Wall Street knows who it doesn’t want at the SEC: Gensler or Bharara

first_img Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 2 You have read 773 of 3 free articles this week. Register now for increased access.Register for free access to this article.By registering, you can read up to 3 articles per week.RegisterAlready registered? Sign in to continue reading or subscribe for unlimited access.,MOST READ House panel unanimously passes SECURE 2.0 Why Tony Robbins, tax shelters and financial advisers don’t mix InvestCloud to acquire Advicent and NaviPlan planning software Newsletters 1 3 House committee poised to advance SECURE 2.0 retirement savings bill 5 The Gates divorce: Lessons for financial advisers 4last_img

Former rep sentenced to more than 17 years for defrauding clients

first_img 2 Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. House panel unanimously passes SECURE 2.0 1 House committee poised to advance SECURE 2.0 retirement savings bill Why Tony Robbins, tax shelters and financial advisers don’t mix 4 Newsletters InvestCloud to acquire Advicent and NaviPlan planning software 5 The Gates divorce: Lessons for financial advisers 3 You have read 70 of 3 free articles this week. Register now for increased access.Register for free access to this article.By registering, you can read up to 3 articles per week.RegisterAlready registered? Sign in to continue reading or subscribe for unlimited access.,MOST READlast_img

Valve ordered to hand over sales data for Epic vs Apple case

first_imgValve ordered to hand over sales data for Epic vs Apple caseBut judge limits request to four years, rather than the six years Apple originally asked forJames BatchelorEditor-in-ChiefFriday 26th February 2021Share this article Recommend Tweet ShareCompanies in this articleAppleEpic GamesValveA court has ruled that Valve must provide sales and pricing data to Apple as part of the iPhone maker’s ongoing legal battle with Epic Games.Law360 reports that California magistrate judge Thomas S. Hixson ordered the Steam firm must produce historial sales, pricing and other data for 436 games sold through its marketplace.Apple filed a subpoena requesting this information back in November, arguing that it will be highly relevant to its case, countering Epic’s allegations that its App Store engages in monopolistic practices.Valve originally refused, deeming the task to be too much of a burden given that it is not a party in the case, adding that Apple had not shown “substantial need” for the information.However, the court has ruled otherwise, offering the consolation: “Apple has salted the earth with subpoenas, so don’t worry, it’s not just you.”Hixson has made one amendment: Apple originally requested sales data on each of the games reaching back to 2015, but the judge has limited this to 2017.Apple is facing an antitrust lawsuit from Epic Games that began in August, when the tech giant removed Epic’s flagship game Fortnite from the App Store after direct payments were introduced — circumventing the 30% commission on all transactions Apple mandates from developers who use its marketplace.Related Jobs3D Artist – Mobile Studio – Midlands UK & Europe Big PlanetProducer Indie Game Studio France UK & Europe Big PlanetSenior C++ Unreal Programmer – PC and Console Studio – Austria South East Big PlanetDiscover more jobs in games Epic filed a similar lawsuit against Google.Earlier this week, the Fortnite firm’s case against Apple was blocked from courts in the UK, with the Competition Appeal Tribunal ruling that it should be settled in the US.The US trial is set to take place in May.Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Mobile newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesCEO says Paradox “can do better” as Q1 profits plummet”We are not satisfied with the quarter,” CEO Ebba Ljungerud saidBy Marie Dealessandri An hour agoStarbreeze’s Q1 losses shrink 95% to $505,000New CEO Tobias Sjögren says “the road ahead is clear” as Payday 3 is fully funded By James Batchelor An hour agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

