Zinc miner Nexa Resources debuts on TSX and NYSE with lowered listing

CALGARY — Zinc miner Nexa Resources S.A. made its listing debut on the Toronto Stock Exchange Friday as part of a dual listing that raised less than initial estimates.The company priced the 31 million listed shares (TSX:NEXA), also listed on the New York Stock Exchange, at US$16 a piece to pull in an expected US$496 million.Nexa had said in earlier filings that it expected to raise up to US$651 million by pricing the shares between US$18 and US$21 per share.Company CEO Tito Martins said he’s pleased with the offering and plans to spend the proceeds on a new mine in Brazil as well as on a brownfield site in Peru.“To be able to develop those project, we feel the best way is to access the capital market,” he said.Martins added that the listing gives the company more flexibility for the future, and that Canada was a natural listing for the company while the New York listing adds liquidity.“Clearly, the Canadian environment is the proper one for a mining company. Companies of our size, they’re very well traded in the TSX.”The Luxembourg-based company, which recently changed its name from Votorantim Metais Holding S.A., says it’s one of the five largest zinc producers in the world with mines in Brazil and Peru.TSX CEO Nick Thadaney said in a statement that the listing is one of the largest mining IPOs in the exchange’s history.Nexa’s listing marks the third mining IPO on the TSX in the last two weeks, including Titan Mining Corp. (TSX:TI) and Ero Copper Corp. (TSX:ERO) last week.The company’s share price was up US$1.80, or 11.3 per cent, to US$17.80 in mid-afternoon trading on the NYSE. read more

Car quality improves even as new technology is introduced

by Tom Krisher, The Associated Press Posted Jun 22, 2016 11:04 am MDT Last Updated Jun 22, 2016 at 2:27 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email FILE – This Wednesday, April 1, 2015, file photo shows a wheel of the 2016 Kia Optima on display at the New York International Auto Show. Despite adding sophisticated electronic safety features and touch screens that once were prone to glitches, most automakers improved their reliability scores this year in an annual survey of new-car buyers. The 2016 survey of more than 80,000 car buyers from February through May found that Korea’s Kia had the fewest problems per 100 vehicles at 83. It was closely followed by Porsche at 84, Hyundai at 92, Toyota wit 93 and BMW with 94. (AP Photo/Mark Lennihan, File) Car quality improves even as new technology is introduced DETROIT – Despite adding sophisticated electronic safety features and touch screens that once were prone to glitches, most automakers improved their reliability scores this year in an annual survey of new-car buyers.The latest survey by the J.D. Power consulting firm determined that quality improved for 21 of 33 auto brands in the survey. This year’s scores improved 6 per cent over 2015, double last year’s increase and the biggest jump in seven years. And for the first time in 27 years, a brand for the masses led the pack as Kia edged out Porsche as the automaker with the fewest problems.“It has become clear that automakers are listening to the customer, identifying pain points and are focused on continuous improvement,” said Renee Stephens, vice-president of U.S. auto quality at J.D. Power.Touch screens, voice recognition and Bluetooth technology have long been bugaboos for automakers, and for years they have brought down scores in the surveys. But last year automakers turned a corner, and this year they improved even more, Stephens said. The improvement in part is due to people getting used to new technology, but automakers also are simplifying the devices, taking out screens that seemed cool but were hard for users to grasp, she said.The study also found that U.S. nameplates collectively scored better than foreign-based competitors for just the second time in the survey’s 30-year history. And for the first time since 2006, mainstream brands had fewer problems than more expensive premium brands.The 2016 survey of more than 80,000 car buyers from February through May found that Korea’s Kia had the fewest problems per 100 vehicles at 83. It was closely followed by Porsche at 84, Hyundai at 92, Toyota wit 93 and BMW with 94. The survey asked owners about problems in the first 90 days of ownership.The worst-performing brands were smart, Fiat, Volvo, Land Rover and Mini, according to the survey.The average score for all brands was 105, seven problems fewer than last year. The Chrysler and Jeep brands, which for many years have been toward the bottom of the survey, showed the most improvement. Chrysler’s problems fell from 143 to 114, boosting the brand from 31st place in 2015 to 20th this year. Jeep rose from 29th place to 18th, improving its problems per 100 vehicles from 141 to 113.General Motors led all manufacturers with seven top finishers by segment, followed by Toyota with six.GM’s Chevrolet Spark led the city car segment, and the Buick Cascada convertible tied with the Scion tC for top sporty car. GM’s Chevy Equinox and GMC Terrain tied for top compact SUV, and the Chevy Tahoe was the most reliable large SUV. Chevrolet’s Silverado won in both the light duty and heavy duty large pickup categories.The survey is the first major assessment of quality for 2016 vehicles, and it’s closely watched by car shoppers. Consumer Reports magazine’s influential quality study comes out in October and includes other years.Among the findings from J.D. Power this year:WINNERS AND LOSERS: Kia, which took top honours, had only 83 problems per 100 vehicles. Mercedes’ smart minicar brand was last with 216 problems.MOST IMPROVED: Chrysler and Jeep climbed 11 places each. Jeep finished 18th with 113 problems, while Chrysler finished 20th with 115 problems.BIGGEST SLIDE: The Jaguar luxury brand plummeted 24 spots to 27th with 127 problems.Stephens said that brands with the most revamped models tend to score lower, while those with older vehicles that were carried over into the new model year score higher.____This story has been corrected to show that General Motors had the highest number of segment winners instead of Toyota. read more

Refugees and migrants fleeing to Europe in 2015 top unprecedented one million

“As anti-foreigner sentiments escalate in some quarters, it is important to recognize the positive contributions that refugees and migrants make to the societies in which they live and also honour core European values: protecting lives, upholding human rights and promoting tolerance and diversity,” said UN High Commissioner for Refugees António Guterres, whose agency compiled the latest figures together with the International Organization for Migration (IOM).The number of people displaced by war and conflict is the highest seen in Western and Central Europe since the 1990s, when several conflicts broke out in the former Yugoslavia. One in every two of those crossing the Mediterranean this year – half a million people – were Syrians escaping war. Afghans accounted for 20 per cent and Iraqis for seven per cent.According to UNHCR figures, as of 21 December, some 972,500 people had crossed the Mediterranean Sea, while IOM estimates that over 34,000 have crossed from Turkey into Bulgaria and Greece by land, for a total of more than 1,006,500.Over 800,000 refugees and migrants came via the Aegean Sea from Turkey into Greece, accounting for 80 per cent of those arriving irregularly in Europe by sea, while the number of those crossing from North Africa into Italy dropped slightly, from 170,000 in 2014 to around 150,000 in 2015. Over the year the number of people crossing the Mediterranean increased steadily from around 5,500 in January to a monthly peak in October of over 221,000.After an initial chaotic reaction which resulted in tens of thousands of people moving from Greece through the Western Balkans and northwards, and finding themselves blocked at various borders, a more coordinated European response is beginning to take shape.UNHCR launched an emergency response to complement European efforts, with over 600 emergency staff and resources deployed to 20 different locations to provide life-saving aid and protection, advocating for human rights and access to asylum, particularly for refugees with specific needs, such as unaccompanied children and women-headed households.But much more needs to be done to reinforce required reception capacity at points of entry and allow for the humane and effective accommodation, aid, registration and screening to identify those in need of protection, those to be relocated to other countries within the European Union, and those who do not qualify for refugee protection for whom dignified return mechanisms have to be put in place.At the same time, UNHCR continues to call for safe, regular ways for refugees to find safety through more resettlement and humanitarian admission programmes, more flexible visa arrangements, more private sponsorship programmes and other possibilities. read more