News Article | May 8, 2017
A recent report from Public Policy Research Scotland has suggested that almost half of Scottish jobs could be automated in as little as 10 years. According to the researchers by the time 2030 comes people are likely to be working for longer across multiple jobs for multiple employers rather than having a single career. This is because though the report found that more than 2.5 million adults in Scotland (nearly 80%) will still be of working age by the time 2030 rolls around, over 46% of jobs (around 1.2 million) are at high risk of automation. In order to respond to this, the IPPR said people in Scotland need to be given more training and career support when they’re midway through their working life as well as at the beginning. Though at the moment qualification levels in Scotland have been “steadily improving and are higher than levels in the UK as a whole”, the report noted that rates of in-work progression are much lower in Scotland than in the rest of the UK and pay rates have reduced to below those for the rest of the UK too. A big reason for this, the report suggests, is that there’s a big gap in mid-career skill provision in Scotland which employers just aren’t addressing. This “progression gap” results in poor career progression and when skills aren’t being reviewed or invested in, low-skilled workers especially find it hard to move forward. Unfortunately, it’s low-skilled jobs that are most threatened by increased automation. Another recent report from consultancy firm PwC found that across the whole of the UK more than 10 million jobs (around 30%) could be automated within the next 15 years, with the highest risk jobs being in the lower-skilled sectors of wholesale, retail, admin and manufacturing. This means that if skills provision isn't improved the proportion of jobs lost in Scotland is at risk of being relatively high. As recently as December 2016, Glasgow airport introduced its first robot staff member called GLAdys, a version of the Pepper robot built by Aldebran and Softbank robotics. As advances in AI and robotics continue, there have been a number of studies that are assessing the potential risk and reward, weighing up job loss and creation potential. The Nobel-prize winning economist Robert Schiller has even suggested that the impact on the workplace over the next few decades is likely to be so great we should consider a “robot tax” to support those made redundant by machines. The IPPR has suggested that the creation of an Open Institute of Technology could be a way to provide workers with the opportunity to increase their skills. According to director Russell Gunson, though the report found that Scotland is “the highest-skilled nation in the UK” its system doesn’t have enough provision for people who have started their careers. Employers are not investing to fill this gap. To respond to the huge changes that are coming in the next few years he stated that Scotland will “have to focus on retrofitting the current workforce to provide them with the skills they need, to deliver the inclusive economic growth we wish to see.” Without these changes, he added, “we could see changes to the economy harm whole sections of population, and whole communities, leaving many behind.“
News Article | April 15, 2017
A leading thinktank has urged the government to spend billions of pounds helping poorly skilled workers in the less prosperous parts of the UK cope with the threat of the looming robot revolution. The left-leaning Institute for Public Policy Research (IPPR) said in a new report that those most at risk from automation were concentrated in low-skill sectors of the economy and were least able to adapt to change. More than 10m jobs in the UK – a third of the total – are thought to be at risk from automation within the next two decades and the IPPR said the scale of the challenge required urgent action. There was also evidence to suggest that the impact of automation would be geographically concentrated and so widen the north-south divide. The IPPR research said that in four sectors alone – retail, hospitality, transport and manufacturing – 5m jobs were at risk, adding that a particular concern to ministers should be industries ripe for automation with a high proportion of workers least able to adapt. “In wholesale and retail for example, there are over two and a half million jobs with a high potential to be automated, and three in four workers do not have a degree-level qualification and may lack adaptability,” the report said. The IPPR called on the government to introduce a retraining allowance of up to £2,000 for those replaced by machines, and for the newly created apprenticeship levy to be turned into a £5bn-a-year skills levy offering special help to the regions furthest away from London. “Britain can’t afford to ignore the huge changes that will transform our labour market in the coming years,” said Joe Dromey, senior research fellow at the IPPR. “If we don’t retrain Britain’s workforce with the skills they need for the future we are likely to end up with a society where a small number prosper while many are left behind. “This doesn’t mean everyone going to university, far from it, but it does mean a much greater focus on supporting adults to retrain and up-skill, rather than focusing only on young people.” The thinktank noted that adults who had left full-time education without GCSE-level qualifications were almost twice as likely as graduates to be unemployed a year after being made redundant – making them especially in need of help to retrain. The IPPR said its analysis showed that jobs in London and the south-east were more resilient to automation than those in the rest of the country. “Whereas 39% of jobs have a high potential for automation in London, 47% are at high risk in Yorkshire and the Humber and the West Midlands, and 48% are at high risk in the north-east and Northern Ireland.” The thinktank said the £2,000 retraining allowance should be paid to workers who lacked A-levels or their equivalent, with better qualified workers eligible for up to £1,000 for retraining provided they matched the amount with their own contribution. The cost of £164m a year could be recouped by reducing the tax free allowance for redundancy payments, the report added. It said that the skills levy should be set at 0.5% of the payroll for employers with more than 50 members of staff and 1% for those employing more than 250. A quarter of the £5bn a year raised would be allocated to a regional skills fund. Clare McNeil, associate director of work and families, said two-thirds of the workforce of 2030 – when the impact of automation is expected to be fully felt – had already left full-time education, and this made it vital for the government to ensure the workforce could keep pace with technological change. “The starting point for government should be those industries with both a high proportion of jobs with the potential to be automated, and a high proportion of workers who are low-skilled,” she said.
