Offshore Loans – Island Crisis http://islandcrisis.net/ Mon, 16 May 2022 21:29:00 +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 Meet the two Democrats running for Texas Lands Commissioner https://islandcrisis.net/meet-the-two-democrats-running-for-texas-lands-commissioner/ Mon, 16 May 2022 21:29:00 +0000 https://islandcrisis.net/meet-the-two-democrats-running-for-texas-lands-commissioner/ Texas Democrats decide next week who will be their party’s nominee for state lands commissioner. The position oversees the Texas General Land Office, which manages thousands of acres of state land and is responsible for distributing aid to communities recovering from natural disasters. It also provides benefits to Texas veterans and their families through the […]]]>

Texas Democrats decide next week who will be their party’s nominee for state lands commissioner.

The position oversees the Texas General Land Office, which manages thousands of acres of state land and is responsible for distributing aid to communities recovering from natural disasters. It also provides benefits to Texas veterans and their families through the Texas Veterans Land Council.

After a march crowded primary, Jay Kleberg and Sandragrace Martinez were the Democrat’s top two voters for Lands Commissioner. Their platforms are poles apart – one focuses on climate change mitigation. The other hopes to use the platform to tackling mental health challenges in the state.

Whoever gets the most votes will qualify for the November general election. They will also face one of two Republicans in the May 24 runoff: either Texas GOP historian Tim Westley or Dawn Buckingham, a state senator endorsed by former President Trump.

The winner in November will replace Republican George P. Bush, candidate for Texas attorney general.

Kleberg

Applicants presenting to the Texas General Land Office tend to choose how to redirect the agency’s attention.

Kleberg said if elected, he would like to tackle climate change.

“Everything we love about Texas — our quality of life, our environment — is really at risk because of climate change,” Kleberg told The Texas Newsroom. “What we’re doing as a state, especially those in high-level statewide positions, really doesn’t address some of those challenges.”

Sergio Martinez-Beltran

/

KUT

Jay Kleberg speaks to Democratic voters at a Cinco de Mayo event in San Antonio hosted by the Bexar County Democratic Party.

Kleberg was associate director of the Texas Parks and Wildlife Foundation. He said his background qualifies him for the job.

“[I’ve spent] 20 years in land management, natural resource conservation work. I have dealt with natural disaster funds that have come out of Deepwater Horizon in criminal and civil settlement dollars that have come into the state,” Kleberg said. “I’ve actually managed tens of thousands of acres of land.”

The main work of General Lands Office is to manage approximately 13 million acres of state land, most of it offshore.

The agency leases Texas mineral assets for oil and gas development, and those revenues go to the Continuing Schools Fund.

The General Land Office is also in charge of disaster recovery. This caused friction between them and the public.

Last year, the agency announced Houston and Harris County were not going to receive dollars in the first round of federal relief funding related to Hurricane Harvey recovery efforts. The agency eventually reversed its decision.

Kleberg said that if elected, he thinks the first priority should be to improve how the state plans and distributes those resources.

Kleberg won 26% of the vote in the March primaries. This earned him second place.

But his biggest obstacle might be his own legacy.

Kleberg is the offspring of King’s Ranch — one of the nation’s largest ranches, established in the mid-1800s in Kingsville, Texas.

Rebecca Flores, a Hispanic Democrat from San Antonio, told The Texas Newsroom that it was harder for her to support Kleberg.

“How does he deal with that – the fact that he’s a Kleberg, running for land commissioner and that family has taken thousands and thousands of acres from Mexicans and South Texas,” said Flores.

“I wonder how you deal with this matter?” Flores asked Kleberg during a Cinco de Mayo event hosted by the Bexar County Democratic Party. “When people come up to you and say, how can you run for office, how can we trust you in this position and whatever you do because of your family history that took all those acres from the hands of the Mexicans who live down there?”

Kleberg told Flores that he hopes people can look at his journey and his experience and move on.

“I’m saying you have to look at what I’ve done as an individual and have been true to my responsibilities which I believe benefit all Texans in the work that I’ve done,” said Kleberg. “If people look at the history of South Texas and decide they have a problem with it, then there’s nothing I can do about it except honor what I think is the job of taking responsibility for 13 million acres of public lands and to benefit all public children.”

After their interaction, Flores said she wasn’t entirely convinced.

“I think he’s just trying to ignore it by falling back on everything he’s done, he wants to ignore the elephant in the room,” Flores said. “On the other hand, let me say this, his opponent doesn’t know that position.”

smb_sandgrace martinez

Sandgrace Martinez Campaign

/

Sandragrace Martinez speaks to voters outside the Alamo in San Antonio.

Martinez

Kleberg’s opponent is Sandgrace Martinez. She got 32% of the vote in the Democratic primary – more than Kleberg.

Martinez has made his life story the focus of his campaign.

“My parents came to the United States at a very young age, my father was 17, my mother was 14,” Martinez said. “I can’t imagine being 14 and crossing the bridge.”

Martinez has worked as a parole officer and as a licensed professional counselor.

She said she sees the General Land Office as the perfect platform to address mental health issues in Texas. Like using public land to address veteran homelessness.

“Mental health is the common denominator of both parties — I have yet to hear a Republican say this is a horrible bill, it deals with mental health,” Martinez said. “So I have to lean on that and that’s my forte at the end of the day.”

Veterans’ issues have been a central concern of the General Land Office since 1946, after World War II, with the creation of the Veterans Land Commission.

The Commission offers multiple services, including loans for home improvement and long-term care homes.

Martinez may face an uphill battle: all the big mentions have gone to Kleberg. That includes gubernatorial candidate Beto O’Rourke and Progress Texas.

But she says she’s not worried and is confident voters will support her and make her the first woman to lead the agency.

“It’s about throwing a wrench in the system,” Martinez said, something she considers a kind of life philosophy.

