TSX lower after disappointing jobs report

The Toronto stock market was slightly lower amid disappointing jobs figures that showed the Canadian economy lost an unexpected 9,400 jobs in June.The S&P/TSX composite index dipped 10.59 points to 15,103.89, pushed down by energy and metals but countered by rising gold and materials stocks.The worse-than-expected jobs numbers also put pressure on the Canadian dollar, which fell 0.48 of a cent to 93.44 cents US.Statistics Canada reported that the economy had an unexpected loss of 9,400 jobs in June, with the unemployment rate rising one-tenth of a point to 7.1 per cent — the highest since last December. Full-time employment rose by 33,500, partly making up for the loss of 43,000 part-time jobs.Economists had expected another big month of job creation following May’s 25,800 gain, but June resumed what has become a year-long trend of weak demand for workers. Economists had forecasted that 24,000 jobs would’ve been created last month.With no U.S. economic data set for release, the Dow Jones industrials fell 31.44 points to 16,883.63, the Nasdaq lost 1.57 points to 4,394.63, while the S&P futures dipped 3.31 points to 1,961.37.World markets took a hit Thursday amid rising concerns over Europe’s financial stability Portugal’s Espirito Santo International, which own’s the country’s largest bank, reportedly missed a debt payment this week and was cited for accounting irregularities, echoing issues that sparked Europe’s debt crisis four years ago.On Friday, senior Portuguese officials dismissed the speculation that it is by saying it had a 2.1 billion-euro (US$2.8 billion) cash cushion which is enough to cover its exposure to other Espirito Santo group companies and keep it within regulatory requirements.In corporate news, Wells Fargo reported its second-quarter profit rose three per cent, bolstered by loan growth, higher deposit balances and improved credit quality. Revenue slipped, but still topped analysts’ estimates. The largest mortgage lender in the U.S. said net income after taking out dividends on preferred stock was $5.42 billion, or $1.01 per share, for the period ended June 30. A year ago it earned $5.27 billion, or 98 cents per share.Meanwhile, in commodities, the price of oil began to fall again on Friday, giving up most of the gains it had made the previous day in the first rally in two weeks.Oil prices shot up in the last month to a 10-month high of more than US$107 a barrel over concerns that strife in Iraq might disrupt supplies. However, they have since been easing back down as al-Qaida inspired militants’ gains in Iraq did not affect oil exporters. Also putting downward pressure on prices is the prospect of a sudden return of Libyan oil to the global market.On the commodity markets, the August crude contract on the New York Mercantile Exchange down 85 cents to US$102.08 a barrel.August bullion was down $1.30 to US$1,337.9 an ounce, while August copper was down a penny to US$3.25 a pound. read more

Industry leaders join CEEC Board

first_imgCEEC’s Board of Directors welcomed two new members in late 2012. Joe Pease, Chief Executive of Xstrata Technology and Michael Battersby, Managing Director, Maelgwyn Mineral Services (MMS) bring their global commercial experience and insight to the CEEC Board. Current board members include Elizabeth Lewis-Gray, Chairman of Gekko Systems; Prof Tim Napier-Munn of JKTech; Michael Daniel of CMD Consulting and Ms Zeljka Pokrajcic, Principal Process Engineer at Worley Parsons. CEEC (Coalition for Eco-Efficient Comminution) was established in 2011 to support knowledge sharing and change in an area of high energy consumption for the mineral industry. Its mission is to accelerate knowledge and technology transfer in the field of energy-efficient comminution.Michael Battersby is a co-founder and Managing Director of MMS, based in Cardiff, Wales. He has over 35 years experience in the minerals industry in operations, general mine management, technical consulting and equipment sales management.Battersby has led MMS to be one of the leading new technology development companies in the minerals industry. To date the company has invented, patented, developed and commercialised five different technologies and processes in the areas of froth flotation and gold processing. In 2001 the company won a Smart Wales award for the development of G-Cell pneumatic flotation. In 2006 MMS won the Celebration of Innovation award for having the most innovative product to come out of Wales for the previous 25 years.Joe Pease has spent 21 years in operations in a variety of research, project and production management roles. Most of this was at Mount Isa in Australia, including Manager of the Mount Isa lead zinc and copper concentrator for eight years, and lead smelter manager for two years.For the last decade, Pease has been Chief Executive of Xstrata Technology, which develops and markets technologies to improve the efficiency of minerals processing, smelting, refining and leaching.From his time in operations, Pease saw the perspectives of all stages of the processing chain, from mining to final refining. This left him with a passion to improve and find efficiencies both within, but especially, between, the traditional ‘silos’ in processing and organisations.In addition to CEEC, Pease serves on several industry bodies, including the Board and Executive Committee of AMIRA, the Board of the Julius Kruttschnitt Mineral Research Centre, the Ian Wark Institute Advisory Board, and the Steering Committee of the Australian Minerals Education Partnership.CEEC Advocates have been established around the world to support CEEC’s mission to accelerate knowledge transfer in the area of alternative comminution strategies. Located in Peru, Chile, South Africa, Canada and Sweden, these comminution leaders play a critical role in sharing CEEC’s resources with their communities, making public presentations on behalf of CEEC and providing valuable views to the CEEC Board.CEEC aims to raise awareness of beneficial comminution strategies with the objective of improving earnings, achieving lower process costs and gaining energy efficiencies in the mining sector. Launched in May 2011, CEEC is sponsored by Gold Fields, Gekko Systems, Anglo Americand, Ausenco, Newcrest Mining, Xstrata Technology, Outotec, Orica, Metso, AMIRA International, JKTech, University of Queensland’s Sustainable Mineral Institute, MMG, Russell Mineral Equipment and Indophil Resources.last_img read more