Cape Town gets own internet exchange

first_img25 September 2009The Internet Service Providers’ Association (Ispa) has reintroduced its Cape Town Internet Exchange, allowing internet service providers (ISPs) in the Western Cape – a dozen of whom have already signed on – to interconnect with each other.Ispa’s Johannesburg and Cape Town exchanges encourage the local routing of internet traffic not destined for international locations and provide redundancy for an ISP’s own links.Exponential traffic growthThe Cape Town Internet Exchange (CINX) will allow all local service providers, not just Ispa members, to interconnect networks and exchange traffic in order to save costs.“We decided to reintroduce the CINX to meet overwhelming demand from members with operations in Cape Town for a local exchange in the city,” Ispa’s Rob Hunter said in a statement this week. “Cape Town business and consumers are now producing more than enough internet traffic to justify an exchange for the city.“The amount of internet traffic in Cape Town has grown exponentially over the past few years, as online media, call centres and other heavy internet business users have flourished,” Hunter said.Cost-savingsInternet Solutions – which also hosts the Johannesburg Internet Exchange (JINX) – has been appointed to host CINX from 2009 till 2012.“Johannesburg ISPs have long enjoyed benefits such as improved performance for traffic within the city, cost-savings and an extra layer of redundancy from the JINX,” said Hunter.“Cape Town service providers will now also be able to take advantage of a local peering point and experience the same benefits.”SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img read more

JSE in hedge fund trading first

first_imgThe gradual shift towards increased institutional investment into the hedge fund industry over the past few years resulted in the need for a broader application of the technology. Thomson said he believed that while it may require a paradigm shift for the industry, a tool such as MAP managed by an entity such as the JSE – which is independent of any of the funds – would be welcomed by the industry. In a move designed to bring much-needed transparency to the unregulated hedge fund industry, the Johannesburg Stock Exchange (JSE) has acquired Momentum’s Managed Account Platform (MAP) after receiving approval for the transaction from the Competition Commission. “We are delighted to have concluded this acquisition,” Thomson said in a statement this week. “The JSE has been working with MAP for some time now. JSE Derivatives Trading head Allan Thomson said the acquisition makes the JSE the first exchange worldwide to endorse a managed account platform, in a move that will make hedge fund trading more transparent. “We believe that this deal will be beneficial for the markets, as it provides a safe platform for the hedge fund industry to grow.” Rand Merchant Bank and Momentum developed MAP in 2007 as a way to create a more robust framework for institutional participation in the South African hedge fund industry. Advancing supervision, credibility “The market has been regarded as opaque, both locally and globally,” said Momentum Alternative Investments head Braam Jordaan. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo material “The JSE is confident that this venture will advance the supervision and credibility of the hedge fund industry and assist the already sound reputation of the South African financial markets,” he said. 10 May 2011 The hedge fund industry in South Africa, like the rest of the world, is currently unregulated and has been fraught with reputational problems. This risk management tool, which offers hedge fund investors greater protection by segregating investors’ assets from the hedge fund manager, was developed to monitor hedge funds’ trading activity, thereby ensuring that they remain within agreed investment mandates. Introducing risk management framework “This is an exciting development for the South African hedge fund industry. Momentum is proud to be associated with the development of this technology which has introduced a risk management framework more akin to that which institutional investors would find acceptable,” Jordaan said. Thomson said that hedge funds play and will continue to play an important role in South African financial markets. “MAP is a significant move forward towards giving investors greater confidence that hedge funds are operating within their mandates,” he said.last_img read more