News Article | April 21, 2017
Wanted: an undergraduate to take a full-time position with a major international fashion retailer. The job will last for a year. The pay? Zero. This fantastic opportunity, available only to those with independent means, wealthy parents and access to free accommodation, was advertised this week by US-based fashion chain Urban Outfitters. The company, which has 25,000 employees worldwide and last year reported earnings of more than $200m (£155m), wanted students to work for free as interns in photographic studio production and styling at its London office. The ad said the year-long, full-time placement was open to undergraduate students and would be entirely unpaid, although the company would cover travel costs – but only those incurred in central London. Anyone journeying in from suburbia would have to foot their transport bill themselves. The chain reported earnings of $218.1m last year, meaning it made about £19,000 in profit every hour of the year. Campaign group the Sutton Trust warned that these advertised roles are likely to be the tip of the iceberg because many positions are offered on an informal basis, often through well-connected family members. “Unless you have private means, or have access to family accommodation, you simply have no chance of taking up an unpaid internship,” said director of research Conor Ryan. Urban Outfitters is certainly not alone in looking for free labour. Unpaid internships are part of a growing trend that, according to critics, gives people from wealthy families an unfair leg-up in their careers. Fashion house Paul Smith and global advertising group Publicis are among other firms offering unpaid internships. Last month, the sandwich chain Pret a Manger offered 500 16- to 18-year-olds a week of unpaid work experience – giving the company the equivalent of nine people working free for a year. Their only reward was to be free food. However, the company backed down within hours of the Guardian reporting its plan. Fashion house Paul Smith, whose founder was knighted by the Queen in 2000, offers at least three unpaid positions, including a six-month placement in its press office, for which only travel and lunch expenses are paid. The company, which said last month that pre-tax profits more than doubled to £6m, did not respond to requests for comment. Fellow fashion designer Vivienne Westwood has previously come under fire for offering five unpaid internships, which are still being advertised. Publicis Media, part of the multibillion-pound French advertising and public relations group Publicis, is currently looking for a German-speaking intern who will receive only lunch and travel expenses. The firm’s parent company, Publicis Groupe, recorded an operating profit of £1.1bn last year. The company said it pays interns the London living wage of £9.75 an hour if they are with the company for three months or longer. But a spokesman said the whole advertising industry needed to introduce more paid internships: “We believe as an industry we can strive to do more.” The concept of the free shift is not confined to the fashion and media industries. The UK arm of French industrial group Dassault is offering a six-month placement for “a high-performing undergraduate” or MBA student. The company did not return a request for comment. The Sutton Trust’s Ryan suggested that an unpaid role could cost someone who does not live in London about £1,000 per month. “If you’re closing off internships by pricing young people out of them, you’re seriously harming social mobility and reinforcing the nature of those who get into top jobs across the professions,” he said. He said interns should ideally be paid the living wage as defined by the Living Wage Foundation – £8.45 per hour or £9.75 in London. At the very least, he said, they should receive the national minimum wage of £7.05 for under-25s and £7.50 for older workers. Labour MP Justin Madders, a member of a cross-party group on social mobility, said companies who did not pay interns for long periods of work were guilty of exploitation. He said: “It sounds like these companies’ business model is predicated on getting people to work for nothing. Let’s call it out for what it is, it’s exploitation.” Madders said universities should “look carefully” at whether unpaid placements were worthwhile and distance themselves from companies that ask people to do a “proper job” without paying for it. In an emailed statement, Urban Outfitters defended its approach: “Unpaid internships are legal under UK law, as long as the intern is a student at an accredited college or university and will be receiving academic credit for the internship.” Ben Lyons, co-director of Intern Aware, which campaigns for interns to be paid the minimum wage, said: “Unpaid internships exclude the vast majority of young people who can’t afford to work free, and the government needs to take long-overdue action to crack down on then.” A report by the Institute for Public Policy Research (IPPR) thinktank