Egyptian Economy Making Slow, Tentative Progress – Voice of America

CAIRO

The Egyptian economy has been showing signs of a slow, but painful recovery since a $12 billion loan from the World Bank, late last year, followed by a number of economic reforms, including the free float of the national currency. Tourism appears to be picking up and foreign investors are starting to buy Egyptian treasury bills once again.

One of Cairo's major, five-star tourist hotels was bustling with visitors on a recent day, following months of slow performance.

Tourism accounts for nearly 12 percent of Egypt's GDP and has always been a key barometer of the country's economic health. Sporadic terror attacks, two airline crashes and the accidental bombing of a busload of tourists by army helicopters had put a damper on tourism for months.

Overall, Finance Minister Amr El-Garhy sounded optimistic during a recent press conference to discuss the country's economic indicators for 2016.

He stressed that the government's operating deficit in 2016 decreased slightly and looks to be headed lower for 2017.

Deficits, El-Garhy said, "put pressure on the state, adding to inflation and causing depreciation of the national currency.

By lowering deficits," he adds, "Egypt will have less debt, decreasing the need for borrowing.

El-Garhy said consumers may be feeling pinched by recent price increases, but would see an improvement in a year and an even greater improvement over the next three years.

A vegetable vendor sells produce at a market in Cairo, Egypt, Jan. 10, 2017.

Frustrated shoppers

A popular Egyptian TV program, however, reports less than favorable reaction in the street to rising prices and sporadic shortages of food staples. Shoppers at a suburban Cairo vegetable market expressed frustration.

An irate housewife says cooking oil and cooking gas have gone up in price, while a woman next to her says everything is becoming exponentially more expensive.

In southern Egypt, a disgruntled consumer set fire to a government supply depot last month, but most Egyptians have taken the situation in stride.

Egypt's President Abdel Fattah al-Sisi sits before a meeting at the presidential palace in Cairo Aug. 2, 2015.

Egypt making progress

Egyptian President Abdel Fattah el Sisi, who has faced grumbling over recent price increases, drew applause as he addressed a crowd of young people, recently, arguing Egypt is making slow progress.

The president said development requires a collective consciousness and understanding of the threats facing the nation, in order to set things straight. He maintains that Egypt is making progress, even if people aren't happy about everything.

Sisi added he is doing his best to help meet the aspirations of Egypt's 90 million citizens, especially its young people.

A young man, today," the president insists, will see major progress in the next 10 years.

A man counts Egyptian currency at an exchange office in Cairo, Nov. 3, 2016.

Investors show confidence

Foreign investors are expressing growing confidence in Egypt's economy, as analyst Khaled Abou Haif told Egyptian TV. He said traders have been seeing very strong demand for (Egyptian) treasury bills, indicating confidence in the economy by foreign investors and helping meet the country's foreign currency needs.

Egypt's key stock market indices have also risen, despite the simultaneous increase in the value of the dollar, after the government allowed the Egyptian pound to float freely.

Other variables, like Suez Canal revenues, have some economists worried, given the conflict in Yemen, which overlooks the strategic Bab el Mandab strait, the Gulf of Aden and Red Sea waterways. Lower oil prices may also have caused a decrease in the number of ships transiting the canal, according to some observers.

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Egyptian Economy Making Slow, Tentative Progress - Voice of America

Colts position review: OL showed legit progress, but work remains – Indianapolis Star

The Indianapolis Colts used a lot of offensive linemen in 2016. Here's where they stand heading into the offseason. Scott Horner/Wochit

Indianapolis Colts center Ryan Kelly (78),right, and Indianapolis Colts Joe Haeg (73) drops back in protection during the first half of an NFL football game Sunday, Sept. 25, 2016, at Lucas Oil Stadium.(Photo: Matt Kryger/IndyStar)

INDIANAPOLIS It feels as if more ink and airtime have been devoted to the Indianapolis Colts offensive line than any other aspect of the team in recent years.

With each hit absorbed by quarterback Andrew Luck, the conversation inevitably turned to the lack of reliable protection up front. And with each failure of the running game, scrutiny of the run blocking only increased.

The 2016 season wasnt much different. But the attention came for slightly different reasons. After the Colts went all-in and drafted four offensive linemen last year, they began making gradual progress in this long-maligned unit. But those gains were incremental. The job is far fromcomplete.

And that means print and airtime will continue to be dedicated to this group. Lets take a took back at how last season went for the offensive line and consider whats next for this critical position group.

HOW IT WENT

It wasnt a masterpiece. And the offensive line was still the subject of much (warranted) criticism. But, overall, we saw more measurable progress in this unit than at any other time in the five seasons under coach Chuck Pagano.

Anthony Castonzo gave the Colts some reason for concern with too much up-and-down play from the all-important left tackle spot. But, to his credit, Castonzo's play stabilized late in the season. Left guard Jack Mewhort had an impressive season, and is clearly a fixture for years to come. Rookie Ryan Kelly seamlessly took over at center, solving a problem at a position that had long been an issue. The right side continued to be in some flux. Joe Haeg, Denzelle Good, Joe Reitz and LeRaven Clark all took turns in the starting lineup at right guard or right tackle, but thats still going to have to be sorted out this summer.

Pass protection was still inconsistent. Luck matched a career high with 41 sacks, but dont put that all on the line. The deep balls Luck prefers and his tendency to hold onto the football a bit too long certainly contributed. However, the run blocking was better than its been in a long time. That is clearly a strength of this unit and a reason Frank Gore became the first Colts back since 2007 to surpass 1,000 yards in a season.

Overall, things seem to be looking up for the first time in a long time for the Colts offensive line.

WHAT WE LEARNED

The biggest offensive line lesson of 2016 was this: Building a unit takes time and patience. If you thought the draft haul of linemen was going to equate to an instant fix, you got suckered.

The offensive line is a position that requires one of the longest periods ofdevelopment for young players. Things simply happen too fast and with too much complexity. Then theres the stark differences between college and pro offenses, something that impacts offensive linemen more than most other position players.

There was no better example than the development of Clark, who went from utterly embarrassing in the preseason to representing himself well when starting the final three games of the regular season.

The rookies were raw and that includes first-round pick Kelly but the experience they got last season will prove invaluable. They played through those rough patches and with that will come learning experiences they would not have gained on the bench.

Another lesson from 2016: Mewhort is a cut above everyone else in this unit. He established himself as the line'sbest player, making him someone the Colts should at least consider giving a contract extension this spring. Mewhorts contract expires after the coming season.

One final takeaway: Coaching matters. The addition of Joe Philbin as assistant head coach and offensive line coach was a strong move by Pagano, and it paid huge dividends.

WHATS NEXT The key is continued development. If Philbin continues to work his magic, the Colts will continue to benefit. The foremost challenge is to find a suitable starting lineup on the right side. The Colts, ideally, need to find a position where Haeg can settle in (he started at three different spots last season). Thats the only way theyre going to truly find out what kind of player he is. They also must decide whether Good and Clark are long-term starters.

Something else worth watching is the performance of Castonzo. Language in his contract has already triggered a guarantee on an $8 million bonus that is to be paid next month. So, Castonzo isnt going anywhere for now. But if he doesnt show more consistency in 2017, the Colts are going to have to start thinking about long-term options at left tackle. Thats the last thing anyone wants seeing how things are just starting to come together.

Follow IndyStar reporter Stephen Holder on Twitter: @HolderStephen.

One in an occasional series on Colts positionreviews.

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Colts position review: OL showed legit progress, but work remains - Indianapolis Star

The Trump administration can’t entirely roll back progress on climate change here’s why – Washington Post

By Jessica F. Green By Jessica F. Green February 10 at 8:00 AM

Environmentalists are not happy with the Trump administration. There are rumors that Trump might withdraw from the landmark Paris climate agreement on climate change. And Secretary of State Rex Tillerson, the former CEO of ExxonMobil, is probably unlikely to champion U.S. environmental priorities in his diplomatic agenda.

Trumps Environmental Protection Agency pick, Scott Pruitt, is not a fan of environmental regulation and is unlikely to support the Clean Power Plan, Obamas signature climate policy.

