SHANGHAI, Jan 10 (SMM) – This is a roundup of China's base metals output in 2019, from an SMM survey of major producers.
Copper
China’s production of copper cathode stood at 8.95 million mt in 2019, up 220,000 mt, or 2.4% from 2018. SMM expects the output to rise 4.42% year on year to 9.34 million mt in 2020.
The addition in China’s copper cathode production last year fell far below the estimated rise of 600,000-650,000 mt. Besides less-than-expected materialisation of new and expanded capacity, incidents at smelters such as Baiyin Nonferrous, Shandong Jinsheng, Dongying Fangyuan, Chifeng Yuntong, West Mining Qinghai Copper, and Xinjiang Wuxin, as well as concentrated maintenance accounted for the smaller growth of output.
Chifeng Yuntong, Chinalco South East Copper, Guangxi Nanguo, West Mining Qinghai, and Heilongjiang Zijin contributed to the majority of the copper production in 2019.
China’s copper cathode output will continue to increase with a compound annual growth rate of 5.26% in 2019-2022, SMM assessed based on capacity addition and expansion schedule at Chinese copper smelters.
The respective production in 2020, 2021, and 2022 are estimated at 9.34 million mt, 9.9 million mt, and 10.45 million mt.
Aluminium
China produced 35.44 million mt of primary aluminium in 2019, down 1.8% from 2018, as loss-making smelters trimmed their output in the first half of the year while production in the second half was affected by a slew of unexpected accidents. This marked the first annual production decline in about a decade.
In the same year, primary aluminium consumption in China shrank as well, falling 1.6% year on year to 36.07 million mt, as major consumers lost momentum, with less real estate floor space completed, fewer automobiles manufactured and less investment in grid projects.
For 2020, new or restarted smelting projects are expected to help China’s primary aluminium production gather pace, while an anticipated recovery in cars, durable goods and property will likely drive aluminium consumption back to growth.
SMM expects China’s primary aluminium production to grow 3.4% to 36.64 million mt in 2020, and consumption to inch up 0.3% to 36.19 million mt.
In terms of social inventories, the level of 1 million mt is unlikely to be broken around the Chinese New Year holiday in January to February. When it comes to March to May, inventories are unlikely to rise or decline substantially given a traditional high consumption season and supply expansion. In June to August, inventories will begin an uptrend and exceed 1.2 million mt. Inventory destocking is expected to begin in September to October and continue through to the first quarter of 2021.
The commissioning of new alumina projects in China are likely to be concentrated in the second half of 2020, boosting production by 1.3-1.5 million mt.
China’s net imports of alumina are expected to stand at 1.1 million mt in 2020. Supply of metallurgical-grade alumina is expected at 74.47 million mt, while demand is estimated at 70.9 million mt. There will be a supply surplus of 951,600 mt.
Prices of domestic bauxite are more likely to rise than decline in the year to come. Alumina prices are hovering at the bottom, and inventories, how fast reopened refineries can ramp up and when the import arbitrage window can open will decide the magnitude of the rally in alumina prices.
Prices of domestic alumina in 2020 are expected to rise, before decline, before rise again, in anticipation of demand and supply dynamics.
Zinc
China’s refined zinc output came in at 5.84 million mt for 2019, up 9.64% year on year, as rising treatment charges lifted profits among smelters and encouraged them to operate in high gear.
Zinc production is expected to grow 6.78% year on year to 6.24 million mt in 2020.
TCs for domestic zinc concentrate were on a tear to a peak of 6,500 yuan/mt of Zn content in the last year. TCs slipped in some regions as smelters stockpiled in winter, but the declines were limited.
As for zinc mining domestically, there was about 200,000 mt of new capacity coming online in 2019, and more than 100,000 mt is expected in 2020.
Tougher environmental requirements have led to the shutdown of a slew of small-scale mines, but large-scale ones were limitedly affected, suggesting that zinc concentrate supply pressure lingers.
SMM learned that Chinese zinc miners now can see a profit of 2,000 yuan/mt, which is healthy enough to keep them operate actively.
Zinc ore supply in China is expected to grow about 210,000 mt in 2020, in anticipation of inflows of seaborne materials as Chinese smelters will maintain high production and as an oversupply overseas underpins TCs. Chinese small- and medium-scale zinc miners are likely to take the lead to trim output if zinc prices fall below the break-even points for miners.
