“The company anticipates that further declines will occur, and that the credit line would also mitigate the impact of those,” Home Capital said.
“They did what appears to be to us a very expensive deal,” said David Baskin, president and founder of Baskin Wealth Management in Toronto, a former investor in Home Capital stock. “Basically they blew up the income statement in order to save the balance sheet, which I guess if you’re facing an existential crisis is what you have to do.”
Citgo was founded in 1910 by Oklahoma businessman Henry Latham Doherty but in 1990 it was sold to PDVSA, Venezuela’s state-owned oil firm.
PDVSA, which is struggling with low global oil prices, last year took out two loans totalling around $3billion from Russia’s state-owned oil firm, Rosneft, using Citgo as collateral.
Rosneft is also on a list of companies who are not permitted to trade with the US for ‘violating international law and fueling conflict in Ukraine.’
Ironically Rosneft signed a strategic partnership agreement in 2011 with Exxon-Mobil, whose then President Rex Tillerson is now US Secretary of State.
In the event that Rosneft were to acquire CITGO, we would expect a thorough, conflict-free, and expedient review.
In the event that the Venezuelan government defaults on its debts obligations to Rosneft, the Russian government could readily become the second-largest foreign owner of U.S. refinery capacity. Such a development would give the Russians more control over oil and gas prices world-wide, inhibit U.S. energy security, and undermine broader U.S. geopolitical efforts.
So Mr. Kalanick told his engineers to “geofence” Apple’s headquarters in Cupertino, Calif., a way to digitally identify people reviewing Uber’s software in a specific location. Uber would then obfuscate its code for people within that geofenced area, essentially drawing a digital lasso around those it wanted to keep in the dark. Apple employees at its headquarters were unable to see Uber’s fingerprinting.
The ruse did not last. Apple
Although the outages occurred around the same time, there is as of yet no evidence that they were connected by anything more than coincidence.
Power Outages Coincide in LA, New York, and San Francisco
Commuters’ trips to work got a lot longer.
This did not happen without controversy at home. In July 1957, following a failed coup in Syria by the CIA, my uncle, Sen. John F. Kennedy, infuriated the Eisenhower White House, the leaders of both political parties and our European allies with a milestone speech endorsing the right of self-governance in the Arab world and an end to America’s imperialist meddling in Arab countries. Throughout my lifetime, and particularly during my frequent travels to the Mideast, countless Arabs have fondly recalled that speech to me as the clearest statement of the idealism they expected from the U.S. Kennedy’s speech was a call for recommitting America to the high values our country had championed in the Atlantic Charter; the formal pledge that all the former European colonies would have the right to self-determination following World War II. Franklin D. Roosevelt had strong-armed Winston Churchill and the other allied leaders to sign the Atlantic Charter in 1941 as a precondition for U.S. support in the European war against fascism.
The CIA began its active meddling in Syria in 1949 — barely a year after the agency’s creation. Syrian patriots had declared war on the Nazis, expelled their Vichy French colonial rulers and crafted a fragile secularist democracy based on the American model. But in March 1949, Syria’s democratically elected president, Shukri-al-Quwatli, hesitated to approve the Trans-Arabian Pipeline, an American project intended to connect the oil fields of Saudi Arabia to the ports of Lebanon via Syria.