Finji’s goal: Be less scrappy

first_imgFinji’s goal: Be less scrappyRebekah and Adam Saltsman talk about the growth of the company and the changing indie publishing landscapeBrendan SinclairManaging EditorWednesday 31st March 2021Share this article Recommend Tweet ShareIt’s not unusual for a successful independent game developer to branch out into publishing, but few are as successful — if not more so — in this second endeavor.Finji is a notable exception. The company’s own games include titles like Cannabalt and Overland, while the games it has helped others with include Night in the Woods and Wilmot’s Warehouse.This year could see the balance of Finji’s success as developer and publisher tip more toward the latter, as its lineup consists of three anticipated games from other developers: Chicory: A Colorful Tale, I Was a Teenage Exocolonist, and Tunic.Rebekah SaltsmanSpeaking with GamesIndustry.biz recently, Finji co-founders Rebekah and Adam Saltsman describe the publishing part of the business as more of an organic evolution than a deliberate strategy. Initially they were just helping developers get their games on the App Store or Steam, and it was a manageable process for the couple to handle on their own.”Because we were already set up to run a company, we found it easy to take on these teams that were sort of collaborators that weren’t running full companies, and make sure they could get their revenue share,” Rebekah says.Unfortunately, Finji brought the concept of “scope creep” with it when it moved into publishing, and now Rebekah says the publisher actually “embeds” itself in many of the project teams it works with.”We are tech mentorship or design mentorship,” she says. “We kind of take over the biz dev part of the team, but we leave all the decision making in the hands of our teams. It’s my job to source partnerships, or initiatives, or whatever, but it’s not my job to tell them exactly what to do.”Chicory is the next project from Wandersong developer Greg LobanovAdam says Finji will lay out options for developers and let them choose which path they think they can handle and would benefit their games, from launch management to promotions and marketing. While the company started with just Rebekah and Adam, they now have two QA staff, a community manager, a launch manager, and a biz dev assistant, not to mention external PR and marketing professionals they hire to help get the word out about games.As much as the world of indie publishing has evolved, Rebekah says the added staff and complexity of the Finji operation shouldn’t be taken as a sign of that evolution.Adam Saltsman”I believe it required an operation even back in 2015,” Rebekah says. “Just the two of us, we were doing as much as we could of all that work. And you could see how much actually needed to be done.”For example, Rebekah and Adam originally debated hiring on a full-time community manager because they thought it was a half-time job. But then they realized it was a half-time job to do the community management they had been doing in addition to their other duties, and they’d been getting by with no real management of influencer relationships, no Discord server, or other things larger publishing operations might have considered standard.”It was a whole job we had kind of just been ignoring because it wasn’t on fire,” Rebekah says. “And we didn’t have anyone to do it, so we were ignoring it. That’s how it grew. It was a need, but we just didn’t identify it as super-important at that point.”Adam likens some of these functions to making tamales; it makes more sense to make them in bulk. Once a publisher has gone to the trouble of building and managing something like streamer relationships for one title, it’s much less trouble to us it again on a second title, a third, and so on. “One of our goals is to rely less on chance and lightning strikes” Adam SaltsmanAnd while it’s certainly possible for a game to succeed without a publishing operation like that behind it, the entire point of a publishing business is to tilt the odds in the developer’s favor.”One of our goals is to rely less on chance and lightning strikes,” Adam says, “and look for places where if we do put in extra work, we’ll be relying on luck less and less over time. Because we’d like to be able to provide salaries and health care and so on for all the different teams we work with and the staff we have internally.”Doing those things and depending on ‘Well I hope that one streamer plays it seven times…’ Something about that freaks me out for sure.”Beyond boosting the odds for their development partners, Rebekah and Adam say the publishing business also pays dividends for their internally developed games.”Storefront relationships, press relationships, PR relationships… All those things get to stay active and engaged and keep that engine running,” Adam says. “Then when it comes time for us to self-publish again, we get all the benefits of not just being able to launch into this cool catalog, but also being able to launch with the publishing machinery up and running.”Tunic was first announced at E3 2017Rebekah adds, “One sentiment we’ve said multiple times over the past two years especially is, ‘How can we be less scrappy?’ There are places where we should be scrappy, and places where we should be putting our people and resources to be less scrappy, because we can control for the most things. We can build a community and a dedicated fanbase and a corner of the internet where it’s cool to talk about things. And that’s worth us being less scrappy in other ways.”The indie publishing scene has witnessed an explosion of new players in recent years, but the added competition doesn’t seem to be changing anything for Finji. “Our bandwidth is so small we just don’t take on a lot of games,” Rebekah says. “And that’s always been the case, because we are a developer first and a publisher second. The more teams I see having the best launch possible for them, and in the best environment, it’s a win for the industry.”Related Jobs3D Artist – Mobile Studio – Midlands UK & Europe Big PlanetProducer Indie Game Studio France UK & Europe Big PlanetSenior C++ Unreal Programmer – PC and Console Studio – Austria South East Big PlanetDiscover more jobs in games Adam likewise welcomes these entrants into the field.”In the entire history of the games industry, publishing was a place where you could use gatekeeping to squeeze creative workers and collect some of their money that you didn’t really earn,” Adam says. “That’s a thing that’s been around for 40 years. It’s still around, and I’m sure on some level it’s a motivation for some new publishing ops.”But I really like being in an ecosystem where there’s an Annapurna, and a Devolver, and a Finji, and you can have people who first and foremost love these games, and have a background getting these games out to audiences.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Publishing & Retail newsletter and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesSpecialEffect joins Best Places To Work Awards as charity partnerUS event deadline is coming upBy Christopher Dring 21 hours agoResident Evil: Village is the third biggest PS5 launch so far | UK Boxed ChartsBut physical sales down over previous Resident Evil gamesBy Christopher Dring 23 hours agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.last_img read more