Nickel
China’s production of refined nickel climbed 3.31% from a year ago, to 157,300 mt in 2019, as rising nickel prices on Indonesian ore export ban stimulated production at some small smelters in the second half of the year. Limited availability of sulphide minerals, coupled with a pullback in nickel prices, will likely see refined nickel production in China slightly lower in 2020. SMM estimates a drop of 1.46% in China’s refined nickel output in 2020, standing at 155,000 mt.
Output of NPI in China increased 27.96%, or 127,800 mt in Ni content in 2019, SMM data showed. High-grade NPI accounted for 508,300 mt with low-grade material taking up 75,600 mt, both were in Ni content basis. Overall NPI production in China is expected to fall 12.96% year on year to 509,000 mt in 2020.
The NPI market performance was outstanding in 2019. Rising NPI production on the back of cost advantage and unprecedented high discounts squeezed the market of refined nickel. With high profit margins, output and capacity of NPI advanced month by month for most of 2019. Majority of the growth was contributed by large NPI plants and intergraded stainless steel mills, such as Shandong Xinhai, Tsingshan Group, Jiangsu Delong, and Baosteel Desheng.
Production at some plants edged lower at year-end due to lower inventories of raw materials and smaller profits, which were caused by falling prices of high-grade NPI as downstream stainless steel prices weakened significantly.
SMM forecasts a shortage of raw materials following the Indonesia export ban in 2020 will weigh on China’s NPI market and see Indonesia surpassing China to become the world’s top NPI supplier in the upcoming years. The respective NPI production in China in 2020-2022 is estimated at 509,400 mt, 457,600 mt, and 350,000 mt on Ni content basis.
China produced 136,700 mt of nickel sulphate, in metal content, in 2019, with a year-on-year increase of 33.31%. Production in 2020 is expected to rise 12.66%, to 154,000 mt.
The expansion of China’s nickel sulphate market may slow significantly in 2019-2020. Domestic capacity of nickel sulphate increased 46% on the year to 1.05 million mt in 2019. The growth was capped as demand from the new energy vehicle sector weakened after subsidy cuts and reports of NEV incidents. In the first half of the year, selloffs of traditional fossil fuel vehicles with lower emission standards also depressed consumption of NEVs.
SMM estimates nickel sulphate capacity to grow 23% to 1.29 million mt in 2020. With the termination of NEV subsidies by end-2020 and the removal of the “white list” of recommended battery suppliers, a reshuffle of China’s power battery industry will result in slower growth of the nickel sulphate market this year.
However, the increase in demand may pick up from 2021 on the back of positive development of the NEV market. This is likely to expand the production of nickel sulphate and keep the growth rate above 20% in 2021-2022.
Lead
Refined lead output in China came in at 5.15 million mt in 2019, up 1.5% from a year earlier, according to SMM data. SMM expects the production to rise 2.1% in 2020, standing at 5.26 million mt.
China’s primary lead market maintained well-supplied in 2019, primarily because rising treatment charges (TCs) for lead concentrate bolstered production at primary lead smelters. Safety concerns at mines and declining grade of domestic ore triggered a surge in lead concentrate imports last year, which eased domestic ore shortage and boosted the TCs for lead concentrate. Production of primary lead received a smaller impact from environmental issues as major producers pursue green production. SMM expects China’s output of primary refined lead to continue to edge higher in 2020, but the proportion of materials purely produced from concentrate will decline.
Production of secondary lead in China also rose in 2019 amid new and expanded capacity. Secondary lead supply was in an upward trend in the second half of the year, supported by improving profit margins and favourable national policies.
SMM estimates an increase of 150,000-200,000 mt in China’s secondary lead production in 2020, with new capacity coming online in Anhui, Jiangxi, Inner Mongolia, and Henan, and more availability of lead-acid battery scrap.
Tin
China’s production of refined tin declined 15,500 mt, or 9.97% year on year to 139,800 mt in 2019, while the average operating rate across tin smelters dropped to 48.5% from 53.8% in 2018, as tighter ore supply depressed TCs for tin concentrate.
SMM assessments showed that tin concentrate TCs fell to 13,500-14,000 yuan/mt for cargoes of Sn 40% in the second half of September, and to 10,500-11,500 yuan/mt for cargoes of Sn 60%.
In October, operating rates across tin smelters slipped to 41.6% from 50.1% in September, and refined tin output dropped to 9,900 mt from September’s 12,000 mt.
