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Sherritt International Corp T.S

Alternate Symbol(s):  SHERF

Sherritt International Corporation is a Canada-based company engaged in the mining and refining of nickel and cobalt metals essential for the adoption of electric vehicles through hydrometallurgical processes. The Company is engaged in the production of high purity nickel and cobalt metals from lateritic ore. Its technologies group creates solutions for oil and mining companies around the world to improve environmental performance. The Company offers a range of products including Nickel, Cobalt, Fertilizers and Other Products. The Nickel products category includes standard grade, steel grade, and nickel powders. The Cobalt products category includes cobalt briquettes and cobalt powders. The Company’s Fertilizers product category includes anhydrous ammonia, granular ammonium sulfate, crystalline ammonium sulfate-super salt, and crystalline ammonium sulfate-standard grade. The Other products category includes sulfuric acid, zinc sulfide, and copper sulfide.


TSX:S - Post by User

Bullboard Posts
Post by Bjshorton Jul 02, 2018 12:49pm
60 Views
Post# 28259019

Cuba's financial crisis worsens: economy minister

Cuba's financial crisis worsens: economy minister
JULY 18, 2017 / 1:02 PM / A YEAR AGO

Cuba's financial crisis worsens: economy minister

 
 

HAVANA (Reuters) - Cuba’s two-year-old financial crisis worsened during the first half of this year, and the country is having difficulty obtaining trade credits due to late payments to suppliers, according to Cuban Economy Minister Ricardo Cabrisas.

 
FILE PHOTO - Ricardo Cabrisas Ruiz waits for the arrival of Missouri Governor Jay Nixon for a meeting in Havana, Cuba, May 31, 2016. REUTERS/Alexandre Meneghini

In a report to a closed door session of the National Assembly on Friday, which was broadcast by state-run television on Monday evening, Cabrisas said export revenues through June were short of expectations by $400 million.

Cabrisas said imports in 2017 would decline again and be $1.5 billion less than planned “due to difficulties in using credits, limits assigning liquidity and debts on expired letters of credit that have not been paid.”

SPONSORED

 

A cash crunch and lower oil supplies from political ally Venezuela forced the Caribbean island to slash imports and reduce the use of fuel and electricity last year, helping tip its centrally planned economy into recession for the first time in nearly a quarter century.

The economy expanded 1.1 percent through June this year, Cabrisas said, thanks to a tourism boom and growth in agriculture, construction and a few other sectors.

However, Cabrisas said if last year 85 percent of imports were financed through commercial credits, through May the country had managed to obtain similar financing for just 40.8 percent as suppliers balked at piling up more debt.

That means the cash-short and import-dependent country must seek more government debt for supplies.

 

Since oil prices slumped in 2014, Venezuela has reduced shipments of subsidized fuel to communist-run Cuba, as well as payments for Cuban professional services.

Venezuela’s oil and fuel deliveries to Cuba slid almost 13 percent in the first half, according to documents from state-run oil company PDVSA viewed by Reuters, and were down 40 percent from the same period in 2015, forcing Cuba to purchase some fuel from former benefactor Russia.

Cabrisas said Cuba was forced to seek fuel on the open market and had spent $99.6 million in addition to what had been planned.

Other oil-producing allies, such as Angola and Algeria, also find themselves short of cash to pay for Cuban services.

 

A boom in tourism has not been enough to stem the hemorrhaging of hard currency as production and prices of key export earners refined oil products and nickel have also fallen in a country embargoed by the United States.

Cuba does not publish up-to-date information on its debt, balance of payments and current account.

Reporting by Marc Frank; Editing by David Gregorio

 
 

SPONSORED

 
JULY 2, 2018 / 2:30 AM / UPDATED AN HOUR AGO

German conservatives urge Merkel, Seehofer to settle migrant dispute

 

BERLIN (Reuters) - Lawmakers from both conservative parties in the German coalition urged Chancellor Angela Merkel and her interior minister on Monday to resolve an internecine dispute over migrant policy that has thrown her three-month-old government into disarray.

 
 
 
 
 

Interior Minister Horst Seehofer, for years a thorn in Merkel’s side, offered to quit his cabinet post and the chairmanship of Bavaria’s Christian Social Union (CSU) at a party meeting on Sunday.

The CSU had threatened to impose new controls at the German border this week if they deemed that agreements Merkel brought back from a European Union summit were insufficient to ease the migrant burden.

Merkel is deadset against unilateral action by the authorities in Bavaria, the main entry point for migrants into Germany, saying it goes against European law.

Merkel’s Christian Democrats (CDU) rely on the CSU to maintain power through a coalition, also including the center-left Social Democrats, formed just three months ago.

The two parties have been in an alliance for 70 years under which the CDU left the CSU to fly the conservative flag in Bavaria. However, the CSU now faces a strong challenge from the far-right Alternative for Germany (AfD) in October when the southern state votes in regional elections.

At a joint meeting of the CDU and CSU parliamentary groups, a chorus of lawmakers urged Merkel and Seehofer to make up.

