I will post my 15 best long term stocks . also i will post monthly stock picks. This site is also for our Mad Street Addict Money Fund, Where we all can talk about stocks !
PFNO.PK on Pink OTC 0.0020 ParaFin Corporation (ParaFin) is a development-stage company. The Company is engaged in the acquisition and exploration of oil and gas properties. Parafin executed a farmout agreement with Guarani Petroleum Exploration, S.A.Invest in Penny Stocks: A Guide to Profitable Trading to acquire the development rights to Hydrocarbon Concessions in the Republic of Paraguay. The concessions ParaFin Corporation (PINK:PFNO) soared 225% to $0.0021 with over a volume of 222.58 million shares compared to a daily average trading of 5.79 million shares. So far in last six months the stock has surged 14.29%.
+0.0013 (185.71%)
SummaryName Age Since Current Position
Fowlds, Sidney 66 Chairman of the Board, President
Johnston, John 82 Vice President, Director
Feimann, Anthony 66 Treasurer, Secretary
Miller, Robert 63 1992 Director
» Insider TradingBiographiesName Description
Fowlds, Sidney Mr. Fowlds, attended the University of British Columbia between 1958 and 1963 majoring in economics and political science. In 1967, Mr. Fowlds joined Doherty Roadhouse & McQuaig Brothers, Investment Advisors. Mr. Fowlds worked in all departments of the securities industry, including on the floor of the Toronto Stock Exchange. In 1969 Mr. Fowlds was appointed vice-president of a mining company in British Columbia. A year later he became the largest shareholder and Chairman of the Board. Mr. Fowlds restructured that company and formed Jordan River Mines Ltd.(JRM) Mr. Fowlds was instrumental in financing the mine to production in 1972. .JRM operated a 1,500 Ton Per Day copper gold silver mine. The mine employed approximately two hundred men with an annual payroll in excess of $8 million. Mr. Fowlds negotiated copper concentrate contracts with Sumitomo Mining in Japan and with Metalgesellshaft in Germany. In 1974 the world price of copper fell below US$0.40 per pound and the mine became uneconomic to continue operations. In the 1980s, Mr. Fowlds diversified into the oil and gas industry and was Chairman of the Board of several public and private oil and gas companies including the Registrant. Mr. Fowlds was a financial consultant to these companies and President of the Registrant and during this period raised millions of dollars for the acquisition, exploration and development of oil anmd gas properties. Mr. Fowlds drilled twenty-six wildcat wells and acquired land parcels in Louisiana, Texas, California and two multi-million acre Government Concessions in Papua New Guinea. Mr. Fowlds returned to the Oil & Gas industry when the price of oil went back up. Mr. Fowlds has been a director of the Registrant since October 1986.
Johnston, John Mr. Johnston , is retired as a real estate developer in 1995. Mr. Johnson formerly designed 18 hole golf course and real estate developments. Mr. Johnston is a former winner of the Canadian Amateur Golf Championship, represented for over fifteen years in international golf and is a member of the British Columbia Hall of Fame. He has been a director of the Registrant since October 1986.
Feimann, Anthony Mr. Feimann, is retired in 1993 as a financial consultant. He graduated with a Bachelor of Arts degree in Econometrics from the University of British Columbia in 1963. This included one year of post-graduate work. Mr. Feimann worked for a national firm of Chartered Accountants for five years and was in public practice in accounting for an additional two years. He was co-founder of Econometrica, Inc., an economic consulting company specializing in econometrics based in Santa Barbara, California.
Miller, Robert Mr. Miller, is retired as a financial consultant in 1995. Formerly he was a stockbroker and financial and real estate consultant in London, England; Brisbane, Australia and Vancouver, B.C., Canada. Mr. Miller has been a director of the Registrant since October 1992.
Why i'm buying ParaFin Corporation (Public, PINK:PFNO) March best penny stock
ParaFin Corporation (ParaFin) is a development-stage company. The Company is engaged in the acquisition and exploration of oil and gas properties. Parafin executed a farmout agreement with Guarani Petroleum Exploration, S.A. to acquire the development rights to Hydrocarbon Concessions in the Republic of Paraguay. The concessions consist of 2,456,453 hectares (approximately 6,069,994 acres) in the Alto Parana Block, Alto Parana Province, Paraguay. Penny Stock Trading
Chairman of the Board. Born September 21, 1940, married and has two children. Mr. Fowlds attended the University of British Columbia between 1958 and 1963 majoring in Economics and Political Science. In 1967, Mr. Fowlds became an Ivestment Dealer and worked in all departments of the securities industry, including on the floor of the Toronto and Montreal Stock Exchanges.
In 1969 Mr. Fowlds was appointed Vice-President of a mining company in British Columbia. A year later he became the largest shareholder and Chairman of the Board. Mr. Fowlds restructured the Company and formed Jordan River Mines Ltd.
Mr. Fowlds negotiated financing to place the Company's copper/gold/silver property situated at Jordan River on Vancouver Island, British Columbia, Canada into production. Jordan River Mines, Ltd. had a plant capacity of 1500 tons per day employing in excess of 200 employees. Copper, gold and Silver production from the mine was sold under contracts negotiated by Mr. Fowlds to smelters in both Germany and Japan.In the '80s, Mr. Fowlds diversified into the oil and gas industry and was Chairman of the Board of several public and private oil and gas companies. As a financial consultant to Companies during this period Mr. Fowlds raised millions of dollars for exploration and development of land parcels in the oil and gas industry in Louisiana, Texas, California and two multi-million acre Government Concessions in Papua New Guinea. In 1989, as a result of the downfall of the world price of oil and gas, Mr. Fowlds changed the direction of the Company to Telecommunications, voice technology and the PC computer industry. The Company developed the E.T. _TeleManagement_ 1 900 and 1 800 and VoiceMail systems, raising more than $5 million for research, development and marketing.
From 1996 until the present Mr. Fowlds returned to the Oil & Gas industry. The potential of hydrocarbon Concessions and other opportunities in the Oil & Gas industry have continued to be the main focus of the Corporation from that time until the present.
Retired. Real Estate developer. Former part owner of golf club manufacturing company and 18 hole championship golf course. Designed 18 hole golf course and real estate developments. Mr. Johnston is a former winner of the Canadian Amateur Golf Championship and is a member of the British Columbia Hall of Fame.
ROBERT M. MILLER, DIRECTOR. Financial Consultant.
