| Cost of corn pinches plants
High corn prices have created a cash-flow problem for a South Dakota ethanol plant.
Poet Biorefining in Chancellor has borrowed $6.3 million from its partner, Poet, in response to an increase in the price of corn futures that shows little sign of abating.
On Jan. 14, the Chancellor ethanol company and Poet agreed to a short-term loan to be repaid Feb. 13, including interest at an annual rate of 9.25 percent. According to a filing with the Securities and Exchange Commission, the money was needed to cover margin calls triggered by a price increase in the corn futures market at the Chicago Board of Trade. "We did not have the necessary funds from operations to cover the margin calls," General Manager Rick Serie wrote in the filing.
The plant, which produced about 51 million gallons of ethanol last year, was securing grain with plans to distill 100 million gallons this year.
DMCC names new Executive Director of Gold and Precious Metals
MacDonald takes over from Colin Griffith, who has held this position for the last four years. This move comes as DMCC works to consolidate the strides the division has made under Griffith and build upon those successes. In his new role at DMCC, spearheading the Gold & Precious Metals division, MacDonald will focus on further enhancing Dubai's role as a global centre for the gold and precious metals trade, through broadening local market horizons in refining, manufacturing and trading skills. He will also oversee business development, strengthen stakeholder relationships and develop new products while promoting best practices in the local and regional markets. MacDonald will also explore and develop DMCC-branded commodities-based investment vehicles to grow DMCC's current footprint in the precious metals sector.
Investors Should Step Back And Look at Shaken AIG
No wonder the stock plunged 12%. (It bounced modestly Tuesday, after Warren Buffett's public comments calmed some nerves in the insurance market). But at these panic-stricken levels, AIG looks interesting. Yes, we are in the midst of a global credit crunch and all financial stocks, including those in the more stable insurance industry, need to be viewed in that light. But you can get too caught up in the day-to-day noise on Wall Street. Sometimes it makes sense for an investor to take a step back and look at the bigger, longer term picture. AIG is one of the world's biggest insurance companies. Major investors recently include some very highly regarded money managers, including those at Growth Fund of America, Dodge & Cox, Davis Advisers and Legg Mason.
Isilon Systems' listing on Nasdaq falls under review
Isilon Systems, the Seattle data-storage company, is out of compliance with requirements for continued listing on the Nasdaq because an internal investigation has delayed the company's third-quarter report. The company said Friday it plans to request a hearing before a Nasdaq panel, and its shares will continue trading on the exchange until the panel makes a decision. Isilon's audit committee is reviewing some sales to resellers and other customers "to determine whether commitments were made that have an impact on the timing and treatment of revenue recognition and whether the company's internal controls relating to revenue recognition were sufficient." In October, the company's chief executive and chief financial officers were sacked. Isilon said it will not file its quarterly report until after the review is completed.
Levy of higher duty on wheat export: Closure of mills, job cuts ...
Escalation seen in prices of edible oil, ghee, tomatoes, soaps, some vegetables and flour
By Tanveer Sher
KARACHI: Prices of most of the commodities during the month of September remained stable. However flour crisis in Karachi like elsewhere...
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Stocks end mixed amid economic jitters
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