Tin output shrank further to 7,500 mt in November, with operating rate at a near-five-year trough of 31.3%, as China’s largest tin producer—Yunnan Tin—undertook overhaul.
China’s tin production is expected to recover 4.3% to 145,000 mt in 2020, as some large-scale smelters plan to expand production.
Meanwhile, tin concentrate ore supply is expected to remain in a tight balance. Yinman Mining is expected to reopen in 2020, but ore production is unlikely to receive a strong boost at the initial stage of its resumption.
Production of refined tin in China is expected to be 149,000 mt and 152,000 mt in 2021 and 2022, respectively.
Вольфганг Казак. Энциклопедический словарь русской литературы с 1917 года. Перевели Елена Варгафтик и Игорь Бурихин. – Лондон: Overseas Publications Interchange Ltd, 1988. – 922 с.
Основной труд немецкого слависта Вольфганга Казака (1827-2003), содержащий биографические сведения о 619 русскоязычных писателях ХХ в., как живших в Советском Союзе, так и за его пределами, как официально признанных Советским правительством, так и тех, чье творчество было под запретом. Это справочное издание принесло автору всеобщую известность. До этого книга была дважды издана на немецком языке: в 1976 и 1986 гг.
Офтоп. С конца прошлого года идут рекомендации по увеличению доли в EM (Бразилия Китай РФ ЮАР Индонезия Индия и тд), в DM видится выборочный рост (S&P500 до 3,400, фокус на технологические, строительные, small-cap и тд), ослабление доллара. Летом перед выборами (3 ноября) видится некое событие, вследствие которого потоки развернутся обратно из EM в DM, особенно в США - US large-cap, доллар и трежери снова тихая гавань, на фоне распродаж всех остальных валют. Надолго хватит запала в EM в этот раз? Могут ли быть EM самостоятельными, устоять на своей экономике и инфрастуктурных програмах развития, если экспорт сократится?
EM vs DM: the battle of the strategies With two contrasting ideals, who is right?
Alexandra Stevenson APRIL 4 2011
As euphoria surrounding the emerging markets growth story settles, investors are looking for increasingly sophisticated strategies to squeeze new earnings out of their emerging markets portfolios. .........
Zach Pandl, co-head of global foreign-exchange and emerging-markets strategy at Goldman Sachs, talks about U.S. stocks and Federal Reserve policy. He also comments on the Reserve Bank of Australia, and the opportunities he sees in Asian markets with Kathleen Hays and Haidi Stroud-Watts on "Bloomberg Daybreak: Asia." (Source: Bloomberg)
Dow component Exxon Mobil Corporation (XOM $71) said its Q4 operating results were negatively impacted by a loss in its chemical unit and pressure on refining operating profits. However, shares traded modestly higher, likely due to the recent jump in crude oil prices and as the company pointed out the positive impact of the sale of upstream (exploration and production) non-operating assets in Norway.
интересно, на что пойдут вырученные средства - дивы, погашение долгов ли на покупку другого, более перспективного актива. Почему эти активы - разведка и добыча - в Норвегии были non-operating? Истощение? Может, и менно поэтому они так существенно увеличивают долю электромобилей? Кому продали? ___________ Так, продали местной компании рупнейшая частная нефтяная компания в мире ExxonMobil заявила о продаже активов в сфере геологоразведки и нефтедобычи в Норвегии. Сделку на $4,5 млрд заключат с местной Var Energy, сообщает «Прайм» со ссылкой на пресс-релиз компании. Предполагается, что сделку закроют в четвертом квартале 2019 года. Почему же они ее продали?
ExxonMobil signed an agreement with Vår Energi AS (Vår) for the sale of its non-operated upstream assets in Norway for $4.5 billion. The transaction is expected to close in the fourth quarter of 2019, subject to standard conditions precedent, including customary approvals from regulatory authorities. The agreed sales price of $4.5 billion is subject to interim period adjustments from the effective date of January 1, 2019, to the closing date, and obligations for income taxes from the effective date will transfer to Vår. Estimated total cash flow from the divestment is around $3.5 billion after closing adjustments, with expected 2019 cash proceeds of around $2.6 billion and estimated cash flow in future periods associated with deferred consideration of $0.3 billion and an estimated refund of income tax payments of $0.6 billion. The Corporation expects to recognize a gain of approximately $3.5 billion at closing. Estimated gain and net cash flow could change significantly due to market factors and timing of close.
