Ghana Parliament to Review Gold Royalties IPO Deal After Probe
Ghanaian President Nana Akufo-Addo will seek a second parliamentary review of a gold-royalty fund after a probe raised concerns about its advisers and valuation.
The finance ministry and the Attorney General will also do a review of the transaction advisers and other key areas of concern in the structuring of the fund, which had its $500-million initial public offering suspended last month, the presidency said in an emailed statement.
A probe by the office of the Special Prosecutor, which assessed the risk of corruption in the royalty-fund offering, challenged the adviser procurement process and said the mode of valuation of the deal was “untenable.” The probe was triggered after calls by civil society and opposition groups who criticized the deal over its perceived lack of transparency.
The share sale was scheduled to start in September to take advantage of record gold prices. The fund would be structured to pay dividends from the government’s income from gold operations after listing in London and on the domestic stock exchange.
The finance ministry, the Minerals Income Investment Fund and the transaction advisers must amend the relevant agreements to take into account feedback from minority in parliament and civil society, the presidency said. Issues around the value of the proposed listing should be addressed.
Two houses in Chelsea collapse during building works as 40 evacuated
Two houses in Chelsea have collapsed, reportedly during construction of a large basement.
Images show how the properties have completely fallen down.
Around 40 people from neighbouring properties have been evacuated.
G4S Board Rejects Offer From Allied Universal Security Services – Quick Facts
G4S plc (GFSZY.PK,GFS.L) said, on 28 October, its Board received a highly conditional indicative offer from Allied Universal Security Services LLC, at a price of “at least 210 pence per share”. The Board rejected the proposal on the basis that the highly conditional offer significantly undervalues G4S and its prospects.
G4S plc said, as set out in the company’s circular dated 29 October 2020, the Board of G4S firmly believes that the company has a strong independent future.
An Election Day Cheat Sheet to Voting
By Daniel E. Slotnik
Texas’ Harris County Will Close 9 Of 10 Drive-Thru Polling Sites On Election Day
(Reuters) ― Harris County in Texas will close nine of its 10 drive-through voting sites on Election Day to ensure votes are counted, Harris County Clerk Chris Hollins said on Twitter on Monday.
Hollins said the decision was made because a judge said the tents used for most of the drive-through voting sites would not qualify as “buildings,” which are required for Election Day polling places.
“I cannot in good faith encourage voters to cast their votes in tents if that puts their votes at risk,” Hollins said.
G4S Rejects Highly Conditional Indicative Offer From Allied Universal – Quick Facts
Responding to recent media speculation, security company G4S plc (GFSZY.PK,GFS.L) said in a statement on Tuesday that its Board rejected the highly conditional indicative offer of “at least 210 pence per share” from Allied Universal Security Services LLC for the entire issued and to be issued share capital of the Company, which is also subject to substantial due diligence requirements.
G4S confirmed that the offer was received October 28, 2020. The Board carefully considered this proposal with appropriate advice from the Company’s financial and legal advisers before rejecting it.
As set out in the Company’s circular dated October 29, 2020, the Board of G4S firmly believes that the Company has a strong independent future.
Here's where we stand on the latest battleground state polls
NBC News correspondent Steve Kornacki looks at the latest poll numbers in the battleground states heading into the U.S. presidential election.
U.S. Manufacturing Index Climbs Much More Than Expected In October
Growth in U.S. manufacturing activity accelerated by much more than expected in the month of October, according to a report released by the Institute For Supply Management on Monday.
The ISM said its purchasing managers index climbed to 59.3 in October from 55.4 in September, with a reading above 50 indicating growth in manufacturing activity. Economists had expected the index to inch up to 55.8.
“Manufacturing performed well for the third straight month, with demand, consumption and inputs registering growth indicative of a normal expansion cycle,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.
He added, “While certain industry sectors are experiencing difficulties that will continue in the near term, the overall manufacturing community continues to exceed expectations.”
The bigger than expected increase by the headline index came as the new orders index jumped to 67.9 in October from 60.2 in September and the production index rose 63.0 from 61.0.
The employment index also climbed to 53.2 in October from 49.6 in September, indicating job growth in the manufacturing sector.
The report said the prices index also increased to 65.5 in October from 62.8 in September, pointing to a continued increase in prices.
On Wednesday, the ISM is scheduled to release a separate report on activity In the service sector in the month of October.