Posts Tagged ‘Canada’


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Rare dinosaur found in Canada’s oil sands
By Julie Gordon

TORONTO (Reuters) – The Canadian oil sands, a vast expanse of tar and sand being mined for crude oil, yielded treasure of another kind this week when an oil company worker unearthed a 110-million-year-old dinosaur fossil that wasn’t supposed to be there.

The fossil is an ankylosaur, a plant-eating dinosaur with powerful limbs, armor plating and a club-like tail. Finding it in this region of northern Alberta was a surprise because millions of years ago the area was covered by water.

“We’ve never found a dinosaur in this location,” Donald Henderson, a curator at Alberta’s Royal Tyrrell Museum, which is devoted to dinosaurs, said on Friday. “Because the area was once a sea, most finds are invertebrates such as clams and ammonites.”

The ankylosaur that was found by the oil worker is expected to be about 5 meters (16-1/2 feet) long and 2 meters (6-1/2 feet) wide.

“It is pretty amazing that it survived in such good condition,” said Henderson, noting the fossil was three dimensional, not flattened by the heavy rock sediment.

“It is also the earliest complete dinosaur that we have from this province.”

The fossil was found on Wednesday by a Suncor Energy shovel operator who was clearing ground ahead of development. By a quirk of fate, the worker had visited the Royal Tyrrell dinosaur museum in southern Alberta just the week before.

Henderson suggested he may have had dinosaurs on the brain. “Maybe his mind was subconsciously prepared.”

Suncor has suspended work at the site and has given scientists a three-week window to remove the fossil and ship it to the Royal Tyrrell museum.

The last major fossil find in northern Alberta was a giant reptile called an ichthyosaur, which was found 10 years ago near Fort McMurray.

(Editing by Peter Galloway)

IRare dinosaur found in Canada’s oil sands found this article on Reuters Mobile (us.mobile.reuters.com) and thought you might find it interesting:

Rare dinosaur found in Canada’s oil sands
http://www.reuters.com/article/idUSTRE72O4TZ20110325


DRC: Independent Audit Of First Quantum Mining Firm To Be Launched

The Democratic Republic of Congo plans to audit the operations of First Quantum Minerals Ltd. in the country to examine “suspected wide-scale misconduct,” Bloomberg reported Aug. 31, citing Mines Minister Martin Kabwelulu. A body engaged in financial auditing will carry out the investigation, which will look into allegations that First Quantum illegally exported copper ore without fully declaring it.

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5 surprising facts about strippers

A new British study into the lives of strippers has come up with some interesting figures, so to speak — concluding, for instance, that about one in four are college graduates. That’s just one of several recent research claims about those who take their clothes off for a living. Here’s a round-up:


Strippers earn more when they’re ovulating

Some say they make as much as lawyers…

Strippers make around $74,000 a year, and many of them have undergraduate degrees.



… and are quite happy with their jobs

Sweden is being shortchanged by strippers

Canada has a stripper shortage


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>5 surprising facts about strippers

A new study says strippers earn as much as lawyers — and that’s just one interesting recent finding about the profession

Strippers make around $74,000 a year, and many of them have undergraduate degrees.
Strippers make around $74,000 a year, and many of them have undergraduate degrees. 
Photo: Corbis
 
Best Opinion: Newsweek, Independent, Foreign Policy…

A new British study into the lives of strippers has come up with some interesting figures, so to speak — concluding, for instance, that about one in four are college graduates. That’s just one of several recent research claims about those who take their clothes off for a living. Here’s a round-up:

Strippers earn more when they’re ovulating
Strippers make an average of $30 per hour more when they are ovulating than when they are menstruating, according to a study by the University of New Mexico. Women on the pill — who generally do not ovulate — made significantly less. Researchers said this was proof men react to female ovulation, a claim that had some critics scoffing. But, then again, maybe “a stripper who feels sexy gives a more tip-worthy lap dance than one who feels uncomfortable during her period,” said Sharon Begley at Newsweek.

Some say they make as much as lawyers…
How much money does a stripper typically earn? According to a new study from the University of Leeds in the U.K., it’s around $74,000. That’s approximately as much as an American attorney, according to salary experts PayScale. “I congratulate the women who make more money than I do out of a job they say they enjoy,” says Katy Guest at the Independent. But that doesn’t mean I don’t “viscerally object to lap dancing.”

