THE president of an Oxfordshire rail campaign group is aiming to curb the surge in scrap metal thefts by getting the law changed.
Lord Faulkner, who heads the Cotswold Line Promotion Group, wants to make cash transactions for scrap metal illegal.
He has tabled a Private Member’s Bill and a series of amendments in the House of Lords to try to secure a ban.
Metal theft has surged in recent years due to record prices for copper and other metals, combined with a boom in demand in China, India and other Asian countries.
Thefts of copper signal cables have disrupted train services on the Cotswold Line between Oxford and Worcester several times in recent weeks.
Thieves have also struck at other public services and buildings around Oxfordshire in the past year.
Telephone and internet users in Eynsham and Chinnor were cut off this summer when cables were stolen, lead worth 100,000 was stripped from the roof of St Mary’s Church in Warkworth, near Banbury, in August, while schools, churches and council offices were targeted by lead thieves in Abingdon in September.
While the value of the metal stolen may be small, the costs of disruption and repairs can be huge.
The rail industry estimates cable thefts over the past three years have caused 16,000 hours of delays to trains and cost 43m, while the Association of Chief Police Officers says metal thefts cost the UK 770m a year.
Announcing his proposed amendments to the Legal Aid, Sentencing and Punishment of Offenders Bill, Lord Faulkner told the House of Lords: “The move to cashless transactions (for scrap) is seen by all the interested parties as an essential step in the process of getting this business under some sort of control.”
As well as banning cash deals for scrap, the peer wants sentencing guidance revised, so courts take into account the cost of disruption and repairs caused by scrap thieves, not just the value of the metal they take.
Scrap merchant Jonathan Smith, of AV Smith and Son, of Frogs Island, off Old Didcot Road, Wallingford, said: “I think cashless transactions would help cut down on the problem of metal thefts. I think it would be a good idea.
“I would like the trade to be as clean as possible.”
He added: “I would love to stop the thieves. It’s not just churches and businesses being raided, 3,500 of metal was stolen from our yard a year ago by someone who came in across the fields.
“But you also need to do something about people who are buying the metal without any checks. I always ask for photograph identification and take details of people’s vehicles, and record every delivery coming into the yard, so everything I buy is there in black and white.”
Oxford East MP Andrew Smith said: “Metal theft is a huge problem, hitting householders, local businesses and churches.
2011年12月11日 星期日
2011年12月8日 星期四
Corzine ‘never intended to break rules' as MF Global CEO
WASHINGTON, Dec. 8- What led to the misuse of MF Global customer funds is unknown, largely due to the enormous number of transactions made in the hours before the firm’s collapse, said Former MF Global CEO Jon Corzine when he testified before the House Committee on Agriculture today.
“I never intended to break any rules,” he said in response to questions from Chairman Frank Lucas (R-Okla.). “I am not in a position, given the number of transactions, to know anything specifically about the movement of any specific funds. I can only say I know I had no intention to ever authorize the transfer of segregate moneys.”
Farmers and ranchers across the country used MF Global to make commodity market trades as financial hedges intended to protect them against volatile market prices. An estimated $1.2 billion in customer funds went missing after the firm’s collapse.
“I think about this every day,” Corzine said. “I could not be more regretful of the distress we’re bringing into people’s lives.
Corzine departed MF Global on Nov. 3 after the firm declared bankruptcy on Oct. 31. He told the Committee he did not become aware of un-reconciled customer accounts until the evening of Oct. 30.
“I was stunned when told MF Global could not account for millions of clients’ money,” he said. “I simply do not know where the money is.”
Executive Chairman of the CME Group Inc., Terrence Duffy, said that MF Global reported stable segregated accounts until reports on Monday, October 31 indicated otherwise.
Investigators described the state of the firm’s records during the last days before the bankruptcy as “a mess.” Corzine cited the unusually high number of transactions taking place during the last few hours before Oct. 31.
"It's my understanding that our books and records were reflecting the chaos that occurred in the last two or three days as the firm was under severe pressure," he said. "It's clear that in the last hours there were many, many more transactions than before."
During the hearing, Corzine discussed the firm’s choice to invest in European sovereign debt. According to Corzine’s testimony, he met with MF Global’s senior traders in 2010 to discuss ways to improve the company’s profitability. One of those ways was to purchase European sovereign debt using “repurchase transactions to maturity,” or RTMs, which he said would reduce finance and market risk at a time when the spread on European sovereign debt securities appeared favorable.
“Through these discussions, I became an advocate of purchasing European sovereign debt using RTMs,” he said. “At the time that MF Global entered into the transactions, I believed that its investments in short-term European debt securities were prudent.”
Several members characterized the firm’s investment in sovereign debt as irresponsible. Ranking Member Collin Peterson (D-Minn.) questioned the MF Global betting strategies. “They just seem pretty risky,” he said.
Corzine emphasized that during his tenure at MF Global, the firm actually reduced leverage from 37.3 to 30.
