Reserve Asset – Local Collectors Post Sun, 25 Sep 2022 07:29:35 +0000 en-US hourly 1 Reserve Asset – Local Collectors Post 32 32 Analysis: After a feverish week, global investors are nursing their wounds and preparing for more chaos Sun, 25 Sep 2022 05:33:00 +0000

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NEW YORK/LONDON, Sept 25 (Reuters) – Global investors are bracing for more market chaos after a monumental week that sent asset prices tumbling around the world as central banks and governments intensified their fight against inflation.

The signs of the extraordinary times were everywhere. The Federal Reserve made its third straight hike of seventy-five basis points as Japan stepped in to support the yen for the first time since 1998. The pound slid to a new 37-year low against the dollar after that the country’s new finance minister has unleashed historic tax cuts and huge increases in borrowing.

“It’s hard to know what’s going to break, where and when,” said Mike Kelly, head of multi-asset at PineBridge Investments (US). “Before, we thought a recession would be short and shallow. Now we put that aside and think about the unintended consequences of much tighter monetary policy.”

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Stocks plunged everywhere. The Dow Jones Industrial Average nearly joined the S&P 500 and Nasdaq in a bear market while bonds fell to their lowest level in years as investors recalibrated their portfolios in a world of persistent inflation and rising stocks. interest rate. Read more

Above it all was the US dollar, which hit a 20-year high against a basket of currencies, thanks in part to investors seeking protection from wild market swings.

“Exchange rates … are now violent in their movements,” said David Kotok, president and chief investment officer at Cumberland Advisors. “When governments and central banks get busy setting interest rates, they shift volatility to currency markets.”

So far, the sell-off across all asset classes has attracted few bargain hunters. In fact, many believe things will get worse, as tighter monetary policy across the globe increases the risks of a global recession.

“We remain cautious,” said Russ Koesterich, who oversees the Global Allocation Fund for Blackrock, the world’s largest asset manager, noting that its equity allocation is “well below the benchmark” and that he is also cautious on bonds.

“I think there’s a lot of uncertainty about how quickly inflation is going to come down, there’s a lot of uncertainty about whether or not the Fed will go on an aggressive tightening campaign like they have. reported this week.”

Kotok said it is positioning itself conservatively with high levels of cash. “I would like to see enough selling to make entering the US stock market attractive,” Kotok said.

The fallout from the turbulent week exacerbated the trends in stocks and bonds that have been in place all year, pushing prices down for both asset classes. But the murky outlook meant they were still not cheap enough for some investors.

“We believe the time to go long in stocks is still ahead of us until we see signs that the market has bottomed out,” said Jake Jolly, senior investment strategist at BNY Mellon, who increased its allocation to short-term sovereign bonds.

“The market is getting closer and closer to pricing in this widely expected recession, but it’s not fully priced in yet.”

Reuters Charts

Goldman Sachs strategists on Friday lowered their year-end target for the benchmark U.S. stock index, the S&P 500 (.SPX), to 3,600 from 4,300. The index was last at 3,693.23 .

Bond yields, which move inversely to prices, jumped around the world. Yields on the benchmark 10-year US Treasury rose to their highest level in more than 12 years, while the yield on two-year German bonds rose above 2% for the first time since late 2008 . In the UK, five-year gilts jumped 50 basis points – their biggest one-day jump since at least the end of 1991, according to Refinitiv data.

“At some point the fears will shift from inflation to growth,” said Matthew Nest, global head of active fixed income at State Street Global Advisors, who believes bond yields have risen so much they are starting to appear “rather attractive”.

Reuters Charts

Investors fear that things will get worse before they get better.

“The question is no longer whether we go into a recession, it’s how deep the recession will be, and could we have some form of financial crisis and a major global liquidity shock,” he said. Mike Riddell, senior fixed income portfolio manager at Allianz Global Investors in London.

Because monetary policy tends to operate with a lag, Riddell believes renewed central bank hawkishness means the global economy will be even weaker by the middle of next year.

“We believe markets are still massively underestimating the coming hit to global economic growth,” he said.

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Reporting by Davide Barbuscia, Saqib Iqbal Ahmed and David Randall in New York and Dhara Ranasinghe in London; Written by Lewis Krauskopf; Editing by Ira Iosebashvili, Megan Davies and Daniel Wallis

Our standards: The Thomson Reuters Trust Principles.

