After trading tightly range-bound between $58/barrel and $61/barrel since mid-April, crude oil finally broke down yesterday, after an EIA Petroleum report showed that crude oil inventories increased more than expected. The commodity slid 4.2% - its largest single-day loss since April 8 - to a 9-week low closing price of $56.92/barrel. The commodity is down 6.6% since recording a peak of $61/barrel one week ago on Tuesday. Further weighing on prices were unclear reports of a draft of an Iranian nuclear deal that would relax sanctions and permit a resumption of exports, as well as continued fears over Greece's exit from the eurozone. This article will discuss yesterday's EIA inventory report and use this data to support my argument that crude oil supply and demand remain just as unbalanced presently as when oil was trading at $45 per share, justifying my continued bearish position on the commodity.
American Forest & Paper Association President and CEO Donna Harman has issued the following statement regarding the letter sent today to the U.S. Department of Agriculture, Department of Energy and Environmental Protection Agency from 46 of senators. The letter stated senators’ support of “biomass energy as a sustainable, responsible, renewable and economically significant energy source.” “The carbon neutrality of energy from biomass harvested from sustainably managed forests has been repeatedly recognized around the world. By using biomass manufacturing residuals, the paper and wood products industry is harnessing the energy value of the residuals before the CO2 is lost to the atmosphere through other means.
WestRock's board of directors has set an initial quarterly dividend rate of $0.375 per share, which is equivalent to an annual rate of $1.50 per share. The annualized rate represents an initial yield of approximately 2.40 percent and a 17 percent increase to the most recent combined dividend rates of MeadWestvaco and RockTenn. The shareholder record date and payment date for the quarterly dividend will be announced over the next several weeks. WestRock's board of directors has authorized a repurchase program of up to 40.0 million shares of common stock, representing approximately 15 percent of the outstanding common stock of the company as of July 1, 2015. Based on the equity market value of the company on July 1, 2015, this repurchase program equates to approximately $2.5 billion in current stock market value.
Electronics For Imaging, Inc. (EFI™) (Nasdaq:EFII) today established an industry-leading presence in high-growth inkjet textile printing with the strategic acquisition of Reggiani Macchine. Based in Bergamo, Italy, Reggiani is a leading technology provider with an extensive lineup of industrial inkjet printers utilizing water-based inks in printing on fabric - recently identified as the industry's most exciting growth application by a new, global survey from industry association FESPA and analyst firm InfoTrends. Reggiani's inkjet technologies, which will be rebranded as EFI Reggiani, address the full scope of advanced textile printing, with versatile printers suitable for water-based dispersed, acid, pigment and reactive dye printing inks. In its 60+ year history, Reggiani has become a leading innovator of a full range of industrial solutions for textile manufacturing, including high-quality printers for fashion and home furnishing textiles, with a comprehensive portfolio spanning the company's original rotary screen technologies to the most advanced inkjet textile printers and inks in the industry.
Electronics For Imaging, Inc. (Nasdaq:EFII) has acquired privately-held Matan Digital Printers, an award-winning provider of innovative technologies for superwide-format display graphics and other industrial printing applications. "This acquisition gives EFI an even broader range of products to help our customers capture important opportunities in superwide-format display graphics printing," said EFI CEO Guy Gecht. "Matan's strong R&D capability will further accelerate EFI's inkjet innovation, while filling a key spot in EFI's portfolio for a lower-acquisition cost line of roll-to-roll production printers focused on signage, banners, billboards and fleet graphics."
Parents should ban children from using tablets and smartphones before they set off for school in the morning, an expert has said. Clinical psychologist Linda Blair said use of such devices early in the day could harm concentration in class. Speaking at the Cheltenham Science Festival, she also suggested teachers minimise the amount of homework that needed to be carried out on computers. She said parents could set an example by limiting their own screen use.
David Sax wrote in a recent article in The New Yorker, "Why startups love Moleskines," that “the popularity of Moleskine notebooks seems to defy the widespread worship of technological innovations coming out of Silicon Valley.” He goes on to point out that “Moleskine’s ascent … is symptomatic of a shift that I call the revenge of analog, in which certain technologies and processes that have been rendered “obsolete” suddenly show new life and growth, even as the world becomes increasingly driven by digital technology. This goes beyond the well-documented return of vinyl records, encompassing everything from a business-card renaissance sparked by online brands such as MOO to device bans during meetings.” In an interesting article on npr.org, “In A Digital Chapter, Paper Notebooks Are As Relevant As Ever,” Eric Weiner notes that “Paper can make the abstract tangible in a way that digital devices don’t.”
Valmet said that it will supply an OptiConcept M fine paper production line for APRIL Group's Pangkalan Kerinci site in Riau Province in Indonesia. The new 7.1 meter-wide (wire) machine will produce woodfree uncoated paper grades in the basis weight range of 40-120 g/m2. The production capacity of the machine will be approximately 900 tonnes per day and the design speed 1,400 m/min.
New-Indy JV Corp. announced that it has entered into an agreement to acquire the U.S. operations of Forest Resources LLC. The deal includes Hartford City Paper, Hartford City Paper Recycling, and Ivex Specialty Paper. New-Indy issued the following statement. "The Hartford City Paper operations are a great fit strategically to our existing footprint, broadening our supply position of containerboard into the upper Midwest. The highly experienced management team will be a great addition to the current New-Indy team. We are excited about the opportunities this acquisition will provide and the services we will be able to provide through the combined companies.
Today HP (NYSE: HPQ) announced that Bill Veghte, Executive Vice President of HP's Enterprise Group (EG), will be departing the company later this summer to pursue a new opportunity. Antonio Neri, who has been serving as leader of EG while Bill has focused on the separation efforts, will officially take over the role as Executive Vice President and General Manager. Antonio has been at HP over 20 years working across many lines of business and in many roles. Most recently, he has worked to transform and accelerate HP's Server business. Prior to that, he led the company's Networking and Technology Services business. The EG leadership team reporting to Antonio remains unchanged. Chris Hsu, who will assume the role of COO for Hewlett Packard Enterprise upon separation, will continue to lead Hewlett Packard Enterprise's separation efforts.