Medford Man Killed in SUV Crash

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A 20-year-old man was killed when he crashed his SUV into a tree in his hometown of Medford on Wednesday afternoon.Suffolk County police said Peter Mungo was driving a Hyundai Santa Fe westbound on Jamaica Avenue when the vehicle veered off the road, struck a mailbox and then a tree in front at 12:45 p.m.Mungo was taken to Brookhaven Memorial Hospital Medical Center in East Patchogue where he was pronounced dead shortly after Emergency Service Section officers extricated him from the vehicle.Fifth Squad detectives impounded the truck, are continuing the investigation and ask anyone with information to call them at 631-854-8552 or anonymously to Crime Stoppers at 1-800-220-TIPS.last_img read more

Millennials are failing because we are failing them

first_imgby: Neale GodfreyMany of today’s Millennial students lack the skills necessary to fill the STEM (Science, Technology, Engineering, and Mathematics) positions of tomorrow. Furthermore, a majority of U.S. students from low-income and minority households have an even greater gap when it comes to STEM knowledge. These shortages in STEM talent have broad implications, not only for our current and future workforce, but also for the burgeoning middle class we hope to foster.Why is this important? According to the United States Department of Commerce Economics & Statistics Administration, STEM creates a nation of innovation and global competitiveness because it drives the generation of ideas and propels the creation of new industries. Moreover, growth in STEM jobs is three times faster than in other jobs; STEM occupations are projected to grow by more than 17 percent. As such, we should not sit idly as the U.S. unemployment numbers start to decline. There are some great opportunities lurking in a variety of STEM fields and we can almost be assured of another “downturn” if the right talent is not prepared to take those job opportunities.How serious is our problem? Successful STEM Education states the issue perfectly. “Too few of our high school graduates are ready for college coursework or careers in STEM areas.” And, if that doesn’t get you worried, consider a recent comparison by the Level Playing Field Institute, which ranks the United States as 52nd in the world for quality of mathematics and science education, and a “soft” rank of 5th in overall global competitiveness. Not to mention that the United States ranks 27th amongst developed nations in the proportion of college students receiving undergraduate degrees in these fields. continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Identifying and preventing elder abuse