earlier this month warned that poorer young people are missing out on jobs because firms increasingly require candidates to work for nothing. Unpaid internships are legal if they are part of a placement attached to a university course, in which case they are limited to a year. However,, if an intern is classed as a worker, they will normally be due the national minimum wage. However, the Institute of Directors, which represents company bosses, warned against forcing employers to pay interns. Seamus Nevin, head of employment and skills at the lobby group, said the IoD encourages firms to pay interns “appropriately”. But he added: “We would fear that obliging all employers to pay interns might prove counterproductive.” The social mobility commission, chaired by former Labour cabinet minister Alan Milburn, has also called for a ban on unpaid internships on the grounds that they penalise young working-class people. But so far there is little sign of that happening.
News Article | May 8, 2017
Nearly half of Scottish jobs could be carried out by machines in just over 10 years' time, a report has warned. The Institute for Public Policy Research Scotland said 46% of jobs - about 1.2 million - were at "high risk" of automation in the period up to 2030. The think tank's research says that, by then, adults are "more likely to be working longer, and will often have multiple jobs". It said skills qualifications "should be reviewed". IPPR Scotland said changes were needed so people could get more training and career support when they were midway through their working life. The think tank wants to see the establishment of an Open Institute of Technology to achieve this, saying this could bring about "improved rates of career progression, pay and productivity, starting in low-skill sectors". It also recommends the establishment of a new unit to tackle what it calls the "progression gap" - poor levels of career progression which can hold back low-skilled workers. It said it suspected this problem was "related to the attainment gap at school" and added that addressing the issue would "work to tackle rates of in-work poverty and drive social mobility in Scotland". It put forward the recommendations in its Scotland's Skills 2030 report, which said: "The world of work in 2030 will be very different to that in 2017. People are more likely to be working longer, and will often have multiple jobs, with multiple employers and in multiple careers. "Over 2.5 million adults in Scotland (nearly 80%) will still be of working age by 2030. At the same time, over 46% of jobs (1.2 million) in Scotland are at high risk of automation. "We will therefore need a skills system ready to work with people throughout their careers. While qualifications levels "have been steadily improving and are higher than levels in the UK as a whole", the report said that Scotland "continues to have lower rates of in-work progression" than the UK as a whole, while pay rates have reduced in real terms and are behind those for the UK. It added that there is a "clear gap in mid-career provision, which employers are not addressing". The think tank suggested that skills qualifications "should be reviewed to ensure they remain fit for their purpose" and also called for the Scottish government to consider how business tax allowances could be used to encourage investment in skills by employers. IPPR Scotland director Russell Gunson said: "Scotland urgently needs to design a skills system better able to work with people already into their careers to help them to retrain, re-skill and respond to world of work of 2030." He added: "Scotland has a really strong record on skills in many ways, and in this report we find that Scotland is the highest-skilled nation in the UK. "However, our system has a clear gap in that we don't have enough provision for people who have already started their careers, and employers are not investing to fill this gap. "To respond to the huge changes facing Scotland around demographic, technological and climate change - and of course Brexit - we're going to have to focus on retrofitting the current workforce to provide them with the skills they need, to deliver the inclusive economic growth we wish to see. "Our report makes a number of recommendations to help Scotland plot a path through these challenges, to reform the skills system in Scotland, to help to secure an economy that delivers fairness and reduces inequality. "Without reform of the skills system we could see changes to the economy harm whole sections of population, and whole communities, leaving many behind." A Scottish government spokesman said: "Our Labour Market Strategy recognises that Scotland's workforce is highly educated, flexible and adaptable. It's already responding well to the challenges of the 21st Century. "We know the pace of technological change will be relentless in the years ahead, but we are confident there will be opportunities, as well as challenges, for a country with Scotland's fundamental economic strengths."
