YYCCC 2011-04-18 Calgary City Council – Video Archive – April 18, 2011

gordonmcdowell.com agendaminutes.calgary.ca www.councilconnect.ca

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6/1/11: White House Press Briefing

White House Press Briefings are conducted most weekdays from the James S. Brady Press Briefing Room in the West Wing.
Video Rating: 3 / 5

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The Cost of Raising Money

The Cost of Raising Money

Article by William Cate

The Cost of Raising Moneyby William CateOnly your family, friends, governments and fools ignore basic funding guidelines. These costs have evolved over time because they reflect the cost of helping the foolish find the foolish.To raise money, you need a short, enticing executive summary and a credible business plan. A professionally written business plan usually costs between US,000 and US,000. Unless you are a business writer, cutting costs by doing it yourself is usually a mistake. Professionals will do a better job of organizing and present your vision. You should define your target market before you prepare any business plan. Investors, lenders and governments are motivated by different goals and thus your business plan must show them that funding your company will allow them to reach their goal. If you are seeking funding for more than one of these three groups, your business plan should be written differently for each potential funding group.Lenders expect you to have collateral (assets) that ensures the repayment of the business loan principal and some source of assured income to repay the debt. In theory, if you default on your business loan, the lenders recover their principal by selling the pledged collateral. The lenders’ goal is to have little to no downside risk in the loan. If you can’t show a credible means of repaying the business loan, you won’t get the loan. Lenders don’t make money on defaulted loans. At best, they recover their risk capital from the sale of the collateral.Most governments’ mantra is to create local jobs to ensure political stability. While requirements as to terms and industries vary, governments are seeking multinational firms with markets outside the government’s borders for goods produced by their local workers. If your business plan reflects this strategy, most governments will offer you half the needed funding in grants or about 75% of the needed funding as low interest loans. Your company can also expect a multi-year tax holiday, etc.If you are a private U.S. Startup Company, seeking funding from an American Venture Capital Firm, your odds of success are about one-in-ten thousand. You can expect from them up to US million in risk capital. Often, they will increase funding, once they have made their initial investment in your company. Your business plan should show near-term positive cashflow with high profit margins and an experienced and credible management team. The VC Firm will want at least 50% equity in your company. If you are a private non-U.S. Startup Company, seeking funding from an American Venture Capital Firm, your odds of success are about one-in-twenty-five thousand.Your odds somewhat improve seeking private company funding from American Angel (Accredited) Investors. However, finding them is difficult without using financial brokers. You can easily spend tens of thousands of dollars seeking investors for your private company before you realize that the odds are strongly against your success. For many private startup companies the hunt for money is fruitless. The costs are excessive.If you decide upon raising money from an American Initial Public Offering (IPO), you will spend ,500,000 to ,250,000, perhaps more to do your IPO filing. Add to that 3% of the money to be raised paid up front to an underwriter for “non-accountable” and non-refundable fees. You’ll also pay all the costs of doing the “Dog & Pony Shows,” which will average about ,000per presentation. It takes about 18 months. Your odds of success are about50/50. The average amount raised for a startup company is usually less than one million dollars. Your underwriters, assuming they follow NASD (National Association of Securities Dealers) regulations for a “Firm Commitment” underwriting, will take 18% of your money. This is from the capital that they raised for your company. This payment will be at a 10% discount from the IPO share price. You will pay an additional 5% accountable expenses and 3% non-accountable expenses. (The 3% non-accountable expense is paid up front with the signing of the underwriting agreement.) BTW, “Firm Commitment” Agreements are not firm. If you doubt me, have your attorney read the underwriting agreement.You can go public in the States, without doing an IPO. Doing so may reduce your registration costs, it may reduce the time it takes to trade your shares or it can improve the odds of your becoming a public company. The reason to consider this option is that the odds of raising money as a public company increase to an average of around 1-in-100. The improved odds relate to the facts that (1) you are offering investors liquidity since they can sell their shares to the public and (2) leverage, in that the shares usually command a better price than that reflected by your public company’s balance sheet.Whenever you employ someone to help you, you must pay him or her. Someone raising money for your private company will want to gross between 25% and 30% of the money they raise for you. They will expect their overhead costs paid in advance. While there are tens of thousands of these “Boiler Room” brokers, most of them operate outside of U.S. Law. Their successful funding percentage is usually low.Most business owners and entrepreneurs think there is a Fairy Godmother who funds businesses, without regard to logic or reality. They spend years searching for this mythical figure. She doesn’t exist. So instead, business-funding seekers settle for dealing with fools with money.In general, businesses start on a shoestring. Successful businesses are oriented to making money from their conception. They grow by re-investment of their profits. If the company’s management is wise, the company goes public to use their shares in acquiring cash producing assets. The insiders exit by having their public company acquired by industry giants. The only role of outside investors is to augment acquisitions with cash and company stock.Seeking risk capital to start a business is an exercise in fools searching for other fools and paying professionals to make the hunt an occasional success. If you are going to take this path, be prepared to pay the toll and accept the risks.About the Author: William Cate is an Equity Finance Consultant and Managing Director of Beowulf Investments [http://home.earthlink.net/~beowulfinvestments/]. In his Venture Capital Profits, he offers a low cost way to raise money and grow your company into a multinational corporation.

