Home' Trinidad and Tobago Guardian : December 24th 2015 Contents A17
• Twitter: @GuardianTT • Web: guardian.co.tt
One of the biotech companies run
by Martin Shkreli, the drug price-
gouger charged with securities fraud
last week, has been told that its stock
will be delisted by Nasdaq because
of Shkreli s arrest and other factors.
KaloBios Pharmaceuticals was out
of money and planning to shut down
when Shkreli, the CEO of Turing
Pharmaceuticals, gained controlling
interest in KaloBios in November and
took over running the South San
Francisco, California, drug develop-
er.KaloBios says Nasdaq wrote that it
will be removed from trading on Dec.
30 if KaloBios doesn t appeal. Nasdaq
informed the company it would be
delisted due to reasons including the
indictment and arrest of both Shkreli
and an outside attorney for KaloBios.
Shkreli became notorious after hik-
ing the price of a life-saving drug by
5,000 per cent.
Nasdaq to delist Shkreli company
US crude stocks fell unexpectedly last
week, while gasoline stocks increased and
distillate inventories fell, Energy Informa-
tion Administration data showed on
Refiners were seen reducing stockpiles
for tax and accounting reasons before the
end of the year, market participants said.
The data surprise offered an opportunity
for traders to take cover shorts that were
already in the market, driving crude futures
to session highs.
US crude futures jumped US$1.32, or 3.6
per cent, to US$37.45 a barrel on the New
York Mercantile Exchange. Brent crude,
which is used to price international oils,
added US$1.14, or 3.2 per cent, to US$37.25
a barrel in London.
"Right now, considering the multi-year
lows we dropped to a few days ago, this is
just short-covering as people take some
money out before the end of the year," said
Gene McGillian, senior analyst at Tradition
McGillian said he attributed the draw
down in stockpiles to end of year tax and
Crude inventories fell by 5.9 million barrels
in the last week, compared with analysts
expectations for an increase of 1.1 million
Crude stocks at the Cushing, Oklahoma,
delivery hub rose by 2 million barrels, EIA
Refinery crude runs fell by 143,000 barrels
per day, EIA data showed. Refinery utilisation
rates fell by 0.6 percentage points.
Gasoline stocks rose by 1.1 million barrels,
compared with analysts expectations in a
Reuters poll for a 1.4 million barrels gain.
Distillate stockpiles, which include diesel
and heating oil, fell by 661,000 barrels, ver-
sus expectations for a 2.0 million barrels
increase, the EIA data showed.
US crude imports fell last week by 1.041
million barrels per day.
profit jumps 18%
Massy Finance GFC declared a profit after tax
of $10,239,000 at the end of its financial year
on September 30, a jump of 18 per cent compared
with the company s $8,678,000 for its 2014
According to information on its website, Massy
Finance GFC was formed in 1974 as a subsidiary
of the Massy Group of Companies to provide loan
& deposit-taking services in support of the rapidly
expanding new vehicle division of Massy Auto-
The company has grown since then to accu-
mulate assets of well over $400 million with a
staff compliment of 60 persons.
Massy Finance GFC Ltd operates through its
head office at Edward Street Port-of-Spain with
four other offices throughout Trinidad and one
office in Tobago. The company is seen as one of
the leading finance companies in the country in
terms of its size and longevity.
Massy Finance GFC continues to meet the busi-
ness needs of corporate, commercial and individual
clients with over 4,000 customers on record.
According to its financial statement for the 2015
financial year, the company entered into two unse-
cured loan agreements dated May 20, 2013 and
August 22, 2013 with Massy Holdings, its parent
company. Each loan agreement allows a maximum
drawdown of $50 million
As at September 30, 2015, the company utilized
$50,000,000 of the first agreement and
$30,000,000 of the second agreement. The fair
value of these borrowings as at September 30,
2015 is $72,009,830.
The facilities are due to mature on November
20, 2018 and February 22, 2019 respectively.
US stockpiles drop,
boosting oil prices
In this October 2, 2014 file photo, people pass a Wall Street subway stop in New York. US
stocks were moderately higher for a third straight day yesterday, once again helped by
higher oil prices, which lifted shares in oil and gas companies. AP PHOTO
Links Archive December 23rd 2015 December 25th 2015 Navigation Previous Page Next Page