Да, так и есть, похоже. Нефтяные месторождения Норвегии истощены. https://www.google.com/search?q=%D0%98%D1%81%D1... А открытое в 2018 году месторождение, видимо, слишком сложно в добыче. Да и вряд ли оно входило в портфель месторождений Exxon Mobil. в заметке Блумберг накануне той сделки в качестве причины указывалось, что EM провел аудит месторождений и стал избавляться от неэффективных, чтобы вложиться в перспективные. https://www.bloomberg.com/press-releases/2019-0... “Our objective is to have the strongest, most competitive Upstream portfolio in the industry,” said Neil Chapman, senior vice president of ExxonMobil. “We’re achieving that by adding the best set of projects we’ve had in many years and divesting assets that have lower long-term strategic value.
Vår Energi acquires ExxonMobil’s upstream assets in Norway
Vår Energi AS, owned by Eni and HitecVision, has today signed an agreement with ExxonMobil to acquire its upstream assets in Norway. The transaction includes ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 barrels of oil equivalents per day (boepd) in 2019.
26/09/2019 18:55
Vår Energi AS, owned by Eni and HitecVision, has today signed an agreement with ExxonMobil to acquire its upstream assets in Norway. The transaction includes ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 barrels of oil equivalents per day (boepd) in 2019.
The agreed terms include a cash consideration of USD 4.5 billion subject to closing adjustments. The acquisition has an effective date of 1 January 2019 and is expected to be completed in Q4 2019 subject to standard conditions precedent, including customary approvals from regulatory authorities.
Vår Energi will become the second largest E&P company on the NCS after Equinor, with total reserves and resources of about 1,900 million boe. Total production is expected to be about 300,000 boepd in 2019, growing organically to more than 350,000 boepd in 2023 as the company invests about USD 7 billion in development projects such as Johan Castberg, Balder X and Grand in the 2020-23 period.
The ExxonMobil portfolio is a strategic fit for Vår Energi and will add interests in more than 20 producing fields in the North Sea and Norwegian Sea allowing the extraction of commercial and logistical synergies.
The acquisition marks an important milestone both for Vår Energi and the company’s shareholders Eni and HitecVision, delivering on the growth ambitions set out when merging Point Resources and Eni Norge to create Vår Energi in 2018.
The majority of the about 50 employees working on the acquired assets will join Vår Energi and take part in the further growth and development of the company in the years to come.
With this acquisition, Vår Energi continues to expand its material and diversified portfolio of oil and gas producing assets, development projects and attractive exploration licenses. Vår Energi is already the largest oil producer in the Barents Sea, and will be strengthening that position through its participation in the Johan Castberg development. Other planned development projects in the combined portfolio include Balder X, the Snorre Expansion Project, Grand and Fenja, providing an organic platform for further growth in the North Sea and Norwegian Sea. The financial strength from the producing assets provides a basis for further investments in development projects and exploration, as well as future M&A opportunities.
Vår Energi will fund the transaction from existing cash resources and a Reserve Based Lending debt facility which has been fully underwritten by BNP Paribas and will subsequently be syndicated.
Claudio Descalzi, CEO of Eni, stated:
“The transaction delivers a key strategic objective for Vår Energi. The acquired assets complement and strengthen Vår Energi in core areas well known to Management and open up new opportunities for growth. As shareholder we are pleased that the Company becomes the second largest oil and gas company and Equinor’s largest partner in Norway, and look forward to delivering on the still tremendous potential of the NCS. In one year, we have completely restructured and strengthened the Eni presence in Norway by creating a strong Norwegian partnership based on the shareholders’ alignment on strategy and objectives. Furthermore, in coherence with Eni’s strategy, the increase in OECD production will contribute to Eni’s rebalancing of geographical exposure.”
Tor Espedal, Senior Partner at HitecVision, commented:
“We are proud to continue building a great Norwegian oil and gas company. From the time we created Point Resources by combining our niche companies Core, Spike and Pure in 2016, through the acquisition of ExxonMobil’s operated assets in 2017 followed by the merger with Eni Norge to create Vår Energi in 2018, it has been a fantastic journey. With the current transaction our partnership model with Eni, which builds on the two parties’ respective strengths, continues to prove its worth. We look forward to continuing to work with Vår Energi into the future.”