]]>
PT Bank Mandiri (Persero) Tbk (OTCMKTS:PPERY) vs. Dnb Asa (OTCMKTS:DNHBY) Financial Contrast https://islandcrisis.net/pt-bank-mandiri-persero-tbk-otcmktsppery-vs-dnb-asa-otcmktsdnhby-financial-contrast/ Sun, 15 May 2022 05:45:53 +0000 https://islandcrisis.net/pt-bank-mandiri-persero-tbk-otcmktsppery-vs-dnb-asa-otcmktsdnhby-financial-contrast/ PT Bank Mandiri (Persero) Tbk (OTCMKTS: PPERY – Get a rating) and Dnb Asa (OTCMKTS: DNHBY – Get a rating) are both finance companies, but which is the better investment? We will compare the two companies based on their risk strength, earnings, analyst recommendations, institutional ownership, valuation, dividends and profitability. Profitability This table compares the […]]]>

PT Bank Mandiri (Persero) Tbk (OTCMKTS: PPERYGet a rating) and Dnb Asa (OTCMKTS: DNHBYGet a rating) are both finance companies, but which is the better investment? We will compare the two companies based on their risk strength, earnings, analyst recommendations, institutional ownership, valuation, dividends and profitability.

Profitability

This table compares the net margins, return on equity and return on assets of PT Bank Mandiri (Persero) Tbk and Dnb Asa.

Net margins Return on equity return on assets
PT Bank Mandiri (Persero) Tbk N / A N / A N / A
dnb asa N / A N / A N / A

Risk and Volatility

PT Bank Mandiri (Persero) Tbk has a beta of 0.9, which means its stock price is 10% less volatile than the S&P 500. Comparatively, Dnb Asa has a beta of 1.54, which means that its stock price is 54% more volatile than the S&P 500. S&P 500.

Benefits and evaluation

This table compares the revenue, earnings per share and valuation of PT Bank Mandiri (Persero) Tbk and Dnb Asa.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
PT Bank Mandiri (Persero) Tbk $7.87 billion N / A $1.96 billion N / A N / A
dnb asa $8.63 billion 3.71 $2.93 billion N / A N / A

Dnb Asa has higher revenue and profit than PT Bank Mandiri (Persero) Tbk.

Analyst Recommendations

This is a summary of the current ratings and recommendations for PT Bank Mandiri (Persero) Tbk and Dnb Asa, as provided by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
PT Bank Mandiri (Persero) Tbk 0 0 0 0 N / A
dnb asa 2 2 1 0 1.80

Dnb Asa has a consensus target price of $125.00, suggesting a potential upside of 505.62%. Given Dnb Asa’s likely higher upside, analysts clearly believe that Dnb Asa is more favorable than PT Bank Mandiri (Persero) Tbk.

Insider and Institutional Ownership

0.1% of Dnb Asa shares are held by institutional investors. Strong institutional ownership indicates that endowments, hedge funds, and large fund managers believe a company will outperform the market over the long term.

Dividends

PT Bank Mandiri (Persero) Tbk pays an annual dividend of $0.35 per share and has a dividend yield of 3.3%. Dnb Asa pays an annual dividend of $0.81 per share and has a dividend yield of 3.9%.

Summary

Dnb Asa beats PT Bank Mandiri (Persero) Tbk on 7 of the 7 factors compared between the two stocks.

About PT Bank Mandiri (Persero) Tbk (Get a rating)

PT Bank Mandiri (Persero) Tbk provides various retail and corporate banking products and services in Indonesia, Singapore, Hong Kong, Timor Leste, Shanghai, Malaysia, United Kingdom and Cayman Islands. It offers savings and current accounts, term deposits, demand deposits and foreign currency savings and current accounts; motorcycle loans, mortgages and housing loans, as well as loans for various purposes, such as education, home improvement, marriage, health and other personal needs; and working capital loans, investment loans, business loans, syndicated loans and micro business loans for businesses. The Company also offers investment products including mutual funds, stock and bond trading; life, health and casualty insurance products; credit, debit and corporate cards; online banking services; digital loan; cash management services; trade finance services, value chain, supply chain management, global and domestic trade, export and import, stand-by letter of credit and bank guarantee, as well as spot and foreign exchange services; day care services; treasury services, including cash transactions/cash, hedging and investment products; fiduciary services including fiduciary, paying agent, security agent, escrow agent, monitoring agent and receiving bank services; and money transfer, remittance services and venture capital financing. As of December 31, 2021, it operated 2,609 branches, including 137 branches, 2,465 sub-branches and 7 overseas branches; and 13,087 ATM facilities. The company was founded in 1998 and is based in Jakarta, Indonesia.

About Dnb Asa (Get a rating)

Logo Dnb AsaDNB ASA provides various banking products and services to individuals and businesses in Norway and abroad. The Company offers savings and investment products, including savings accounts, investment accounts, home savings products, stocks, retirement savings, fixed rate deposits, exchange-traded, bonds and commercial paper, mutual funds and asset management services; and lending, such as home mortgages, auto and consumer loans, trade finance and export finance, as well as overdraft facilities, bank guarantees and leasing and factoring. It also provides various maps; a line of insurance products including car, boat, automobile, household contents, home, vacation home, travel and life insurance products, as well as pet insurance for cats and dogs; and pension plans. In addition, the Company offers advisory and financing services in investment banking, such as mergers and acquisitions, and equity and debt capital markets for corporates and private equity firms; and Foreign Exchange and Cash, Cash Management, Research, Commodities, Equity, Corporate Finance, Interest Rates, Securities, Real Estate Brokerage, and Internet and Mobile Banking. It offers its products and services to various sectors, including energy; financial institutions; Health care; manufacturing; packaging and forest products; Seafood; shipping, offshore and logistics; and telecommunications, media and technology. The Company distributes its products and services through its branches, in-store postal and banking outlets, and post office counters. DNB ASA was founded in 1822 and is headquartered in Oslo, Norway.



