Guyana President Hails Bahamas As Example To The Caribbean – Bahamas Tribune

By RICARDO WELLS

Tribune Staff Reporter

rwells@tribunemedia.net

STABILITY in the countrys economic, education and environmental sectors were hailed as successful examples for Caribbean states by President of the Co-operative Republic of Guyana David Granger this weekend during an exit interview with local press.

In an address moments before he boarded his return flight Saturday, concluding a three-day state visit to The Bahamas, the retired Brigadier General commended the Christie administration for sustaining one of the regions premier countries in the wake of one of the worlds most severe economic downturns.

General Granger, in the presence of Prime Minister Perry Christie at the Lynden Pindling International Airports VIP Lounge Saturday, said he viewed the three sectors as important lessons that could be adopted and adapted by every other country in the region, adding that his economic visit to The Bahamas would be viewed as a success in his country despite not returning with any written agreements.

General Granger, who throughout his time in The Bahamas pointed out that the Caribbean stood as a fragmented region that could advance through cooperation, said his belief was emboldened by what he witnessed specifically in Grand Bahama.

He said that the sincere and successful effort to by the government to deal with the economic issues plaguing the communities there showed him that patience, passion and forward-thinking were factors that could aid in his countrys efforts.

General Granger accompanied Mr Christie on a trip to Freeport, Grand Bahama, last Friday.

Of the trip, he said: We liked what we saw. It may just be container terminals, it may be just shipyards; but we saw at the second level, and I like to mention this, the work that is being done in education and for the youth. Because just going to the Hugh Campbell Primary School, you could feel the energy from those young people and I would like to come back 20 years from now.

The Bahamas has set an example to the rest of the Caribbean as to how we can transform smallness and poverty into economic power, he stated.

General Granger said his country would adopt the premise, smallness doesnt necessarily mean weakness, from The Bahamas moving forward.

There is no doubt, the government of The Bahamas has shown the way for small states and is a lesson and example for other states to learn. I have also emphasised that in some areas, particularly in the areas of our economical development, our tourism, we could learn from the tremendous years of experience and the wealth of expertise that we saw in The Bahamas, to develop our tourist product.

He added: I would like to feel that in more business like visits, my ministers would be coming back to work one on one with the responsible minister on the Bahamian side to ensure that these lessons are not just filed away, but that they become the pillars of partnership between what they call, the northern most English speaking Caribbean state and the southern most English speaking Caribbean state. So you have not seen the last of us.

Last weeks visit marked General Grangers first official visit to The Bahamas.

His country, like many other nations in South America, is battling through a massive economic decline.

In addition to that ordeal, the country is reported to be locked into a territorial dispute with neighbouring Venezuela, something that has seen battle ready warships move into Guyanese waters over the course of the last two years.

According to General Granger, his journey to The Bahamas was geared around finding feasible logistical concepts that could be implemented by his country to ease the grip of the continents economic woes.

Grateful

In response to his praise of the Bahamas on Saturday, Mr Christie said the objective praise was something his administration was intrigued to hear, adding that the Bahamian populace could now see and hear from countries in similar conditions and compare and contrast the rate at which The Bahamas is performing.

Mr Christie, noting how grateful he was for the presidents comments, said his administration has from a fiscal point of view done all it could given the demands of our country.

Cautioning the public over the oppositions doom and gloom talk, Mr Christie added: Unlike any other country in the region, and I argue even in the hemisphere, we have an island nation that requires duplication resources - schools, hospitals, clinics, roads, water and it is a work in progress, it costs a lot of money.

Advancing his argument, Mr Christie contended that his government has to manage and promote a total of 28 airports, several of which have to operate international flights.

He said his administration has gauged estimates on how much it would take to move these facilities to international standards - $150m, he noted.

Mr Christie added: You dont earn that, you have to go out and borrow it it adds to the national debt.

The point was supported by General Granger who noted that his country, which is larger than The Bahamas, has only two airports to manage.

Mr Christie noted that most countries in the region are grappling with similar problems and a united effort, in time, could alleviate the pressures faced by all in the region.

To thank The Bahamas for hosting him and members of his delegation, General Granger presented Mr Christie with a painting of a jaguar; the animal is considered noble in Guyana.

Additionally, General Granger pledged to ship several of his nations national tree crops to the Bahamas as a part of Guyanas National Tree Day celebration later this year.

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Guyana President Hails Bahamas As Example To The Caribbean - Bahamas Tribune

Bahamas govt denies US and Amnesty human rights reports – NYCaribNews

NASSAU, Bahamas (CMC) The Bahamas government has taken issue with the reports of the United States and Amnesty International on human rights issues in the Caribbean Community (CARICOM) country.

The Perry Christie government in separate statements said that it is preparing an official response and intends to issue a formal protest on the matter.

The government said that prior to the release of the US State Departments 2016 report on human rights in The Bahamas, the government spoke with representatives of the United States government prior to the release of the report on human rights in the Bahamas.

During those conversations, it was made clear to the US that the proposed report contained significant inaccurate information with no basis in fact and in some cases incomplete information.

Now that the US report has been publically released, the Ministry of Foreign Affairs & Immigration is preparing an official response from The Bahamas Government and intends to issue a formal protest in this regard.

In the report, Washington noted that on July 8, last year, a foreign citizen reported he had been beaten by two or more corrections officers at the Bahamas Department of Corrections (BDOC).

He said that following an altercation with an inmate, prison guards placed him in handcuffs, bent him over a cart, beat him with a PVC plumbing pipe wrapped in duct tape, and then took him back to his cell without providing any medical attention.

The report also indicated that a migrant held in the immigration detention centre in Freeport faced alleged unprompted, regular beatings from the guards, as well as inappropriate sexual behaviour toward female detainees.

