Latest news with #AFE
Hans India
a day ago
- Business
- Hans India
Amazon Program to Empower India's Women in Tech Announces 500 More Scholarships
Amazon India today celebrates the graduation of its first Amazon Future Engineer (AFE) scholarship program's cohort and announces 500 new scholarships for the 2025-2029 academic cycle. The program supports female engineering students from low-income backgrounds, providing equal opportunities in education and career development. Over 80% of the first 200 graduates have secured positions at leading Fortune 500 companies, with several joining Amazon's own engineering teams. "Amazon is deeply committed to fostering diversity in India's tech workforce by creating pathways for talented young women who might otherwise be excluded from the country's digital revolution," said Prateek Agarwal, Amazon Future Engineer Lead, Amazon India. "Seeing these scholars—many of whom are first-generation college graduates from tier-2 and tier-3 cities like Latur in Maharashtra and Chaibasa in Jharkhand—transform into confident tech professionals demonstrates the impact of providing equal opportunities in education and career development. Success demonstrates what happens when opportunities meet potential: exceptional talent emerges regardless of background." Each scholar receives a comprehensive package that includes financial assistance of ₹2 lakh over a period of four years, a laptop, specialized training to help bridge any skill gaps via technical bootcamps, paid Amazon internships, and one-on-one career mentorship from experienced engineers. Samala Keerthi, a graduate who joined Amazon full-time as a Software Development Engineer after her internship, said, "Coming from a small town in Telangana where my father runs a kirana shop earning less than ₹25,000 monthly, getting a job at Amazon seemed impossible. The scholarship didn't just provide financial support—it gave me confidence, mentorship, and real-world experience that transformed my career." Amazon has collaborated with the Foundation for Excellence (FFE), a non-profit dedicated to empowering students from low-income backgrounds, to implement a rigorous selection process that evaluates candidates based on academic merit, financial need, and leadership potential. The selected scholars will be announced in early 2026. "What makes the Amazon Future Engineer program truly exceptional is its holistic approach to nurturing the next generation of female technology leaders," said Ram Kolavennu, Chief Executive Officer, Foundation for Excellence, Amazon's implementation partner for the scholarship program. "By integrating financial support, mentorship, skills development, and real-world experience at a global technology leader like Amazon, this program empowers talented young women from low-income backgrounds with transformative opportunities in technology. It's not just shaping bright engineers but technology leaders of the future." Since its inception in 2022, the Amazon Future Engineer Scholarship Program has awarded 1,700 scholarships to young women across four cohorts, with scholars completing internships in seven technical job roles.
Cision Canada
5 days ago
- Business
- Cision Canada
Africa Energy Announces Second Quarter 2025 Results
VANCOUVER, BC, /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company"), an oil and gas exploration company, announces corporate update and financial and operating results for the three and six months ended June 30, 2025. View PDF version. View PDF Robert Nicolella, Chief Executive Officer of Africa Energy, commented, "We are very pleased that the Company has demonstrated significant progress on many fronts for this exciting project. We have been successful in our efforts to consolidate and add clarity to our interest in Block 11B/12B after the departure of our partners, and we now have adequate capital and an experienced management team to move the project forward. The key issues surrounding monetization of the Block 11B/12B discoveries, including the granting of the production right, the offtake solution, and development options, are all progressing well." HIGHLIGHTS At June 30, 2025, the Company had US$4.1 million in cash, US$3.8 million of working capital and no debt compared to US$2.3 million in cash, US$8.2 million of working capital deficiency and US$10.4 million promissory note debt obligations at the end of 2024. On April 28, 2025, the Company hired Dr. Phindile Masangane as Head of Strategy and Business Development and appointed Dr. Masangane to the Company's Board of Directors. Dr. Masangane's experience in the energy sector, which includes serving as the Chief Executive Officer of The Petroleum Agency of South Africa, will be instrumental in assisting Africa Energy as we work to move Block 11B/12B to the development phase and bring our world class gas and condensate discoveries to market. Her vast experience in energy infrastructure development, policy and regulation, along with project finance expertise, will play a pivotal role in shaping the strategic direction of the Company. On May 15, 2025, Pascal Nicodeme resigned from his role as a member of the Board of Directors and Chairman of the Audit Committee. In his place, the Board appointed Larry Taddei, a seasoned financial expert with extensive experience in corporate