Monthly Archives: July 2017

Barron's

Morning Movers: Regeneron Slumps, Diamond Offshore Jumps, Charter Climbs Barron's All the market-moving news you need to know this morning including earnings from Intercept Pharmaceuticals and Diamond Offshore Drilling, an upgrade for American Airlines, and Discovery's acquisition of Scipps Networks Interactive. By. Ben Levisohn. Diamond Offshore Announces Second Quarter 2017 ResultsPR Newswire (press release) Drilling Down Into the Books for Diamond Offshore Drilling, Inc. (DO)StockNewsGazette Diamond Offshore Drilling posts 2Q profitYahoo News UK ExpertGazette -First News 24 -The Cerbat Gem all 97 news articles »

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Morning Movers: Regeneron Slumps, Diamond Offshore Jumps, Charter Climbs - Barron's

UPDATE, WRITETHRU (with Valerian & more added): Christopher Nolans Dunkirk continued to storm the international box office this weekend, marshaling another $45.6M from 12,600 screens in 63 markets. The glowingly-reviewed war movie from Warner Bros handily navigated across the $100M overseas and $200M worldwide milestones with $131.3M and $234.1M, respectively.

H Collective

From director Wu Jing, who stars with Frank Grillo, Wolf Warriors 2 puts some bite into the current local blackout period. It hands-down beat the state-backed propaganda film, The Founding Of An Army, which came in at $24M for the three-day and $29.4M total (see more below in the local-language breakdowns).

Turning back to Dunkirk, Nolans war epic had a 36% drop from its launch session while adding majors including Germany, Mexico and Brazil. Overall Latin America figures are ahead of comps Inception and American Sniper. In the UK, the lifetimes of both Interstellar and American Sniper have been surpassed as Dunkirks No. 1 hold was just 16% off last weeks bow. The 10-day cume there is $35.4M (27.2M).

The film, which was shot almost entirely using IMAX 70MM 2D cameras, added $6.1M in the format from 307 offshore screens. The international cume is $17M for $40.1M global.

Universal

Disneys Pirates Of The Caribbean: Dead Men Tell No Tales too has another notch on its belt, crossing $600M internationally for $605M offshore and $776M worldwide. And, Foxs War For The Planet Of The Apes is still swinging in staggered rollout, crossing $100M overseas for $106M to date ahead of Brazil, France and Germany openings next weekend.

Next week also sees Sonys The Dark Tower erected in Russia and some smaller markets; Atomic Blonde looks to come out swinging in Australia via Universal, and Emoji makes faces in the UK, Germany and Korea, notably.

This weekends numbers for Luc Bessons Valerian And The City Of A Thousand Planets have been added, and breakdowns on the other movies above and more are now updated below.

NEW ATOMIC BLONDE

Universal Pictures

HOLDOVERS/EXPANSIONS DUNKIRK

Warner Bros

New markets this frame included key Latin American plays in Mexico and Brazil. The former bowed to $2M on 1,236 screens, well ahead of Inception and on par with American Sniper. In Brazil, the launch was $1.7M on 485 to debut atop Inception (+49%), Gravity (+39%) and Interstellar (+16%) and on par with American Sniper. Dunkirk also had the highest IMAX opening weekend for a Christopher Nolan film there. In total, Latin America grossed $6.7M to track ahead of both Inception and Sniper.

Markets in Europe, the Middle East and Africa saw a 28% dip with all tracking ahead of Sniper and Interstellar and on par with Inception. Germany was a new Europe play with $2.1M on 623 screens including sneaks. Despicable Me 3 continues to lead the market, followed by new local entry Ostwind 3: Aufbruch Nach Ora from Constantin. Both IMAX and 70mm were in high demand with the top grossing locations in Berlin at the Sony Center and the Zoo Palast. In total, IMAX generated an estimated $6.1M in all offshore combined, a 28% drop from opening in the holdover markets, for $17M to date in the format.

The top hold, unsurprisingly, is the UK where a 16% drop generated $10.9M on 1,294 screens. Another No. 1 performance lifts the cume to $35.4M, already surpassing the lifetime grosses of Interstellar and Sniper.

Further cumes include Korea ($16.7M), Australia ($9.8M), France ($9.8M) and Spain ($4.7M). The next markets to open are Italy on August 31, China on September 1 and Japan on September 9.

DESPICABLE ME 3

Universal/Illumination

Korea was new this frame at No. 2 behind local pic The Battleship Island. It grossed $8.1M there for the best local Illumination debut ever, and slots into the peak summer holiday period. Japan held No. 1 again and has a $17.6M cume to date. Chinas total after three sessions is $145M as it has held well against local competition during the blackout period. In Argentina ($22.3M cume), DM3 was No. 1 for the 5th session in a row while the UK was at No. 2 ($46.3M cume).