first_img 17SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,David Ver Eecke David Ver Eecke is a Senior Fraud Product Manager at PSCU. David knows that the cooperative nature of credit unions provides a unique advantage when it comes to stopping fraud. … Web: PSCU.COM Details According to the National Adult Protective Services Association (NAPSA), one in 20 seniors has indicated some form of perceived financial mistreatment. With criminals abandoning more traditional types of crime and turning to cyber crime, financial offenses continue to grow at an alarming rate, thanks in large part to Internet access making it possible for criminals to reach the masses. Unfortunately, cyber criminals often target one of the most vulnerable populations: the elderly.Why target the elderly?Elder fraud is most commonly perpetrated through mass marketing fraud, which is defined as the use of deceptive practices to induce victims to provide personal information or transfer funds through mass communication media – the Internet, telephone, social media, etc. False promises of cash or services are made in exchange for fees or purchases requested up front. To make matters worse, once a person has been victimized, criminals often create and sell financial hit lists – sometimes called a “suckers list” – containing victims’ information, making it more likely these same people will be targeted again in the future.Members of the elderly population are frequently targeted for a number of reasons. They are mostly retired and spend a great deal of time at home, making them easily accessible. Many live alone, may be widowed, and they may be suffering from loneliness for these reasons. Elderly people have often accumulated at least some degree of wealth, and they usually have excellent credit and the ability to access and spend their money immediately. They come from a generation very trusting of other individuals, which makes it easy for criminals to take advantage of them. They also pose less risk to criminals, because they are less likely to report fraud due to embarassment, they may not be able to accurately recall the details of the crime, and they do not understand the nature of the technology being used to target them. Lastly, some members of this generation may be financially inexperienced, such as a widow whose husband has recently passed away.What are the most common types of elder fraud?There are many different types of mass marketing scams (MMS), including lottery or sweepstakes scams, Nigerian letter schemes (one of the oldest scams around), tech support scams and more. However, there are three types of scams that most frequently target the elderly.Government impersonation schemes are also known as intimidation schemes. They involve criminals posing as government officials and using intimidation tactics to coerce victims into sending money. Criminals typically threaten arrest, legal action or monetary fees if victims refuse to comply. There has been a recent uptick in criminals posing as representatives from the IRS or Social Security Administration.Romance scams target individuals searching for romance or companionship online. Criminals troll Internet chat rooms, dating sites and social media platforms in search of victims. Once a relationship develops, scammers will request financial assistance or ask victims to reship packages, or perhaps even to use bank accounts to cash worthless checks or accept funds transfers. This type of scam is believed to be especially under-reported due to the embarrassment factor.Finally, grandparent scams exclusively target the elderly population. While this type of scam has been around for awhile, it has become more sophisticated. Scammers search the Internet for personal details about the victim, then use the information to either impersonate the grandchild or pose as a doctor or police officer. The criminal convinces the grandparent his or her grandchild has been arrested in another country and is in need of money or some other type of assistance, creating a sense of urgency so the victim does not have a chance to confirm the story with anyone else.How can elder fraud be identified?While seniors as a general population are targets for elder fraud, some individuals are more at risk for becoming victims. Seniors with little understanding of technology-assisted crime or how computer viruses work may be at higher risk, as are individuals that have difficulty recognizing spam or junk mail. Suddenly being secretive about a new friend, phone calls or emails is a sign that someone is being targeted. Opening new bank accounts, wiring money or using overnight mail are also telltale signs, as are abrupt problems paying bills or borrowing money. For romance scams specifically, potential victims may lie about their involvement with his or her significant other or become engaged quickly and secretively.How can credit unions help prevent elder fraud?Credit unions can take three steps to help prevent their members from falling victim to elder fraud. First, help educate members about the warning signs:Unsolicited offers or those that appear too good to be truePayment for goods/services is required in advancePersonally identifiable information (PII) is requested over the phone from someone the member does not knowHigh-pressure sales techniquesSecond, take the following action to avoid fraud:Consult with trusted friends and familyConduct basic internet researchConduct due diligence before sending fundsNever do business with anyone who asks for PII over the phone or requests advance feesNever deposit unsolicited checks into your bank accountDo not allow others to use your personal bank accountLast but certainly not least, report scams when they occur. Scams can be reported to the local police and/or the FBI’s Internet Crime Complaint Center(IC3). Depending on the scam, the FBI’s local field office may also be able to assist.In October 2017, President Trump signed the Elder Abuse Prevention and Protection Act, which identified a need for more data on elder abuse and helps prevent and improve the nation’s response to elder abuse and exploitation. It also increases the penalty for crimes against the elderly. The law, however, will only be effective if instances of elder fraud are reported by victims.last_img read more