News Article | April 23, 2017
Whether it’s the gender pay gap, a lack of promotion opportunities or the demand from retailers to work longer shifts – often standing at checkouts for 10 hours straight – life can be tough for women in the shop trade. For mothers it can be even worse, whatever industry they choose and in whichever part of the country they look for work. A TUC report last year found there was an overall gender pay gap of 34% for full-time working mothers who were born in 1970 and had their children before the age of 33. The time out from work on maternity leave before they had established themselves in skilled or senior roles effectively killed their chances of advancement, or at best restricted them, the report said. A report by the Institute for Public Policy Research this month found that the cost of childcare had risen to the point where some parents in low-income families effectively “pay to work”. The thinktank blamed a lack of support under the current system of tax credits as much as it did spiralling nursery charges. The report said a woman with a partner and two children who works fewer than 16 hours a week and earns the government’s “national living wage” of £7.50 an hour would see her childcare costs overwhelm her earnings, leading to a net loss. This situation is also common for women on higher hourly rates when they live in high-cost areas like London. The IPPR said the capital had the lowest maternal employment rate in the country and urged mayor Sadiq Khan to lobby the government for extra subsidies to plough back into childcare facilities. Metro mayors due to be elected next month in Manchester and the West Midlands will find parents in their areas facing similar difficulties. The Joseph Rowntree Foundation asked last year whether self-employment was a possible route out of low-paid work, particularly for women. It found the government needed to put in place much more support before people with lower skills – such as former BHS workers – could make the leap. It also highlighted research by the Social Market Foundation that revealed four out of five low-paid workers remained stuck in low pay even after 10 years in self-employment. But a study by NatWest suggested that while overall interest in starting a business has risen this year, having fallen to a historical low in the run-up to and aftermath of the Brexit vote, the gender gap remains firmly in place. Its research revealed that men are still significantly more likely than women to want to set up their own business. Sixteen per cent of men say that they want to start their own business compared to 12% of women, the majority of women saying they were discouraged from doing so because of a lack of inspiring role models.
News Article | April 15, 2017
Access to Britain’s most competitive professions is now governed by the ability to source and fund unpaid internships, according to one of the country’s top thinktanks. A new report from the IPPR thinktank estimates that the number of internships has risen by as much as 50% since 2010, as the number of advertised graduate-entry jobs has sharply declined. The temporary positions are now considered a “must have” on the CV of any young person seeking a job, with nearly half of professional employers admitting that candidates without work experience “have little or no chance of receiving a job offer”. The report, The Inbetweeners: The New Role of Internships in the Graduate Labour Market, claims that while about 11,000 internships are advertised each year, the real number on offer is as high as 70,000. But many of the positions do not offer meaningful learning opportunities, have poor working conditions, and are inaccessible to young people without the connections or the knowhow to obtain one. The thinktank said focus groups conducted with graduates revealed that “discrimination, low confidence in navigating opaque recruitment practices, and a lack of knowledge in how to find good placements, can prevent young people from less privileged backgrounds from securing an internship. In short, internships are acting as a barrier to social mobility, rather than being a driver of it.” Since 2010, the number of permanent entry-level graduate jobs has fallen by 5%. The proportion of graduates in high-skilled work is also in long-term decline. While just over 61% of graduates aged 21 to 30 were employed in high-skill occupations in 2008, the figure now is just under 56%. The sharp decline in job opportunities, triggered by the 2008 recession, led to an oversupply of graduates with the result that firms have been able to get highly skilled workers even for low-paid, insecure work, such as internships, the IPPR warned. With the economy recovering, the thinktank said it would normally expect to see the positions being replaced with entry-level jobs, but instead they have become a permanent feature of the graduate labour market, often open only to those from more wealthy backgrounds. “Although Theresa May agrees that ‘advancement in today’s Britain is still too often determined by wealth or circumstance, by an accident of birth, rather than talent, and by privilege not merit’, one of the key routes into top jobs – internships – is closed off to many,” said Carys Roberts, IPPR research fellow. “It is extremely difficult to access internships in many sectors, and it’s those with the connections, know-how