Britain bets on historic tax cuts and borrowing, investors get scared Fri, 23 Sep 2022 11:02:00 +0000

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  • Kwarteng slashes top income tax rate amid growth momentum
  • Huge increase in UK government debt issuance expected
  • Gilts suffer biggest drop in decades
  • The pound falls to its lowest level in 37 years against the dollar

LONDON, Sept 23 (Reuters) – Britain’s new finance minister, Kwasi Kwarteng, on Friday announced historic tax cuts and huge increases in borrowing as part of an economic program that has floored financial markets, the sterling and UK government bonds being in freefall.

Kwarteng scrapped the nation’s highest tax rate, reversed a planned corporate tax hike and, for the first time, put a price tag on Prime Minister Liz Truss’s spending plans, which want to double Britain’s economic growth rate.

Investors unloaded short-term UK government bonds as fast as they could, with the cost of 5-year borrowing seeing its biggest one-day rise since 1991 as Britain raised plans debt issuance for the current year of 72.4 billion pounds ($81). billion). The pound slipped below $1.11 for the first time in 37 years.

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Kwarteng’s announcement marked a sea change in British economic policy, reminiscent of the Thatcherite and Reaganomics doctrines of the 1980s that critics derided as a return to “trickle down” economics.

“Our plan is to expand the supply side of the economy through tax incentives and reform,” Kwarteng said.

“This is how we will successfully compete with dynamic economies around the world. This is how we will turn the vicious circle of stagnation into a virtuous circle of growth.”

A plan to subsidize energy bills will cost £60bn for the next six months alone, Kwarteng said. The government has promised support for households for two years as Europe grapples with an energy crisis.

The tax cuts – including an immediate reduction in property purchase tax and the reversal of a planned rise in corporation tax – would cost an additional £45bn by 2026/27 , did he declare.

The government has said that increasing Britain’s annual economic growth rate by 1 percentage point over five years – a feat most economists say is unlikely – would boost tax revenue by around the same amount.

Britain will also accelerate moves to boost the City of London’s competitiveness as a global financial center by scrapping the cap on bankers’ bonuses ahead of an “ambitious deregulation” package later in the year, Kwarteng said. . Read more

The opposition Labor Party said the plans were a “desperate gamble”.

‘Never has a government borrowed so much and explained so little…this is no way to build confidence, this is no way to build economic growth,’ said Labor spokeswoman for finance, Rachel Reeves. Read more


The Institute for Fiscal Studies said the tax cuts were the biggest since the 1972 budget – which is widely remembered as ending in disaster because of its inflationary effect.

The market backdrop could hardly be more hostile for Kwarteng, with the pound underperforming against the dollar than almost every other major currency.

Much of the drop reflects the US Federal Reserve’s rapid hike in interest rates to tame inflation – which sent markets tumbling – but some investors spooked Truss’ willingness to borrow big to fund the growth.

“In 25 years of analyzing budgets, this has to be the most dramatic, risky and unfounded mini-budget,” said Caroline Le Jeune, tax manager at accountants Blick Rothenberg.

“Truss and his new government are taking a huge gamble.”

A Reuters poll this week showed that 55% of international banks and economic consultancies surveyed believed UK assets were at high risk of losing confidence. Read more

The Bank of England on Thursday said the Truss energy price cap would limit short-term inflation, but government stimulus was likely to add to inflationary pressures, at a time when it is struggling against inflation approaching a 40-year high.

Financial markets have raised their expectations for BoE interest rates to peak above 5% by the middle of next year.

“We are likely to see a tug-of-war policy reminiscent of the stop-go of the 1970s. Investors should be prepared for a bumpy ride,” said Trevor Greetham, head of multi-asset at Royal London Asset Management.

Despite the sweeping tax and spending measures, the government had decided not to release alongside its statement any new growth and borrowing forecasts from the Office for Budget Responsibility, a government watchdog.

Kwarteng confirmed that the OBR would release its full forecast later this year.

“Fiscal responsibility is essential for economic confidence, and it’s a path we remain committed to,” he said.

($1 = 0.8872 pounds)

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Written by Andy Bruce; Additional reporting by Kylie MacLellan, Kate Holton, Paul Sandle, Sachin Ravikumar, Alistair Smout, William James, James Davey, Andrew MacAskill, Farouq Suleiman, Huw Jones and Elizabeth Piper; Editing by Catherine Evans and Toby Chopra

Our standards: The Thomson Reuters Trust Principles.