Top 10 Long Island News Stories of 2016

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Whether it’s lingering heartbreak over the presidential election result or the deaths of beloved icons such as Prince, David Bowie, Muhammad Ali or Leonard Cohen, few are sad to bid farewell to 2016.Sure, it had its bright spots both nationally and locally. Among these: WNBA All Star, US women’s basketball captain and Syosset native Sue Bird won her fourth consecutive gold from the Rio 2016 Olympics, and two medical marijuana dispensaries opened on Long Island—providing much-needed relief for certified patients with serious conditions following a long-fought fight to legalize its use in New York State.But these stories didn’t make the cut as the biggest local news events of the year. What follows are the top 10 Long Island stories of 2016.10. History for HofstraIn a showdown that drew record ratings, Donald Trump and Hillary Clinton squared off in the first of three presidential debates at Hofstra University. For Hofstra, it was the third consecutive debate it had hosted in as many presidential elections, which was a first for any host. For America, it was a Rock ‘em, Sock ‘em affair in which the rivals proclaimed demonstrably different beliefs. Trump talked about instituting “stop-and-frisk” across the nation despite a court striking down the controversial police procedure as unconstitutional and nixing such trade deals as the North American Free Trade Agreement (NAFTA) and Trans-Pacific Partnership (TPP). Clinton said she’d work to build the economy from the bottom up and questioned her competitor’s temperament. Outside the debate, the atmosphere was both festive and chaotic. Nassau County police removed Green Party candidate Jill Stein from Hofstra’s grounds and made two dozen arrests as thousands along Hempstead Turnpike demonstrated for minimum wage hikes, women’s rights and climate change—a dire global issue that went unmentioned on the debate stage.9. New Bishop in TownWhile much of the media gushed over Long Island’s new bishop’s apparent basketball prowess during his introductory press conference earlier this month, Bishop John O. Barres will be judged not on his ball-handling skills but how he leads the Rockville Centre Diocese—the sixth-largest Catholic diocese in the nation, with 1.3 million baptized—through difficult times. According to the Pew Research Center, Americans are increasingly becoming less religious, with the percentage of religious “nones”—the name academics have given for those who are agnostic—comprising nearly 25 percent of the nation. Meanwhile, during that same time period (2007-2014), the number of people who identify as Christian dropped from 78 to 71 percent. Barres, 56, is replacing outgoing Bishop William Murphy, who is retiring after 15 years at the helm of the diocese. Pope Francis appointed Barres to his new position after he led the diocese in Allentown, Pa. He takes over on Jan. 31.8. Disappointment 101Dowling College students learned harsh life lessons in reliability when their 48-year-old alma mater in Oakdale gave three days’ notice in June that it planned to close its classroom doors forever shortly after its last graduation ceremony. The administration then led the private, nonprofit liberal arts college on a summer-long academic train wreck when it just as abruptly reversed its decision to close as it clung to hope that a buyer would bail it out. But it was the end of the line when Dowling’s oversight agency, the Middle States Commission on Higher Education, voted to withdraw accreditation for the college following a two-year review. Dowling leaders then reversed course a second time and decided to close the school, capping a decade-long downward spiral of unstable leadership, mounting debt and declining student enrollment. The college has since filed for bankruptcy and is expected to auction off its two campuses.7. Bet on IslandiaThree years after New York State authorized Nassau and Suffolk OTBS to build mini-casinos, Islandia village did what nobody was willing to and approved construction of the first such facility on Long Island when it opens in February, barring any roadblocks. The Suffolk OTB Islandia Casino at the Marriott Hotel will have 1,000 video gaming terminals run by Buffalo-based hospitality company Delaware North. Islandia officials approved the controversial plan during a special meeting on a Friday morning in August, outraging residents, who filed a lawsuit in September to block the casino out of fear that it will increase traffic and crime. After facing identical protests and litigation to the west, Nassau Downs OTB folded its mini-casino plans and reportedly struck a revenue-sharing agreement that transferred the rights to 1,000 gaming terminals to Resorts World Casino at Aqueduct Racetrack in Queens.6. Cablevision’s Reign EndsEuropean telecom giant Altice completed its $17.7 billion takeover of Cablevision in July. The enormous sale gives Altice’s American subsidiary, Altice USA, 3.1 million new subscribers, on top of the 1.5 million customers of Suddenlink Communications in St. Louis, Missouri—making it the fourth-largest cable operator in the United States. For Long Islanders, the sale also invited speculation about the fate of Newsday, the Island’s lone daily newspaper, which Cablevision owned along with amNewYork and News 12. Shortly after the deal closed, the paper announced that Patrick Dolan, president of News 12 Networks, had acquired 75-percent of Newsday Media Group, with Altice USA holding onto a 25-percent stake in the media company. Patrick Dolan is the son of Charles Dolan, the