Monthly Archives: February 2017

Van Zandt leadership changes – Altoona Mirror

Posted: February 13, 2017 at 9:46 am

The Van Zandt VA Medical Center recently began operating under its fifth leadership appointment in less than a year and it remains without a permanent director.

Late last February, then-permanent Director William Mills departed for a detail assignment as interim director of the larger Memphis VA Medical Center.

A that time, longtime Van Zandt executive Charles Becker succeeded Mills as acting director here.

In late March, Joseph Sharon came from the VA Medical Center in Wilkes Barre to become acting director at Van Zandt.

In April, Mills told his regional director in Pittsburgh he would not be returning to Van Zandt.

In late July, Judy Hayman became acting director here.

In late November, Becker took over again.

Late last month, Charles Thilges, currently chief financial officer for the region, became interim director at Van Zandt.

And on Feb. 3, Mills officially retired after 43 years with the VA, according to Van Zandt spokeswoman Andrea Young.

An ongoing search for a permanent director continues, Young said.

The VA appoints interim and acting directors to provide temporary oversight and stability for hospitals that dont have permanent directors, Young said.

Jay DeNofrio, a Van Zandt management employee with whistleblower cases against the facility and specifically against Mills finds the leadership shuffle objectionable.

The revolving door of acting directors at the Altoona VA ultimately hurts veterans, DeNofrio said. Without solid and stable leadership, any organization loses direction, and important things start falling through the cracks.

DeNofrio suggested that the leadership flux may have helped lead to Van Zandts decline from the highest performance level five stars in the VAs Strategic Analytics for Improvement and Learning program, beginning with the first quarter of fiscal 2016, when it went to four stars.

It went to three after that, and has remained there.

It didnt help that Mills personnel costs remained part of the Van Zandt budget through 2016 and into 2017, DeNofrio said.

A Feb. 9 response from the VA to DeNofrios Freedom of Information Act request for Mills status actually lists him as still employed as Van Zandt director.

The minimum salary cost for high-level managers like Mills is $124,000, according to a table provided by DeNofrio.

The attachment of those costs to Van Zandt are especially unfortunate if they mean shorting vital positions like doctors or nurses, DeNofrio said.

Mirror Staff Writer William Kibler is at 949-7038.

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Congress could limit the Fed’s independence and hurt the US economy – Washington Post

Posted: at 9:45 am

By David A. Singer By David A. Singer February 13 at 8:00 AM

On Tuesday, Federal Reserve Chair Janet L. Yellen will testify before the Senate Banking, Housing and Urban Affairs Committee.On Jan. 31, Rep. Patrick T. McHenry (R-N.C.), vice chairman of the House Financial Services Committee, wrote a scathing letter to Yellen. Citing the clear message by President Donald Trump to put America first, he called on her to cease all international negotiations on regulations covering bank capital, systemic risk and other areas, and suggested that the Fed had no authority to engage in such activities.

[Is Trump an authoritarian at heart? It matters less than you think.]

McHenry went on to call the Feds activities secretive, and suggested that its participation in international forums was killing American jobs. Hisletter echoes the heated rhetoric by President Trump during the campaign in which he said that Yellen should be ashamed of herself for keeping interest rates low for political reasons.

Such intervention by elected leaders is alarming for two reasons. First, research suggests that it is an America first strategy for the Fed to coordinate international financial regulation. Second, the Fed is an independent agency, and congressional leaders have generally refrained from directly threatening a sitting chair. I will explain below.

The Feds ability to negotiate international regulations helps ensure U.S. financial stability and competitiveness

One of the Feds key responsibilities is ensuring the stability of the financial system. It sets regulations for bank holding companies, which include most of the largest financial institutions in the United States, as well as many state-chartered banks and foreign banks with U.S. affiliates. Its independence enables the Fed to commit to a prudent set of policies without having to renege when politically expedient, thereby keeping inflation low and financial institutions resilient which, in a global economy, requires international cooperation.

[3 lessons from Republicans failed attempt to silence Elizabeth Warren]

In my book, Regulating Capital: Setting Standards for the International Financial System, I chronicle 40 years of the Feds efforts to work with its foreign counterparts to set international standards for the worlds largest financial institutions.

Why create international standards? The financial system has become increasingly globalized, which means that the collapse of a major bank in London, Paris or Tokyo could cause U.S. banks to falter. International standards help level the playing field. Applying stringent regulations to U.S. banks would do little good if foreign banks were permitted to engage in risky behaviors. Without international standards, tightening U.S. regulations could give foreign banks a competitive advantage, thereby shifting capital and jobs overseas.

My research shows that the Fed has had tremendous influence over international standards on bank capital since the 1980s, ensuring that domestic efforts to prevent another financial crisis are not undercut by lax regulations in other parts of the world.

[Democratic and Republican appointees to the Fed arent that different after all]

The original cooperative agreement was the 1988 Basel Accord, an international agreement on bank capital and was the Feds solution to a thorny problem. The 1980s were a time of rampant bank failures. The Fed needed a way to shore up the banking system without jeopardizing the United States competitive advantage internationally. The Basel Accord allowed the Fed to enforce more stability-enhancing regulations domestically with the confidence that other countries would do the same.

My research builds on previous work by Thomas Oatley and Ethan Kapstein, who each emphasize U.S. regulators power to use international standards to force other countries to adjust their regulations.

The Feds international negotiations are not rogue or opaque. Although Congress did not have the perfect foresight in 1913 to explicitly mention international regulatory coordination in the Federal Reserve Act, it did specify in Section 13 of the Act that forging relationships with foreign central banks was critical for U.S. financial stability. Today, the Fed cooperates with nearly 30 countries on the Basel Committee on Banking Supervision and more than 30 countries on the Financial Stability Board.