Prison and detention centre conditions failed to meet international standards in some areas, and conditions at the governments only prison remained harsh due to overcrowding.

Overcrowding, poor sanitation, and inadequate access to medical care remained problems in the mens maximum-security block. In October 2015 the commissioner of corrections reported the maximum-security block of the prison held 625 inmates in spaces designed to hold approximately 375 inmates when constructed in 1953. The minister of national security reported that the BDOC, which was originally built to hold 1,000 prisoners, held 1,727 inmates as of October 2016.

The report noted that inmates reported receiving only two meals per day, and often only one, with a meal sometimes consisting only of bread and tea.

Fresh fruit and vegetables were rare to non-existent. Prisoners also reported infrequent access to drinking water and inability to save potable water due to lack of storage containers for the prisoners. A few cells also lacked running water, and in those cells, inmates removed human waste by bucket.

The report also noted that prison guards complained about the lack of a full-time dentist and a failure to appoint a staff psychiatrist.

There were four inmate deaths through October 2015, reportedly due to HIV infection, natural causes, an apparent suicide, and injuries resulting from fighting. Reports from the coroners court were pending on the latter two deaths.

The government did not provide updated statistics in 2016. In August 2016, upon the conclusion of a Royal Bahamas Defence Force (RBDF) hearing that was closed to the public, the Bahamian government cleared five RBDF marines accused of beating five Cuban detainees at the CRDC in 2013, Washington reported.

It also noted that numerous Haitian migrants reported being detained by immigration officials and solicited for bribes of B$1,000 to B$3,000 (One Bahamas dollar =US$1.00), with the CRDC front office functioning as a clearinghouse.

Many claimed that immigration officers targeted their dwellings once their undocumented status was discovered demanding multiple bribes. Haitian migrants and civil society organizations complained of frequent warrantless searches of Haitian homes without probable cause.

Regarding the 2016-17 Amnesty International report, the London-based human rights group criticised Nassau for its discriminatory posture towards lesbian, gay, bisexual transgender and intersex (LGBTI) people and for the countrys constitutional referendum on gender equality.

The Ministry of Foreign Affairs said the government takes no acts to discriminate against people based on their orientation, race, colour, creed, gender or religion.

The Bahamas Government shows that it is an equal opportunity protector of all citizens and residents of this country. In addition, the Government takes all appropriate steps to ensure that its citizens of whatever description are safe.

It is unfortunate, even in countries which are strong democracies with good human rights records, when there are public views espoused that are discriminatory. Nevertheless, The Bahamas Government is firmly committed to the protection of all its citizens.

On the question of right to privacy of citizens, the Bahamas government said it wanted to reiterate without qualification there is no threat to privacy in the Bahamas.

The reports of any such threat are entirely misplaced, it added.

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Bahamas govt denies US and Amnesty human rights reports - NYCaribNews

UPDATE: The Islands Of The Bahamas Welcome Fyre Festival to The Exumas – Yahoo Finance

NASSAU, Bahamas, March 6, 2017 (GLOBE NEWSWIRE) -- The Bahamas is excited to host Fyre Festival 2017, slated to take place on April 28-30 and May 5-7 of this year. Set in the surrounding natural beauty of The Exuma Islands, Fyre Festival will deliver a one-of-a-kind immersive experience in music, culture, art, culinary delights and luxury for an unprecedented event over two weekends.

The musical performances, which will be staged in The Exumas, will feature popular artists such as the G.O.O.D. Music Family, Major Lazer and Disclosure (DJ set). Fyre Festival organizers recently announced that Blink 182, Migos, Lil Yachty, Matoma, Claptone, and Le Youth will also be performing. Additionally, Fyre Festival has partnered with ZERO to bring artists Lee Burridge, Rampue, Bedouin, Nicone, Daniel Cowel, Jan Blomqvist, Lovecraft, Bo, and Stephanie Roxanne to Fyre's "Pirate's Cove" stage. Thug******, Blond:ISH, Tensnake, and Beto Abrahao will also perform. This enclave for electronic music will host a sunset to sunrise curated set and an array of top electronic / deep house talent. Additional headliners and the full music lineup will be announced soon.

The local Exuma community looks forward with delight to serving as host to Fyre Festival 2017. Local authorities have been working hard over the past months to prepare for the inaugural kick off on April 28. No efforts have been spared to ensure a wonderful experience for each of the thousands of guests coming for Fyre Festival 2017.

"We are very excited that The Exumas have been selected as the home of Fyre Festival. This music festival will bring to The Bahamas one of the largest events ever hosted in our destination, and we are delighted to welcome all attendees to our island. We're working closely with the Fyre Festival Team to ensure that visitors have an unforgettable trip to the Exumas. The Exuma Islands and surrounding seas are one of the most beautiful and pristine destinations in the world. We're looking forward to sharing the beauty of our island with guests of Fyre Festival, just eight weeks away" - The Hon. Obediah H. Wilchombe, M.P., West Grand Bahama and Bimini; Minister of Tourism.

For more information on Fyre Festival, please visit their website, http://www.fyrefestival.com and contact the organizers, concierge@fyreapp.com.

About The Bahamas The Islands Of The Bahamas have a place in the sun for everyone. Each island has its own personality and attractions for a variety of vacation styles with some of the world's best golfing, scuba diving, fishing, sailing, boating, as well as, shopping and dining. The destination offers an easily accessible tropical getaway and provides convenience for travelers with preclearance through U.S. customs and immigration, and the Bahamian dollar is on par with the U.S. dollar. Do everything or do nothing, just remember It's Better in The Bahamas. For travel packages, activities and accommodations information, call 1-800-Bahamas or visit http://www.Bahamas.com. Look for The Bahamas on the web on Facebook Twitter and YouTube

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=42245

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UPDATE: The Islands Of The Bahamas Welcome Fyre Festival to The Exumas - Yahoo Finance

Embassy Issues Warning to Bahamas Visitors – Cruise Radio (blog)

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Each year, thousands of spring breakers head to the Bahamas on vacation, many of them via cruise ships. Hoping to help them avoid danger and even time behind bars, the Bahamian Embassy issued an advisory, saying that by following their tips and [exercising] caution and good judgment, travelers would make their own stays both safer and more pleasant.

Avoid Jet Ski Operators

If renting a jet ski while in the Bahamas is on your must-do list, proceed with caution. Jet ski operators, the advisory warns, continue to commit sexual assaults and other crimes against tourists, including U.S. citizens. U.S. Embassy personnel are instructed not to use jet ski rentals on New Providence and Paradise Beaches, including Cabbage Beach and Cable Beach. We strongly recommend you also avoid patronizing jet ski rental operations.

Noting that every year, U.S. citizens are killed or very seriously injured in scooter accidents, the Embassys advisory suggests renters inspect the equipment carefully and avoid old or rundown machines. It goes on to suggest tourists do something that few likely do, which is ask to see a copy of the operators business license and inquire about their medical and liability insurance coverage. Given how many folks might be new to riding scooters, they also suggest you ask for training before using the equipment, and offer a reminder that traffic in the Bahamas travels on the left side of the road and can be difficult to navigate. They also say that unlicensed scooter operators and rental services have been linked to assaults, including sexual assaults. Crime & Punishment While some tourists seem to think that people in the Bahamas simply walk around openly toking all day, the Embassy reminds that the possession or use of illegal drugs, including marijuana, cocaine and ecstasy, is a criminal offense that can result in jail time. And dont think youll get off easy as a minor, as all persons 16 years of age or older are tried as adults in the Bahamas! Its also worth remembering that entrapment is a frequently used law enforcement technique in the Bahamas and individuals offering drugs for sale may very well be undercover police officers.Finally, the Embassy points out that despite what you may have seen on television, they probably wont be a whole lot of help should you wind up in hot water. Your U.S. citizenship will not help you and will not exempt you from full prosecution under the Bahamas criminal justice system, they warn. U.S. Embassy officials can visit you in jail, provide information about the Bahamas legal system, and give you a list of local attorneys or doctors. [But] we cannot arrange for reduction of charges, your release from jail or payment of medical, hospital or other bills. They do, however, say they should definitely be contacted if you are a victim of crime or your passport has been lost or stolen.

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Embassy Issues Warning to Bahamas Visitors - Cruise Radio (blog)

Carnival Splendor Is Sailing on Revised Itinerary to the Bahamas … – Travel Agent

Carnival Splendor docked at Miami as planned on Sunday morning, disembarking those passengers who sailed on last week's less-port-intensive cruise.

Due to propulsion issues, the line had beenforced to cancel port calls at St. Thomas and Amber Cove.

Guests on thatvoyage endingSunday received a 50 percent refund and a 50 percent credit toward a future cruise, as well as a $100 per person shipboard credit.

Over the weekend, though, the line confirmed that Carnival Splendoris still experiencing thattechnical issue that's affecting the vessels maximum cruising speed. "The ships technical team is currently working on assessing the repairs," the statement said.

So, the seven-day cruisethat departed on Sunday has a sizably modified itinerary. With its engine issues, the ship simply can't go as fast as planned.

The new, modified itinerary will include an overnight stay in Nassau and a full day in Freeport, both in the Bahamas.

That's a big change, as the ship won't even get to the Caribbean.Originally, this cruise's itinerary included port calls inGrand Cayman; Belize City; Mahogany Bay in Roatan, Honduras andCozumel, Mexico.

In addition to being closer to south Florida, the Bahamas is also home to Grand Bahama shipyard, where Carnival Splendorreceived a drydock update last year. Those shipyard resources could prove helpful to Carnival as it works to fix the propulsion issue.

Guests who opted to sail on this revised itinerary are now receiving a 50 percent refund of their cruise fare and a 50 percent future cruise credit, as well as a $100 per person credit posted to their shipboard accounts.

Carnival also said it had allowed guests on thiscruise the option of canceling and receiving a full refund.

"Wesincerely apologize for this disruption to our guests vacation plans," Carnival said in its statement.

Visit goccl.com

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Carnival Splendor Is Sailing on Revised Itinerary to the Bahamas ... - Travel Agent

For Sale: $8.75M beachfront property in the Bahamas – National Post


National Post
For Sale: $8.75M beachfront property in the Bahamas
National Post
Craving some winter sun? For a mere $8.75 million, the Abaco Club on Winding Bay in the Bahamas could be the solution. House of the day. Homes and cottages we'd love to have whether we can afford them or not. Key details: 5,834 sq. ft. 6 ...

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For Sale: $8.75M beachfront property in the Bahamas - National Post

After Brief Alliance, Opposition Parties in Bahamas Split … – Caribbean360.com (subscription)

Branville McCartney has resigned from the position of Leader of Opposition Business in the Senate, a few months after the Opposition Leader from a rival party chose him for his position. (Photo credit: The Tribune)

NASSAU, The Bahamas, Monday March 6, 2017 Less than three months after Opposition Leader Loretta Butler-Turner tied the political knot with Democratic National Alliance (DNA) leader Branville McCartney, that marriage has ended in a bitter divorce.

In an unexpected move, McCartney, who was appointed as Leader of Opposition Business in the Senate, announced his immediate resignation from the post, declaring that his team was disassociating itself from the farce that has become the official opposition.

He was appointed mid-December 2016, after Butler-Turner created history first by replacing Hubert Minnis as head of the Free National Movement (FNM) and becoming the first female Opposition Leader, and then again by choosing the head of another party to fill the post of Leader of Opposition Business in the Senate.

At a news conference last week, McCartney charged that Butler-Turner had only sown seeds of confusion and had brought no real leadership or ideas to the post.

As leader of the DNA, in consultation with the executives of the party, I feel that we must now divest ourselves of the farce that has become the official opposition and fully direct our efforts to securing victory in the next general election, he said.

He told journalists he accepted the proposal to work with the Butler-Turner in Senate with the understanding that the DNA was separate and apart from any other opposition force, but would lend its voice, ideas and strength in official opposition to the failed [Perry] Christie administration.

FLASHBACK: Loretta Butler-Turner and Branville McCartney shake hands after the latters appointment as Leader of Opposition Business in the Senate was announced to the media.

McCartney suggested it was an error and lamented that there was currently no opposition party or personality in the House of Assembly that exemplifies the traits of leadership.

It was now obvious that Bahamian people will be better served by a DNA not complicit in the dysfunction that hobbles in Parliament at this time, he added.

Insisting that Bahamians deserved better, McCartney wasted no time in offering his party as the best option to tackle the problems facing the country.

To the people of the Bahamas, we say that if you want a government serious about fighting crime and putting the fear of God into these savage criminals who apparently have free reign on our streets, look to the DNA; if you want an end to this corruption that pollutes and perverts governance in our country, look to the DNA; if you want real accountability for where in the world our billions of tax dollars have been funneled without our knowledge, look to the DNA; if you want a government that stands for you and will return power and prosperity to the rightful owners of The Bahamas, look to the DNA, he insisted.

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After Brief Alliance, Opposition Parties in Bahamas Split ... - Caribbean360.com (subscription)

Evacuation Ordered As Landfill in The Bahamas Burns – Caribbean360.com (subscription)

Prime Minister Perry Christie (in black jacket) watches as the dump fires. (Photo: Facebook page of the Office of the Prime Minister)

NASSAU, The Bahamas, Monday March 6, 2017 An immediate evacuation has been ordered after a massive fire broke out at the city dump in The Bahamas capital, Nassau, in the island of New Providence yesterday and continues burning.

The order to leave the area immediately, applied to residents living in the surrounding area of Jubilee Gardens who have been advised to take all necessary precautions to ensure their safety. Evacuation facilities were established at the Kendal Isaacs Gymnasium.

The National Emergency Management Agency, NEMA, has activated its Emergency Plan, and all available resources have been mobilized, a statement from the government said.

Although it is too early to be certain, officials say it appears that a number of fires were started in the area and because of the high winds being experienced on New Providence, at least one of those fires blew across the boundary and ignited the public landfill.

Prime Minister Perry Christie was on the scene shortly after the scale and intensity of the blaze were confirmed.

The number one priority is to ensure that everyone is safe. I am confident that the Emergency Services are doing whatever is required to make certain that no-one comes to harm. We have already made every resource available to limit the damage to property, and to minimize environmental harm, he said.

Christie added that the government would reach out to international partners for assistance, if the situation warrants that.

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Evacuation Ordered As Landfill in The Bahamas Burns - Caribbean360.com (subscription)

Offshore Wind Farms in Japan – JD Supra (press release)

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Offshore Wind Farms in Japan - JD Supra (press release)

W&T Offshore – A Complete Review Of Q4 2016 Results – Seeking Alpha

Source: Offshore Energy Today - Gulf of Mexico

W&T Offshore, Inc. (NYSE:WTI)

W&T's growth in the deepwater Gulf of Mexico has been significant in recent years. Between 2009 and 2015, average deepwater production has grown nearly 700% and SEC proved reserves are up over 850%. Gross Acres have increased ~200% from 2009 to 2015. We define a deepwater property as one in over 500 feet of water.

From the company [website]

To access the WTI 4Q'16 conference call transcript, please [click here]

Q4 2016 Financial Snapshot (Nine Consecutive Quarters).

Total revenues

in $ million

Total production per day

In kBoe/d

Total production for the Q

in MMBoe

Average price oil eq.

$/Boe

Lease Operating Expenses ("LOE")

in $ million

Net income/loss

in $ million

45.93

G&A

in million

Operating loss/gain

in $ million

Cash and cash equivalent

in $ million

Total debt (long-term + current portion)

in $ million

Net Debt estimated

in $ million

EPS in $/s

(Excluding special item/with) in $/s

0.12

0.06

0.48

(0.24)

(1.58)

(0.47)

(2.49)

(0.95)

(0.68)

(0.44)

(6.29)

(0.82)

(3.43)

(0.54)

(3.36)

(0.96)

(0.44)

(0.54)

Shares outstanding

in million

Adjusted EBITDA (excluding special item)

in $ million

69.6

60%

52.48

49%

40.81

41%

16.55

21%

36.53

35%

59.20

79.67

53%

48.35

38%

Reserves:

The Company's year-end 2016 SEC proved reserves were 74.0 million Boe.

Liquidity:

At December 31, 2016, our total liquidity was $219.7 million consisting of cash balances of $70.2 million and $149.5 million of availability under our $150 million revolving bank credit facility.

Capital expenditures for 2017:

Are currently estimated at $125 million. Plug and abandonment activities for 2017 are currently estimated to total $78.3 million and are expected to be funded with cash on hand and cash flow from operating activities.

Commentary

W&T Offshore released its fourth quarter 2016 results on February 27, 2017. Revenues for Q4'16 were $115.21 million, up 7.5% quarter over quarter. The net Profit was $16.5 million or $0.12 per share.

Comparative data for the last nine Quarters (click graph to enlarge).

M. Tracy Krohn, CEO, said:

We are as enthusiastic as ever about the opportunities in the Gulf of Mexico and believe we are in a good position to take advantage of this prolific basin. We are entering 2017 with a lower cost structure and a capital program of profitable projects that should allow us to build cash. We expect to benefit from improved seismic technologies, lower operating costs and less competition in the Gulf. Assuming commodity prices continue to remain steady, our 2017 capital plan allocates approximately $125 million to projects that we believe provide a low-risk and high return in producing fields. These projects should yield moderate production growth in 2017 over 2016.

Three important topics:

1 - Production decline in the GOM well in the early years is much shallower than the unconventional shale plays. M. Krohn said in the conference call:

This shallow decline curve of many of our projects contributed to our ability to maintain steady production on a small capital program. It's one of the things we've always liked about the Gulf of Mexico and which obviously contributed to our value.

The Permian well has a depletion of nearly 70% the first year, while WTI well depletion is only 10% for the first year and 20% for the 5.5 years.

2 - According to SEC rules, the assumed oil price in this year's reserve report is set at $39.25 per barrel for the life of all reserves.

The company believes that the reserves are significantly under-booked on initial production due to the strict SEC guidelines, and therefore, WTI assumed asset value can be considerably understated and not indicative of our true underlying real asset value.

3 - The BOEM withdrew certain orders related to sole liability properties.

4 - Production in 2017 will be 4% above 2016 or approximately 16 MMBOE.

Conclusion:

W&T has improved significantly its balance sheet due to better oil prices. The recent positive momentum of the oil prices should help the stock in 2017 as well, and bring additional revenues that are indispensable for the survival of the business, as it is.

Oil prices are really the name of the game here, and it is still hard to see how they can really trade above $60 per barrel anytime soon with the US Shale booming again? Risk of a downside back to $45 per barrel cannot be brushed away.

Yet, one positive about WTI is that many of the company fields have reservoirs with multiple stacked pays, such as the Mahogany, UM Bank 9-10, Virgo and other stacked pay fields.

On January 6, 2017, I commented about the Ship Shoal 359 A-18 well has logged 149 feet of net oil pay in five zones and extended the size and depth of the Mahogany field.

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W&T Offshore - A Complete Review Of Q4 2016 Results - Seeking Alpha

Offshore capital ‘urgently needed’ warns Oil and Gas UK report – BBC News


BBC News
Offshore capital 'urgently needed' warns Oil and Gas UK report
BBC News
The offshore sector may face a significant decline in production if fresh capital is not urgently secured, according to an industry report. The Oil and Gas UK Business Outlook warns of a major drop-off in production from 2020 without the investment.
UK Offshore Regains Some Lost GroundNatural Gas World

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Offshore capital 'urgently needed' warns Oil and Gas UK report - BBC News

SBI Offshore says founder and ex-CEO drops appeal against court … – The Straits Times

SINGAPORE - Offshore and solar firm SBI Offshore said on Tuesday (March 7) that its founder and former chief executive officer Tan Woo Thian has withdrawn his appeal against a High Court decision to grant final judgment for the sum of S$624,631 plus interest and legal costs and disbursements in favour of the company.

Mr Tan was granted leave on March 6, 2017, to withdraw his appeal with costs fixed at S$1,500, said the Catalist-listed firm in a filing witht the Singapore Exchange.

The appeal was scheduled to be heard on March 6. In January this year, Mr Tan paid S$648,495.41 to SBI Offshore, comprising the judgment sum of S$624,631 plus interest and the company's costs. The payment was made without prejudice to the appeal.

On March 2, SBI Offshore's solicitors, Rajah & Tann, received a letter from Mr Tan's solicitors, Messrs Vijay & Co, stating that he would not proceed with the appeal and would seek the court's leave to withdraw it.

Mr Tan was among a group of substantial shareholders who tried last year to unseat SBI Offshore's current CEO John Chan.

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SBI Offshore says founder and ex-CEO drops appeal against court ... - The Straits Times

Foreign domicile changes tax rules on offshore assets – Irish Times

Will a man living in Ireland but with assets in, and a pension from, the UK and who pays tax to HMRC be included in any offshore investigation by Irelands Revenue?

You have been writing recently about Revenues clampdown on offshore assets. I am a pensioner living in Ireland after a lifetime working in Britain, where I was born. My pension comes from the UK and I also have a property and bank accounts there. My children still live in the UK.

I am not an Irish citizen and I pay tax to HMRC. I am wondering if will be included in any investigation by Irelands Revenue, and, if so, why?

Mr NC, Dublin

Tax is one of those funny areas at least, its not funny per se but there are all sorts of fiddly rules and regulations regarding who is liable to what.

However, one of the primary considerations in determining liability to tax is the notion of tax residence. Related to this is the concept of domicile.

Tax residence is fairly straightforward. You are tax resident generally in the country in which you live. That generally means you are liable in that country for tax on your worldwide income from all sources.

Where a local jurisdiction also deducts tax on property or foreign earnings for instance there are a series of agreements between states to ensure that people are not taxed twice on the same income or gain, known commonly as double taxation agreements.

Where things get a little more complicated is when domicile comes into the picture. Domicile is not a black-and-white issue. In general, but not exclusively, a persons domicile will be determined by the country in which they are born or the domicile of their parents. For instance a child born to an Irish soldier serving abroad will be deemed to have Irish domicile, not that of the country in which they are actually born.

You can change domicile but not willy-nilly. For instance, if someone born in Ireland and of Irish domicile emigrates to the UK and makes their life there, they could reasonably change their domicile from Irish to British.

In your case, as someone born in the UK and having worked there and made your life there until you moved over here in retirement, your domicile would reasonable be assumed to be British. Thus your primary liability will be to Her Majestys Revenue Commissioners (HMRC) as you state.

It is worth noting that, while citizenship can point to domicile, it does not determine it. Its perfectly possible to be a British citizen with Irish domicile and vice versa.

The importance of this is that someone like you, who is tax resident in Ireland but not domiciled here, is liable to Irish Revenue only on money earned and assets owned in the State. So you are not liable to Revenue clawback on bank accounts, property or even pensions earned in the UK, unless you bring the money into Ireland.

However, any funds that are brought into Ireland will become liable for assessment by the Revenue in that tax year. This is known as the remittance basis of assessment.

Send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or by email to dcoyle@irishtimes.com. This column is a reader service and is not intended to replace professional advice.

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Foreign domicile changes tax rules on offshore assets - Irish Times

Offshore assets and working in Saudi Arabia – Irish Times

about 19 hours ago Updated: about 18 hours ago

Nabawi Mosque in Medina, Saudi Arabia: moving back to Ireland after 17 years in the country. Photograph: iStock

I am Irish citizen who has worked in Saudi Arabia for the last 17 years. I will return to live in Ireland on December 1st.

I have offshore bank accounts but will close these and send funds to Ireland before I leave Saudi. I also have two overseas properties (in Spain and Italy) which I rent out for maximum of three weeks a year.

Am I liable to the Irish Revenue for rental income while I was outside Ireland? Or will I only be liable for any rental income when I return to Ireland?

I have a bank account in Spain where rental funds are sent. It is my plan to re-enter the Irish workforce part-time in January 2018.

Ms CE, Saudi Arabia

Clearly, news that the Irish Revenue is clamping down on offshore assets held by Irish taxpayers is causing a bit of a stir. Hardly surprising, I guess, when as many as 500,000 letters are being sent to taxpayers on the subject.

The key thing, especially for people in your position, is that Revenues target is assets or income earned and held offshore by people who are tax resident in Ireland ie, they are liable to tax here.

As someone who has been out of the State for 17 years, you will not have been liable to Irish tax at all. Your liability would be to the local Saudi authorities.

Of course, up to now there has been no tax on personal income in the kingdom, although that is changing as the country comes to terms with declining revenue from oil. I gather a nominal annual charge is being introduced this year up to roughly 25 a month although this will scale up to 200 per person a month by 2020.

By European standards these rates may sound laughably low but it is a major step for the Saudis where up to a third of the workforce is expatriate and there is a battle to find a balance between the need to boost exchequer funds and the importance of remaining attractive for prospective expatriate employees.

Anyway, the point is that for the past 17 years, any accounts and/or property you own and any rental income from it has been a matter for the Saudis and of no relevance to the Irish Revenue.

So you have nothing to fear on your return home. It is only once you are back in Ireland that you will become liable to Irish Revenue.

The concern for Revenue, in relation to offshore bank accounts, is where the money in them came from and what income is delivers by way of interest. On property, again they want to be reassured that it was bought with money that was properly taxed and they also want to know about rental income.

In your case, the accounts are funded with money earned in your job in Saudi Arabia which is absolutely valid and not liable to Irish tax. If you keep these accounts open following your return to Ireland, you will need to declare any interest income in an annual tax return.

It is important to note that there is nothing preventing an Irish taxpayer having an offshore bank account as long as it contains money that has already been taxed and, if necessary, declared to Irish Revenue.

As youre closing the Saudi account, thats a moot point but it may be an issue for the account in Spain that receives the rental income on your holiday/investment properties or at least the interest those funds earn. But, importantly, there is no retrospective liability. You will only be liable to income earned after your return to Ireland.

The same is true of your properties in Spain and Italy you will liable to tax on any income earned on them (after allowing for expenses) only from the date you return to Ireland. Any income they yield up to December 1st is of no relevance to Irish Revenue.

Finally, if you receive any further income from Saudi Arabia following your return to Ireland such as a pension it would need to be declared.

Send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or by email to dcoyle@irishtimes.com. This column is a reader service and is not intended to replace professional advice.

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Offshore assets and working in Saudi Arabia - Irish Times

Global Offshore Drilling Market Analysis & Trends – Industry Forecast … – PR Newswire (press release)

NEW YORK, March 6, 2017 /PRNewswire/ -- The Global Offshore Drilling Market is poised to grow at a CAGR of around 6.2% over the next decade to reach approximately $153 billion by 2025. Some of the prominent trends that the market is witnessing include increasing investments in emerging regions, burgeoning consumption of oil & gas across globe, recent technological developments of offshore drilling and growth opportunities/investment opportunities.

Read the full report: http://www.reportlinker.com/p04652958-summary/view-report.html

Based on application the market is categorized into deepwater drilling, shallow water drilling and ultra-deepwater drilling.

Depending on the service the market is segmented by offshore contract drilling, offshore directional drilling, Offshore Logging While Drilling (LWD), Offshore Measurement While Drilling (MWD) and subsea production & processing.

This industry report analyzes the market estimates and forecasts for all the given segments on global as well as regional levels presented in the research scope. The study provides historical market data for 2013, 2014 revenue estimations are presented for 2015 and forecasts from 2016 till 2025. The study focuses on market trends, leading players, supply chain trends, technological innovations, key developments, and future strategies. With comprehensive market assessment across the major geographies such as North America, Europe, Asia Pacific, Middle East, Latin America and Rest of the world the report is a valuable asset for the existing players, new entrants and the future investors.