governance and financial management. Mr. Taddei assumed the role of Chairman of the Audit Committee, bringing a wealth of knowledge and strategic insight to further strengthen the Company's financial reporting and compliance practices. On May 28, 2025, the Company signed definitive agreements with Arostyle Investments (RF) (Proprietary) Limited ("Arostyle") to restructure their joint investment in Main Street 1549 (Proprietary) Limited ("Main Street 1549") 1, which holds the participating interest in Block 11B/12B. The restructuring will result in the Company (through Main Street 1549) holding a 75% participating interest in Block 11B/12B with Arostyle holding the remaining 25%. The definitive agreements are subject to all relevant regulatory approvals being obtained and remain subject to the fulfilment of certain conditions, including the regulatory transfer approval of the withdrawing parties interest in Block 11B/12B. Effective May 30, 2025, the Company completed a consolidation of the Company's shares on a 5:1 basis. After giving effect to the consolidation, the Company had 479,162,450 common shares issued and outstanding. OUTLOOK Subject to all relevant regulatory approvals by South African authorities in respect to the withdrawal of the joint venture partners in Block 11B/12B and completion of the restructuring of Main Street 1549, the Company expects to hold 75% direct interest in Block 11B/12B. Despite the challenges and delays encountered so far, the Company remains confident that the Block 11B/12B resources are capable of being commercially developed. The Brulpadda and Luiperd discoveries are the largest discoveries of natural gas resources in South Africa and if developed could supply a significant portion of the country's energy needs as it seeks to transition to lower carbon energy sources. The Company will be focused on obtaining the 11B/12B Production Right approval and securing offtake customers, and the Company anticipates that its current financial position should be sufficient to achieve these objectives. Three Three Six Six Months Months Months Months Ended Ended Ended Ended June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Operating expenses 477 47,590 1,152 71,422 Net loss (367) (47,847) (1,325) (71,934) Net loss per share (basic and diluted) (0.00) (0.17) (0.00) (0.26) Weighted average number of shares outstanding (basic and diluted) 479,162 281,562 382,000 281,562 Number of shares outstanding 479,162 281,562 479,162 281,562 Cash flows provided by (used in) operations (615) (73) (814) (289) Cash flows provided by (used in) investing (88) (85) (447) (258) Cash flows provided by (used in) financing - 574 2,858 889 Total change in cash and cash equivalents (631) 431 1,751 345 Change in share capital - - 17,671 - Change in contributed surplus 46 111 (3,910) 486 Change in deficit 367 47,847 1,325 71,934 Total change in equity (321) (47,736) 12,436 (71,448) June 30, December 31, 2025 2024 Cash and cash equivalents 4,056 2,305 Total assets 44,657 42,577 Total liabilities 299 10,655 Total equity attributable to common shareholders 44,358 31,922 Net working capital 3,810 (8,229) The financial information in this table was selected from the Company's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025 (the "Financial Statements"), which are available on SEDAR at and the Company's website at (Unaudited; US dollars) Operating expenses decreased by $47.1 million for the three months ended June 30, 2025, compared to the same period in 2024. During the three months ended June 30, 2024, the Company incurred $47.2 million non-cash loss on revaluation of the financial asset. The non-cash loss on revaluation of the financial asset for the three months ended June 30, 2024 related to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate. Operating expenses decreased by $70.3 million for the six months ended June 30, 2025, compared to the same period in 2024. During the six months ended June 30, 2024, the Company incurred $70.2 million non-cash loss on revaluation of the financial asset. The non-cash loss on revaluation of the financial asset for the six months ended June 30, 2024 related to the Company's investment in Block 11B/12B and was due mainly to changes in base assumptions for discount rate. At June 30, 2025, the Company had cash of $4.1 million and working capital of $3.8 million compared to cash of $2.3 million and working capital deficiency of $8.2 million at December 31, 2024. The increase in cash and working capital since December 31, 2024, can be mainly attributed to the completion of the non-brokered private placement of common shares and a shares-for-debt transaction on March 31, 2025. NEXT EARNINGS REPORT RELEASE The Company plans to report its results for the nine months ended September 30, 2025 on November 12, 2025. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information This is information that Africa Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on August 14, 2025, at 5:30 p.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, [email protected]. Forward looking statements Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the exploration activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information. Neither 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. SOURCE Africa Energy Corp.