[Trump has picked the most conservative EPA leader since 1981]

U.S. cities are leading the way on climate change policy

Heres the good news: States, cities and many firms in the United States realize that sensible climate policy is, well, sensible. Having rational policies in place provides important health benefits,such as reducing smog, and helps authorities prepare for climate-induced changes, like floods and droughts. For firms, planning for the future is just good business.

A number of cities around the world have been at the vanguard of climate action. The C40 Cities initiative is a network of more than 80 and represents 600 million people around the globe, including 13 cities in the United States. Their governments are collaborating on climate efforts, and they have committed to mandatory measurement and reporting of emissions and other policy measures. C40s nifty interactive dashboard provides data on participants emissions.

[The world is about to get tough on aviation emissions. Heres what you need to know.]

Eight US cities also joined the ambitious Carbon Neutral Cities Alliance, where cities pledge to cut emissions by at least 80 percent by 2050.

U.S. cities are also preparing for a changed climate. In the wake of Hurricane Sandy, New York created the Office of Recovery and Resiliency and a plan to minimize impacts of similar storms. Miami just announced a $100 million plan to combat persistent flooding and sea level rise.

Cities vulnerability helps explain why urban residents are more likely to support policies to regulate carbon dioxide as a pollutant, and require that utilities source a set percentage of energy from renewable sources.

States are generating demand for clean energy

States also have the autonomy to take action on climate change, with or without a federal mandate. California is continuing its long-standing role as a climate leader. The states landmark climate legislation, AB 32, aims to reduce greenhouse gas emissions to 1990 levels by 2020, and then 80 percent below 1990 levels by 2050.

AB 32 includes aggressive policies to promote renewable energy, enhance fuel efficiency and increase both the use of low-carbon fuels and the number of zero-emission vehicles. Since 2015, California has linked its cap-and-trade scheme to Quebec, creating the first international carbon market between state governments rather than federal ones.

The California legislature passed the measure, so there is no obvious federal action that could undo this market. And California and other large states may also spur broader action.

Heres an example of the California effect. In the 1980s, Californias fuel-efficiency standards exceeded those set by the federal Clean Air Act. Congress eventually responded by bringing federal rules up to California standards. Because cars sold in California a large market had to meet more stringent standards, car manufacturers boosted the efficiency of new vehicles nationwide.

Other states, regardless of their political leanings, are also moving ahead on renewable energy. Texas and 28 others have renewable portfolio standards,which require utilities to sell a certain amount of renewable energy. Another eight have voluntary renewable energy standards.

State laws have helped drive the growth in renewables, which now account for roughly 10 percent of total U.S. energy consumption. Employment in the solar industry is also soaring andaccounted for 1 in 50 new jobs in 2016.

Firms also lead by example on environmental policy

Politicians may wonder whether climate change is happening; CEOs do not. They see climate change as bad for business; droughts, floods and extreme weather events can interrupt supply chains. And regulation can raise production costs. Many firms agree that being prepared for climatic and regulatory changes can help lessen negative impacts.

Others are voluntarily greening themselves and improving the bottom line as a bonus. The campaignRE100, for example, has 90 member firms, including 32 U.S. companies, who have pledged to move to 100 percent renewable energy.

In 2014, the global coalition We Mean Business launched an initiative to promote the transition to a low-carbon economy. Almost 700 companies and investors, representing $8 trillion in revenue, have committed to policies like putting a price on carbon, committing to 100 percent renewable power, removing commodity-driven deforestation from supply chains, and reporting climate change information as a fiduciary duty.

[Wondering whats different about the Paris climate change negotiations?]

In an increasingly global economy, moreover, companies need to adapt to climate regulations and plan for carbon restrictions coming into place in other countries. Just like car manufacturers adjusted to accommodate Californias strict standards, U.S. and other multinational firms are greening their practices to meet environmental laws in other nations.

The fate of the Clean Power Plan

Although pro-climate policies are likely to continue thanks to efforts at the state, national and corporate levels, the fate of ObamasClean Power Plan (CPP) is unclear. The CPP is the centerpiece of the U.S. pledge to the Paris agreement, and it aims to reduce emissions from power plants 30 percent below 2005 levels by 2030.

Trump seems keen to repeal the CPP, but regulations are not easily undone. The Supreme Court issued a stay of the CPP in 2015, but if it is upheld, then a rollback will take longer.

The Trump administration could then go back to court to allow EPA to revisit the rule, or it could rescind the rule. As Jody Freeman of Harvard Law School spells out, rescinding the rule would require both a notice and comment period and an explanation of why such a move is necessary. Further litigation would be likely, which would slow efforts to undo the CPP.

More important, many U.S. utilities are moving forward assuming CPP or other regulations will be in place eventually. Utilities are retiring coal plants and not planning to build new ones. Indeed, the countrys seventh-largest emitterannounced that it will probably close this year, because of competition from natural gas.

Coal now supplies only about one-third of the total energy used in U.S. electricity generation, down from about 50 percent in the 1990s. With the majority of U.S. coal plants built before the 1980s, more shutdowns are probable.

The federal government is necessary, but not sufficient

In short, a Trump administration cant entirely reverseprogress on climate change. It may slow things, but the CPP wont be repealed overnight. And many of the changes underway are simply not subject to federal authority.

The rate of climate change is alarming, and we need to move as quickly as possible to de-carbonize. States and cities continue to take action on climate change. Firms are also leading the way and increasingly urging governments to follow. All of these moves suggest theres reason to be hopeful that U.S. progress on climate change will continue.

Jessica F. Green (@greenprofgreen) is assistant professor of environmental studies at New York University. She is the author of Rethinking Private Authority, published by Princeton University Press.

Originally posted here:

The Trump administration can't entirely roll back progress on climate change here's why - Washington Post

ATA says states’ telemedicine progress a mixed bag … – FierceHealthcare

A handful of states have made progress when it comes to integrating new policies that make it easier for physicians to practice telemedicine and provide broader coverage for patients, but much of the country remains stagnant when it comes to advancing such regulations.

The result has beena mix of strides and stagnation in telemedicine policies across the country in 2016, according to two new reports from the American Telemedicine Association (ATA).The reports issued letter grades for each state and Washington, D.C., based on how their laws facilitate access to telemedicine services.

Just three statesFlorida, Louisianaand Arkansassaw their grade improve when it came to physician practice standards and licensure, according to(PDF) the ATAs report. Both Florida and Louisiana altered policies to allow out-of-state providers to practice telemedicine, while Arkansas adopted a new law that qualifies audio-video communication as a patient-physician relationship.

RELATED: Health IT stakeholders outline priorities for Trump administration

Texas received the lowest composite grade for physician practice standards and licensure. The state has been in the midst of a longstanding battle over telemedicine legislation, but this week the Houston Chronicle reported that two opposing groups appear to have reached a compromise, which could pave the way to a new bill.

Meanwhile, seven states expanded telemedicine coverage and reimbursement policies, according to a second ATA report(PDF). Several of those states cover telemedicine services for chronic disease management, and many others are covering dentistry, substance abuse and behavioral health services.

RELATED: Telehealth offers potential for health specialists

The association notes that since it began reporting on state policies in 2014, all 50 states have initiated some level of telemedicine coverage for Medicaid beneficiaries, although coverage varies widely from state to state. Thirty-one states have enacted telemedicine parity laws since 2014.

As federal and state lawmakers reevaluate the current health policy environment, they cannot ignore telemedicines potential as a valuable and cost saving tool, said Gary Capistrant, ATAs chief policy officer,in a release.

RELATED: Trumps two-for-one regulation order: Its potential impact on healthcare

The ATA reported similar trends last year, noting that telemedicine policies varied widely among states. A recent survey by the Federation of State Medical Boards indicated that most state boards see regulations tied to remote care as a top priority, particularly as more consumers are gravitating toward video-based telemedicine services and providers are showing increased interest in remote care.