MF Global existed jointly as a futures commission merchant (FCM) and a broker-dealer firm before the bankruptcy. The broker-dealer firm of MF Global placed the investments in sovereign debt. Corzine stated repeatedly during the hearing that he has no recollection of ever authorizing customer funds from the FCM to be used in the sovereign debt investments.
Commodity Futures Trading Commission (CFTC) Commissioner Jill Sommers said during her earlier testimony that this investigation would result in policy changes and “lessons learned.”
“We might consider that operating as a combined broker-dealer and FCM should not exist,” said Vice Chairman of the Financial Industry Regulatory Authority, Stephen Luparello.
“We need to seriously examine whether we should put these segregated accounts into a third party,” Peterson said. “Hopefully the committee can spend some time looking at this and working with people to determine what a solution should be.”
A court-appointed trustee is attempting to transfer and distribute $2.1 billion in MF Global funds frozen by the bankruptcy. A New York bankruptcy judge is expected to consider the transfer Friday.
“Many firms still will have significant amounts of margin funds and excess cash tied up with the trustee-- or missing,” said Central Missouri Agri-Service manager, John Fletcher, on behalf of the National Grain and Feed Association. “Even at a relatively small firm like Central Missouri Agri-Service, we are trying to manage a $600,000 deficit in the value of our account.”
The CFTC adopted a rule earlier this week that eliminates foreign sovereign debt as a permitted investment by an FCM. The rule updates regulation 1.25. However, Corzine and Commissioner Jill Sommers testified that the regulation 1.25 never made customer funds available for sovereign debt investments, except if the customer made deposits in foreign currency and authorized an amount.
CFTC initially proposed the update to the regulation in October 2010, but deferred it after multiple financial firms, including MF Global, objected the change as too costly.
Whether this rule would have prevented the consequences of MF Global’s collapse is not certain. The investments MF Global made in Europe were not made by its FCM, but by the MF Global broker-dealer firm. The location of the misplaced customer funds, as well as the timing, is still unknown.
“My impression is that in the chaos of the last few hours and days, either a miscalculation occurred or money that was expected to come in did not.” Corzine said.
The Dodd-Frank Act, enacted to enhance regulatory oversight of large financial institutions, is in the stages of final rule approval. House Agriculture Committee members debated during the past few months whether these rules are being enacted too quickly. Some are using MF Global’s failure and the recent bankruptcies of Lehman Brothers and Refco as examples that these new regulations are urgent.
“There have to be some rules in place that limit high risk and give the farmers and ranchers confidence in these markets,” said Rep. Joe Courtney (D-Ct.). “Our job here is to try to figure out the right way to balance rules to prevent these events form occurring again. I think implementing these rules can create a structure of stability in our economy.”
“I never intended to break any rules,” he said in response to questions from Chairman Frank Lucas (R-Okla.). “I am not in a position, given the number of transactions, to know anything specifically about the movement of any specific funds. I can only say I know I had no intention to ever authorize the transfer of segregate moneys.”
Farmers and ranchers across the country used MF Global to make commodity market trades as financial hedges intended to protect them against volatile market prices. An estimated $1.2 billion in customer funds went missing after the firm’s collapse.
“I think about this every day,” Corzine said. “I could not be more regretful of the distress we’re bringing into people’s lives.
Corzine departed MF Global on Nov. 3 after the firm declared bankruptcy on Oct. 31. He told the Committee he did not become aware of un-reconciled customer accounts until the evening of Oct. 30.
“I was stunned when told MF Global could not account for millions of clients’ money,” he said. “I simply do not know where the money is.”
Executive Chairman of the CME Group Inc., Terrence Duffy, said that MF Global reported stable segregated accounts until reports on Monday, October 31 indicated otherwise.
Investigators described the state of the firm’s records during the last days before the bankruptcy as “a mess.” Corzine cited the unusually high number of transactions taking place during the last few hours before Oct. 31.
"It's my understanding that our books and records were reflecting the chaos that occurred in the last two or three days as the firm was under severe pressure," he said. "It's clear that in the last hours there were many, many more transactions than before."
During the hearing, Corzine discussed the firm’s choice to invest in European sovereign debt. According to Corzine’s testimony, he met with MF Global’s senior traders in 2010 to discuss ways to improve the company’s profitability. One of those ways was to purchase European sovereign debt using “repurchase transactions to maturity,” or RTMs, which he said would reduce finance and market risk at a time when the spread on European sovereign debt securities appeared favorable.
“Through these discussions, I became an advocate of purchasing European sovereign debt using RTMs,” he said. “At the time that MF Global entered into the transactions, I believed that its investments in short-term European debt securities were prudent.”
Several members characterized the firm’s investment in sovereign debt as irresponsible. Ranking Member Collin Peterson (D-Minn.) questioned the MF Global betting strategies. “They just seem pretty risky,” he said.
Corzine emphasized that during his tenure at MF Global, the firm actually reduced leverage from 37.3 to 30.