Born in St. Albans, Herts., England. Stock broker and financial and real estate consultant in London, England; Brisbane, Australia and Vancouver, B.C., Canada.
ANTHONY V. FEIMANN, Secretary-Treasurer. Financial Consultant.
Mr. Feimann graduated with a Bachelor of Arts degree in Econometrics from the University of British Columbia in 1963. This included one year of post-graduate work. Mr. Feimann worked for a national firm of Chartered Accountants for five years. He then started his own economic consulting company.
Petroleum Exploration, S.A. Parafin has the right to earn an 80% interest in the Alto Parana Block consisting of 2,456,452 hectares (approximately 6.06 million Acres) in Alto Parana Province, Paraguay.
The Chaco Parana Basin in Paraguay is one of the last, largely unexplored, oil and gas frontiers in the world with known hydrocarbons. It covers most of Paraguay and portions of Brazil, Uruguay, Argentina and Bolivia. In Paraguay alone it covers an area of 98,840,000 acres (400,000 sq kilometers). To date, 49 exploration wells have been drilled in Paraguay
(a country with a landmass roughly the size of California). 24 of the exploration wells (49%) have oil shows. Within the Chaco and Parana Basins are established hydrocarbon areas where oil and gas have been produced in Argentina, Bolivia and Brazil since the early 1920’s.
HIS Energy, a US based energy consultancy, recently ranked Paraguay as the seventh best Oil and Gas fiscal regime globally, while its neighbor Argentina ranks 38th and the US 44th. Recent political and economic changes in the country, coupled with the establishment of gas imports to Southern Brazil from Bolivia, place Paraguay as an enticing area for exploration.
The US Geological Survey, in its 2000 world petroleum assessment study, estimated a resource potential of 900 million barrels of oil and 4.5 trillion cubic feet of natural gas for the Chaco Basin of northern Paraguay.
Parafin Corporation is seeking funding of up to $10M USD to fund operations for the exploration and exploitation of the company’s 6.06 million Acre Hydrocarbon Concession in Paraguay. Parafin will use the funding to proceed to the next stage of 3D seismic interpretation to locate drilling targets and then for drilling the targeted well sites.
The stock is up over 300% and is now at .007 as of today. It will go up and down probably daily, but look for it to go higher every week. We believe it will be 30 cents in a few weeks. The marketing campaign has not even begun yet. Once the marketing team submits discloses that Parafin has just received 10 Million dollars in new funding and that the drilling will be starting up within a few weeks, this stock will start moving up exponentially. Oil is going higher and PFNO is going to rise and hopefully find some oil ....... this is a risky stock pick , put this could make you someHow To Make Money Trading Penny Stocks $$$$$$$$$$$$
sEE WHY HERE , BUY NOW AT 9.00 A SHARE , GREAT BUYING OPPORTUNITY ......
Baltic Trading Limited Announces Fourth Quarter Financial Results
February 23, 2011
NEW YORK, Feb. 23, 2011 /PRNewswire/ -- Baltic Trading Limited (NYSE: BALT) ("Baltic Trading" or the "Company") today reported its financial results for the three and twelve months ended December 31, 2010.
The following financial review discusses the results for the three and twelve months ended December 31, 2010. Since the Company began operations in October 2009 and took delivery of its first vessel on April 8, 2010, comparable historical data for the three and twelve months ended December 31, 2009 is unavailable.
Fourth Quarter 2010 and Year-to-Date Highlights
•Declared a $0.17 per share dividend payable on or about March 14, 2011 to all shareholders of record as of March 7, 2011 based on Q4 2010 results;
•Recorded net income of $3.7 million, or $0.17 basic and diluted earnings per share for the fourth quarter;
•Amended the Company's $100 million senior secured credit facility to increase the commitment to $150 million;
•Completed the acquisition of the Company's initial fleet; and
•Completed the acquisition of the three Handysize vessels from the Metrostar group of companies.
Financial Review: 2010 Fourth Quarter
The Company recorded net income for the fourth quarter of 2010 of $3.7 million, or $0.17 basic and diluted earnings per share. Comparatively, for the three months ended September 30, 2010 the Company recorded a net income of $2.5 million, or $0.12 basic and diluted net income per share.
EBITDA was $8.4 million for the three months ended December 31, 2010.
John C. Wobensmith, President and Chief Financial Officer, commented, "2010 was an important year for Baltic Trading. We successfully completed the Company's IPO and made significant progress implementing our unique corporate strategy, enabling Baltic Trading to achieve solid results in its inaugural year. Building on the purchase of our six initial vessels, we acted decisively to acquire three Handysize vessels, further enhancing our earnings power and growing our fleet by more than 18% on a tonnage basis."
Baltic Trading Limited's revenues increased to $15.2 million for the three months ended December 31, 2010 compared to $10.4 million for the three months ended September 30, 2010 primarily due to the operation of a larger fleet during the fourth quarter of 2010.
The average daily time charter equivalent, or TCE, rates obtained by the Company's fleet were $18,596 per day for the three months ended December 31, 2010 compared to $18,412 for the three months ended September 30, 2010. The increase was due to the operation of a greater number of Capesize vessels in the fourth quarter of 2010 that achieved higher rates during the same period.
Total operating expenses increased to $10.4 million for the three months ended December 31, 2010 from $7.2 million for the three months ended September 30, 2010 as a result of the increase in the number of vessels under operation in our fleet. Vessel operating expenses were $4.2 million for the three months ended December 31, 2010 compared to $2.7 million for the three months ended September 30, 2010. General, administrative and management fees increased to $2.3 million from $1.8 million during the comparative periods due to the expansion of our fleet. Depreciation and amortization expenses were $3.7 million for the fourth quarter of 2010 compared to $2.5 million for the third quarter of 2010.
Daily vessel operating expenses, or DVOE, were $5,167 for the fourth quarter of 2010 and $4,893 for the previous quarter this year. We believe daily vessel operating expenses are best measured for comparative purposes over a 12month period in order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation. Based on estimates provided by our technical managers and management's expectations, we expect DVOE for 2011 to be $5,200 per vessel per day on a weighted average basis.
Financial Review: Twelve Months Ended December 31, 2010
Net income was $8.3 million or $0.46 earnings per share basic and fully diluted for the twelve months ended December 31, 2010. Voyage revenues were $32.6 million and EBITDA was $17.7 million for the twelve months ended December 31, 2010. TCE rates obtained by the Company's fleet for the twelve months ended December 31, 2010 were $19,692 per day.