Kristin Kragseth, Chief Executive of Vår Energi, says:
“This transaction is a major milestone in the short history of Vår Energi and a proof of our commitment to further develop the NCS. In delivering on our ambitious growth plans, Vår Energi will not only be a major force on the shelf, we are also creating major opportunities for Norwegian suppliers in the years to come, securing employment in many parts of the country. It also gives me great pleasure to welcome our previous colleagues in ExxonMobil into Vår Energi. Our priority will be to continue to operate in a safe and environmentally responsible manner.”
Notes to editors:
About Vår Energi:
Vår Energi is the largest independent exploration and production company on the Norwegian continental shelf. Vår Energi operates oil and gas production across the entire shelf, with fields in the Barents Sea, the Norwegian Sea and the North Sea. The company is committed to further explore, develop and produce resources and reserves from its high-quality portfolio of licenses. The company’s 800 employees work at the offshore fields and onshore office locations; headquarters at Forus in the Stavanger region, and branch offices in Hammerfest and Oslo.
Vår Energi is owned by the integrated energy company Eni (69.6 percent) and the Norway based leading private equity investor HitecVision (30.4 percent).
Ну, прибыльный-то актив не продали бы. А тут вернули истощенные месторождения хозяевам - кто еще возьмет. Продали прямо вместе с персоналом. И теперь новый хозяин будет оптимизировать штат сотрудников. Одна из возможных причин такого подхода - нежелание платить увольняемым какие-то причитающиеся компенсации. Впрочем это так, полет мысли.
Apple pushes recycling with robot, but mined metals still needed
JANUARY 10, 2020 / 9:42 PM
AUSTIN, Texas (Reuters) - Apple Inc APPL.O is trying to change the way electronics are recycled with a robot that disassembles its iconic iPhone so that minerals can be recovered and reused, but rising global demand for electronics means new mines will still be needed by manufacturers.
The Cupertino, California-based company says the robot is part of its plan to become a “closed-loop” manufacturer that does not rely on the mining industry, an aggressive goal that some industry analysts have said is impossible.
Inside a nondescript warehouse on the outskirts of Austin, Texas, Apple’s Daisy robot has been designed to break apart iPhones so that 14 minerals, including lithium, can be extracted and recycled.
Apple is already using recycled aluminum, tin, cobalt and rare earths in some of its products, with plans to add to that list in coming years.
Daisy, less than 20 yards in length, uses a four-step process to remove an iPhone’s battery with a blast of -80 Celsius (-176 Fahrenheit) degree air, and then pop out screws and modules, including the haptic monitor that makes a phone vibrate.
The components are then sent off to recyclers for the minerals to be extracted and refined. Daisy can tear apart 200 iPhones per hour. In 2017, the robot in Austin processed 1 million iPhones, Apple said.
Apple chose the iPhone to be the first of its products that Daisy would disassemble because of its mass popularity, said Lisa Jackson, the company’s head of environment, policy and social initiatives.
Apple is considering sharing the Daisy technology with others, including electric automakers. Daisy does have its skeptics, including many in the tech world who see it primarily as a public relations stunt.
“There’s this ego that believes they can get all their minerals back, and it’s not possible,” said Kyle Wiens, chief executive of iFixit, a firm dedicated to repairing rather than discarding iPhones and other electronics.
That may partially explain why the mining industry isn’t worried.
“Apple is in an enviable position, because they can do this,” said Tom Butler, president of the International Council on Mining and Metals, an industry trade group. “Not everyone else will be able to follow suit.”
Many mining executives also note that with the rising popularity of electric vehicles, newly mined minerals will be needed in even larger scale, a reality that Apple acknowledges.
“We’re not necessarily competing with the folks who mine,” said Apple’s Jackson, who ran the U.S. Environmental Protection Agency under President Barack Obama. “There’s nothing for miners to fear in this development.”
Reporting by Ernest Scheyder and Stephen Nellis; Editing by Andrea Ricci
PT. Well Harvest Winning (WHW) is a company dealing with processing and refinery of alumina which is located in Kecamatan (= region) Kendawangan, Kabupaten (= bigger region) Ketapang, West Kalimantan
PT. WHW is the first refinery of Smelter Grade Alumina (SGA) in Indonesia and is the biggest in Southeast Asia having capacity of 1 million ton per year.