WAR FOR THE PLANET OF THE APES

Fox

SPIDER-MAN: HOMECOMING

Sony

VALERIAN AND THE CITY OF A THOUSAND PLANETS

EuropaCorp

The film was No. 1 in 6 markets: France, Hong Kong, French-speaking Switzerland, Croatia, Serbia and Slovenia; and No. 2 in 4 including Belgium, the Netherlands, Portugal and Estonia.

France was the key new major this session where it kicked off on Wednesday with the 2nd best launch day of the year locally (and also topped Bessons most recent helming effort, Lucy, albeit on 355 more screens). The full weekend is an estimated $12.17M which is on track to rep the biggest start of the year in the Hexagon (confirmed figures will be available on Monday). Reviews have been mixed in France. The local press here has given it 3.1 out of 5 stars with audiences scoring higher at 3.9, according to AlloCin. Ahead of the weekend, exits on the movie, which is based on a beloved French comic, were said to be very positive.

Major hubs still to take flight include the UK, Brazil, Spain, Russia, Mexico Italy, Japan, Korea and China which is going August 25. Thats starting to look like a crowded day with Cars 3 and Baby Driver also both zooming into the Middle Kingdom as the blackout lifts.

TRANSFORMERS: THE LAST KNIGHT

Paramount

BABY DRIVER

Sony

Holdover hubs dipped 40% collectively. Upcoming key market releases include Mexico, Russia and Korea. China now has an August 25 date on what is looking to be a crowded weekend with Cars 3 and Valerian And The City Of A Thousand Planets also moving in then.

CARS 3

Disney

In particular this weekend, Cars 3 revved up by 10% in the Netherlands; scored the 2nd best Disney/Pixar launch day ever in Finland ($400K weekend); had the 2nd best animation opening this year in Belgium ($500K weekend); and was tops in the Philippines with $800K.

As of today, the lead markets are Mexico ($15.5M), Russia ($10.5M), Australia ($9.9M), Japan ($9.8M) and Brazil ($9.7M). France is on deck this week.

THE MUMMY Unwrapping in Japan, Universals The Mummy unearthed $3.5M there to land No. 2 and score bigger than recent Tom Cruise titles Edge Of Tomorrow, Oblivion and Jack Reacher. The full weekend was $3.9M in 47 markets. Play is essentially done in most hubs with the Top 5 breaking down thusly: China ($91.5M), Korea ($27.6M), Russia ($16.9M), Brazil ($14.2M) and Mexico ($13M).

PIRATES OF THE CARIBBEAN: DEAD MEN TELL NO TALES

Disney

MISC UPDATED CUMES/NOTABLE

Universal Pictures

LOCAL-LANGUAGE CHINA

H Collective

Response from critics and audiences has been higher than on the original Wolf Warrior. On Douban, the story of a commando who heads to Africa to rescue Chinese nationals is at 7.5 versus the previous films 6.8. On Mtime, its at 7.4 versus 7, per communist party-leaning Global Times which bills it as an exciting action film thats also heavily patriotic. The paper says it grossed RMB 306.7M ($45.5M) on Saturday to score the second highest single-day take ever for a domestic film and the sixth for any film at the mainland box office. Indeed, grosses rose throughout the weekend play.

CFG

KOREA

CJ

INDIA

Sony

Excerpt from:

'Dunkirk' Charts $131M Offshore; 'Wolf' Devours China; 'Despicable 3' Tops $819M WW + 'Valerian's French Bread ... - Deadline

Pulitzer prize winning investigative journalistFrederik Obermaier on Monday claimed thatPakistan Tehreek-e-Insaf (PTI) chairman Imran Khan has avoided taxes in the United Kingdom by establishing an offshore company.

The journalist also named the offshore company as Niazi Services Limited.

Obermaier's tweeted the claim in reply to a tweet by the International Consortium of Investigative Journalists.

Earlier, Imran Khan submitted the reply and affidavit on the offshore companies in the Supreme Court on Tuesday.

He stated that whatever money he made between 1971 and 1992 was earned by playing cricket.

In 1983, the deponent (Imran) did not know whether he would be a resident in the UK at the time of its sale. The document added that this is why Imran was advised that the flat be placed under an offshore company which would not have to pay any CGT. The deponent was the sole owner of the flat and no other asset was placed under Niazi Services Limited.