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ATA says states' telemedicine progress a mixed bag ... - FierceHealthcare

Seltzer’s Notebook | Colangelo Encouraged by Sixers’ Progress – Sixers.com

*** Todays Notebook highlights some of the additional topics that Bryan Colangelo touched upon during his Thursday afternoon appearance on 97.5 FM The Fanatic. To read more about updates he provided on the status of Joel Embiid and Ben Simmons, click here. The interview can be streamed in its entirety on The Fanatics website. ***

Putting Turnaround in Perspective Despite confronting an early deficit Thursday in Orlando, one to the tune of 21-6 just six minutes into their pairing with the Magic, the Sixers relied on a gritty, resilient spirit to eventually turn things around for a 112-111 win.

T.J. McConnell certainly emerged as the hero, providing the decisive shot in the final seconds of regulation. But, between Ersan Ilyasovas clutch free throws, and a big boost from the bench, the Sixers first victory of February represented a group effort.

In many ways, the Sixers performance Thursday at Amway Center harkened back to their form from what was an encouraging first month of the new year. The progress the club exhibited during that stretch wasnt lost on Bryan Colangelo, who weighed in on the Sixers turnaround in his interview on 97.5 FM The Fanatic.

It sure was exciting to see a 10-5 record in January, said the Sixers president of basketball operations, currently in his first full season with the organization. It was obviously coming on the heels of a period of time where we looked at a lot of growth, even though it wasnt necessarily manifesting itself in the win column.

On top of the modest strides the Sixers made in the standings in January, Colangelo has also been pleased to see the franchise reap rewards from having bolstered its basketball operations infrastructure in recent months.

A lot of good things have been happening behind the scenes as we grow this program and grow this team going forward, Colangelo told Fanatic hosts Jason Myrtetus and Bob Cooney.

Specifically, Colangelo cited new hires to the Sixers executive, analytics, and scouting staffs since he was brought in April.

The things that are happening off the court are wins as much as they are on the court, said Colangelo.

In terms of the factors that, in Colangelos view, would ultimately constitute a successful season, the personnel chief sounded as if he was less interested in counting wins, and more focused on taking stock in whatever significant holistic evaluations could be extracted from the 2016-2017 campaign.

I always said it would not be based on a number, Colangelo said, when discussing how he would judge the current year. I love the fact that the fans are being rewarded with certain aspects of this run, and certain aspects of just the growth of this team.

Growth that Colangelo thinks could be moving along even quicker had there been better health through the first three and a half months of the season. Ben Simmons has so far been missing in action due to a right foot fracture. Jerryd Bayless, a free agent signing whom the Sixers were counting on to be a key member of their backcourt rotation, managed only three games this year before being shut down because of ligament damage in his left wrist.

Unfortunately, because of those injures, and because of those setbacks, the reality is we had to put the breaks on a little bit with respect to where we are, and put the health, and long-term performance capability of these players ahead of short-term gains.

As far as Joel Embiid is concerned, Colangelo considers the rookies rapid development a success in and of itself, even in light of the restrictions placed on the big mans playing time, and the left knee issues hes been battling of late.

Internally, we feel that were moving in the right direction, said Colangelo, and that to me spells success overall.

Keeping Busy With Trade Deadline on Horizon Bryan Colangelos interview on The Fanatic came two weeks out - almost down to the exact minute - from the 2017 NBA trade deadline, which is set for 3:00 pm EST on Thursday, February 23rd.

According to Colangelo, the Sixers front office phones have been ringing regularly as of late. He said hes been talking a lot with his counterparts from around the rest of the league.

Quite a bit of activity in recent weeks, is how Colangelo described the frequency of his communication with fellow executives.

Since the outset of the season, the Sixers have acknowledged the realities surrounding their center rotation. Its no secret that between Joel Embiid, Richaun Holmes, Nerlens Noel, and Jahlil Okafor, the team boasts a lot of young talent in one place.

In the instances in which all four players have been healthy, the Sixers have done their best to fairly manage each prospects respective role and playing time.

At the end of the day, Im looking to make a good deal for this organization, Colangelo said Thursday. At some point, somethings got to give. Im just trying to obviously get it to the point where we do, and maximize the opportunities that we pursue.

Despite the circumstances surrounding them, the Sixers bigs, as Colangelo sees it, havent allowed external factors beyond their control to influence their conduct on the court - both in practice settings, and in games. He praised Noel and Okafor in particular for the maturity theyve shown.

I have to compliment both Nerlens and Jahlil on the way theyve handled everything, said Colangelo. Coach [Brett Brown] has said it often, but these guys are acting like true professionals. Both of them have been great.

Although this years trade deadline is fast approaching, Colangelo restated Thursday a point hes stressed repeatedly in past media availabilities. He feels no rush or pressure to pull the trigger on transactions simply because of a looming date on the calendar.

Im going to be very patient where we build this team, Colangelo said. Its got to be a deal or a situation that makes good sense for the organization overall in the bigger picture.

If no swaps are made by this years deadline, Colangelo noted that other junctures of the leagues annual calendar tend to present additional trading opportunities, such as the run-up to the June draft, and the July free agency period.

Feeling Good for Fans More than halfway through the season, no team in the NBA has experienced a bigger per-game attendance boost than the Sixers. A year ago, the team drew an average of 14,881 fans to The Center, a figure that ranked third-to-last in the league. This season, with excitement and winning results on the rise, the Sixers have averaged 17,165 fans per home game, good for 19th-best overall.

None of the NBAs other 29 franchises has increased its average per-game gate by more than 400 fans. The Sixers spike of almost 2,300 spectators per game exceeds that number nearly six times over.

Im thrilled [for] the fanbase, the ownership, and the people involved that have gone through so much of a hard times through the entire three years or so thats been going on, the rebuilding scenario, Bryan Colangelo said during his chat on The Fanatic.

In the same breath, the two-time NBA Executive of the Year made clear he has lofty goals in mind for the Sixers, ones that go beyond a 10-5 month, regardless of how energizing January was for the team.

Its just great to see it all come together, even for a brief moment this year, but we cant be fooled, he said. We still have a lot of work to do. We know it wasnt going to happen overnight.

What Colangelo did feel confident expressing on the radio was his belief that the Sixers are potentially positioned for sustained, long-term success.

To know that some of the pieces are in place, and that were in a position to add additional pieces moving forward, both with salary cap flexibility and draft picks, I think its just fantastic, said Colangelo. Its a great opportunity for this city to see a winner for a long time, for many years to come, and thats what were aiming for.

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Seltzer's Notebook | Colangelo Encouraged by Sixers' Progress - Sixers.com

Cliffs Natural Resources Is Showing a Lot of Progress on Its Return to Profitability – Motley Fool

Last quarter, shares of Cliffs Natural Resources (NYSE:CLF) took a nosedive after earnings were released, even if that large drop wasn't necessarily deserved. This time around, though, Wall Streetcheered to the tune of a 19% gain after earnings thanks to a strong showing in the fourth quarter.

Let's have a quick look at Cliffs' results for the fourth quarter and what investors can look forward to in 2017

Image source: Getty Images

DATA SOURCE: CLIFFS NATURAL RESOURCES EARNINGS RELEASE.*ALL NUMBERS IN MILLIONS, EXCEPT PER-SHARE DATA.

There were a lot of positive factors influencing this most recent report, both in and out of Cliffs' control. Starting with the one that is out of its control: iron ore prices in the Asia-Pacific region. Per-ton prices increased from $33.73 this time last year to $57.30 in the quarter. This was a big benefit, but there is no guarantee that Asia-Pacific prices will stay at these levels or rise.

With that in mind, the things that were really impressive were the things that Cliffs can control, notably the improvements in its U.S. iron ore business. Thanks to a major iron ore sales deal signed back in may with ArcelorMittal (NYSE:MT), Cliffs was able to restart one of its mines and increase production. As a result, total volumes sold were 53% higher than last year. On top of those large gains, it was also able to reduce per-ton operatingexpensesby 12%. All of these things led to a significant gain in operating margins.

DATA SOURCE: CLIFFS NATURAL RESOURCES EARNINGS RELEASES. CHART BY AUTHOR.EBITDA = EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION.