family patriarch and founder of the since-sold telecom company. The Dolan family still owns Madison Square Garden and the NBA’s Knicks and the NHL’s Rangers.5. Jail House RockedTwo years after taking office, Nassau County Executive Ed Mangano touted a public-private partnership to save money and close perennial budget gaps by turning inmate health care at the county jail to Florida-based Armor Correctional Health Services. Five years later, Mangano is facing prison for allegedly taking bribes from another county contractor (more on that later), the New York State Commission on Correction issued reports suggesting Armor contributed to the death of several inmates and the state attorney general sued the company for not fulfilling its contract. The company was fined $350,000 and was barred from bidding on jail contracts in New York for three years as a part of a settlement. Several other lawsuits are pending from the families of inmates who died, one of whom was an Iraq War veteran. And the county is trying to find a new company to provide inmate health care.4. Trump StumpsDonald Trump-mania descended on Long Island in April with a packed rally at Grumman Studios in Bethpage that attracted an estimated 12,000 supporters and hundreds who demonstrated outside. At the first of two rallies he’d hold on LI, Trump led his fans on his oft-used campaign chant: “Who’s going to pay for it?” the businessman and reality TV star asked, referring to a wall at the southern border. “Mexico!” the crowd shouted. Outside protesters condemned Trump for his hard-line position on immigration, calls to ban non-US Muslims from entering the United States and misogynistic behavior. A similar scene played out several weeks later in Patchogue, where Trump hosted a smaller yet impassioned rally at a concert venue, just blocks from the slaying of Ecuadorean immigrant Marcelo Lucero—a hate crime that revealed deep fissures in the community. Immigrant advocacy groups and religious leaders decried Trump for holding a rally so close to the site of Lucero’s murder. Trump’s outreach to Long Island may have played dividends in the election, with the GOP candidate taking the majority of the vote in Suffolk County.3. Orlando Shooter, Victim’s LI ConnectionThe horrific slaying of 49 people inside a gay nightclub in Orlando this summer reverberated across the country and especially on Long Island, which is home to a large and close-knit LGBT community. That the homophobic murders of dozens of young people felt incredibly poignant for many was not the only reason LI became part of the story. As it turned out, Omar Mateen, the deranged gunman, spent his early childhood in Westbury—the same town that alleged al Qaeda propagandist Samir Khan called home before moving to North Carolina. (Khan was killed in a drone strike in Yemen.) One of the victims who survived Mateen’s massacre, Marissa Delgado, reportedly grew up in Glen Cove and later moved to Orlando. The attack on the nightclub was the worst mass shooting by a single gunman in US history. The shooting occurred on the eve of gay pride parades across the country, including on LI.2. Body Count Rises in BrentwoodIn the deadliest month in Brentwood in seven years, six victims of gang violence—mostly teenagers—were found dead there in a five-week span. Nisa Mickens, 15, and Kayla Cuevas, 16, were first found dead on Sept. 13. Days later, police unearthed the skeletal remains of 19-year-old Oscar Acosta, who was reported missing under suspicious circumstances in May, and 15-year-old Miguel Moran. All four were Brentwood High School students. Then on Oct. 13, Dewann A.S. Stacks, 34, was killed on American Boulevard. On Oct. 17, police found the body of 18-year-old Jose Pena-Hernandez, an alleged MS-13 gang member from Brentwood who was reported missing in June. Police said MS-13 involvement is suspected in some cases and sources said the gang is responsible for all six. Police said they have made arrests in a gang crackdown, but haven’t released names or charges of the suspects.1. Tammany IslandTogether, they read like the verse of a Billy Joel song. Thomas Spota, Jimmy Burke, Dean Skelos, Edward Walsh, John Venditto, Ippolito, Ed & Linda Mangano. We didn’t start the fire! What do they all have in common? Getting the attention of federal law enforcement this year, of course. Nassau County Executive Mangano, his wife, Linda, and Oyster Bay Town Supervisor Venditto all pleaded not guilty in October to an alleged bribery scheme. The county exec rebuffed calls to resign and Venditto hasn’t said if he will or not, either. Ex-Oyster Bay Planning Commissioner Fred Ippolito was sentenced in September to 2 years in prison for not reporting $2 million in income on his taxes. Ex-Suffolk County Conservative Party Chairman Ed Walsh is appealing his March fraud conviction for golfing, gambling and politicking when he was on the clock at his job as a corrections lieutenant. Expelled New York State Senate Majority Leader Dean Skelos (R-Rockville Centre) was sentenced in May to five years in prison but remains free while he appeals his conviction for extortion, fraud and soliciting bribes. Disgraced Suffolk Police Chief James Burke was sentenced last month to 46 months in prison for beating a suspect and orchestrating a cover up that resulted in several of his subordinates being charged and convicted. And Burke’s mentor, Suffolk County District Attorney Tom Spota, rebuffed calls to resign in May following reports that his top corruption prosecutor is the target of federal public corruption investigators. Who’s next? Guess we’ll find out in 2017.last_img read more