SocGen maintains safe haven exposure to gold even as price action remains lackluster Mon, 19 Sep 2022 17:44:00 +0000

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(Kitco News) – Gold market may continue to suffer as Federal Reserve’s aggressive monetary policy strategy pushes bond yields and U.S. dollar higher; however, one bank still views it as a critical asset to hold in the current environment of heightened uncertainty.

Societe Generale analysts said in their fourth quarter multi-asset portfolio report that they are maintaining their exposure to gold even as they reduce their overall exposure to commodities. Analysts said it would be important to have exposure to gold as a safe-haven asset as central banks continue to push the global economy closer to a recession.

The bullish outlook for gold comes as prices are trading near a two-year low, testing critical long-term support at $1,675 an ounce. Last week, commodities analysts at Banque Francaise warned that rising real bond yields could send gold prices crashing to $1,550 by the third quarter of next year.

Although gold prices may decline, SocGen remains overweight gold.

“In the near term, gold could continue to suffer from higher real yields, themselves pushed higher by further rate hikes from the Federal Reserve. However, from a portfolio construction perspective, with increasing recessionary forces expected at play and persistent inflation, in addition to the central Fed (calling the USD peak itself), gold appears to be a very defensive asset in times of turmoil,” the analysts said in their latest report.

The French bank added that it preferred gold to long-dated stocks.

“We believe defensive assets such as gold are preferable as we expect them to outperform first. The main reason is that the earnings growth outlook for US stocks is likely to deteriorate in 1H23 due to of a strong dollar, a weaker oil price, and the likelihood of a continued economic slowdown,” the analysts said.

SocGen reduced its overall commodity weighting in the portfolio by 5 points to 10%. Gold currently represents a total of 7% of the portfolio’s commodity holdings.

“After a strong year-to-date performance, some commodities are facing the twin challenges of slowing demand and a potential improvement in the supply situation. “, said the analysts.

The bank’s overall portfolio strategy is to become somewhat more defensive through year-end as the Federal Reserve’s commitment to fighting inflation through rate hikes brings the economy closer to a recession.

The bank increases its exposure to US Treasuries to 25%. At the same time, exposure to global bonds increased by 33%.

“There is no doubt that the Fed wants the U.S. labor market to stop overheating. Growth expectations are clearly under threat, given the prospect of impending restrictive actions by banks (central and commercial),” the analysts said. analysts. “As the ECB has yet to officially announce balance sheet liquidations (bearish euro bonds), we feel safer with US Treasuries as we believe the credibility of the Federal Reserve will continue to anchor expectations of inflation below 2%. Indeed, we consider US Treasuries to be one of the few assets that have already priced in many of the risks ahead.”

The bank is also increasing its holdings of US dollars to 10% of its portfolio strategy, even though it views the greenback as overvalued.

“The main reason for this is not the euro, but China – given the cycle of deteriorating growth and the possibility of substantial monetary easing in this country, the inflation of producer prices and consumption continuing to fall,” the analysts said.

Finally, SocGen analysts also warned investors that while markets no longer expect the Federal Reserve to change monetary policy anytime soon, that moment will eventually come and investors should be prepared to act quickly.

“Three key quick actions can be taken: reduce the USD weighting in our portfolio, reweight cheap emerging assets across the spectrum (most currencies, bonds and equities) and reweight base metals. expect a clear floor of $6,000/tonne for copper, which we see as an entry point to meet growing decarbonization demand,” the analysts said.

Due to the risk of ever-higher inflation, markets expect the Federal Reserve to tighten monetary policy aggressively until at least the first quarter of 2023. Markets see the Fed Funds rate rising to 5% and stay there for most of next year. . SocGen analysts said they see rates capped at 4.50% and a pivot will occur in the third quarter of 2023.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.

Can the Fed rein in inflation without further crushing the stock market? What investors need to know. Sat, 17 Sep 2022 20:36:00 +0000

By Isabelle Wang

Investors should brace for more volatility as policymakers set for another giant rate hike

The Federal Reserve isn’t trying to slam the stock market as it rapidly raises interest rates in its bid to slow ever-burning inflation – but investors should be prepared for more pain and volatility as policymakers politicians won’t be intimidated by a sell-off, investors and strategists said.