Decisions by these bodies are not legally binding. Each countrys regulators must implement and enforce any regulatory standards that might emerge from international negotiations.

Contrary to McHenrys assertion in his letter, the Fed is transparent about its international activities. Its website contains extraordinarily detailed information about proposed rules. Moreover, it actively invites comments from affected banks and other institutions at each stage in an international negotiation.

The Feds independence enables it to focus on long-term U.S. financial health rather than short-term political positioning

The second area of concern is the integrity of the Feds monetary policymaking. Like most central banks in developed countries, the Fed is an independent government agency whose funding is not appropriated by Congress. The Feds members are nominated by the president, confirmed by the Senate and receive 14-year terms that cannot be cut short by anyone except the member. The chair is appointed to a four-year term with the possibility of reappointment. Yellens term as chair expires in January 2018.

All this insulates the Fed politically which helps ensure that interest-rate policy is designed for the countrys long-term health rather than short-term political gains by one side or another. Otherwise, elected leaders might pressure the Fed to lower interest rates in the months before an election, triggering a temporary boost to the economy and an uptick in the stock market. That would come at a cost. The Fed would lose its credibility, inflation would become increasingly difficult to manage and the value of the dollar could gyrate wildly.

Zimbabwes 90 sextillion percent inflation in 2008 is an extreme example of the effect of political interference on monetary policy.But research shows that central bank independence has beenhighly correlated with inflation in developed and developing countries since the 1950s.

All political threats to the Fed are serious. Its independence is a congressional creation, which means that Congress could take it away. But keeping the Fed independent and actively engaged in international coordination is the best way to maintain a stable and internationally competitive financial system in the 21st century.

David A. Singer is associate professor of political science at Massachusetts Institute of Technology and the author of Regulating Capital: Setting Standards for the International Financial System (Cornell University Press, 2010).

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Congress could limit the Fed's independence and hurt the US economy - Washington Post

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Court Rejects Order Forcing Parents to Pay Tuition – Inside Higher Ed

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Court Rejects Order Forcing Parents to Pay Tuition
Inside Higher Ed
One of the attorneys said that if Ricci wants financial support from her parents, she should also be open to her parents' guidance and counseling. By accepting legal independence from her parents, she was accepting financial independence as well, the ...

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Court Rejects Order Forcing Parents to Pay Tuition - Inside Higher Ed

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The Bannon-Trump Arc of History – American Spectator

Posted: at 9:43 am

How does Donald Trump view history and Americas role in shaping it? No one, including Mr. Trump himself, seems able to answer that. To find a grand vision guiding this administration, one must look to Steve Bannon, Trumps chief strategist and the architect of his campaigns final months before his victory via the Electoral College.

On its cover,Time magazine labeled Bannon The Great Manipulator, and in an accompanying article, the magazine asked if he is the second most powerful man in the world, leading the reader to believe indeed he is. Yet at first blush, Bannon does not fit the stereotype of a Washington, D.C., powerbroker. His hair is disheveled, he frequently ditches a tie, and his face is typically full of scruff, giving him the vibe of an absent-minded professor.

The look is intended to reflect Bannons anti-establishment worldview but it conceals his more elitist roots. After seven years in the Navy and a degree from Harvard Business School, Bannon worked as a Goldman Sachs financier and then as an investment banker on his own. He transitioned to producing films, especially conservative documentaries, and then, in 2012, took over Breitbart News, one of the leading voices of fringe and grassroots conservatism. Trump was a frequent guest on his Breitbart radio talk show, and in August 2016, Bannon was appointed Chief Executive of Donald Trumps presidential campaign.

Donald Trumps populist approach to policy seems to blow in the changing winds of public opinion and outrage without much long-term strategic direction. The real guiding anchor for Trumpism comes from Bannon, the man with Trumps ear. Steve Bannon, and therefore Donald Trump, view history as a repeated cycle of civilizations rising and falling. They believe Americas current cycle is in crisis, threatening Western culture itself, and it is their job to rescue it from global elites intent on liberal, secular exploitation of America and its values.

Bannon dubbed these establishment elites the Party of Davos after the Swiss resort where the World Economic Forum meets. In Trumps inaugural address, which Bannon helped write, he said the wealth of our middle class has been ripped from their homes and then redistributed all across the world. Speaking to the Liberty Restoration Foundation in 2011, Bannon complained about the elites socialism for the very wealthy and socialism for the poor at the expense of common sense, practical, middle-class people. For both Trump and Bannon, capitalism is in crisis mode, and it is a consistent theme in their speeches and interviews.

Part of this economic crisis came about through dependence on government programs redistributing wealth, but in their view, global elites also encourage government-dependent immigrants to flock to the U.S. and other Western countries as a source of cheap labor. The Party of Davos can benefit from immigration and leave working class Americans with the responsibility of integrating them into society and dealing with the alleged crime and corruption that comes with it.

Thus, Bannon and Trump believe the Party of Davos created not only an economic crisis but also a cultural one. Bannons documentaries like the 2010 film Generation Zero frequently focus on American values, which, to him, means capitalism built around Judeo-Christian values and a strong sense of nationalism. At a 2016 South Carolina Tea Party convention, Bannon complained the swells, the investment bankers, the guys from the EU are the same guys who have allowed the complete collapse of the Judeo-Christian West in Europe.

Trump and Bannon do not believe in religious tests nor do they believe that everyone must be Christian. In fact, the two rarely attend religious services themselves and seem to care little for theological matters. Instead, their Judeo-Christian values refer more generally to a moral compass opposed to pluralism and relativism. It especially means opposition to immigrants from different cultural and religious backgrounds.

