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AP7 to report fossil fuel divestment hoax to police

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first_imgSweden’s AP7, the SEK674bn (€64bn) default fund for the premium pension system, said it intends to file a report to police after being targeted yesterday by a sophisticated hoax, in which an unknown party purporting to be the fund itself distributed false information to media outlets.Fake news that the fund had taken a decision to divest from all fossil fuels and become carbon neutral by 2030 was then reported by IPE, one Swedish website, the French news agency AFP, and many international news outlets redistributing the AFP story.Johan Florén, AP7’s head of communications and ownership, told IPE: “We are going to try to make a report for the police. We are investigating this and and hopefully everything will become clear and we will then look into all the options.”IPE removed the false story from its website yesterday after being contacted by Florén to say the story was not true. The unknown perpetrators of the prank emailed journalists using the format of a press release closely resembling a genuine release from AP7, with the announcement also carried in English and Swedish on a website impersonating an official AP funds website.While the pension fund is taking action to remove remainders of the false information on social media and elsewhere online, Florén said there was a limited amount that could be done to guard against such attacks.“With this kind of online fraud, it’s very difficult to do anything about it. Often the perpetrators are hidden behind servers in other countries, for example,” he said.Asked who could be responsible for yesterday’s disinformation, Florén speculated the perpetrators could be environmental activists.“The AP funds have been subject to other attacks linked to the issue of sustainability, both online and physically,” he said.Two years ago, Swedish state pension buffer fund AP3 was targeted by activists from campaign group Greenpeace, which included one of their meeting rooms being occupied by protesters.Yesterday’s fake press release incident echoes the case in early 2019 when a spoof letter on climate change pretending to be from BlackRock founder Larry Fink was reported by the Financial Times and other media.last_img read more

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People moves: Delbecque to chair new OPSG; Odey names institutional head

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first_imgOdey Asset Management, EIOPA OPSG, HSBC GAM, Preventable Surprises, Franklin TempletonEIOPA – Bernard Delbecque has been re-elected chair of the supervisory authority’s occupational pensions stakeholder group (OPSG), and Aleksandra Maczynska and Falco Valkenburg its vice-chairs. This OPSG will be the first to sit following a reform of the European supervisory authorities, which included changes to the stakeholder groups. One of these is that OPSG members are now elected for a four-year term, although the position of the chair is for two years.“It is a great honor for me to have been re-elected OPSG Chair for a two-year (nonrenewable) term,” said Delbecque on social media platform LinkedIn. “As chair, I may be asked to make a statement before the European Parliament and answer any questions from its members whenever so requested. This is a great new responsibility.”  Delbecque is senior director, economics and research, at EFAMA, the European Fund & Asset Management Association. Maczynska is executive director at retail investor lobby group Better Finance, and Valkenburg is chair of the Actuarial Association of Europe. Odey Asset Management – The London active manager firm has appointed Jos Trusted as head of institutional business, a new role. He joins from CQS Limited where, as the CEO of the CQS New City Equities business, he led the successful launch of CQS’ long only equity investment business. Before CQS, Trusted was a partner at Pensato Capital, a UK-based European equities business.At Odey, Trusted will will focus on growing the firm’s institutional business through the development of its product range, the recruitment of new investment managers and the diversification of its international client base. HSBC Global Asset Management – Luther Bryan Carter (Bryan) is the asset manager’s new head of global emerging markets debt (EMD), taking over from Nishant Upadhyay, who remains with the firm and will focus on fixed income investment platform projects. While taking immediate oversight responsibility for all investment decisions, Carter’s first initiative and focus will be on deepening the country research function.He joins HSBC GAM from BNP Paribas Asset Management, where he was lead portfolio manager. Before joining BNP Paribas, he managed EMD and global absolute return bond capabilities at Acadian Asset Management for nine years and directed its quantitative fixed income research effort. He started his career as an economist at the US Treasury Department and T Rowe Price. HSBC said that since 2014, Carter has been deeply involved in the Emerging Markets Investors Alliance, a leading global non-profit network of institutional investors committed to advancing sustainable social and economic development in emerging markets.Preventable Surprises – Laura Berry is joining the responsible investment ‘think-do’ tank as a senior advisor. She spent nearly a decade as executive director of the Interfaith Center on Corporate Responsibility and 17 years as a large cap value portfolio manager with a focus on the pharmaceutical industry. SheBerry currently serves as a member of the board of directors for the Praxis Mutual Funds, a trustee and investment committee member for the Connecticut-based William Caspar Graustein Memorial Fund, and is vice president of the Comitato Etico di Etica, Sgr in Milan, Italy. She is also a founding board member for both Majority Action (originally 50/50 Climate) and the Church Center for Peace and Justice, in New York City. Franklin Templeton – Julian Ide has been appointed head of EMEA distribution effective at the completion of Franklin Templeton’s acquisition of Legg Mason, which is expected on 31 July 2020. Edinburgh-based Ide will remain CEO of specialist investment organisation Martin Currie. He will report to Adam Spector, the recently-announced head of global advisory services.The core facets of Martin Currie will remain unchanged. Martin Currie will continue to have investment independence as well as institutional distribution and client service independence.last_img read more