Get news and reviews for PT Bank Mandiri (Persero) Tbk Daily – Enter your email address below to receive a concise daily summary of breaking news and analyst notes for PT Bank Mandiri (Persero) Tbk and related companies with MarketBeat.com’s free daily email newsletter.

]]>
How Chinese property developers got into such a mess https://islandcrisis.net/how-chinese-property-developers-got-into-such-a-mess/ Fri, 13 May 2022 00:38:47 +0000 https://islandcrisis.net/how-chinese-property-developers-got-into-such-a-mess/ Placeholder while loading article actions Real estate matters a lot to China: Property construction and sales have been the main drivers of economic growth since President Xi Jinping came to power nearly a decade ago. House prices have soared – up sixfold over the past 15 years – as an emerging middle class flocked to […]]]>
Placeholder while loading article actions

Real estate matters a lot to China: Property construction and sales have been the main drivers of economic growth since President Xi Jinping came to power nearly a decade ago. House prices have soared – up sixfold over the past 15 years – as an emerging middle class flocked to property as one of the few safe investments available. The boom led to speculative buying as new homes were pre-sold by property developers who increasingly looked to international investors for funds. So when Chinese authorities took steps to reduce bubble risk and temper the inequality that unaffordable housing can create, it sparked a crisis that put some major developers in default. A sales slump that began during the pandemic has been compounded by aggressive measures to contain Covid-19. So far, state intervention has prevented a disorderly collapse in the housing market that could undermine the financial system and also shake the global economy.

1. What fueled the crisis?

In 1998, when China created a national housing market after severely restricting private sales for decades, only a third of its population lived in cities. Today nearly two-thirds do, increasing the urban population by 480 million. The real estate sector has also grown rapidly, while struggling to keep up. Booming cities such as Shenzhen have become less affordable on a price-to-income ratio basis than London or New York, frustrating a generation of potential buyers. Local and regional authorities, which depend on public land sales for much of their revenue, have encouraged more development, which has also helped to meet the central government’s ambitious annual targets for economic growth, which often reached the two digits. Debt piled up as builders rushed to meet demand. Annual sales of offshore bonds denominated in dollars – that is, those sold primarily to foreign investors – fell from $675 million in 2009 to $64.7 billion in 2020, resulting in a charge of growing interests. Sponsors had some $207 billion in dollar-denominated bonds outstanding at the end of last year, which is about a quarter of the total from China. Additional and opaque liabilities make it difficult to assess true credit risks.

He has tried for years to defuse the debt bombshell, fearing it could trigger a disastrous financial collapse. In mid-2020, he began pressing new financing to property developers in an attempt to reduce bubble risk, and asked banks to slow the pace of mortgage lending. The new borrowing measures introduced for developers proved to be a game-changer. Called the “three red lines” by state media, they aimed to reduce reckless borrowing by setting thresholds for liabilities, debts and a promoter’s cash. Annual borrowing would be capped based on the number of parameters met.

This caused funding problems for developers who did not have enough cash to cover their debts. At least 18 companies have defaulted on offshore bonds since the crackdown began. China Evergrande Group, once the country’s biggest developer, was first categorized as defaulter in December after missing payments on several bonds. The establishment of a “risk management committee” dominated by provincial officials was quickly announced to ensure the company avoided a disorderly collapse. (Bondholders were still wondering how much they would collect once the dust settled.) Others, including Kaisa Group Holdings Ltd. and Sunac China Holdings Ltd., followed. Fears of further contagion reverberated through industry and the wider economy, hammering domestic growth, weakening consumer confidence and rattling global markets that have long assumed China’s property titans would be bailed out by the government.

4. How bad did it go?

Real estate development has fallen into a deep slump. The combined sales of the top 100 developers have halved in the first four months of this year compared to last year. Home loan growth slowed to its weakest pace in more than two decades at the end of March. Construction fell 14% in 2021 from a year earlier, the biggest drop in six years. All this matters a lot because in China, the real estate sector accounts for almost a quarter of the gross domestic product, if we include non-residential construction, building materials and related activities such as real estate services.

Already across China, millions of square feet of unfinished apartments have been left to dust due to cash flow problems faced by developers. Home prices began to fall in September for the first time in six years. A full-scale real estate crisis could leave millions of additional buyers who put money up front in limbo. (Buyer protections commonly used overseas, such as escrow accounts and installment payments, tend to be weak.) Fire sales would further crush the market, crushing other developers and rippling through industries and related suppliers. The risk of popular unrest – more than 70% of urban China’s wealth is stored in housing – would increase, disrupting the government. A historic offshore bond selloff would ripple through the much larger domestic credit market, shifting from lower-rated real estate companies to stronger peers and banks. Global investors would sell even more.

The government has tweaked some rules to try to stabilize the situation. For example, the central bank has stepped up support for several struggling developers and banks have been instructed to ensure growth in residential mortgages and developer lending in certain regions. Above all, avoiding a “Lehman moment” – when the US bank failure in 2008 sent shockwaves through global markets – is a priority ahead of this year’s Communist Party congress, where Xi is expected to be given a third mandate. This political necessity most likely means that the government will try to contain the crisis, at least in the short term.