These economic and cultural crises follow an ancient pattern, they believe, and we are due for a monumental battle to resolve it. The Bannon-Trump worldview has deep roots in the classics, and Bannon delights in drawing from it. Ancient statesmen, philosophers, and historians from Lycurgus, to Heraclitus, to Herodotus, and to Plato all believed that history was cyclical. Repeatedly, over and over again, civilizations rise and fall by losing touch with their hard-working, humble traditions.

According to this theme, war is waged by poor and nomadic people, an able leader unites them into a confederation, and they begin to take on richer neighbors. The united front fights and conquers and then begins to take on the rich, soft, effeminate characteristics of luxury. Having abandoned masculine military virtues and the religious values that once united them and helped them succeed, they begin to look down on those who still hold on to traditional values. The conquerors then become the conquered, and the cycle repeats. Each empire and civilization, in turn, gets overrun by its poorer, but more aggressive and fertile, neighbors. The end is always the same: a fallen civilization that lost touch with its noble values.

If there is a recurring theme that political philosophers throughout history keep telling themselves, this is it, and it is one that Bannon and Trump buy into wholeheartedly. The historian Livy, who experienced the Roman Empire at its height, said that Rome was struggling with its own greatness. A century later, the poet Juvenal said, [W]e are now suffering the calamities of a long peace. Luxury, more deadly than any foe, has laid her hand upon us, and avenges a conquered world. Juvenal fretted that success in life used to depend on military excellence but eventually led, instead, through the loins of a rich woman.

Although this mythology draws from the ancient classics, it keeps modern political scientists busy with their own twists to the theme. As the Cold War ended and the Soviet Union disintegrated, President George H.W. Bush triumphantly declared it was the beginning of a new world order. Political scientist Francis Fukuyama viewed the occasion in even grander terms and tried to break free of the traditional cyclical theme, famously proclaiming in 1989 that the end of the Cold War marked the end of history. In Fukuyamas view, World War II represented a massive struggle between three distinct ideologies: liberal democracy, fascism, and communism. The war destroyed fascism, and 50 years later, Soviet communism failed. For him and many political scientists, history was over. Liberal democracy won and was here to stay. Fukuyama admitted that democracy may suffer temporary setbacks but argued, in the long run, it would become more and more prevalent.

Fukuyamas grand theory envisioned that liberal democracys permanence would also bring globalization and a strong middle class. Since democracies engage in less warfare, war itself would even disappear. The new utopia might be a bit boring, but that is a small price to pay for peace and prosperity.

In 1993, just four years after Fukuyamas End of History proclamation, political scientist Samuel Huntington sought a return to the traditional theme with The Clash of Civilizations. Huntington argued that Fukuyama was wrong and that identity, not ideology, shapes the world. These identities are shaped by history, language, culture, tradition, and, most important, religion. These different civilizations are marked by different views on the relations between God and man, the individual and the group, the citizen and the state, parents and children, husband and wife, as well as differing views of the relative importance of rights and responsibilities, liberty and authority, equality and hierarchy. Huntington concluded, These differences are the product of centuries. They will not soon disappear.

The terrorist attacks of 9/11 seemed to bolster Huntingtons thesis, but the American administrations of George W. Bush and Barack Obama explicitly rejected it, stressing that the United States was fighting violent extremists, not Arabic civilizations or Islam as a religion. However, in Bannon and Trump, we now have an administration, not only believing in that kind of clash of civilizations, but even welcoming it as a way to save the West from an economic and cultural crisis.

For Bannon and Trump, the most powerful theory based on this cycle mythology is one put forward by Neil Howe and William Strauss in their 1997 book The Fourth Turning. Strauss and Howe have a generational theory of American history that predicts repeated cycles lasting about 80 years. Each 80-year cycle has four turnings that are defined by four moods: high, awakening, unraveling, and, finally, crisis.

Following World War II, America experienced a high. The 1960s brought about a tremendous awakening, and then we experienced several decades of unraveling. Now, of course, we must confront the crisis. In Bannons view, this is the fourth time we have confronted the crisis phase, and each time, the stakes and resulting war get more severe. The Strauss-Howe generational theory is featured heavily in Bannons documentaries, and it comes up frequently in his speeches. In a presentation before the Liberty Restoration Foundation, Bannon says, This is the fourth great crisis in American history. We had the revolution, we had the Civil War, we had the Great Depression and World War II. This is the great Fourth Turning in American history.

Subscribing to the latest trendy twist on an old political theory of cycles is not particularly earth-shattering. However, Bannons solution to the supposed crisis has started to gain understandable attention. David Kaiser, the historian interviewed in Generation Zero, told Time magazine, A second, more alarming interaction didnt show up in the film. Bannon had clearly thought a long time both about the domestic potential and the foreign policy implications of Strauss and Howe. More than once during our interview, he pointed out that each of the three preceding crises had involved a great war, and those conflicts had increased in scope from the American Revolution through the Civil War to the Second World War. He expected a new and even bigger war as part of the current crisis, and he did not seem at all fazed by the prospect.

Although Bannon and Trump blame the Party of Davos for causing much of the crisis, the war they envision will not be waged against elites. Instead, the target is radical Islam. In a 2014 Vatican lecture, Bannon said, I think we are in a crisis of the underpinnings of capitalism, and on top of that were now, I believe, at the beginning stages of a global war against Islamic fascism. This may be a little more militant than others. I believe you should take a very, very, very aggressive stance against radical Islam. See whats happening, and you will see were in a war of immense proportions.

Perhaps a global existential war against Islam can be averted, but in Bannon and Trumps view, that will only happen if Americans embrace traditional American values and block those who may not from ever entering the country.

Viewing history through this lens, all of the administrations early goals and executive orders make sense. Ban immigrants from Islamic countries, or at least those most likely to cause trouble. Build a wall along Mexico to stop immigrants and end trade agreements, each viewed as assisting global elites at the expense of the middle class. Bolster the military in preparation for war. In other words, America first.