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Gold Coast mega mansion resembling a tropical retreat sells for more than $5 million

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first_imgCheck out this bath. What a bathroom!Sellers Gregory Campbell and Beckie Pearson Campbell bought the property in 2016 and wasted no time turning it into the luxurious property it is today.“We set about renovating and decorating each of the rooms to maximise the liveability while Greg concentrated on the renovation of the resort pool area,” Mrs Pearson Campbell said in May.“It has been such a joy to live in our own resort.” It exudes luxury from every corner. The kitchen has a servery to make outdoor entertaining easier. The wardrobe of every girls’ dreams.center_img More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoPlenty of storage for all the wine connoisseurs out there.“We had three bidders and people from Brisbane bought it,” he said. “They liked the space, the tennis court … and the open floorplan.”He said it was a great result following a strong campaign.“We had strong interest during the campaign, some from interstate buyers as well,” Mr Mian said.The sprawling property, which sits on three blocks, blends classic elegance with a tropical resort.Marble, limestone and wood accentuate the home’s opulence while extravagant light fixtures are standout features in almost every room.It has five bedrooms and nine bathrooms with a resort-style pool, sauna, tennis court, office, library, wine cellar and gym among its standout features. Imagine waking up in this bedroom every day. Perfect for late night swims.A WATERFRONT mansion resembling a private, luxury retreat has sold under the hammer for more than $5 million.The Bundall property at 13-17 Binda Place fetched $5.01 million at auction on Sunday.Prestige Property Agents principal Amir Mian, who marketed the home, said the bidding started at $4.9 million.last_img read more

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Ultimate gentleman’s cave for sale

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first_imgEnjoy a round of tennis before cooling off in the wine cellar.A temperature-controlled wine cellar, leather lounge entertainment retreat, alfresco sitting area, water views and tennis court – could this be the Gold Coast’s ultimate gentleman’s cave?The rare waterfront offering on a highly sought-after street in Benowa Waters has gentlemen across the city checking their finances. MORE: Tony Smith’s beachfront home sells for record $25m The McCarthy family outside the Benowa Waters home they built 15 years ago. Picture Glenn Hampson Build a dream home to go with the man cave on the only vacant block for sale in the area.Located on one of Benowa Waters’ more sought-after streets, the block is also one of only three vacant lots in the area and the only one that is currently for sale. “It’s a premium offering,” said Ms Moffrey, who is seeking offers of around $1.5 million.“The block is north to water and it’s the only block without a house in Benowa Waters that is for sale, so it’s quite rare.”“If you built up, you would have skyline views, so it’s got a lot to offer.” Buy a mansion for $5.9m, get a free cruiser The temperature-controlled cellar houses 25,000 bottles of fine wine.While a tennis court occupies the majority of the 742sq m block at 66 Charolais Crescent, the designer man cave has everything a respectable bloke might want when needing a little ‘he time’.The property is owned by Pat and Penelope McCarthy, who founded Australia’s first perfume chain, Perfume Connection, in 1993. From one store in Bundall, they grew the enterprise into a nationwide 70-store chain before selling in 2007. Settle into the leather lounges in front of the large screen television with a glass of your favourite red.The wine cellar holds 25,000 bottles, is fully temperature controlled and a 24-hour security system.“Since it went online yesterday I’ve had a crazy response,” said marketing agent Rebecca Moffrey of Professionals Mermaid Beach.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“I think the wine cellar could also attract a few ladies on the Gold Coast.”A wine barrel and bar stools are ideal for tasting sessions inside the cellar itself, but stately leather lounges and a large flatscreen television are the place to really settle in with your drop of choice.“There’s also an alfresco area off the man cave so you could fish or watch the boats pass by while you enjoy a cheese platter with your wine,” suggests Ms Moffrey. Gold Coast house values jump 8.5 per cent The McCarthy family home at 66 Charolais Crescent sold for $2.43m in February.Public records show the McCarthys sold the six-bedroom Hamptons-style house at 64 Charolais Crescent in February for $2.43 million. However, the buyer passed on the chance to purchase the adjoining tennis court and man cave, which sit on a separate title.Both wine lovers, the McCarthys sought council approval to construct the wine cellar, which involved digging in behind the original boat shed. last_img read more

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World’s 1st Converted FLNG Vessel Named