There was even some progress on the corporate side as well. Even though corporate costs increased in the quarter, that money was being better spent. Thanks to some debt extinguishment moves in the prior quarter, Cliffs has been able to reduce its interest expenses by 26%. So the increase in corporate spending went to higher research and development spending as well as some incentive compensation. That R&D spending is being done to produce new iron products that can be used in electric arc furnaces. These newer steel-making furnaces require a higher-quality steel than the traditional blast furnaces Cliffs has been supplying for years. Since most U.S. production is migrating toward these newer furnaces, Cliffs is trying to stay relevant in a changing market.

Along with the company's earnings results came a slew of press releases announcing that it is making some major moves to recapitalize the business:

In aggregate, these moves basically will extinguish or extend the terms for some of its debts due within the next few years. While the shareholder dilution isn't the best thing for shareholders, it will significantly reduce the company's total debt load as well as extinguish some of its highest-interest debt that it took on in the middle of the commodity downturn. This will put the company on much more solid financial footing for the next several years.

CEO Lourenco Goncalves:

2016 was the year in which we finalized the execution of the operational, commercial and financial actions necessary to ensure Cliffs will have a great future. Among the actions accomplished last year are several new sales agreements entered with clients, including the renewal of our long-term supply contract with our largest customer, and a number of capital markets transactions that were successfully executed to reduce debt and extend our maturity runway.

Despite the undeniable fact that the underlying business environment was far from ideal during almost all of 2016, the environmentally compliant and safety oriented performance of the Cliffs teams inthe United Statesand inAustraliaresulted in a very profitable year with strong cash flow generation.

We are excited about Cliffs and about our future. A much more favorable business environment in the U.S. and a newly adopted rational behavior in the international iron ore market support the work we have done internally in our company. With a much lower debt profile and extended maturities, and several new and more favorable commercial agreements that we put in place in 2016, we expect Cliffs to deliver strong and sustainable results in 2017.

When Goncalves took the reins in 2014, he immediately said he would focus on shedding the company of its non-core businesses, cut costs, get the company's balance sheet in order, and generate cash flow for investors. In a little more than two years, he has accomplished three of those goals. Even after the company completes this major debt reduction and restructuring move, there is still some room for improvement.

That said, Cliffs is in much, much better shape than it was a couple of years ago, and the company is looking more and more like it will be able to fulfill in 2017 all of the promises Goncalves made.

Tyler Crowe owns shares of Cliffs Natural Resources. The Motley Fool owns shares of Cliffs Natural Resources. The Motley Fool has a disclosure policy.

Continued here:

Cliffs Natural Resources Is Showing a Lot of Progress on Its Return to Profitability - Motley Fool

‘Paper boys’ were the lifeblood of The Daily Progress – The Daily Progress

Newspaper carriers, in particular the paper boy, were the lifeblood of The Daily Progress from the end of World War II to the late 1980s. The job was also the first source of income for many of the citys teenage boys.

The Daily Progress was an afternoon publication and it rolled off the press just in time for these hearty young men to deliver their neighborhood route after school. On this date in 1976, The Daily Progress named Kevin Lee as its Bicentennial Newspaper Carrier of the Year.

Kevin is an example of our carriers who have learned the value of effort, outstanding service, and reliability. The young people who deliver your Daily Progress are busy with school, family, and sports as well as delivering and managing their newspaper business. Bad weather and unchained dogs are familiar and humorous elements of a newspaper carriers day. Record Keeping, economizing time, non-paying customers, and service errors are less publicized but more important parts of his route work, for it is these aspects which teach a carrier the foundations of business management and public relations.

Lee is shown with a likeness of Benjamin Franklin, believed to be Americas first newspaper carrier, for delivering newspapers in Boston when he was 12 years old.

The Daily Progress switched to a morning publication in April of 1990, effectively bringing an end to the era of the paper boy.

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'Paper boys' were the lifeblood of The Daily Progress - The Daily Progress

Forecasters See Slow Progress in Labor-Market Measures Favored by Trump Administration – Wall Street Journal


Wall Street Journal
Forecasters See Slow Progress in Labor-Market Measures Favored by Trump Administration
Wall Street Journal
Broader measures of unemployment favored by President Donald Trump are unlikely to see much improvement in coming years, according to a new WSJ survey of economists. Mr. Trump frequently criticized the official jobless rate on the campaign trail.

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Forecasters See Slow Progress in Labor-Market Measures Favored by Trump Administration - Wall Street Journal

Evgeni Malkin making ‘progress,’ could return Saturday in Arizona – Pittsburgh Post-Gazette

DENVER Evgeni Malkin wont play when the Penguins face Colorado tonight at 9:08 at the Pepsi Center but could return as early as Saturday.

Malkin went through the Penguins optional game-day skate today and, while coach Mike Sullivan characterized it as a full-contact workout, there actually was very little hitting.

But if Malkin can get through a practice in Glendale, Ariz., Friday with no problem, theres a pretty good chance hell be in the lineup against the Coyotes the next night.

Hes obviously making significant progress, so thats encouraging from our standpoint, Sullivan said.

He added that theres a possibility Malkin, who will miss his sixth game in a row because of an unspecified injury tonight, will rejoin the lineup in Arizona.

Tight-knit group

Washington is starting to tighten its grip on first place in the Metropolitan Division, but the fight for playoff seeding in the rest of the division is intense.

The third-place Penguins trail Columbus by one point and lead the New York Rangers by three, so all three need every victory they can pick up.

The Penguins current trip, then, would seem to have come at an opportune time, since it features games against the Avalanche and Coyotes, the leagues two bottom-feeders.

Nonetheless, the Penguins insist they are not taking success in these two games for granted, that they recognize Colorado and Arizona are capable of denying them those badly needed points.

The league is good nowadays, defenseman Trevor Daley said. Those teams obviously are having tough years, but when the Pittsburgh Penguins come in, I think every team gets up for them.

I think were going to get their best, and I think were going to have to be at our best to beat them.

The games on this trip are part of a stretch of six in a row against Western Conference opponents, sandwiched between showdowns with the Blue Jackets.

Although the Penguins face Western clubs only twice a year and dont have much of a rivalry with most, defenseman Ian Cole said thats no reason to look past them.

I dont think there should be any lack of energy for these games, Cole said. They give you the opportunity to get points and the opportunity to get points should be energizing, in and of itself.

Hey, roomie

The Penguins are conducting their annual Dads Trip, with the fathers of most team members and staffers accompanying the club on the road for a couple of games.

Most players get a room of their own for away games but dont seem to mind sharing that space with a parent.

Perhaps because they get more than just a temporary roommate out of it.

Its an adjustment, but its a really enjoyable time for all of us, center Matt Cullen said. The best part for me is seeing it through their eyes a little bit.

We get caught up in the day-to-day grind of the season sometimes you forget to take a step back and realize youre in the NHL, and this is what you dreamed of your whole life.

To see them come in here and appreciate it so much, see how much it means to them, its a reminder of the fact that youre in the NHL, and its pretty special.

Cullens roomie/father, Terry, coached high school in Minnesota for many years.

Skates? No thanks

There was no news out of Colorados game-day skate, if only because the Avalanche didnt have one.

Late last month, team officials made it known that Colorado would not conduct any more of those in 2016-17.

Not necessarily because they has given up on the season understandable as that might be but because the Avs schedule is so compressed the rest of the way.

Tip-ins

Sidney Crosby, who needs two points to become the 86th player in NHL history to get 1,000, will be appearing in his 754th career game, moving him past Jean Pronovost and into third place on the franchises all-time list. Crosby and right winger Phil Kessel did not go on the ice during the game-day skate. ... Left winger Chris Kunitz has five points in his past five games. Cole has 18 points, a career-high.

Dave Molinari: Dmolinari@Post-Gazette.com and Twitter @MolinariPG

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Evgeni Malkin making 'progress,' could return Saturday in Arizona - Pittsburgh Post-Gazette

Progress on vet’s Mustang to be unveiled – Indianapolis Star

From left, Jay Webb and Scott Dowdy work on a mid-restoration Mustang at The Finer Details in Danville, Ind., Monday, Feb. 6, 2017. With the help of many donors and contributors, the shop is restoring the 1967 Mustang for 95 year-old World War II veteran Harry Donovan, who was ripped off by a scammer he paid to restore the car. (Photo: Jenna Watson/IndyStar)Buy Photo

The story of Harry Donovan's 1967 Mustang raced fromripoff to remarkable last year.