Stamps Plead Guilty in Bank Fraud Case

first_imgShare Facebook Twitter Google + LinkedIn Pinterest By Todd NeeleyDTN Staff ReporterOMAHA (DTN) — Former Stamp Farms owners and operators Michael and Melissa Stamp have pleaded guilty to charges in a bank fraud case connected to the bankruptcy of the 27,000-acre Decatur, Michigan-based farm.The 2012 bankruptcy case left southwestern Michigan landowners and creditors jolted by what legal experts believe was at the time, the largest grain-farm bankruptcy in U.S. history.Michael Stamp owned a number of related businesses that were part of the Chapter 11 farm bankruptcy. They included a custom farming operation, a trucking business, an excavating operation and grain elevator Northstar Grain LLC, which has a reported 4.2 million bushels of grain capacity.Michael Stamp pled guilty to conspiracy to commit bank fraud and providing false statements to investigators. According to court documents filed in the U.S. District Court for the Western District of Michigan, he faces up to five years in prison, three years of supervised release, a fine of $250,000 or twice the gross gain or loss from the offense, whichever is greater.The plea agreement includes Stamp forfeiting all of his assets acquired in the commission of the crime. In addition, he has agreed to cooperate in other investigations related to the case. As a result of the plea, prosecutors have agreed to dismiss the previous indictment of Stamp at the time of his sentencing set for August.Melissa Stamp pleaded guilty to misprision of a felony, which is concealing a felony. According to court records she could face up to three years in prison, up to one year of supervised release and a $250,000 fine. She plead guilty to hiding $40,000 from Wells Fargo and creditors of Michael Stamp, according to court records.In June 2015, Melissa Stamp was sentenced to 20 months in jail and 20 months of supervised release, and was also required to pay $184,500 in restitution and had to forfeit $151,915 as part of a plea agreement with federal authorities for her role in bankruptcy fraud.According to court documents in Michael Stamp’s individual bankruptcy case, Wells Fargo claimed it had made a $68 million loan in December 2011 based on representations that Stamp Farms and its affiliates farmed 46,000 acres. Audits later could uncover only about 27,000 acres, the bank claimed. Stamp Farms’ assets eventually were auctioned off.The farm and its related businesses at the time of the bankruptcy claimed assets valued at $131 million and a net worth of $39 million. An audit found those assets dwindled to about $93 million in a matter of months.According to court documents filed earlier in April, Stamp Farms submitted false claims to the Federal Crop Insurance Corp., in order to obtain payments to help pay for his operations and to make lease payments.“Stamp also conspired with James Leonard Becraft and Douglas Edward Diekman to defraud the Federal Crop Insurance Corp. and its reinsurers,” according to a court document.Becraft pleaded guilty to conspiracy for making false statements on crop insurance forms. On Feb. 12, 2019, he was sentenced to a year in prison, a two-year supervised release and ordered to pay $648,188 in restitution to the Risk Management Agency in Kansas City, Missouri.Diekman pleaded guilty to conspiracy for making false statements on crop insurance forms. On Dec. 20, 2018, Diekman was sentenced to 13 months in prison, a two-year supervised release and ordered to pay $488,432 in restitution — $409,403 to RMA and $79,029 to the Farm Service Agency in Kansas City.On Dec. 13, 2017, a grand jury handed down an indictment of Becraft, Diekman and Michael Stamp in connection with the Stamp Farms Chapter 11 bankruptcy filed in November 2012. The bank found Stamp Farms in noncompliance on loan agreements, including working capital and other ratios.Stamp Farms filed for Chapter 11 bankruptcy protection in November 2012 after Wells Fargo initiated action against Stamp on June 30, 2012. The bank found Stamp Farms in noncompliance on loan agreements, including working capital and other ratios.Over the years, Stamp relied on “large” operating loans and credit agreements. In addition, the indictment said Stamp used crop insurance payments to pay for some of his operation, including covering lease payments.Todd Neeley can be reached at todd.neeley@dtn.comFollow him on Twitter @toddneeleyDTN(BAS/SK )© Copyright 2019 DTN/The Progressive Farmer. All rights reserved.last_img read more