It further stated the London flat had been rented out to a person called Van Der Loo who occupied the flat but did not pay the rent. The person also damaged the property and it had to be repaired before it could be sold.

However, the document added, no rent was received after October 2001. Keeping Niazi Services alive was a fruitless exercise after the sale of the flat.

Moreover, Imran has informed the court that after retiring from cricket in 1992, his income was from cricket commentary, lectures and royalty from books.

The deponent as chairman PTI has certified that account of PTI to be correct, true and accurate based on the certificate received from abroad.

Originally posted here:

Imran avoided taxes in UK via offshore company: Panama Papers journalist - Geo News, Pakistan

Its a hot-button issue on Delmarva that could soon impact locals and tourists alike.

Before taking a side on this issue, its important to understand the basics of what offshore wind even is. The definition of offshore wind power is in its very nameits the use of wind farms constructed on the oceans continental shelf (and sometimes lakes and fords) to generate electricity from wind, which is stronger over seas than it is over land.

The topic has been coming up a lot recently, and thats because theres a strong possibility that two offshore wind farms will soon be constructed off the coast of OC.

In May, the Maryland Public Service Commission approved subsidies for the two farms that would be the largest in the country to date. These farms, managed by U.S. Wind and Skipjack Offshore Energy, would include 41+ U.S. Wind turbines located at least 17 miles from the shore and 15 Skipjack turbines at least 19.5 miles from the shore.

First, some of the benefits of offshore wind: environmentally, wind farms produce renewable energy (no fossil fuels!). That means reduced air pollution and reduced greenhouse gases, and the prevention of hundreds of thousands of carbon dioxide emissions entering the atmosphere.

There are also economic benefits: its estimated that these two wind farms would create 5,000 local jobs and about $74 million in state tax revenue. In a statement, Maryland Public Service Commissioner Michael T. Richard highlighted the farms potential to make positive impacts on the environment and the economy:

However, while many Ocean City locals and politicians have supported the proposals for offshore wind, there have been others who arent as thrilled about the project.

According to U.S. Wind project manager Paul Rich, when the project was initially discussed seven years ago between the developers, the federal government and the Town of Ocean City, the Town was most concerned with having the turbines at least 10 miles away from the shore. More recently, at the Towns request, U.S. Wind agreed to move their turbines as far back as we possibly can, 17 miles from the shore.

A few weeks ago, one of the projects biggest opposers, Congressman Andy Harris, got an amendment passed that could end up terminating the projects altogether. The amendment prohibits the use of federal fundingto conduct reviews of site assessments or construction and operation plans for turbines less than 24 miles from the shore.

This amendment was adopted mostly due to concerns regarding the turbines being a potential eyesore. Because a sizable portion of the Towns revenue comes from tourism, and its unknown whether a view of the turbines could impact the economic sectors of tourism and real estate, Harris and other officials are concerned that the turbines would result in losing such revenue.

And while they would bring in state revenue, its estimated that the projects would cost about $2 billion in total, and that the typical utility customer would see a 1.4% increase in their bill, an extra $1.40 per month on average.

In light of the recent amendment passed, the projects are currently on hold, likely unless or until the amendment is reversed.

Well, maybe. Right now, most offshore wind farms are located off the coasts of European countries, and there are only two in the United States (a floating wind turbine in Maine and a commercial farm in Rhode Island).

We know little about how these wind farms will impact tourism in the U.S., but there have been recent studies conducted that might give us an idea. For example, one study conducted by economists at North Carolina State University concluded that nearshore wind farms would have a negative effect on state tourismbut that mostly applies when the turbines are eight miles away from the shore or closer. In a working paper on the study, NCSUsCenter for Environmental and Resource Economic Policy director Laura Taylor said:

In one Danish beach town, resort owners are actually turning the nearby wind farm into a tourist attraction. Anne Marie Larsen, who owns a resort in Nysted, Denmark that offers offshore wind safaris, told Offshore Wind.biz:

Harbor master Sven Erik Hauberg echoed Larsens positive outlook on the wind farms.

Again, whether the wind farms would have a positive, negative or nonexistent impact on Ocean City tourism cant be totally known unless theyre built. Right now, we can only look at studies that have been conducted and the impact of wind farms on other countries, and make an educated guess. Here is a good place to start researching.

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Ocean City and offshore wind - Ocean City Today

BBC News

How much of the world's wealth is hidden offshore? - BBC News BBC News The chunk of global wealth illegally stashed in tax havens is a big feature of the modern economy. and more »

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How much of the world's wealth is hidden offshore? - BBC News - BBC News

MELBOURNE, Australia--Oil-and-gas explorer Karoon Gas Australia Ltd. (KAR.AU) has struck a deal to tie-up with an energy company controlled by Russian billionaire Mikhail Fridman to consider buying assets in selected areas off Brazil.