This weekend, the longstrange journeywillturn another corner when progress on the restoration of the 95-year-old Indianapolis man's classic Ford is unveiled at the 58th annual World of Wheels show at the State Fairgrounds.

Work on the World War II vet's car isnt done yet. But the restoration is moving closer to a reality with the recent completion of extensive body work topped by a brilliant new paint job and vinyl top.

Donovan, who was ripped off by a manhe paid nearly $10,000 to restore the Mustang five years ago, will get his first look at progress on the car Saturday.

"Harry's really excited to see what all they've done," said Donovan's daughter-in-lawCheryle Donovan. "He can't wait."

It's a day, Donovan told IndyStar last fall, that he never thought he would see.

Donovan had just about given up on his dream of seeing the car restored before his daughter-in-law reached out to IndyStar Call for Action in a last-ditch effort to get help. The complicated case proved to be beyond the scope of what IndyStar Call for Action volunteers could do, but asubsequent story about the retired businessman'splight spurred an unexpectedresponse.

The story of the ripoff struck a chord among car enthusiasts, veterans and the general public. Within weeks, a team of volunteers coordinated by Ken Mosier, owner of The Finer Details Automotive Restoration in Danville, stepped up to right the wrong Donovan had suffered.And theyre doing the work at no cost to former B-17 pilot, thanks to dozens of businesses and individuals who have donated more than $20,000in cash, partsand labor.

But that feel-good project is only part of the story. There's also a justice component.

Donovan initially made a complaint to Indianapolis police in 2013, but they did not follow up with an investigation after his request for help.

But after learning about the ripofffrom IndyStar, the Hamilton County prosecutor opened an investigation and filed two felony theft charges against alleged perpetrator Dennis Lee.

Dennis Lee of Lafayette is facing felony charges of theft and auto theft in Hamilton County for allegedly ripping off a WW II veteran who paid Lee nearly $10,000 to restore a vintage car.(Photo: Hamilton County Sheriff's Department)

Lee, who Donovan claims disappeared with the car after accepting nearly $10,000, is scheduled for trial on the theft charges in April in Hamilton County Superior Court. If convicted, hefaces a sentence of six months to three years on each charge.

Donovan said he was lucky to just get the car back. And that happened only after he enlisted the help of a family friend with law enforcement ties uponlearning Lee had been sent to jail on an unrelated criminal conviction in Hamilton County.

The Mustang eventually was located at the home of Lee's former girlfriend, but it hadn't been restored as promised. Instead, the engine, transmission, hood and several other parts had been stripped from the car leaving it in worse condition than when Donovan handed it over to Lee about two years earlier.

This time around, the restoration is going much smoother.

Harry Donovan with his 1967 Mustang before it was taken to The Finer Details Automotive Restoration in Danville in August for a makeover.(Photo: Tim Evans/IndyStar)

The original plan of doing a nice, but modest overhaul of the car was scrapped along the way. With the support of so many, and because his business name istied to the work, Mosier and his crew decided to push ahead with a project that will make the Mustang a true show car like thoseMosier has been restoring for 30 years. That kind of project would normally run $50,000 or more.

Jay Webb begins painting Harry Donovan's 1967 Mustang.(Photo: Tim Evans/IndyStar)

Volunteers have already put about 800 hours into the car so far, according to Mosier, and still have to install thenew interior, engine and transmission.

"We started with a really rough old car that had sat for years and rusted away. Basically, what he's getting is a brand spanking new car," Mosier explained. "Were hoping to have it done by spring.

Tim Evans is IndyStar's consumer advocate. Contact him at (317) 444-6204 or tim.evans@indystar.com. Follow him on Twitter: @starwatchtim.

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Progress on vet's Mustang to be unveiled - Indianapolis Star

Britney Spears Says Niece Maddie Is ‘Making Progress’ After ATV Accident: ‘Let’s All Keep Praying’ – PEOPLE.com

Britney Spears has shared an update on her 8-year-old niece Maddies recovery following an ATV accident that left her unconscious for nearly two days.

We are so grateful to share that Maddie is making progress, Spears, 35, wrote in a note posted to Twitter on Wednesday afternoon. Thank you all for sending thoughts and prayers our way. Lets all keep praying.

The pop icon had previously made an appeal to fanson Monday afternoon. Need all the wishes and prayers for my niece, she captioned a photo of Maddie the daughter of her younger sister Jamie Lynn Spears.

On Sunday,Maddie was drivingan ATV within view of Jamie Lynn, 25, and her husbandJamie Watsonwhen she took a hard rightto avoid running overa nearbydrainage ditch, causing the vehicle to enter the pond on her parents property, reads a police report obtained by PEOPLE Monday.

The ATV and child were instantly submerged in the water right before their eyes. Within seconds the childs mother, stepfather and other family members reached the pond, dove in and attempted to rescue the child to no avail, the report said. The child was trapped and secured by the seatbelt and the ATVs safety netting. Within two minutes,Acadian Ambulance Services arrived and assisted in freeing the child from the cold waters.

Despite the harrowing ordeal, Maddie awoke Tuesday, surrounded by family.

With her father, mother and stepfather by her side, Maddie regained consciousness mid-day Tuesday, Feb. 7, her hospitaltells PEOPLE in a statement provided bya Spears family rep. The 8-year-old daughter of entertainer Jamie Lynn Spears wasinvolved in an ATV accident at a family home Sunday in Kentwood, Louisiana. Paramedics resuscitated her and she was airlifted to a local hospital. She is aware of her surroundings and recognizes those family members who have kept a round-the-clock vigil since the accident.

The statement continues: Doctors were able to remove the ventilator today and she is awake and talking. Maddie continues to receive oxygen and is being monitored closely but it appears that she has not suffered any neurological consequences from the accident.

Watsontook to social mediaTuesday afternoonto show his appreciation to fans for their support throughout his stepdaughters ordeal.

Thank you everyone for the prayers. Maddie is doing better and better. Thank yall so much, Watson captioned a photo on Instagram of a shirt bearing the words believe in miracles.

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Britney Spears Says Niece Maddie Is 'Making Progress' After ATV Accident: 'Let's All Keep Praying' - PEOPLE.com

Through the looking glass: Tower view showcases progress on Amazon’s unique biospheres – GeekWire

The Amazon biodomes as seen from the Doppler tower. (Rod Learmonth Photo)

The ever-changing view of the Amazon biospheres is worth marveling at from street level for those who happen to pass through Seattles Denny Triangle area north of downtown.

But viewing the glass orbs from on high creates a unique perspective for anyone who lives orworks around and above thetech giants evolving corporate campus.

The latest view, which showed up in our Facebook feed this week, was shot from Amazons Doppler tower and shows off the three spheres with what appears to be completed glass work. Lit from the inside, one of the domes glows a soft yellow, showcasing what should be a dramatic architectural spectacle when the project is complete.

Set to open in 2018, the 100-foot-tall orbs will house hundreds of species of unique plants, offering employees a one-of-a-kind venue for connecting with nature.

At the GeekWire Summit last October, Scott Wyatt, a partner with the architecture firm NBBJ, which designed the spheres, said they are not a merely a set piece or showpiece.

Its not a showcase for people to come in from the outside, Wyatt said during a talk on modern urban planning. This is for the people that work at Amazon.Its an alternative workplace, a place where you can go be among plants in a profound way.

Showpiece or not, its hard for those of us outside the sphere of Amazon to stop looking.

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Through the looking glass: Tower view showcases progress on Amazon's unique biospheres - GeekWire

David Johnson showed off the insane progress he’s making in rehab from his knee injury – USA TODAY

By: Andrew Joseph | February 9, 2017 3:04 pm

Cardinals running back David Johnson suffered a scaryknee injury in Week 17 of his breakout season. Fortunately for Johnson and the Cardinals, the injury looked way worse than it actually was. It was a sprained MCL that did not require surgery.