… and are quite happy with their jobs
According to the same study, strippers reported very high levels of job satisfaction. The researchers found the women were overwhelmingly motivated by “career and economic choices” rather than drug addiction or coercion. “These young women do not buy the line that they are being exploited, because they are the ones making the money out of a three-minute dance and a bit of a chat,” says study author Teela Sanders.

Sweden is being shortchanged by strippers
The Swedish government is cracking down on online strippers for failing to reveal their assets. Internet stripteases are legal in Sweden, and the government says that strippers may be dodging up to $5 million in taxes. “The bottom line” here, says Andrew Swift at Foreign Policy, is that “the Swedish tax authority has apparently never heard of the phrase ‘not safe for work.'”

Canada has a stripper shortage
So few Canadian girls are willing to strip that Ontario strip-club owners were forced to hire legal consultants in 2008 to find a way for get foreigners to staff their clubs. Until 2004, the Canadian authorities would give foreign women visas allowing them to strip in the country — but a crackdown prompted a widespread stripper shortage that continues to this day. “The government’s putting a real squeeze on the industry,” said Tim Lambrinos, of the Adult Entertainment Association of Canada. “It really is affecting our ability to find dancers.”

5 surprising facts about strippers – The Week

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RIM = RIP ?

Sounds like TAPS in the background….

Between the pressure on the corporate side of the business from governments who want access to all the data passing through the blackberries in their countries, and the real risk of migration by consumers to the iPhone and Android OS, the future doesn’t look too bright RIM…

see the article below from zerohedge.com


As Research in Motion Continues Its Inevitable Downward Descent In Both Equity Value and Market Share, Investors Should Tweak Their Assumptions Accordingly



Following up on my Research in Motion commentary in , I’d like to comment on potential future paths for the company. From what I see from their public announcements, I remain as unimpressed now as I was just before (After Getting a Glimpse of the New Windows Phone 7 Functionality, RIMM is Looking More Like a Short Play) and after (RIM Smart Phone Market Share, RIP?) the OS6/Torch launch. The tricky part is that RIMM is now starting to look rather inexpensive relative to consensus earnings and historically projected growth rates. This is where a little strategic foresight comes into play. I have made available for download (for all paying subscribers) the Mobile Operating System Market Share Model which illustrates, on a very granular level, the market share movements (gains and losses) of the major mobile OS providers.
Research in Motions recent equity share decline stems not only from market share loss, but from the apparent lack of a clear cut and believable plan to stem that market share loss.
Thus the downloadable OS model design is to congeal data garnered from Gartner, Bloomberg, Neilsen, Canalys and other sources in order to realistically track movement in the mobile OS space. Since this model actually deserves a post of its own, I will simply pull out some pertinent charts that pertain to RIMM.
Research in Motion, is still currently the market leader in terms of share, but is losing both demonstrably and rapidly in new users. As a matter of fact, if the recent historical trends persist, this is the last quarter that RIM will be able to claim the top of the market title as Android looks well situated to claim that crown.
As can be seen from this chart, Android is just about there. Apple will probably show better numbers in Q3 with additional evidence of iPhone 4 adoption as well.
We, at BoomBustBlog actually believe that RIM is poised to lose market share (particularly the consumer market where it enterprise stickiness can’t come into play) quite quickly and radically due to dissatisfaction among its user base combined with technically far superior handsets in the iPhone and Android camps.
So, although RIM is looking quite cheap now, it is quite possible for it to look much cheaper. The question is how does this market share loss factor into its equity valuation. That is why I have supplied our Professional and Institutional subscribers with the plug and play File Icon RIMM Multivariate Valuation Model. By plugging
Additional writings on Research in Motion:


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Check it out on The MasterTech Blog

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RIM = RIP ?

Sounds like TAPS in the background….

Between the pressure on the corporate side of the business from governments who want access to all the data passing through the blackberries in their countries, and the real risk of migration by consumers to the iPhone and Android OS, the future doesn’t look too bright RIM…

Below are charts.  The whole story can be seen on The MasterTech Blog or directly on zerohedge.com.