JinkoSolar 2014 net profit soars, Q4 earnings up 50%

first_imgJinkoSolar 2014 net profit soars, Q4 earnings up 50%Falling oil prices won’t affect PV growth, says CEO Kangping Chen, who points out that “mounting concern over the environment has been one of the driving factors behind increased solar demand in many key markets, China in particular.” March 2, 2015 Edgar Meza Finance Legal Manufacturing Markets Markets & Policy Share JinkoSolar’s net profit more than tripled last year to CNY 673 million ($108.5 million) as revenues climbed 41% to CNY 9.98 billion ($1.61 billion). The stratospheric results reflected the Chinese company’s record-high solar module shipments, which reached nearly 3 GW last year, including 520.4 MW used in the group’s own downstream projects. JinkoSolar’s total solar product shipments to third parties also broke previous records with a year-on-year increase of 44.2%, reaching 2,787.1 MW (consisting of 2,423.2 MW of solar modules, 229.6 MW of silicon wafers and 134.3 MW of solar cells). According to JinkoSolar CEO Kangping Chen, revenue streams expanded as costs continued to improve, allowing the company to achieve more than $100 million in net income for the year. “Our rapidly growing downstream business, expanding geographic presence and industry-leading products will continue to support our growth as we work towards our goal of transforming into a one-stop energy solutions provider,” Chen added. Fourth-quarter results Looking at JinkoSolar’s fourth-quarter performance, the company reported a near 50% year-on-year increase in net profit to CNY 244.7 million ($39.4 million) on revenue of CNY 2.97 billion ($478.9 million), which rose 35.8% from the fourth quarter of 2013. “We closed out the year on a very strong note,” Chen said, adding that module shipments reached a record high of 1,078.3 MW which, including 339.1 MW designated for the company’s own downstream business. “Our downstream business continued to gain momentum with electricity revenues from solar power projects reaching CNY 80.4 million in the fourth quarter of 2014, representing an increase of 68.6% sequentially,” Chen added. “270 MW of projects were completed during the quarter of which 150 MW were connected to the grid. This brings the total capacity of connected JinkoSolar power projects to 503 MW.” The chief exec said a the number of megawatts connected to the grid was lower than initially anticipated due to “a cold winter and a slower grid connection process at the end of the year,” but added that the group now expect to make up for it by connecting approximately 360 MW of projects in the first half of 2015. JinkoSolar will continue to diversify its market presence this year in view of an anticipated 15% to 20% growth in global solar demand – and that despite falling oil prices. “The price of oil, we believe, has a limited impact on solar fundamentals as it is primarily used for transportation rather than power generation in most of the key solar markets,” Chen pointed out. “And it is important to remember that mounting concern over the environment has been one of the driving factors behind increased solar demand in many key markets, China in particular.” Outlook JinkoSolar estimates module shipments of between 710 MW and 780 MW in the first three months of the year, including 550 MW to 600 MW of shipments to third parties and 160 MW to 180 MW for its own downstream projects. For the full year, the company expects module shipments of between 3.3 GW and 3.8 GW, including 2.7 GW to 3 GW to third parties. 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KenGen place order for geothermal power accessories