MF Global existed jointly as a futures commission merchant (FCM) and a broker-dealer firm before the bankruptcy. The broker-dealer firm of MF Global placed the investments in sovereign debt. Corzine stated repeatedly during the hearing that he has no recollection of ever authorizing customer funds from the FCM to be used in the sovereign debt investments.
Commodity Futures Trading Commission (CFTC) Commissioner Jill Sommers said during her earlier testimony that this investigation would result in policy changes and “lessons learned.”
“We might consider that operating as a combined broker-dealer and FCM should not exist,” said Vice Chairman of the Financial Industry Regulatory Authority, Stephen Luparello.
“We need to seriously examine whether we should put these segregated accounts into a third party,” Peterson said. “Hopefully the committee can spend some time looking at this and working with people to determine what a solution should be.”
A court-appointed trustee is attempting to transfer and distribute $2.1 billion in MF Global funds frozen by the bankruptcy. A New York bankruptcy judge is expected to consider the transfer Friday.
“Many firms still will have significant amounts of margin funds and excess cash tied up with the trustee-- or missing,” said Central Missouri Agri-Service manager, John Fletcher, on behalf of the National Grain and Feed Association. “Even at a relatively small firm like Central Missouri Agri-Service, we are trying to manage a $600,000 deficit in the value of our account.”
The CFTC adopted a rule earlier this week that eliminates foreign sovereign debt as a permitted investment by an FCM. The rule updates regulation 1.25. However, Corzine and Commissioner Jill Sommers testified that the regulation 1.25 never made customer funds available for sovereign debt investments, except if the customer made deposits in foreign currency and authorized an amount.
CFTC initially proposed the update to the regulation in October 2010, but deferred it after multiple financial firms, including MF Global, objected the change as too costly.
Whether this rule would have prevented the consequences of MF Global’s collapse is not certain. The investments MF Global made in Europe were not made by its FCM, but by the MF Global broker-dealer firm. The location of the misplaced customer funds, as well as the timing, is still unknown.
“My impression is that in the chaos of the last few hours and days, either a miscalculation occurred or money that was expected to come in did not.” Corzine said.
The Dodd-Frank Act, enacted to enhance regulatory oversight of large financial institutions, is in the stages of final rule approval. House Agriculture Committee members debated during the past few months whether these rules are being enacted too quickly. Some are using MF Global’s failure and the recent bankruptcies of Lehman Brothers and Refco as examples that these new regulations are urgent.
“There have to be some rules in place that limit high risk and give the farmers and ranchers confidence in these markets,” said Rep. Joe Courtney (D-Ct.). “Our job here is to try to figure out the right way to balance rules to prevent these events form occurring again. I think implementing these rules can create a structure of stability in our economy.”
2011年12月7日 星期三
Red Cross urges fire safety after responding to recent Winfield fire
The American Red Cross Midway-Kansas Chapter is urging families to be cautious when using space heaters and other heating sources and to make a plan in case of a home fire.
The safety alert comes after Red Cross volunteers responded to a house fire at 517 E. 15th Ave. at 4:54 a.m. on Friday that affected four people. It appeared the fire started around a heating unit in the attic, but according to the Winfield Fire Department, an exact cause of the fire is still undetermined. Red Cross responders helped the family recover by providing things like food, shelter, clothing and stuffed animals for children.
“We’re deeply saddened for those who’ve been affected,” said Bev Morlan, American Red Cross Midway-Kansas Chapter regional executive director.
“As we continue to provide support for those who need us, we also encourage others to take action to minimize the risk of a home fire.”
Heat sources such as space heaters, fireplaces or wood and coal stoves can pose a fire hazard. To reduce the risk of heating-related fires, the Red Cross recommends keeping anything that can burn — such as paper, bedding or furniture — at least three feet away from heating equipment and fireplaces and to never leave these unattended.
“Unfortunately, during the holidays, it is typical to see an increase in house fires because of colder temperatures,” said James Williams, American Red Cross Midway-Kansas Chapter Public Relations manager.
The Red Cross recommends the following steps to help protect your home and loved ones from a fire:
All heaters need space. Keep all things that can burn (paper, matches, bedding, furniture, clothing, carpets, and rugs) at least three feet away from heating equipment.
Never leave a fire in the fireplace unattended, and use a glass or metal fire screen to keep fire and embers in the fireplace.
Never use a cooking range or oven to heat your home.
Turn off portable space heaters every time you leave the room or go to sleep.
Have wood and coal stoves, fireplaces, and chimneys inspected annually by a professional, and cleaned if necessary.
If you must use a space heater, place it on a level, hard and nonflammable surface (such as ceramic tile floor), not on rugs, or carpets or near bedding or drapes. Plug power cords directly into outlets and never into an extension cord.
Red Cross volunteers on the scene were members of the chapter’s Disaster Action Team, a group of specially trained volunteers who respond to the scene of a local disaster when called upon at any time of the day or night. Last year, Red Cross responded to 186 fires in south-central Kansas.