More stories like this are available at bloomberg.com

]]>
GTJAI Successfully Assisted Orient Securities in Issuing the World’s First Euro-Denominated Yulan Bond | National https://islandcrisis.net/gtjai-successfully-assisted-orient-securities-in-issuing-the-worlds-first-euro-denominated-yulan-bond-national/ Wed, 11 May 2022 10:39:39 +0000 https://islandcrisis.net/gtjai-successfully-assisted-orient-securities-in-issuing-the-worlds-first-euro-denominated-yulan-bond-national/ HONG KONG–(BUSINESS WIRE)–May 11, 2022– Guotai Junan International Holdings Limited (“Guotai Junan International”, the “Company” or the “Group”, Stock Code: 1788.HK) announced that the Company successfully assisted Orient Securities Company Limited (“Orient Securities”) to issue the world’s first Euro-denominated Yulan Bond on May 5, 2022. The issue size was €100 million , with a maturity […]]]>

HONG KONG–(BUSINESS WIRE)–May 11, 2022–

Guotai Junan International Holdings Limited (“Guotai Junan International”, the “Company” or the “Group”, Stock Code: 1788.HK) announced that the Company successfully assisted Orient Securities Company Limited (“Orient Securities”) to issue the world’s first Euro-denominated Yulan Bond on May 5, 2022. The issue size was €100 million , with a maturity of 3 years and a coupon rate of 1.75%. The final price was MS + 68 bps, 27 bps off from the initial price indications. The bond was issued smoothly with rational cost control in a highly volatile Euro market and received a positive market response.

This press release is multimedia. See the full version here: https://www.businesswire.com/news/home/20220510006549/en/

As the only Chinese investment bank with the ability to provide Yulan Bonds, Guotai Junan International actively communicated with Shanghai Clearing House and Euroclear Bank during this issuance, assisted Orient Securities in the whole registration process of the Yulan bond, and handled various investment instructions from investors to ensure the smooth delivery. Meanwhile, Guotai Junan International served as joint global coordinator, associate bookrunner and co-leadhelping Orient Securities resume overseas roadshows after three years and escorting the final price.

In addition, on April 14, 2022, Guotai Junan International, acting as senior global coordinator and only consultant in sustainable financingsuccessfully helped Foshan Gaoming Construction Investment Group Co Ltd. (“Gaoming Construction Investment”) to issue US$200 million 3-year senior fixed rate sustainability bonds. It was the first offshore bond and the first sustainable bond issued in Foshan, as well as the largest offshore bond issue with a stand-by letter of credit in Guangdong province.

In the future, the company will continue to implement the management philosophy of parent company Guotai Junan Securities – “Finance for the Good” and “Finance for the People”, guiding the global capital allocation to Chinese enterprises. sustainable and high-quality products through businesses such as investment banking, asset management and private equity, to meet the needs of corporate and institutional clients to transform towards low-carbon and sustainable development and support the vigorous development of Chinese customer enterprises with concrete actions.

About GTJAI

Guotai Junan International (“GTJAI”, stock code: 1788.HK) is the market leader and driving force behind the internationalization of Chinese Securities Company as well as the first Chinese securities broker to be listed on the main board of the Hong Kong Stock Exchange through an initial public offering. It has also been included in the UK’s London Stock Exchange’s FTSE4Good Index. Based in Hong Kong, GTJAI provides diversified integrated financial services. The core business includes seven categories of brokerage, corporate finance, asset management, loans and financing, financial products, market making and investments, which cover three dimensions, including individual finance (management asset management), institutional finance (services for institutional investors and corporate finance services) and investment management. GTJAI has been assigned a long-term issuer rating of “Baa2” and “BBB+” by Moody’s and Standard & Poor’s respectively. The controlling shareholder, Guotai Junan Securities Company Limited (stock code: 601211.SH; 2611.HK), is the comprehensive financial provider with a long-term, sustainable and comprehensive leading position in China’s securities industry. For more information on GTJAI, please visit https://www.gtjai.com

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220510006549/en/

CONTACT: Jason Yan, CFA

jason.yan@gtjas.com.hk

+852 2509 5487Mia Wu

mia.wu@gtjas.com.hk

+852 2509 2138

KEYWORD: HONG KONG SINGAPORE ASIA PACIFIC

INDUSTRY KEYWORD: CONSULTANCY PROFESSIONAL SERVICES FINANCE

SOURCE: Guotai Junan International Holdings Limited

Copyright BusinessWire 2022.

PUBLISHED: 11/05/2022 06:39 AM/DISC: 11/05/2022 06:39 AM

http://www.businesswire.com/news/home/20220510006549/en

Copyright BusinessWire 2022.

]]>
SuperyachtNews.com – Business – Scheherazade arrested in Italy https://islandcrisis.net/superyachtnews-com-business-scheherazade-arrested-in-italy/ Mon, 09 May 2022 14:50:17 +0000 https://islandcrisis.net/superyachtnews-com-business-scheherazade-arrested-in-italy/ After some initial speculation over the ownership of the vessel, 140m Scheherazade has been officially discontinued… Rumors surrounding the 140m property Scheherazade made headlines in March 2022 at the start of the war in Ukraine and the imposition of sanctions on some Russians. At the time, it was suggested that Putin might […]]]>


After some initial speculation over the ownership of the vessel, 140m Scheherazade has been officially discontinued…

Rumors surrounding the 140m property Scheherazade made headlines in March 2022 at the start of the war in Ukraine and the imposition of sanctions on some Russians. At the time, it was suggested that Putin might be the potential owner of Scheherazade, although this was disputed by all parties connected with the ship. Although there has been no confirmation that Putin is, in fact, the owner of Scheherazade, Italian police have confirmed that there is a “significant economic connection between the owner of Scheherazade and senior elements of the Russian government”. .

At the initial point of interest for Scheherazade from a public and media perspective, the vessel was undergoing refit and maintenance work at Marina di Carrara and as such there was no need for act on the arrest of the superyacht without sufficient evidence, as the boat was not going anywhere quickly. However, local reports suggested that the crew were apparently preparing to remove the vessel from the installation and therefore it was deemed prudent to act on the information which was subsequently gathered.

“After verification by the tax authorities, it turned out that there is an important economic link between the owner of Scheherazade and senior Russian government officials,” read a statement from the Italian financial police. “Based on these elements, it has been recommended that the yacht be placed on the current European Union sanctions list and the Minister of Finance in Rome has agreed.”