Daily vessel operating expenses for the twelve months ended December 31, 2010 were $5,016.
Liquidity and Capital Resources
Cash Flow
Understanding Stocks
Net cash provided by operating activities for the twelve months ended December 31, 2010 was $19.0 million. Net cash provided by operating activities for the twelve months ended December 31, 2010 was primarily a result of recorded net income of $8.3 million, plus non-cash operating charges relating to depreciation and amortization of $7.4 million related to the operation of our fleet in addition to $2.9 million of amortization of non-vested stock compensation expense.
Net cash used in investing activities was $389.8 million for the twelve months ended December 31, 2010 and was related to the purchase of the nine vessels in our fleet.
Net cash provided by financing activities for the twelve months ended December 31, 2010 was $376.6 million and mainly consisted of $214.5 million of gross proceeds from our initial public offering, Genco Shipping & Trading Limited's capital contribution in the amount of $75.0 million and $101.3 million of proceeds from our credit facility to finance the deposits and final payments for the Metrostar vessels offset by $7.2 million in cash dividends paid, $4.1 million in common stock issuance costs and $2.9 million in payment of deferred financing costs.
We make capital expenditures from time to time in connection with vessel acquisitions. Our fleet consists of two Capesize, four Supramax, and three Handysize vessels with an aggregate capacity of approximately 672,000 dwt.
In addition to acquisitions that we may undertake in future periods, we will incur additional capital expenditures due to special surveys and drydockings for our fleet. None of our vessels were drydocked in 2010, and we do not currently expect any of our vessels to be drydocked during 2011.
(Public, PINK:DGRI) Dutch Gold Resources, Inc Dutch Gold Resources, Inc. (Dutch Gold), incorporated on October 13, 1989, is a gold miner focused on developing its mining properties in North America and acquiring and developing new mines. The Company maintains two mining projects and a milling operation near Grants Pass, in southern Oregon. On December 31, 2009, the Company acquired Aultra Gold, Inc.Dutch Gold seeks to leverage its capital through strategic investments in other gold miners, with an intent of developing multiple sources of cash flow from its’ capital base.
Dutch Gold Resources believes that building value in the mining sector requires having exceptional people working on projects of significance, in keeping with the Company’s ability to bring financial discipline to the development and subsequent production of its portfolio properties.
To that end, Dutch Gold is proud the experience sets of the key members of its management team. Rauno Perttu, COO and Vice Chairman, has forty years of experience identifying and developing successful mining projects. The balance of the management consists of seasoned Merger & Acquisitions, and Corporate Finance professionals, with Dan Hollis serving as CEO and Steve Keaveney serving as CFO. Mr. Keaveny has been instrumental in the completion of two-dozen M&A assignments, along with providing over $500 million of financing to his companies. The team mission is to identify and finance opportunities to enhance the value for its shareholders.
The Company’s portfolio consists of three properties. Dutch Gold is focuses on its holdings of merit in Montana and Nevada. The Company is conducting advanced exploration and predevelopment of the large gold system at our Basin Gulch property in Montana. Our Jungo Project is a promising new discovery in Humboldt County, Nevada. The property is being actively explored and is located near the Sandman project. Dutch Gold has placed its Oregon properties into Care and Maintenance. The Company has an active acquisition pipeline.
Finding a Gold Stock in NanoCap is tricky because normally there are so many shareholders and it takes eons to value the metal they extract from the ground. Not to mention the underlying metal itself is volatile and many companies are dual listed and information is hard to keep up with. I found a company who will be reporting soon in the OTCBB in the US who is dual list and has a 2011 plan as strength in the underlying metal continues.The estimated gold mineralization volume for the discovery block is 633 million tons grading 0.012 ounce per ton (opt) gold, using a 0.0065opt cutoff, for a contained volume of approximately 7,600,000 ounces of gold. Within this mineralization is higher-grade volume of 108 million tons grading 0.026 opt gold, containing approximately 2,800,000 ounces of gold. The gold mineralization also contains locally significant associated silver mineralization that was not included in the estimates.
Additionally, based on numerous higher-grade gold intercepts that have not yet been evaluated, Dutch expects to define very significant areas of higher-grade mineralization with future drilling, both within the discovery zone and outside it. As step-out and fill-in drilling is conducted in the gold-mineralized areas intersected by the holes outside the discovery block, Dutch anticipates the discovery will grow
In March of 2010, Dutch Gold spun of an existing corporate structure, creating Shamika 2 Gold, Inc. (SHMX:OTCBB). Dutch Gold holds over 5,500,000 shares of SHMX. The transaction enhances the financial statements of Dutch Gold, and provides potential sources of cash flow for DGRI in the future. Management is pleased to have leveraged its capital base, and is evaluating other opportunities to strengthen its balance sheet and cash flow.
The Company is pleased to report that initial results appear to be favorable, and to announce the next steps in the interpretation of the data.
The Company is reviewing the drill core from its Jungo property in Humboldt County, Nevada. The hole was drilled at 60 degrees to the northwest to cross the southeast-dipping geology. Dutch Gold is pleased to announce that the drilling has intersected extensive breccia containing a wide variety of locally rounded clasts including volcanic fragments and locally extensive pyritic quartz clasts in a matrix of clay and apparent quartz sericite. This is interpreted to be the volcanic vent that was crossed almost perpendicularly from 92 feet to 280 feet in a 188-foot segment of a trench that overlies the drill hole a short distance to the south.
In the trench, the eastern twenty feet assayed 0.042 opt gold and more than 0.5 opt silver. A select 5-foot sample of the hot springs rock assayed 0.6 opt gold and 4.44 opt silver. Additionally, the western portion of the vent in the trench contained intervals that assayed better than 0.01 ounce per ton gold. The core is interpreted to be the upper level, lower temperature part of a gold system that could strengthen at depth. Looking for Gold: The Modern Prospector's Handbook (Prospecting and Treasure Hunting)
The volcanic vent gold system is interpreted to be a younger, separate system from the gold and copper system that was the focus of the earlier exploration in the area. This newly identified system does not appear to contain copper.
Dutch Gold believes that a combination of the mineralization in the newly discovered system with the earlier identified gold and copper mineralization should be evaluated for its combined open-pit potential. Furthermore, the new system should be evaluated on its continuation to the north and at deeper levels.
