Associated Industries Counters Sierra Club on Offshore Drilling
Sep 0, 2009
A near-shore drilling measure in Congress has U.S. Sen. Bill Nelson, the Sierra Club and Associated Industries of Florida debating the merits of such a move on the eastern Gulf of Mexico.
Nelson linked the plan for drilling off Florida's coast to national security. "The operative policy and law of the United States is to use much of the eastern Gulf of Mexico as the last remaining training range for our military pilots. Give that up to the oil boys and you sacrifice national security," according to his Web site statement. "Meanwhile, gas prices fluctuate wildly because speculators, who behave like condo-flippers, are allowed to buy and resell oil contracts. Until we stop that, we’ll continue to be gouged at the pump. Congress ought to be looking at that, and at a real alternative energy program - instead of trying to put oil rigs off the world-class tourist spots all along Florida’s coast," he added.
The Sierra Club delivered to Nelson a petition, which the group said has more than 3,000 signatures, in support of his efforts to fight offshore drilling. It also unveiled the report,
"This is the extreme environmental fringe speaking, the 7 percent who will not accept oil production under any circumstances," Bishop said. "The overwhelming majority of people in Florida support offshore production, and their support is growing. By refusing to even discuss a new, necessary and responsible energy policy, drilling opponents are hurting Florida, because we could wind up with zero revenue from the federal government."
Economist Hank Fishkind, principal of Fishkind & Associates, projects that and production could add from $7 billion to $41 billion a year to Florida’s economy, and create from 40,000 jobs to more than 230,000 new Florida jobs.
"We are talking about adding a new industry that could be as important as Florida agriculture. We would get that positive impact in addition to Florida tourism, not to replace tourism. There is a significant benefit to having both industries here, because oil production jobs would pay higher average wages than most service-oriented tourism jobs," Fishkind said.
source: eponline.com
read more...
A near-shore drilling measure in Congress has U.S. Sen. Bill Nelson, the Sierra Club and Associated Industries of Florida debating the merits of such a move on the eastern Gulf of Mexico.
Nelson linked the plan for drilling off Florida's coast to national security. "The operative policy and law of the United States is to use much of the eastern Gulf of Mexico as the last remaining training range for our military pilots. Give that up to the oil boys and you sacrifice national security," according to his Web site statement. "Meanwhile, gas prices fluctuate wildly because speculators, who behave like condo-flippers, are allowed to buy and resell oil contracts. Until we stop that, we’ll continue to be gouged at the pump. Congress ought to be looking at that, and at a real alternative energy program - instead of trying to put oil rigs off the world-class tourist spots all along Florida’s coast," he added.
The Sierra Club delivered to Nelson a petition, which the group said has more than 3,000 signatures, in support of his efforts to fight offshore drilling. It also unveiled the report,
"This is the extreme environmental fringe speaking, the 7 percent who will not accept oil production under any circumstances," Bishop said. "The overwhelming majority of people in Florida support offshore production, and their support is growing. By refusing to even discuss a new, necessary and responsible energy policy, drilling opponents are hurting Florida, because we could wind up with zero revenue from the federal government."
Economist Hank Fishkind, principal of Fishkind & Associates, projects that and production could add from $7 billion to $41 billion a year to Florida’s economy, and create from 40,000 jobs to more than 230,000 new Florida jobs.
"We are talking about adding a new industry that could be as important as Florida agriculture. We would get that positive impact in addition to Florida tourism, not to replace tourism. There is a significant benefit to having both industries here, because oil production jobs would pay higher average wages than most service-oriented tourism jobs," Fishkind said.
source: eponline.com
read more...
Offshore energy plans scrutinized
September 05, 2009
The waters around the Cape and Islands are awash with ideas for harnessing renewable energy. From a tidal project in Muskeget Channel east of Chappaquiddick Island to ocean-based wind turbines, it is difficult to escape hope-infused plans for a green, energy-filled future.
But over the next month, the action comes onshore during a series of public hearings and conferences on how to mold those dreams into reality. "There's no point in asking someone to evaluate someone else's fantasy," Kitt Johnson, chairman of the Edgartown Energy Advisory Committee, said this week.
In stark contrast to the traditionally slow pace of getting regulatory approval for projects — it can be like "watching grass grow," Johnson said — the Cape and Islands will see a flurry of activity in the offshore renewable energy arena this fall.
On Tuesday, the Ocean Advisory Commission, which includes several Cape and Islands politicians and planners, will meet in Boston to discuss the state's draft ocean management plan. Released in July, the draft plan lays out where ocean projects should and should not be located.