As Research in Motion Continues Its Inevitable Downward Descent In Both Equity Value and Market Share, Investors Should Tweak Their Assumptions Accordingly

Research in Motion’s recent equity share decline stems not only from market share loss, but from the apparent lack of a clear cut and believable plan to stem that market share loss.


Research in Motion, is still currently the market leader in terms of share, but is losing both demonstrably and rapidly in new users. As a matter of fact, if the recent historical trends persist, this is the last quarter that RIM will be able to claim the top of the market title as Android looks well situated to claim that crown.



As can be seen from this chart, Android is just about there. Apple will probably show better numbers in Q3 with additional evidence of iPhone 4 adoption as well.

So, although RIM is looking quite cheap now, it is quite possible for it to look much cheaper. The question is how does this market share loss factor into its equity valuation.



MasterTech: Research in Motion Continues Its Inevitable Downward Descent In Both Equity Value and Market Share

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Check it out on The MasterCharts


Forced hedge fund selling knocks some stocks off kilter – MarketWatch:

Forced hedge fund selling crushes some stocks

Hedge favorites Anheuser-Busch, Freeport-McMoran, CSX knocked off kilter

By Alistair Barr, MarketWatch
Last update: 10:35 p.m. EDT Oct. 16, 2008
SAN FRANCISCO (MarketWatch) — Steel Dynamics Inc. has lost more than half its market value in the past month, despite quarterly results that showed the company in ruddy health.
Late Wednesday, the Fort Wayne, Ind.-based steel company (STLD

Steel Dynamics Inc
Sponsored by:

STLD) reported a 92% surge in third-quarter net income and revenue that more than doubled. The results fell short of analyst expectations, but that wasn’t enough to explain the recent collapse in the company’s shares, according to Chief Executive Keith Busse.

“It is simply beyond comprehension why our share price, which is supposed to reflect rational thinking by rational people, is where it is today,” Busse said. “Those who have literally dumped their shares into a grossly oversold market have made some very poor investment decisions.”
“A lot of that has to do with the hedge funds,” he added during a conference call with analysts on Thursday. “They’ve driven this thing to almost a silly level where I think yesterday we were below our actual book value.”
Steel Dynamics may be one of many companies that have seen their share price slump in the past month as the $2 trillion hedge fund industry suffers its worst losses in at least a decade. There are now early signs that such pressure may be easing. See related story.
Steel makers and other commodities companies have been popular holdings for many hedge funds as they bet on a boom in demand from fast-developing countries like China and India.
But hedge fund investors have been asking for their money back in recent weeks. That’s forced some managers to unwind positions to raise cash for redemptions at the end of this year. See story on redemptions.
Investors redeemed about $43 billion from hedge funds in September and more withdrawals are expected through the rest of 2008, TrimTabs Investment Research, which tracks flows of investor money, said on Thursday.
A Goldman Sachs index of 50 stocks that are most heavily owned by hedge funds slumped 19% in September, while the Standard & Poor’s 500 index dropped 9%. Another Goldman index, which monitors stocks that don’t have many hedge fund investors, fell just 2% last month.
“Forced selling to cover redemptions and delevering by hedge funds has put downward pressure on selected stocks,” David Kostin and his colleagues at Goldman wrote in a note to clients earlier this month.
“We expect hedge fund selling/deleveraging to continue,” they added, while telling investors to bet against stocks heavily held by hedge funds and to buy stocks with the fewest hedge funds as shareholders.
Energy company Calpine Corp. (CPN

CPN
Sponsored by:

CPN) , coal company Alpha Natural Resources (ANR

ANR
Sponsored by:

ANR) and chipmaker Cypress Semiconductor (CY

Cypress Semiconductor Corporation
Sponsored by:

CY) are among companies with the most hedge funds as investors, Goldman noted in its report.

Other well-known companies with lots of hedge fund investors include Google Inc. (GOOG

google inc cl a
Sponsored by:

GOOG) , MasterCard (MA

mastercard inc cl a
Sponsored by:

MA) and Anheuser-Busch (BUD

Anheuser-Busch Companies, Inc
Sponsored by:

BUD) .