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first_imgKeppel Shipyard, Keppel Offshore & Marine’s (Keppel O&M) wholly-owned subsidiary, hosted a naming ceremony on July 2 for the world’s first converted Floating Liquefaction Vessel (FLNGV) owned by Golar Hilli Corporation (Golar), a subsidiary of Golar LNG.The vessel was named Hilli Episeyo and is about to be delivered to its owner following three years of conversion work at Keppel.“By combining our expertise from a variety of complex offshore conversion projects and our capabilities in executing LNG-related EPC (engineering, procurement, construction) projects, we are able to offer innovative and reliable floating liquefaction solutions to meet the growing midstream needs of the LNG industry,“ Chris Ong, CEO of Keppel O&M said.“Compared to newbuilds, converted FLNGVs are significantly more cost-effective and faster to market, without compromising safety and processing capabilities. With the experience gained from this first FLNGV conversion project, we are in a unique position to provide customers with reliable end-to-end solutions for the EPC and commissioning of FLNGV as well as FSRU (Floating Storage and Regasification Unit) conversions.”Hilli Episeyo was converted from a 1975-built Moss LNG carrier with a storage capacity of 125,000 m3. Sponsons were added on both sides of the hull to house the topside equipment comprising of pre-treatment systems, four PRICO® single mixed refrigerant liquefaction trains, boil-off gas compression and offloading equipment. The Hilli Episeyo is designed for a liquefaction capacity of about 2.4 million tonnes of LNG per annum.“Being at its final leg towards completion, Hilli Episeyo represents a game changer in the LNG industry with its fast track, low cost project execution. The development of this FLNGV positions us as forerunners in providing offshore liquefaction solutions to meet the growing demand for liquefied natural gas,” Oscar Spieler, CEO of Golar LNG said.With the global push towards cleaner energy, demand for natural gas is expected to increase significantly. FLNGV solutions enable operators to overcome the geographic, technical and economic limitations of developing natural gas resources located in marginal fields while FSRUs help reach consumers in remote areas.Upon its completion, the FLNGV will be put in operation offshore Kribi, Cameroon for Société Nationale des Hydrocarbures and Perenco Cameroon SA, and will be the first FLNGV project in Africa.Video Courtesy: Youtube/Anbu Lovelast_img read more

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Jadestone takes over Stag operatorship

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first_imgAustralia’s Quadrant Energy has transferred operatorship of the Stag oil field, offshore Australia, to Jadestone Energy, formerly known as Mitra Energy. In addition, the registered title has passed to Jadestone from Quadrant and Santos, Jadestone said on Monday.The company previously completed its acquisition of the one hundred percent interest in the Stag oil field from sellers, Quadrant and Santos, on November 11, 2016. The transfer of operatorship and registered title has now occurred after completion of the NOPSEMA, (the Australian offshore regulator) regulatory processes and approvals.The field is located in block WA-15-L, 60 kilometers offshore Western Australia in the Carnarvon Basin at a water depth of approximately 47 meters. It has been in production since 1998.Chairman and Chief Executive Officer, Paul Blakeley, said, “This is a major milestone for us in delivering our objectives of building a long lived and sustainable business, moving from an exploration-led business to one centered around development and production, and which started with the Stag field acquisition late last year.“We are excited about releasing the full value that we have identified in the asset, maximizing recovery and sustaining production for many years, offering significant benefit for our shareholders. I want to take the opportunity to thank both Quadrant and Santos, as sellers, for their support to the process of operatorship transfer, and to Quadrant especially for its ongoing attention to the safe operations of Stag whilst regulatory approval processes have been running their course.”Mark Robertson, General Manager, Australia said: “The teams offshore and onshore are well prepared for this moment and extremely excited to be in a position to takeover operatorship. Everyone involved in this journey has worked tirelessly to ensure we have a smooth and safe transition and they should all be proud in reaching this point.”last_img read more

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Damen Presents Sandy – Free Dredge Calculator

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first_imgImage source: DamenDredge projects are tendered around the globe on a daily basis. Consequently, dredging contractors have to make new calculations, involving various production parameters, when preparing their project quotations. Damen has introduced an online dredge job calculator to unburden contractors of this time-consuming, and therefore costly, tasks.For every dredging job, whether it is a maintenance dredging, sand dredging or capital dredging project, the local government concerned will present a public tender.In submitting their offers, contractors will then put in a considerable amount of effort – mostly in calculating the estimated production of each different job site. It is imperative that these calculations are accurate as it is the production that defines what dredging equipment is required, said Damen.“Damen’s new dredging calculation tool assists contractors with what is typically a long-drawn-out process. With just a few mouse clicks on the straightforward online platform, known as Sandy, the contractor enters the defining characteristics of the dredging job at hand,” the company said in its release.According to Damen, the result not only provides detailed advice on which cutter suction dredger should be mobilized, but also includes which options are complementary to the specific project. This can include supplementary equipment such as spud carriages, booster stations and anchor booms.Sandy was designed by Lennart Koning, Dredging Production Specialist at Damen Dredging Equipment.In explaining the motivations behind the development, he said: “Each dredging job is calculated on dredge production – and Sandy will help determine that valuable production information. With the input from any tender, a contractor will know what dredger to use within minutes. Moreover, by simply adding an option, such as a spud carriage for instance, the contractor can see the potential efficiency gain immediately.”Sandy is based on a full size calculation model, drawing on an extensive database that performs all the necessary calculations and taking maneuvering into account.last_img read more