Public hearings follow on the Cape and Vineyard mid-month for anyone who wants to comment on the plan's contents.
On Sept. 17 in Hyannis, the second annual Ocean Energy for New England Conference, hosted by the Marine Renewable Energy Center at the University of Massachusetts in Dartmouth will be held for those interested in planning for projects and the policies that make them possible.
And an Oct. 15 conference in Fall River on renewable energy technology will include information on the type of underwater turbines being considered for the Muskeget Channel project.
The conferences and the state's decision to designate areas off the Cape and Islands for renewable energy development are helpful in getting the public involved, Johnson said.
A final version of the state's ocean management plan is scheduled to be released Jan. 1. An area southwest of the Elizabeth Islands and Nomans Land — a small island three miles off Martha's Vineyard — appears appropriate for up to 170 wind turbines, according to the draft plan.
And, in Muskeget Channel there is enough tidal flow in some areas to generate electricity, said John Miller, director of the Marine Renewable Energy Center.
The renewable energy center is working with Edgartown as the town collects more data on the Muskeget Channel area in exchange for the opportunity to install a permanent stand to test technologies, Miller said. The center, he said, hopes to expand the testing area 30 miles to the south. The National Offshore Renewable Energy Innovation Zone would give researchers a location to test tidal, wave and wind-energy generation technology.
"People need to become more familiar with the technology ... how underwater turbines operate and how they might look," said Mark Forest, chief of staff for U.S. Rep. William Delahunt, D-Mass., who has supported the Marine Renewable Energy Center and more planning for ocean waters.
While Delahunt is often painted as strictly an opponent of the proposed Nantucket Sound wind farm, he has long called for a "time-out" on all such projects until proper federal and state planning can take place, Forest said.
Although generally pleased with the state's draft ocean management plan, local officials are watching closely to ensure state officials consider islanders' concerns.
"The big thing in our minds right now is the definition of 'community benefit,'" said David McGlinchey, executive director of the non-profit Vineyard Energy Project.
The term, a requirement for commercial and small-scale wind turbine projects built in the waters off the coast, is not clearly defined in the draft plan, McGlinchey said.
Next door on Nantucket, officials, who have worked with Edgartown on the Muskeget Channel project, have a broader array of concerns.
The omission from the plan of Nantucket's planning agency raised early alarm bells, said Andrew Vorce, director of the Nantucket Planning and Economic Development Commission.
While assurances by state officials that the island commission will have a voice in local developments are welcome, the waters around Nantucket are largely excluded as the site of potential projects because of bird habitat, Vorce said.
"The mapping of sea duck habitat is a concern for us," he said.
source: www.capecodonline.com
read more...
The waters around the Cape and Islands are awash with ideas for harnessing renewable energy. From a tidal project in Muskeget Channel east of Chappaquiddick Island to ocean-based wind turbines, it is difficult to escape hope-infused plans for a green, energy-filled future.
But over the next month, the action comes onshore during a series of public hearings and conferences on how to mold those dreams into reality. "There's no point in asking someone to evaluate someone else's fantasy," Kitt Johnson, chairman of the Edgartown Energy Advisory Committee, said this week.
In stark contrast to the traditionally slow pace of getting regulatory approval for projects — it can be like "watching grass grow," Johnson said — the Cape and Islands will see a flurry of activity in the offshore renewable energy arena this fall.
On Tuesday, the Ocean Advisory Commission, which includes several Cape and Islands politicians and planners, will meet in Boston to discuss the state's draft ocean management plan. Released in July, the draft plan lays out where ocean projects should and should not be located.
Public hearings follow on the Cape and Vineyard mid-month for anyone who wants to comment on the plan's contents.
On Sept. 17 in Hyannis, the second annual Ocean Energy for New England Conference, hosted by the Marine Renewable Energy Center at the University of Massachusetts in Dartmouth will be held for those interested in planning for projects and the policies that make them possible.
And an Oct. 15 conference in Fall River on renewable energy technology will include information on the type of underwater turbines being considered for the Muskeget Channel project.
The conferences and the state's decision to designate areas off the Cape and Islands for renewable energy development are helpful in getting the public involved, Johnson said.
A final version of the state's ocean management plan is scheduled to be released Jan. 1. An area southwest of the Elizabeth Islands and Nomans Land — a small island three miles off Martha's Vineyard — appears appropriate for up to 170 wind turbines, according to the draft plan.
And, in Muskeget Channel there is enough tidal flow in some areas to generate electricity, said John Miller, director of the Marine Renewable Energy Center.