Still, Johnson has needed to spend the offseason rehabbing the knee, and he seems to be making incredible progress. He can do this just one month after suffering the injury:

Jumping out of a pool is difficult to do when your knee is at 100 percent, and Johnson can do thatwhile rehabbing an injury.

Cardinals fans have to be pleased with that progress.

Arizona Cardinals, David Johnson, NFL, NFL

Andrew Joseph is a writer at For The Win. He's the proud owner of a Johnny Estrada bobblehead, and he once shared an elevator with Matthew McConaughey.

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David Johnson showed off the insane progress he's making in rehab from his knee injury - USA TODAY

Blight Elimination Progress, Uplifting – MyWabashValley

Sullilvan, IN - The City of Sullivan continues to make progress, using a blight elimination program to take out eye sores and make way for improvements.

Over the years, Sullivan has used a $1.1 million dollar allowance from the state for improvements.

Since the beginning of the blight elimination project, the city tore down seven on their own.

After joining the state funded program, 10 blighted homes came down.

And now, two more will be completed by the end of this spring, making a total of 11 for 2016.

This plot of land still has a lot of work to be done, but residents are thrilled to see the change.

"I was born and raised here," says Betty Grubaugh. "I'm 86-years-old. And I've seen a lot of North side been changed and a lot of changes in this town since I've been born. And I'm glad to see it growing."

A functional town is capable of rebuilding and renovating without losing its charm.

And as Sullivan Mayor, Clint Lambs, says restoring the beauty of Sullivan also restores something else.

"We are truly making a significant impact in the community," says Mayor Lamb (D). "And we could talk for hours on this subject, but it's basically restoring hope. It's restoring pride."

Yes, removing these problem houses reduces crime and raises the property value but the mayor believes the blight elimination program has done more than that.

"If you drive along East Washington Street or any part of town, you're going to see something coming down," says Lamb. "And what we're finding out now actually, is that some of the homes coming down are not just the homes on the blight elimination program."

"I drive around and see the houses they have torn down and I can remember what they used to look like," says Grubaugh.

The bare plots of ground show residents that this transformation doesn't come without sacrifice.

And residents know that this change is also necessary for progress.

"It makes it, our city look nicer," says Grubaugh. "You go and you drive by these houses that are falling in and think, 'gee, that looks bad.'"

Mayor Lamb knows that patience is a virtue and his message for his citizens is just that: be patient and great things will come.

"If you come in and clean up your neighborhoods, give them a curb appeal, increase the assessed value which funds police and fire, gives them a change to get out and walk, and give them a sense to build themselves up, I think it all starts right there," says Lamb.

Lamb tells me that not only is the City of Sullivan working to rid the town of plagued homes, but it's also working to add new business, upgrade lighting on the square and build and maintain better sidewalks.

And after all that is said and done, properties like this, will be turned into prime housing opportunities for residents.

Several other communities in the Wabash Valley are also taking advantage of the blight elimination program, including Vincennes, Brazil, Washington and Terre Haute.

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Blight Elimination Progress, Uplifting - MyWabashValley

Rauner ‘heartened’ by progress in Springfield – Bloomington Pantagraph

BLOOMINGTON Gov. Bruce Rauner expressed optimism on Wednesday about an agreement being reached on a balanced budget for Illinois, but he declined to speculate on when that might happen.

I don't think anybody knows, Rauner said during a meeting with The Pantagraph's editorial board, but he added, I'm heartened by for the first time both sides of the aisle acknowledging we should have significant structural change to have a balanced budget.

They're talking about the right issues, including pension reform, workers' compensation, property taxes and a new school funding formula, he said.

He applauded a measure recently passed by the Illinois House that would freeze property taxes unless voters approve an increase.

Describing it as real tax reform, Rauner said, I hope it gets to my desk.

Without such reforms to control government growth and increase economic growth, Illinois cannot sustain a balanced budget, said Rauner, repeating what he said earlier in the day at a news conference at Heartland Community College in Normal.

It's simple math, he said.

We could get a balanced budget through cuts, said Rauner, but, it would be very painful. It's not my first choice, and it wouldn't be a long-term solution.

We can't cut our way to faster economic growth, he said. We can't tax our way out.

Illinois Attorney General Lisa Madigan recently filed a motion in court to stop payment of state employees until a budget has been approved. Employees have continued to be paid under a preliminary court injunction Madigan is seeking to have dissolved.

Rauner is urging Comptroller Susana Mendoza to fight against Madigan's move, as her predecessor, Rauner appointee Leslie Munger, did. But so far, Rauner said, he hasn't seen much of a commitment to do so from Mendoza.

Munger, who lost the November election to Mendoza, was named a deputy governor last week by Rauner.

Blocking state employee pay likely would lead to a government shutdown.

A shutdown would be terrible, said Rauner. It would play into the hands of those who want a stopgap budget and a big tax hike.

Meanwhile, the Rauner administration still has been unable to reach a contract agreement with the state's largest employee union, the American Federation of State, County and Municipal Employees Council 31. The council's approximately 35,000 members are in the midst of a strike-authorization vote.

Although a state labor board ruled that the two sides are at an impasse, which would allow the state to implement its last contract offer, union officials blocked that in court.

Rauner said the delay is costing the state $2.3 million to $2.9 million a day.

The governor has reached agreements with most of the other state employee unions and said the contract offered to AFSCME is similar to those offered to other unions.

In explaining the standoff, he said AFSCME "is used to getting their way."

Follow Lenore Sobota on Twitter: @pg_sobota

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Rauner 'heartened' by progress in Springfield - Bloomington Pantagraph

Women’s Progress in the Boardroom Took a Hit in 2016 – Inc.com

We know that when a large corporation has more women on its board of directors, the company is likely to be more innovative. We know that companies who transition from all-male boards to those that are 30 percent female see their net revenue margins increase by 30 percent, on average. We even know that, if there is even one woman on a company's board of directors, attendance is better at board meetings.

Yet somehow, in the U.S., large public companies can't seem to seem to make any progress at all in getting more women onto their boards of directors. A new report by executive search firm Egon Zehnder finds that among large publicly-traded companies in the U.S., just 20 percent of board seats are held by women. That compares to 21 percent two years ago.

Egon Zehnder studied the board composition of public companies in 44 countries. Globally, they found women now hold 18.5 percent of board seats, compared to 13.6 in 2013. In Western Europe, progress has been more impressive, with women holding 26.2 percent of board seats, up from 15.6 percent.

A recent survey by theBoardlist, a group that seeks out women qualified for board seats and helps connect them to search committees, asked why the representation of women on boards was so low. The respondents, who were all women that are looking for board seats, overwhelmingly said the problem was that search committees didn't look outside their networks, and that those networks do not generally include women. Gender bias, often cited as a cause for women's lack of participation on boards, was a distant second.

Egon Zehnder attributes the U.S. lack of progress to somewhat different factors. "While U.S. businesses prioritized engaging a female workforce, contributing factors such as maternity benefits and childcare were largely overlooked," the report says. "This lack of benefits has hindered women from looking beyond the childbearing years to reach the executive positions that enable them to enter the pipeline for board-level positions. "

Many of the European countries with the highest level of gender parity on their boards, such as France (38 percent of French board seats are held by women), Germany, and Italy, have managed to do so at least partly because they've recently been subject to quotas. Other countries, such as the U.K., have gender diversity champions who have made excellent use of the bully pulpit, notably Lord Mervyn Davies, who is calling for 33 percent board participation by women by 2020. (The U.K. currently stands at 26 percent)

But one need look no farther than Canada, which does not have quotas for women on boards, to see that progress is possible. Between 2014 and 2016, the percentage of women on the boards of the largest publicly-traded Canadian companies increased from 18 to 25 percent. In the same time period, in the U.S., the percentage of women on boards actually fell, from 21 to 20 percent.

In Canada, the report notes, unlike in the U.S., there have been strong efforts to emphasize diversity at the highest levels of government and society, most notably that of Prime Minister Justin Trudeau, who appointed 15 men and 15 women to cabinet positions. The report quotes Trudeau, speaking before the U.N. General Assembly in September: "In Canada, we see diversity as a source of strength, not a weakness; our country is strong not despite our differences, but because of them."