About the Author

He has been the Managing Director of Beowulf Investments [http://home.earthlink.net/~beowulfinvestments/] since 1981 and is the Executive Director of the Global Village Investment Club [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]

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Cathay Stock Exchange Group

Cathay Stock exchange Group

Article by Dealdot

Net sales during the fourth quarter 2010 amounted to SEK 1,383 M (1,011) – an increase of 37 percent. Shipped tonnage rose by 21 percent and the average sales price by 13 percent.The operating result for the quarter improved by SEK 25 M to a loss of SEK 8 M (negative 33) and underlying EBITA amounted to SEK 11 M (9).As a further step in BE Group’s strategy to move forward in the value chain, Lecor St?lteknik was acquired in October. ? Roger Johansson became the new President of BE Group effective from January 1, 2011.The President of BE Group, Roger Johansson, made the following comments on the report for the fourth quarter of 2010: “In the final quarter of the year, BE Group experienced weaker demand than expected. Besides the seasonal downturn, this is mainly explained by a declining price trend combined with an unfavorable sales mix. This resulted in an unsatisfactory margin for the fourth quarter. During the quarter, there was some uncertainty regarding the future steel price trend. However, with purchasing prices having risen in early 2011, so have BE Group’s sales prices. As a consequence, we will be raising our prices in the first quarter.

The integration of the acquired company Lecor St?lteknik in Kung?lv, Sweden, has progressed as planned and the operations had a favorable impact on the results of Business Area Sweden. In the fourth quarter, a decision was made to invest SEK 36 M in a new production facility in Kung?lv. During the quarter, investments totaling SEK 14 M were also approved for the facility in Lahti, Finland. The purpose is to further strengthen the Group’s offering in advanced production services. Since the start of 2011, we have noted a certain increase in demand. Combined with the increases in steel prices indicated for the first half of the year, this suggests a more favorable market climate, which will benefit BE Group.”Consolidation of the world’s stock exchanges has gathered pace with two more merger announcements. On Wednesday, the owners of the London and Toronto stock exchanges agreed a “merger of equals”, and, shortly afterwards, Deutsche B?rse (DB) and NYSE Euronext confirmed plans to amalgamate.

The latest developments are part of a trend to consolidate in the face of growing competition from small trading ventures (which are benefiting from advances in technology) and by the opportunities provided by tighter international regulations.Exchanges expect to benefit from new rules (such as the Dodd-Frank act in the US) that are forcing derivative products (off-exchange financial instruments) onto exchanges, where they can be more easily monitored.Last week, Russia’s top exchanges, Micex Group and RTS, said they planned to merge. An initial public offering is expected in Moscow during the second half of 2012.

In late December, Kansas-based trading platform BATS Global Markets announced takeover talks for the pan-European platform Chi-X Europe. In October, Singapore Exchange Ltd announced a US.3 billion offer for the Australian Securities Exchange.The deal between London and Toronto is likely to have the greatest impact on mining companies. The enlarged transatlantic group would be the largest in the world in terms of the number of listings (over 6,700 companies, with an aggregate market capitalisation of almost US,000 billion) and be the leading exchange for natural resources, mining and energy companies.

Ernst Young’s global head of mining and metals, Michael Lynch-Bell, described the announcement as “very welcome news”. He noted that the Toronto Stock Exchange (TSX) has typically attracted start-up and exploration companies, whereas the London Stock Exchange (LSE), with access to far deeper pools of capital, has been the focus for developed and diversified businesses. “A merger of these premier markets would bring together two complimentary platforms, widening mining companies’ access to capital.”