first_img RELATED ARTICLESMORE FROM AUTHOR Generation Low carbon, solar future could increase jobs in the future – SAPVIA AFD and Eskom commit to a competitive electricity sector UNDP China, CCIEE launch report to facilitate low-carbon development Previous articleHow to catalyse renewable energy deployment in AfricaNext articleAfDB’s grant to assist The Gambia improve electricity access Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. Mitsubishi Hitachi Power Systems, Ltd. (MHPS), together with Mitsubishi Corporation and H. Young & Company Ltd., declare to have received a full-turnkey order to provide power generation facilities to Kenya Electricity Generating Company Limited (KenGen).According to a joint press release, the order is inclusive of two sets of 70MW class steam turbines, generators and auxiliaries for installation at the Olkaria V Geothermal power plant in Nakuru district.The Olkaria V Geothermal power plant, scheduled to go on-stream in 2019, is located approximately 100km northwest of Nairobi, Kenya’s capital city, at an elevation of some 2,000 metres in the Great Rift Valley.This new project will expand existing power plant facilities in the Olkaria geothermal field with the aim of alleviating severely stretched power supplies in Kenya’s urban areas while increasing power supply from renewable energy to reduce carbon emissions, the press release stated.The project is being carried out with an official development assistance loan arrangement, extended to KenGen by the Japanese government through the Japan International Cooperation Agency.Geothermal accessoriesMHPS will be responsible for the design of the geothermal facilities and will supply the steam turbines, generators, condensers, and other main auxiliaries.Applying its extensive expertise as an EPC (engineering, procurement and construction) contractor, the company will also dispatch technical advisors to the site to assist H. Young with expertise in installation and commissioning.According to the release, the company has already supplied six sets of power generating equipment for the Olkaria I and II geothermal power plants with 150MW total output.Geothermal power generation capacityKenya is reported to rank at ninth position worldwide in terms of geothermal power generation capacity.In recent years, demand for electric power has been increasing in step with the country’s steady economic growth. In response to this demand, KenGen is focusing on building new geothermal plants and expanding the output of existing facilities. Finance and Policy BRICSlast_img read more