"We will log the core in detail, cut it and submit it for assaying. First assay results are expected in about two weeks," said Rauno Perttu, Chief Operating Officer. "These early indications, along with the assay data, will guide the Company in further exploration and development planning for the Jungo project," added Mr. Perttu.
Jungo is located approximately 50 miles northwest of the town of Winnemucca, in northwestern Nevada.
The Jungo property lies between the historic Sleeper Mines and Allied Nevada Gold Corporation’s Hycroft Mine in Humboldt County, Nevada, and southwest of and across the valley from Newmont’s Sandman project. The Company has no direct association with any of these nearby mines.
The Hycroft Mine historically produced in excess of a million ounces of gold and recently announced that it plans to go back into production with the recent discovery of at least 5 million ounces of additional reserves.
Located in Granite County, Montana, the Basin Gulch Mine is a large, open-ended, gold and silver system. Discovered by the company's COO and world renowned geologist, Rauno Perttu, the property has been partially explored by 323 reverse circulation and core drill holes and approximately 17,000 feet of trenches. The system contains multiple areas of mineralization, and an open-ended defined resource of more than two million ounces of mostly low-grade disseminated gold and silver, with local shallow higher-grade breccias and inferred veins.
On February 11, 2011, Dutch Gold Resources acquired an exploratory license for its Basin Gulch Project. The permit facilitates exploratory drilling of the property which is said to contain $3 billion in gold and may contain one of the largest gold deposits ever in Western Montana
The Sleeper Mine produced approximately 1.7 million ounces of gold, much of it from very high-grade near-surface veins. Recent exploration is finding new areas of strong ore-grade mineralization below the historic mine pit and along newly identified mineral structures outside the historic exploration area.
The Jungo property contains extensive exposures of brecciaed and silicified Paleozoic sedimentary rocks in contact with Tertiary volcanic rocks to the north and east. Surface samples from the property were anomalous in gold and silver, with several samples assaying better than 0.1 opt gold, and one sample greater than 0.6 opt. The apparent southwestern end of a siliceous gold system was exposed in the northern of two surface trenches completed by Dutch in March of 2007. Very limited exposures suggest that the possible hot springs silica associated with a minimally eroded volcanic vent extends for at least 2,000 feet northeastward under shallow alluvial cover.
Three additional trenches were dug in 2010. Trench JTP-3 was sited 1020 feet north of the 2007 trenches and was dug in an easterly down-slope orientation to cut across the lower margin of the eastern hillside of the Jackson Mountains. This new trench exposed altered Pretertiary meta-sedimentary and meta-igneous rocks that have been locally intruded by younger sialic shallow igneous rocks. All of the rocks have been fundamentally shattered and sheared.
Gold Miner's Handbook
Trench JTP-3 exposed the apparent continuation of the silicic gold-bearing volcanic vent that was seen in the northern 2007 trench. The JTP-3 trench interval from 140 feet to 270 feet contained the apparent vent zone, with erratic blocks of altered older metamorphic rocks mixed with and locally dominated by younger highly silicic gassy volcanics. The vent is gold bearing. The trench interval from 200 to 210 feet assayed 0.048 opt gold and 0.5-ounce silver. The interval from 240 to 250 feet contained 0.076 opt gold and 2.6 ounces silver. The adjacent interval from 250 to 260 feet assayed 0.017 opt gold and a half-ounce silver.The Basin Gulch Mine is a large, open-ended, gold and silver system in Montana located in central Montana west of the historic mining towns of Philipsburg and Anaconda. It is important to note that Basin Gulch is not affected by the recent proposed political changes affecting the North Fork Flathead Area. This is an area with numerous historic mines, including the legendary mines at the historic town of Butte.
Recently, several conditions have changed to make Basin Gulch an exciting exploration target. Gold prices have increased. Attitudes toward mining have improved in central Montana. Discovery and development of very large and very profitable underground mines, primarily in Nevada, have made formerly disdained underground mines very attractive to mining companies. Dutch recognized that Basin Gulch has major mining potential under current Montana law and had the historic exploration information reviewed by an independent consulting geologist. The geological consultant completed an updated report in January 2010. The report showed a significant increase in the volume of mineralization, using data not previously reported in an area that was historically drilled on fifty and hundred-foot spacings
DGRI HAS secured a new license and seem ready to make a real run forward.
Earnings Per SharePeriods 2009 2010
March -0.01778 -0.01238
June -0.04102 -0.00361
September -0.03258 -0.00512
December -0.02406
DGRI.PK on PINK OTC MARKETS INC
0.02USD
18 Feb 2011 Price Change (% chg)
$-0.00 (-1.18%) Prev Close
$0.02
Open
-- Day's High
$0.02
Day's Low
$0.02 Volume
3,896,553
Avg. Vol
5,152,625 52-wk High
$0.11
52-wk Low
$0.00
As of December 31, 2009, the milling operating at Grants Pass, Oregon had capacity to produce 330 tons/day. The Company owns the Gold Bug mine at Silver State, Silver Dollar, Oregonian, Bimetallist and United States Lode Claims in Joseph County, Oregon. As of December 31, 2009, the Company had not produced or sold any gold from the Benton Mine. SummaryName Age Since Current Position
Dienhart, Ewald Chairman of the Board
Hollis, Daniel 58 Chief Executive Officer, Director
Keaveney, Steve 46 2010 Chief Financial Officer, Director
Rosmarin, Lance 46 1996 Secretary, Director
Debor, Wilhelm Director
» Insider TradingBiographiesName Description
Dienhart, Ewald Mr. Ewald J. Dienhart has served as Executive Chairman of the Board of Dutch Gold Resources, Inc. Mr. Dienhart has experience in real estate development, corporate finance and mining development. His project developments in Germany since 1983 have been valued at over 2 Billion (DM). In North America, his real estate development projects include the construction of 22 factory outlets. His interest in mining is focused on the reactivation and financing of promising natural resource properties.
