings Ltd shares have rallied nearly 17% from a three-month low touched two weeks ago.Some see opportunities in construction or commodities, while others are staying on the sidelines. China’s recovery from the coronavirus outbreak may hold investable lessons for the rest of the globe, according to fund managers who are closely watching – and have begun cautiously buying – in the world’s second-biggest economy.With the worst of the outbreak yet to come in many countries, including the United States, new infections appear to be trailing off in China and businesses are gradually getting back to work.Money managers are studying everything from subway patronage to noodle consumption – to understand the society and economy that is emerging from lockdown, as both a portent of what may be to come in the West and as a proving ground for new trades. “Everything is up in the air,” said Chi Lo, Greater China economist at BNP Paribas Asset Management in Hong Kong.”From the usual industrial output to high-frequency data, to even travel by train or air traffic, we have to look at it now just to make sure we are kept abreast of what’s happening.”From China with hope The virus itself is the main focus, with palpable fear of a second wave of infections, as occurred in the 1918 Spanish flu pandemic, stymieing the recovery at home and abroad.China now accounts for less than a tenth of worldwide coronavirus infections, 7% of deaths and barely any of the new daily cases. Yet the re-introduction of some restrictions on movement this week underscores the fragility of that position. Companies and consumers remain on edge.There are also worries about the impact of a global demand shock on China’s exporters, even if factory activity unexpectedly expanded last month, albeit marginally, after a collapse in February.Which is why most investors are seeking out longer term bets and seem to be relying more on their own contacts and intuition to assess the strength of the recovery.”We’ve spoken to Tencent, we’ve spoken to (fast food firm) Yum China, we’ve spoken to a Taiwanese consumer company that sells noodles in China,” said Andrew Gillan, head of Asia ex-Japan equities at Janus Henderson. “We understand what’s happening on the ground…people are returning to work.”He has increased exposure to China in the $3 billion in funds he manages, and, while he cautioned against drawing too many parallels, said the trend of rising internet use that had buoyed holdings in Tencent and Alibaba would probably travel.Tencent is an online conglomerate comprising online gaming, e-commerce and social media arms, while Alibaba is primarily an online retailer. U.S. firms such as Facebook, Apple and Google are likely beneficiaries of the same trends, Gillan said.Catriona Burns, global portfolio manager at Geoff Wilson’s Sydney fund, raised bets on Tencent, online retailer Amazon.com Inc and gaming firm Activision Blizzard Inc for similar reasons.”The feedback from China…is that people are going back to work, but they’re not necessarily going out on the town. So they’re staying home and they need entertainment – gaming should be a key beneficiary of that trend,” she said.”That confirmed a thesis we were thinking about anyway, that we might see some permanent changes in behavior.”Early days Price movements have put such bets in the black, but cash flow data paints a more complex and cautious picture.Alibaba Group Holding Ltd is up about 10% from lows a few weeks ago, while Amazon and Activision have seen similar rallies.Some $7 billion in funds flowed in to Chinese equities through the second half of March, according to EPFR Global, the biggest two-week surge in five years.Yet that came with exchange data showing record outflows for the month as a whole, and with analysts ringing alarm bells that China’s economy likely shrank in the first quarter for the first time in 30 years.Bank of America on Thursday cut its full-year growth forecast for China from 1.5% to 1.2% – compared with 6.1% for 2019 – forecasting a deeper and longer slump in global demand.”You can say China is operating back to normal but it doesn’t operate in self-isolation,” said Kunjal Gala co-portfolio manager, Federated Hermes, who has added a little to positions in China and South Korea, but cautiously.”Both of these countries are not safe, as both have bet on exports, and with the U.S. and Europe slowing down because of this lockdown, demand is going to be fairly subdued.”center_img Topics :last_img read more

