Offshore Loans – Island Crisis http://islandcrisis.net/ Fri, 16 Sep 2022 09:43:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png Offshore Loans – Island Crisis http://islandcrisis.net/ 32 32 NOTICE OF BONDSHOLDER MEETINGS IN DOF SUBSEA AS – REQUEST FOR EXTENSION OF STANDSTILL PERIOD https://islandcrisis.net/notice-of-bondsholder-meetings-in-dof-subsea-as-request-for-extension-of-standstill-period/ Fri, 16 Sep 2022 09:43:04 +0000 https://islandcrisis.net/notice-of-bondsholder-meetings-in-dof-subsea-as-request-for-extension-of-standstill-period/ Reference is made to the resolutions adopted in the bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023) on 29 April 2022, whereby the bondholders on certain […]]]>
Reference is made to the resolutions adopted in the bondholders' meetings in DOF
Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue
2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF
Subsea AS Senior Unsecured Bond Issue 2018/2023) on 29 April 2022, whereby the
bondholders on certain conditions approved to extend their waiver from, and
suspension of, all payment obligations under each of the bond loans until 22
June 2022, with a possibility to further extend the standstill arrangement
currently in place to 30 September 2022 with the approval of the ad-hoc group of
bondholders (the "Ad-Hoc Group"). 

Reference is further made to the announcements on 22 June 2022 regarding the
restructuring agreement between, among others, DOF ASA, DOF Subsea AS, Iceman
AS, and the secured lenders to the DOF group and the members of the Ad-Hoc Group
(the "Restructuring Agreement"), which sets out the terms and conditions of the
planned restructuring of DOF Group's outstanding debt (the "Restructuring").

The completion of the Restructuring is dependent on the bondholders agreeing to
further extend the standstill arrangement insofar as required to implement the
Restructuring pursuant to the terms of the Restructuring Agreement. DOF Subsea
AS has therefore requested Nordic Trustee AS to summon bondholders' meetings in
the three bond loans to consider the extension of the standstill period
initially until 31 October 2022 and with a possibility to extend the standstill
period on one or more occasions to 30 November 2022 with the approval of the
Ad-Hoc Group. The proposal is further described in the attached summons to the
bondholders in the three bond loans. 

CEO Mons Aase, tel. +47 91 66 10 12
CFO Martin Lundberg, tel. +47 91 62 10 57

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
With a multi-national workforce of about 3,800 personnel, DOF ASA is an
international group of companies which owns and operates a fleet of modern
offshore/subsea vessels, and engineering capacity to service both the offshore
and subsea market. With over 40 years in the offshore business, the group has a
strong position in terms of experience, innovation, product range, technology
and capacity. DOF's core businesses are vessel ownership, vessel management,
project management, engineering, vessel operations, survey, remote intervention
and diving operations primarily for the oil and gas sector. From PSV charter to
Subsea engineering, DOF offers a full spectrum of top quality offshore services
to facilitate an ever-growing and demanding industry.
The company's main operation centers and business units are located in Norway,
the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.
DOF ASA is listed on the Oslo Exchange since 1997.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Interest rate hikes add to ‘perfect storm’ for small businesses https://islandcrisis.net/interest-rate-hikes-add-to-perfect-storm-for-small-businesses/ Wed, 14 Sep 2022 15:18:48 +0000 https://islandcrisis.net/interest-rate-hikes-add-to-perfect-storm-for-small-businesses/ Fewer small businesses are raising prices, suggesting inflation expectations could fall News analysis Small businesses are being hit hard by the Bank of Canada’s rapid interest rate hikes as they carry more debt than usual due to the pandemic, in addition to the many other challenges they face. “It’s like a perfect storm right now […]]]>

Fewer small businesses are raising prices, suggesting inflation expectations could fall

News analysis

Small businesses are being hit hard by the Bank of Canada’s rapid interest rate hikes as they carry more debt than usual due to the pandemic, in addition to the many other challenges they face.

“It’s like a perfect storm right now in many ways,” said Catherine Swift, president of the Coalition of Concerned Manufacturers and Businesses of Canadatold The Epoch Times.

The Bank of Canada said it was rushing its rate hikes, but Swift said it dithered in starting the rate hike cycle. Financial markets were caught off guard when the Bank of Canada did not raise rates in January and some economists have said the BoC should have started raising rates in late 2021.

“When we finally saw the rises, they had to be bigger and faster than they otherwise would have been and therefore have a more negative impact on the economy,” she said.

“I tend to think we’re going to see a recession. I really do,” said Swift, an economist.

The BoC has raised its key rate by 3% over the past six months. The central bank is determined to bring inflation back to its 2% target, but noted that there will be “bumps along the way.” He added that, for many Canadians, higher rates add to the burden already borne by high inflation.