Hollis, Daniel Mr. Daniel W. Hollis has served as Director and Chief Executive Officer of Dutch Gold. He brings thirty years of corporate finance and management experience to the Company. He is a seasoned entrepreneur with a background in venture capital, private and public company funding. His experience includes turn around situations, and development of fast growth management teams for special situations. He has served as an officer and adviser to numerous private and public growth companies. Mr. Hollis served as Registered Principal of Investacorp, Inc., a NASD broker-dealer, where he had supervisory responsibilities for the State of Georgia. He is a member of the National Association of Investment Bankers.s
Keaveney, Steve Mr. Steve Keaveney, CPA is the Chief Financial Officer, Director of Dutch Gold Resources, Inc. He brings 24 years experience in finance and business development. Mr. Keaveney, a CPA, began his career as an auditor at Deloitte & Touche. He received a B.A. in Accounting from Villanova University and holds an M.B.A. from Pepperdine University. Early in his career, Mr. Keaveney built a cable television company in Ireland, beginning with one small system, eventually acquiring another 27 systems. In 1999, after ten years, the last of which were spent as CEO, Mr. Keaveney was able to sell the company to Liberty Media, Inc. for $100,000,000. He has subsequently acted as CFO or CEO or both for public and private companies.
Rosmarin, Lance Mr. Lance Rosmarin has served as Secretary and Director of Dutch Gold Resources, Inc since July 22, 1996. He has served as Secretary and a Director of the Company since July 22, 1996. He has held various executive positions with, and Board seats on public companies over the past fifteen years. Mr. Rosmarin received a Bachelor of Science Degree in Finance and Marketing from the University of Texas in 1985, and an MBA Degree in Finance from the University of Texas in 1988.
Debor, Wilhelm Dr. Wilhelm H. Debor has served as Director of Dutch Gold Resources, Inc. Dr. Debor is an accomplished attorney, with background in finance. Since the beginning of his career, Dr. Debor has held progressively more responsible positions with Swiss Bank Corporation and Chase Manhattan Bank. He was responsible for Credit for Commercial Real Estate with Deutsche Bank Group until 1990 when he joined DePfa Bank Group in Frankfurt, Germany where he served until 2000. Subsequently he has been the principal in Debor Consulting, advising on corporate and real estate transactions.
(Pink Sheets:DGRI) (the "Company") ( http://dutchgold.com ) today announced that it would begin the previously announced drilling program the week of February 21, 2011.
The Company received an authorization to proceed from State of Montana Department of Environmental Quality ( http://deq.mt.gov ) for its Basin Gulch project on Tuesday. The authorization to proceed follows the crediting of Company funds for a required reclamation bond by the State. "We look forward to working with all of the stakeholders in the Basin Gulch area. Dutch Gold is committed to responsible operations. We are contracting with a highly skilled drilling team that has extensive knowledge of the area, and respect for the land," said Daniel Hollis, CEO.
Dutch Gold Resources, Inc. is engaged in the acquisition and development of gold properties in North America. The company's strategy is to focus on overlooked resources that can be brought into production over two to three year timeframe. The Basin Gulch project in Montana, the Jungo property northwest of Winnemucca, Nevada, and the Gold Bug Mine in Oregon comprise the Company's current stock. The Dutch Gold Resources management team is composed of seasoned professionals with decades of experience in geology, and in mergers and acquisitions, as well as corporate finance.
Forward-Looking Statements
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Dutch Gold Resources, Inc. are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, (5 gm) .999 Fine Gold Bar - (With Assay Card) "When we reported on the Basin Gulch resource earlier this year, Dutch Gold management believed that the market would find the size of the deposit to be of interest. With gold hovering near $1,400 per ounce, the project is attracting attention from large and small investors alike. Our expectation is that we can begin to unlock the value in Basin Gulch early in 2011, and that the components to grow the project may be available in the near future," observed Mr. Hollis. A copy of the Basin Gulch report can be found on the Company website.Dutch Gold Resources(ticker:DGRI) has quickly become number 1 on "top 15 active stock market forums.Investors have begun to take notice of undervalued gold stocks such as Dutch Gold Resources in light of the leverage to gold this company can provides for investors.
The company has recently updated their NI 43-101, a third party evaluation, on the 100% owned Basin Gulch property significantly raising resources. Third party evaluation has confirmed above average gold mineralization with data from the property.
"GEMCOM results... yielded a combined proven and probable gold and gold-equivalent silver resources... 2,803,970 ounces gold"
Also from the third party evaluation-
"because all drill holes and all the assays were not used for these calculations, and both estimates are open in all directions, these volume estimates SHOULD BE VIEWED AS THE LOW END OF THE TOTAL GOLD present on the site."fully explored to depth which could reveal even more gold. Basin Gulch, however, is not the only property Dutch Gold Resources has at their disposal for gold production. The company also has the 100% owned Jungo Property in northern Nevada, which is set for a completed NI 43-101 sometime early next year. A description from the company website-
"The Jungo property contains extensive exposures of brecciaed and silicified Paleozoic sedimentary rocks in contact with Tertiary volcanic rocks to the north and east. Surface samples from the property were anomalous in gold and silver, with several samples assaying better than 0.1 opt gold, and one sample greater than 0.6 opt. "
The companies' 100% owned 330 tons per day capacity mill, using the lower figure of .1 opt, could produce 33 ounces of gold per day at 330 tpd x .01 opt. If the mill is operated at 340 days per year, the company can bring in revenue of at least $14,586,000 per year and this estimate could be low as many wall street gurus such as Jim Rickards are calling for gold to steadily climb upwards possibly as high as $10,000 oz.
Dutch Gold Resources offers an amazing leverage to this gold rush by providing shareholders with a high number of ounces of gold in the ground per share. The company currently has only 198M shares outstanding with a very low float of 90M shares.
It's 100% owned properties give investors .014 ounces of gold in the ground per share, this equals $182 of gold per share at $1300 gold.
The current share price as of last Friday, November 12th is just less then 3 cents at .028. At this current price, the market values Dutch Gold Resources at only $4 million dollars. This is incredibly low given their proven and probable assets of 2,803,970 ounces gold and growing with new drill results coming in the first quarter of 2011.
2.8M oz. of gold at $1300 per oz.= $3,640,000,000
After expenses and taxes, this still gives the company a possible billion dollar profit from their gold holdings, and that could be low given the bullish future of gold! If the market valued this company at just 10% of their gold holdings, you could see share price reach as high as $1.50 in the coming months.