“I don’t think they’re necessarily trying to drive down inflation by destroying stock or bond prices, but it has that effect.” said Tim Courtney, chief investment officer at Exencial Wealth Advisors, in an interview.

US stocks fell sharply last week after hopes of a sharp slowdown in inflation were dashed by a stronger-than-expected August inflation reading. The data cemented fed funds futures traders’ expectations for a rate hike of at least 75 basis points when the Fed concludes its policy meeting on September 21, with some traders and analysts looking for a 100 basis point increase, or a full percentage. indicate.

Preview:The Fed is ready to tell us how badly the economy will suffer. It still won’t hint at the recession

The Dow Jones Industrial Average recorded a weekly decline of 4.1%, while the S&P 500 fell 4.8% and the Nasdaq Composite fell 5.5%. The S&P 500 ended Friday below the 3,900 level seen as an important area of ​​technical support, with some chart watchers eyeing the possibility of a test of the large-cap benchmark’s 2022 low at 3,666. .77 set June 16.

See: Stock markets seem to hold the upper hand as the S&P 500 falls below 3,900

A profit warning from global shipping giant and economic indicator FedEx Corp. (FDX) further stoked recession fears, contributing to stock market losses on Friday.

Read: Why the FedEx stock plunge is so bad for the overall stock market

Treasuries also fell, with the yield on 2-year Treasuries hitting a nearly 15-year high above 3.85%, on expectations that the Fed will continue to hike rates in the months ahead. coming. Yields increase as prices fall.

Investors are operating in an environment where the central bank’s need to rein in stubborn inflation is widely seen as having eliminated the notion of a figurative “Fed put” in the stock market.

The concept of a Fed put has been around since at least the October 1987 stock market crash that prompted the central bank led by Alan Greenspan to cut interest rates. A real put option is a financial derivative that gives its holder the right but not the obligation to sell the underlying asset at a defined level, called the strike price, serving as an insurance policy against a decline in the price. market.

Some economists and analysts have even suggested that the Fed should welcome or even target market losses, which could serve to tighten financial conditions as investors cut spending.

Related: Are rising stock prices making it harder for the Fed to fight inflation? The short answer is yes’

William Dudley, the former chairman of the New York Fed, argued earlier this year that the central bank would not be able to rein in inflation which is nearing a 40-year high unless it hurt investors . “It’s hard to know how much the Federal Reserve will have to do to get inflation under control,” Dudley wrote in a Bloomberg column in April. “But one thing is certain: to be effective, it will have to inflict more losses on stock and bond investors than it has so far.”

Some market players are not convinced. Aoifinn Devitt, chief investment officer at Moneta, said the Fed likely sees stock market volatility as a byproduct of its efforts to tighten monetary policy, not a goal.

“They recognize stocks can be collateral damage in a tightening cycle,” but that doesn’t mean stocks “have to crash,” Devitt said.

The Fed, however, is prepared to tolerate seeing markets decline and the economy slow and even tip into recession as it focuses on controlling inflation, she said.

Recent: Fed’s Powell says cutting inflation will hurt households and businesses in Jackson Hole speech

The Federal Reserve kept the target federal funds rate within a range of 0% to 0.25% between 2008 and 2015 as it dealt with the financial crisis and its aftermath. The Fed also cut rates to near zero in March 2020 in response to the COVID-19 pandemic. With interest rates at rock bottom, the Dow Jones climbed more than 40%, while the large-cap S&P 500 index jumped more than 60% between March 2020 and December 2021, according to Dow Jones Market Data. .

Investors have become accustomed to “tailwinds for more than a decade with lower interest rates” while looking for the Fed to step in with its “put” if things get tough, Courtney said at Exencial Wealth Advisors.

“I think (now) the message from the Fed is ‘you won’t have that tailwind anymore,'” Courtney told MarketWatch on Thursday. “I think markets can grow, but they will have to grow on their own because markets are like a greenhouse where temperatures have to be kept at a certain level all day and night, and I think this is the message that markets can and must push on their own without the greenhouse effect.”


Meanwhile, the Fed’s aggressive stance means investors need to be prepared for what could be “a few more daily knocks down” that could eventually turn out to be a “big wave finale,” Liz Young said, head of investment strategy at SoFi, in a Thursday. Remark.

