Seaspan to Invest USD 200 Mn in Swiber

first_imgzoomIllustration. Image Courtesy: Pixabay under CC0 Creative Commons license Hong Kong-based containership owner Seaspan Corporation has entered into a binding term sheet to invest up to USD 200 million in Swiber Holdings Limited, a publicly traded Singaporean owner of offshore vessels.The investment will include USD 20 million in exchange for an 80% economic interest in the restructured Swiber Group, and USD 180 million targeting a USD 1 billion LNG-to-power project in Vietnam under development, in exchange for economic interests in the project.Bing Chen, Seaspan’s President and Chief Executive Officer, expects the investment to “unlock substantial value.”“Concurrently, we will continue to invest in and improve operations of our existing containership leasing business to provide best-in-class service to our customers. I would like to congratulate our Special Projects team, led by Matthew Tinari, on structuring and executing this opportunistic potential investment,” Bing added.Seaspan intends to fund the investment with cash on hand.Closing of the first tranche is expected to occur in the first part of 2019, but is dependent on several conditions including the emergence of Swiber from its judicial management process in Singapore, the approval of Swiber’s shareholders and creditors, Singapore regulatory approvals and other customary conditions.The second tranche is conditional on several conditions as well.last_img read more

Ottawa told to release Aboriginal Affairs emails kept under cabinet secrecy shroud

first_imgAPTN National NewsOTTAWA-The Federal Court has ordered the Privy Council Office to either release internal emails between Aboriginal bureaucrats or better explain why the documents should be shrouded beneath the blanket of cabinet secrecy.Winnipeg-based Tribal Wi-Chi-Way-Win Capital Corporation (TWCC) went to Federal Court last January seeking a judicial review of an Aboriginal Affairs decision to create a $15.5 million loan guarantee program for selected banks and credit unions to encourage lending to on-reserve businesses.TWCC, an Aboriginal bank created by the federal government in 1993 to provide financing to on-reserve businesses, has claimed the department failed to consult Aboriginal lenders before creating the program.The court action has since led to a legal tussle between TWCC and the PCO over 30 internal emails written by Aboriginal Affairs bureaucrats.PCO has refused to hand over the documents arguing they are covered by cabinet confidence.On Aug. 22, the Federal Court-appointed official managing the case ruled that the PCO had failed to make the case for keeping the emails secret, said TWCC’s lawyer Ken Muys.The official, Roger Lafreniere, ordered the PCO to either submit the requested emails or present a better argument for keeping them secret by Oct. 1, said Muys.“(Lafrenier) said that the Privy Council and cabinet are entitled to withhold disclosure of secret documents, but the court wasn’t convinced that (the emails) were properly described to be secret,” said Muys. “He gave them a choice and he did comment (that) he would be extraordinarily surprised if the emails are somehow secret documents.”TWCC is trying to uncover the decision process that led to the creation of the program.The Aboriginal Affairs department picked Assiniboine Credit Union, Desjardins Group, Business Development Bank of Canada, Affinity Credit Union, First Nations Bank, Servus Credit Union and VanCity Savings Credit Union to take part in the loan-loss reserve program.Assiniboine Credit Union has since pulled out of the program saying it wasn’t working.Alan Park, chief executive officer of TWCC, has said that the department was putting Aboriginal lenders in jeopardy by freezing them out of the program and giving mainstream lenders a “golden-brick road” into the on-reserve lending sector.It remains unclear why the department didn’t include Aboriginal financing firms, called AFIs, in the program when the firms were created and designed to provide loans to on-reserve businesses which typically have to work harder to borrow money from banks.Created 20 years ago with $200 million in seed capital, there are now 57 AFIs across the country and they have written about 36,000 loans worth over $1.4 billion.TWCC was established in 1993 and has since offered more than $34 million in loans to 45 First Nations communities in Manitoba.While it began with only three employees, it has 150 todayThe Conservative Aboriginal affairs caucus sent a letter last year asking former Indian affairs minister Chuck Strahl to rethink the program.last_img read more