Nearing an end?
However, there may be early signs that Goldman’s suggested trade may be nearing an end. TrimTabs noted on Thursday that many hedge funds may have already raised enough cash to meet expected redemptions.
“They may not be the main source of forced selling anymore,” Charles Biderman, founder of TrimTabs, said in an interview.
Indeed, shares of Steel Dynamics surged 23% to $8.99 on Thursday.
At the end of June, the third-largest shareholder of Steel Dynamics was TPG-Axon Capital, a big hedge fund run by former star Goldman Sachs (GS

Goldman Sachs Group, Inc
Sponsored by:

GS) trader Dinakar Singh, according to FactSet Research.

It’s not clear whether TPG-Axon still holds shares of the steelmaker, but the hedge fund was down 18% this year through the middle of September, according to Bloomberg News. That’s left Singh on course for his first annual loss since he launched the firm in 2005.
Other big investors in Steel Dynamics at the end of June included Jeff Vinik, who left mutual fund giant Fidelity to start his own hedge fund several years ago.
D.E. Shaw, one of the world’s largest hedge fund firms, Tudor Investment Corp., headed by Paul Tudor Jones, and AQR Capital Management were also among Steel Dynamic’s top 20 investors on June 30, according to FactSet.
‘Speculation bust’
Other commodities companies have suffered recently from having hedge funds as large investors.
Shares of Mosaic Co. (MOS

mosaic co com
Sponsored by:

MOS) , a leading fertilizer maker, has slumped 62% in the past month. The company counted D.E. Shaw, Renaissance Technologies and Citadel Investment Group, three of the largest hedge fund firms, among its top 20 investors at the end of June, according to FactSet.

Citadel told investors this week that it lost 26% to 30% this year, through Oct. 10. See full story.
Mosaic is also a favorite stock of Passport Capital, a $4.3 billion hedge fund firm run by John Burbank.
Passport generated big returns last year betting against subprime mortgages. The fund has also been investing in energy and basic materials companies in a bet on global economic growth and rising demand from countries like India.
Other hedge funds took similar positions based on this fundamental idea, betting against financials in the U.S. and against the U.S. dollar while going long energy and other commodities.
But as oil prices soared, Burbank said in a recent speech that there was “massive intervention” by central banks to get crude back down and to boost the U.S. dollar.
“They helped create a huge speculation bust” as hedge funds have had to unwind bets against financial companies and long positions in commodities, he explained. See full story.
Shares of Freeport-McMoran (FCX

Freeport-McMoRan Copper & Gold Inc
Sponsored by:

FCX) , one of the world’s biggest copper producers, have slumped more than 50% in the past month. The company counts leading activist hedge funds Harbinger Capital and Atticus Capital among its top investors.

The Harbinger Capital Partners Offshore Fund I, run by Philip Falcone, lost almost 18% in September, leaving it down more than 5% during the first nine months of 2008, according to investors.
A European fund run by Atticus slumped 15.8% in September, according to investors.
Freeport-McMoran isn’t the only company to be hit by trouble at large activist hedge funds.
Railroad giant CSX Corp. (CSX

CSX Corporation
Sponsored by:

CSX) lost a bitter proxy battle earlier this year with The Children’s Investment Fund, or TCI, a top activist hedge fund run by Christopher Hohn.

TCI won several seats on CSX’s board, but the hedge fund lost more than 15% in September, leaving it down more than 26% in the first nine months of 2008. Meanwhile, CSX shares have slumped 25% in the past month.
Merger arbs unwound
The shares of some companies involved in high-profile mergers and acquisitions have also been disrupted in recent weeks by trouble in the hedge fund industry.
Some hedge funds focus on merger arbitrage, a strategy in which managers bet on the outcome of deals by shorting the stock of the acquiring company and buying shares of the target company. As mergers move closer to completion, the spread between the two shares narrows, generating profit.
As some hedge funds have had to unwind these positions, merger arbitrage spreads have widened.
Anheuser-Busch shares have dropped almost 10% during the past month and now trade below $60. That’s despite an agreement the beer maker has signed to be acquired by InBev for $70 a share.
Rohm & Haas shares (ROH

Rohm and Haas Company
Sponsored by:

ROH) have slipped 4% in the past month, leaving them trading at $70.26 on Thursday. Dow Chemical (DOW

The Dow Chemical Company
Sponsored by:

DOW) agreed to buy the chemicals company for $78 a share in July. End of Story

Alistair Barr is a reporter for MarketWatch in San Francisco.





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