The study presents detailed market analysis with inputs derived from industry professionals across the value chain. A special focus has been made on 23 countries such as U.S., Canada, Mexico, U.K., Germany, Spain, France, Italy, China, Brazil, Saudi Arabia, South Africa, etc. The market data is gathered from extensive primary interviews and secondary research. The market size is calculated based on the revenue generated through sales from all the given segments and sub segments in the research scope. The market sizing analysis includes both top-down and bottom-up approaches for data validation and accuracy measures.

This report provides data tables, includes charts and graphs for visual analysis.

Regional Analysis: North America - US - Canada - Mexico

Europe - France - Germany - Italy - Spain - UK - Rest of Europe

Asia Pacific - China - Japan - India - Australia - New Zealand - Rest of Asia

Middle East - Saudi Arabia - UAE - Rest of Middle East

Latin America - Argentina - Brazil - Rest of Latin America

Rest of the World - Africa - Caribbean

Report Highlights: - The report provides a detailed analysis on current and future market trends to identify the investment opportunities - Market forecasts till 2025, using estimated market values as the base numbers - Key market trends across the business segments, Regions and Countries - Key developments and strategies observed in the market - Market Dynamics such as Drivers, Restraints, Opportunities and other trends - In-depth company profiles of key players and upcoming prominent players - Growth prospects among the emerging nations through 2025 - Market opportunities and recommendations for new investments

Read the full report: http://www.reportlinker.com/p04652958-summary/view-report.html

About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-offshore-drilling-market-analysis--trends---industry-forecast-to-2025-300418793.html

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Global Offshore Drilling Market Analysis & Trends - Industry Forecast ... - PR Newswire (press release)

Iran Launches Two Ballistic Missiles, Sinking an Offshore Barge 150 … – Townhall

Over the weekend, the Islamic Republic ofIran test-fired two ballistic missiles into the Gulf of Oman, with one sinking a floating barge approximately 155 miles away, according toFox News.

The first missile was fired on Saturday, but missed the target. A day later, a secondattempt was made successfully.

The two short-range ballistic missiles originatedfrom Islamic Revolutionary Guard Corps bases in Bandar-e-Jask, Iran.

"It's a concern based on the range and that one of the missiles worked," said a defense official.

Two years ago, Iran held a similar exercisedestroying a large barge designed to look like an American aircraft carrier.

In February,Ali Akbar Velayati, advisor to Ayatollah Ali Khamenei, made it clear that Iran has no plans of slowing down its nuclear program. The aide to Iran's supreme leader ripped an "inexperienced" President Donald Trump and assured the world that his country would continue ballistic missile testing.

"This is not the first time that an inexperienced person has threatened Iran," Velayati said. "Iran is the strongest power in the region and has a lot of political, economic and military power ... America should be careful about making empty threats to Iran.

"Iran will continue to test its capabilities in ballistic missiles and Iran will not ask any country for permission in defending itself," he said.

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Iran Launches Two Ballistic Missiles, Sinking an Offshore Barge 150 ... - Townhall

Why newbie Drusilla is preparing for life on the high seas – The Wharf – The Wharf

A Greenwich student is readying herself for the rigours of the open sea when she joins a crew for one leg of a transatlantic journey that begins on the Thames near her school.

Sixth form student Drusilla Barnes, 16, won the chance to take part in Rendez-Vous 2017 Tall Ships Regatta in an essay-writing competition.

The John Roan School student is being sponsored by the Port of London Authority (PLA) and will be at sea for the 14-day voyage on board one of the Tall Ships, destined for Sines in Portugal. Her duties will include rigging the sails, navigating and steering at the helm.

Drusilla said: When I finish studying, I want to work abroad and travel to different countries and I thought this might be a great way to get started.

The race, organised by Sail Training International , will see Drusilla, and 50 other sponsored trainees from Greenwich depart the Port of London in the grand Parade of Sail that marks the end of the Royal Greenwich Tall Ships Festival from April 13.

Drusilla got a taste of marine life during a visit to PLA headquarters in Gravesend to meet the team and learn about their work.

She said: Simon Malins, one of the duty port controllers told me that he would be helping all the tall ships travel up and down the river during the Tall Ship Regatta. He said he would call me on the VHF radio to check up on me as I passed by, on my way to Portugal.

With 95% of UK imports arriving by sea, the PLA is encouraging young people from all backgrounds to consider a career in maritime and ports.

Greenwich councillor Denise Scott-McDonald said: We are really proud of Drusilla and all of the other young Sail Trainees from the borough for having the courage to follow their dreams and explore new horizons.

The Greenwich Tall Ships Festival takes place between April 13 and 16.

Follow The Wharf on Twitter and Instagram @thewharfnews

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Why newbie Drusilla is preparing for life on the high seas - The Wharf - The Wharf

Tech on the high seas: Fred Olsen IT chief chats cloud, connectivity and security – www.v3.co.uk

Many businesses have distributed office environments but very few have offices that travel the high seas. But at Fred Olsen Ltd that's exactly what their IT staff have to contend with.

The company, founded in 1848, has several business units, ranging from shipping and oil and gas, to renewable energy and cruise holidays. It is the last business in this list that poses the sea-based challenges, with four ships that travel from the fjords of Norway to the shores of Australia.

For Damon Impett, IT director of Fred Olsen Ltd (pictured), this poses some tricky tech challenges, not least the fact that the satellite connections the ships often have to rely on when at sea are hardly the fastest.

"The V-Sat connection on a ship was 800KB, which was for everything, corporate services, WiFi for guests and so on. That has increased to 3Mbps but it still poses challenges," he told V3.

While its ships have slow connections the 20 or so offices in the UK, ranging from its head office to small travel shops, are less encumbered. As such, Impett has taken the firm on a hybrid route mixing cloud and on premise services.

"Not everything works well in cloud and even when it does work well in cloud it can be expensive, so I think any strategic thinker must focus on the hybrid route."