and the financial means who find it easiest to gain entry to this important career stage. For internships to help rather than hinder social mobility, universities, employers and government should act together to increase the overall availability of internships and minimise any barriers to take-up for those who are disadvantaged.” Publishing, media and the arts are proving particularly difficult for graduates from poorer backgrounds, whose parents cannot afford to subsidise their work experience, the research found. These sectors also have a high concentration of internships. Film and television accounts for 8% of the jobs market in the creative industry but a sizable 16% of the internships on offer. In London, internships are seen as another way of securing business. The IPPR cited research that suggests “many of the big banks have specific people within their HR teams to look after internships for people who are either sons of clients or top executives within the bank”. Alan Milburn, who chairs the Social Mobility Commission, welcomed the report. “Internships are the new first rung on the professional ladder,” he said. “[But they] are too often unpaid and not advertised, making them inaccessible to young people who are locked out of these opportunities because they cannot afford to work for free. Restricted access to internships is bad for interns, business, the economy and acts as a major barrier to social mobility. Samuel Nichols, 21, is about to finish the third year of a politics degree at King’s College London, and has just started working part-time for an MP, in a job that attracted 280 applicants. He said: “It became quite apparent to me, having flicked through jobs, that when I graduated, experience would be vital. I was kind of under the impression that with my degree I would just be able to walk straight out of university into a politics job. But it became pretty clear that I’d either have to work for a minimum of a year unpaid when I graduated, or I’d have to do work experience at university. But we’re talking a £21,000-a-year starting salary with a minimum of one year politics experience, which is quite asymmetrical in terms of reward for effort. “At the start of my second year I started really going for it with the internship applications. I reckon I applied for about 100 jobs over an eight-month period. As far as I understand, the majority of internships aimed at university students are unpaid or expenses-paid. Understandably, the job market is so full of graduates taking entry-level jobs and paid internships that they’ve had to create a new level below that which I don’t think businesses can afford to pay for. “The thing I found most frustrating in applying for internships was that the majority of the time, if I applied for roughly 100 jobs, maybe 10% of them got back to me at all – if only to say that I had been rejected.”
News Article | November 15, 2016
November 15, 2016 - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE: SNM) (NASDAQ OMX: SNM) is pleased to announce its financial and operating results for the nine months ended September 30, 2016. Unless otherwise stated all currency amounts indicated as “$” in this news release are expressed in thousands of United States dollars. On November 7, 2016 the Assignment, Novation and Fourth Amendment Agreement to the PSC (the “4th PSC Amendment”) and Atrush Facilitation Agreement were concluded between TAQA Atrush B.V. (“TAQA” and the Operator of the Atrush Block), General Exploration Partners. Inc. (“GEP” and a wholly owned subsidiary of ShaMaran), Marathon Oil KDV (“MOKDV”)(together, the “Non-Government Contractors”) and the Kurdistan Regional Government (“KRG”) resulting in participating interests in the Atrush Block PSC of TAQA at 39.9%, the KRG at 25%, GEP at 20.1% and MOKDV at 15%. In addition these agreements include the terms for repayment to the Non-Government Contractors for costs which they have agreed to pay for on behalf of the KRG, including those relating to the Feeder Pipeline. Construction of the 30,000 bopd Atrush Phase 1 Production Facility (“Production Facility”) is complete and commissioning is in progress. The Atrush-2 (“AT-2”) and Atrush-4 (“AT-4”) wells were successfully completed in the second and third quarters of this year. All four wells intended for production are now completed, connected to the Production Facility and ready for start-up. Work on the pipeline being constructed between the Production Facility and the block boundary (the “Spur Pipeline”) is expected to be completed in the fourth quarter of 2016. Work has now commenced on the final 35km section of pipeline which will run from the Atrush block boundary to the tie-in point on the main export pipeline (the “Feeder Pipeline”) and is subject to the terms of an Engineering, Procurement and Construction (“EPC”) contract between TAQA and KAR Company (“KAR”) which became effective on November 7, 2016. The length and complexity of the commercial discussions associated with the EPC contract, the 4th PSC Amendment, and the Atrush Facilitation Agreement have brought the commencement of the Atrush Feeder Pipeline closer to the winter season which means there is an increased risk to the schedule. While completion in the first quarter of 2017 is still the target and a possibility, it is probable that first production from Atrush will be further