New York Times
08-07-2025
- Sport
- New York Times
Why Real Madrid want to postpone their first La Liga game of the new season
Real Madrid have submitted a request to postpone their first game of the 2025-26 La Liga season over concerns their players will not have enough rest following their Club World Cup campaign. Madrid are slated to face Osasuna in their opening La Liga match on August 19. They face Paris Saint-Germain in the semi-finals of the tournament in the United States on Wednesday, with a possible final next Sunday. Advertisement Sources involved in the matter — who, like all cited in this article, spoke on the condition of anonymity as they were not authorised to discuss proceedings, say that Madrid and the AFE (Spanish professional footballers' association) have sent letters to La Liga, requesting the postponement. La Liga will consider that request before making a decision. Sources told The Athletic that in May — the two Spanish sides competing at the Club World Cup, Madrid and Atletico Madrid, and their respective captains, Dani Carvajal and Koke, reached an agreement with La Liga, the RFEF (the Spanish FA) and the AFE to postpone those clubs' first league fixtures if they reached the quarter-finals of the competition. This was to ensure that the teams would have at least three weeks of pre-season before the first La Liga fixtures of 2025-26. Additionally, a previously agreed collective agreement with the AFE, which was last updated in 2023, states that players are entitled to three weeks of continuous holiday per year (in addition to another nine days), which is only possible to take between the end of one season and the beginning of the next pre-season — meaning six weeks minimum would be needed between the end of their participation at the Club World Cup and the first La Liga game of the new campaign. FIFPro, the global players' union, has called for a minimum four-week off-season break for players after publishing a study on the subject in June, ahead of the start of the Club World Cup. That means that Madrid's planned game against Osasuna — which is already scheduled on the Tuesday, the final day possible of the opening La Liga matchweek — breaches the agreements due to their progress in the Club World Cup. Even if Madrid are knocked out by PSG in the semi-finals, they will have only 40 days between the day after the game (which would be the first day of holiday) and the Osasuna match. If they reach the final on July 13, they would then have just 36 days between the start of their holiday and the Osasuna game. That would leave an 18- or 14-day window in which to have a pre-season, if Madrid adhered to the three-week break following their Club World Cup exploits. If La Liga agrees to postpone the Osasuna game, Madrid's first La Liga fixture would instead be against newly-promoted Real Oviedo on August 24, and they would have just enough time in the event they reach the final of the Club World Cup. Madrid have yet to schedule any pre-season fixtures. Atletico, meanwhile, were knocked out in the group stage of the Club World Cup, with their last fixture coming on June 23. That meant they had no such issues with the six-week period between that game and the start of the La Liga season. All other teams in the Spanish top-flight have been out of action since the final match of the 2024-25 domestic season, the weekend of May 24-25. Advertisement In October, Pep Guardiola said the Premier League 'did not allow' its Club World Cup participants Manchester City and Chelsea to postpone their opening games of the 2025-26 campaign in order to allow more time for players to recover. City were knocked out of the summer tournament by Al Hilal on July 1, while Chelsea have also reached the semi-finals, where they face Fluminense. When approached for comment at the time, the Premier League said this was an example of the challenges that domestic leagues would face as a result of the alterations to the football calendar made by FIFA. Chelsea and Manchester City have been given opening Premier League fixtures on August 17 and 16 respectively. Last summer, many members of Madrid's squad were involved in the European Championship and Copa America, with the tournaments staging their finals on July 14. The team flew to the U.S. for a pre-season tour two weeks later, with some squad members, including Kylian Mbappe and Jude Bellingham, absent due to France and England's involvement in the latter stages of Euro 2024. In May 2024, FIFPro and the World Leagues Association, which represents global professional football leagues, threatened FIFA with legal action over the scheduling of the tournament. World football's governing body responded by saying it had ensured player welfare is safeguarded and the Club World Cup schedule had been aligned with the international match calendar to allow sufficient time before the start of the new season.
Cision Canada
20-06-2025
- Business
- Cision Canada
Africa Energy Announces Annual Meeting Voting Results
VANCOUVER, BC, June 20, 2025 /CNW/ - Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) ("Africa Energy" or the "Company") held its annual general and special meeting of shareholders in Vancouver, British Columbia today (the "Meeting"), and all resolutions were passed. View PDF version. Shareholders voted as follows on the matters before the meeting: View PDF Election of Directors Shareholders elected the following six (6) board members to serve on the Company's board of directors until the next annual meeting of shareholders or until their successors are elected or appointed: Nominee For % For Withheld % Withheld Johnny Copelyn 160,416,927 99.97 % 52,547 0.03 % Keith Hill 160,422,494 99.97 % 46,979 0.03 % Robert Nicolella 160,417,498 99.97 % 51,975 0.03 % Siraj Ahmed 160,160,727 99.81 % 308,747 0.91 % Phindile Masangane 160,367,483 99.94 % 101,991 0.06 % Larry Taddei 160,369,783 99.94 % 99,691 0.06 % Appointment of Auditors Shareholders appointed MNP LLP as auditor of the Company for the upcoming year and authorized the directors of the Company to fix the remuneration of the auditor with 99.91% of shares represented at the meeting voting in favour. Approval of Stock Option Plan The Company's incentive stock option plan was approved by shareholders with 99.34% of shares represented at the meeting voting in favour. About Africa Energy Corp. Africa Energy Corp. is a Canadian oil and gas exploration company focused on South Africa. The Company is listed in Toronto on TSX Venture Exchange (ticker "AFE") and in Stockholm on Nasdaq First North Growth Market (ticker "AEC"). Important information Africa Energy is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on June 20, 2025, at 5:00 p.m. ET. The Company's certified advisor on Nasdaq First North Growth Market is Bergs Securities AB, +46 739 49 62 50, . Neither 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. SOURCE Africa Energy Corp.
Business Standard
29-05-2025
- Business
- Business Standard
Dollar weakness attributed to concerns about potential adverse effects of trade policy on the U.S. growth outlook: Fed Minutes
The dollar depreciated against many advanced foreign economy (AFE) currencies despite widening yield differentials, the FOMC noted in its minutes adding that market participants generally attributed dollar weakness to concerns about potential adverse effects of trade policy on the U.S. growth outlook. Fed minutes stated that the dollar depreciated substantially against most major currencies, as the trade-weighted broad dollar index declined over 2 percent. Market contacts attributed the decline to increased foreign exchange hedging prompted by heightened policy uncertainty and concerns that trade policy could pose greater downside risks to the U.S. than to other economies. The manager noted that the dollar had depreciated even though U.S. interest rates had risen more than foreign interest rates and prices of risky assets had declined, which historically have been associated with dollar appreciation. Liquidity in foreign exchange markets deteriorated but was roughly in line with the historical relationship between liquidity and measures of market volatility.