Series tied 2/2 in Roseau Valley Basketball League finals

first_img 27 Views   no discussions NewsSports Series tied 2/2 in Roseau Valley Basketball League finals by: – May 11, 2012 Share On Thursday 10th, the Elvis Welding Services Road Stars, defeated the Upper Village Hoosiers by the final score of 98-96 points, in game 4, of the best-of-5 series finals, in the Roseau Valley Basketball League. The Hoosiers came into this game leading the series 2-1, and would be looking to be closing of the series, & getting their 1st championship in doing so, while the Road stars would be ensuring that this in not so, and force a game 5. The Hoosiers were again without key players, Orlando George & Charles Williams, who will not be available for the rest of the series due to knee injuries, while the Road Stars are still without Thomas Felix, who is in out of state. As usual, there was a lot of hype & suspense before this game. The crowd support on hand was again excellent, with their horns, conch shells, buckets and galvanize. The referees were Mr. Jeffery Murdock, Mc’Dowe & Peggy. The 1st period of this game belonged completely to the Road Stars, as they were the ones who dominated early & kept the pressure on the Hoosiers to work hard. They were surely on point in the early going. Their offence & defense was 1st class. They were up for the fight, & were not in any mood to simply give up the series. The Hoosiers rarely had anything going for them, as they were inconsistent and the majority of their 15 points in this opening quarter, came from second chance opportunities. The game was still closely knit, but the road stars closed of leading, 22-15: an advantage of 7 points. By period 2, the game began to get extremely tense for both teams. The game became more of a balanced affair. They were now both in it, as they played & dominated in their own style & fashion. Along with this brought a lot of lead changes & ties. At the half, the Hoosiers had erased the 7 point 1st period deficit, & were now leading, but only by a minimal 4 points, 42-38.Quarter number 3 had started, & things turned a bit nasty. The whole of the Hoosiers team were already in foul trouble with only 1 sub. Royce Ceasar had 4, Ramal Carbon had 4, Curtis John had 3 & Edgar George with 3 as well. The players from the Hoosiers, as well as certain fans were of the opinion that a certain referee was against them, as the majority of the calls went against them, while the Road Stars felt a sense of justice was being done, as they too complained of the decisions in game 3. It was extremely tense at this moment, with even violence being shouted from the stands. Everyone was on edge. Players, supporters, referees, & even the clock man. To add to that, it was extremely cold, with strong winds at the basketball arena in Trafalgar. But…… The excitement was still in the air. The Road Stars opened up a 10 point lead, with about 5 minutes to go, until the Hoosiers tightened up a bit, and closed the quarter, down again, trailing by 4 points, 66-62.The 4th quarter took about 6 minutes, before it began, as there was still a lot of fracas, & confusion going on. Everyone was complaining. Eventually, it started. The Road Stars opened another lead, this time of 8, but maintained it all through, till about 2 minutes, until things got interesting. Baskets were being traded on both ends of the floor, as the Road Stars kept their lead up. The likes of Julian Isles, Fitzgerald Daniel, Javeed Joseph, worked hard for the Road Stars, while, as usual, the work horse, Joseph “Boone’ Jno. Baptiste did all the work for the Hoosiers, and received great help from his fellow villager, Royce Caesar. But that was the end of the line