There have been companies recently, with 2-3 times as many outstanding shares, make 1000-2000% gains after being in a position similar to Dutch Gold Resources.This resource update significantly increased the size and quality of the Basin Gulch deposit. The gold resource remains open for Basin Gulch project in all directions. We are enthusiastic about the potential for future discovery, both in the discovery . There is a huge risk with this stock , however there is alot of promise and could make you mad money !doing a little research just came across this article.. shamika gold use to be AGDI and is now trading under SHMX. Trading at .39cent.. DGRI owns 5 million shares..
looked interesting.. Also seems like we should be getting results of the jungo project this month..•The company has taken steps to leverage its other assets with the spin-off of AGDI, retaining 5.5M shares of AGDI stock
•DGRI has increased the depth and caliber of its management team over the last twelve months, positioning the Company for rapid growth
buy em while it's still cheap Buy, Buy, Buy ....................
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
Covanta Holding Corporation
CVA Middlesex Water Company
MSEX York Water Co.
YORW For instance, upsides for industry majors such as Southern Company(SO), Exelon(EXC), Dominion Resources(D), Duke Energy(DUK), NextEra Energy(NEE), PG&E(PCG), American Electric Power(AEP) and Spectra Energy(SE) are expected in the range of -3% to 9% over the next 12 months, according to consensus estimates of analysts surveyed by Bloomberg.
Nonetheless, the following 10 utility stocks with an upside range of 14%-65% will likely outperform their peers, according to analysts' estimates of 12-month target prices. Most of these stocks have superior buy and hold ratings, compared
Nonetheless, the following 10 utility stocks with an upside range of 14%-65% will likely outperform their peers, according to analysts' estimates of 12-month target prices. Most of these stocks have superior buy and hold ratings, compared to peers. In addition to growth potential, these stocks offer high dividend yields relative to several other sectors.
However, rising energy costs will likely moderate dividends of electric utility companies. To sustain profits and for higher dividend yields, utility companies may seek mergers and acquisitions. Last month, Duke Energy announced to buy Progress Energy(PGN_) for $13.7
10. Middlesex Water(MSEX) treats, stores and distributes water for residential, commercial, industrial and fire control purposes and is under contract of municipal and private clients in New Jersey, Delaware and Pennsylvania.
10 Stocks
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
GenOn Energy Inc.
GEN Middlesex Water Company
MSEX York Water Co.
YORW Analysts polled by Bloomberg expect the company to report earnings of 15 cents per share during 2010 fourth quarter, compared to earnings of 12 cents per share in the year-ago and quarter-ago periods. The company is likely to report earnings per share of 94 cents for 2010 and 95 cents for 2011, compared to earnings of 72 cents per share for 2009. Fisher Investments on Utilities
The stock offers a dividend yield of 4.3%, higher than its larger competitors. American Water Works(AWK), Aqua America(WTR) and SJW(SJW) have dividend yields of 3.7%, 2.9% and 2.8%, respectively
9. AES Corporation(AES) acquires, develops, owns, and operates power generation plants and distribution systems in several countries.
10 Stocks
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
GenOn Energy Inc.
GEN Middlesex Water Company
MSEX York Water Co.
YORW For 2010 fourth quarter, analysts polled by Bloomberg expect the company to report earnings of 26 cents per share, up from 8 cents and 5 cents reported for the year-ago and quarter-ago periods, respectively. Analysts expect AES to report earnings per share of 85 cents for 2010, $1.18 for 2011 and $1.61 for 2012.
The stock's return-on-equity during the past 12 months was 15.8%. In comparison, Duke Energy(DUK), NRG Energy(NRG), Enersis(ENI), Dynegy(DYN), Constellation Energy(CEG) and Edenor(EDN) had ROEs of 5.1%, 13.2%, 13.4%, -33.6%, -11.9% and 4.2%, respectively
8. California Water Service Group(CWT_) is a holding company of several water utilities, providing regulated and non-regulated water services in California, New Mexico and Washington.
10 Stocks
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
Covanta Holding Corporation
CVA U.S. Geothermal Inc.
HTM Middlesex Water Company
MSEX Analysts polled by Bloomberg expect the company to report earnings of 33 cents per share during 2010 fourth quarter, compared to earnings of 31 cents per share in the year-ago period. The company is likely to report earnings per share of $1.90 for 2010 and $2.16 for 2011.
The stock will likely provide an upside of 14% over the next 12 months with a consensus target price of $41.3, according to analysts polled by Bloomberg. On the other hand, Aqua America, American Water Works, and Artesian Resources(ARTNA_) are expected to return around -1%, 7% and 9%, respectively.
6. American States Water(AWR), a holding company, purchases, distributes and sells water.
10 Stocks
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
Middlesex Water Company
MSEX York Water Co.
YORW U.S. Geothermal Inc.
HTM Analysts polled by Bloomberg expect the company to report earnings of 46 cents per share for 2010 fourth quarter, compared to 18 cents and 30 cents per share reported for the year-ago and quarter-ago periods, respectively. For the full year, analysts foresee the company reporting earnings per share of $1.89 for 2010, $2.17 for 2011 and $2.30 for 2012, in comparison to earnings of $1.62 per share reported for 2009.
At $33.7, the stock is trading at a lower price-to-earnings multiple of 17.7, compared to its peers. Aqua America, Artesian Resources, SJW, and Pennichuck(PNNW) are trading at PE multiples of 25.8, 18.4, 24.8 and 33.6, respectively. In addition, American States Water's EV-to-EBITDA ratio of 7.8 is below that of its competitors.
5. Covanta Holding(CVA_) has diverse operations such as waste disposal, energy services and specialty insurance.
10 Stocks
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
Connecticut Water Service
CTWS Middlesex Water Company
MSEX York Water Co.
YORW The company is expected to report earnings of 17 cents per share for 2010 fourth quarter, compared to earnings of 13 cents per share in the quarter-ago period, according to analysts polled by Bloomberg. The company is likely to report earnings per share of 50 cents for 2010, 66 cents for 2011 and 75 cents for 2012.
The stock's dividend yield of 9.5% surpasses that of its peers. Exelon, Dominion Resources, Public Service Enterprise Group(PEG_) and Ormat Technologies(ORA_) have dividend yields of 5.1%
4. Connecticut Water Service(CTWS), operating through its subsidiary Connecticut Water Company, supplies water to residential, commercial, industrial, and municipal customers in Connecticut.
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
GenOn Energy Inc.
GEN Middlesex Water Company
MSEX York Water Co.