The Bannon-Trump view of history also accounts for Trumps unusual embrace of Vladimir Putin. Despite Putins many failings, Trump views him as an ally in the war against Islamic extremism. To Trump and Bannon, the European Union seems unaware or uncommitted to addressing the perceived crisis. If they wont stand up for Western civilization, why not enlist Putins help? In his inaugural speech, Trump vowed to unite the civilized world against radical Islamic terrorism, which we will eradicate from the face of the Earth.

Americans of all political stripes now seem to agree we face a crisis of some sort. Trump and Bannon blame the Party of Davos and radical Islam, while their detractors see a different type of crisis spurred by Trump and Bannon themselves. As David Brooks wrote recently, We are in the midst of a great war of national identity.

Martin Luther King, paraphrasing the 19th-century abolitionist Theodore Parker, famously said, The arc of the moral universe is long, but it bends toward justice. Unfortunately, the arc of history seems to be bending toward something other than justice.

Whether you support or oppose Trump and Bannons efforts, the history they seek to bend is fluid. Those who act as if justice or progress is inevitable will be sorely disappointed.

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The Bannon-Trump Arc of History - American Spectator

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Caribbean all-inclusive resorts: Top spots for families, foodies, more – USA TODAY

Posted: at 9:42 am

Melanie Reffes, Special for USA TODAY 8:08 a.m. ET Feb. 13, 2017

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Making a big splash in Jamaica, the Caribbeans first villas built over the water are open at Sandals Royal Caribbean in Montego Bay.(Photo: Sandals Resorts)

As the region where the modern-day all-inclusive was born, the Caribbean is chock-full of resorts that come with unlimited food, drink and play. Planning a getaway in the sun is a no-brainer, but choosing a resort that fits the bill is another story.Whether youre traveling with the kids or in the mood for an adults-only holiday, check out our best-of-the-best for families, foodies, couples and those seeking adventure.

Family time

Bigger is better on the southwest shore of St. Maarten, where youll find the Sonesta Maho Beach Resort, the largest all-inclusive (395 rooms and five restaurants) on the Dutch side of the dual-nation island and the first and only resort with a watery playground just for kids. Coming in at 4,000 square feet, Aqua Park is splash-central with animal-themed slides with water just 20 inches deep, making it ideal for kids over 3 years old.For grown-up onlookers, the pool deck is a comfy perch with loungers and sun umbrellas. Maho Bungalow Kids Club features an indoor slide that connects to a loft for dance classes and arts and crafts, and a 2,500-square-foot outdoor funhouse. Other kid-friendly features include treasure hunts and a tree house on the beach. Kids can play and swim all day and for lunch, they choose between a slice at Pizzeria Napoli, big buffet at Ocean Terrace or nachos and burgers at the Palms Grill, says Jeriesha David, who has been entertaining kids at the resort since last spring. The resort fronts Maho Beach next to the Princess Juliana International Airport where kids of all ages are spellbound watching the big jets come in. Sweetening the pot, kids under 12 stay, play and eat free, and the nightly rate for 13- to 17-year-olds is $45. When the sun sets, pajama parties, disco nights and movies by the pool keep families entertained.Ratesthrough April 16 start at $160per person, per night based on double occupancy(rate dips to$127per person, per night based on double occupancy for travel April 17-Dec. 22 ).

On a 75-acre ribbon of prime Grace Bay oceanfront real estate, Beaches Turks & Caicos is one of three Beaches all-inclusives in the family-friendly fleet (two are in Jamaica). The ginormous 758-room, suite and villa resort is also home to a 45,000-square-foot Pirates Island Waterpark with a wave pool, water slides and lazy river. More kid-pleasers include the Xbox Play Lounge, Club Liquid Dance Club for teenagers, Kids Camp for 3- to 5-year-olds and a nursery for wee ones under 2 years old. Larger-than-life Sesame Street characters roam the sprawling resort posing for snaps and tucking kids in bed at night. Picky eaters will find plenty of variety at 19 restaurants, sun tanners like the 12-mile-long alabaster beach and the whole brood can splash around in six pools, three with swim-up bars and one just for toddlers.For kids on the go, theres the Junior Golf Club, Kids Scuba Program, tennis and a boatload of water sports.Rates start at $330 per person, per night for adults; $61per person, per night for children ages 2-16;kids under 2 stay gratis.

The first all-inclusive in St. Thomas, Bolongo Bay Beach Resort is family-owned for four decades. The 74-room resort on the south side of the U.S. Virgin Island offers unlimited water sports like kayaking, windsurfing, aqua tricycles, snorkeling, stand-up paddle boarding and scuba lessons in the pool. Home to St. Thomas Dive Club, tours explore the coral reefs and wrecks at the bottom of the sea and aboard the resort's own catamaran called Heavenly Days, families swim with sea turtles and sail to nearby St. John: the most laid-back of the U.S. Virgins. For parents and teens older than 18, Snorkel Booze Hunt is a 30-year-old resort tradition where snorkelers scour the bay for big bottles of Cruzan Rum distilled next door in St. Croix.Those with energy to burn sign up for deep-sea fishing tours, golf at Mahogany Run, horseback riding, day trips to sky-high Paradise Point and duty-free shopping in Charlotte Amalie where the cruise ships dock.Rates start at $595 per room, per night until May 1.