Whether or not the ship belongs to Putin, it seems clear that the claim by the public, and indeed that of the Italian financial police, that it has ties to senior elements in the Kremlin is accurate. Indeed, in an article published by the Metroit was revealed that of Scheherazade The Russian crew left in March “in the middle of the night”, to be replaced by a British crew.

Furthermore, an investigation by an organization that backs Putin’s opposition leader and outspoken Kremlin critic Alexei Navalny suggests that members of the FSO, which is usually used to protect Putin, and the FSB formed a large part of the crew (see above). Naturally, such a report will be far from objective, but the weight of evidence against Scheherazade seems to continue to pile up.

As well as suggesting that FSO officers worked on the ship before changing to a British crew, the report points out that Scheherazade is the largest superyacht in the world that has no known ultimate beneficial owner.

When the Panama Papers, some 11.5 million leaked files from Panamanian law firm Mossak Fonseca, were leaked in 2016, the International Consortium of Investigative Journalists uncovered a trail of offshore deals and huge loans, worth about $2 billion, which led to Putin.

The money trail led directly to Putin’s inner circle and close family, however, unsurprisingly, Putin’s name was not found on any of the documents. Regardless of the fact that Putin’s name has never appeared on any documentation, some commentators have estimated Putin’s net worth to be around $200 billion, meaning no superyacht plans would be above it. of its means. So it stands to reason that Putin’s approach to superyacht ownership would be no different.

As SuperyachtNews reported when Scheherazade started making headlines, if the ship turns out not to belong to Putin, then whoever owns it has done a great job of making it look like Putin.

Whether or not Putin owns Scheherazadethe ship has now been boarded in Italy and is not going anywhere in a hurry.

Scheherazade arrested in Italy


Click here to become part of The Superyacht Group community and join us in our mission to make this industry accessible to all and prosperous for the long term. We offer access to the superyacht industry’s most comprehensive and longest-running archives of critical information, as well as a comprehensive, real-time database of the superyacht fleet, for just £10 a month , because we are an industry with a mission. Register here.

]]>
Department of Energy to Boost Investment in U.S. Offshore Wind Development https://islandcrisis.net/department-of-energy-to-boost-investment-in-u-s-offshore-wind-development/ Fri, 06 May 2022 23:39:49 +0000 https://islandcrisis.net/department-of-energy-to-boost-investment-in-u-s-offshore-wind-development/ Mary Holcomb, Digital Editor, World Oil 05/06/2022 HOUSTON (WO) – The offshore wind sector has made tremendous strides over the past year, putting the industry on track to meet President Joe Biden’s goal of reaching 30 gigawatts of offshore wind generation from by 2030. To ensure its success, the US Department of Energy (DOE) allocates […]]]>

Mary Holcomb, Digital Editor, World Oil 05/06/2022

HOUSTON (WO) – The offshore wind sector has made tremendous strides over the past year, putting the industry on track to meet President Joe Biden’s goal of reaching 30 gigawatts of offshore wind generation from by 2030. To ensure its success, the US Department of Energy (DOE) allocates funds and programs for the development of projects in the Gulf of Mexico, the central Atlantic and off the coast of Oregon.


Jocelyn Braun-Saracino, director of offshore wind for the DOE, presented the department’s strategy for advancing offshore wind development during the OTC session “Shaping the Future: Growth of Offshore Wind in the States United” Thursday.

“Achieving this goal will be essential to creating a new industry, revitalizing the country’s waterfronts, creating well-paying jobs and critically helping to address the country’s climate emergency…from a perspective economic, achieving this goal could also generate $12 billion in capital and project investment each year by 2030,” Braun-Saracino said.

The Biden administration has called for the wind power program, which historically had a budget of $60 million a year, to grow 86% next year to $200 million. The budget will be used to select sites for the turbines, develop cost-effective floating platform designs and couple offshore wind power with energy storage and hydrogen production.

Additionally, the Title XVII program run by the DOE’s Office of Lending Programs has earmarked $4.5 billion in loans and loan guarantees for offshore wind projects, she said.

“We are really working to support R&D that improves the performance of wind turbines and offshore wind power plants,” she said. “We want to make sure we have a solid understanding of the offshore wind resource, enable economies of scale, and pave the way for the adoption of floating offshore wind in the United States.”

In April, the Department of the Interior announced that the Bureau of Ocean Energy Management (BOEM) had identified two potential areas for offshore wind development off the coast of Oregon and in the central Atlantic. The locations total 1.16 million acres and are approximately 12 nautical miles from shore in central and southern Oregon.

The agency also identified six areas totaling 3.9 million acres between Delaware and North Carolina as potential sites for wind turbines. The areas are approximately 20 nautical miles or more from shore.

These projects are expected to create 77,000 new jobs – 44,000 in offshore wind and 33,000 in surrounding communities.

According to Braun-Saracino, these projects will not only help the United States achieve 30 gigawatts of wind generation by 2030, but will also put it on track to meet its broader goal of 110 gigawatts of offshore wind projects by 2030. 2050.

“I think those goals are powerful,” Braun-Saracino said. “They help foster the kind of investment environment that we need for companies to invest in the supply chain. And I think, most importantly, they also provide a basis for planning. They help us to figure out what we need to plan for, what issues we need to plan for.”

Yet to meet the 2030 and 2050 targets requires deploying 2,100 wind turbines, 6,800 miles of cables, five to six wind turbine installation vessels, 10 transport vessels, 11 service operation vessels and 58 service vessels. crew transfer.

The United States currently operates only seven offshore wind turbines – all fixed-bottom wind turbines.



