News International Bitter Results for Blackberry

The iconic mobile communications company, which has recently found itself on uneven ground in the raging smartphone war against the likes of Apple and Samsung, has reported a net loss of $5.9bn for its latest financial year.

Despite the huge dip, Blackberry appears eager to dispel negativity and has pointed out that in the three months to 1 March it recorded a smaller-than- expected loss of $423m, compared with the $4.4bn loss recorded in previous quarter.

the

“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction

Fall?

“So far in 2014, Global Emerging Equity Markets (GEMs) have already experienced net outflows of $43 billion, almost as much as the cumulative net outflow level experienced for the entire year of 2011. There has recently been a glimmer of hope that this trend of net outflows from GEMs may start to ease; last week dedicated Emerging Markets ETF funds reported their first week of inflows since November 2013.

“The discount in emerging markets valuations relative to developed markets is back to levels last seen in 2004 and, historically, this has represented an exceptional entry point

for patient, long-term, contrarian investors. Whilst the Ukrainian crisis is yet another reminder of the risks that all investors must consider and be prepared to withstand when investing in emerging markets, we still see some interesting opportunities, particularly in Asia, where events like the Indian elections may prove to be a strong catalyst for the markets.”

Rapid growth for frontier markets

On Frontier Markets, Dr Slim Feriani, CIO of Advance Emerging Capital, manager of Advance Developing Markets and Advance Frontier Markets, said:

“In terms of flows, frontier markets are on track to outpace the inflows seen in 2013. We have been saying for some time that the investment opportunity in frontier markets is similar to the opportunity that existed in GEMs 20

years ago.

Many frontier countries are demonstrating strong sovereign balance sheets, favourable demographics and rapid growth. Annual GDP growth for frontier markets is expected to be above 5% for the next decade and we continue to see numerous compelling valuations, due to valuation anomalies and inefficiencies in

the wider frontier universe.”

target one quarter ahead of schedule,” said John Chen, Executive Chairman and Chief Executive Officer of BlackBerry. “BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”

The Company anticipates maintaining its strong cash position and continuing to look for opportunities to streamline operations. The Company is targeting break even cash flow results by the end of fiscal 2015.

BP to Halt Bulwer Island Refinery Processing in 2015

BP has announced that it intends to halt refining operations at

and its 102,000

barrels per day (bpd) Bulwer Island refinery inBrisbane, Queensland by mid-2015.

Andy Holmes, President of BP Australasia, said that the growth of very large refineries in the Asia-Pacific region was driving structural change within the fuels supply chain in Australia and putting huge commercial pressure on smaller scale plants.

“It’s against this background that we have concluded that the best option for strengthening BP’s long-term supply position in the east coast retail and commercial fuels markets is to purchase product from other refineries.

“And while more of our transport fuel demand will be met by imports in future, ample supplies are available to maintain Australia’s energy security.”

Holmes continued:

“While this decision will significantly improve our competitive position, it will result in job losses and I would like to acknowledge the enormous commitment and contribution made over many years by our staff at Bulwer Island. We will be doing everything we can to support them through this transition.”

To ensure no disruption to customers, alternate supply arrangements have been made and this includes imports of Jet fuel and a long-term agreement with Caltex for the provision of motor spirit and diesel from the nearby Lytton refinery.

It is expected that it will take

some twelve months to implement the changes required to maintain supply

Once processing has been

halted, the import jetty, aviation fuel tanks and associated pipelines will remain operational while other storage tanks and pipelines will be placed on a care and maintenance basis pending a decision to convert the site to a multi-product import terminal.

The processing units will be isolated and made safe while plans for their eventual removal and any environmentalremediation are developed.

BP currently employs some 380 staff at the refinery and between now and mid-2015 this is expected to fall to around 25.

Tim Wall, Managing Director of Bulwer Island refinery, said:

“This is a sad day for all of us at Bulwer and I know that these changes will be difficult for our employees.

“We will be putting measures in place to assist our affected employees, including transitional support and job placementassistance.

“Given the quality of our people, I’m confident that those who choose to look for alternative employment will be highly regarded by employers in this area,” said Wall.

The Bulwer Island refinery was built on reclaimed land by Amoco between 1964 and 1965 and was bought by BP in 1984. Over the years it has been subject to a number of modifications and improvements and in 2000 was significantly upgraded to produce low sulphur fuels.

11 safely shutdown the process units.