Romantic resorts

Making a big splash in Jamaica, the Caribbeans first villas built over the water are open at Sandals Royal Caribbean in Montego Bay. Over-the-top from infinity-edge soaking tubs, rope hammocks above the waves, gigantic teak beds and glass-bottom floors, the 2,000-square-foot suites also come with butlers, 12-year-oldAppleton Estaterum and Molton Brown amenities in the massive bathroom with a rainfall shower. Built along a wooden boardwalk, the sweet suites area is connected to the resorts offshore island called Sandals Cay, where youll find the Jerk Shack and Royal Thai two of eight restaurants at the 227-room resort. With these suites, guests experience a direct link to the Caribbean Sea, says Gordon "Butch"Stewart, chairman of Sandals Resorts. The five villas come with nightly rates of $1,435 per person including expedited immigration and resort transferfrom Montego Bays Sangster International Airport, which is a short 10 minutes away. Twelve over-the-water bungalows (slightly smaller and without private infinity pools on the deck) will be ready in the spring starting at $1,078 per person, per night.

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Peek inside the Caribbean's first overwater bungalows

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Marrying rustic with romance, Nisbet Plantation Beach Club in Nevis is the only beachfront plantation-turned-resort in the Caribbean. Across the channel from St. Kitts on the northeastern side of the smaller sister isle, the 30-acre all-inclusive (breakfast, afternoon tea and dinner) is home to 36 lemon-hued wicker-furnished cottages that sit on a palm-fringed 18th-century sugar and coconut plantation. Its history reads like a love story as the home of Fanny Nisbet, who married British Navy Captain Horatio Nelson in 1787 after he visited the plantation.With a AAA Four Diamond rating and honored by TripAdvisor as one of the Top Resorts in the World for Romance, the resort keeps the theme with a trio of fine restaurants including The Great House, built in 1778. To kick-start the day, Coconuts is the breakfast go-to for wait for it coconut pancakes. Weddings are popular on the palm-flanked great lawn or seaside on the beach with champagne-hued sand and to celebrate the occasion, a coconut palm is planted in honor of the newlyweds. For couples looking for a nicely wrapped package, Nevis is for Lovers includes candlelit dinner on the beach, breakfast in bed and a couples massage.Rates start at $1,009 per room through April 1.

Sandals LaSource Grenada is unplugged romance in a Sky Pool Suite with a soaking tub for two, solar-heated ocean-view infinity-edge plunge pool, premium spirits and a butler who arranges dinners on the beach and bubble baths pour deux. Sprawling over 17 acres, the posh 257-room and suite resort on the southwest coast is sweet on romance with swinging hammocks, hanging chairs built for two, chocolate buffets, five pools and 10 restaurants. Fronting a sugary swatch of Pink Gin Beach, where the water is so clear it shimmers past the rocks, couples surf, dive, explore down under on a glass-bottom boat or tie the knot on the waterfront pier. We arrange 24 weddings a month, says Deannette Johns, the resorts wedding captain, but only one couple each day marries at sunset. If you forgot to pack the bling, a duty-free jewelry store is open from 9 a.m.to 9 p.m.Celebrating comes easy at a six-pack of bars where the Grenada Sunset stirred with passion fruit, coconut rum and mango is a fruity refresher. Add-ons worth the splurge include Scents of Love couples massage at the Red Lane Spa,a Champagne and Seafood cruise,and the Spicy Island tour which visits the Belmont Chocolate Estate and the picturesque waterfront capital of St. George's.Rates start at $255 per person, per night.

Active all-inclusives

On a 300-acre island 2 miles off the northeast coast of Antigua, Jumby Bay, A Rosewood Resort is AAA Five Diamond for those on an escape mission from the 9-to-5. Accessible by small boat from the mainland (about 10 minutes), 40 rooms, suites and villas come with views of the beach and Caribbean Sea. Eco-focused before it was trendy, the resort produces its own electricity,the nursery houses thousands of trees and flowers and the only way to get around is on foot, golf cart and bicycles (no cars allowed, guests get loaner bikes).The beaches are protected areas for Hawksbill turtles and popular with nature buffs who come to see the endangered sea turtles during nesting season and also during the summer Hawksbill Turtle Experience. Other incentives to get active include three tennis courts (two lit for night play), 3 miles of hiking and biking trails, croquet lawn, a 25-meter lap pool, lawn bowling, putting green and a fitness pavilion with a yoga deck. In the water, theres no shortage of calorie-burners like windsurfing, kayaking, snorkeling and paddle boarding. For the bird-watchers in the brood, white egrets and blue pelicans also call the island home. Chill-outs include massages at the Sense Spa, cocktails and locally caught spiny lobsters at five restaurants and bars including The Estate House, the oldest building on the island dating back to 1830.Rates through April 22 start at $1,850 single or double occupancy.

On the west coast of Barbados, all-inclusive at the 76-room Mango Baycomes with paddle boarding, snorkeling, kayaking, water-skiing and pedal boating.For those with scuba diving on their vacation to-do list, complimentary lessons are offered and for an afternoon on the water, theres glass-bottom boat cruises and cavorting with the Leatherback and Hawksbill turtles that call the west coast home. Sheltered from the Atlantic Ocean's swells, this side of the island is the calmer side and favored for the pink and white sandy beaches and gentle surf. In the town of Holetown in the Parish of St. James, the beachfront hotel is a short stroll to the upscale Limegrove Shopping Center and home to Julian Restaurant, where bands perform nightly.Rates start at $670 per room, per night, based on double occupancy.

It truly is a holiday for the body at The Body Holiday on a secluded cove on the northwest coast of St. Lucia. Surrounded by 40 acres of sweet-smelling gardens along Cariblue Beach, the 155-room resort with five restaurants and one bar is a magnet for those who enjoy more exercise than it takes to balance a pia colada in the pool. Activities include archery, spinning and yoga classes called Spoga in Tree House Spin Studio, golf and tennis.Keep moving with cycling along the coastline, hiking in the mountains and sunrise power walking on the beach. In the water, theres plenty to choose from like swimming lessons, two-tank boat diving, kayaking, sailing and snorkeling.For those who like to plan ahead, the resort offers a customized activity schedule arranged prior to arrival. Perks are creative like a pillow menu, herbal tea and cookie turn-down and daily treatments at the spa with a heated marble massage bed. Personal trainers are on hand for those serious about getting in shape.Rates start at $700 per person, per night.