Time Inc Debuts New VoterTargeted Platform Ahead of Elections

first_img “Time Inc. consumers care a great deal about the future of our nation and over index for participation in national and local elections. Launching CampaignFocus in partnership with Audience Partners is another way we are connecting voters with the campaigns and causes making headlines today,” said JT Kostman, Chief Data Officer, Time Inc. This network will provide political and public affairs campaigns a way to reach voters, donors and constituents. Combining the company’s inventory with Audience Partners’ National Online Voter File, Time Inc. is looking to simultaneously solve for both reach and viewability, the highest hurdles digital marketers face. “At the end of the day, politics is a product, and the key to messaging any product is getting the right content to the right person in the right context at the right time. Our partnership with Audience Partners allows us to do just that by tying political messaging to compelling content in a way that ensures its resonance with donors and voters,” Kostman said.More on this topic Folio: Week in Review – January 23, 2016 A Small Win for Legacy Media: Time Inc. Acquires MySpace Sixteen Online Ad Networks To Self-Certify with IAB Time Inc.’s New Ad Product Aims to Harness Social Engagement Time Inc. Buys Jane Pratt’s xoJane and xoVain Glam Media Acquires Advertising Targeting FirmJust In Editor & Publisher Magazine Sold to Digital Media Consultant This Just In: Magazines Are Not TV Networks TIME Names New Sales, Marketing Leads | People on the Move Bonnier Corp. Terminates Editor-in-Chief for Ethics Breach The Atlantic Names New Global Marketing Head | People on the Move Four More Execs Depart SourceMedia in Latest RestructuringPowered by Time Inc. and Audience Partners announced the launch of CampaignFocus, a voter-targeted premium publisher network.  Combining Time Inc.’s audience data with Audience Partners’ National Online Voter File database, the company hopes to bring a new level of data-driven, contextual targeting to digital advertising for politics and advocacy. CampaignFocus has cross-platform capabilities, which will enable targeting across all Time Inc. properties following the election. Audiences available through the network will include likely voters, donors and activists who consume content and brands such as Essence, Fortune, Golf, InStyle, Money and People, among others. In addition to being able to rapidly identify audience segments across interests, issues and passions, Time Inc. already has diverse audience segments, including new moms, sports enthusiasts, millennials, affluent families and African American entrepreneurs.last_img read more

Kingfisher Airlines Staff Set Deadline for Vijay Mallya Threatens to Protest

first_imgThe Kingfisher Airlines staff had set deadline for Chairman Vijay Mallya to clear all their outstanding salaries. They threatened that they would stop working and take to the streets if the airlines fail to meet their deadline, that is till 8 PM on Tuesday.This comes a day after Mallya sent letter to the staff on the salary issue in which he assured payment of salaries starting this week.However, Mallya’s letter had failed to pacify the annoyed employees who have not got salaries since December last year.After Monday’s meeting, the Kingfisher staff decided to stop working and protest if salary is not credited by Tuesday. To make their stance more evident, they have also shot off a dissent note to the Kingfisher management noting their demands.In the letter to Mallya and company, employees have said that they cannot undertake any duties owing to the mental stress caused by the serious economic crunch that could jeopardise the safety of both company and the valuable guests.Agitating employees even urged the Royal Challengers Bangalore (RCB), a franchise of Indian Premier League that’s owned by liquor baron Mallya, to boycott the match.  The debt-ridden airlines had already scaled down its operation on a large number, which’s only flying 16 of 64 aircrafts. Meanwhile, it had completely grounded all international flights since March 25 and struggling to meet the issued schedule.last_img read more