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BP’s Earnings Keep Showing Progress, Even if the Headline Results Don’t Say So – Motley Fool

BP's (NYSE:BP) fourth quarter results were very similar to its integrated major peers: A slight downturn from the third quarter, but much stronger than the year before. When it comes to BP, though, there are lots of funky accounting things to look through to really understand what is going on at the business. Digging into these numbers, things are looking better by the day. Here's a quick look at the details of BP's quarter as well as what management has its sights on for 2017.

Image source: Getty Images.

*in millions, except per share data. Source: BP earnings release.

At first glance, it would seem as though BP took a step backward this past quarter in terms of profitability. In the prior quarter, the company had a $1.4 billion benefit from an asset impairment reversal that added to the bottom line, whereas the past quarter that reversal gain was $292 million. There were also some tax gains in the third quarter that bumped those profit numbers.

If we were to strip away all of these one time gains and losses and use what BP calls its underlying replacement cost profit, then this past quarter the company pulled in $400 million in net income compared to a $933 million in Q3 2016 and a $196 million loss in Q4 2016. So the step backwards was quite a bit smaller than the headline results.

The promising sign for BP was that the company posted an underlying profit from its upstream production segment for the first time in several quarters. Higher price realizations and the end of some turnaround work in the prior quarter led to a $400 million gain on the upstream side. Again, this is before all of those one time gains and charges. For downstream refining, gains at its lubricants and petrochemicals business were more than offset by weaker fuel refining margins and some turnaround work at a major refinery. The results from its lubricants and petrochemials business are some of the best results it has posted in these segments.

Image source: Getty Images.

From a cash flow perspective, it also looks like BP took a big step backwards compared to the year prior. This is another one of those accounting quirks as the company has a $3 billion gain from a drawdown in working captial in the fourth quarter of 2015. So all things equal, it looks as though cash generation hasn't changed much lately. BP ended the quarter with $34.8 billion in net debt-debt minus cash on hand -- and has a net debt to capital ratio of 27%, which is within management's target range of 20%-30%

CEO Bob Dudley, on what he foresees for the oil market in the coming year:

As we stand today, Brent oil prices have risen by around $10 per barrel since the OPEC deal was announced. We still expect oil demand growth to be strong this year at 1.3 million barrels per day, with modest growth in non-OPEC supply which means the timing and extent of market rebalancing depends heavily on OPEC behaviour.

The physical market has begun to tighten with inventories falling a little faster than seasonal norms. However, OECD inventories at the end of 2016 were still close to 3 billion barrels, significantly higher than their recent historic average. We expect much of the historical inventory overhang to be eroded by the end of 2017 if OPEC and non-OPEC producers deliver on their promised production cuts. Any shortfall could delay this process and does still pose some downside risk to prices in the near term.

So while we remain optimistic about the market continuing to rebalance in 2017, we recognise that this could take some time. In short, the road to a more balanced position still has uncertainties

While most other integrated oil and gas companies are still being reserved with their capital expenditure budgets, BP is actually upping its spending levels for 2017 in large part because it gave the green light for Mad Dog 2 in the Gulf of Mexico and acquired a 10% stake in Eni's massive Zohr gas field in Egypt. These new projects will add a bit to the budget as well as add some significant growth for 2020 and beyond.

The company is still sorting out some issues with the Deepwater Horizon spill, but the combination of better capital allocation and prudent cost management has put the company in a much better place than it has been in a long time. These may not show up in the income statement yet, but they should in coming quarters.

Tyler Crowe has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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BP's Earnings Keep Showing Progress, Even if the Headline Results Don't Say So - Motley Fool

IN OUR VIEW: Work Ready in Progress for Carter – The Independent

If Carter County fails to be approved for the state Work Ready in Progress program, it wont be because of a lack of community support. Twenty-five Carter Countians filled a room at Kentucky Community and Technical College Systems headquarters in Versailles recently to boast about how much progress the county has made in preparing its residents for work.

After the meeting, state Rep. Jill York, R-Grayson, said she spoke with one of the panelists, who said Carter had set the bar for future applications.

The panel unanimously approved Carter County for the Work Ready in Progress program, but final approval must be made by the Kentucky Workforce Innovations Board, which meets in Frankfort on Feb. 16. A Carter County delegation is expected to be at that meeting.

The Versailles meeting gave Carter Countians the opportunity to brag about the progress the county has made. Max Hammond, a career adviser at the Northeast Kentucky Community Action Agency, presented a 10-minute argument at the Versailles meeting about why Carter County is a good fit for the program.

Hammond emphasized the countys long history with working people, including those at brickyards and textile manufacturing facilities.

He pointed out Carter schools are among the best in the state after recently being named a District of Distinction with improving test scores.

He also talked about plans to educate those who are plagued by drugs and those who are otherwise economically disadvantaged, explaining the countys adult education centers can test for General Educational Development certification on site.

The chances seem excellent that Carter County will be approved for the Work Ready in Progress program. While that alone will not convince employers to locate in Carter County, it would be a giant step toward erasing the popular perception that the people of this region, particularly in rural counties like Carter, lack the education and skills companies need for their employers. The perception is a hurdle this region must clear to spur the kind of economic development it needs.

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IN OUR VIEW: Work Ready in Progress for Carter - The Independent

Cries of ‘dictator’ show Pope Francis is making progress – Crux: Covering all things Catholic

Pope Franciss intervention in the Knights of Malta has allowed his critics a potent new line of attack. Where is your mercy? the posters that appeared in Rome last Saturday sarcastically asked, after listing what Breitbart Newscalled recent misuses of papal power.

The idea of the news organization behind Trump and his constitution-defying executive orders on refugees calling out the pope as an authoritarian is so richthat comment is superfluous. But its the outrageousnessof the new narrativethatmakes it so attractive.

It allows those who, in the Church, would in other circumstancesbe enthusiasticauthoritarians and centralists thosewho cheered St. John Paul IIs hammering of the heretics, his clampdown on dissent, and so on now to frame themselves as advocates of pluralism.

Yet they claim that the real irony here is that thepope popular for being Breitbart again an open-minded, grandfatherly figure with an emphasis on mercy over doctrine turning out to be, after all, a dictator bent on an ideological purge.

Having set up this frame, traditionalists and conservatives can then reach for the narrative of victimhood, which, in the modern West, guarantees righteousness with astonishingly little effort.

Yet literally nothing in this account is true.

First, anyone who ever knew him up close in Argentina could tell you that Jorge Mario Bergoglio is a tough leader and radical reformer, who assumes the truth of doctrine but wants the Church to help people live it, rather than use it to throw at rivals. The emphasis on mercy is not a softening or a reducing of doctrine. It is doctrine.

Second, Francis is not imposing his way of thinking a theological school, say on anyone. He is a pluralist, who sees the Church as a place of reconciled diversity in which disagreement can be dynamic and fruitful.

No one could describe Cardinal Robert Sarah, who headsthe Congregation for Divine Worship (CDW), as someone who thinks like Francis, yet the pope appointed him. Equally,Cardinal Gerard Mller, whose tortuous zig-zagging over Amoris Laetitiaoffers at best fitful support to the pope, remains as prefect at the Congregation forDoctrine of the Faith (CDF).

Ifthey are loyal to the pope and his mission, which they are, he does not mind that they take a very different view.

True, he has renewed personnel in both congregations. But does that make him a dictator?The Vatican bureaucracy has no purpose outside, nor justification beyond, enabling the Successor of St. Peter to fulfill his mission. If Franciswishes to replace priests and religious who are under vows, why shouldnt he,especially if theyhave been there a long time?

If those that remain feel intimidatedand anxious as criticsclaim they have an attitude problem rooted in careerism.

As one senior Vatican official put it to me recently in Rome: Surely we exist to serve the Holy Father, and if he sees a better way of achieving his objective by not using us, why should we object? The attitude that he should operate this or that way is making the pope serve the curia, not the other way round.

