Drop in Solar Stocks ‘More Perception Than True Fundamentals’

first_imgDrop in Solar Stocks ‘More Perception Than True Fundamentals’ FacebookTwitterLinkedInEmailPrint分享Joe Ryan and Brian Eckhouse for Bloomberg News:Despite the ups and downs, the general trend is up. Developers will install 48.4 GW of solar by the end of 2020, more than double the amount in the prior five years, according to Bloomberg New Energy Finance. Problems at a few major companies don’t necessarily carry over to the rest. At least they shouldn’t.“It’s more perception than true fundamentals,” said Angelo Zino, analyst at S&P Global Market Intelligence. “The fundamentals continue to improve.’’That means there may be bargains, said Leslie D. Biddle, a partner at Serengeti Asset Management, a $1.5bn New York hedge fund that specializes in distressed debt. “At the moment,’’ Biddle said, “solar equities are a buying opportunity.’’Solar investors remain rattled, with legitimate questions about leverage and financing. The markets are looking for proof that companies can make and install panels profitably.“Investors lost a lot of money on SunEdison – and quickly,” said Carl Weatherley-White, former president of developer Lightbeam Electric Co. “They’re nervous. We’ll need to see a steady quarter or two of success by the public companies.”Against that expectation, the drumbeat of bad news continues. Abengoa SA, a builder of solar-thermal power plants, is seeking investor support for a 9.4 bn-euro ($10.7bn) debt restructuring plan to avoid becoming Spain’s largest corporate failure. And last week, hedge fund manager Jim Chanos said SolarCity, which is down more than 50% this year, will face more “financial trouble” in 2016, in part because the largest U.S. rooftop solar provider loses money on every installation. His view was backed up Monday when SolarCity posted a wider first-quarter loss than analysts were expecting.While there are a variety of reasons Wall Street has soured on solar, the conversation always comes around to SunEdison, the industry’s biggest-ever failure, which cited $16.1bn in liabilities when it sought protection from creditors April 21.The company spent billions on a debt-fueled buying binge, which peaked in July when it announced plans to acquire the rooftop installer Vivint Solar Inc. for $2.2bn. The deal prompted analysts to take a closer look at SunEdison’s finances, revealing an overleveraged, overcomplicated behemoth that’s financially entangled with two publicly traded holding companies.‘’It is impossible for people not to be concerned when the leader nosedives like that,” said Shawn Kravetz, founder of Esplanade Capital LLC, a Boston fund manager with a decade of investing experience in solar.SunEdison’s decline shows another unusual trend. In past boom-bust cycles, the carnage was within specific parts of the solar industry; sometimes manufacturers, other times developers. This time, it’s both.Financial problems are hardly isolated to the marquee names, said John Berger, CEO of the closely held residential solar installer Sunnova Energy Corp. Many solar companies have “growth-at-any-cost’’ business models that are neither profitable nor sustainable. “When you don’t generate the returns for the equity holders that they are expecting, you don’t make money,” Berger said. “There are a lot of management teams in this sector that haven’t figured that out.’’Ethan Zindler, a BNEF analyst, said the economics of solar economics have never been better, given low equipment costs and surging demand. “But that’s not reflected in the share prices.”Riding the ‘Solarcoaster’ as Shares Plunge Even More Than Coallast_img read more

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Panamanian President Promotes Use of Panama Canal

first_imgBy Dialogo October 07, 2011 Panamanian President Ricardo Martinelli called on Chilean ports to take advantage of the expansion of the Panama Canal, of which Chile is one of the chief users, at the end of a meeting with President Sebastián Piñera in Santiago. “Chile is one of the most important users of the Panama Canal. May Chilean ports take advantage of the opportunity offered by the Panama Canal expansion,” Martinelli noted in a statement to the press at the end of the meeting. The Panamanian president also characterized Chile as an “elder brother” of his country and highlighted the agreements on cultural cooperation and education signed in the context of this visit. More than a third of Chilean exports pass through the Panama Canal, which is currently undergoing expansion. Later, Martinelli gave a talk at the Santiago headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC), where he explained that the expansion of the Panama Canal will conclude in 2014 and that it will have new, larger locks that will enable it to receive higher-capacity ships, going from 3,200 containers now to 12,000. “Due to this, ports like those of Chile are also going to have to be expanded; they will need to review the general distribution and cost of shipping, which translates into a decrease in the cost of living and the basic basket of goods in all countries,” the Central American president maintained. For his part, Piñera said that “President Ricardo Martinelli is a friend of Chile” and that Panama and Chile have always had “a relationship of trust.” The education agreement signed by the two presidents establishes “cooperation on the development of activities of mutual interest, to the benefit of teachers and students in both countries,” a joint declaration indicated. The second agreement fosters the exchange of cultural cooperation “that seeks to promote cultural relations, acknowledging the importance of the theatrical, visual, and audiovisual arts, literature, and tangible and intangible cultural heritage as tools of integration.” “We’ve signed collaboration agreements that are undoubtedly going to mean progress for our citizens,” President Piñera said.last_img read more