Multiple Headwinds

The Canadian Federation of Independent Business (CFIB) reported on September 8 that 7 in 10 small businesses expect the BoC’s rate hikes to have a negative impact on their operations, and 3 in 10 say the impact will be significant.

“While we understand the need to fight inflation, we nevertheless find that they [interest rate hikes] bites pretty hard right now for a lot of businesses,” CFIB chief economist Simon Gaudreault told The Epoch Times.

CFIB reported that 62% of small businesses are still struggling with an average of $158,000 in pandemic debt and that a majority of small businesses are facing higher interest rates on commercial loans due to Bank of Canada rate hikes. Where this manifests itself immediately is with lines of credit linked to the prime rate.

A small business is defined as a business that has between one and 99 employees, while a medium-sized business has between 100 and 499 employees.

The sectors of the economy with the highest percentage saying BoC rate hikes will have a significant impact are hospitality (41%), transport (40%) and construction (35%).

Gaudreault explained that hospitality, being customer-focused, suffered disproportionately during the pandemic, while transportation was punished due to high fuel costs and construction was particularly dependent on the supply chain. for the materials.

“In a way, that sums up all of the current challenges facing small businesses in Canada right now,” he said.

Businesses are grappling with high input costs, hiring, rising wage demands and price hikes as inflation runs at an annual rate above 7%.

“Supply constraints remain widespread here. Canadian businesses are not yet seeing major relief on the supply side,” the Bank of Canada’s senior deputy governor said. Caroline Rogers September 8.

Swift says smaller companies typically have very small margins and are going to have to try to raise prices, which can be difficult to do given the competitive environments in which they operate.

“So in the short term, of course, it will boost inflation a bit more, right? The evil is in the initial increases, until it dampens the economy, which of course is the goal,” she said.

Messaging

The Bank of Canada has been particularly wary of inflation expectations moving further away from 2% and avoiding a situation where higher wage demands are embedded in longer-term contracts.

But Gaudreault says the data collected by the CFIB on companies’ intentions to raise prices is a barometer of inflation expectations. And those intentions are dwindling.

CFIB reported that while small businesses have increased their prices, those price increases may have started to plateau and may decline in the future. The share of small businesses that said they wanted to raise prices by 6% or more fell to 32% in August from a peak of 39% in June.

“Many small businesses are looking at lower price increases (between 0.5% and 5.5%),” according to CFIB.

Additionally, businesses are adapting to the challenges they face and perhaps adapting to a “new normal,” says Gaudreault.

“Companies have found a new way to source or reorganize their work to deal with the new reality. So maybe that’s what’s happening – gradual adjustments on the small business side, and maybe that’s also why their inflation expectations have eased,” he said. .

Gaudreault added that it’s possible that the Bank of Canada’s message to get tough on inflation and not create higher expectations has been embedded in the mindset of small businesses.

But even as small business adapts, Swift says there are plenty of structural problems in the economy such as job seekers not having the right skills to fill the more than a million open positions. , with public sector employment growing faster than in the private sector, and the government heavily indebted.

“We know of so many companies that have left a very small operation in Canada, whether it’s a warehouse or a head office with a handful of employees, but their main manufacturing or other facilities are displaced south of the border or overseas, and it’s not easily reversed.

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Rahul Vaidyanath is a reporter for The Epoch Times in Ottawa. His areas of expertise include economics, financial markets, China, national defense and security. He has worked for the Bank of Canada, Canada Mortgage and Housing Corporation and investment banks in Toronto, New York and Los Angeles.

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HSBC first in CSR for foreign banks at magazine awards https://islandcrisis.net/hsbc-first-in-csr-for-foreign-banks-at-magazine-awards/ Sun, 11 Sep 2022 16:00:00 +0000 https://islandcrisis.net/hsbc-first-in-csr-for-foreign-banks-at-magazine-awards/ HSBC Bank (Taiwan) Ltd (滙豐台灣商銀) ranked first among foreign banks in CommonWealth Magazine’s Excellence in Corporate Social Responsibility Awards this year, given its outstanding performance in corporate engagement , social participation and environmental protection, the bank said. HSBC has been in the foreign company group’s top four for 12 years since 2011 and climbed to […]]]>

HSBC Bank (Taiwan) Ltd (滙豐台灣商銀) ranked first among foreign banks in CommonWealth Magazine’s Excellence in Corporate Social Responsibility Awards this year, given its outstanding performance in corporate engagement , social participation and environmental protection, the bank said.

HSBC has been in the foreign company group’s top four for 12 years since 2011 and climbed to the top spot this year. This indicates the bank’s central role among foreign companies in Taiwan in upholding its commitment to corporate social responsibility (CSR).