delayed to the second quarter of 2017. As a result the Company estimates that it will require approximately $20 million of additional funding which the Company expects will be made available by increasing GEP’s Super Senior Bond through facilities provided for in GEP’s April 2016 financing arrangement. FINANCIAL AND OPERATING RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016 During the reporting period the Company continued its appraisal and development campaign in respect of the Atrush petroleum property located in the Kurdistan Region of Iraq which constitutes the continuing operations of the Company. Atrush currently generates no revenues. The Company reports a net loss of $7.4 million in the first three quarters of 2016 which was primarily driven by general and administrative expenses, share based payments expense and finance cost, the substantial portion of which were expensed borrowing costs on the Company’s Senior Bonds and Super Senior Bonds. These expenses have been slightly offset by interest income on interest bearing funds as well as service fees. Total assets increased during the first nine months of 2016 by $20.9 million which corresponds to increases in share capital and equity reserves by $18.3 million, borrowings by $7.5 million and other non-current liabilities by $4.9 million which were offset by an increase in the accumulated deficit by $9.5 million, principally due to the net loss recorded in the period, and a decrease in current liabilities by $0.3 million. Property, plant & equipment assets increased by $37.2 million during the three quarters of 2016 due to $27.6 million of Atrush development costs and capitalised borrowing costs of $9.6 million incurred during the period. The increase in intangible assets by $0.6 million during the first nine months of 2016 is due to $0.3 million of Atrush exploration costs and capitalised borrowing costs of $0.3 million incurred in the period. The decrease by $17 million in the cash position of the Company during the first nine months of 2016 was due to cash outflows of $25.2 million on Atrush Block development activities, $2.9 million of cash out on G&A and other cash expenses and $5.1 million of negative cash adjustments from changes in working capital items which were offset by $16.2 million of net proceeds on the issue of Super Senior Bonds. 1. This estimate of remaining recoverable resources (unrisked) includes contingent resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered. 2. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 million cubic feet (“Mcf”) per one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The construction of the 30,000 bopd Atrush Phase 1 Production Facility is complete. Commissioning is in progress and is expected to be complete in advance of the Feeder Pipeline. Engineering and design of water injection facilities has commenced and will continue in 2017. TAQA, as operator of the Atrush PSC, is responsible for the construction of the Spur Pipeline to the block boundary. The construction of the Spur Pipeline is substantially complete. Construction of the pump station and the IPPR is nearing completion and is expected to be finalised by the end of this year. Work has commenced on the Feeder Pipeline which will ultimately be owned by the KRG. The complexity of commercial and legal discussions has led to delays in the start of construction of the Feeder Pipeline. Completion is targeted for the first quarter of 2017 but due to onset of winter conditions it is probable that it will slip to the second quarter of 2017. Production start is planned to begin after the Feeder Pipeline is commissioned. AT-2, the final of four initial producing wells, all equipped with electric submersible pumps, was completed in the third quarter of this year. The four initial producing wells are all connected to the Production Facility and now ready for start up. Plans in 2017 are to drill and test CK-7, an appraisal and development well located in the central area of the Atrush Block, and CK-9, a dedicated water disposal well. This information in this release is subject to the disclosure requirements of ShaMaran Petroleum Corp. under the EU Market Abuse Regulation and/or the Swedish Securities Market Act. This information was publicly communicated on November 15, 2016 at 23h30 Central European Time. ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the Atrush oil discovery. The Atrush Block is currently undergoing an appraisal and development campaign. ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North Exchange (Stockholm) under the symbol "SNM". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Pareto Securities AB is the Company’s Certified Advisor on NASDAQ OMX First North. The Company's condensed interim consolidated financial statements, notes to the financial statements and management's discussion and analysis have been filed on SEDAR (www.sedar.com) and are also available on the Company's website (www.shamaranpetroleum.com). This news release contains statements and information about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "outlook", "budget" or the negative of those terms or similar words suggesting future outcomes. The Company cautions readers regarding the reliance placed by them on forward‐looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. For the complete report see attached file.