]]>
NYPD veteran convicted of assaulting officer during Capitol riot | Election 2016 live https://islandcrisis.net/nypd-veteran-convicted-of-assaulting-officer-during-capitol-riot-election-2016-live/ Mon, 02 May 2022 21:19:30 +0000 https://islandcrisis.net/nypd-veteran-convicted-of-assaulting-officer-during-capitol-riot-election-2016-live/ By MICHAEL KUNZELMAN – Associated Press WASHINGTON (AP) — A federal jury on Monday convicted a New York Police Department veteran of assaulting an officer during United States Capitol Riotdismissing his claim that he was defending himself when he tackled the officer and grabbed his gas mask. Thomas Webster, a 20-year veteran of the NYPD, […]]]>

By MICHAEL KUNZELMAN – Associated Press

WASHINGTON (AP) — A federal jury on Monday convicted a New York Police Department veteran of assaulting an officer during United States Capitol Riotdismissing his claim that he was defending himself when he tackled the officer and grabbed his gas mask.

Thomas Webster, a 20-year veteran of the NYPD, was the first capitol riot accused to stand trial for assault and the first to present a case of self-defense to a jury.

Jurors deliberated for less than three hours before finding Webster guilty of all six counts in his indictment, including a charge of assaulting Metropolitan Police Department officer Noah Rathbun with a dangerous weapon. , a metal mast. The assault charge alone carries a sentence of up to 20 years in prison, although sentencing guidelines likely recommend a much shorter prison term.

People also read…

Webster, 56, testified that he was trying to protect himself of a “rogue cop” who punched him in the face. He also accused Rathbun of fomenting the confrontation.

Rathbun testified that he did not hit or choose a fight with Webster as a violent mob attacked the Capitol on January 6, 2021, preventing Congress from certifying Victory for Joe Biden in the 2020 presidential election about then-President Donald Trump.

Two jurors who spoke to reporters after the verdict said videos capturing the officer’s assault from multiple angles were crucial evidence rebutting Webster’s self-defense argument.

“I guess we were all surprised that he even made that defense,” said a juror on condition of anonymity. “There was no dissension between us. We unanimously agreed that there was no argument of self-defense here at all.”

Another juror, who also spoke on condition of anonymity, said Webster’s claim of self-defense “just didn’t come true.”

U.S. District Judge Amit Mehta is due to sentence Webster on September 2.

Webster’s jury trial was the fourth for a Capitol riot case. The first three defendants to obtain a jury trial were also found guilty on all counts in their respective indictments. A judge decided two other cases without a jury, acquitting one of the defendants and partially acquitting the other.

Webster, who wore a mask in court, showed no obvious reaction to the verdict.

“We are disappointed,” defense attorney James Monroe said after the verdict, “but we recognized early on that people here (in Washington, DC) were quite traumatized by what happened on the 6th Jan. And I think we’ve seen some of that come through today.

Prosecutors requested that Webster be detained, but the judge agreed to let him go free until sentencing. He will continue to be monitored with an ankle bracelet. The judge said it was “tight” to jail him immediately, but noted he had complied with current release conditions and had no previous convictions.

Webster drove alone to Washington from his home near Goshen, New York, on the eve of the January 6 “Stop the Steal” rally. He was wearing a body armor and carried a United States Marine Corps flag on a metal pole as he approached the Capitol, after listening to Trump address thousands of supporters.

Webster said he went to the Capitol to “ask” lawmakers to “review” the results of the 2020 presidential election. But he testified he had no intention of interfering with the joint session of Congress to certify the vote of the Electoral College.

Rathbun’s body camera captured Webster shouting profanity and insults before they made physical contact. Webster said he was attending his first political protest as a civilian and expressing his right to free speech when he yelled at officers behind a row of bike racks.

Body camera video shows Webster slamming one of the bike racks at Rathbun before the officer reached out with an open left hand and punched the right side of Webster’s face. Webster said he felt like he had been hit by a freight train.

“It was a blow and all I wanted to do was defend myself,” Webster said.

Rathbun said he was trying to push Webster back from a security perimeter that he and other officers were struggling to maintain.

After Rathbun punched his face, Webster swung a metal flag pole towards the officer in a downward chopping motion, hitting a bike rack. Rathbun grabbed the broken post from Webster, who charged the officer, tackled him to the ground and grabbed his gas mask.

Rathbun testified that he began to choke as the chin strap of his gas mask pressed against his throat. Webster said he grabbed Rathbun by the gas mask because he wanted the officer to see his hands.

Rathbun reported a hand injury during a separate encounter with a rioter inside the Capitol. He did not report any injuries caused by Webster, but jurors saw photos of leg bruises that Rathbun attributed to his confrontation with the retired officer.

Webster faced charges of assaulting, resisting, or obstructing an officer using a dangerous weapon; civil disorder; enter and remain in restricted area with a dangerous weapon; disorderly and disruptive driving in tight spaces with a dangerous weapon; engaging in physical violence in confined spaces with a dangerous weapon; and engaging in an act of physical violence on Capitol grounds.

Webster retired from the NYPD in 2011 after 20 years of service, which included a stint in then-Mayor Michael Bloomberg’s private security department. He served in the US Marine Corps from 1985 to 1989 before joining the NYPD in 1991.

More than 780 people have been charged with federal crimes related to the riots. The Justice Department says more than 245 of them have been charged with assaulting or obstructing law enforcement. More than 100 officers were injured.

Two other defendants testified during their trials. Dustin Byron Thompson, an Ohio man who was convicted by a jury of preventing Congress from certifying Biden’s presidential victory, said he was following Trump’s orders. A judge hearing testimony without an acquitted jury Matthew Martina New Mexico man who said outnumbered police allowed him and others to enter the Capitol through the rotunda doors.

Two riot defendants did not testify in their trials before jurors convicted them on all counts, including interfering with officers. One of them, Thomas Robertson, was an off-duty police officer from Rocky Mount, Virginia. The other, resident of Texas Guy Wesley Refittwas also convicted of storming the Capitol with a holstered handgun.