The safety alert comes after Red Cross volunteers responded to a house fire at 517 E. 15th Ave. at 4:54 a.m. on Friday that affected four people. It appeared the fire started around a heating unit in the attic, but according to the Winfield Fire Department, an exact cause of the fire is still undetermined. Red Cross responders helped the family recover by providing things like food, shelter, clothing and stuffed animals for children.
“We’re deeply saddened for those who’ve been affected,” said Bev Morlan, American Red Cross Midway-Kansas Chapter regional executive director.
“As we continue to provide support for those who need us, we also encourage others to take action to minimize the risk of a home fire.”
Heat sources such as space heaters, fireplaces or wood and coal stoves can pose a fire hazard. To reduce the risk of heating-related fires, the Red Cross recommends keeping anything that can burn — such as paper, bedding or furniture — at least three feet away from heating equipment and fireplaces and to never leave these unattended.
“Unfortunately, during the holidays, it is typical to see an increase in house fires because of colder temperatures,” said James Williams, American Red Cross Midway-Kansas Chapter Public Relations manager.
The Red Cross recommends the following steps to help protect your home and loved ones from a fire:
All heaters need space. Keep all things that can burn (paper, matches, bedding, furniture, clothing, carpets, and rugs) at least three feet away from heating equipment.
Never leave a fire in the fireplace unattended, and use a glass or metal fire screen to keep fire and embers in the fireplace.
Never use a cooking range or oven to heat your home.
Turn off portable space heaters every time you leave the room or go to sleep.
Have wood and coal stoves, fireplaces, and chimneys inspected annually by a professional, and cleaned if necessary.
If you must use a space heater, place it on a level, hard and nonflammable surface (such as ceramic tile floor), not on rugs, or carpets or near bedding or drapes. Plug power cords directly into outlets and never into an extension cord.
Red Cross volunteers on the scene were members of the chapter’s Disaster Action Team, a group of specially trained volunteers who respond to the scene of a local disaster when called upon at any time of the day or night. Last year, Red Cross responded to 186 fires in south-central Kansas.
2011年12月6日 星期二
FSDC to firm up framework to deal with global crises
A high-level FSDC panel will firm up a crisis management framework to deal with the impact of global financial problems at its meeting in Kolkata later this week.
“We will discuss the Financial Stability Report and decide steps to deal with the global crisis,” said a senior Finance Ministry official ahead of the meeting of the Finance Stability and Development Council (FSDC) sub-committee.
The FSDC sub-committee, which is headed by Reserve Bank Governor D. Subbarao, is scheduled to meet on December 8. The panel includes the heads of regulating agencies like SEBI, IRDA, PFRDA and Finance Ministry officials.
According to sources, the FSDC will also be discussing various scenarios with regard to the sovereign debt crisis in euro zone countries and the possible steps to neutralise the impact of global problems on India.
The agenda for the meeting includes “creation of a framework for decision-making involving the agencies that will be involved in the decision-making process, with clearly defined responsibilities and a mechanism for information exchange and coordination.”
The effort, sources said, would be to develop a mechanism to deal with “sudden shocks” in the balance sheets of financial institutions, which could be on account of natural or man-made crises. The institutions would include banks, non-banking financial companies, mutual funds, primary dealers, merchant bankers and pension funds.
At its earlier meetings, the FSDC sub-committee had asked the regulators to make an assessment of the impact of the sovereign debt crisis on the Indian financial system.
With worsening of the sovereign debt crisis in Europe, especially in countries like Greece and Italy, it has become imperative for India to develop a framework to deal with the problems as the government is not in a position to provide a stimulus to boost growth.
Finance Minister Pranab Mukherjee had recently said, “I am not in a position to provide that level of fiscal stimulus which I was able in 2008-09, but certain policy changes can improve the situation a little bit, which we are doing.”
According to Reserve Bank Deputy Governor Subir Gokarn, “In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites.”
“This has led to increased instability and volatility in financial markets, particularly currency markets... While overall macroeconomic conditions may cause concern, we need to take an integrated and forward looking view of positive and negative indicators and future risks while thinking about appropriate policy responses,” he said.
“We will discuss the Financial Stability Report and decide steps to deal with the global crisis,” said a senior Finance Ministry official ahead of the meeting of the Finance Stability and Development Council (FSDC) sub-committee.
The FSDC sub-committee, which is headed by Reserve Bank Governor D. Subbarao, is scheduled to meet on December 8. The panel includes the heads of regulating agencies like SEBI, IRDA, PFRDA and Finance Ministry officials.
According to sources, the FSDC will also be discussing various scenarios with regard to the sovereign debt crisis in euro zone countries and the possible steps to neutralise the impact of global problems on India.
The agenda for the meeting includes “creation of a framework for decision-making involving the agencies that will be involved in the decision-making process, with clearly defined responsibilities and a mechanism for information exchange and coordination.”