News Article | November 17, 2016
The archbishop of Canterbury will spend the next two years as part of a commission launched by a left-leaning thinktank that aims to rewrite the rules for Britain’s post-Brexit economy. Justin Welby will join other leading figures including the general secretary of the TUC, Frances O’Grady, and the chairman of the John Lewis Partnership, Sir Charlie Mayfield, on the Institute for Public Policy Research (IPPR) programme that will seek remedies for six key UK weaknesses. Launching its commission on Thursday, the IPPR said the apparent success of the economy masked fundamental problems: weak investment compared with rival countries; a huge trade deficit; a budget deficit that would get bigger as the population ages; the capture of the fruits of growth by a small minority; the gap between the south-east and the rest of the country; and poor progress in meeting the UK’s climate change ambitions. The IPPR said none of the six problems identified were a recent phenomenon, with each getting worse for at least a quarter of a century. Tom Kibasi, the IPPR director, said: “The economy belongs to us all but it isn’t working for everyone. We need a new national economic vision and policy that the whole country can get behind. “The Brexit vote and the election of Donald Trump shows we must build an economy with economic justice at its heart. The problems we face aren’t temporary weaknesses in an otherwise sound model. “The foundations of our economy need to be rethought and the rules of the economy need to be rewritten. We need big, bold and ambitious change. Rethinking by half just won’t do.” The thinktank said a specially commissioned YouGov poll showed that 51% of Britons thought the UK economy was unfair for the majority. The IPPR’s move has echoes of the thinktank’s commission on social justice, which deliberated in the 1990s and was seen as preparing the ground for Tony Blair’s government when it came to power in 1997. The IPPR believes its new investigation into Britain’s deep-seated problems will also be of interest to the government, which has said it wants to make the economy work for the whole country. Sources said Downing Street was keenly interested in the commission’s work. Welby said: “I am very pleased and honoured to be part of the commission on economic justice. I believe this is a unique opportunity to reflect on the vision for our economy for the next 20 years and, in a time of significant change and uncertainty, seek to put our economy on a foundation of values and virtues. “I am hopeful that this commission’s work can lead to a tangible and hopeful set of recommendations, that go beyond party politics and make the case for an economy that delivers for the common good.”
News Article | October 28, 2016
Just one in three people intends to house their ageing parents, finds study Tens of thousands of ageing parents will spend their later life in care homes – because just one in three families intend to give them a roof over their heads, according to a study. The study, of 2,000 adults with parents aged over 60, also found a third would have to ‘think seriously’ about the implications before making a decision. Around half who refused said their home ‘wasn’t big enough’, while four in ten said they ‘wouldn’t be able to cope’. Some 20 per cent said they feared they lacked the necessary skills to look after their parents, while one in ten said their own health wasn’t up to it. Financial reasons, having their own children still at home and not having a close relationship with their parents were other factors. The report, conducted by leading national care provider Care UK, comes at a time when the Institute for Public Policy Research (IPPR)¹ has revealed its estimation that by 2030 there will be more than two million people aged 65 and over with no child living nearby to give care if needed. Maizie Mears-Owen, head of dementia services at Care UK, said: “We understand that the future care of a parent is an emotional topic and can be a difficult subject for many families to approach with their loved one. ”Discussing care plans with your parents can be upsetting, especially for the first time, but we encourage families to research and talk about their options so they can make informed decisions together. “Support is available but it can often be hard to find. Talk to a financial advisor about your options and seek advice online. ”We work closely with families to understand their needs and advise on all the options of care available, from respite and at-home support through to nursing and residential care.” Today, Care UK’s research has also revealed that two thirds of adults worry about the future care of their parents, yet most refuse to discuss the topic with them, and even less have made any plans. According to the survey findings, 66 per cent of adults have never discussed the issue with their parents as either side may refuse to talk about it, or it simply has not ever come up. In comparison, just five per cent discuss the topic regularly and one in five broach the subject from time to time. Worryingly, only seven per cent of respondents said they have made plans for their parents’ future care. With an ageing population and an expected increase in the need for elderly care services, Care UK say that this is a subject that needs to be discussed, sooner rather than later. Three out of four of those polled said they felt their parents would wish to stay in their own home, but two in three respondents said they wouldn’t want to leave them home alone. Seventy-four per cent also said they would feel awful if their parents wanted to live with them but they couldn’t accommodate them. In addition, the study found that while 37 per cent of those polled felt that a care home could provide better care for their parents, they