Tag Archives: Portia

Diana Partners Up with WSM

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first_imgzoom Dry bulk shipping company Diana Shipping and Wilhelmsen Ship Management (WSM) have joined forces in a new 50/50 joint venture named Diana Wilhelmsen Management Limited (DWM). The joint venture will initially provide management services to a limited number of vessels of Diana Shipping’s fleet when the joint venture commences operations later in the second quarter of this year and may in the future provide management services to unaffiliated third party vessel operators. The DWM office will be located in Limassol, Cyprus. “This joint venture will provide Diana Shipping with an expanded capability to provide high quality management services to vessels in its fleet, while creating an opportunity to further enhance shareholder value through increased revenues by eventually providing management services to unaffiliated third party vessel operators,” noted Chairman and Chief Executive Officer of Diana Shipping Simeon Palios.“With our joint venture, we see the best from two well established organisations. WSM’s excellent quality and proven experience within ship management, coupled with Diana Shipping’s global ship operating experience, truly brings forward an exciting new formula. We aim to deliver a well-driven and efficient operating model for our partner, Diana Shipping,” Vice President of WSM Europe and the Americas, Mr. Håkon Lenz went on to say.last_img read more

Companies looking to oneup each other with bigger flashier Stampede parties

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CALGARY – There’s a fierce competition in Calgary right now and it doesn’t involve broncos or bullriders.Away from the rodeo, companies in the financial heart of oilpatch country are spending big bucks to throw the biggest, flashiest, most memorable Stampede party as the 10-day cowboy celebration marks its 100th anniversary.“This is the first year that I’ve seen that people are really trying to one-up each other,” said David Howard, president of The Event Group, which is throwing a soiree each night.“I consider this the Olympics of the Stampede.”The Event Group throws corporate parties for oilpatch investment banks and other firms that want to show their clients and staff a good time.When the financial crisis sent oil prices plummeting in 2009, some Stampede parties were scaled down or cancelled altogether.“This year it’s really just been a 180. It’s madness,” said Howard, who owes the pickup to an improving economy and the fact that it’s the Stampede’s centennial.“If you don’t tone it up this year … you’re kind of forgotten, so next year people aren’t coming to your event.”In the past, clients might have spent $5,000 to book a local band, but this year they’re shelling out $60,000 on major headline country music acts.As far as food goes, beef on a bun might have cut it in the past — but no longer.“They’re doing high-end salmon and caviar and fillet.”And the parties are featuring fancy specialty cocktails in addition to that old Stampede standby — beer.Howard estimates the Stampede made up about five per cent of his company’s business in past years, but in 2012 it represents about 20 per cent. The biggest bashes, with more than 2,000 guests, can cost as much as seven figures.Paddy Sorrenti says his company, Sorrenti’s Catering, is having its best year ever.In 2008, the caterer had a pretty good year, serving 25,000 guests pancakes and other Stampede breakfast fare. Things went downhill with the rest of the economy in 2009 and his numbers dropped to 14,000.This year, Sorrenti’s is serving 28,000 — and this time it’s not just plain old pancakes and bacon.“We’re doing smoothies and mini-yogurt parfaits and little pastries and little French toast sampler things with syrup in little cups.”A typical breakfast event for Sorrenti includes a couple of thousand guests. The big chowdowns cost upwards of $100,000.The company has almost three dozen different events planned during the Stampede. Most are daytime parties that companies throw for their employees.“There’s two seasons in catering in Calgary: There’s Christmas and Stampede. The other how many days of the year are basically just getting ready for those two,” said Sorrenti.When times are tough, parties are often one of the first things to be axed in a corporation’s budget, so “I like to think that Calgary’s doing well right now,” he said.“If they’re spending money on us, they’re spending money everywhere else and they can’t be doing all that bad.”Paul Vickers, founder of Penny Lane Entertainment, said this year has been “absolutely insane” when it comes to bookings at Cowboys, a rollicking night club that recently opened a new two-storey location by the Stampede grounds.Cowboys, which made headlines in 2007 when Prince Harry visited the club’s earlier location, is guaranteed to be full to the brim every night of the Stampede.But this year it’s booking up for the breakfast and lunch crowd, too, said Vickers.“The way we can get more money and do better business is getting busy earlier in the day.”Cowboys used to feed 1,000 people at lunchtime, but this year it’s more like 2,000 or 3,000.Big companies usually book their parties several months in advance of the hoopla. But smaller outfits, from upstart oilfield services companies to dentist offices, are rushing to book 10- or 20-person tables at Cowboys.“It is — for us in the hotel, restaurant, bar, service industry — bigger than Christmas,” said Vickers.Vickers sees the Stampede as a barometer for how Alberta — and Calgary specifically — are faring economically.In the boom around 2007, Calgarians were spending money like it was going out of style — something Vickers said wasn’t necessarily good for his business because it made it harder to find workers and drove up costs.“To be honest with you, it was a good top-end year, but the bottom end of 2007 wasn’t my best.”The recession years were tough, but now Stampede revellers appear eager to spend again — but not too eager.“They’re not as free with their money as they were in 2007. They’re still questioning what they get with it, but they’re quicker to pay.” by Lauren Krugel, The Canadian Press Posted Jul 7, 2012 6:00 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Companies looking to one-up each other with bigger, flashier Stampede parties read more