The bank’s outstanding performance in addressing environmental, social and employee issues was key to winning this year’s top award, according to the magazine.

Photo courtesy of HSBC Bank (Taiwan) Ltd

In particular, HSBC’s long-term environmental investment shows it is committed to local communities and had spent NT$160 million (US$5.18 million) to help preserve the nature park of Guandu in Taipei (關渡自然公園) at the end of last year. , he added.

“Commonwealth Magazine’s Corporate Social Responsibility Excellence Awards are the most prestigious and competitive CSR awards in Taiwan. HSBC is honored to receive the award this year, and we are very pleased that our long-term efforts in the natural environment have been recognized by judges and the public,” said HSBC Taiwan CEO Adam Chen (陳志堅) .

“Behind this honor is HSBC’s consistent efforts and perseverance in actively fulfilling its corporate social responsibility,” Chen said. “One of the important core values ​​of the company is to create a high-quality working environment for employees, and in different aspects – including professional training, various career development plans, a transparent global transfer system and work-life balance, among others – creating a flexible and positive working atmosphere for colleagues.Thus, the recognition of company values ​​by employees has steadily increased year by year . »

“HSBC also offers volunteer programs to encourage employees to care about society, and the volunteer work of HSBC employees and their families on environmental and social projects is a key strength in enabling us to fulfill our social responsibilities. In the future, HSBC will continue to implement the concept of long-term sustainable development in all aspects of corporate management and business development, and become a benchmark company in fulfilling its social responsibilities in Taiwan. said Chen.

HSBC said it has been a leader in encouraging employees to participate in ecological conservation and make an active contribution to environmental protection and local communities. The bank’s volunteers have regularly visited Guandu Nature Park in Taipei over the past 20 years to help restore wetland plants and preserve its environment, the bank said.

The efforts of volunteers have enabled the park to be home to nearly 950 species of creatures, providing a healthy environment for wetland wildlife and acting as one of the lungs of the greater Taipei area, he said.

Such activities are important for ecological conservation and environmental education, he added.

Faced with the risks associated with climate change, HSBC has responded with environmental protection activities such as Earth Hour, World Environment Day and Day of Climate Action. The bank also provides advice for energy conservation and reduced carbon emissions, and works with clients to invest in green energy projects towards the goal of net zero carbon emissions, he said. she stated.

HSBC also promotes cultural diversity and inclusion, focusing on gender equality and empowering minorities, the bank said.

Among HSBC Taiwan’s middle and senior managers, more than 60 percent are women, which is higher than HSBC’s global average, he said.

HSBC supports diversity by extending benefits to same-sex couples and adoptive families, long before the implementation of Taiwan’s same-sex marriage law. The bank has created a friendly working environment and culture through internal sharing and training. HSBC also attends the Taiwan LGBT Pride Parade every year, he said.

HSBC responds to social issues by cooperating with charitable groups and works to eliminate prejudice and stereotypes against women and ethnic groups. HSBC has also launched the Future Skills Training Program to build the capacity of rural youth in areas such as financial management and technology, he added.

In response to global uncertainties caused by the COVID-19 pandemic and climate change, HSBC has incorporated sustainable performance into one of the bank’s global operational objectives and set up an oversight conference to draft a development plan environmental and social, the bank said. .

HSBC managers and senior executives regularly monitor ESG trends, strategies and objectives, and make continuous improvements in energy conservation, carbon reduction, resource conservation, sustainable finance and employee ESG awareness, he said.

HSBC is also attentive to green industry trends and has voluntarily signed the Equator Principles to support sustainable finance. The bank also provides financial services in the field of renewable energies, such as the financing of solar power plants and the financing of offshore wind projects.

It also offers services to companies and individuals in terms of green financial products. The bank has also contributed to the development of diversified financial products such as green bonds, green deposits, green guarantees, sustainability-linked loans, green mortgages and ESG funds, enabling the bank to achieve new goals. of sustainable development.

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Sonali Bank director sacked, three others accused of embezzling Tk600m https://islandcrisis.net/sonali-bank-director-sacked-three-others-accused-of-embezzling-tk600m/ Mon, 05 Sep 2022 15:54:06 +0000 https://islandcrisis.net/sonali-bank-director-sacked-three-others-accused-of-embezzling-tk600m/ Defendant ‘abused his influence to break bank rules’ to acquire loan, ACC says Published: September 05, 2022 21:54:06 The Anti-Corruption Commission (ACC) has prosecuted a sacked director of Sonali Bank and three others for embezzling Tk600 million they borrowed from the bank in the name of offshore trading. M/S Daiyan Fashions Limited Chairman, Syeda Sahela […]]]>

Defendant ‘abused his influence to break bank rules’ to acquire loan, ACC says