SAIEE appoints Eskom GM as 2017 President

first_imgTransmission lines. Source: 123rf Jacob Machinjike, general manager grids in Eskom transmissionand President of the South African Institute of Electrical Engineers (SAIEE). Credit: EskomEskom’s General Manager Grids in Eskom Transmission, Jacob Machinjike, was appointed President of the South African Institute of Electrical Engineers (SAIEE) for 2017 at the Institute’s Annual General meeting held in Johannesburg last week.The South African parastatal noted that his term commences at the end of March 2017 until the SAIEE’s next Annual General Meeting in March 2018.Thava Govender, Eskom group executive for transmission, said: “Jacob has 30 years’ experience in the engineering industry and has a sound understanding of the operation and maintenance of the entire value chain of the electricity supply industry.“He is no stranger to receiving accolades for his leadership role including being named Transmission Executive of the year 2011 and 2015. In the latter year he was also named the runner-up for the Eskom Executive of the Year award.”SAIEE appoints fellow memberMachinjike started serving in SAIEE leadership as an office bearer in 2014 as the institute’s Junior Vice President. In 2015, he served as Senior Vice President and in 2016 until the end of March 2017 he served as Deputy President and President Elect.According to Eskom, when his term as President ends in March 2018, he would have completed his five-year period in the institute’s EXCO leadership, serving as an Immediate Past President.He holds a Bachelor of Science in Electrical Engineering (Honours) and a Master of Business Leadership (MBL). He is a Fellow of the SAIEE and is registered with the Engineering Council of South Africa (ECSA) as a Professional Engineer.Besides being General Manager at Eskom responsible for Transmission Grid assets, he also represents Eskom on the Governing Board of the GO15 (an international organisation of very large power grid operators). He is a former director of a number of Eskom subsidiary companies, which include Trans Africa Projects (TAP), PN Energy Services, Pebble Bed Modular Reactor (PBMR), Umeme of Uganda, Motraco and Elgas of Mozambique.SAIEE objectives“The objective of the 2017 SAIEE presidential term of office is to continue building on the focus areas of the past few years, namely developing and nurturing skills to ensure the professionalisation of engineers, technologists and technicians,” explains Machinjike.He added: “I see the role of the Engineering Professional in today’s complex decision-making as requiring enthusiasm in growing membership among students and practicing engineers, increasing their ability to serve customers and to help in resolving South Africa’s and society’s challenges.”Machinjike said that there are also opportunities that require making use of new and emerging technologies, industry models, smart technologies, innovative solutions to attract investments, members’ access to international institutions and global business. Read more…Govender added: “Jacob is passionate about leadership, developing people and about coaching and mentoring for the sustainability of the industry. Congratulations to him on this voluntary but noble appointment and for continuing to serve the advancement of his profession and its development.” Finance and Policy Featured image: 123rf UNDP China, CCIEE launch report to facilitate low-carbon development Low carbon, solar future could increase jobs in the future – SAPVIA BRICScenter_img Generation Previous articleEskom and EDF sign MoU to enhance SA power gridNext articleZESCO continues drive for energy efficient bulbs Ashley TheronAshley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa. AFD and Eskom commit to a competitive electricity sector RELATED ARTICLESMORE FROM AUTHORlast_img read more

IoT to dominate industry-wide and transform businesses

first_img AFD and Eskom commit to a competitive electricity sector BRICS UNDP China, CCIEE launch report to facilitate low-carbon development Featured image: Stock It is estimated that in 2018 there will be over 31 billion connected ‘edge’ devices globally, making this year the one where the Internet of Things (IoT) truly begins to dominate, according to M2M connectivity provider Eseye.The proliferation of connected devices and the evolution of ‘dumb’ devices to smart devices has seen IoT becoming vertically focused, coining on several focused terms.These include Industrial Internet of Things (IIoT); Internet of Robotic Things (IORT); Internet of Automotive things (IoAT); Consumer Internet of Things (CIoT) and Internet of Everything (IoE).Eseye’s SADC regional head Jeremy Potgieter, notes that the growth is indicative of the ever-changing landscape and transformation of the way industries are doing business.He says: “Industry has identified that there are efficiencies to be gained from gathering and utilising data that devices and services are sharing as part of their normal way of work. This also extends to devices, which were intended for personal communication.”Benefits of IoTMobile networks are reaping the benefits of this evolution according to Potgieter.He says that it’s primarily as a result of an intense focus by mobile network operators (MNOs) to increase data speeds and analytic components: “The opportunity opens up new avenues for creativity to flourish and for MNOs to further benefit by becoming integral to the ecosystem of devices sharing and delivering the information.”Further impacting the industry is the fact that more devices are crossing the line between personal and business, while users and companies alike have realised the benefits of this flexibility.Both, as a result, are capitalising on the capabilities it affords them and people are doing more by doing the same, but with an aspect of a connected device in the equation.Potgieter states that the spinoff is greater amounts of data and statistics: “This feeds analytics at an organisational level, and in so doing, creates new, versatile and informed environments with a caveat to innovative product and service creation.”Furthermore, consumer applications in the Internet of Things already (CIoT) offer several benefits globally such as “more responsive services; shorter feedback loops; remote fixes; greater convenience; better decision making support; improved allocation of resources and verification of behaviour,” Potgieter alluded. TAGSEseyeIoTM2M connectivity Previous articleCan Kenya lead Africa’s green revolution?Next articleSA energy firm launches education initiative Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. Generation Low carbon, solar future could increase jobs in the future – SAPVIA RELATED ARTICLESMORE FROM AUTHOR Finance and Policylast_img read more