“It may sound strange, but if it happens quickly, meaning within the next couple of months, it actually becomes bull’s case in my opinion,” she said. “It could be a quick and painful decline, leading to a further rise later in the year that is more sustainable as inflation falls more significantly.”

-Isabel Wang


(END) Dow Jones Newswire

09-17-22 1636ET

Copyright (c) 2022 Dow Jones & Company, Inc.

MicroStrategy (NASDAQ:MSTR) – Unfazed by $917 million write-off in Q2, MicroStrategy plans to add more Bitcoin using proceeds from proposed $500 million stock offering Sat, 10 Sep 2022 18:06:22 +0000

MicroStrategy, Inc. MSTR Friday night filed a Form 8-K with the SEC regarding an agreement with Cowen & Co. to sell up to $500 million of its Class A stock.

What happened: The company has also filed a prospectus supplement with the SEC in connection with the offering under its existing automatic registration statement, which became effective June 14.

If the proposed sales go through, the company’s outstanding shares will increase to 11.47 million. The company said it intends to use the net proceeds of the offering for general corporate purposes, including acquiring Bitcoin BTC/USD.

Reacting to the announcement, shares of MicroStrategy fell 1.44% to $258.20 in after-hours trading on Friday, according to data from Benzinga Pro.

Why it matters: MicroStrategy’s core business is its enterprise analytics platform, but it is best known for its decision to adopt Bitcoin as its primary cash reserve asset.

In the presentation of the results for the second quarter, the Michael Saylor-the led company said it acquired 129,699 bitcoins at an average price of $30,664 per bitcoin, net of fees. When last checked, Bitcoin was trading up 1.20% at $21,269.14, which is a discount from MicroStrategy’s purchase price.

See also: EXCLUSIVE: MicroStrategy CEO Michael Saylor Joins Benzinga Live Monday to Talk the Future of Bitcoin

Bitcoin, along with other cryptocurrencies, has come under significant selling pressure amid the financial market downturn seen since the start of the year. The crypto market downturn started even earlier, as most cryptos peaked in early November 2021.

MicroStrategy had to record a non-cash digital impairment charge of $917.8 million in the second quarter due to the crypto winter.

On its bitcoin bet, MicroStrategy said bitcoin is still in its infancy and currently represents a very small fraction of global assets. The company suggested that it has a long-term horizon when it comes to the crypto apex.

“We do not plan to engage in regular bitcoin trading and have not hedged or otherwise entered into any derivative contracts with respect to our bitcoin holdings, although we may sell bitcoin in future periods if necessary to generate cash for cash management and other general corporate purposes,” the company said in the filing.

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Blacksteel Energy Inc. Announces Appointment of New Director and Filing of Annual Financial Statements and Reserves Report Tue, 06 Sep 2022 22:29:15 +0000

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Calgary, Alberta–(Newsfile Corp. – September 6, 2022) – Blacksteel Energy Inc. (“black steel“or the”society“) is pleased to announce that it has appointed Duncan Nightingale to its Board of Directors, filed annual audited financial statements and reserve report.

Appointment of Duncan Nightingale to the Board of Directors

Blacksteel is pleased to announce the appointment of Duncan Nightingale to the Board of Directors. Mr. Nightingale has extensive senior-level operational experience in the oil and gas industry, including positions such as Vice President of Operations for Frontera Energy managing 60,000 barrels per day (boe/d) of production in Colombia, Head of operations and national president of Gran Tierra in Colombia. managing 30,000 boe/d of production, Senior Vice President of Artumas Group operating in Mozambique and Tanzania, Managing Director of Dana Gas operating in Egypt, Iraq and Kurdistan, President and Managing Director of EnCana Corporation Doha based in Oman and Managing Director/President/Chief Development Officer for Nexen operating and residing in Nigeria. While training as a geologist, his experience led to reservoir maximization, operations efficiency, development projects, operations management, team development, and managing annual budgets of hundreds of dollars. millions of dollars.

The Board wishes to express its deepest thanks to Les Treitz who resigned from Blacksteel in favor of Duncan Nightingale. Mr. Treitz was a long-time member of the Board of Directors and brought his vast experience to Blacksteel over the years. The Company wishes Mr. Treitz nothing but the best.

Reserve report and annual audit completed and filed

The Company’s 2022 annual financial statements, MD&A and NI 51-101 forms relating to reserve status data and other oil and gas information have been filed on SEDAR.