The effort, sources said, would be to develop a mechanism to deal with “sudden shocks” in the balance sheets of financial institutions, which could be on account of natural or man-made crises. The institutions would include banks, non-banking financial companies, mutual funds, primary dealers, merchant bankers and pension funds.
At its earlier meetings, the FSDC sub-committee had asked the regulators to make an assessment of the impact of the sovereign debt crisis on the Indian financial system.
With worsening of the sovereign debt crisis in Europe, especially in countries like Greece and Italy, it has become imperative for India to develop a framework to deal with the problems as the government is not in a position to provide a stimulus to boost growth.
Finance Minister Pranab Mukherjee had recently said, “I am not in a position to provide that level of fiscal stimulus which I was able in 2008-09, but certain policy changes can improve the situation a little bit, which we are doing.”
According to Reserve Bank Deputy Governor Subir Gokarn, “In recent weeks, the macroeconomic environment has become particularly turbulent. Global conditions have contributed to a significant rebalancing of portfolios as a result of rapidly changing risk perceptions and appetites.”
“This has led to increased instability and volatility in financial markets, particularly currency markets... While overall macroeconomic conditions may cause concern, we need to take an integrated and forward looking view of positive and negative indicators and future risks while thinking about appropriate policy responses,” he said.
2011年12月5日 星期一
Small businesses turn to Square for credit transactions
Cabbie David Mendoza reaches for his iPhone and plugs in a spiffy Square Reader to process a ride's fare.
"When customers see it, they either say 'What is that cool device?' or 'Hey, that's Square,' " says Mendoza, 32, who used to struggle with a bulky payment device that was slow to pay him and hard to store records on.
Within a week of using Square, Mendoza was sold on the device — as were his customers, many of whom would rather pay with a credit card instead of cash. "I wanted simple, and got it," says the cab driver.
Mendoza is one in a growing legion of devotees to Square, a credit card-processing company co-founded by Twitter inventor Jack Dorsey. Merchants nationwide have snapped up the small, white plastic device to quickly and inexpensively accept payments.
Despite a struggling economy, Square has found a lucrative niche among small businesses and is becoming a go-to fixture for a variety of companies — ranging from those hawking quirky goods to vendors at local farmers' markets. Even some Salvation Army bell ringers collect charitable donations via the Square Reader.
This year, Square, which makes its money by collecting transaction fees, has helped merchants process sales for $2 billion worth of luxury goods, such as jewelry, and for specialized services, such as massages and goodies at vegan-doughnut shops. The average purchase on Square: $75.
But Square faces formidable competitors and major hurdles to becoming a force with big retailers and corporations. "While Square is new, it's just facilitating a 50-year-old payment mechanism — mag-stripe cards," says Nick Holland, an analyst at market researcher Yankee Group.
Mobile-payment transactions are expected to nearly double this year, to $86.1 billion from $48.9 billion in 2010, according to market researcher Gartner. Worldwide mobile payment users, meanwhile, will swell 40%, to 141.1 million in 2011, from 102.1 million in 2010.
Others have taken note of the trend lines. Google is the latest company to jump into the fray, joining PayPal, Intuit and scores of others. "It is a gold rush," Holland says.
Since its device and app became available last year, Square has gained more than 800,000 customers, who typically pick up Square for free through the company's website, or with a rebate from retail stores including Apple, Best Buy, Wal-Mart, Target and RadioShack.
Smaller businesses primarily use Square's small white plastic device, which plugs into the headphone jacks of mobile phones and tablets, to perform transactions.
The start-up has grown quickly by raising capital from the likes of Visa and venture capital firm Kleiner Perkins Caufield & Byers and enlisting heavyweights such as Sun Microsystems co-founder Vinod Khosla and former U.S. Treasury secretary Lawrence Summers to its board of directors.
When Square landed $100 million in funding in June, some analysts pegged its market value at more than $1 billion. Virgin Group head Richard Branson invested an undisclosed multimillion-dollar amount in November.
Square's card reader and apps have caught on because of the "transparency and simplicity" the company has brought to transactions for businesses, says Keith Rabois, Square's chief operating officer.
Customers who purchase smartphones at Best Buy often pick up a Square Reader in the process, says Robert Stephens, chief technology officer at the retailer.
The feisty, 200-person private company based here, has no intention of ceding its place as a favorite among pop-up shops and individual entrepreneurs.
"Square is hitting its stride," says Holland. "When they first started, I thought: 'Not a chance.' But it has found many niche markets, it's free, and it improves cash flow for small businesses, which many live and die on."
Early adopters of Square attest to its simplicity. Says Miki Nishihata, owner of Hello Bicycles in Seattle: "There is no risk in starting with Square, and no cost to have it available, even if not frequently used."
"When customers see it, they either say 'What is that cool device?' or 'Hey, that's Square,' " says Mendoza, 32, who used to struggle with a bulky payment device that was slow to pay him and hard to store records on.