Yes, the pope is deeply intolerant, but not of those who disagree with him or do not share his outlook, but of obstacles to evangelization. Where Gods name is defaced, he is fierce in restoring it. Yes, he is a purger but of what he identifies as spiritual worldliness, the selling-off of the treasures of the Gospel for what St. Ignatius of Loyola called riches, honor and pride.

In the case of the Knights, Francis is not intervening because he dislikes the medal and epaulette-strewn scarletuniforms or Mass ad orientem, but because of serious problems, brewing over many years, in the governance of the order, especially among its professed members. Theyhave led tocorruption and abuse of its primary purpose, which is evangelization and assisting the poor.

One senior Knight I spoke to this week said there was little doubt of the need for reform, especially in the area of financial transparency and governance. He said there were too many dubious transactions, while appointments to the head of the order often operated according to an old boys network, without proper vetting.

He also said that the system by which the Grand Master is elected only by the professed Knights a small group of 50 requires reform. The professed havenot succeeded in securing many new vocations, yet the order has 13,000 lay members.

My source, speaking on background,alsosaid he knew of one group of Italian knights who had turned out also to be secret Freemasons.

I detect a certain determination by the Holy Father to root this out, and he is absolutely right, he said. This is totally unacceptable.

The Order of Maltais not a charity or NGO; nor is it a club for social and business advancement. Itis a lay religious order, whose leaders are under vows, and which should leadits members to holiness through working closely with the elderly, refugees and other poor. It exists to testify to Gods mercy to the poor, not primarilyto fund-raise through elaborate gala dinners.

If the Knights modus operandi its traditions, its culture, and so on enable the sanctification of its members and the proclamation of Gods mercy, then it is doing what it exists to do. But if they exist predominantly for the interests and enjoyment of its members, with charity as its legitimization, then the order is worldly and needs reform.

Hence Franciss instructionsto his legate, Archbishop Angelo Becciu,that he should work to bring about the moral and spiritual renewal of the order, especially of its professed members, so that it might carry out fully its end of promoting the glory of God through thesanctification of its members, the service of faith and the Holy Father, and assisting neighbors.'

Somecanonists claim that the pope has no right to do this,thatthe Knights status as an entity in international law constrains his potestas. (This was the basis of the former Grand Masters resistance, encouraged by the orders patronus or chaplain, American Cardinal Raymond Burke.)

Yetcanon law itself recognizes no such restriction. It enshrines what the Catechism calls the popes full, supreme, and universal power over the whole Church, a power which he can always exercise unhindered. This poweris not merely claimed but divinely instituted.

The law above all laws the lex suprema is the spiritual health of souls, the salus animarum, and popes that make of use this power are not dictators but fulfilling their role as vicar of Christ.

No organization is obliged to belong to the Catholic Church, but those that do accept papal authority, which includes the rightto intervene in any Catholic organization and shake it down when it getssnarled up. Francis has done this already a number of times: with the Franciscan Friars of the Immaculate, and more recently with the Sodalitium de Vitae Christianae.

In each case there were serious divisions and dysfunctions that could not be resolved internally, leading the pope to suspend its leaders and impose a temporary governance.

Thisis what a pope is for.Shepherding sheep mostly involves healing, nurturing, teaching and leading by example; but sometimes bleating creatures obdurately headed for the cliff edge need to be forced to get back on the path.

Canonists who argued that the Order of Malta is sovereign and therefore cannot be intervened might have been, on paper, correct the question had never been put to the test before. But if theywere correct, theybegged the question of whether the pope shouldcontinue torecognize a Catholic organization that claimed autonomy from his authority.

This was why the Knights gave up their defiant fight. Had theypressed the sovereignty argument, the Vatican would simply have withdrawn its recognition, implicitly respecting the orders wish to be an aristocratic club or NGO rather than a Catholic organization.

Still, thefurious reaction isto be expected.

There is a line attributed to Don Quixote (although he never actually said it): If the dogs are barking, Sancho, its a sign we are moving ahead. It is a phrase Francis likes to use when people point to the growing noise of opposition.

Reforms hurt, and conversion is painful. Whenpeople are screaming dictator! or putting up anonymous postersin Rome, its a sign, Sancho, that real progress is being made.

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Cries of 'dictator' show Pope Francis is making progress - Crux: Covering all things Catholic

Officials: City is making progress in effort to address opioid crisis – The Union Leader

MANCHESTER The Queen City is making progress in its efforts to address the opioid crisis, but there is much more work to be done.

That sums up the reaction by city officials to the 2016 City of Manchester: Response to the Opioid Crisis Annual Report given by Manchester Public Health Director Tim Soucy and other public health and safety officials Tuesday night before the Board of Mayor and Aldermen at City Hall.

This is a detailed report of many successful programs, working together here in the city to make progress, said Manchester Mayor Ted Gatsas. Progress. Collectively, in this battle to end the opioid epidemic what we have achieved is progress. Progress that we can build on and that is something we should all be proud of.

In attendance for the discussion were Judge Ken Brown, who operates the Hillsborough County Drug Court North that started in November, New Hampshire Drug Czar James Vara; Executive Councilor Chris Pappas, Commissioner of Health & Human Services Jeff Meyers, State Sen. Lou DAllesandro of Manchester, and Tim Rourke, Chairman of the Governors Council on Drugs and Alcohol.

Soucys presentation reviewed information detailed in a new 24-page report on actions taken and services offered in Manchester in 2016 in response to the opioid crisis. The report is a comprehensive look at the response to the crisis in the Queen City, covering everything from police and fire statistics to school activities, and the growing number of addiction recovery services available in Manchester.

The report was compiled by staff in the citys health department, along with help from the group Makin It Happen.

The full 24-page report can be viewed below:

In 2016, Manchester Fire Department and American Medical Response (AMR) reported 785 suspected overdose calls for service. Of those, 566 patients were treated with Naloxone and 90 were fatal overdoses related to opioids. Last year Granite United Way invested over $326,250 directly into the citys response to the opioid crisis through donations providing support for several organizations including Hope for NH Recovery/Ambers Place; Helping Hands Outreach Safe Station respite and the citys new drug court.

According to the report, Serenity Place saw significant growth in 2016, serving 2,281 clients in 2016, with 52 percent of these individuals reporting Manchester as their residence or last known address.

This epidemic has permeated every aspect of our daily lives in our homes, in our classrooms, in our hospitals, on our streets it is everywhere, said Gatsas. As a community we have never hid from that fact. Not once have we ever said, this isnt pretty, lets pretend its not happening and not talk about this. Instead we came together and said, lets not wait, lets try to figure this out and lets get working. And we have never been afraid to try. Thats the Manchester way.

The report identifies several gaps officials believe exist in opioid crisis care in the city, including: difficulty filling open positions with qualified applicants in the workforce, developmentally appropriate treatment and recovery support services for youth and young adults, and language barriers.

The report wraps up with a brief look at plans for 2017, including increased collaboration in tracking and sharing data across organizations; Manchester fire officials working with community partners to establish protocol for minors accessing Safe Station program; and increasing gender specific services to break the barriers to treatment for women including transportation and child care.

We will continue to look at minors, and how a minor could access a program, said Soucy. And we really have to look at housing.

I think we need to get all the providers in a room quarterly, and talk about what the next steps are, said Gatsas.

This is a comprehensive report, said Alderman Pat Long of Ward 3. This is a conversation that we need to continue having. I think theres a major need to find treatment for youth. Im glad to see the collaboration here, because thats what its going to take.

This is a good start, but we have a long way to go folks, said Alderman At Large Dan ONeil.

Whats good about this is getting the numbers, said Long. Theres a belief this is a Manchester problem. The numbers show its not just a Manchester problem, but the numbers do show that Manchester is helping a number of people from around the state.

Whats important to understand is why do people come to Manchester, said Alderman Bill Barry of Ward 10. The reason people do gravitate to Manchester is we have the Hillsborough county jail, suboxone clinics ... Weve got it all here. People come here because they know they are going to get the help they need. We dont turn anyone away.

pfeely@unionleader.com

Slides from a presentation made Tuesday night about the report can be viewed below:

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Officials: City is making progress in effort to address opioid crisis - The Union Leader