The London Stock Exchange Group plc (LSEG) is valued at over US.6 billion. In addition to the LSE, it operates the Italian stock exchange Borsa Italiana and has a stake in FTSE International Ltd, which manages over 100,000 equity, bond portable crusher and hedge fund indexes. Revenue in 2010 was ?633 million (US.02 billion).The TSX is operated by TMX Group Inc, which is valued at just under US.0 billion. In addition, it operates the TSX Venture Exchange, the Montreal Exchange and the Natural Gas Exchange. TMX also owns Shorcan Brokers Ltd (a fixed income inter-dealer broker), Equicom (an investor relations subsidiary) and has a majority stake in the Boston Options Exchange. Revenue in 2010 was C6 million (US9 million).

The chief executive of TMX, Thomas Kloet, will be president of the LSEG-TMX group, with the CEO of LSEG, Xavier Rolet, becoming the new CEO. In a joint press release, the two companies said “Canadian customers will benefit from access to one of the world’s deepest capital pools, while European issuers will have an effective gateway to North American financial markets”.Under the terms of the agreement, TMX shareholders would receive almost three LSEG ordinary shares for each TMX share. LSEG shareholders will emerge with 55% of the enlarged group, with TMX shareholders holding 45%.

LSEG-TMX is targeting additional revenue of ?35 million (US million) within three years, growing to ?100 million in annual revenue benefits within five years. This will come from a variety of sources, including “facilitation of portable crusher cross-listings and admissions for customers (subject to regulatory approval), the wider availability of products and services via the merged group’s enhanced distribution and footprint, and the development of new products.

The two companies envisaged annual cost synergies of less than US million by the end of year two. (In contrast, the mooted DB-NYSE amalgamation envisaged annual cost savings of over US0 million.)The board of the merged LSEG-TMX group will consist of 15 directors, with eight being nominated by LSEG (of which it is envisaged three will be from Borsa Italiana) and seven to be nominated by TMXAlthough portable crusher few benefits are expected to emerge for listed mining companies in the short run, it is expected that the amalgamation will eventually ease dual listing in Toronto and London.portable crusher

About the Author

Paul Millsap, I’m taking this opportunity to issue a public apology. This isn’t made on the behest of some PR firm or through a bunch of handlers

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The Future of Oil: Peak Prices, Peak Production, Piqued Consumers

The Future of Oil: Peak Prices, Peak Production, Piqued Consumers – Select Committee on Energy Independence and Global Warming – 2008-06-11 – WASHINGTON (June 9, 2008) – As Prices at the pump reach record levels on a daily basis, many consumers and analysts are asking the same questions: How bad could prices get? And what policies are needed to address America’s oil crisis? On Wednesday, June 11, Chairman Edward J. Markey (D-Mass.) and the Select Committee on Energy Independence and Global Warming will examine the long term prognosis for oil’s global supply and demand, and what solutions could be implemented to reduce demand and decrease prices. A barrel of oil reached a new record price on Friday, and many analysts are saying 00 oil is a potentially imminent threat. Yet our own government energy analysts are saying oil could slide back to 0 a barrel, and supplies could increase, even as the private sector disagrees. The Select Committee will discuss this disconnect, as well as the global warming concerns of non-traditional oil retrieval methods like oil shale and oil sands. WITNESS LIST: Guy Caruso, Administrator, Energy Information Administration; Adam Sieminski, Chief Energy Economist, Deutsche Bank; Amy Myers Jaffe, Energy Studies Fellow at the James Baker Institute for Public Policy; Athan Manuel, Director of Land Protection Programs, Sierra Club; Karen Harbert, Managing Director and Executive Vice President, Institute for 21st Century Energy US Chamber of Commerce …

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Gasoline and Fuel Economy: Auto Industry at a Crossroads

Gasoline and Fuel Economy: Auto industry at a Crossroads – Select Committee on Energy Independence and Global Warming – 2008-06-26 – On June 26th, The Select Committee on Energy Independence and Global Warming discussed the future role of the Auto industry and our federal government in fighting gas prices and examine the fuel economy standards proposed by the National Highway Traffic Safety Administration in response to the enactment of the Energy Independence and Security Act (EISA) of 2007. NHTSA’s proposal calls for the fleet of cars and light trucks to average 31.6 miles per gallon by model year 2015 – but when calculating these standards, NHTSA used Energy Information Administration (EIA) assumptions about gas prices that defy reality, ranging from .42/gallon in 2016 to .51/gallon in 2030. The administration concedes that gas prices are the most critical element in determining mile per gallon increases in America’s vehicle fleet. At a hearing before the Select Committee earlier this month, the EIA said NHTSA should use the high end analysis for gas prices, which would have the effect of significantly raising the achievable miles per gallon in future vehicles. WITNESS LIST: The Honorable Tyler Duvall, Assistant Secretary for Policy, Department of Transportation; Mr. Dominique Thormann, Senior Vice President, Nissan North America, Inc.; Mr. Shai Agassi, Founder and CEO, Project Better Place; Mr. Torben Holm, Consultant, DONG Energy A/S; Mr. Jeffrey R. Holmstead …