In a statement Monday, the Australian company said it had entered agreements with German oil-and-gas company Dea to evaluate jointly bidding for assets.

As part of the arrangement, Karoon said it had granted Dea an exclusive option to buy up to 50% in five exploration blocks in the Santos Basin, off the coast of the state of Sao Paulo.

Having such a "high quality, well-capitalized partner" would significantly assist Karoon in its ambitions to buy oil production in Brazil, Karoon Managing Director Robert Hosking said.

Commercial terms for any acquisitions would be agreed and finalized at the appropriate time, Karoon said. A sale of interests in its exploration acreage, including in the Echidna and Kangaroo discoveries, remains subject to Dea carrying out due diligence and the agreement of terms, it added.

Mr. Fridman's L1 Energy, formed to invest heavily in energy assets around the world, bought Dea from German utility RWE AG (RWE.XE) in 2015.

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"DEA has excellent operational capabilities with significant production and earnings, along with ambitious growth strategy, making them a very good strategic fit for Karoon" Mr. Hosking said.

Karoon entered Brazil in 2008 with the acquisition of five exploration blocks.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 30, 2017 20:34 ET (00:34 GMT)

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Karoon Partners with Dea to Consider Acquisitions Offshore Brazil ... - Fox Business

Petronas' subsidiary PC Vietnam (PCVL) has agreed to transfer Blocks 01 and 02 in the Cuu Long basin in offshore Vietnam to the host authority once the production sharing contract (PSC) expires.

The PSC is scheduled to expire after 26 years on 9 September this year.

Once the PSC ends, PCVL will terminate all its operations as stated in the contract terms.

Petronas president and group CEO Datuk Wan Zulkiflee Wan Ariffin said: "We have come a long way since our entry into Vietnam in 1991, which was an important first step at the beginning of our globalisation journey.

"The parent company will continue to operate the upstream production activities for Blocks 102 and 106."

"As a pioneer investor in the oil and gas industry of Vietnam, we are proud to have been given the opportunity by the host government to play a significant role in the development of the countrys oil and gas and petrochemical industries."

The parent company will continue to operate the upstream production activities for Blocks 102 and 106, which are both in North Vietnam's Song Hong Basin. These two blocks are operated by Petronas Carigali Overseas (PCOSB).

Petronas also plans to pursue additional opportunities in its downstream businesses in Vietnam, particularly in the lubricants and petrochemical sectors.

Established in 1974, Malaysias Petronas has operations in more than 50 countries worldwide in various aspects ranging from exploration to marketing.

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Petronas to exit two offshore blocks in Vietnam - Offshore Technology

Oil & Gas UK has revealed an improvement in performance in the latest annual health and safety data report into the UK offshore industry.

The Health & Safety Report 2017 provides significant trends and issues of the sectors performance on the UK Continental Shelf during the last year.

The report highlighted the collectively lowest level for dangerous incidents such as oil and gas releases, dropped objects, fires, and explosions.

The sector reported 113 injuries in more than 50 million manhours worked offshore,which is the second lowest since the safety regulations came into force in the mid-1990s.

It also mentioned that six operators witnessed no dangerous occurrences last year and nine operators had no reportable injuries during the same time period.

However, the report also mentioned a fatality happened during the unpacking of a container offshore.

"Process safety incidents such as oil and gas releases, fires or explosions and dropped objects are at the lowest on record."

Oil & Gas UK Health, Safety and Environment Policy director Mick Borwell said: Our report reflects the continued industry-wide effort we make to maintain focus on the safety of our people and operations.

That effort is paying back in the form of an improving overall performance.

He stated that particular scrutiny has been paid to aviation safetyfollowing two helicopter crashes, with one killing 13 people in Norway and a non-fatal incidentin the UK.

Borwell added: "Process safety incidents, which includes oil and gas releases, fires or explosions and dropped objects, are at the lowest on record.

"There has been a sustained overall downward trend in the total number of these hydrocarbon releases reported since a peak in 2004. Prevention of releases remains an absolute priority."

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Improvement in UK offshore oil and gas safety, says report - Offshore Technology

Mary Ann Bragg @MaryAnnBraggCCT

One of three companies with plans to build commercial wind farms south of Nantucket and Martha's Vineyard has begun a formal analysis of their lease area.

The start of Bay State Winds site assessment process moves the company a step ahead of its competitors in the federal regulatory permitting process.The federal Bureau of Ocean Energy Management is currently reviewing the site assessment plans of Vineyard Wind and Deepwater Wind for completeness.