in terms of help for them, as Ramal Carbon had fouled out long time, and 3 other players sitting on 4 fouls. In the final seconds of play, being down by 4 points, there was a glimpse of light at the end of the tunnel for the Hoosiers, with Jno. Baptiste being fouled twice, shooting 3 pointers, but, having missed the 1st of the 2 sets of free throws, that was the end of the line for the Hoosiers, losing by 2 points, 98-96. And with that, came more noise,& confusion at the final whistle. Series tied 2-2 with the final game to be played on Sunday 13th, at 7:30 p.m. at the Trafalgar Basketball court. Will certainly be exciting. Great mother’s day present.Top performers for Road Stars were; Javeed Joseph – 24 pts, 7 reb, 4 asts, Fitzgerald Daniel – 22 pts, 11 asts, Julian Isles – 16 pts, 13 reb, 3 blks, Patrick Lafonce – 15 pts, 8 reb and Simon “Toto’ Joseph – 12 pts, 4 reb.Top performers for Hoosiers were; Joseph “Boone’ Jno. Baptiste – 41 pts, 6 reb, 6 asts, Royce Caesar – 34 pts, 5 asts and Ramal Carbon – 9 pts, 5 reb.Game 5 will be played on Sunday 13th May from 7:30 p.m.By: Edgar George Tweetcenter_img Sharing is caring! Share Sharelast_img read more

Chelsea plan £31.3m striker signing to partner Werner

first_img Promoted Content6 Extreme Facts About Hurricanes5 Of The World’s Most Unique Theme ParksBest & Worst Celebrity Endorsed Games Ever Made7 Black Hole Facts That Will Change Your View Of The UniverseDisney’s Live-Action Simba Was Based On The Cutest Lion Cub EverWho Is The Most Powerful Woman On Earth?7 Universities In The World Where Education Costs Too MuchCan Playing Too Many Video Games Hurt Your Body?Is This The Most Delicious Food In The World?8 Amazing Facts About Ancient EgyptThe Highest Paid Football Players In The World7 Truly Incredible Facts About Black Holes Loading… Jovic cost Real a reported €60m last summer, but has only scored twice in 25 appearances. It’s believes they could let him leave for around €35m – and the asking price has reportedly interested Chelsea. Werner cost £54m after Chelsea met the exit clause in his RB Leipzig contract. They also recently tied down Tammy Abraham to a new contract. However, Chelsea still need attacking reinforcements, with two players set to leave. Michy Batshuayi and Olivier Giroud are both poised to move on this summer. The latter has, more recently, been linked with Leeds. FacebookTwitterWhatsAppEmail分享 center_img Chelsea are keen to sign a striker from Real Madrid to further boost their attack, while Liverpool are targeting a USA international midfielder, according to Monday’s transfer gossip. Chelsea hope to sign Luka Jovic from Real Madrid this summer to further boost their attack. Frank Lampard has already sealed the signing of Timo Werner for next season, but isn’t stopping there. Now the Daily Express reports the Blues want to sign Serbia striker Jovic, who has struggled since joining Real Madrid. read also:Giroud edges Chelsea closer to Champions League qualificationAdvertisementlast_img read more

Abelson can’t be caught at Knoxville Arnold Motor Supply Hawkeye Dirt Tour show

first_imgChris Abelson led every lap in winning Thursday’s Arnold Motor Supply Hawkeye Dirt Tour main event for IMCA Modifieds at Knoxville Raceway. (Photo by Barry Johnson)KNOXVILLE, Iowa (July 20) – Chris Abelson made sure the race was for second Thursday night at Knoxville Raceway.Abelson started on the pole and led all 25 laps of the Arnold Motor Supply Hawkeye Dirt Tour main event.A caution with six circuits to go in the IMCA Modified headliner put Todd Shute right behind Abelson for the restart, but Shute’s challenge ended with bobble on the final circuit. Abelson pulled away to the $1,500 Dynamic Drivelines Dirt Duel checkers to become the sixth different winner in as many tour events this season.Shute ended in second. Richie Gustin was third and Jeff Aikey fourth. Hard charger Justin Kay started 15th and finished fifth.Joel Rust and Kelly Shryock came into the night tied for the tour point lead. Rarely separated by more than a car or two, Rust finished eighth, one spot ahead of Shryock, and