* Indonesia’s alumina producer PT Well Harvest Winning (WHW) exported 823,997 tonnes of smelter grade alumina in the January-September period this year, spokesman Suhandi Basri said on Monday.
* In the full-year 2018, the company exported 913,832.8 tonnes of alumina, Basri said.
* WHW’s exports this year were mainly shipped to China, India and Malaysia, he added
* The company hopes to produce more than 1 million tonnes of smelter grade alumina this year, Basri said. It produced 1 million tonnes of alumina in 2018.
* WHW, Indonesia’s largest smelter grade alumina producer, is 56%-controlled by China Hongqiao Group Ltd
How Hydrow hopes to become the Peloton of rowing The home package pairs an exercise machine with a library of virtual classes
Patrick McGee January 10 2020
Over the past eight years, Peloton has built an $8bn business from revolutionising at-home cycling. Now, Hydrow is hoping to do the same for rowing. With a sleek machine that delivers an ever-growing library of exercise classes from the comfort of the home, the basic concept is familiar. Hydrow’s aluminium and steel rower is 7 foot 2 inches long, comes equipped with a full-HD monitor, and at $2,199 represents a slightly cheaper alternative to Peloton’s $2,245 bike. The Massachusetts-based company is not alone in adopting the Peloton model. Since the fitness-as-a-service company started shipping its premium bike in 2014, it has amassed 563,000 subscribers — each paying about $40 a month in addition to the cost of their bike — and spawned an entire generation of similar products for running, boxing and more. But there are a number of ways in which Hydrow stands out from the crowd. Most notable is that its classes take place on the open water. Sitting in my basement in December, I clocked up 170,000 metres rowing with instructors in Boston, Miami, New York City, London, the Scottish Highlands and up and down the coast of California. Second, most of its instructors are competitive rowers who focus on technique over body image, offering constant encouragement to hit the water and row in a rhythm with them, something that helps foster a connection. Some instructors, like Athens 2004 alumnus Aquil Abdullah, have already raced in the Olympics. People unfamiliar with rowing tend to think it’s simply an arms and back workout. In fact, the majority of the effort is in the legs, and overall the activity works 86 per cent of the body’s muscles. Spinning, by contrast, is almost exclusively lower-body. “It’s just such a better use of your time,” Bruce Smith, Hydrow’s founder and chief executive, told me. “As people are so time-limited now, it’s just a better bang for your buck.” In my month trial of the Hydrow, I found 20 or 30-minute high intensity workouts to be more than sufficient — the longest the company offers is just 45 minutes. There are also a series of “on the mat” workouts for pilates and stretching, and within days, my wife and I had decided to scrap the trial and buy it outright. Where Hydrow falls short is that it lacks the cult-like following of Peloton. This matters because the more participants there are, the more active the leaderboard is, which lends itself to building a community that offers mutual encouragement and support. Another concern is that some of these fitness services will fail, leaving users with expensive hardware and a dead library. A particular risk for Hydrow is that Peloton could threaten its budding growth by introducing its own rowing machine — something it is widely expected to do this year. Mr Smith, however, is thrilled at the prospect. “We are really looking forward to it,” he told me. “Anybody telling the story that rowing is a better exercise is a big win for us because the world doesn’t yet understand just what a phenomenal activity rowing is.” He said Hydrow is on track to have tens of thousands of paying subscribers this year, and that on average users are working out 10-12 times per month. The service is only available in the US but will expand to the UK this year. The cost of these at-home exercise programmes is polarising. Hydrow charges $38 a month — a fee many associate with premium services — but anyone rowing more than 10 times a month would be getting a bargain. Premium indoor rowing classes often charge $20 or more per class, while high-intensity studios like Barry’s Bootcamp cost $32 per session. Mr Smith, who is a former coach of the US national team, is keen to take the Ivy League image of rowing and make it mainstream. Longer term, he hopes to do for rowing what Nike did for running and Lululemon did for Yoga. “We think this is rowing’s moment,” he said. “Being part of a crew is an incredibly powerful and resonant experience for people.”
As their separate private selling exhibitions open at Christie’s in New York, husband and wife discuss sharing a working space and their very distinct artistic practices
Boeing Employees Mocked F.A.A. and ‘Clowns’ Who Designed 737 Max
The company expressed regret at the embarrassing communications it sent to investigators on Thursday, which included a comment that “this airplane is designed by clowns, who are in turn supervised by monkeys.”
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