Within a week of using Square, Mendoza was sold on the device — as were his customers, many of whom would rather pay with a credit card instead of cash. "I wanted simple, and got it," says the cab driver.
Mendoza is one in a growing legion of devotees to Square, a credit card-processing company co-founded by Twitter inventor Jack Dorsey. Merchants nationwide have snapped up the small, white plastic device to quickly and inexpensively accept payments.
Despite a struggling economy, Square has found a lucrative niche among small businesses and is becoming a go-to fixture for a variety of companies — ranging from those hawking quirky goods to vendors at local farmers' markets. Even some Salvation Army bell ringers collect charitable donations via the Square Reader.
This year, Square, which makes its money by collecting transaction fees, has helped merchants process sales for $2 billion worth of luxury goods, such as jewelry, and for specialized services, such as massages and goodies at vegan-doughnut shops. The average purchase on Square: $75.
But Square faces formidable competitors and major hurdles to becoming a force with big retailers and corporations. "While Square is new, it's just facilitating a 50-year-old payment mechanism — mag-stripe cards," says Nick Holland, an analyst at market researcher Yankee Group.
Mobile-payment transactions are expected to nearly double this year, to $86.1 billion from $48.9 billion in 2010, according to market researcher Gartner. Worldwide mobile payment users, meanwhile, will swell 40%, to 141.1 million in 2011, from 102.1 million in 2010.
Others have taken note of the trend lines. Google is the latest company to jump into the fray, joining PayPal, Intuit and scores of others. "It is a gold rush," Holland says.
Since its device and app became available last year, Square has gained more than 800,000 customers, who typically pick up Square for free through the company's website, or with a rebate from retail stores including Apple, Best Buy, Wal-Mart, Target and RadioShack.
Smaller businesses primarily use Square's small white plastic device, which plugs into the headphone jacks of mobile phones and tablets, to perform transactions.
The start-up has grown quickly by raising capital from the likes of Visa and venture capital firm Kleiner Perkins Caufield & Byers and enlisting heavyweights such as Sun Microsystems co-founder Vinod Khosla and former U.S. Treasury secretary Lawrence Summers to its board of directors.
When Square landed $100 million in funding in June, some analysts pegged its market value at more than $1 billion. Virgin Group head Richard Branson invested an undisclosed multimillion-dollar amount in November.
Square's card reader and apps have caught on because of the "transparency and simplicity" the company has brought to transactions for businesses, says Keith Rabois, Square's chief operating officer.
Customers who purchase smartphones at Best Buy often pick up a Square Reader in the process, says Robert Stephens, chief technology officer at the retailer.
The feisty, 200-person private company based here, has no intention of ceding its place as a favorite among pop-up shops and individual entrepreneurs.
"Square is hitting its stride," says Holland. "When they first started, I thought: 'Not a chance.' But it has found many niche markets, it's free, and it improves cash flow for small businesses, which many live and die on."
Early adopters of Square attest to its simplicity. Says Miki Nishihata, owner of Hello Bicycles in Seattle: "There is no risk in starting with Square, and no cost to have it available, even if not frequently used."
2011年12月4日 星期日
Charles Dickens in the editor’s chair
THE FIGURE OF THE amiable, accomplished, and ever-to-be-regretted Charles Dickens has been lately brought before us “even in his habit as he lived,” with abundance of detail and colour. Mr. Forster’s complete and admirable biography1, done with the taste and workmanlike finish of a true “man of letters,” will be more and more esteemed as the time from his death lengthens. Objection was indeed taken to the biographer accompanying his hero about as closely as Boswell did Johnson; but this really brought before the world much that would otherwise have been lost or unseen; and in the last volume, where the author seems to have accepted this criticism and to have become historical, there is a sensible loss of dramatic vividness.
Lately the world has received the closing collection of his Letters, edited by Miss Hogarth and Miss Dickens2, and set off with a graphic and most pleasing commentary whose only fault is that of being too short. Here his gat de cur, his unflagging spirit, wit, and genial temper, are revealed in the most striking way.
THERE IS, HOWEVER, ONE view of him which has scarcely been sufficiently dealt with, namely, his relations with his literary brethren and friends, as editor and otherwise. These exhibit him in a most engaging light, and will perhaps be a surprise even to those abundantly familiar with his amiable and gracious ways.
In the old Household Words days, the “place of business” was at a charming miniature office in Wellington Street close to the stage door of the Gaiety Theatre. It seemed all bow window; at least, its two stories it had only two were thus bowed. The drawing-room floor seemed a sunshiny, cheerful place to work in. This is now the workshop of another magazine, the Army and Navy. But I always pass it with respect and affection. I never came away from it without taking with me something pleasing.