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Spain’s September LNG imports rise

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first_imgHuelva regasification plant (Image courtesy of Enagás)Spain’s imports of liquefied natural gas (LNG) rose by 5 percent in September on a yearly basis boosted by higher gas-to-power generation.LNG imports reached 11.9 terawatt hours (TWh) in September as compared to 11.4 TWh in the same month the year before, according to the data provided by the LNG terminal operator, Enagás.Breaking down the LNG imports by countries, Peru was the biggest supplier and doubled its volumes to Spain on year to about 3.5 TWh. Nigeria supplied 2.9 TWh while volumes from Algeria reached some 2.5 TWh.Qatari LNG volumes almost doubled on year to 1.7 TWh while the US supplied slightly more than 1 TWh to Spain in the previous month, the data shows.Enagás’ Barcelona regasification plant received 6 out of the total 15 LNG cargoes imported into Spain during the month under review.The report shows that the Huelva LNG import terminal received 5 cargoes while the Sagunto, Cartagena, Mugardos and Bilbao LNG terminals received one cargo, each.Both conventional gas demand and gas-to-power demand in Spain rose in the month under review.However, Spain’s total natural gas imports reached 27 TWh last month – showing a drop of 6.2 percent from September 2016 – mainly due to an almost 17 percent decrease in pipeline imports from Algeria. LNG World News Stafflast_img read more

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Chevron budget ‘down for the fourth consecutive year’

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first_imgU.S.-based oil major Chevron has announced a 2018 capital and exploratory spending program of $18.3 billion, which is down for the fourth consecutive year. This amount includes $5.5 billion for the company’s share of expenditures by affiliated companies, Chevron said on Wednesday.“Our 2018 budget is down for the fourth consecutive year, reflecting project completions, improved efficiencies, and investment high-grading,” said Chevron Chairman and CEO John Watson, who will retire from the company on February 1, 2018, after 37 years of service, including eight years as chairman and CEO.About a year ago, Chevron  reduced its capex for 2017 to $19.8 billion, a reduction of 42 percent from 2015 outlays.Watson continued, “We’re fully funding our advantaged Permian Basin position and dedicating approximately three-quarters of our spend to projects that are expected to realize cash flow within two years.”“With production currently exceeding guidance in the Permian, our 2018 plan should deliver both strong production growth and solid free cash flow, at prices comparable to what we’ve seen this year.”In the upstream business, approximately $8.7 billion is forecasted to sustain currently producing assets, including $3.3 billion for the Permian and $1 billion for other shale and tight rock investments. Approximately $5.5 billion of the upstream program is planned for major capital projects underway, including $3.7 billion associated with the Future Growth Project at the Tengiz field in Kazakhstan.Global exploration funding is expected to be about $1.1 billion. Remaining upstream spend will be for early stage projects supporting potential future developments.Approximately $2.2 billion of planned capital spending is associated with the company’s downstream businesses.last_img read more

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Former DSME, Hanjin Shipping Top Brass Put behind Bars

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first_imgSouth Korea is clamping down on behind the scene maneuvering of former maritime executives who were at the helm of major shipbuilding and shipping businesses.The Seoul Central District Court has sentenced former CEO of Daewoo Shipbuilding and Marine Engineering (DSME) Nam Sang-tae to six years of prison as he was found guilty of accounting fraud, embezzlement, breach of duty and bribery.Nam Sang-tae served as the company’s CEO between 2006 and 2012, and his wrongdoings are beleived to have contributed to DSME’s financial troubles during the industry slowdown.The court also fined him with USD 806,000, Yonhap news agency reported on Thursday, October 7.In a separate ruling from today, the Seoul court sentenced a former chairwoman of the defunct Hanjin Shipping, Choi Eun-young, to 18 months in prison, for insider trading.Eun-young was found guilty of selling off her family-stake in the shipping company days before it declared a court-led debt restructuring plan. She was also fined with USD 1.09 million, Yonhap informed.By selling the stake, her family avoided losses of up to KRW 1 billion.World Maritime News Stafflast_img read more

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