U.S. District Judge Trevor McFadden, a Trump nominee who acquitted Martin of all charges, also presided over a bench trial for a New Mexico elected official. Couy Griffin. McFadden convicted Griffin of unlawfully entering restricted Capitol grounds, but acquitted him of engaging in disorderly conduct.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

]]>
R&F sells stake in London project to Cheung Chung Kiu https://islandcrisis.net/rf-sells-stake-in-london-project-to-cheung-chung-kiu/ Sun, 01 May 2022 10:08:04 +0000 https://islandcrisis.net/rf-sells-stake-in-london-project-to-cheung-chung-kiu/ R&F had big plans for Thames City, but sales stuttered Guangzhou R&F Properties continues its withdrawal from the Nine Elms regeneration area in London, announcing thursday that he plans to sell his 50% stake in a joint venture with fellow Chinese developer CC Land to the latter company’s boss for HK$2.66 billion ($340 million). R&F […]]]>

R&F had big plans for Thames City, but sales stuttered

Guangzhou R&F Properties continues its withdrawal from the Nine Elms regeneration area in London, announcing thursday that he plans to sell his 50% stake in a joint venture with fellow Chinese developer CC Land to the latter company’s boss for HK$2.66 billion ($340 million).

R&F said it would book a loss of HK$1.84 billion ($230 million) on the disposal, with proceeds from the disposal first applied to repay loans owed by the group, which has 18 billion RMB ($2.7 billion) of capital market debt. maturing or becoming puttable in 2022.

The sale of the stake by R&F, which in January negotiated a deferred payment schedule for $725 million in offshore bonds, came a day before the developer said PricewaterhouseCoopers had resigned as auditor and the company would not release its audited financial results until April 30, putting it at risk of suspension by the Hong Kong stock exchange.

The sale of the project known as Thames City marks the second divestiture of R&F’s Nine Elms announced in as many months, after the cash-strapped developer agreed in March to sell its neighboring mixed-use Vauxhall Square project to the Hong Kong-based Far East Consortium for £95.7 million ($124.8 million).

Wilted elms

Formerly known as Nine Elms Square, Thames City is a mixed-use development consisting of 12 residential buildings, a park and other facilities such as a clubhouse, landscaped gardens, restaurants, outlets retail and commercial spaces, R&F said in a filing with the Hong Kong Stock Exchange.

Li Sze-lim R&F

R&F co-founder Li Sze Lim has seen projects stagnate on multiple continents

Located south of Nine Elms Lane near London’s disused Battersea Power Station, R&F and CC Land had acquired the 449,000 square foot (41,713 square meter) site from Dalian Wanda Group in 2017, immediately after buying of the project by Wanda for $605 million from St. Modwen Properties.

The buyer of the half stake is an entity wholly owned by CC Land founder and billionaire chairman Cheung Chung Kiu. R&F, controlled by co-chairmen Li Sze Lim and Zhang Li, said it expects to incur a loss on the disposal of HK$1.84 billion ($230 million).

Office 2022 Forum Announcement_250

Factoring in Thames City’s salable floor space of 1.7 million square feet, Cheung’s consideration values ​​the project at around $400 per square foot of floor space.

The first phase of the project, comprising three residential towers, launched on presale in 2020 and is under construction, R&F said. The Evening Standard newspaper reported last November that only a third of the 300 apartments in the first phase had been sold, with prices ranging from £997,500 ($1.25million) for a one-bedroom unit to £1.385million for a three-bedroom.

As part of a profit-sharing scheme, R&F is entitled to receive part of Cheung’s share of Thames City profits after cumulative sales of phase one units hit £1.2billion .

Global Retreat

Following the sale of Thames City, R&F still has two projects in the UK, including One Nine Elms, a £900million mixed-use project that made unwanted headlines earlier this year when workers reportedly shot down tools and left the site after the Chinese company failed to pay the main contractor.

The company’s Queen’s Square project in the Croydon area of ​​south London has been stalled since 2020, with local reports in February noting no plans to restart the project, which R&F had bought from local developer Minerva in 2017 for £60m (then $74.8m).

Mingtiandi Membership 320x320 v2

On March 25, R&F spooked investors by announcing on the Hong Kong Stock Exchange that it planned to declare a loss in 2021 of no less than 8 billion RMB ($1.21 billion), although it took in more than $1.6 billion from selling a logistics facility in Guangzhou to Blackstone last year.

The developer has also struggled with its Australian operations, with Australian media reporting in April that R&F had abandoned a $4.7 billion residential project in the Brisbane area.

In Hong Kong, R&F has now named BDO Ltd, a local unit of Belgian accountancy firm Binder Dijker Otte, as its new auditors as it asks the HKEX to avoid a mandatory suspension of its shares this month after missing the date. April 30 deadline for submitting its financial statements and annual report.

Feel good at home

Cheung and his CC Land vehicle have been aggressive buyers in the UK capital, notably with the $1.42 billion acquisition of the City of London’s Leadenhall Building (aka the Cheesegrater) in 2017.

Cheung Chung Kiu

CC Land boss Cheung Chung Kiu seems to have made a lot of money in Chongqing

Later the same year, CC Land joined a group of investors funding the construction of the 40 Leadenhall (aka Gotham City) office project, Bloomberg reported. In 2019, the Chinese developer committed £182 million ($236 million) to a scheme to turn Whiteleys department store in Queensway into a 1.1 million square foot mixed-use development.

More recently, Cheung raised eyebrows when he won permission to redevelop an aging building in Knightsbridge into an eight-story, 62,000 square foot building. lavish mansion overlooking Hyde Park in central London.