UTTT Poll Texas Republicans Down On FBI Russia Investigation

first_img Share Graphic by Emily Albracht for The Texas TribuneTexas Republican voter opinion turned against the FBI and special counsel Robert Mueller even before last week’s mass shooting in a Florida high school and indictments of Russian propagandists who tried to influence American elections, according to the latest University of Texas/Texas Tribune Poll.It’s a peculiar position for a party known for its strong law-and-order positions. Only 14 percent of Texas Republicans approve of the way Mueller is handing the investigation of Russian interference in the 2016 elections, while 60 percent disapprove. And only 27 percent said they have a favorable impression of the FBI, while 48 percent of those Republican respondents said they have an unfavorable opinion.“Since when do Republicans dislike the FBI?” asked Daron Shaw, co-director of the poll and a professor of government at the University of Texas at Austin. “This is pure party.”The poll was conducted before a former student killed 17 people at a Florida high school on Valentine’s Day, and before news reports that the FBI and Florida social services officials had not acted on tips and other signs that the killer was dangerous and had access to weapons. Democrats, meanwhile, were a bit less positive on the FBI last year — with 51 favorable and 15 percent unfavorable — than they were in the latest survey.Most Texans say they’ve heard about the investigations into Russian efforts to influence the 2016 presidential elections; only 2 percent say they have heard nothing at all, and only 12 percent say they have not heard very much.They are split, largely along partisan lines, when asked whether the outcome of that election was influenced by Russia. Overall, 40 percent believe it was and 46 percent do not. Among Democrats, 77 percent believe Russians succeeded in influencing the outcome, while only 9 percent of Republicans do. Only 9 percent of Democrats believe the Russian efforts fell short, while 81 percent of Republicans said the Russians were unsuccessful.Was there any coordination between the Trump campaign and Russia? Texans split 41 percent to 44 percent on that question, but the partisan differences drive the numbers. Among Democrats, 77 percent think there was coordination, while 81 percent of Republicans believe there was not coordination.Voters from the two parties disagree strongly about the reasons for the investigations, too. What looks like an even split overall — 43 percent to 43 percent — masks deep partisan differences.More than three-quarters of Democratic voters (77 percent) said the inquiries about the 2016 election are “mostly efforts to investigate potential foreign interference in a U.S. election.” But the same percentage of Republicans believe “they’re mostly efforts to discredit Donald Trump’s presidency.”The University of Texas/Texas Tribune internet survey of 1,200 registered voters was conducted from Feb. 1 to Feb. 12 and has an overall margin of error of +/- 2.83 percentage points. Numbers in charts might not add up to 100 percent because of rounding.center_img And the survey was completed before the grand jury indictments of 13 Russians and an organization called the Internet Research Agency as part of Mueller’s investigation.Overall, 38 percent of Texas registered voters approve of Mueller’s investigation and 36 percent do not. Unlike their Republican counterparts, 66 percent of Texas Democrats approve of the probe while only 10 percent do not. About a quarter of all voters — as well as of Republican voters and of Democratic voters — said they have either a neutral or no opinion about it.Overall, 42 percent of Texas voters have a favorable opinion of the FBI, while 31 percent have an unfavorable opinion and 27 percent have either a neutral opinion or none at all. Democratic voters were positive overall, with 64 percent favorable and 12 percent unfavorable. Only 27 percent of Republicans have favorable opinions of the FBI, while 48 percent said they hold unfavorable opinions.“The deeply partisan view of everything involving Trump and Russia — even with a national law enforcement agency — is pretty striking,” said Jim Henson, co-director of the poll and head of the Texas Politics Project at UT-Austin. “The most striking number here is the movement in attitude about the FBI in less than a year.”Those numbers have changed significantly since a June 2017 UT/TT Poll in which 44 percent of Texas voters gave the FBI good marks and 27 had negative opinions of the agency. At that time, voters in both parties were more favorably disposed than they were in the more recent survey: 43 percent of Republicans gave the FBI favorable marks, while 35 percent of Republicans said their opinions were unfavorable.“It’s not driven by the base,” said Josh Blank, manager of polling research at the Texas Politics Project at UT-Austin. “Non-Tea Party Republicans are the big change.”last_img read more

Prop B Mediation Between City Of Houston And Firefighters Fails

first_img Listen To embed this piece of audio in your site, please use this code: A court-ordered mediation between the city of Houston and the local fire and police unions has failed.Attorney David Matthiesen, who serves as the mediator, declared an impasse Friday morning because no progress was made since the three parties started first meeting last week, Houston Mayor Sylvester Turner said at a news conference.District Judge Tanya Garrison had ordered the mediation in the legal fight over Proposition B, a voter-approved measure giving Houston’s firefighters equal pay with police officers of similar ranks.Turner said the city had proposed implementing the pay raises over three-and-a-half years, not laying off or demoting any firefighters, not requiring similar education for firefighters and police officers who are paid the same, and no layoffs of firefighter cadets.Turner says that didn’t satisfy the union, and as a result the city has no choice but to lay off hundreds of firefighters and other city workers in order to balance the budget.“The fire union said it did not want layoffs, but this now is a self-inflicted wound,” Turner said. “It cannot keep moving the goal post.”But the Houston Professional Fire Fighters Association says it’s the city that wasn’t ready to make concessions.In fact, union president Patrick ‘Marty’ Lancton denies the city even made the offer. He said one particular request from the city was unacceptable to the union.“We would have to agree that the Proposition B, the will of 300,000 voters, that we would have to defy democracy and that we would have to agree that Proposition B is unconstitutional and gets overturned,” Lancton told News 88.7. “We would absolutely never do that.”He also took issue with the city not agreeing to provide the union with a list of how much each firefighter will earn under Prop B.Turner said firefighters would receive a block amount of $307 million over three-and-a-half years.“They can place the dollars anywhere they want to, distribute them to the employees,” he said. “Similarly to what the police do.”Lancton said union members told the mediator on Thursday they would need 12 hours to consider the city’s proposal and turned in their own proposal Friday morning.“And the city rejected the offer of a four-year phase-in with very simple things,” he said.Lancton said the firefighters union wants to continue mediation and accused the mayor of ending it.Turner said the city will now do its best to implement Proposition B and will issue checks worth $31 million in back pay to firefighters who should already have received raises.View Fullscreen View Fullscreen 00:00 /00:50center_img X Florian Martin/Houston Public MediaMayor Sylvester Turner is flanked by Fire Chief Samuel Peña, left, and city attorney Ron Lewis during a news conference Friday morning. Sharelast_img read more