Wine and dine

Foodies give the thumbs-up to the curated culinary experiences at Spice Island Beach Resort on Grenadas Grand Anse Beach at the edge of the Caribbean Sea. With a AAA Five Diamond rating and member of Small Luxury Hotels of the World, the 64-suite resort is beachfront elegance with stellar service, superb dining and spectacular suites with ocean-view whirlpool tubs and Phillip Starck designs. Where Prince Harry popped by for lunch during his recent visit to the Southern Caribbean, dining choices range from Oliver's, where the five-course dinner menu changes every three weeks (herb-crusted lamb rack with coconut rice is a standout), Sea & Surf Terrace and Barfor a light bite and a Spice Island Classic cocktail potent with sparkling wine and the island herb called sorrel and a bowl of deliciously addictive flash-fried green banana chips. The resort is all about eating local. Many of our staff havebackyard gardens, says Janelle Hopkins, deputy managing director, we buy what they grow like lemons, tomatoes and callaloo rather than import from outside the island. If you particularly like a dish on the menu, ask chef JessonChurch to show you how to make it and hell happily set up a mini-cooking lesson.Rates start at $1,387per room, per night, based on double occupancy.

Those who prefer their lobster and mango served with a side order of dramatic views are in for a treat in St. Lucia at Jade Mountain. High above its sister resort Anse Chastanet, distractions are minimal in the upscale suites withno TVs or phones (there is Wi-Fi ) and no fourth wall, leaving the impeccably appointed sanctuaries open to the warm breezes. On the southwest coast coveted for vistas of the mighty Piton Peaks and the Caribbean Sea, gourmands bunking in one of 29 suites with infinity-edge pools or Jacuzzis take their pick of haute cuisine at a quartet of restaurants. Michelin-starred executive chef Stefan Goehcke and James Beard-winning chef Allen Susser prepare works of art on a plate. Dining venues include Jade Mountain Club wrapped around an infinity pool, and the seaside Trou Au Diablofor a curry-filled West Indian flatbread called a roti and a frosty mug of Piton Beer to wash it down. Wine pairing menus at The Treehouse which really is a tree house are a big hit, while at Emeralds small plates are perfectly shareable. As the resort has its own farm, explains Karolin Troubetzkoy , co-owner along with her architect husband Nick, we deliver afarm-to-table experience with our own organic produce complemented by our handcraftedartisanalchocolate harvested from our estate cocoa trees. For fans of the sweet stuff, the Chocolate Alchemy package is chock-full of chocolate cocktails, chocolate-themed breakfasts in bed, chocolatey spa treatments, a tour of the Emerald Cocoa Estate and a class in the chocolate lab where choco-philes create their own bars.Rates start at $1,680 per couple for travel until April 15.

In Antigua, its all about coconut and codfish at the St. Jamess Club on the southeast coast. On 100 acres, 240-rooms, suites and villas are close to four restaurants and the seaside grill on Mamora Beach. Rainbow Garden is where youll find chef Dave Ralph cooking up an island storm of delectable edibles like shrimp and salty codfish dressed up in a tomato garlicky sauce, sides of callaloo and boiled bananas and his savory bowl of Fish Water filled to the brim with snapper and peppers. Ask for the national dish called fungee pronounced foon-jee and sometimes spelled fungi which is a robust mash of cornmeal and okra that looks and tastes like polenta.Every cook adds his or her own touch to the recipes, explains Chef Ralph as he flits about the open-air restaurant, these are dishes I have eaten since I was a small child and now as a chef, its my pleasure to encourage our visitors to try them. For a sweet finish, coconut dumplings with a cinnamon sprinkle and rum balls infused with real rum hit a home run.Rates start at $195 per person, per night.

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10 Ways MSC Cruises is Elevating the Caribbean Cruise Experience – Cruise Fever

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MSC Cruises, the leader in the European cruise market, is making waves as the cruise line jockeys for position in the #1 cruise market in the world, the Caribbean.

Last week I had the opportunity to sit down the CEO of MSC Cruises, Gianni Onorato, and we discussed tendifferent ways that the cruise line is going to elevate the Caribbean cruise experience.If youre not familiar with MSC Cruises and love cruising to the warm waters of the Caribbean, here are tenexciting features coming to MSC and the Caribbean.

11 New Cruise Ships MSC Cruises has an astounding 11 new cruise ships scheduled to debut in the next 10 years. Two of those ships, MSC Seaside and a Meraviglia class ship, will be sailing out of PortMiami by 2019. MSC Seaside will be christened in PortMiami this December and promises to be unlike any other cruise ship ever built. Not only will the ship turn heads, but the ship will offer more outdoor space per passenger than any other cruise ship in the world.

Lets be honest, you dont cruise to the Caribbean to stay inside. Its all about the sun, getting a tan, and enjoying the calm, blue water. With all of this outdoor space on MSC Seaside, passengers will be closer to the sea than ever before. From the extra wide outdoor promenade to the three separate pool areas (four if you count the Yacht Club), its no wonder that MSC Cruises calls this The ship that follows the sun.

Choices MSC Cruises will be all about choices. After all, its your cruise and you love to have options. Dining will have all of the options that we are now accustomed to, early/late seating as well as anytime dining. There will be a great variety of specialty restaurants that include an American steakhouse, sushi, seafood, Asian, and Teppanyaki. MSC will fly in fresh sea bass, oysters, and other seafood from the Mediterranean each week. No other cruise line does that.