Blacksteel’s new business plan includes evaluating international oil and gas opportunities that provide significant accretive per-share exposure to Blacksteel’s current reserves, production and/or cash flows while raising capital to support these initiatives.

Jeff Callaway, CEO of Blacksteel, said, “We are very pleased to have Duncan Nightingale join the board. His wealth of international experience in South America, Africa, Eastern Europe and Middle East operations will support the execution of Blacksteel’s business plan. Duncan is already heavily engaged in due diligence on international opportunities as he supports the development plan in Girouxville which offers near-term, low-risk cash flow growth. Our current priority is the closing of the second tranche of the private placement and the consolidation of the Girouxville assets, which would mark major milestones in the current business plan. »

“The reserve report showed a pre-tax 2P value of $7.86 million, representing 91% net year-over-year growth for Blacksteel. The value of the property would be $26.2 million on a 100% basis using a pre-tax 2P assumption. Additionally, additional value from more drilling locations could be realized from a successful work program that Blacksteel is considering.”

“With regard to the annual report at the end of April 2022, the balance sheet continued to strengthen in view of the post-year-end developments, as indicated in the annual documents. As always, we thank our shareholders for their support. at Blacksteel.”

Blacksteel Energy Inc.

Blacksteel is a junior oil and gas company involved in the exploration, development and production of oil and gas resources.

Jeff Callaway
President and CEO
(403) 540-2408

Caution Regarding Forward-Looking Information: This document contains forward-looking statements regarding Blacksteel’s business and operations. All statements other than statements of historical facts contained herein are forward-looking statements under applicable securities laws. In particular, statements regarding anticipated transactions of the Company are forward-looking statements. These forward-looking statements are based on various assumptions. The Company’s actual results, performance or achievements could differ materially from those expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that the plans, intentions or expectations anticipated by the forward-looking statements will occur or will occur, or if any of them occur, what benefit the Company will derive. All subsequent forward-looking statements, written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Further, the forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Not for distribution to US Newswire services or for dissemination in the United States of America. Failure to comply with this restriction may constitute a violation of United States securities laws.

To view the source version of this press release, please visit

Pararekau Concept Plan Approved – OurAuckland Mon, 05 Sep 2022 01:10:59 +0000

A concept plan to develop public open spaces and community assets on Pararekau Island in Pahurehure Cove has been approved.

Papakura Local Council has approved the concept plan, with development to be undertaken by Karaka Harborside Estate Ltd, with the completed assets taken over by Auckland Council.

Council chairman Brent Catchpole says the plan details work to be undertaken on an esplanade reserve and coastal walkway.

“It is a magical setting and Karaka Harborside Estate Ltd have worked with Council officers on a plan which details the development of the esplanade reserve, drainage reserves, a coastal walkway, lighting and furnishings.

“An agreement will be entered into between the Council and Karaka Harborside Estate Ltd to record the assets delivered and handed over, and to clarify responsibilities and timelines and discuss maintenance obligations.

“It’s very important, but we’re just thrilled that a magnificent public good is being created.”

Karaka Harborside Estate Ltd started the development of Pararekau Island in 2015 when the site was rezoned as single accommodation.

Consent to the subdivision creating the 103 residential lots and various reserves was granted in 2019, with the open space being created as part of the subdivision.

It will provide access around the island, varying in width from approximately 20 to 50 meters, and provide recreational outcomes for residents and the community.

“A breakwater was originally proposed along the northwest edge of the island,” says Catchpole. “But this would have had an impact on the coastal marine area and meant a significant maintenance cost for the Council. The acquisition of a larger esplanade reserve, taking into account the erosion of the next 100 years, is a fabulous compromise.

The land in question is now private property but will be transferred to the Council.

The reserve will host a boardwalk, seating, coastal walkway lights and two causeway walkways providing access, approved by the Board of Directors at a business meeting in 2022.

The concept plan is here.

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Inflationary Bear Market Creates Trouble CryptoGlobe Sat, 03 Sep 2022 00:30:00 +0000

The following is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive this information and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Rising prices

Yesterday’s initial jobless claims data release came in lower than expected, signaling a stronger labor market, which is another sign that “good news is bad news.”

We can see some of these developments playing out via the Eurodollar futures curve where the expected market fed funds rate is steepening (more rate hikes), and is now expected to exceed 4% in the second half of 2023. This is consistent with the Federal Reserve. own projections that they communicated to the market: