The United States will avoid a default, but its AAA credit rating is “extremely vulnerable,” according to PIMCO’s Mohamed El-Erian.
In an email to Bloomberg, PIMCO’s CEO and co-CIO wrote that “In most likelihood, a last-minute political compromise will avoid a default but will leave the AAA rating extremely vulnerable. Stock markets around the globe will look to price in a greater uncertainty premium on account of political squabbles in the world’s largest economy and the increasing risk that it may lose its sacred AAA rating.”
El-Erian went on to say that “The debt ceiling debacle unambiguously translates into an intensification of the already-strong headwinds facing U.S. growth and employment creation.”
Colossus Appoints Former Barrick Executive to Board
Colossus Minerals (CSI.TSX) the appointment of David Anthony to its Board of Directors. Mr. Anthony is a mining engineer with over 30 years experience in the mining industry and brings strong engineering and mineral processing expertise. Mr. Anthony held senior positions at Barrick Gold in Tanzania from 2001 to 2010, where he was responsible for the development of the Bulyanhulu, Buzwagi and Tulawaka mines – three of the four world-class gold and copper operations which form African Barrick Gold. Full Colossus Minerals News Release.
HIGHLIGHTS:
- In 2009, Mr. Anthony was appointed Chief Operating Officer of African Barrick Gold, which listed on the FTSE in 2010 with a market capitalization of $3.8 billion.
- Mr. Anthony graduated from Queens University in 1979 with a Bachelor of Science in Mining Engineering (Mineral Processing)."
- In order to make room for Mr. Anthony, Dr. Vic Wall agreed to step down as a director of the Company, but will maintain his current Vice President, Exploration title and will continue to guide all exploration efforts at Serra Pelada.
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ARI SUSSMAN, CHAIRMAN OF THE BOARD:
“Dave brings very strong engineering expertise to the Board and will complement our existing skill sets very well. I would like to thank Vic for his dedication as a board member and look forward to benefiting from his expertise as he continues to guide our exploration efforts in unlocking the geological potential of Serra Pelada."
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