]]>
Musk: Twitter takeover talks and Musk enter final round https://islandcrisis.net/musk-twitter-takeover-talks-and-musk-enter-final-round/ Tue, 26 Apr 2022 02:25:42 +0000 https://islandcrisis.net/musk-twitter-takeover-talks-and-musk-enter-final-round/ San Francisco: Twitter Inc is in the home stretch of negotiations over a $43 billion sale to Elon Musk that could be one of the biggest leveraged buyouts of a publicly traded company, people with knowledge of the company have said. topic. The social media company is working to work out the terms of a […]]]>
San Francisco: Twitter Inc is in the home stretch of negotiations over a $43 billion sale to Elon Musk that could be one of the biggest leveraged buyouts of a publicly traded company, people with knowledge of the company have said. topic.

The social media company is working to work out the terms of a deal and could reach an agreement as early as Monday if negotiations go smoothly, according to the people, who asked not to be identified because the information is private. Musk is in the process of finding partners for the acquisition and continues to talk to potential co-investors, one of the people said. The situation is fluid and the talks could drag on or collapse.

Twitter’s board of directors was negotiating with the CEO of billionaire Tesla Inc on Sunday over the terms of his unsolicited offer to buy Twitter for $54.20 a share, and talks continued into the night until the first Monday hours, the people said. Shares of Twitter gained 5.9% to $51.81 in New York at press time.

Twitter began preparing for a potential deal after Musk revealed a funding plan that included backing from Morgan Stanley and other institutions.

Musk’s planned offer values ​​Twitter at around $43 billion based on the number of outstanding shares listed in its annual report. Twitter representatives declined to comment on the status of the talks, and Musk did not immediately respond to requests for comment.

Although many details are yet to be ironed out and events are unfolding quickly, what initially seemed like a long-term deal seemed closer to becoming a reality.

Agencies

Started raising shares in January

Musk, who has more than 83 million Twitter followers, began accumulating shares in the company in January, revealing a 9% stake earlier this month. That post invited him to join Twitter’s board, an offer he ultimately rejected, only to turn around on April 14 with an unsolicited offer to buy the company and take it private.

His proposal was met with skepticism on Wall Street because, although he said it was his “best and last” offer, it lacked funding details. Even though Musk is the richest person in the world, much of his fortune is tied to Tesla stocks.

Twitter adopted a poison pill as a measure to prevent Musk from buying more than 15% of the company, while giving the board more time to consider his offer and plan his next move.

Late last week, Musk gave more details about his financing plans, saying in a headlines filing that he had lined up Morgan Stanley and other lenders, which were offering $13 billion in debt financing more An additional $12.5 billion in loans against its stock in Tesla, as well as pledging to bring in an additional $21 billion of its own money through equity financing. It’s unclear whether Musk, who runs Tesla and Space Exploration Technologies Corp., would consider selling some of his stake in one of his prized companies to acquire Twitter.

Prolific Tweeter

He currently has about $3 billion in cash or other somewhat liquid assets after spending $2.6 billion to buy his stake in Twitter, according to Bloomberg calculations. Several potential partners have approached Musk to participate in the equity financing, people familiar with the talks said.

In a whirlwind of news in just over two weeks, it’s been unclear whether Musk, 50, will follow up on his offer. Musk is a prolific tweeter – posting a mix of memes, questions and barbs – and is committed to turning Twitter into a bastion of free speech. But a previous claim that he secured financing to take Tesla private, an episode that prompted a U.S. Securities and Exchange Commission lawsuit, cast a shadow over his offer on Twitter.

]]>
MI secures funding for FAME https://islandcrisis.net/mi-secures-funding-for-fame/ Sat, 23 Apr 2022 00:26:33 +0000 https://islandcrisis.net/mi-secures-funding-for-fame/ The Manufacturing Institute, NAM’s nonprofit workforce development and education partner, was named the first recipient of the Stanley Black & Decker Grant for its “leadership and expansion” of the program. FAME (Federation for Advanced Manufacturing Education) founded by Toyota. The details: MI, which currently runs FAME, a workforce development and training program, is one of […]]]>

The Manufacturing Institute, NAM’s nonprofit workforce development and education partner, was named the first recipient of the Stanley Black & Decker Grant for its “leadership and expansion” of the program. FAME (Federation for Advanced Manufacturing Education) founded by Toyota.

The details: MI, which currently runs FAME, a workforce development and training program, is one of 86 organizations chosen to receive funds from Stanley Black & Decker’s first-ever Empower Makers Global Impact Challenge grant. .

  • This year’s grants will help train and retrain around 180,000 people in manufacturing through 2022.
  • The program will award up to $25 million over the next five years to nonprofits “supporting commercial workforce development initiatives in the construction and manufacturing sectors,” according to the IM.

Empower creators: “Stanley Black & Decker is extremely proud to support MI through its FAME programming as it strives to train and reskill the next generation of trade professionals,” said Diane Cantello, vice president of the social impact of Stanley Black & Decker.

  • “Currently in the United States there are approximately 650,000 open construction jobs and 10 million unfilled manufacturing jobs globally. Our goal is to support “Those who make the world”, and being able to fund educational programs and non-profit organizations that revitalize business careers is directly related to our core mission. Thanks to this year’s Makers grant winners, together we will take another step towards closing the job skills gap.

MI says: “Stanley Black & Decker’s commitment to FAME demonstrates how businesses can take the lead in answering the call to grow the workforce of today and tomorrow,” said MI President , Carolyn Lee.

  • “We are grateful for their partnership in this effort to provide students with pathways to exciting and rewarding careers in modern manufacturing.”

About FAME: Founded in 2010 by Toyota, FAME aims to help students become highly skilled and sought-after makers capable of meeting the unique needs and challenges of modern manufacturing.

To learn more about Stanley Black & Decker’s Empower Makers Global Impact Challenge, visit EmpowerMakers.com.

See more

]]>