Often, about eleven o’clock, he was to be seen tramping briskly along the Strand, coming from Charing Cross Station, fresh from his pleasant country place in Kent, keen and ready for the day’s work, and carrying his little black bag full of proofs and manuscripts. That daily journey from Higham station, with the drive to it in his little carriage or Irish car, took full an hour each way, and was a serious slice out of his time. It has, deed, seemed always a problem to me why business men, to whom moments are precious, should thus prodigal in time devoted to travelling coming from Brighton and returning at headlong speed. At Bedford Street, by the bootmaker’s shop, he would turn out of the Strand those in the shops he passed would know his figure well, d told me, after his death, how they missed this familiar apparition would then post along in the same brisk stride through Maiden Lane, past “Rule’s,” where he often had his oyster, through Tavistock Street, till he emerged in Wellington Street, the last house he passed before crossing being “Major Pitt’s,” the hatter’s. This mention of “Major Pitt” suggests that it was always pleasant to see what pride tradesmen took in having him for a customer, and what alacrity they showed in serving him or in obliging him in any way. This I believe was really owing to his charming hearty manner, ever courteous, cordial, and zealous; his cheery fashion of joking or jest, which was irresistible. The average tradesman has small sympathy or intelligence for the regular literary man. He is sometimes caviare indeed to him.
OUR WRITER, HOWEVER, was a serious personality of living flesh and blood, and would have made his way in life under any condition. His extraordinary charm of manner, never capriciously changed, the smile and laugh always ready that sympathy, too, which rises before me, and was really unique I can call no one to mind that possessed it or possesses it now in the same degree. Literary men, as a rule, have a chilliness as regards their brethren; every one is more or less working for his own hand. Yet, few men have had more anxious responsibilities or troubles to disturb them, or so much depending upon them, as he had in many ways. I believe the number of people who were always wanting “something done for them,” either in the shape of actual money advance, or advice, or productions “to be taken,” or to be seen, or to have their letters answered, or who desired letters from him in their interests, was perfectly incredible. Many a man takes refuge in a complete ignoring of these worries, which would require a life to attend to. An eminent and highly popular man of our own day, who is thus persecuted, has adopted this latter mode, and rarely takes notice of a letter from a friend or stranger, unless he is minded so to do. He is strictly in his right. You are no more bound to reply to persons that do not know you, than you are to acknowledge the attentions of an organ-grinder who plays for an hour before your window.
Lately the world has received the closing collection of his Letters, edited by Miss Hogarth and Miss Dickens2, and set off with a graphic and most pleasing commentary whose only fault is that of being too short. Here his gat de cur, his unflagging spirit, wit, and genial temper, are revealed in the most striking way.
THERE IS, HOWEVER, ONE view of him which has scarcely been sufficiently dealt with, namely, his relations with his literary brethren and friends, as editor and otherwise. These exhibit him in a most engaging light, and will perhaps be a surprise even to those abundantly familiar with his amiable and gracious ways.
In the old Household Words days, the “place of business” was at a charming miniature office in Wellington Street close to the stage door of the Gaiety Theatre. It seemed all bow window; at least, its two stories it had only two were thus bowed. The drawing-room floor seemed a sunshiny, cheerful place to work in. This is now the workshop of another magazine, the Army and Navy. But I always pass it with respect and affection. I never came away from it without taking with me something pleasing.
Often, about eleven o’clock, he was to be seen tramping briskly along the Strand, coming from Charing Cross Station, fresh from his pleasant country place in Kent, keen and ready for the day’s work, and carrying his little black bag full of proofs and manuscripts. That daily journey from Higham station, with the drive to it in his little carriage or Irish car, took full an hour each way, and was a serious slice out of his time. It has, deed, seemed always a problem to me why business men, to whom moments are precious, should thus prodigal in time devoted to travelling coming from Brighton and returning at headlong speed. At Bedford Street, by the bootmaker’s shop, he would turn out of the Strand those in the shops he passed would know his figure well, d told me, after his death, how they missed this familiar apparition would then post along in the same brisk stride through Maiden Lane, past “Rule’s,” where he often had his oyster, through Tavistock Street, till he emerged in Wellington Street, the last house he passed before crossing being “Major Pitt’s,” the hatter’s. This mention of “Major Pitt” suggests that it was always pleasant to see what pride tradesmen took in having him for a customer, and what alacrity they showed in serving him or in obliging him in any way. This I believe was really owing to his charming hearty manner, ever courteous, cordial, and zealous; his cheery fashion of joking or jest, which was irresistible. The average tradesman has small sympathy or intelligence for the regular literary man. He is sometimes caviare indeed to him.
OUR WRITER, HOWEVER, was a serious personality of living flesh and blood, and would have made his way in life under any condition. His extraordinary charm of manner, never capriciously changed, the smile and laugh always ready that sympathy, too, which rises before me, and was really unique I can call no one to mind that possessed it or possesses it now in the same degree. Literary men, as a rule, have a chilliness as regards their brethren; every one is more or less working for his own hand. Yet, few men have had more anxious responsibilities or troubles to disturb them, or so much depending upon them, as he had in many ways. I believe the number of people who were always wanting “something done for them,” either in the shape of actual money advance, or advice, or productions “to be taken,” or to be seen, or to have their letters answered, or who desired letters from him in their interests, was perfectly incredible. Many a man takes refuge in a complete ignoring of these worries, which would require a life to attend to. An eminent and highly popular man of our own day, who is thus persecuted, has adopted this latter mode, and rarely takes notice of a letter from a friend or stranger, unless he is minded so to do. He is strictly in his right. You are no more bound to reply to persons that do not know you, than you are to acknowledge the attentions of an organ-grinder who plays for an hour before your window.