Actual construction is still several years away for all three companies.

The projects planned south and southwest of the Islands could be among the first federally authorized offshore commercial wind farms in the country, adding to the five-turbine wind farm in state waters off Block Island.

Were thrilled to be part of this huge step forward for the offshore wind industry in the U.S., said Thomas Brostrom, the North America president of Dong Energy, in a statement.

Dong Energy and Eversource, the New England electric and natural gas utility, recently formed Bay State Wind and leased 187,000 acres of submerged land for wind energy development in federal waters beyond the state's three-mile limit, known as the outer continental shelf, and located between 15 and 25 miles south of Marthas Vineyard. The commercial lease allows five years for the site assessment and 25 years for operation of the wind farm.

With the June 29 federal approval of the site assessment plan, Bay State Wind has installed three moored, data-gathering unmanned buoys in the lease area to collect physical, biological and economic characteristics of the lease area for the next two to four years.Two 21-foot-long yellow buoys employ Light Detection and Ranging (LiDAR) remote sensor equipment to measure meteorological and environmental conditions primarily related to wind speed and direction.A smaller, round buoy that looks like a bubble in the water will record wave, current and water temperature conditions.

So far, calls from fishermen about the new buoys have largely been inquiries about the technology itself, said John Williamson, who is the companys fishery liaison officer.

I was anticipating getting calls and there have been remarkably few, Williamson said.

Photographs and basic sea conditions information available on a public website have been the biggest attraction, he said.

As part of the conditions attached to the plan approval, Bay State Wind must submit an annual report by Nov. 1 of each year on site assessment activities and results including an annual self-inspection report. Among the conditions of the June 29 approval, the company must list any new sensor equipment and any potential archaeological discovery, such as a shipwreck, and produce an annual report on dead or injured birds or bats for federal officials. Banded bird carcasses must be reported within 30 days.

To protect marine mammals and sea turtles, the company must prevent trash and marine debris from entering the ocean and to prevent vessel strikes of the animals. With North Atlantic right whales, the company must monitor seasonal right whale tracking systems, adhere to vessel slow-down restrictions and keep away from any right whales. If a company vessel that is underway encounters a right whale within 328 feet the vessels engine must be shifted into neutral until the whale passes. If a vessel is stationary in the same circumstances, the engine must be shifted to neutral as well.

Company vessels are to avoid and similarly attempt to protect other nearby whales, dolphins, porpoises, seals and sea turtles, according to the June 29 approval.

The company must also comply with all federal reporting requirements for injured or dead protected species.Bay State Wind has also submitted an oil spill response plan to federal officials.

Vineyard Wind spokesman John Lamontagnesaid the company expects to receive approval in the fall for its site assessment plan.

"Meanwhile we have been analyzing publicly available data from a nearby wind measurement station," Lamontagne said. "Based on this analysis, we are confident that our site has an excellent wind resource."

A representative of Deepwater Wind did not return a request for comment sent on Saturday.

In addition to assessing the potential of their offshore leased areas, the three companies are expected to bid by December on long-term contracts.

On June 29, the states three electric distribution companies issued a request for bids for a total of 400 megawatts of offshore wind energy generation, and potentially up to 800 megawatts, based on an energy bill signed in 2016 by Gov. Charlie Baker. The June 29 solicitation is the first in Massachusetts of what is expected to be a total of approximately 1,600 megawatts of offshore wind energy generation by June 30, 2027.

The three electric distribution companies seeking the bids are Eversource, National Grid and Unitil.

Eversource, in particular, has a dual role in the solicitation processes,by submitting a bid, as Bay State Wind, and reviewing the bids, as a utility company.

In tendering a bid, it is an unregulated affiliate of Eversource that has partnered with Dong Energy to become Bay State Wind, Eversource spokeswoman Caroline Pretyman said. In that role,Eversource will develop the onshore transmission system to complement Dong Energy's offshore generation and transmission expertise.

As a utility company, Eversource will work with the state Department of Energy Resources, other utilities and a third-party independent evaluator to review the bids on behalf of customers, Pretyman said.

"The request for proposals includes a standard of conduct, in addition to our own standards, that serve to ensure fairness involving transactions between and among affiliates," she said.

The state oversees the bidding process and any future contracts are subject to review and approval by the state Department of Public Utilities, with a full public process, Pretyman said.

Follow Mary Ann Bragg on Twitter: @maryannbraggCCT.

See more here:

State offers new momentum for offshore wind power - Cape Cod Times (subscription)