It is a pity that the most abundant metal in the earth’s crust, which is also one of the most useful to mankind, is so difficult to render into a useable form. The chemical properties of aluminium make it appear only in combination with other elements, forming compounds such as aluminium sulphate and aluminium oxide. Although scientists first extracted and identified the metal in 1825, it was not until 1888 that commercially viable processes were developed to obtain aluminium oxide from bauxite ore and extract the pure metal from aluminium oxide. The latter process, based on electrolysis, is still in use today, and its environmental impact in terms of energy use and CO2 emissions are an area of focus for leaders of the industry. Which makes it all the more notable that the leading producer in the world, New York and Pittsburgh-based Alcoa, has won numerous awards, including the World Finance Best Carbon Markets Heavy Industries Pioneer – 2011, for its ground-breaking work on sustainability.   “Sustainability is in our DNA,” says Kevin Anton, VP and Chief Sustainability Officer at Alcoa. “Just a few months ago the company created my position reporting to the Chairman and CEO with a mandate to further drive sustainability into everything we do, from working with suppliers, to continued improvements in our production processes, and helping to educate customers, partners and the public understand the environmental benefits of using aluminium solutions from Alcoa.” First of all, the bad news. There is no question that the […]

Achieving this success has been no small feat. The company’s progress over the last few years is a direct result of FXCM’s dedication to offering the most innovative trading platforms combined with a business model that works in the interests of both the broker and the customer. An integral part of FXCM’s success, according to Drew Niv, is its ability to embrace each customer’s individual needs. While many of FXCM’s competitors limit their traders’ experience by offering a one size fits all approach to trading, FXCM has learned that all customers are different and have a variety of needs and demands. An individual serviceFXCM offers a suite of different trading platforms which allows them to service traders of all spectrums, from the more traditional customer who wants to trade using live charts, to a computer programmer who wants to write a bespoke trading strategy and have it execute automatically. Drew Niv explains: “We have found that in offering such a variety, we have managed to cater to the majority of our traders’ needs. “Also, our No Dealing Desk forex execution policy has been extremely well received. There are some refreshing differences between the FXCM business model and that of the classic forex brokerage firm. While many brokers act as market makers to their clients, resulting in them running a trading book against their clients, FXCM does not. Trading with FXCM means that we only make money from the dealing spread. We want our customers to be successful in their trading […]

When CBZ Holdings Limited became operational in June 2005, a period of intense growth through diversification began. This diversification propelled the establishment of CBZ Holdings (CBZH) as an entity poised to provide all client segments through various subsidiaries whose activities include banking, home loans, asset management, long term insurance, short term insurance, securities and properties. The various activities provided by the different subsidiaries of the group are meant to ensure that a wide range of clients’ needs are met under one roof. The products offered by CBZ Bank, the flagship of CBZ Holdings Limited include retail banking, electronic banking, corporate and investment banking, treasury, and home loans. The bank provides personal and corporate customers with a wide range of products to facilitate transactional, saving and investment requirements. These services can be accessed via the extensive CBZ Bank branch network in all major centres in Zimbabwe. CBZ Bank offers development finance and through the bank’s microfinance and SMEs division entrepreneurs have access to solid assistance aimed at helping them realise their full potential. To complement the basic retail banking products, customers can access card services and electronic banking which remove the restriction of banking hours. Card-based transactions are available on an account debit and/credit basis while the bank’s innovative electronic banking facilities avail solutions ranging from Visa Gold, ATM, point of sale, and transacting through internet banking. The CBZ Visa card is convenient for international travellers, offering the security of travelling without cash or travellers cheques. It can be used throughout the […]

With the collapse of natural gas and oil prices, Trinidad and Tobago operated on a budgetary deficit to the tune of TTD3.8bn in the 2010 fiscal year. Net public sector debt is estimated at 49.4 percent of GDP, and the budget deficit is expected to grow to TTD7.7bn in 2011 while debt levels remain at just under 50 percent of GDP. If the government intends to borrow locally to meet the deficit, now is as good a time as any as interest rates are very low. The respective yields on 90–day and 180-day Treasury bills have fallen from 1.44 percent and 1.51 percent in November 2009 to a mere 0.35 percent and 0.48 percent respectively in November 2010 (keep in mind that in November 2008 the 90-day Treasury bill rate was 7.17 percent). The government of Trinidad and Tobago came to the market with four bond issues during the year: – GOTT 5.95% 2023 – issued at 5.75%– GOTT 6.50% 2025 – issued at 6%– NIPDEC 6.25% 2028 – issued at 6.25%– NIPDEC 6.10% 2028 – issued at 5.9% Some of these issues were oversubscribed and the lower issue yields indicate that in such a low interest rate environment, investors were willing to accept a lower rate. Additionally, the Central Bank of Trinidad and Tobago has lowered the repo rate to 3.75 percent from 5.25 percent at the start of 2010. As a result, the entire TT Dollar yield curve has trended downwards since 2009. In their World Economic Outlook, […]

In July 2006, Companhia Energética de São Paulo (CESP) joined BM&FBovespa´s Corporate Governance Level One, which consists of a set of rules governing the relationship between the controlling shareholder, the board of directors, the executive board, the other company shareholders, and especially the capital markets. The adherence to BM&FBovespa’s Corporate Governance Levels better advertises the efforts of the company to improve the relationship with its investors and increases the potential for appreciation in asset value. The rules of Level One largely undertake to improve methods of disclosure to the market and to disperse their shares among the largest number of shareholders possible. Thus, the main practices required to join are: (i) maintenance of a free-float of at least 25 percent of the capital; (ii) public offerings have to use mechanisms to favor capital dispersion; (iii) improvement in quarterly reports, including the disclosure of consolidated financial statements and special audit revision; (iv) monthly disclosure of trades involving equities issued by the company on the part of the controlling shareholders;  and (v) disclosure of an annual calendar of corporate events. CESP stands out from other companies for going beyond the minimum requirements of Level One and has adopted the following corporate governance best practices which were incorporated into its byelaws: (i) participation in the BM&FBovespa Arbitration Chamber to settle any doubts of a corporate nature; (ii) 100 percent Tag Along – Right of Class B preferred shareholders to joint sale of shares on the same terms and conditions, in the event of […]