AEP’s Daily Dose of Madness and Attempt to Break Up the EU
Gobal Warming Hoaxster and War Criminal Prince Charles Presents the Weather on BBC
This is to present him as ‘harmless’ and ‘wonderful’ to the idiot and evil English.
Anglo Ashanti-Policy On Way to Make Robust RSA Mining Industry
Vancouver, May 9, 2012– Fortuna Silver Mines, Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F)
First quarter 2012 highlights:
- Net income of US$11.11 million, up 132% over the prior year period (Q1 2011: US$4.78 million)
- Cash generated by operating activities before changes in working capital of US$14.69 million, up 144% over the prior year period (Q1 2011: US$6.03 million)
- Revenue of US$40.60 million, up 86% over the prior year period (Q1 2011: US$21.89 million)
- Operating income of US$16.53 million, up 105% over the prior year period (Q1 2011: US$8.08 million)
- Cash position (including short term investments) and working capital as at March 31, 2012 were US$53.85 million and US$77.06 million respectively
- Record silver and gold production of 953,091 ounces and 5,137 ounces respectively
- Cash cost per silver ounce, net of by-product credits, was US$3.18
Jorge Ganoza, President and CEO, commented, “Fortuna has delivered a record profitable quarter with strong cash flow generation reflecting the positive impact of the San Jose operation in our performance. Our current focus is on sustaining our status as a low cost producer through the implementation of various initiatives incorporated in our capital projects and execution of San Jose’s production expansion to three million ounces of silver and twenty-five thousand ounces of gold annual production rate by next year. Our exploration efforts continue throughout our extensive land holdings around our mines and with the evaluation of new opportunities throughout the Americas.”
During the first quarter ended March 31, 2012, the company generated net income of US$11.11 million (Q1 2011: US$4.78 million) on operating income of US$16.53 million (Q1 2011: US$8.08 million). The increase in net income of 132% compared to the same period in 2011 is mainly attributable to higher mine operating income of US$21.08 million (Q1 2011: US$13.05 million) and lower net loss on commodity contracts of US$0.34 million (Q1 2011: US$1.01 million), offset by higher income taxes of US$5.43 million (Q1 2011: US$3.41 million).
Our selling, general and administrative expenses remained almost flat over the prior year period, in spite of the expenses associated with the San Jose mine in Mexico, due to a US$0.70 million credit related to the mark-to-market of restricted and deferred share units in the face of the reduction in share price during the quarter. Shared-based payments related to vesting of granted instruments, outside of the mark-to-market effect, amount on average to US$0.35 million per quarter.
The increase in mine operating income is explained by the contribution of the San Jose mine. Mine operating margin was 52% compared to 60% in Q1 2011, result of a decreased margin at Caylloma to 45% (Q1 2011: 60%) which was impacted by an increase of 31% in unit production cash cost.
Cash generated by operating activities before changes in working capital totaled US$14.69 million, up 144% over the prior year period (Q1 2011: US$6.03 million). The corresponding operating cash flow per share was US$0.12 (2011: US$0.05). Operating cash flow, which is net of tax payments of US$5.77 million, includes US$4.03 million related to the final 2011 income tax payments. After adjusting for these 2011 taxes paid in the first quarter, operating cash flow per share was US$0.15, up 81% over the prior year period.
Oil bounces back after six down sessions
SAN FRANCISCO (MarketWatch) — Crude-oil futures rebounded Thursday from their lowest point of the year after U.S. jobless claims fell in line with expectations and as oil’s drop below $97 a barrel enticed buyers back into the market.
Prices were lower earlier, after disappointing Chinese trade data and after the Organization of the Petroleum Exporting Countries reported that supplies are outpacing demand.
Crude-oil for June delivery CLM2 +0.15% advanced 34 cents, or 0.3%, to $97.14 a barrel on the New York Mercantile Exchange.