The renewable energy center is working with Edgartown as the town collects more data on the Muskeget Channel area in exchange for the opportunity to install a permanent stand to test technologies, Miller said. The center, he said, hopes to expand the testing area 30 miles to the south. The National Offshore Renewable Energy Innovation Zone would give researchers a location to test tidal, wave and wind-energy generation technology.
"People need to become more familiar with the technology ... how underwater turbines operate and how they might look," said Mark Forest, chief of staff for U.S. Rep. William Delahunt, D-Mass., who has supported the Marine Renewable Energy Center and more planning for ocean waters.
While Delahunt is often painted as strictly an opponent of the proposed Nantucket Sound wind farm, he has long called for a "time-out" on all such projects until proper federal and state planning can take place, Forest said.
Although generally pleased with the state's draft ocean management plan, local officials are watching closely to ensure state officials consider islanders' concerns.
"The big thing in our minds right now is the definition of 'community benefit,'" said David McGlinchey, executive director of the non-profit Vineyard Energy Project.
The term, a requirement for commercial and small-scale wind turbine projects built in the waters off the coast, is not clearly defined in the draft plan, McGlinchey said.
Next door on Nantucket, officials, who have worked with Edgartown on the Muskeget Channel project, have a broader array of concerns.
The omission from the plan of Nantucket's planning agency raised early alarm bells, said Andrew Vorce, director of the Nantucket Planning and Economic Development Commission.
While assurances by state officials that the island commission will have a voice in local developments are welcome, the waters around Nantucket are largely excluded as the site of potential projects because of bird habitat, Vorce said.
"The mapping of sea duck habitat is a concern for us," he said.
source: www.capecodonline.com
read more...
Malaysia's UBG buys stake in Thai offshore blocks
KUALA LUMPUR, Sept 2 (Reuters) - Malaysia's UBG (UBGB.KL) is buying from Abu Dhabi's Mubadala Development stakes in six offshore petroleum concessions in the Gulf of Thailand, said UBG on Wednesday.
UBG was paying $19.2 million for Pearl Thailand, which via its subsidiaries, owns participating interest in the concessions that contain potential new hydrocarbon basins in the Gulf of Thailand, UBG said in a statement.
UBG is buying Pearl Thailand from Pearl Energy, a wholly owned unit of Mubadala, which is the investment arm of the Abu Dhabi government, said the Malaysian firm
Pearl Energy has launched a drilling programme across the blocks which covers a total area of 83,200 square kilometers of under-explored acreage, said UBG.
The production period is for 20 years from the expiry of the exploration period, it said.
UBG is controlled by the family of the chief minister of eastern Sarawak state. The company has in recent years ventured into the construction and water utility sectors after disposing of its stake in Malaysian lender RHB (RHBC.KL) in 2007.
(Reporting by Soo Ai Peng; Editing by Niluksi Koswanage)
source: www.reuters.com
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UBG was paying $19.2 million for Pearl Thailand, which via its subsidiaries, owns participating interest in the concessions that contain potential new hydrocarbon basins in the Gulf of Thailand, UBG said in a statement.
UBG is buying Pearl Thailand from Pearl Energy, a wholly owned unit of Mubadala, which is the investment arm of the Abu Dhabi government, said the Malaysian firm
Pearl Energy has launched a drilling programme across the blocks which covers a total area of 83,200 square kilometers of under-explored acreage, said UBG.
The production period is for 20 years from the expiry of the exploration period, it said.
UBG is controlled by the family of the chief minister of eastern Sarawak state. The company has in recent years ventured into the construction and water utility sectors after disposing of its stake in Malaysian lender RHB (RHBC.KL) in 2007.
(Reporting by Soo Ai Peng; Editing by Niluksi Koswanage)
source: www.reuters.com
read more...
Tsakos Energy Navigation to Present At Jefferies Shipping and Offshore Services Conference
Fri Sep 4, 2009
ATHENS, Greece, Sept. 4, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation
Limited (TEN or the "Company") (NYSE:TNP) today announced that members of the
management team will be presenting at Jefferies Shipping and Offshore Services
Conference in New York City on September 9, 2009. TEN will present at the
conference on Wednesday, September 9th at 2:45 p.m. EDT.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 52 vessels of 5.6 million dwt. TEN's
operational fleet consists of 47 vessels all of double-hull design. TEN's
newbuilding program includes three DNA-aframax crude carriers and two suezmax
tankers totaling about 631,000 dwt.
TEN's balanced fleet profile is reflected in 27 crude tankers ranging from VLCCs
to aframaxes and 24 product carriers ranging from aframaxes to handysize;
complemented by one LNG.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those
predicted by such forward-looking statements. TEN undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise.
CONTACTS: Tsakos Energy Navigation, Ltd.
George Saroglou, COO
+30210 94 07 710
gsaroglou@tenn.gr
Cubitt, Jacobs & Prosek Communications
Investor Relations
Thomas J. Rozycki, Jr.
+212 279 3115 (x208)
trozycki@cjpcom.com
Capital Link, Inc.
Marketing Advisor
Nicholas Bornozis
+212 661 7566
nbornozis@capitallink.com
source: www.reuters.com
read more...
ATHENS, Greece, Sept. 4, 2009 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation
Limited (TEN or the "Company") (NYSE:TNP) today announced that members of the
management team will be presenting at Jefferies Shipping and Offshore Services
Conference in New York City on September 9, 2009. TEN will present at the
conference on Wednesday, September 9th at 2:45 p.m. EDT.
ABOUT TSAKOS ENERGY NAVIGATION
TEN's pro forma fleet consists of 52 vessels of 5.6 million dwt. TEN's
operational fleet consists of 47 vessels all of double-hull design. TEN's
newbuilding program includes three DNA-aframax crude carriers and two suezmax
tankers totaling about 631,000 dwt.
TEN's balanced fleet profile is reflected in 27 crude tankers ranging from VLCCs
to aframaxes and 24 product carriers ranging from aframaxes to handysize;
complemented by one LNG.
FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those
predicted by such forward-looking statements. TEN undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise.
CONTACTS: Tsakos Energy Navigation, Ltd.
George Saroglou, COO
+30210 94 07 710
gsaroglou@tenn.gr
Cubitt, Jacobs & Prosek Communications
Investor Relations
Thomas J. Rozycki, Jr.
+212 279 3115 (x208)
trozycki@cjpcom.com
Capital Link, Inc.
Marketing Advisor
Nicholas Bornozis
+212 661 7566
nbornozis@capitallink.com
source: www.reuters.com
read more...
Wells Fargo raises offshore IT/BPO sector
Mon Aug 24, 2009 5:46pm IST
Reuters - Wells Fargo Securities raised U.S. offshore Information Technology and business process outsourcing sector to "market weight" from "underweight," and said the market displays signs of bottoming, although an upturn is not yet visible.
The second-quarter results reflected signs of market stabilization, especially in the critical financial services and North American markets, analyst Jennifer Fritzsche wrote in a note to clients.
Prominent offshore IT services firms including Infosys Technologies Ltd, Wipro Ltd and Cognizant Technology Solutions have beaten quarterly profit estimates in their latest earnings.
The worst of price pressure is behind and there are improving opportunities in non-traditional markets such as India-to-India and into Japan, Fritzsche said.
"Balance sheets continued to strengthen with all the leaders having significant net cash positions... and provide "dry powder" for any M&A driven offering expansion," the analyst wrote.
source: in.reuters.com
read more...
Reuters - Wells Fargo Securities raised U.S. offshore Information Technology and business process outsourcing sector to "market weight" from "underweight," and said the market displays signs of bottoming, although an upturn is not yet visible.
The second-quarter results reflected signs of market stabilization, especially in the critical financial services and North American markets, analyst Jennifer Fritzsche wrote in a note to clients.
Prominent offshore IT services firms including Infosys Technologies Ltd, Wipro Ltd and Cognizant Technology Solutions have beaten quarterly profit estimates in their latest earnings.
The worst of price pressure is behind and there are improving opportunities in non-traditional markets such as India-to-India and into Japan, Fritzsche said.
"Balance sheets continued to strengthen with all the leaders having significant net cash positions... and provide "dry powder" for any M&A driven offering expansion," the analyst wrote.
source: in.reuters.com
read more...
Bermuda, US coast warned as Bill stays offshore
HAMILTON, Bermuda — The skies darkened ominously over Bermuda as Hurricane Bill approached Friday on a path to brush the
Atlantic island with high surf and gusty winds while spreading dangerous waves and riptides along the eastern U.S. shore.
The Category 2 storm's maximum sustained winds lost a little strength Friday to near 110 mph (175 kph), from 125 mph (200 kph) late Thursday. Forecasters said the hurricane's intensity could fluctuate in the next two days. Its center is expected to pass between Bermuda and the U.S. shore Saturday
Forecaster said Bill could raise sea levels by as much as three feet (90 centimeters) above ground level along Bermuda's coast, while bringing heavy rains.
The storm's approach apparently cut short a beachfront vacation by U.S. Secretary of State Hillary Rodham Clinton and her husband, former President Bill Clinton. State Department spokesman Ian Kelly told reporters that they left Bermuda Thursday night.
Large swells from the storm were also affecting Puerto Rico, Hispaniola, and the Bahamas.
Authorities said dangerous rip currents and waves posed the biggest threat in Bermuda.
"We can't stress enough we want people to stay off the south shore beaches. No kite-surfing, no sailboarding. People seem to get overzealous," said Nea Talbot, a government spokeswoman.
On the eastern U.S. coast, offshore waves of 20 feet (six meters) and more and rip currents at the beach are expected over one of the summer's last weekends. Forecasters warned boaters and swimmers from northeastern Florida to New England because of incoming swells as Bill passes far out to sea on a northward track for Canada's Maritime provinces.
North Carolina was expecting flooding and beach erosion on the Outer Banks this weekend. The National Weather Service said Bill could cause water levels to rise three to four feet (0.9 to 1.2 meters) above normal and the ocean could spill over roads there.
Emergency managers in New England warned boaters, swimmers and surfers to take added precautions this weekend, when waves are expected to swell to 35 feet (11 meters) off the coast.
The National Weather Service said seas will get increasingly dangerous on Saturday into Sunday. Waves of up to 20 feet are possible south of Martha's Vineyard and Block Island and east of Cape Cod, and up to 35 feet (11 meters) on portions of the prime fishing area of Georges Bank, the weather service said.
President Obama and his family plan to travel to Martha's Vineyard on Sunday for vacation.
Mariners from Rhode Island up to Maine were told to stay close to port because of the high seas and what could be tropical storm-force winds. Steve Kass of the Rhode Island Emergency Management Agency said anybody offshore south of New England will face "absolutely dangerous conditions."
"If you own a boat and you like to go out any distance, this is not the weekend to do it," he said.
Bermuda's storm warning means winds of 40 mph (64 kph) or more were expected to arrive within a day, and the island remained under a hurricane watch that indicated even stronger winds were possible within 36 hours.
The Clintons arrived in Bermuda on Wednesday for a 3- or 4-day getaway. Local newspapers said they stayed at a luxury beachfront hotel, though their representatives refused to comment on their visit. Photographers spotted the former president golfing on Thursday.
The center's five-day track showed Bill staying well out to sea off the U.S. coast and inching closer to land off Canada's Maritime provinces before veering back out into the North Atlantic.
At 2 p.m. EDT (1800 GMT) Friday, the storm was centered about 290 miles (465 kilometers) south-southwest of Bermuda, or about 695 miles (1115 kilometers) southeast of Cape Hatteras, N.C., and was moving northwest around 18 mph (30 kph).
Bill is the first Atlantic hurricane this year after a quiet start to the season that runs from June through November. The Miami center lowered its Atlantic hurricane outlook on Aug. 6 after no named tropical storms developed in the first two months.
The revised prediction was for three to six hurricanes, with one or two becoming major storms with winds over 110 mph. Researchers at Colorado State University have also lowered their Atlantic season forecast to four hurricanes, two of them major.
Copyright © 2009 The Associated Press. All rights reserved.
read more...
Atlantic island with high surf and gusty winds while spreading dangerous waves and riptides along the eastern U.S. shore.The Category 2 storm's maximum sustained winds lost a little strength Friday to near 110 mph (175 kph), from 125 mph (200 kph) late Thursday. Forecasters said the hurricane's intensity could fluctuate in the next two days. Its center is expected to pass between Bermuda and the U.S. shore Saturday
Forecaster said Bill could raise sea levels by as much as three feet (90 centimeters) above ground level along Bermuda's coast, while bringing heavy rains.
The storm's approach apparently cut short a beachfront vacation by U.S. Secretary of State Hillary Rodham Clinton and her husband, former President Bill Clinton. State Department spokesman Ian Kelly told reporters that they left Bermuda Thursday night.
Large swells from the storm were also affecting Puerto Rico, Hispaniola, and the Bahamas.
Authorities said dangerous rip currents and waves posed the biggest threat in Bermuda.
"We can't stress enough we want people to stay off the south shore beaches. No kite-surfing, no sailboarding. People seem to get overzealous," said Nea Talbot, a government spokeswoman.
On the eastern U.S. coast, offshore waves of 20 feet (six meters) and more and rip currents at the beach are expected over one of the summer's last weekends. Forecasters warned boaters and swimmers from northeastern Florida to New England because of incoming swells as Bill passes far out to sea on a northward track for Canada's Maritime provinces.
North Carolina was expecting flooding and beach erosion on the Outer Banks this weekend. The National Weather Service said Bill could cause water levels to rise three to four feet (0.9 to 1.2 meters) above normal and the ocean could spill over roads there.
Emergency managers in New England warned boaters, swimmers and surfers to take added precautions this weekend, when waves are expected to swell to 35 feet (11 meters) off the coast.
The National Weather Service said seas will get increasingly dangerous on Saturday into Sunday. Waves of up to 20 feet are possible south of Martha's Vineyard and Block Island and east of Cape Cod, and up to 35 feet (11 meters) on portions of the prime fishing area of Georges Bank, the weather service said.
President Obama and his family plan to travel to Martha's Vineyard on Sunday for vacation.
Mariners from Rhode Island up to Maine were told to stay close to port because of the high seas and what could be tropical storm-force winds. Steve Kass of the Rhode Island Emergency Management Agency said anybody offshore south of New England will face "absolutely dangerous conditions."
"If you own a boat and you like to go out any distance, this is not the weekend to do it," he said.
Bermuda's storm warning means winds of 40 mph (64 kph) or more were expected to arrive within a day, and the island remained under a hurricane watch that indicated even stronger winds were possible within 36 hours.
The Clintons arrived in Bermuda on Wednesday for a 3- or 4-day getaway. Local newspapers said they stayed at a luxury beachfront hotel, though their representatives refused to comment on their visit. Photographers spotted the former president golfing on Thursday.
The center's five-day track showed Bill staying well out to sea off the U.S. coast and inching closer to land off Canada's Maritime provinces before veering back out into the North Atlantic.
At 2 p.m. EDT (1800 GMT) Friday, the storm was centered about 290 miles (465 kilometers) south-southwest of Bermuda, or about 695 miles (1115 kilometers) southeast of Cape Hatteras, N.C., and was moving northwest around 18 mph (30 kph).
Bill is the first Atlantic hurricane this year after a quiet start to the season that runs from June through November. The Miami center lowered its Atlantic hurricane outlook on Aug. 6 after no named tropical storms developed in the first two months.
The revised prediction was for three to six hurricanes, with one or two becoming major storms with winds over 110 mph. Researchers at Colorado State University have also lowered their Atlantic season forecast to four hurricanes, two of them major.
Copyright © 2009 The Associated Press. All rights reserved.
read more...
Building societies told to reveal offshore accounts
24 August, 2009
UK building societies, including the Nationwide, and former mutuals have become the latest HMRC targets in a crackdown on offshore accounts, according to newspaper reports.
The Nationwide says it is responding to demands from HMRC to hand over information on UK customers with offshore accounts, reports The Times.
Advertisement
The news comes a week after HMRC secured an order demanding more than 308 institutions with business in the UK to surrender details of all offshore account holders.
It is believed tens of thousands of Brits and expats have offshore accounts, many of whom use former mutuals, including Alliance & Leicester and Bradford & Bingley International.
However, Nationwide says it may not be able to comply with the order to disclose details of UK customers with offshore accounts.
The building society says it has been in "active discussion" with HMRC.
"However, we do not believe our records enable us to identify those customers who live in the UK and have an offshore account," the firm says.
"We have already informed HMRC of this, but inquiries are ongoing," it adds.
HMRC is considering applying for powers allowing it to take half of an individual's offshore wealth as punishment for evading tax, as is the case in America.
Currently, the revenue can only use levy penalties for up to 100% of the tax owed.
Dave Harnett, HMRC's permanent secretary for tax, says: "It could help [to mount a prosecution] to change the rules so that those with hidden offshore accounts face much larger penalties."
HMRC is also likely to target individuals who use offshore accounts to manage overseas properties, as it has warned rental income will be scrutinised.
source: www.ifaonline.co.uk
read more...
UK building societies, including the Nationwide, and former mutuals have become the latest HMRC targets in a crackdown on offshore accounts, according to newspaper reports.
The Nationwide says it is responding to demands from HMRC to hand over information on UK customers with offshore accounts, reports The Times.
Advertisement
The news comes a week after HMRC secured an order demanding more than 308 institutions with business in the UK to surrender details of all offshore account holders.
It is believed tens of thousands of Brits and expats have offshore accounts, many of whom use former mutuals, including Alliance & Leicester and Bradford & Bingley International.
However, Nationwide says it may not be able to comply with the order to disclose details of UK customers with offshore accounts.
The building society says it has been in "active discussion" with HMRC.
"However, we do not believe our records enable us to identify those customers who live in the UK and have an offshore account," the firm says.
"We have already informed HMRC of this, but inquiries are ongoing," it adds.
HMRC is considering applying for powers allowing it to take half of an individual's offshore wealth as punishment for evading tax, as is the case in America.
Currently, the revenue can only use levy penalties for up to 100% of the tax owed.
Dave Harnett, HMRC's permanent secretary for tax, says: "It could help [to mount a prosecution] to change the rules so that those with hidden offshore accounts face much larger penalties."
HMRC is also likely to target individuals who use offshore accounts to manage overseas properties, as it has warned rental income will be scrutinised.
source: www.ifaonline.co.uk
read more...
Offshore Savings Bonds Advantages
The wonderful world of offshore provides even those who are expatriate residents onshore in Europe, and therefore potentially affected by the EU savings tax directive and associated exchanges of information agreements, with a way to effectively and securely manage all of their savings and investments under one umbrella.
The umbrella in question is called an offshore savings bond, also known as an offshore portfolio bond or even a wrapper. If you’ve never heard about this product then this report will outline its many advantages in details. Or if your financial adviser has recommended you have one as part of your balanced portfolio, it will give you more insight into perhaps why one has been recommended to you.
The advantages of offshore savings bonds are many…read on to learn more, because whether you’re actively considering incorporating one into your financial plan or not, after reading this report, you may well discover how much you could benefit from such a solution.
Offshore savings or portfolio bonds are structures under which a plethora of assets, accounts, funds and even shares can be held. The structure itself consists of an insurance contract and a bank account which when coupled together creates a holding vehicle for you through which you can invest and manage your investments.
Such a structure falls outside the remit of the EU savings tax directive.
You can invest through an offshore savings bond into the likes of offshore funds, cash deposits, direct holdings, bond-based funds – and you can use the confidential and secure structure to limit your tax exposure and liability. The other main and real advantage is that such a bond or wrapper allows you to minimise the administration of all your investments to the absolute minimum. You can swap and change how and where your money is invested with a simple and easy faxed instruction. This means that you no longer have to engage in the time consuming headache of proving who you are for company due diligence every time you want to restructure how your assets are held and invested.
Something as seemingly straightforward as taking advantage of one banks preferential interest rates on an account over anothers can be an administrative headache nowadays as you have to go through the one bank’s due diligence process before you can transfer your money in – potentially resulting in you losing out on a least a month’s worth of the preferential rate. But with an offshore savings bond, no such hassle is incurred. You simply fax your instructions through – and hey presto, your money will be transferred according to your wishes!
The transparency for you, the ease of asset and account management, the security, privacy and confidentiality of the structure all combine together to make these products invaluable for expatriates who have in the region of £50,000 or more under management, invested or saved. The structures are also very cost effective to maintain once they are established, and you can easily offset the cost with the tax you save through structuring all of your investments under this one, tax efficient and legitimate umbrella.
If you want to find out more information about these products and solutions, learn how you can also benefit from discounts on fund charges, and even have initial charges reduced to zero in certain circumstances, get in touch with us.
source: www.shelteroffshore.com
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The umbrella in question is called an offshore savings bond, also known as an offshore portfolio bond or even a wrapper. If you’ve never heard about this product then this report will outline its many advantages in details. Or if your financial adviser has recommended you have one as part of your balanced portfolio, it will give you more insight into perhaps why one has been recommended to you.
The advantages of offshore savings bonds are many…read on to learn more, because whether you’re actively considering incorporating one into your financial plan or not, after reading this report, you may well discover how much you could benefit from such a solution.
Offshore savings or portfolio bonds are structures under which a plethora of assets, accounts, funds and even shares can be held. The structure itself consists of an insurance contract and a bank account which when coupled together creates a holding vehicle for you through which you can invest and manage your investments.
Such a structure falls outside the remit of the EU savings tax directive.
You can invest through an offshore savings bond into the likes of offshore funds, cash deposits, direct holdings, bond-based funds – and you can use the confidential and secure structure to limit your tax exposure and liability. The other main and real advantage is that such a bond or wrapper allows you to minimise the administration of all your investments to the absolute minimum. You can swap and change how and where your money is invested with a simple and easy faxed instruction. This means that you no longer have to engage in the time consuming headache of proving who you are for company due diligence every time you want to restructure how your assets are held and invested.
Something as seemingly straightforward as taking advantage of one banks preferential interest rates on an account over anothers can be an administrative headache nowadays as you have to go through the one bank’s due diligence process before you can transfer your money in – potentially resulting in you losing out on a least a month’s worth of the preferential rate. But with an offshore savings bond, no such hassle is incurred. You simply fax your instructions through – and hey presto, your money will be transferred according to your wishes!