Volunteers travel 80 km to give COVID-19 aid to shackled mental health patients in NTT

first_imgThe team also brought cloth masks for the patients and their family members.Pankrasius Purnama, a volunteer, said one of the patients, Aloysius Andar, 58, had been shackled for 28 years in Golomeni village, Kota Komba district. Two others, a father and son, were also shackled there.Moses Reko and Theodorus Urus, family members of the patients, said they were thankful for the help. “We thought the suffering of our family members was ours alone. But we are glad we have others who care,” Moses said.East Manggarai Legislative Council speaker Heremias Dupa said on Thursday that the administration had to make sure that vulnerable groups received help during the COVID-19 pandemic.Data from the group show that there are about 40 shackled mental health patients in the regency.Without access to proper treatment and lacking education about the mentally ill, some families in Indonesia shackle their mentally ill family members. Government data on the issue is outdated but the latest data, released about 10 years ago, indicates there were 18,800 people shackled throughout Indonesia.Topics : Volunteers under the Kasih Insanis Group, which deals with mental health patients in East Manggarai regency, East Nusa Tenggara, traveled 80 kilometers to help shackled mental health patients face the COVID-19 pandemic. In East Nusa Tenggara, the practice of shackling continues to affect people with serious mental illnesses.The volunteers visited Walburga Naut, 57, who has been shackled for 20 years in her house in Deruk village in Elar Selatan district, Manggarai. The district is remote and getting there requires that travelers navigate challenging terrain.The volunteers donated 200 kilograms of rice, cooking oil, soap, detergent, powdered milk, toothpaste and clothes to 10 people on Thursday. The aid was donated from a Catholic church in Ede, the Netherlands.last_img read more

Treasured family home new to the market

first_imgThe backyard at 20 Hyde Rd, Yeronga.Ms Key said she hoped the property would sell to someone who would make it their home. “I hope it goes to someone who wants to add their own touch and flair to it,” she said. “It’s in such a nice area with parks and the amenities close by and the people in the area are just lovely.” The home is being marketed by Sharon Wilson and Kate Wilson of McGrath Annerley Yeronga for offers over $550,000. The floorplan of 20 Hyde Rd, Yeronga. The home at 20 Hyde Rd, Yeronga.This highset family home is on the market for the first time in 64 years. Carole Key said her parents bought the property at 20 Hyde Rd, Yeronga, a few months before they were married in 1953 and lived there until earlier this year. “Dad in the early days built the kitchen cabinets, which are long gone, and spent a lot of time at his workbench downstairs, which is still there today,” she said. The kitchen at 20 Hyde Rd, Yeronga.“The house wasn’t originally three bedrooms — it was two bedrooms with a thunderbox out the back. “About 1963 they put on another bedroom at the back and a toilet.” Today the home has an open-plan living and dining room, a separate kitchen, three bedrooms, bathroom and toilet upstairs. Original polished timber floors feature throughout. Downstairs there is a single lockup garage, storage space, laundry and workshop area. More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020 The lounge room at 20 Hyde Rd, Yeronga.Outside, the yard is low-maintenance and there is an outdoor entertainment area. Ms Key said she and her brother had countless fond memories from growing up in the home. “Dad planted all the trees in the yard and he built us a tree house and a swing in the big poinciana in the back yard when we were kids. I lived up there in the tree house when I was young,” she said. “The house is across the road from a park where the circus used to visit every year with all the animals. “We would sit on the front porch and watch the long trains come in and the big tent would go up.” last_img read more