YORW Analysts polled by Bloomberg expect the company to report earnings of 18 cents per share for 2010 fourth quarter, as opposed to earnings of 12 cents reported in the year-ago period. For the full year, analysts expect the company to report earnings per share of $1.20 for 2010, $1.20 for 2011, compared to earnings of $1.19 per share for 2009
3. GenOn Energy(GEN_) generates and wholesales electricity to investor-owned utilities, municipalities and cooperatives.
10 Stocks
10 Energy Stocks for Rising Crude10 Health Care Stocks With 100% Buy Ratings10 Energy Stocks Analysts Favor10 Stocks Favored by Hedge Funds10 Fad Stocks That Bounced Back in 201010 Brazilian Stocks for 2011Market Activity
China Hydroelectric Corp
CHC Middlesex Water Company
MSEX York Water Co.
YORW Analysts polled by Bloomberg expect the company to report loss of 5 cents per share for 2010 fourth quarter, compared to a loss of 71 cents per share in the year-ago period. For the full year, analysts foresee the company reporting earnings per share of 66 cents for 2010, a significant turnaround from a loss of $1.36 per share reported for 2009.
10 Utility Stocks
The stock has a 21% upside over the next 12 months with a consensus target price of $5.1, according to analysts polled by Bloomberg, whereas ALLETE(ALE_), ITC Holdings(ITC_), Integrys Energy Group(TEG_), Calpine(CPN_), and CenterPoint Energy(CNP_) are likely to return around 4%, 10%, -5%, 9% and 5%, respectively.
by thestreet.com
4% Monday as violent protests spread in Libya, raising the possibility that oil supplies from that OPEC nation could be disrupted.Oil has risen to a two-year high, with Brent crude prices in London exceeding $105 a barrel today, as the Middle East turmoil stoked concern that shipments from the region may be disrupted. Libyan leader Muammar Qaddafi’s son warned yesterday The Coming Economic Collapse: How You Can Thrive When Oil Costs $200 a Barrelthat a civil war would risk the country’s oil wealth as security forces attacked protesters, killing more than 200, according to New York-based. Nations including Iran and Bahrain are cracking down on opposition groups demanding change amid upheaval that’s toppled leaders in Egypt and Tunisia.
to seek ways of curbing fluctuations, oil’s 20-day historical volatility has risen to 29.4, according to data compiled by Bloomberg. It was at 12.6, an all-time low, at the end of December. U.S.
An oilfield near central Los Angeles is seen through a fence. World oil prices have been rising on Mideast unrest.
EnlargeCloseBy Mark Ralston, AFP/Getty Images
An oilfield near central Los Angeles is seen through a fence. World oil prices have been rising on Mideast unrest.
By early afternoon in Europe, benchmark light, sweet crude for March delivery was up $3.10 a barrel to $89.30 in electronic trading on the New York Mercantile Exchange. Libya holds the largest crude oil reserves in Africa and oil prices rose to a two-year high today.Introduction to the Global Oil & Gas Business Saif al-Islam Qaddafi called on protesters against his father Muammar Qaddafi’s 41- year rule to engage in dialogue or face a civil war that risks the country’s oil wealth, warning that “rivers of blood will flow” if demonstrations continue.
“The violence is unsettling and it’s definitely right to be cautious,” said Jason Kenney, head of oil and gas research at ING Wholesale Banking in Edinburgh. “It seems like Eni is most at risk. The gas coming into Europe is quite significant, so it’s a concern.”
The April contract was up $3.19 to $92.90. A barrel is 42 gallons.
U.S. markets, including Nymex floor trading, were closed Monday for the Presidents' Day holiday.
In London, Brent crude for April delivery gained $1.73 to $104.25 a barrel on the ICE Futures exchange.
OPEC’s next policy-setting meeting is scheduled for early June, in Vienna. The group has ignored output quotas as prices have soared, pumping about 2 million barrels a day, or 8 percent, more than the official limit for 11 of its members.
Oil Surges
Crude for April delivery advanced as much as $4.04 to $93.75 a barrel in electronic trading
Stocks fell in Europe: By mid-afternoon London time, Germany's DAX index was 0.7% lower at 7,377 while the CAC-40 in Paris fell 0.7% to 4,130. The FTSE 100 index of leading British shares was down 0.2% at 6,068.
The price spread between the U.S. light, sweet crude and European Brent contracts has narrowed slightly but still remains far above usual levels of a few dollars per barrel. Europe is considered more sensitive to disruptions of Middle East oil supplies, while large U.S. stockpiles of crude are one reason for the lower U.S. quotes.
On Sunday, Seif al-Islam Gadhafi, son of Libyan leader Moammar Gadhafi, warned protesters that they risked igniting a civil war in which Libya's oil wealth "will be burned." Libya exports at least 1 million barrels of crude a day
Marriott International Inc. -- The hotelier is splitting into two publicly traded companies. The company said as it reported on its earnings that it will spin off its timeshare development and management company later this year. The remaining business will concentrate on its lodging management and franchising business. Marriott said the move will help both companies focus on opportunities in their respective industries. It also helps the hotel chain shed the less-profitable timeshare business. Marriott will continue to receive franchise fees from the timeshare company's use of the Marriott and Ritz-Carlton brands. The Marriott family will hold a roughly 21 percent stake in each company. Stephen P. Weisz, president of Marriott's timeshare business since 1997, will become CEO of the new company. William J. Shaw, who recently announced his retirement as vice chairman of Marriott International and resigned from its board, will be chairman of the new timeshare company's board. The company reported a 63 percent increase in its fourth-quarter net income to $173 million, or 46 cents per share. That's up from $106 million, or 28 cents per share, a year earlier. Excluding one-time impairment charges and other special items, Marriott earned 39 cents per share, up from 32 cents per share. Marriot's total revenue rose to $3.6 billion from $3.4 billion. Analysts anticipated adjusted earnings of 36 cents per share and revenue of $3.58 billion, according to data from FactSet. Looking forward, Marriott said it expects to earn $1.35 to $1.45 in the current fiscal year. Analysts on average expect $1.41 per share. Marriott International will continue to be listed on the New York Stock Exchange, and the company expects the new timeshare business also to list there. The new timeshare company does not expect to pay a quarterly cash dividend or be investment-grade in the near term. The company is hosting a conference call today to discuss the news with investors. Shares of Marriott, based in Bethesda, Md., rose $1.40, more than 3 percent, to $43 in after-hours trading.