However, the biggest choice will be when it comes to entertainment. MSC Cruises is known for their award winning shows, and on MSC Seaside, there will be afternoon and evening options so everyone can see the shows that they are interested in without dinner plans getting in the way.

Family Cabins In an effort to be the most family friendly cruise line, MSC will have joining cabins that will hold up to 10 passengers. This will be perfect for large families who like to cruise.

Solo Cabins Since no one enjoys paying double occupancy when you cruise solo, MSC Seaside will have cabins for solo cruisers that will also have a shared lounge.

Wearable Technology MSC Cruises has been working on wearable technology that promises to do everything that the Ocean Medallion from Carnival Corp. will do according to Mr. Oronato. Wearable technology, whether in a watch, bracelet, necklace, or by another method is the future of cruising. This will help the cruise line cater to your interests giving you the best possible cruise experience.

Smoke Free Casino While the casino on MSC Divina is entirely smokefree, MSC Seaside will have a separate section for smokers. This will allow everyone to be happy, especially since you often have to walk through the casino to get from one end of the ship to the other.

Different Ship MSC Seaside will be unlike any other cruise ship ever built. The aft section of the ship will resemble condos, and there will be open deck space everywhere you look.

View Cruises on MSC Seaside

Ship for Adventurers MSC Seaside will not only have the longest zip line at sea, but the vesselwill also have the largest and most interactive waterpark ever found on a cruise ship.

App/Tablets Passengers soon be able to download an app before their cruise and enter their preferences on it. Once on board, crew members will have tablets that will be able to instantly pull up that information. This will be perfect not only for passengers who travel with food allergies, but those who want a custom cruise experience catered to their likes and dislikes.

Future of Cruising The future of cruising will be all about accessibility. It will be affordable, but not done in a cheap manner.

Bonus Reason I would be remiss if I didnt mention Ocean Cay, the private island experience in the Bahamas being built by MSC Cruises. Ocean Cay will be an exclusive 85 acre Bahamian Marine Reservethat will have a dock so there will be no need for tendering.

The island will have six different beaches, an exclusive spa and wellness sanctuary for MSC Yacht guests, an inland lagoon for absolute tranquility, a thrilling zip line that crosses over the island, and a pavilion for weddings and celebrations. Ocean Cay will open in October 2018 and MSC Seaside will make weekly visits from PortMiami.

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ARCHIVAL VIDEO: Anna Nicole Smith is Buried in the Bahamas – ABC News

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Diamond Offshore Is A Hold – Seeking Alpha

Posted: at 9:41 am

Last week Diamond Offshore (NYSE:DO) delivered Q4 revenue of $391.9 million and eps of $0.40. The company beat on revenue by over $32 million. The stock is up about 2% since the report. I had the following takeaways:

Revenue Fell Y/Y, But Bounced Sequentially.

Diamond's total revenue fell 29% Y/Y. Ultra-deepwater floaters still make up 60% of total contract revenue. This segment fell 41% Y/Y as drilling for ultra-deepwater remains prohibitively expensive. Deepwater was off 30%, while Mid-water nearly doubled.

On a positive note, revenue was up about 13% on a sequential basis; Ultra-deepwater and Mid-water led the way with gains of 7% and 91%, respectively. The OPEC supply cut has sent oil prices in the mid-$50 range, and breathed new life into certain segments of the offshore market. The higher prices have also enticed North American shale drillers to increase supply. I expect oil prices to range from $50 - $60, which could help the Mid-water segment to remain a catalyst for several quarters.

Market For Offshore Drilling Remains Oversupplied

The general market for offshore contractors remains oversupplied. Industry participants have suffered from revenue declines due to waning demand for contract drilling services. Revenue earning days and average daily revenue have both been in decline. Diamond's biggest selling point is that it did not succumb to unbridled optimism that befell Seadrill (NYSE:SDRL) and others; it did not take on excessive debt or commit to capital expenditures that only made financial sense with oil prices in the $75 - $100 range.

On the earnings call management was keen to point out that it does not have any assets delayed in shipyards yet to be delivered or any sixth-generation assets uncontracted. The company has also been able to sustain its EBITDA margins during the downturn. Q4 EBITDA margin was 50%; this was higher than the 46% margin achieved in the year earlier period, despite lower revenue. These factors should allow the company to at least tread water if oil prices remain range bound.

Pristine Balance Sheet

Energy-related names seem to be bifurcated between those with strong balance sheets and those without them. Diamond's balance sheet is pristine. At Q4 it had working capital of $165 million. With $220 million in annual free cash flow, the company's liquidity should grow over time. As importantly, Diamond's $2.1 billion debt load is only 2.7x run-rate EBITDA.

That is in stark contrast to the balance sheets of competitors like Seadrill whose debt is over 5x EBITDA; Seadrill also has upside down working capital, and $1 billion in near term principal payments it might not be able to meet. Diamond's low debt load is probably why its liquidity and cash flow is so strong. If it had billions in near term principal payments then its cash flow and business prospects would be a lot more dismal. There is a scenario where Seadrill or another competitor could fold and potentially remove some supply from the market.

Conclusion

DO trades at 5.5x run-rate EBITDA. The low multiple is most likely due the dismal prospects of the offshore market with oil prices sub-$60. I believe oil prices will remain range bound due to land drillers increasing supply at higher prices. If financial markets endure a major correction or if a major competitor goes belly-up, removing supply from the offshore market, DO could become a buy. For now I rate the stock a hold.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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Diamond Offshore Announces Tax Expense Adjustment to Fourth Quarter and Full Year 2016 Earnings – PR Newswire (press release)

Posted: at 9:41 am

HOUSTON, Feb. 13, 2017 /PRNewswire/ --Diamond Offshore Drilling, Inc. (NYSE: DO) today announced it has revised its previously-announced earnings for the quarter and year ended December 31, 2016.