Fire Knocks Out a Maine Wind Turbine

first_imgFire has destroyed a 3-megawatt turbine that’s part of the 44-turbine Kibby Mountain wind farm near the Canadian border, according to an article in the Bangor Daily News. The newspaper published the article on April 23 but said the fire actually had taken place on Jan. 16, noting that wind farm operators in Maine are not required to report turbine fires to any state agency.The wind farm was built by Calgary-based TransCanada in 2010 and has a total capacity of 132 megawatts, the newspaper said, making it the largest facility of its kind in New England. The fire was limited to a single turbine, and TransCanada said a smoke alarm had detected the blaze and shut off the turbine. When crews arrived the next day, the fire was out.Turbines at Kibby Mountain are manufactured by Vestas, which is investigating the fire. Immediately after the fire, the company checked 1,000 turbines of the same model that have been installed in the U.S. and Canada but found no abnormalities. The company called equipment fires “a rare occurrence” but didn’t speculate on the cause of this one.The newspaper also reported fires involving Vestas turbines in Ontario on April 2 and in Nebraska in October 2012.Vestas disclosed last May that some of its V90-3.0 MW turbines might have “malfunctioning bearings” in their gearboxes that would require inspection and possible replacement, the newspaper said. That’s the same model that was destroyed at Kibby Mountain but it wasn’t clear if the turbine was one of those that had the suspect bearings.last_img read more

Two of three victims of deadly Encinitas cliff collapse identified

first_img August 3, 2019 Posted: August 3, 2019 KUSI Newsroom ENCINITAS (KUSI) – Two of the three victims in Friday’s deadly cliff collapse in the Leucadia neighborhood of Encinitas were identified today as a mother and daughter.The women were identified as Julie Davis, 65, and Anne Clave, 35, according to the San Diego County Medical Examiner’s Office. The identity of the third victim, who died at the scene, has not been released pending notification of relatives.Clave, from Encinitas, died at Scripps Memorial Hospital La Jolla on Friday. Davis died at Scripps Memorial Hospital Encinitas, also on Friday.The bluff failure happened shortly before 3 p.m. Friday just north of a lifeguard station, Encinitas fire and lifeguard officials said at a news conference Saturday morning.Officials reopened Grandview Surf Beach before noon Saturday with signs posted to the north and south of the cliff collapse asking the public to keep out of the “active area,” Lifeguard Capt. Larry Giles said.City officials recommended that “given the apparent natural bluff instability, beachgoers should avoid areas near or under the bluffs and keep a recommended safe distance of 25 to 40 feet.”Four search dogs went through the site of the collapse late Friday and officials determined that no more people had been found, Encinitas Fire Deputy Chief Robert Ford said.Two people walked away uninjured after the collapse, Giles said.A lifeguard was in the tower next to the site of the cliff collapse and immediately began to rescue victims. Some good Samaritans helped the lifeguard in the rescue effort, Giles said. The lifeguard tower has since been moved away from the part of the cliff that collapsed.Experts in geology will continue assessing the coastline for any potential collapse threats. Geotech soil engineers said Friday’s failure was an isolated incident, Giles said, and unrelated to the recent earthquakes in Southern California. The failure isn’t affecting structures at the top of the cliffs, he said.“Our coastline is a beautiful area, but the coastline is eroding,” Giles said. Two of three victims of deadly Encinitas cliff collapse identified KUSI Newsroom, Categories: Local San Diego News FacebookTwitterlast_img read more

ARREST LOG Wilmington Police Make 1 Arrest Issue 1 Summons

first_imgWILMINGTON, MA — According to Wilmington Police Logs, Wilmington Police issued the following arrests and summonses between May 24, 2018 and May 30, 2018:Thursday, May 24NoneFriday, May 25NoneSaturday, May 26NoneSunday, May 27NoneMonday, May 28Aline C. Castro (54, Woburn) — Unlicensed Operation Of A Motor Vehicle (Summons)Tuesday, May 29John H. Carroll (26, Peabody) — OUI Liquor; Negligent Operation Of Motor Vehicle; and Marked Lanes Violation (Arrest)Wednesday, May 30None(DISCLAIMER: This information is public information.  An arrest does not constitute a conviction.  Any arrested person is innocent until proven guilty.)Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedARREST LOG: Wilmington Police Make 5 Arrests & Issue 4 SummonsesIn “Police Log”ARREST LOG: Wilmington Police Make 2 Arrests & Issue 1 SummonsIn “Police Log”ARREST LOG: Wilmington Police Make 1 Arrest & Issue 2 SummonsesIn “Police Log”last_img read more