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Former Chad Leader Hissene Habre on trial in Senegal for war…

first_img“I am sad, I am ashamed. This is happening in a country like Senegal,” one of Habre’s supporters was quoted by AFP describing the defendant as “a liberator of Chad”.Rights groups say 40,000 Chadians were killed under a regime propped up by fierce crackdowns on opponents and the targeting of rival ethnic groups he perceived as a threat to his stranglehold on the central African nation.Delayed for years by Senegal, the trial has set a historic precedent as until now African leaders accused of atrocities have been tried in international courts.Senegal and the African Union signed an agreement in December 2012 to set up a court to bring Habre to justice.The AU had mandated Senegal to try Habre in July 2006, but the country stalled the process for years under former president Abdoulaye Wade, who was defeated in 2012 elections. Macky Sall, Wade’s successor who took office in April 2012 vowed to organise a trial in Senegal. Rights groups say 40,000 Chadians were killed during Hissene Habre’s reignFormer Chadian ruller Hissene Habre today went on trial in Senegal for atrocities committed 25 years ago during his reign.72 year old Habre who was at one time known as a “Africa’s Pinochet”,  has been in custody in Senegal since his arrest in June 2013 at the home he shared in an affluent suburb of Dakar with his wife and children.Habre was physically taken to the court after he refused to recognise it  calling it a ‘farce.Habre, who led Chad between 1982 and 1990, is about to face trial over 40,000 alleged political killings.Dressed in white robes and a turban, Habre pumped a fist in the air and cried “God is greatest” as he was escorted by prison guards into the Extraordinary African Chambers in the Senegalese capitalThis is the first time an African leader will be tried on the African continent for crimes against humanity. The Extraordinary African Chambers is a court established specifically for this case under an African Union agreement.The president of the chamber, Judge Gberdao Gustave Kam of Burkina Faso, announced that the military strongman was not represented as he opened proceedings.Habre — backed during his presidency by France and the United States as a bulwark against Libya’s Moamer Kadhafi — is on trial for crimes against humanity, war crimes and torture in Chad from 1982 to 1990.Several supporters, mostly young, screamed slogans condemning the trial in the lobby of the Dakar courthouse and were thrown out by police.center_img Rights groups say 40,000 Chadians were killed during Hissene Habre’s reign of terror from 1982-1last_img read more

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Pakistan recall Akmal, Shafiq for Windies ODIs

first_imgPAKISTAN have recalled batsmen Umar Akmal and Asad Shafiq for the upcoming three-match ODI series against West Indies in the UAE.Fast bowlers Sohail Khan and Rahat Ali have also been included in the 16-member squad. Sami Aslam and Umar Gul, who were in the squad for the England ODIs, have been excluded, while Mohammad Hafeez will miss the series due to an injury.Both Shafiq and Akmal last played in the format in 2015. While Shafiq’s previous match came in October 2015 against Zimbabwe in Harare, Akmal has not been part of an ODI XI since the 2015 World Cup.Shafiq was picked after a strong showing in the recent National T20 Cup. He was the fourth-highest run-scorer with 310 at an average of 51.66 and a strike rate of 139.01. Akmal was recently recalled to the T20I side after assuring the PCB that there would not be any further issues with his conduct. He had been left out of the training camp in May, before the England tour, due to disciplinary reasons.Hafeez has been rested after suffering a calf injury. Earlier, a similar injury had forced him out of the England series after the first ODI. The injury also kept him out of the T20I series against West Indies. Sharjeel Khan, Babar Azam and captain Azhar Ali will fulfill the top-order responsibilities. Azhar’s captaincy will also be under scrutiny in the series, following the 4-1 series defeat to England earlier this month.Sohail, who has played 12 ODIs between 2008 and 2015, with the last one during the 2015 World Cup, was picked in place of Gul who had a disappointing series against England. Gul took 3 for 23 against Ireland but had a tougher time in the ODIs against England. He took three wickets in as many matches at an average of 54.The squad also includes a specialist spinner in Yasir Shah and three spin-bowling allrounders – Mohammad Nawaz, Imad Wasim and Shoaib Malik.The first and second ODIs will be played in Sharjah on September 30 and October 2 respectively, with the third match scheduled for October 5 in Abu Dhabi. Both teams will be looking to improve their rankings. West Indies are currently eighth on the ICC ODI Championship table with 94 points, while Pakistan are ninth on 86 pointsPakistan ODI squadAzhar Ali, Sharjeel Khan, Babar Azam, Asad Shafiq, Shoaib Malik, Sarfraz Ahmed, Umar Akmal, Mohammad Rizwan, Imad Wasim, Mohammad Nawaz, Yasir Shah, Rahat Ali, Mohammad Amir, Wahab Riaz, Hasan Ali, Sohail Khan. (ESPN Cricinfo)last_img read more

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Lakers guard Steve Blake out 6 weeks with elbow injury

first_imgEL SEGUNDO – Veteran Lakers point guard Steve Blake has a torn ulnar collateral ligament in his right elbow and will miss at least six weeks, the team announced Thursday at practice.Blake, who was averaging 9.8 points and 7.7 assists while starting all 21 games, said he sustained the injury while guarding John Wall during the Lakers’ 116-111 loss at Washington on Nov. 26.“I went for a steal and kind of jammed my arm up into his body,” Blake said. “I’m pretty sure that’s when I tore it.”This means all three of the Lakers’ point guards – including Steve Nash and Jordan Farmar – are out with injuries. A spokesman said it’s unlikely the team will try to sign another player in the interim. Newsroom GuidelinesNews TipsContact UsReport an Error Laker coach Mike D’Antoni said doing so would not be easy.“I think (general manager) Mitch (Kupchak) is definitely going to look and if anything makes sense … we’ll get Farmar back, hopefully, in a couple of weeks,” D’Antoni said. “So by the time we got off the road trip, then we’ll adjust again. It’s hard to bring somebody in this quick knowing Farmar is coming back.”The Lakers (10-11) begin a four-game road trip tonight at Oklahoma city.Jodie Meeks, Kobe Bryant and Xavier Henry will fill in for Blake, who was bummed Thursday.“I’ve had better days; disappointed,” he said. “It’s not something I wanted to go through right now. But crazy things happen and you’ve just gotta try and stay positive.”last_img read more

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