Berkshire Hathaway Inc. -- Warren Buffett's company has sold off several of the smaller investments in its $53 billion U.S. stock portfolio during the fourth quarter, including Bank of America, Comcast, Nike, and Lowe' s. The company revealed a number of changes in its holdings in documents filed with the Securities and Exchange Commission. Berkshire also eliminated holdings in Becton Dickinson, Fiserv, Nalco Holding Co. and Nestle. Officials at the Omaha-based company Buffett leads as chairman and CEO said no one was immediately respond to a request for comment, but they don't typically comment on the company's stock holdings beyond what it is legally required to disclose. Shares closed at $127,850.00, up $450.00.
MGM Resorts International -- The casino operator, in which billionaire Kirk Kerkorian is a major investor, said it narrowed its loss for the fourth quarter, though the company saw gambling revenue and room revenue decline. MGM said it had a loss of $139 million, or 29 cents a share, during the quarter, compared with $433.9 million, or 98 cents a share, a year earlier. The 2009 quarter's results were weighed down by a hefty impairment charge against the company's undeveloped land in Atlantic City. Excluding one-time items, MGM Resorts said it lost 20 cents per share during the fourth quarter of 2010. The Las Vegas company said revenue was $1.47 billion, up from $1.45 billion. Analysts polled by FactSet expected MGM Resorts to lose 21 cents per share on $1.49 billion in revenue. The company's loss for the full year was $1.44 billion, or $3.19 per share, compared with a loss of $1.29 billion, or $3.41 per share, in 2009. Revenue was up slightly to $6.02 billion, though casino, room, food and beverage and entertainment revenues were all down. Shares were $15.07, down 47 cents, or 3 percent.
Credit Suisse Group -- The Swiss bank says it is raising some $6.1 billion from Arabian investors to satisfy new capitalization rules. Credit Suisse says it is issuing contingent capital notes worth $3.5 billion to Qatar Holding LLC and notes worth 2.5 billion Swiss francs ($2.57 billion) to Saudi Arabia's The Olayan Group. The Zurich-based bank says the move would satisfy emergency capital requirements proposed by Swiss regulators. It said Monday the notes can be redeemed after Oct. 2013. Qatar's sovereign wealth fund already holds more than 6 percent of Credit Suisse's shares.
Dynegy Inc. -- Billionaire investor Carl Icahn is extending an offer for the power producer for a final time. Icahn Partners LP said its offer for the Houston company will expire Friday afternoon. The $665 million bid, which values Dynegy at $5.50 per share, was scheduled to expire Monday. It said it will not extend the offer further or increase its bid. Icahn Partners agreed to buy Dynegy in December, but shareholders have not supported its offer. The stock closed Friday at $5.67 a share -- 17 cents above the offered price. Icahn Partners is Dynegy's largest shareholder with about 15 percent of the company. For the deal to go through, 50 percent of Dynegy's shares must be voted in favor of the Icahn bid. But it said Monday that only about 1.4 percent of the shares not owned by Icahn had been tendered in support of the offer as of this past Friday. Last week. Icahn Partners had said 4.4 percent of the shares had been tendered and not withdrawn. Shares were $5.81, up 14 cents, or 2.5 percent.
Leighton Holdings Ltd. -- Profits at the construction and mining giant fell 25 percent to 218 million Australian dollars ($218 million) in the second half of 2010 due to floods, a strong currency and wet weather in Indonesia that also will undermine its full year result, the company said. The result was down from AU$289 million for the same six months in 2009, despite revenue growing by 5 percent to AU$7.37 billion, the Sydney-based company said in a statement. The world's largest contract miner forecast its profit for the full fiscal year ending June 30, 2011, would fall more than 20 percent below the previous year's record AU$612 million to "around AU$480 million." Leighton shares fell almost 2 percent in early trading after the announcement, but rebounded to end Monday almost 1 percent higher at AU$30.97.
Foster's Group Ltd. -- The Australian brewer and winemaker reported a 12 percent drop in half-year net profit, as torrential rain and flooding across parts of Australia cut into domestic beer sales. The Melbourne-based company said in a statement that profit for the six months ended Dec. 31 was $312.1 million Australian dollars ($313 million), down from AU$355.7 million in the same period a year ago. Foster's said much of the drop was a result of a 7 percent decline in Australian beer market volume. The company blamed the weak sales on the spate of extreme weather.
U.S. unemployment remains too high for policymakers' comfort despite signs of strength in the economic recovery, Federal Reserve Chairman Ben Bernanke said on Wednesday.
In testimony to the U.S. House of Representatives' Budget Committee that largely echoed a speech he delivered last week, Bernanke also warned about the dangers of unsustainable budget deficits.
He cited a number of encouraging hints from the labor market, including a drop in the jobless rate to 9 percent in January from 9.8 percent in November -- the biggest two-month drop since 1958. At the same time, Bernanke expressed concern at the still-anemic pace of hiring.
"The job market has improved only slowly," he said, noting the economy had only made up just over 1 million of the more than 8 million jobs lost during the deepest recession in generations.
"This gain was barely sufficient to accommodate the inflow of recent graduates and other new entrants into the labor force and, therefore, not enough to significantly erode the wide margin of slack that remains in our labor market."
Bernanke said inflation remains quite low in the United States, a tough message to deliver amid headlines of rising food and commodity costs across the globe.
He also said expectations of future inflation had remained "stable," suggesting little worry a inflationary psychology was building despite rising gasoline costs.
"Inflation is expected to persist below the levels that Federal Reserve policymakers have judged to be consistent" with their mandate, Bernanke repeated.
Bernanke was sure to be peppered with questions on both Fed policy and the budget by a Republican-led Congress that has become increasingly impatient with the Fed.
Preemptively, the Fed chairman had much the same message that he has offered repeatedly: either legislators bring the budget under control or the markets will force them into it.
"Creditors would never be willing to lend to a government with debt, relative to national income, that is rising without limit," he said. If unheeded, the adjustment could "come as a rapid and painful response to a looming or actual fiscal crisis." by (Reuters)
Markets see more selling as recession fears grow
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to acquire the development rights to Hydrocarbon Concessions in the Republic of Paraguay. The concessions ParaFin Corporation (PINK:PFNO) soared 225% to $0.0021 with over a volume of 222.58 million shares compared to a daily average trading of 5.79 million shares. So far in last six months the stock has surged 14.29%.
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