 

Senior CDU lawmaker Volker Kauder said he expected a solution to be reached this evening. “We will stay together,” he said to several minutes of applause, according to participants.

CSU hardliner Alexander Dobrindt said the problems were ‘solvable’ and reminded lawmakers of the value of their alliance.

Addressing the meeting, Merkel acknowledged that the desire to settle the dispute was great and vowed to do everything possible to get an agreement, people at the gathering said.

Earlier, veteran CDU lawmaker and former finance minister Wolfgang Schaeuble warned that the conservative bloc was standing on the edge of abyss and called for them to agree.

 
German Chancellor Angela Merkel attends a Christian Democratic Union (CDU) leadership meeting in Berlin, Germany, July 2, 2018. REUTERS/Hannibal Hanschke

Germany’s political crisis is the latest sign of a divide across the EU between those who want to maintain open borders and those who want to restrict the number of migrants entering the bloc.

MERKEL HAS UPPER HAND

It was unclear whether, with the resignation threat Seehofer, a jovial Bavarian able to win over a beer tent full of voters, was engaging in high-risk brinkmanship to make Merkel back down or whether he has simply had enough.

He was later persuaded by party colleagues to talk to Merkel one last time on Monday to try to settle the dispute, declaring he would make his final decision within three days.

 

For now, Merkel seems to be in the stronger position.

Her CDU lawmakers are still behind her while the CSU has baffled voters and commentators by backing themselves into a tight corner. A Forsa poll showed that 67 percent of Germans thought the behavior of Seehofer and the CSU was irresponsible.

By letting the CSU tear itself apart over its future in the coalition, Merkel may yet rid herself of a formidable foe in Seehofer - as she has with a string of other top conservatives in her 12-1/2 years in office.

Bad blood between the two runs deep.

 
Slideshow (8 Images)

Combative Seehofer, 68, has been a headache for Merkel, especially over her open-door migrant policy, and the last three years have been punctuated by a series of showdowns between the two.

He told colleagues on Sunday he saw no alternative to turning migrants back at the border despite Merkel’s efforts in Brussels last week and that discussions with the chancellor had been fruitless, according to a party source.

Merkel was to meet a group of CSU delegates at 5 pm (1500 GMT) to try to find a compromise. Later, leaders of all the coalition parties, including the Social Democrats, plan to meet.

If the row is not resolved, the CDU-CSU alliance may break up, robbing Merkel of her parliamentary majority. This could see her trying to lead a minority government.

 

Merkel would be only two seats short of a majority in the Bundestag lower house and may choose to rely on the Greens or pro-business Free Democrats to back her on individual policies.

She could also call a vote of no confidence, which she may win or which may trigger a new election. Opinion polls suggest the AfD would be among the biggest winners in any fresh vote.

Even if Merkel, once Europe’s most powerful leader, limps on as chancellor, the bitter dispute is a sign that her authority is waning, say experts.

Additional reporting by Joseph Nasr, Andreas Rinke, Holger Hansen; Writing by Madeline Chambers; Editing by Toby Chopra and David Stamp

 
 
 
 
 
 
 
 
UPDATE: Tesla shares extend losses, last down 3.2 percentBUSINESS NEWS
JULY 18, 2017 / 1:02 PM / A YEAR AGO

Cuba's financial crisis worsens: economy minister

 
 

HAVANA (Reuters) - Cuba’s two-year-old financial crisis worsened during the first half of this year, and the country is having difficulty obtaining trade credits due to late payments to suppliers, according to Cuban Economy Minister Ricardo Cabrisas.

 
FILE PHOTO - Ricardo Cabrisas Ruiz waits for the arrival of Missouri Governor Jay Nixon for a meeting in Havana, Cuba, May 31, 2016. REUTERS/Alexandre Meneghini

In a report to a closed door session of the National Assembly on Friday, which was broadcast by state-run television on Monday evening, Cabrisas said export revenues through June were short of expectations by $400 million.

Cabrisas said imports in 2017 would decline again and be $1.5 billion less than planned “due to difficulties in using credits, limits assigning liquidity and debts on expired letters of credit that have not been paid.”

SPONSORED

 

A cash crunch and lower oil supplies from political ally Venezuela forced the Caribbean island to slash imports and reduce the use of fuel and electricity last year, helping tip its centrally planned economy into recession for the first time in nearly a quarter century.

The economy expanded 1.1 percent through June this year, Cabrisas said, thanks to a tourism boom and growth in agriculture, construction and a few other sectors.

However, Cabrisas said if last year 85 percent of imports were financed through commercial credits, through May the country had managed to obtain similar financing for just 40.8 percent as suppliers balked at piling up more debt.

That means the cash-short and import-dependent country must seek more government debt for supplies.

 

Since oil prices slumped in 2014, Venezuela has reduced shipments of subsidized fuel to communist-run Cuba, as well as payments for Cuban professional services.

Venezuela’s oil and fuel deliveries to Cuba slid almost 13 percent in the first half, according to documents from state-run oil company PDVSA viewed by Reuters, and were down 40 percent from the same period in 2015, forcing Cuba to purchase some fuel from former benefactor Russia.