will take the top spot in the standings to the July 25 show at Dubuque Speedway.Abelson, the defending Side Biter Chassis North Central Region and 2016 Hawkeye Dirt Tour champion, now owns four career HDT feature wins. He’d also won at Knoxville three years ago and was already vote eligible for the upcoming Fast Shafts All-Star Invitational.Curtis Van Der Wal was the Karl Chevrolet Northern SportMod winner at Knoxville. He got the lead early in the 20-lapper and negotiated lapped traffic in outrunning Tim Plummer and Brayton Carter.Results Modified feature – 1. Chris Abelson, Sioux City; 2. Todd Shute, Des Moines; 3. Richie Gustin, Gilman; 4. Jeff Aikey, Cedar Falls; 5. Justin Kay, Wheatland; 6. Cayden Carter, Oskaloosa; 7. Troy Cordes, Dunkerton; 8. Joel Rust, Grundy Center; 9. Kelly Shryock, Fertile; 10. Hunter Marriott, Brookfield, Mo.; 11. Eric Elliott, Boone; 12. Kyle Brown, Madrid; 13. Randy Havlik, Boone; 14. Cory Sauerman, Johnson; 15. Ricky Thornton Jr., Chandler, Ariz.; 16. Justin Gregg, Hastings, Neb.; 17. Brandon Banks, Washington; 18. Jacob Murray, Hartford; 19. Kurt Kile, Nichols; 20. Tim Ward, Harcourt; 21. Cody Bauman, Eureka, Ill.; 22. Chris Zogg, New Liberty; 23. Jason Murray, Hartford; 24. Shane DeMey, Denison.1st heat (top three) – 1. Abelson; 2. Aikey; 3. Gregg; 4. Kile; 5. Elliott; 6. Kay; 7. Nick Roberts, Des Moines; 8. T.J. Smith, Menasha, Wis.; 9. Jordan Walker, Cedar Rapids.2nd heat – 1. Gustin; 2. Jacob Murray; 3. Thornton; 4. Carter; 5. Rust; 6. Banks; 7. Tyler Madigan, Peosta; 8. Sauerman; 9. Doug Rivera, Yuma, Ariz.; 10. Jarrett Brown, Ainsworth.3rd heat – 1. Ward; 2. Cordes; 3. Havlik; 4. DeMey; 5. Zogg; 6. Todd Inman, Altoona; 7. Bauman; 8. Griffin McGrath, Cedar Rapids; 9. Tyler Gross, Ankeny.4th heat – 1. Shute; 2. Marriott; 3. Shryock; 4. Jason Murray; 5. Kyle Brown; 6. Cole Hall, Sheffield; 7. Clayton Christensen, Spencer; 8. Kent Rosevear, Yuma, Ariz.; 9. Garrett Wilson, Carlisle.1st “B” feature (top five) – 1. Kile; 2. Kay; 3. Elliott; 4. Zogg; 5. Bauman; 6. Roberts; 7. Smith; 8. Walker; 9. Gross; 10. Todd Inman; 11. DeMey; 12. McGrath; 13. Jarrett Brown.2nd “B” feature – 1. Carter; 2. Rust; 3. Jason Murray; 4. Kyle Brown; 5. Banks; 6. Madigan; 7. Wilson; 8. Rivera; 9. Hall; 10. Rosevear; 11. Sauerman; 12. Christensen.Northern SportMod feature – 1. Curtis Van Der Wal, Oskaloosa; 2. Tim Plummer, Norway; 3. Brayton Carter, Oskaloosa; 4. Randy Roberts, Boone; 5. Carter VanDenBerg, Oskaloosa; 6. Cody Olsen, Omaha, Neb.; 7. Brett Lowry, Montezuma; 8. Sam Wieben, Dysart; 9. Dusty Masolini, Des Moines; 10. Ethan Braaksma, Newton; 11. Cory Van Zante, Sully; 12. Johnathon Logue, Boone; 13. Adam Shelman, Ames; 14. Colton Livezey, New Sharon; 15. Jake McBirnie, Boone; 16. Taylor Musselman, Norwalk; 17. John Watson, Des Moines; 18. Thomas Egenberger, Des Moines; 19. Trenton Brink, Bussey; 20. Bill Wears, Des Moines; 21. Shawn Cooney, Des Moines; 22. Brian Kauffman, Cedar Rapids; 23. Brian Efkamp, Ankeny; 24. Logan Anderson, Oskaloosa.1st heat (top three) – 1. Plummer; 2. Roberts; 3. Olsen; 4. Livezey; 5. Logue; 6. A.J. Johnson, Oskaloosa; 7. Josh Sink, Stanton; 8. Wieben; 9. Taylor Inman, Altoona; 10. Brandon Bach, Des Moines.2nd heat – 1. McBirnie; 2. Van Der Wal; 3. Cooney; 4. Efkamp; 5. Brian Luedtke, Norway; 6. Masolini; 7. Egenberger; 8. Musselman; 9. Tyler Inman, Altoona.3rd heat – 1. Carter; 2. Shelman; 3. Wears; 4. Logan Anderson; 5. Watson; 6. Ed Hamilton, Atlantic; 7. Brink; 8. Preston Gigax, Omaha, Neb.; 9. Robert Moore, Maxwell.4th heat – 1. VanDenBerg; 2. Van Zante; 3. Lowry; 4. Kauffman; 5. Braaksma; 6. Brandon Patava, Des Moines; 7. Tony Johnson, Oskaloosa; 8. Tom Lathrop, Ottumwa; 9. Blair Simmons, Des Moines.First “B” feature (top six) – 1. Logan Anderson; 2. Livezey; 3. Logue; 4. Watson; 5. Wieben; 6. Brink; 7. Moore; 8. Sink; 9. Taylor Inman; 10. Bach; 11. A.J. Johnson; 12. Hamilton; 13. Gigax.Second “B” feature – 1. Masolini; 2. Braaksma; 3. Musselman; 4. Efkamp; 5. Egenberger; 6. Kauffman; 7. Patava; 8. Lathrop; 9. Simmons; 10. Tyler Inman; 11. Tony Johnson; 12. Luedtke.last_img read more