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Mayor’s Message: Fourth of July Fireworks, Night in Venice Canceled

first_imgDear Friends,I met with my senior staff this afternoon, and we decided that the Fourth of July fireworks and Night in Venice will not be held this year.I believe these are important traditions to preserve, and I had hoped that we would be able to plan for safe events.But with the enormous influx of people we’ve seen over the past few weeks and with the governor still prohibiting mass gatherings and dense crowds, we do not believe it would be responsible to continue with these popular events. The health and safety of everybody who loves Ocean City will always be our top priority.I want to thank you all for your understanding. If we continue to observe social distancing guidelines, we’ll all be able to enjoy a fun and completely healthy summer.Warm regards,Mayor Jay A. Gillian Mayor Jay Gillianlast_img read more

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Norway’s SWF makes 14% in 2017 after EM equities soar

first_imgCredit: Rachel FixsenYngwe Slyngstad address reporters in OsloIn terms of geographical allocation within equities, NBIM said the UK was the GPFG’s second largest single market with 9.7% of its equity investments. US equities accounted for 36.1% of the fund’s equity holdings.Asked at a news conference in Oslo this morning whether developments in the Brexit discussions and negotiations would affect this allocation, Slyngstad said they would not.“We remain a long-term committed investor to the UK in all asset classes and we have a substantial portfolio of real estate in the UK, and this will remain at about the same level no matter what the result of these political discussions,” he said.The GPFG’s investments in the UK stockmarket were primarily in large companies with a global footprint, Slyngstad added.At the end of 2017, the fund had grown to NOK8.49trn, from NOK7.51trn at the end of 2016.The Norwegian government withdrew a net NOK61bn from the fund in 2017, compared to the NOK101bn it took out the year before. The first withdrawal ever from the fund was in January 2016, when the state took out NOK25bn. Investment returns nearly doubled last year for Norway’s sovereign wealth fund, boosted in particular by the strong performance of its emerging markets equities investment.Releasing the fund’s 2017 annual report, Norges Bank Investment Management (NBIM), which runs the NOK8.5trn (€881bn) fund, said it made a 13.7% return on investments last year, up from 6.9% the year before. Yngve Slyngstad, chief executive of NBIM, said: “The fund’s cumulative return since inception has passed NOK4trn. A quarter of that return was generated in 2017, after a very good year for the fund.”Equities produced a 19.4% return for the Government Pension Fund Global (GPFG), up from 8.7% in 2016. Within this, emerging markets equities produced a 28.7% return, up from 13.2% in 2016. “The return was particularly strong in large Asian markets, most notably China and India,” NBIM said in the report.Emerging markets, including frontier markets, accounted for 11% of the fund’s equity investment at the end of 2017, the manager said.NBIM is in the process of increasing the GPFG’s exposure to equities, after the government decided a year ago to lift the allocation to 70% of the fund.At the end of December, the equities allocation was 66.6% of the fund, compared to 62.5% of the fund at the end of 2016.Fixed income, meanwhile, generated 3.3%, down from the 4.3% return for the asset class produced in 2016. Unlisted real estate investments returned 7.5%, up from the 1.7%.Norges Bank confident over UK allocation despite Brexitlast_img read more

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Pacific Drilling hit with NYSE delisting warning

first_imgOffshore driller Pacific Drilling has received notice from the New York Stock Exchange (NYSE) that the company is considered to be “below compliance” with NYSE’s continued listing standards for a listed company. The driller said on Friday that the two NYSE continued listings standards applicable to the company that it is at risk of failing to satisfy are maintenance of average market capitalization of not less than $15 million over a 30 trading-day period, which is a minimum threshold standard that does not allow for any plan/cure period; and average closing price of its common stock of not less than $1.00 over a consecutive 30-trading-day period.NYSE notified the driller that as of August 30, 2017, its 30 trading-day average share price was $0.99 and, consequently, the company would be delisted if it is not able to return to compliance with the NYSE continued listing standards within the applicable six-month cure period.Pacific Drilling has until September 15, 2017, to submit to the NYSE a letter indicating whether and how it intends to cure the share price deficiency.In addition, the company noted that its market capitalization dipped below $15 million for the first time on August 16, 2017. Consequently, the company expects that unless its market capitalization increases materially, NYSE will start delisting proceedings for the company’s common stock on or about September 13, 2017, and before it is required to respond to NYSE’s notice of delisting due to the share price deficiency.The $15 million average market capitalization continued listing condition does not allow for any plan/cure period and, consequently, the company would be automatically and immediately delisted on the date that this condition ceases to be satisfied. In that circumstance, the company’s common shares will trade solely in the over-the-counter market.last_img read more

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Two fugitives tracked down in the Caribbean

first_img Share Share Share 25 Views   no discussions Photo credit: traveldiscounters.caGEORGE TOWN, Cayman Islands – Two fugitives from justice have recently been separately tracked down in different Caribbean islands – one in the Cayman Islands and the other in the Dominican Republic.After more than 20 years on the run, ComputerLand founder William H. Millard was located in Grand Cayman, the Wall Street Journal reported on Saturday. He was reportedly spotted living in a yellow mansion with his wife.The eccentric millionaire had last been seen on the remote Pacific Island of Saipan in 1990, but has been able to avoid authorities for more than two decades.He left ComputerLand in 1987 after a long battle against investors, moved his family to Saipan – and even began building a castle on the island’s coastline, according to the Journal.But after things went south and the Commonwealth of Northern Mariana Islands ordered him to pay $36 million in taxes in 1994, he disappeared. The unpaid tax bill has continued to grow, and now amounts to some $100 million.During his time missing, he was traced to Singapore, Ireland, Brussels and Hong Kong – before finally being spotted taking a walk outside his home in the Cayman Islands.“I hope he will do the right thing and pay his debts,” the country’s prosecutor Michael Kim told the Journal. “But most people do not let go of $100 million easily.”Millard was once considered one of the richest men in America. His computer chain, ComputerLand, had 800 retail outlets that did $1.4 billion worth of business in 1984, according to a 1985 Fortune Magazine article on Millard.However, in 1985, a jury sided with investors and awarded $115 million in punitive damages against Millard. Two years later, he gave up all of his shares in the business.Prosecutors told the Journal he is linked to a network of 50 shell companies, trusts and banks accounts.“This is one of the most sophisticated and complicated cases of offshore asset structuring that we have ever seen,” Kim, the prosecutor, said.Meanwhile, a fugitive British fraudster Michael Brown has been tracked down to a Caribbean hideout in the Dominican Republic after three years on the run.He was convicted of multi-million-pound theft and fraud in November 2008 in his absence, after skipping bail and disappearing.However, bringing him to justice could be difficult as there’s no extradition agreement between the Dominican Republic and Britain.City of London Police revealed they had been ‘aware for some time’ that the fugitive had been living under an alias in the Dominican Republic and as part of their investigations, two men were arrested in London on Friday on suspicion of assisting an offender.Brown had been due to stand trial in 2008 charged with 18 offences, including money laundering, theft, and perverting the course of justice. Brown’s escape before the trial was facilitated by convicted drug smuggler Paul Nally, who gave him a fake passport and travelled with him to the Dominican Republic on June 30 2008, according to The Sunday Telegraph.Nally came back a week later, but Brown stayed and set up bank accounts and real estate ventures using a fake name – Darren P Nally.Caribbean News Nowcenter_img Sharing is caring! Tweet NewsRegional Two fugitives tracked down in the Caribbean by: – September 12, 2011last_img read more

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