Cabrisas said Cuba was forced to seek fuel on the open market and had spent $99.6 million in addition to what had been planned.

Other oil-producing allies, such as Angola and Algeria, also find themselves short of cash to pay for Cuban services.

 

A boom in tourism has not been enough to stem the hemorrhaging of hard currency as production and prices of key export earners refined oil products and nickel have also fallen in a country embargoed by the United States.

Cuba does not publish up-to-date information on its debt, balance of payments and current account.

Reporting by Marc Frank; Editing by David Gregorio

 
 

SPONSORED

 
JULY 2, 2018 / 2:30 AM / UPDATED AN HOUR AGO

German conservatives urge Merkel, Seehofer to settle migrant dispute

 

BERLIN (Reuters) - Lawmakers from both conservative parties in the German coalition urged Chancellor Angela Merkel and her interior minister on Monday to resolve an internecine dispute over migrant policy that has thrown her three-month-old government into disarray.

Interior Minister Horst Seehofer, for years a thorn in Merkel’s side, offered to quit his cabinet post and the chairmanship of Bavaria’s Christian Social Union (CSU) at a party meeting on Sunday.

The CSU had threatened to impose new controls at the German border this week if they deemed that agreements Merkel brought back from a European Union summit were insufficient to ease the migrant burden.

Merkel is deadset against unilateral action by the authorities in Bavaria, the main entry point for migrants into Germany, saying it goes against European law.

Merkel’s Christian Democrats (CDU) rely on the CSU to maintain power through a coalition, also including the center-left Social Democrats, formed just three months ago.

The two parties have been in an alliance for 70 years under which the CDU left the CSU to fly the conservative flag in Bavaria. However, the CSU now faces a strong challenge from the far-right Alternative for Germany (AfD) in October when the southern state votes in regional elections.

At a joint meeting of the CDU and CSU parliamentary groups, a chorus of lawmakers urged Merkel and Seehofer to make up.

 

Senior CDU lawmaker Volker Kauder said he expected a solution to be reached this evening. “We will stay together,” he said to several minutes of applause, according to participants.

CSU hardliner Alexander Dobrindt said the problems were ‘solvable’ and reminded lawmakers of the value of their alliance.

Addressing the meeting, Merkel acknowledged that the desire to settle the dispute was great and vowed to do everything possible to get an agreement, people at the gathering said.

Earlier, veteran CDU lawmaker and former finance minister Wolfgang Schaeuble warned that the conservative bloc was standing on the edge of abyss and called for them to agree.

 
German Chancellor Angela Merkel attends a Christian Democratic Union (CDU) leadership meeting in Berlin, Germany, July 2, 2018. REUTERS/Hannibal Hanschke

Germany’s political crisis is the latest sign of a divide across the EU between those who want to maintain open borders and those who want to restrict the number of migrants entering the bloc.

MERKEL HAS UPPER HAND

It was unclear whether, with the resignation threat Seehofer, a jovial Bavarian able to win over a beer tent full of voters, was engaging in high-risk brinkmanship to make Merkel back down or whether he has simply had enough.

He was later persuaded by party colleagues to talk to Merkel one last time on Monday to try to settle the dispute, declaring he would make his final decision within three days.

 

For now, Merkel seems to be in the stronger position.

Her CDU lawmakers are still behind her while the CSU has baffled voters and commentators by backing themselves into a tight corner. A Forsa poll showed that 67 percent of Germans thought the behavior of Seehofer and the CSU was irresponsible.

By letting the CSU tear itself apart over its future in the coalition, Merkel may yet rid herself of a formidable foe in Seehofer - as she has with a string of other top conservatives in her 12-1/2 years in office.

Bad blood between the two runs deep.

 
Slideshow (8 Images)

Combative Seehofer, 68, has been a headache for Merkel, especially over her open-door migrant policy, and the last three years have been punctuated by a series of showdowns between the two.

He told colleagues on Sunday he saw no alternative to turning migrants back at the border despite Merkel’s efforts in Brussels last week and that discussions with the chancellor had been fruitless, according to a party source.

Merkel was to meet a group of CSU delegates at 5 pm (1500 GMT) to try to find a compromise. Later, leaders of all the coalition parties, including the Social Democrats, plan to meet.

If the row is not resolved, the CDU-CSU alliance may break up, robbing Merkel of her parliamentary majority. This could see her trying to lead a minority government.

 

Merkel would be only two seats short of a majority in the Bundestag lower house and may choose to rely on the Greens or pro-business Free Democrats to back her on individual policies.

She could also call a vote of no confidence, which she may win or which may trigger a new election. Opinion polls suggest the AfD would be among the biggest winners in any fresh vote.

Even if Merkel, once Europe’s most powerful leader, limps on as chancellor, the bitter dispute is a sign that her authority is waning, say experts.

Additional reporting by Joseph Nasr, Andreas Rinke, Holger Hansen; Writing by Madeline Chambers; Editing by Toby Chopra and David Stamp

 
 
 
 
 
 
 
 

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