ATP plans equity shift to Europe, EM, away from ‘overvalued’ US

first_imgDenmark’s ATP has signalled it will shift some of its listed equities exposure to Europe and emerging markets this year at the expense of its US equities holdings, after making its highest quarterly return in five years.The giant statutory pension fund reported a 7.8% return on its investment portfolio in the first three months of this year, largely due to strong returns on all types of equities.Christian Hyldahl, ATP’s chief executive, told IPE: “We’ve had a nice run on Danish equities and also on international equities and credit, and it’s interesting to see all the asset classes have produced positive returns – except long-term hedging strategies and a small minus for commodities.”He indicated ATP would shift its international equities focus towards Europe and emerging markets. US equities looked slightly overvalued compared to the rest of the world, Hyldahl said. “Within equities there is now relative value to be had in Europe and emerging markets compared to the US,” he said.Hyldahl, who took up his new role at ATP at the beginning of January, said he was very pleased with the first quarter return.“But we should not be measured on our short-term returns,” he added.The investment portfolio – which makes up roughly one-seventh of its total assets and consists of the statutory pension fund’s bonus reserves – grew to DKK106.9bn (€14.4bn) at the end of March, from DKK100.4bn at the end of December.In its interim financial figures, ATP said listed Danish equities made a DKK2.26bn profit, international listed equities generated DKK1.48bn and private equity produced DKK1.46bn in returns.“It was a strong quarter in general on the Danish [equities] market, but we have had also a well-composed portfolio,” Hyldahl said.Noting that as a small market, the Danish stock market is more idiosyncratic than some larger ones, he said success here was more about picking the right stocks than sector plays.“We have been positive on the international side and on financials over the last year, and that paid off well,” he added.In absolute terms the investment return in the January-to-March period was DKK7.85bn, significantly more than the DKK418m profit ATP made on its investment portfolio in the first quarter of 2016.Total assets, including the much larger hedging portfolio designed to back pension promises, slipped to DKK753.2bn from DKK759.2bn, with the hedging portfolio itself contracting to DKK646.3bn from DKK658.8bn.Data published today on ATP’s average risk allocation in its investment portfolio showed a shift towards the interest-rate factor and away from the inflation factor and “other factors” category in the first quarter of this year, when compared to 2016.Interest-rate factor risk allocation rose to 30% from 22%, while inflation-risk factor allocation diminished to 8% from 11%. “Other factors” fell to 13% from 18%. Equity factor risk allocation, meanwhile, was unchanged at 49%.Asked if this meant ATP had changed its view on the future course of interest rates, Hyldahl said the change was one that had been started last year in order to balance the portfolio better and make it more robust.“We are not scared about sudden interest-rate hikes in Europe, and believe the outlook is still lower for longer,” he said. “But rates have been artificially low for some time because of ECB policy, and over a longer period of time, say several years, we do believe rates will rise.”Meanwhile ATP might continue to expand its interest-rate factor exposure, he said.last_img read more

European Parliament improves consumer protection in final PEPP rules

first_imgThe EU’s Economic and Monetary Affairs committee has approved a draft rulebook for the planned pan-European personal pension product (PEPP), including consumer protection and sustainable investment requirements.Although the European Parliament still has to vote on the rules, this would be a formality, according to Sophie in ‘t Veld, Dutch MEP for the Liberal Democrats in Europe and the lead on the PEPP – known as the “rapporteur”.The PEPP is the envisaged third-pillar product designed to be offered under the same rules across the European Union.Speaking to IPE’s Dutch sister publication Pensioen Pro, In ‘t Veld said that the European Parliament had tried to tighten the product’s specifications, improve consumer protections, and set clearer rules for information provision. “This is contrary to member states, who chiefly think from the perspective of their local institutions,” she said.She indicated that in the Parliament’s final draft of the regulation, consumers would be allowed to lodge complaints at their local supervisor, based on a clear and detailed procedure.A basic PEPP model has been fleshed out, comprising requirements for safer investments and additional conditions for the decumulation phase.The regulation also included rules for sustainable investment, stipulating that PEPPs ought to invest in line with the targets of the Paris Agreement as well as the UN’s Sustainable Development Goals.EU member states in the European Council agreed their approach to PEPP regulation in June. The Council and Parliament will soon begin discussing how to combine the two for the final rules.Consumer protection Sophia in ’t Veld, MEPCredit: Sebastiaan ter Burg In ‘t Veld emphasised that consumer protection was an important aspect of the rules, as was the role of European supervisor EIOPA for offering access to the PEPP market.“The member states wanted their local regulators play this role, rather than EIOPA as the European Commission had suggested,” In ‘t Veld said. “However, we do both. The local watchdog will carry out the initial validation of an application, before EIOPA can pass judgement with respect to the content.”She argued that EIOPA’s involvement was necessary to ensure the quality of all PEPPs.“We know that there are differences between a local supervisors,” she explained.The fiscal treatment of the PEPP remained a difficult issue, the rapporteur said, as this was still under the control of individual member states.Parliament gave member states two options in its PEPP rules: either give the PEPP the same rights as local products, or develop a special European-wide fiscal regime for PEPPs.However, Europe lacked the means of forcing member states to support such a move. In ‘t Veld said: “If providers want this, they must lobby their local governments.”The European Commission has previously estimated that the EU market for personal pensions could hit €2.1trn in assets by 2030 if the PEPP was successful.last_img read more