Prices ended down 0.2% at $96.81 a barrel on Wednesday, a sixth consecutive loss for oil and one that marked the longest downward run for crude since July 2010. Read more on Wednesday’s oil session.
Natural-gas futures traded lower, as a boost from an inventories report within expectations proved to be short-lived.
Earlier Thursday, the U.S. Labor Department said jobless claims fell slightly, with first-time applications for unemployment last week declining by 1,000 to 367,000. Read more about jobless claims.
Disappointing China trade data released Thursday raised fresh concerns about the resilience of the Chinese economy amid softening global demand. Read more on April China trade figures.
In addition, China’s imports of crude oil fell for a second month, but were still higher than a year earlier on the back of demand for stockpiling and refined oil products, reports citing preliminary data from the General Administration of Customs Thursday said.
Volcker Defends His Rule
WS is on a rampage as it’s market manipulation is being taken away from it. Volcker is like Elizabeth Warren, worried that the Anglosaxon-Hebrew satanic banker Hegemony known as the FED will be taken away if the banksters are too open with their war upon the American sheeple.
Watershed Moment FED Greenlights Chinacom Takeover Of America
Goldman Sachs 2 Billion Dollar Margin Call
Trade Gap in U.S. Widens More Than Forecast as Imports Jump
The trade deficit widened more than forecast in March as American demand for crude oil, computers, automobiles and televisions propelled imports to a record.
The gap grew 14 percent to $51.8 billion, the Commerce Department reported in Washingtontoday. The median estimate of economists surveyed by Bloomberg News called for an increase to $50 billion. A 5.2 percent jump in imports, the biggest in more than a year, swamped the 2.9 percent gain in exports, which also reached a record.
USA Weekly 367k
S&P 500 Rises From 2-Month Low on Greek Government Effort
The Standard & Poor’s 500 Index (SPX) rose, rebounding from the lowest level in two months, as Greece attempted to form a new government and a decline in American jobless claims helped allay concern of a labor market setback.
Bank of America Corp. and JPMorgan Chase & Co. (JPM) added at least 1.3 percent to pace gains in financial shares. News Corp. (NWSA), the media company run by Rupert Murdoch, andMonster Beverage Corp. (MNST), an energy-drink maker, rallied more than 5.1 percent after earnings beat analysts’ estimates. Cisco Systems Inc. (CSCO) fell 8.7 percent amid disappointing sales and profit forecasts.
The S&P 500 advanced 0.4 percent to 1,359.73 at 10:51 a.m.New York time. The Dow Jones Industrial Average added 36.52 points, or 0.3 percent, to 12,871.58. The Nasdaq-100 Index (NDX) dropped 0.2 percent to 2,615.94, led by Cisco, which comprises 3.2 percent of the measure. Trading in S&P 500 companies was 12 percent above the 30-day average at this time of day.
“There’s an attempt to patch things together in Greece,” saidMichael Strauss, who helps oversee about $27 billion of assets as the chief investment strategist at Commonfund in Wilton, Connecticut. “They will try to stay in the euro, though I’m not sure they can. Greece is a failed chemistry experiment even if they put something together. What’s also helping the market is that our earnings numbers have been good and the economy is doing OK. Today’s claims data seem to support that.”
Equities rose as former Greece Finance Minister Evangelos Venizelos attempted to form a government that will ensure the nation remains in the euro area. In the U.S., first-time claims for jobless benefits fell last week to a one-month low. About 70 percent of S&P 500 companies that reported results since the start of the earnings season have topped projections.
Global stocks slumped yesterday amid concern Greece’s debt crisis is worsening as the nation struggles to form a coalition government. The standoff has reignited concerns over its ability to hold to the terms of its two bailouts negotiated since May 2010. With Parliament split, the country at the epicenter of the debt crisis is again facing the risk of an exit from the euro.