Taking a closer look into the nuclear industry

first_img TAGSNuclear build programmeNuclear energyNuclear generationNuclear Industrynuclear powernuclear power plantnuclear technology Previous articleReport finds connection between investment and personal valuesNext articleVestas secures EPC contract for wind project in Senegal Babalwa BunganeBabalwa Bungane is the content producer for ESI Africa – Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast. RELATED ARTICLESMORE FROM AUTHOR AFD and Eskom commit to a competitive electricity sector Low carbon, solar future could increase jobs in the future – SAPVIA UNDP China, CCIEE launch report to facilitate low-carbon development Generation Finance and Policy “The nuclear industry has created a product so expensive that no one can afford to buy it,” read part of The World Nuclear Industry Status Report 2018.According to the status report, at the beginning of 2017, 16 reactors were scheduled for startup; however, only three made it to completion, plus one that was then expected in 2018: three in China and one in Pakistan (built by Chinese companies).In mid-2017, 19 reactors were scheduled for startup in 2018, of which one was connected to the grid already in late 2017, but as of mid-2018, only a further five reactors were connected to the grid—three in China and two in Russia—and seven had already been officially delayed until at least 2019.The Chinese startups include the world première of grid connection for a Framatome-Siemens designed European Pressurised Water Reactor (EPR) and a Westinghouse AP1000.The reason for this decline in new nuclear build is blamed on the global growth of renewables; wind power output grew by 17% in 2017, solar by 35%, while nuclear only grew by 1%.“Non-hydro renewables generate over 3,000TWh more power than a decade ago, while nuclear produces less,” states the report.Nuclear share of global electricity generationThe nuclear share of global electricity generation remained roughly stable over the past five years (–0.5 percentage points), with a long-term declining trend, from 17.5% in 1996 to 10.3 in 2017.Seven years after the Fukushima event, Japan restarted building five units by the end of 2017—generating still only 3.6% of the power in the country in 2017—and nine by mid-2018. Read more: Exploring the future of nuclear energyFifteen countries are reported to be currently building nuclear power plants, two more than in mid-2017, as newcomer countries Bangladesh and Turkey started building their first units.As of 1 July 2018, 50 reactors were under construction—18 fewer than in 2013—of which 16 in China.Total capacity under construction currently stands at 48.5GW.Overall shrinking role of nuclearThe following seven focus countries, covered indepth in the report, represent about two thirds of the global reactor fleet (63% of the units and 70% of the installed capacity) and six of the world’s nine largest nuclear power producers.China – Nuclear power generation grew by 18% in 2017 and contributed 3.9%, up from 3.6%, of all electricity generated in China.France – Nuclear plants provided 71.6% of the country’s electricity, the lowest share since 1988. This is a decline for the fourth year in a row and seven percentage points below the peak year of 2005 (78.5%). France’s load factor at 67.7% was the fifth lowest in the world.Germany – Germany’s remaining eight nuclear reactors generated 72.2TWh net in 2017, a 10% drop over the previous year and about half of their record year 2001. They provided 11.6% of Germany’s electricity generation, which is little more than one third of the historic maximum two decades ago (30.8 percent in 1997).Japan – Nuclear plants provided only 3.6% of the electricity in Japan in 2017, ten times less than in 1998. As of mid-2018, nine reactors had restarted and 26 remained in LTO.South Korea – Nuclear power output dropped 8.6% in 2017, supplying 27.1% of the country’s electricity, little more than half of the maximum 30 years ago (53.3% in 1987).United Kingdom – Nuclear generation decreased by 1.1% in 2017 and provided 19.3% of the power in the country, down from the maximum of 26.9% in 1997.United States – Nuclear generation remained stable, and its share in the power mix remained 2.5 percentage point below the record level of 22.5% in 1995. State subsidies in the form of Zero Emission Credits (ZEC) have been granted to eight uneconomic nuclear plants to avoid their “early closure”. However, a total of 35 units are reported to be uncompetitive (in addition to six units already slated for closure).Read the full report here BRICSlast_img read more