Paytm to Raise 375 Million to Become Indias Fourth Most Valuable Internet

first_imgPaytm, a mobile payment services firm, has obtained the nod of its board to raise $375 million from an affiliate of its present investor, Alibaba Group.The current fund raising puts the valuation of the online payments processor at $1.83 billion, allowing it to become one of the most valuable internet startups in the country.The board has approved the latest funding as the company surpassed the targets laid out by the stakeholder regarding the doling out of funds.Paytm, owned by One97 Communications Ltd, is expected to receive the latest funding within a span of six months, sources close to the development said, Live Mint reports.The transaction will raise the stake of Ant Financial Services, a unit of Alibaba, to 41 percent in the company.Prior to this, Alipay Singapore E-commerce Pvt. Ltd had invested $200 million into Paytm, taking its stake to 25.88 percent, according to documents filed with the registrar of companies (RoC).Alibaba had changed the name of Alipay financial services to Ant Financial Services Group in October, last year.”When a strategic investor steps in, you tend to go with the strategic partner for follow-on rounds,” said Vineet Toshniwal, managing director of investment bank Equirus Capital.With a valuation of $1.83 billion, Paytm finds a place among the most valued startups in the Indian e-commerce space, next to online retailers Flipkart and Snapdeal and cab aggregator OlaCabs.”Paytm has already surpassed the business targets set aside for it,” said the source.Flipkart is currently the most valued startup backed by big venture capital firms, with its valuation skyrocketing to $15 billion from $1.5 billion in October 2013, followed by Snapdeal and Ola.Recently, Noida-based Paytm announced its plans to enter the e-commerce sector. The company expects its secure platform and the range of options will enable it to take on Snapdeal and Flipkart.”We have 33,000 sellers and we expect this to touch one lakh by year-end. They can list their products in simple steps and customers can also communicate with the seller through chat that is built into the platform,” Paytm founder and CEO Vijay Shekhar Sharma told The Economic Times.SAIF Partners, a venture capital firm, is also an investor in the company holding 37 percent stake.last_img read more

Myanmar denies antagonising Bangladesh

first_imgMyanmar Border Guard Police (BGP) personnel have been kept deployed on Myanmar-Bangladesh border Bandarban`s Tombru Photo: Prothom AloMyanmar on Friday reinforced military buildup along the Bangladesh border as thousands of Rohingya Muslims were scattered around the border.The Myanmar troops have been deployed near zero point of the border in violation of international law, Prothom Alo’s Abdul Quddus reported from the frontier area of Tombru in Naikhongchhari.However, AFP reported from Yangon, Myanmar defended deploying fresh troops to a border zone where thousands of Rohingya refugees are camped, blaming a militant threat.Dhaka called for an immediate retreat to lower tensions along the troubled frontier.The increased security presence this week has centred around a strip of “no man’s land” between the two countries where some 6,000 Rohingya sought shelter after fleeing a brutal Myanmar army crackdown last August.The military campaign drove some 700,000 Rohingya across the border in total, with most travelling on to sprawling refugee settlements in Cox’s Bazar.The UN has accused Myanmar of waging an ethnic cleansing campaign against the Muslim minority.Yet Myanmar has staunchly defended the crackdown as an effort to snuff out Rohingya ‘militants’ who raided police posts last year.The recent spike in security along the border is a response to new intelligence about the movement of Rohingya militants, claimed Myanmar government spokesman Zaw Htay.“We acted this way based on the information we got regarding terrorism, especially the ARSA movement,” he told AFP, using an acronym for the Arakan Rohingya Salvation Army, a militant group, and declining to elaborate further.“It was not aimed at antagonising Bangladesh,” he added.On Thursday, Bangladesh’s foreign ministry said it summoned Myanmar’s envoy to call for an “immediate pullback of Myanmar security forces along with military assets from the area.”In recent weeks the Rohingya living in the no man’s land strip have faced growing pressure from Myanmar soldiers, who have stepped up patrols along the barbed-wire border fence near the camp and ordered the group to leave over loudspeakers.On Thursday some 100 Myanmar soldiers arrived near the refugee camp in heavy military vehicles, according to Bangladesh border guards and Rohingya.The heightened tensions will do little to speed-up a stalled repatriation plan signed by the neighbours in January.The process was delayed at the last moment due to lack of preparations and protests by the refugees, who fear returning to Myanmar without guarantees of basic safety and citizenship.Myanmar has branded the Rohingya as illegal immigrants from Bangladesh and systematically dismantled their legal rights and access to basic services in Rakhine, a state where they have lived for generations.Read more:Border tension: BGB-BGP in flag meetinglast_img