Malaysia rejects US claims over assets said stolen from 1MDB

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KUALA LUMPUR, Malaysia – A Malaysian sovereign wealth fund has rejected U.S. Justice Department allegations over money laundering and alleged theft of a treasure trove of assets including diamonds, a yacht and private jet and penthouse apartments.The Malaysian government-controlled fund known informally as 1MDB and other officials in Kuala Lumpur insisted Friday that there was no proof linking the fund to such crimes.On Thursday, the U.S. Justice Department filed a civil case seeking recovery of $540 million in assets that it says were stolen from 1MDB, a fund intended to promote economic development projects. Overall, the Justice Department alleges that more than $4.5 billion has been stolen from the fund.In a 250-page filing for the U.S. District Court in Central California, the Justice Department outlined in detail the allegations of a complex money laundering scheme intended to enrich top-level officials of the fund, including some close to Malaysian Prime Minister Najib Razak.The 1MDB case is the largest single action the Justice Department has taken under its Kleptocracy Asset Recovery Initiative, which seeks to recover foreign bribery proceeds and embezzled funds. Several other countries including Singapore and Switzerland are conducting probes.Last summer, prosecutors moved to recover more than $1 billion diverted from the fund to pay for properties in New York and California, a $35 million jet, art by Vincent Van Gogh and Claude Monet and other wealth used to help finance the movies, “Dumb and Dumber To” and “The Wolf of Wall Street,” which was produced by Red Granite Pictures, a studio co-founded by Najib’s stepson.The Justice Department filing drew vehement objections from Malaysia, where Attorney General Mohamed Apandi Ali said there was no evidence that money was misappropriated from 1MDB.Apandi also expressed “strong concerns” over suggestions Najib, who has not been named in civil cases related to 1MDB, engaged in criminal acts. The attorney general said Malaysia will uphold the “rule of law” and take action if there is sufficient evidence of wrongdoing.1MDB likewise said there was no documentary proof or witnesses’ statements to support the Justice Department’s claim.“1MDB highlights that it is not a party to the civil lawsuit nor has it been contacted by the DOJ in relation to this matter,” the fund said in a statement.Najib’s press secretary Tengku Sariffuddin separately voiced concern that the Justice Department didn’t seek co-operation from the Malaysian government or 1MDB.“We are also concerned by the unnecessary and gratuitous naming of certain matters and individuals that are only relevant to domestic political manipulation and interference. This suggests a motivation that goes beyond the objective of seizing assets,” he said, without elaborating.The Justice Department’s court filing shows much of the wealth in question was moved through offshore dealings and bank accounts in Singapore, Switzerland, Luxembourg and the U.S. The evidence cited includes details of wire transfers of hundreds of millions of dollars.It says the wife of an unnamed person identified as “Malaysian Official 1,” who has been widely inferred to be Najib, received a 22-carat pink diamond necklace worth $27.3 million in 2014 purchased with from funds stolen from 1MDB.Other assets included diamonds given to Australian model Miranda Kerr, movie posters and artwork given to Leonardo DiCaprio, as well as rights to the movies “Dumber and Dumber To” and “Daddy’s Home” from Red Granite.Some of the items at issue were provided to the Leonardo DiCaprio Foundation for a charity auction. A DiCaprio spokesperson said that those items and an Academy Award won by Marlon Brando which was given to Mr. DiCaprio as a set gift by Red Granite to thank him for his work on ‘The Wolf of Wall Street’” were voluntarily returned.Red Granite released a statement saying it is trying to resolve the case and is fully co-operating with the Justice Department.In announcing the Justice Department’s filing, Sandra R. Brown, acting U.S. attorney for the Central District of California, said the wealth alleged to have been stolen “should have been used to help the people of Malaysia, but instead was used by a small number of individuals to fuel their astonishing greed.”“We simply will not allow the United States to be a place where corrupt individuals can expect to hide assets and lavishly spend money that should be used for the benefit of citizens of other nations,” she said. by Eileen Ng, The Associated Press Posted Jun 15, 2017 2:06 pm MDT Last Updated Jun 16, 2017 at 6:40 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Malaysia rejects US claims over assets said stolen from 1MDB FILE – In this May 14, 2015 file photo, construction workers chat in front of a billboard for state investment fund 1 Malaysia Development Berhad (1MDB) at the fund’s flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia. The U.S. Justice Department is seeking to recover $540 million in assets, including penthouse apartments, paintings by Vincent Van Gogh and a yacht known as the Equanimity, that it says were stolen from Malaysia’s troubled sovereign wealth fund, prompting objections from Malaysian officials who said Friday, June 16, 2017 there was no evidence of such crimes. (AP Photo/Joshua Paul, File) read more