Nine out of 10 groups in the S&P 500 rose today as financial shares had the biggest gain. A measure of European bank shares rallied 2.6 percent. The KBW Bank Index (BKX) added 1.5 percent as all of its 24 stocks advanced. Bank of America climbed 1.4 percent, the most in the Dow, to $7.84. JPMorgan increased 1.3 percent to $41.16.
Federal Reserve Chairman Ben S. Bernanke said the U.S. banking system is stronger and more resilient while still facing challenges on credit quality and liquidity.
‘More to Do’
“Banks still have more to do to restore their health and adapt to the post-crisis regulatory and economic environment,” Bernanke said today in a speech at the Chicago Fed’s annual conference on banks. As the economic expansion proceeds, “a financially stronger banking system will be well positioned to expand its lending.”
News Corp. climbed 5.1 percent to $20.37 after revenue growth at its cable networks and film studio helped it exceed analysts’ third-quarter profit estimates. The owner of Fox Broadcasting and Fox News derives at least 70 percent of its annual profit from television, and is working to expand in markets outside the U.S. with investments in pay-TV operators.
Monster Beverage surged 10 percent to $72.16. Net sales rose 28 percent to $454.6 million as Chief Executive Officer Rodney Sacks expands into international markets, including Hong Kong and Macau last month.
Big Lots Inc. (BIG) gained 3.3 percent to $37.42. The discount retailer was raised to the equivalent of buy at Barclays Plc. The share-price estimate is $43.
Avon Products Inc. (AVP) swung between gains and losses, dropping 1 percent to $21.38. The shares soared 9.3 percent yesterday. Coty Inc. raised its offer to acquire Avon to about $10.7 billion and said Warren Buffett’s Berkshire Hathaway Inc. will provide financing as the perfume-maker seeks to draw Avon into negotiations.
Technology shares had the only decline in the S&P 500 among 10 industries. Cisco, the biggest maker of computer-networking equipment, slumped 8.7 percent to $17.15. Chief Executive Officer John Chambers said orders from big companies fell in the third quarter, and it’s taking longer to sign large deals with corporate customers. Cisco is also concerned about demand from Europe, India and government agencies, he said.
Priceline.com Inc. (PCLN) dropped 4.5 percent to $686.66. The biggest U.S. online travel agency by market value forecast second-quarter earnings that trailed analysts’ estimates.
20 Times Greater
MEMC Electronic Materials Inc. sank 12 percent to $2.85, the lowest on a closing basis sinceNovember 2001. (WFR) The second- largest U.S. polysilicon maker, posted a first-quarter loss 20 times greater than a year earlier as solar sales declined by more than one-third.
Volatility may hurt U.S. stock investors even when the market lacks direction, according to Eugene F. Fama and Kenneth R. French, the creators of a model designed to explain equity returns. Each component of their three-factor model dropped last year for the first time since 1994. The declines occurred even though the S&P 500 was little changed.
Fama, a University of Chicago professor, and French, a professor at Dartmouth College in Hanover, New Hampshire, put together the figures used for the chart. They track return gaps between stocks and Treasury bills, between the shares of smaller and larger companies, and between value and growth stocks.
Although market returns had the biggest swings among the three factors in the past half century, “the volatility of the size and value premiums is nevertheless high,” Fama and French wrote in a paper analyzing the numbers. The research, posted on their blog three days ago, is based on data from the University of Chicago’s Center for Research in Security Prices.
Last year’s total return for all U.S. stocks, weighted by market value, was 0.9 percentage point less than the return on one-month Treasury bills with monthly reinvestment.
Smaller companies lagged behind larger ones by 5 points on a total-return basis. Each stock was placed in one category or the other. The median market value for New York Stock Exchange- listed companies was used as a cutoff.
Returns for value stocks were 6.9 points lower than for growth stocks. The classifications were tied to book value, or the value of assets after subtracting liabilities. Shares with price-to-book ratios in the bottom 30 percent of NYSE-listed issues were considered value, and vice versa for growth.