Africa Finance Corporation supports Nigeria’s mining sector

first_img“Our goal is to grow investments in mining” UNDP China, CCIEE launch report to facilitate low-carbon development TAGSinvestmentMiningNigeria Previous articleChina: 200MW supply contract secured for Siemens Gamesa 4.X platformNext articleA series of Africa energy investment reports to be issued this week Ashley TheronAshley Theron-Ord is based in Cape Town, South Africa at Clarion Events-Africa. She is the Senior Content Producer across media brands including ESI Africa, Smart Energy International, Power Engineering International and Mining Review Africa. This is according to Begna Gebreyes, senior vice president of investments at the Africa Finance Corporation (AFC). “However, the country has much to offer such as coal, gold, iron ore, uranium, wolframite, columbite, tantalite and bitumen. Diversifying away from oil, which is unpredictable in pricing, is key to ensuring the country’s stability as is maximising our mineral wealth instead of importing from abroad.”  According to the AFC SVP, one example of such an exciting project is the Segilola Gold Project in Nigeria with Thor Explorations. AFD and Eskom commit to a competitive electricity sector The Africa Finance Corporation has expressed that their goal is to grow their investments in mining, over the next few years, to over $500 million. He continued: “However, it goes without saying that this will not be done at any cost. Delegates must understand that Nigeria’s mineral wealth must be exploited in a way that is inclusive and sustainable, and more thought must be given to in-country beneficiation so that Nigerians are not only producing natural resources but also manufacturing finished products.” Finance and Policy Generation RELATED ARTICLESMORE FROM AUTHOR To read the full interview with Gebreyes and other event partners, ambassadors, speakers and sponsors, go to http://www.nigeriaminingweek.com/interviews He explains: “We have offered the company a $78-million financing package for its Segilola Gold Project. This funding solution includes a credit facility, a gold stream and common equity. Nigeria is known around the world as a major oil producer but much less so for its mineral resources. We are very proud to be supporting the growth of Nigeria’s fledgling mining industry.” Presenting at the upcoming Nigeria Mining Week, Gebreyes said: “The main message I’d like to share with the delegates at Nigeria Mining Week is that Nigeria is open for business and is ready to make the most of its mineral wealth. Less than 0.5% of the country’s GDP comes from minerals and mining. Sign up for the ESI Africa newsletter At the upcoming Nigeria Mining Week in Abuja from 14-16 October, Gebreyes is part of a panel discussion on ‘Understanding the needs of financial institutions and funding organizations-the financial models available to support mining projects’. In an exclusive pre-event interview, Gebreyes explained: “There is a tremendous amount of opportunity in the mining sector all across Africa. Our goal is to grow our investments in mining, over the next few years, to over $500 million. There are many exciting projects that merit investment.” Low carbon, solar future could increase jobs in the future – SAPVIA BRICS Read more: Federal Ministry of Power endorses Future Energy Nigerialast_img read more