As it was completing its year-end financial reporting process, the Company discovered that its liability for uncertain tax positions in certain foreign jurisdictions did not appropriately reflect changes in foreign exchange rates. The majority of the impact was related to the devaluation of the Egyptian Pound, primarily in the fourth quarter of 2016. After the local tax liabilities were re-valued consistent with exchange rates at December 31, 2016:

The adjustments did not affect any of the other previously-announced operating results. Copies of the fully-adjusted financial statements are enclosed in this press release.

ABOUT DIAMOND OFFSHORE

Diamond Offshore is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe. Additional information and access to the Company's SEC filings are available at http://www.diamondoffshore.com. Diamond Offshore is owned 53% by Loews Corporation (NYSE: L).

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2016

2015

2016

2015

Revenues:

Contract drilling

$ 384,646

$ 544,129

$ 1,525,214

$ 2,360,184

Revenues related to reimbursable expenses

7,228

11,434

75,128

59,209

Total revenues

391,874

555,563

1,600,342

2,419,393

Operating expenses:

Contract drilling, excluding depreciation

174,342

256,393

772,173

1,227,864

Reimbursable expenses

6,775

11,146

58,058

58,050

Depreciation

86,031

114,448

381,760

493,162

General and administrative

14,786

15,574

63,560

66,462

Impairment of assets

--

499,367

678,145

860,441

Restructuring and separation costs

--

1,043

--

9,778

Bad debt recovery

(265)

--

(265)

--

Loss (gain) on disposition of assets

6,060

(2,309)

3,795

(2,290)

Total operating expenses

287,729

895,662

1,957,226

2,713,467

Operating income (loss)

104,145

(340,099)

(356,884)

(294,074)

Other income (expense):

Interest income

176

1,526

768

3,322

Interest expense

(21,230)

(23,134)

(89,934)

(93,934)

Foreign currency transaction (loss) gain

(3,689)

1,511

(11,522)

2,465

Other, net

472

171

(10,727)

873

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Ontario signals offshore wind moratorium will continue for years – CP24 Toronto’s Breaking News

Posted: at 9:41 am

TORONTO -- Six years after Ontario abruptly imposed a moratorium on offshore wind projects, citing the need for more research, the government is signalling it will likely continue for several more years, even with all of its studies in hand.

The moratorium has so far put the Liberal government on the hook for at least $28 million, and it still faces a trial next year on another $500-million lawsuit over the February 2011 decision.

Both Windstream Energy and Trillium Power Wind had wind turbine projects planned for Lake Ontario in the eastern part of the province when the government brought down the moratorium -- in Trillium's case, just minutes before its financing was set to close.

Windstream took its complaint to a NAFTA tribunal, which partially ruled in the company's favour, awarding it $25 million in damages for unfair and inequitable treatment as well as $3 million in legal fees.

Ontario's decision was "at least in part" driven by a genuine concern about a lack of scientific research, but was also influenced by public opposition to offshore wind and how it could affect the Liberals in the upcoming 2011 election, the tribunal found.

"The government on the whole did relatively little to address the scientific uncertainty surrounding offshore wind that it had relied upon as the main publicly cited reason for the moratorium," the tribunal ruled. "Indeed, many of the research plans did not go forward at all, including some for lack of funding, and at the hearing counsel for the respondent confirmed that Ontario did not plan to conduct any further studies."

Five government-commissioned studies have been completed since 2011 on impacts on fish, other environmental impacts, sound and decommissioning requirements.

The studies largely found that while there were still many unknowns about offshore wind in freshwater environments, impacts were likely to be minimal. At least one concluded it was doable.

"If appropriate precautionary measures are taken to avoid or mitigate the impacts of potential harmful or disturbing activities, and implementation strategies are adapted to reflect an ever-growing knowledge base and accommodate the best available science-based options for mitigation, offshore wind power generation within the Great Lakes has the potential to be implemented with minimal impacts on the aquatic ecosystem and in an environmentally sustainable manner," concluded one aquatic research study.

The last two outstanding studies were made public in December, but now the government says it needs more research -- only, it hasn't commissioned any.

"Ontario will continue to follow the impact of North America's first offshore wind pilot project in Lake Erie -- a project authorized by the State of Ohio," the Ministry of the Environment said in a statement.

"Doing so will allow us to have a better grasp of any potential environmental and health challenges posed by freshwater offshore wind developments. The moratorium will not be lifted until research findings are understood and concerns surrounding offshore wind projects are addressed."

The Lake Erie project is slated to begin construction in the spring of 2018.

The Windstream contract in Ontario was signed at a time when the government was shutting down coal-fired electricity generation and looking for green sources of power. Now, the Liberal government is under fire for its green energy program, which is blamed in part for high electricity rates. It recently cancelled plans to sign contracts for up to 1,000 megawatts of power from solar, wind and other renewable energy sources.

But Windstream is still hoping their contract is honoured.

As for Trillium, its $500-million lawsuit for misfeasance in public office is set to go to trial one week after the June 7, 2018 election. Trillium doesn't buy the need for more research as an explanation for the moratorium, said its lawyer.

"These are all really, as far as we're concerned, simply excuses for not wanting to proceed with offshore wind," said Morris Cooper. "(This government) has no focus other than to win the next election."

The Liberal government is also under criminal investigation stemming from Trillium's claim. The company alleged in the lawsuit that government officials destroyed documents after the company sued over the government's cancellation of a Lake Ontario wind project and the provincial police are investigating.

None of Trillium's allegations has been proven in court.

In its statement of defence, the government says it was a coincidence that the moratorium and cancellations were issued just before Trillium's financing was set to close.

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