ON THIS WEEKEND

first_imgSPORTSMAX 2 Saturday10 a.m: ARSENAL VS NEWCASTLE12:30 p.m: WATFORD VS MAN CITY4 p.m: WEST BROM VS STOKE6 p.m: MAN UNITED VS SWANSEASunday8:30 a.m: CRYSTAL PALACE VS CHELSEA11 a.m: EVERTON VS TOTTENHAM7 p.m: LEICESTER VS BOURNEMOUTHlast_img

SA cities to join climate challenge

first_img “We call on municipalities to develop energy strategies in the coming year so that South Africa can proudly showcase many more eligible cities taking part in next year’s EHCC.” SAinfo reporter 13 August 2013 South Africa’s cities have been challenged to demonstrate their commitment to combating climate change by participating in the international Earth Hour City Challenge. The competition, which recognizes and rewards cities for their long-term efforts to combat climate change, was launched nationally by conservation group WWF South Africa last week. Cities will have until October to register their data on the carbonn Cities Climate Registry (cCCR), a globally recognised carbon reporting platform managed by the International Council for Local Enviromental Initiatives (ICLEI), one of the challenge’s partners. Cities will also be required to submit urban development plans for transport, energy, building and food systems as part of the competition. Strategies will be evaluated by an international jury and the winning city will be announced in March 2014. Several South African cities are eligible to participate in the competition – including Johannesburg, Cape Town, Durban, Pretoria, Port Elizabeth and East London – based on the energy targets they have committed to. Durban has already signed up to participate in the challenge. “eThekwini Municipality has taken a concerted stance on the fight against climate change and has been reporting its greenhouse gas emissions and accompanying mitigation and adaptation plans on the cCCR for a number of years,” energy unit head Derek Morgan said in a statement this week. Last year was the first edition of the competition, with 66 cities around the world participating and Vancouver winning the Global Earth Hour Capital title. “Municipalities across South Africa have been taking steps to respond to climate change and promote decentralised renewable energy for many years, but there needs to be massive up-scaling of commitment and action,” said ICLEI Africa project manager Steven Bland.last_img read more

Best Buy: What’s Next After Collapse Of Leveraged Buyout?

first_imgMassive Non-Desk Workforce is an Opportunity fo… Last summer, Best Buy founder Richard Schulze offered to buy the company for $8.8 billion, which would have made it the biggest-ever buyout for an American retail chain. Schulze stated at the time of his offer that the company was facing a “moment of truth.”The moment appears to have come and gone.Schulze missed last week’s bid deadline as he was unable to line up the necessary debt and equity financing. On Friday, the company released a statement closing the door on the buyout process:The deadline by which Mr. Schulze could make an offer to acquire the company expired yesterday, February 28, 2013, at the end of the day. The company received no such offer and will continue to focus on its transformation for the benefit of all of its stakeholders.According to Bloomberg, there remains a remote possibility that Schulze, who stepped down as chairman of the company last June, will continue his efforts to buy back the company. And other sources have speculated that Shulze could rejoin the electronic retailer’s board.   But nothing has surfaced so far. Schulze remains Best Buy’s largest shareholder, with an approximate 20% stake.(See also ReadWrite DeathWatch: Best Buy.)Best Buy has continued to struggle of late, though it did appear to be stabilizing. CEO Hubert Joly closed several stores over the past year and placed a greater emphasis on e-commerce. Last week, Best Buy reported a loss of $409 million for the quarter ending Feb. 2. This compared with a loss of $1.82 billion a year earlier. Revenues for the quarter rose 0.2% to $16.71 billion. While Best Buy stock was upgraded to a Buy rating Jefferies, the company has more recently been in the news for following Yahoo’s lead and banning telecommuting, and cutting 400 corporate jobs. (See also Why Banning Telecommuting Is A Sign Your Company Is Screwed.)Last month, however, US News & World Report named Best Buy as the retailer most vulnerable to “showrooming.” Showrooming is the situation when shoppers use their smartphones from within a store to find a better price elsewhere. Best Buy shoppers, for example, often find the product they like inside the store then purchase the product online from Amazon for a lower price. To combat the trend, Best Buy recently announced it will match competitor prices for most items, including those purchased online from Amazon.com, Buy.com and Apple.com.(See also Another Reason Best Buy Is Doomed – And Why That’s A Problem.)Such efforts are not likely to sustain the company, however. Michael Pachter, a research analyst with Wedbush Securities, told ReadWrite that Best Buy’s sizable physical retail footprint demands approximately 10% higher prices than pure-play e-commerce companies. “Best Buy can’t be competitively priced. Store operating costs are approximately $5 billion on $50 billion annual revenues – that’s a 10% cost disadvantage compared to companies like Amazon. The numbers don’t add up.”  Pachter added that if the investment community thought favorably of Best Buy’s long-term prospects, founder Schulze likely would have been able to line up the appropriate financing.Image courtesy of Shutterstock. Tags:#e-commerce#retail Related Posts brian s hallcenter_img 3 Areas of Your Business that Need Tech Now Cognitive Automation is the Immediate Future of… IT + Project Management: A Love Affairlast_img read more

Exmar Secures Final USD 200 Mn for Caribbean FLNG

first_imgzoom Belgium’s LNG and LPG carrier owner and operator Exmar has secured a USD 200 million financing for its floating liquefaction unit Caribbean FLNG.The financing deal was reached with Bank of China, Sinosure and a leading European financial institution, according to Exmar.Currently under construction at Wison Offshore and Marine shipyard, the Caribbean FLNG is scheduled to be delivered in the coming weeks, after being postponed a number of times.The proceeds from the financing will be used to pay the last instalment to the shipyard.Caribbean FLNG was set to work for Canada-based oil and gas company Pacific Exploration and Production (PEP), however, the agreement between Exmar and PEP was terminated in March 2016.“Progress has been made on the future employment of the Caribbean FLNG and future communication on this is expected in the coming months,” the company said in April.last_img read more