Rig sales to Saudi JV lift Rowan back to profit

first_imgRowan Bob Keller, one of the rigs contributed by Rowan to ARO Drilling JV.U.S. offshore driller Rowan Companies returned to quarterly profit despite lower revenues helped by the sale of rigs to a joint venture with Saudi Aramco. For the fourth quarter 2017 Rowan reported a net income of $112 million compared to a net loss of $24.4 million in the fourth quarter of 2016.The net income for the current quarter included a $151.7 million gain on the sale of assets to ARO Drilling. The net loss for the prior-year quarter included a $33.6 million loss on extinguishment of $463.9 million of debt.ARO Drilling is a 50/50 joint venture between Rowan and Saudi oil company Saudi Aramco created to own, operate, and manage offshore drilling rigs in Saudi Arabia. Rowan contributed three of its rigs to the JV with plans to add two more at the end of 2018.ARO Drilling generated revenue and net income of $48.6 million and $1.7 million, respectively, for the period October 17, 2017 to December 31, 2017.For the fourth quarter 2017 Rowan’s revenues decreased to $296.7 million compared to revenues of $351.8 million in the prior-year quarter.Tom Burke, President and Chief Executive Officer, commented, “While the market is showing signs of improvement, we remain mindful of the importance of operational integrity and cost focus.”When it comes to Rowan’s fleet utilization, the deepwater section of the fleet tumbled from 75% in 4Q 2016 to 34% in last year’s fourth quarter. Jack-up fleet utilization went up from 63% to 77%. This means Rowan’s total fleet utilization in 4Q 2017 was 70% compared to 65% in the prior year quarter.Offshore Energy Today Stafflast_img read more

Liebherr in crane modernization project on Molikpaq platform off Russia

first_imgLiebherr said that its maritime customer service was renewing two RL 1500 ram luffing offshore cranes. An existing crane, type BOS 1900 will be upgraded with the same generation control system as the RL 1500.According to the company, several Liebherr firms are cooperating to implement the project. The contract drafting and signing was carried out by Liebherr-Russia OOO, Liebherr-MCCtec Rostock Gmbh is responsible for the operational refurbishment of the platform while Liebherr-Werk Biberach GmbH will participate in the conversion with a tower crane which is used as a support crane for lifting large components.The company added that, since the start of the project in 2016, over 6,000 planning hours have already been invested in the project.The replacement of the first crane with a brand-new Liebherr RL 1500 was executed from spring to autumn 2018.In order to be able to move large parts on the platform, Liebherr installed a tower crane of the type 230 HC-L 8/16 Litronic to be used as a support crane. Also, a special sliding system was designed and built to move particularly heavy components and modules over the platform. The entire conversion project is planned to be completed by the end of 2020.The modernization of the existing BOS 1900 was also completed while the third phase would include the installation of the second ram luffing crane until the end of 2019.Both RL 1500 cranes have a cylinder luffing box boom design and a diesel-hydraulic driven main engine. Considering the project specifics, the cranes can handle loads up to 65 tonnes which is 25 tonnes more than the standard lifting capacity of Liebherr RL 1500.Sakhalin Energy-operated Molikpaq is Russia’s first offshore oil production platform. Commercial oil production from the platform was launched in 1999. Since December 2008, oil from the platform streams through the trans-Sakhalin pipeline system to the oil export terminal of the Prigorodnoye production complex. Switzerland-based Liebherr is carrying out a modernization project on Sakhalin Energy’s Molikpaq platform off the Russian island of Sakhalin.last_img read more