felt guilty about arranging external care. Maizie adds: “From our experience, the thought of moving parents into a care home can come with great concern. ”Often the decision is made at crisis point – when parents need a level of care which families may not be able to provide. ”This can lead to a big decision that nobody was prepared for, which only heightens the anguish for parents and their families. “This is why we encourage people to discuss the subject of care with their parents before it becomes a necessity. ”This gives both parents and families a sense of control and also allows them to explore all the options available. ”For example, parents may not need full-time care, but there are day centre options in which parents can spend a few hours and receive vital care and support in a sociable setting. ”Having an open and honest discussion about this beforehand – and perhaps trying out the options available – can save a lot of stress and heartache in the future.” Interestingly, the survey also found that attitudes towards parental care seem to change according to age, with 18 to 24 year olds most likely to say that they would look after their parents compared to respondents aged 55 or over who were most likely to say they would not. Maizie concludes: “I think the idea of looking after your parents is very different from the reality. This is perhaps why younger people are more open to the idea. “As people get older, their own finances, how much space they have and bringing up their children are all factors which can make it harder for them to look after their parents. Again, this is why we encourage families to talk it through, see the best solution for all, and make the most of the help and advice available to them. “Within the community there are many places people can ‘drop in’ to find out where to go for further support – such as a local care home or Citizens Advice Bureau. ”www.carersuk.org is a great place to start. Taking this all-important step towards getting sound information and professional advice really can make a big difference further down the line.” Reasons for not having ageing parents live with you 1. Our house isn’t big enough 2. I couldn’t cope 3. I don’t have that kind of relationship with my parents 4. I lack the necessary skills to deal with them 5. I have too many work commitments 6. I cherish my independence 7. It wouldn’t be financially feasible 8. I have children to look after 9. My partner wouldn’t agree to it 10. My health isn’t up to it Reasons for not discussing future care plans with parents 1. It’s not something I worry about right now 2. It’s a depressing topic 3. I don’t know enough about the care options available 4. We don’t want to face it 5. It’s too upsetting for my parents 6. It’s too upsetting for me 7. Neither of us can afford to pay for care if and when they need it 8. If we don’t talk about it, it can’t cause arguments
News Article | December 13, 2016
Problem gambling costs the UK up to £1.2bn a year, according to a report that its authors say should serve as a “wakeup call” to the government. The report, commissioned by charity GambleAware and written by the IPPR thinktank, charts the costs associated with problem gambling, such as mental health services, police intervention and homelessness. It comes with the gambling industry facing increasing scrutiny, including a government review of fixed-odds betting terminals (FOBTs) – often dubbed the “crack cocaine” of gambling due to their addictive nature. The IPPR said the largest costs were racked up in the health service and the welfare and criminal justice systems, which even the report’s most conservative estimates pitched at £260m. The £1.2bn highest estimate compares with the £2.6bn that the Institute of Fiscal Studies says the industry contributes to the exchequer every year. Campaigners said that even the maximum estimate could still be too low, because it did not take into account the wider economic impact on employers and families. Dr Simon Tanner of GambleAware, a former NHS director of public health for London, likened the report to groundbreaking studies of alcohol-related harm. “I hope that this report kick starts the conversation about gambling-related harm in the same way,” he said. Craig Thorley, a research fellow from IPPR said: “For many, problem gambling is a hidden addiction. This should be a wakeup call to government. We need a proper strategy to deal with this issue, just like we’ve had for other public health issues such as alcoholism.” The report identifies groups of people who are particularly at risk of becoming addicted to gambling and suffering harm as a result. People aged 16 to 24 are least likely to gamble, but those in that age bracket who do so are more likely to develop a problem. Men are five times more likely to become addicted to gambling than women, while those in the lowest income bracket are least likely to gamble but most likely to develop a problem. Up to 1.1% of the adult population are believed to have a gambling problem, according to the report, with the prevalence higher among homeless people, the unemployed and black or Asian people. Marc Etches, the chief executive of GambleAware, which receives donations from the betting industry, said: “Problem gambling is an issue which affects millions of people across Britain each day. GambleAware is keen to put problem gambling on the public health agenda, as it’s no different to any other kind of addiction.” British gamblers lost a record £12.6bn in 2015, while this year the industry’s spend on TV advertising hit an all-time high. The industry’s own efforts to police the problem have met with criticism, while a string of sanctions handed down by industry regulator the Gambling Commission have increased the pressure on politicians and industry leaders to combat addiction.