Specifically this means the firm has some services like OneDrive and Skype for Business in Azure while others are in AWS while other key services, such as Office 365, remain on premise deployments.

However, Impett thinks it's inevitable that cloud use within the business will increase, not least because it is likely Microsoft will want to push this method of delivery over on premise services.

"I suspect we will go Office 365 in the cloud on our next round of upgrades, possibly because Microsoft may in time stop offering on premise, or offer it at a price point where we'll have to jump ship anyway."

As noted, though, Impett and his team don't just have the cruise business to manage, but also have to keep a tight rein on the devices used across all eight Fred Olsen businesses with a presence in the UK.

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Tech on the high seas: Fred Olsen IT chief chats cloud, connectivity and security - http://www.v3.co.uk

Worcester’s retiree health costs ‘unsustainable’ – telegram.com – Worcester Telegram

Nick Kotsopoulos Telegram & Gazette Staff @NCKotsopoulos

WORCESTER - An independent research group is sounding an alarm about the city's long-term liability for retiree health insurance, saying its current funding system is "unsustainable."

In a report on Other Post-Employment Benefits, known as OPEB, the Worcester Regional Research Bureau stated that unless the city changes the funding system to cover future retiree costs, the problem will only grow, and could ultimately force reductions in municipal staffing and services, and increases in taxes to cover those annual costs.

According to the research bureau, the city's unfunded long-term liability for retiree health insurance is $860.8 million for this fiscal year.

It is $133 million more than what it was two years ago, and $205 million more than four years ago.

"Worcester faces an OPEB liability significantly larger than the city's entire annual budget ($611 million)," the research bureau report stated. It is unsustainable. Local government, like all governments, must adopt a system whereby costs are paid as they are incurred and not deferred to future generations.

"A defined contribution post-employment system rather than a defined benefit system is needed," the report said. "The OPEB liability will be a difficult challenge for Greater Worcester communities for decades to come. It requires intentional and strategic action today, or it will one day prove insurmountable."

The research bureau's report, which goes before the City Council Tuesday night, comes out as City Manager Edward M. Augustus Jr. is in the midst of putting together his fiscal 2018 budget proposal.

The report urges the city to take steps to reduce its current OPEB liability, such as expanding cost-sharing requirements so retirees would have higher contributions rates, and reducing the future number of eligible individuals by outsourcing or privatizing certain municipal functions.

It said the number of OPEB eligible employees could also be reduced by extending the period before an employee vests or increasing the number of weekly hours worked for eligibility (currently 20 hours, excluding teachers).

In addition, the research bureau suggested that communities work with the state to develop a comprehensive plan to eliminate OPEB, though it acknowledged that this and the one to extend the vesting period for employees would likely require state approval.

"Worcester and its neighboring communities should look at creative ways to transition from an employer-sponsored retiree health care system," the report said. "Admittedly, it is likely a long-term approach. Eliminating OPEB for new employees is a start, but it could require six or more decades to phase out current employees."

Under state law, the city is required to provide health insurance benefits for retired employees.

A city or public school employee is considered 100 percent vested after 10 years of credible service, according to state law. That means the city is then responsible for contributing to the employees and the employee's spouse's healthcare costs upon retirement for the rest of their lives.

The research bureau said the projected $860.8 million OPEB liability is generated by the city's 4,146 active employees potentially eligible for future benefits, and the 5,083 retired employees or their survivors currently receiving benefits.

Worcesters unfunded OPEB liability is equal to 6.5 percent of its total assessed property valuation for fiscal 2016.

No community in the Worcester area has fully funded its OPEB liability. In fact, the highest level of funding among local communities is less than 7 percent of the total obligation, according to the research bureau.

Unlike the city's pension system, state law does not require municipalities to address OPEB liabilities. Municipalities are required, however, to calculate and report current OPEB liability, and determine an annual payment for fully funding OPEB over 30 years.

For many years, no funding source was in place to finance the city's future post-employment health benefits. As a result, the city simply paid as it went, but as health insurance costs continued to escalate, they took up a bigger share of the overall city budget each year.

When the city adopted its Five Point Financial Plan a few years ago, it established a policy that commits 30 percent of free cash surplus funds from the previous fiscal year for deposit into an OPEB trust fund account.

In addition, Mr. Augustus took an unprecedented step in this fiscal year by setting aside $500,000 in the citys operating budget that serves as an additional OPEB contribution for the year.

The manager has acknowledged that the city's OPEB liability is a significant, long-term financial risk to the city. He said efforts have been taken each year to pre-fund the liability and, in turn, help mitigate the citys long-term-risk.

In addition, the city has taken several actions in recent years to lower its health insurance costs, which in turn have prevented the OPEB liability from increasing even more significantly.

But the research bureau pointed out that while the citys OPEB trust fund had nearly $8.9 million in assets as of June 30, it represents only 1 percent of the total liability.

As a result of its failure to systematically address OPEB, the city of Worcester is currently $281.2 million in arrears on a 30-yar program to retire its OPEB liability, the research bureau report said. With no new efforts to reduce OPEB obligations, the citys liability will reach more than $2.5 billion in 30 years.

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Worcester's retiree health costs 'unsustainable' - telegram.com - Worcester Telegram

The donkeys Kenyan families need to survive are heading to China for medicine promising longer life – Quartz

The donkeys Kenyan families need to survive are heading to China for medicine promising longer life
Quartz
Over the last two years, a global trade in donkey skins has emerged as ejiao has become popular among middle-class Chinese who prize it as an anti-aging agent, an aphrodisiac, a cure for insomnia or poor circulation, among other health benefits. At ...

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The donkeys Kenyan families need to survive are heading to China for medicine promising longer life - Quartz