2011年12月1日 星期四
Max Petroleum upgraded in light of recent operational news
Merchant Securities has upgraded its target price for Max Petroleum to 35.2 pence per share in order to take account of recent positive operational news.
Merchant said that good operational news released by Max on its Zhana Makat project in Kazakhstan was consistent with the independent broker’s outlook for the project. “We now expect that Zhana Makat will produce 7.7 million barrels,” said Merchant, pointing out that this figure is “only moderately higher” than independent consultant Ryder Scott’s proven and probable reserve estimate of 6.2 million barrels for the field.
After Max announced that Ryder Scott had ascribed 0.9 million barrels of proven reserves to East Kyzylzhar I in mid-November, followed by news that the KZIE-1 discovery well produced light oil at 1,484 barrels per day, Merchant is positive about this development too. It said that it believes “our 2.7 million barrel target is more likely to be exceeded than not and that Ryder Scott’s estimates of proven and probable reserves already appear out of date”.
At Sagiz West, Ryder Scott has ascribed 4.8 million barrels of proven and probable reserves and 61.3 million barrels of contingent resources in place. “We had estimated that the field would produce 16.6 million barrels,” said Merchant. “Our estimate, combined with 61.3 million barrel estimate of contingent resources in place, would imply a recovery rate of 27 per cent, which is reasonable. We are not concerned that the Ryder Scott proven and probable reserve estimate is significantly below our 16.6 million barrel estimate because Ryder Scott has limited its reserve estimate to two well offsets from the discovery well.”
Elsewhere, Merchant said that Ryder Scott’s 0.5 million barrel proven and probable reserve estimate for Borkyldakty is close to its 0.7 million barrel estimate and that it saw no reason to adjust its estimates for the field, while at the Asanketken Jurassic field it has reduced its estimate of total production to 2.1 million barrels from 2.6 million barrels. Here, the ASK-2 well has confirmed the original reservoir discovered by ASK-1, but offered no further upside so far.
An imminent catalyst for Max’s share price, added Merchant, could be the ASK-2 well results. “Based on our pre-drill estimates a successful discovery in the Triassic target could add circa 10.7 pence to our valuation,” said the broker. “We believe that the success of the Jurassic discovery made by ASK-1 (and the presence of oil in this reservoir) de-risks the lower Triassic target, which is significantly greater in prospective scale.”
Merchant said that good operational news released by Max on its Zhana Makat project in Kazakhstan was consistent with the independent broker’s outlook for the project. “We now expect that Zhana Makat will produce 7.7 million barrels,” said Merchant, pointing out that this figure is “only moderately higher” than independent consultant Ryder Scott’s proven and probable reserve estimate of 6.2 million barrels for the field.
After Max announced that Ryder Scott had ascribed 0.9 million barrels of proven reserves to East Kyzylzhar I in mid-November, followed by news that the KZIE-1 discovery well produced light oil at 1,484 barrels per day, Merchant is positive about this development too. It said that it believes “our 2.7 million barrel target is more likely to be exceeded than not and that Ryder Scott’s estimates of proven and probable reserves already appear out of date”.
At Sagiz West, Ryder Scott has ascribed 4.8 million barrels of proven and probable reserves and 61.3 million barrels of contingent resources in place. “We had estimated that the field would produce 16.6 million barrels,” said Merchant. “Our estimate, combined with 61.3 million barrel estimate of contingent resources in place, would imply a recovery rate of 27 per cent, which is reasonable. We are not concerned that the Ryder Scott proven and probable reserve estimate is significantly below our 16.6 million barrel estimate because Ryder Scott has limited its reserve estimate to two well offsets from the discovery well.”
Elsewhere, Merchant said that Ryder Scott’s 0.5 million barrel proven and probable reserve estimate for Borkyldakty is close to its 0.7 million barrel estimate and that it saw no reason to adjust its estimates for the field, while at the Asanketken Jurassic field it has reduced its estimate of total production to 2.1 million barrels from 2.6 million barrels. Here, the ASK-2 well has confirmed the original reservoir discovered by ASK-1, but offered no further upside so far.
An imminent catalyst for Max’s share price, added Merchant, could be the ASK-2 well results. “Based on our pre-drill estimates a successful discovery in the Triassic target could add circa 10.7 pence to our valuation,” said the broker. “We believe that the success of the Jurassic discovery made by ASK-1 (and the presence of oil in this reservoir) de-risks the lower Triassic target, which is significantly greater in prospective scale.”
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