Effort to Remove Obstacle for CrossBorder Pipelines Moves Forward

first_img To embed this piece of audio in your site, please use this code: 00:00 /01:05 Listen Travis Bubenik/Houston Public MediaA construction site for a pipeline that recently began moving natural gas from West Texas to Mexico.A bill moving forward in Congress would remove one of the few barriers to cross-border pipelines.The measure, known as the “Promoting Cross-Border Energy Infrastructure Act”, would strip the executive branch of its decision-making power over these projects.Remember how President Obama rejected the Keystone XL Pipeline, and then President Trump approved it?They both had that power because of “presidential permits”, which the State Department approves or denies for various border projects.This bill would get rid of those permits for pipelines and leave the authority with federal agencies.“It takes politics out of the decision-making, and that is bad news for environmentalists,” says Jorge Piñon, head of the Latin American and Caribbean Energy Program at the University of Texas.If you’re an energy company, you don’t want your project subject to political whims, so this bill would be great. But since pipeline are driven by markets, political pressure is almost the only tool opponents have, particularly when it comes to pipelines headed south.“There has never been any opposition from the U.S. government to build natural gas pipelines to Mexico,” Piñon explains.Experts say while the bill would remove an obstacle to cross-border pipelines, it wouldn’t necessarily lead to more of them – the number of projects is driven by demand. The bill is backed by Houston Democratic Rep. Gene Green and Oklahoma Republican Markwayne Mullin. It recently passed out of the House Energy and Commerce Committee. Share Xlast_img read more

Rare arterial switch surgery saves life of infant in city

first_imgKolkata: A rare arterial switch surgery has given a fresh lease of life to a month-old baby who was brought to a city hospital from Jharkhand’s Dhanbad. The patient was in critical condition when his family members brought him to the private hospital in Kolkata. The 38-day-old boy was taken to a local doctor who told the family members that there was nothing seriously wrong with the patient. However, as his condition deteriorated, the family members decided to shift the baby to Kolkata. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataThe baby was severely dehydrated when taken to the hospital. He was admitted to the hospital under Dr Subhendu Mandal. After primary investigation, Dr Mandal and his team put the baby under ventilation. Soon, he started the baby with prostaglandin infusion to stabilise his condition. The baby was diagnosed with transposition of great arteries with small patent ductus arteriosus. The doctors performed the arterial switch procedure on the patient, to correct transposition of the great arteries. Also Read – Lightning kills 8, injures 16 in stateDr Mandal along with Dr Manoj Daga carried out a detailed assessment on the child’s condition with multiple tests, both cardiac and non-cardiac and took all precautionary measures needed. An accurate anatomical diagnosis was done by echocardiography to get a clear picture of his condition. A thorough screening of comorbidity factors like infection, poor nutrition, deranged liver and kidney function and abnormal neurological condition helped Dr Mandal to take the correct medical decision. This was an extremely critical case for the doctors as the mother had lost her babies in two previous occasions. Dr Mandal, senior consultant, Department of Pediatric Cardiology, who carried out the operation, said: “Such a rare defect happens to 1 in 3,300 newborn infants. Success rate in these cases is less. In the Western world, we have only 3% mortality, while developing world stands at 15%. It was a difficult decision for us to carry out the operation. We went ahead and successfully switched the great arteries to their natural position and transferred the coronary artery without any damage during the 190 minutes long procedure and cross clamp time of total 85mins.”last_img read more