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Cap, Auction, and Trade: Auctions and Revenue Recycling Under Carbon Cap and Trade

Cap, Auction, and Trade: Auctions and Revenue Recycling Under Carbon Cap and Trade – Select Committee on Energy Independence and Global Warming – 2008-01-23 – Going Once, Going Twice . . . Select Committee to Examine Auction System in Climate Cap-and-Trade Bill. On Wednesday, January 23rd 2008, Chairman Edward Markey (D-Mass.) and the Select Committee on Energy Independence and Global Warming held a hearing entitled “Cap, Auction, and Trade: Auctions and Revenue Recycling Under Carbon Cap and Trade.” This hearing examined the potential role of auctioning tradable pollution allowances under a cap-and-trade system to reduce global warming pollution, instead of giving them away for free to polluters – and potential uses for the tens of billions of dollars that could be generated through such auctions. PANEL: Hon. Ian Bowles, Secretary of Energy and Environmental Affairs, Commonwealth of Massachusetts; Peter Zapfel, Coordinator for Carbon Markets and Energy Policy, European Commission – Environment Directorate General; Dallas Burtraw, Senior Fellow, Resources for the Future; John Podesta, President and Chief Executive Officer, Center for American Progress; Robert Greenstein, Executive Director, Center on Budget Policies and Priorities. Video provided by the US House of Representatives.
Video Rating: 1 / 5

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The Energy Independence Implications of the Auto Bailout Proposal (Part 1 of 2)

The Energy Independence Implications of the Auto Bailout Proposal (Part 1 of 2) – Select Committee on Energy Independence and Global Warming – 2007-09-20 – As Congress considers a multi-billion dollar program of loans to America’s auto industry, many measures of success or failure exist for the industry and the government’s attempts to help the automakers. Chief among those measures of success is how effectively America’s auto industry, and the industry as a whole, is transformed to build cars for the future that reduce our dependence on oil. Will the auto industry meet the fuel economy rules passed by Congress and signed into law nearly a year ago, which could revitalize the industry? Should American taxpayers expect even higher fuel economy performance in return for their investment of additional billions in loans? Do the auto companies’ plans impair their ability to meet the current fuel economy regime? A panel of auto industry and fuel economy experts will discuss these issues and other energy implications of the automotive industry loan program at a hearing tomorrow before Chairman Edward J. Markey (D-Mass.) and the Select Committee on Energy Independence and Global Warming. Chairman Markey authored the House language that became the current fuel economy standards of at least 35 mile per gallon by 2020. Witnesses: Ms. Joan Claybrook, President, Public Citizen; Mr. Reuben Munger, Chairman and Co-founder, Bright Automotive; Dr. Peter Morici, Professor of International …
Video Rating: 5 / 5

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The Future Of Capital Formation (Part 1 of 2)

The Future Of Capital Formation (Part 1 of 2) – House Oversight Committee – 2011-05-10 – House Committee on Oversight and Government Reform. Witnesses: Hon. Mary Schapiro, Chairman, Securities and Exchange Commission; Ms. Meredith Cross, Director, Division of Corporation Finance, Securities and Exchange Commission; Richard Rahn, Ph.D., Cato Institute; Mr. Jonathan Macey, Yale Law School; Mr. Barry Silbert, CEO, SecondMarket; Mr. Eric Koester, Co-Founder, Zaarly, Inc.; Hon. Roel C. Campos, Former Commissioner, Securities and Exchange Commission. Video provided by US House of Representatives
Video Rating: 0 / 5

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19. History of the Mortgage Market: A Personal Narrative

Financial Theory (ECON 251) Professor Geanakoplos explains how, as a mathematical economist, he became interested in the practical world of Mortgage securities, and how he became the Head of Fixed Income Securities at Kidder Peabody, and then one of six founding partners of Ellington Capital Management. During that time Kidder Peabody became the biggest issuer of collateralized Mortgage obligations, and Ellington became the biggest mortgage hedge fund. He describes securitization and trenching of mortgage pools, the role of investment banks and hedge funds, and the evolution of the prime and subprime mortgage markets. He also discusses agent based models of prepayments in the mortgage Market. Complete course materials are available at the Open Yale Courses website: open.yale.edu This course was recorded in Fall 2010.

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