The transparency for you, the ease of asset and account management, the security, privacy and confidentiality of the structure all combine together to make these products invaluable for expatriates who have in the region of £50,000 or more under management, invested or saved. The structures are also very cost effective to maintain once they are established, and you can easily offset the cost with the tax you save through structuring all of your investments under this one, tax efficient and legitimate umbrella.
If you want to find out more information about these products and solutions, learn how you can also benefit from discounts on fund charges, and even have initial charges reduced to zero in certain circumstances, get in touch with us.
source: www.shelteroffshore.com
read more...
Investing Japan, as Japan invests offshore
Even in the best of times, Japan has never been a cakewalk for foreign investors. But in the wake of the global credit crisis, the world’s second-largest economy can be downright baffling.
The recession has wiped out overseas demand for electronics and automobiles and sent a rush of mid-sized firms into bankruptcy.
Activist investors are increasingly on the retreat, citing corporate governance that some say is among the worst in the developed world. But even amid such a dour backdrop, there are still plenty of bright spots.
Most major Japanese companies have avoided massive losses on toxic assets. Faced with a shrinking market at home, those cash-rich firms are increasingly looking to move abroad. Outbound acquisitions hit a record of about $70 billion last year, and Tokyo firms are making aggressive moves into fast-growing Asia markets.
Bolstered by overseas investments, leading financial firms such as Mitsubishi UFJ and Sumitomo Mitsui are looking to become global players.
For the next two day, the Reuters Japan Investment Summit will focus on these and other issues facing one of the world’s most puzzling markets.
Through interviews with some of Japan’s most important influential executives, the Summit generate exclusive stories and investable insights.
read more...
Is Massachusetts set to block offshore wind development?
The state of Massachusetts could be poised to block current proposals for a major offshore wind farm in its waters after the state government released a new development plan designed to strictly define what can be built in its oceans
A senior official said the new rules would prohibit a proposed offshore wind farm in its current form.
Mandated by the State's Oceans Act of 2008, the plan would require developers of ocean-based projects to avoid areas that are considered ecologically important. The Act required a plan to be put in place by the end of this year.
The draft plan would introduce new environmental considerations for those wishing to construct projects in the 75 per cent of state waters that are under general management. Projects would have to get the approval of local coastal towns, and of the relevant regional planning agency, before they could go ahead.
The introduction of the plan is likely to require a revamp of existing proposals for wind farms in the Buzzard's Bay area off the Massachusetts coast, according to an interview given by state energy and environmental affairs secretary Ian Bowles.
"The big wind farm for Buzzard's Bay will not be able to go forward as it was proposed," he warned, adding that liquid natural gas projects built off the coast would also have to be careful about where they constructed pipelines. " We've got about 12 different categories of special, sensitive, unique resources and those vary area to area and depend on where that species or resource might appear."
The move comes at a crucial time for offshore wind power in the US. The Obama has signalled its support for the development of offshore wind resources and last month the Department of the Interior issued five leases for offshore wind project exploration in New Jersey and Delaware, opening the door for offshore wind farms on the eastern seaboard.
source: www.guardian.co.uk
read more...
A senior official said the new rules would prohibit a proposed offshore wind farm in its current form.
Mandated by the State's Oceans Act of 2008, the plan would require developers of ocean-based projects to avoid areas that are considered ecologically important. The Act required a plan to be put in place by the end of this year.
The draft plan would introduce new environmental considerations for those wishing to construct projects in the 75 per cent of state waters that are under general management. Projects would have to get the approval of local coastal towns, and of the relevant regional planning agency, before they could go ahead.
The introduction of the plan is likely to require a revamp of existing proposals for wind farms in the Buzzard's Bay area off the Massachusetts coast, according to an interview given by state energy and environmental affairs secretary Ian Bowles.
"The big wind farm for Buzzard's Bay will not be able to go forward as it was proposed," he warned, adding that liquid natural gas projects built off the coast would also have to be careful about where they constructed pipelines. " We've got about 12 different categories of special, sensitive, unique resources and those vary area to area and depend on where that species or resource might appear."
The move comes at a crucial time for offshore wind power in the US. The Obama has signalled its support for the development of offshore wind resources and last month the Department of the Interior issued five leases for offshore wind project exploration in New Jersey and Delaware, opening the door for offshore wind farms on the eastern seaboard.
source: www.guardian.co.uk
read more...
